Innovating Women's Reproductive Health and Pregnancy Therapeutics - September 2019

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Innovating Women's Reproductive Health and Pregnancy Therapeutics - September 2019
September 2019

Innovating Women’s Reproductive Health
            and Pregnancy Therapeutics
Innovating Women's Reproductive Health and Pregnancy Therapeutics - September 2019
DISCLAIMER
             Matters discussed in this presentation may constitute forward-looking statements. The forward-looking statements contained in this
             presentation reflect our views as of the date of this presentation about future events and are subject to risks, uncertainties,
             assumptions, and changes in circumstances that may cause our actual results, performance, or achievements to differ significantly
             from those expressed or implied in any forward-looking statement. Although we believe that the expectations reflected in the
             forward-looking statements are reasonable, we cannot guarantee future events, results, performance, or achievements. Some of
             the key factors that could cause actual results to differ from our expectations include our plans to develop and potentially
             commercialize our product candidates; our planned clinical trials and preclinical studies for our product candidates; the timing of
             and our ability to obtain and maintain regulatory approvals for our product candidates; the extent of clinical trials potentially required
             for our product candidates; the clinical utility and market acceptance of our product candidates; our commercialization, marketing
             and manufacturing capabilities and strategy; our intellectual property position; and our ability to identify and in-license additional
             product candidates. For further information regarding these risks, uncertainties and other factors that could cause our actual results
             to differ from our expectations, you should read our Annual Report on Form 20-F for the year ended December 31, 2018, as filed
             with the Securities and Exchange Commission on March 5, 2019 and our other filings we make with the Securities and Exchange
             Commission from time to time. We expressly disclaim any obligation to update or revise the information herein, including the
             forward-looking statements, except as required by law. Please also note that this presentation does not constitute an offer to sell or
             a solicitation of an offer to buy any securities.
             This presentation concerns products that are under clinical investigation and which have not yet been approved for marketing by the
             U.S. Food and Drug Administration. It is currently limited by federal law to investigational use, and no representation is made as to
             its safety or effectiveness for the purposes for which it is being investigated. The trademarks included herein are the property of the
             owners thereof and are used for reference purposes only. Such use should not be construed as an endorsement of such products.
             This presentation also contains estimates and other statistical data made by independent parties and by us relating to market size
             and growth and other data about our industry. This data involves a number of assumptions and limitations, and you are cautioned
             not to give undue weight to such estimates. In addition, projections, assumptions and estimates of our future performance and the
             future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk.

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Innovating Women's Reproductive Health and Pregnancy Therapeutics - September 2019
O B S E VA I S A C L I N I C A L S TA G E B I O P H A R M A
             C O M PA N Y D E D I C AT E D TO W O M E N ’ S H E A LT H
                                                                                                                          Strategic Focus
            We are passionately focused to innovate for                                                                     (Women ages 15 - 49)
            addressing serious, quality-of-life impacting
            conditions and reproductive challenges                                                                            Infertility – ART
            faced by women around the world.

                     Our lead candidate Nolasiban has the                                                                    Uterine Fibroids
                     potential to be the first-in-class to increase
                     rate of live birth following Embryo Transfer
                     (IVF)
                                                                                                                                Endometriosis
                     Our second product candidate Linzagolix
                     has the potential to be best-in-class in
                     treating endometriosis and uterine fibroids                                                                 Preterm Labor

                                                                                                                                  Other Women’s
            Tickers: OBSV (NASDAQ) - OBSN (SIX)                                                                                    Health Needs
            Headquarters: Geneva, Switzerland U.S. office: Boston, MA
            Employees: 53

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Innovating Women's Reproductive Health and Pregnancy Therapeutics - September 2019
O B S E VA – A U N I Q U E I N V E S T M E N T O P P O R T U N I T Y

                                                                                      • Multibillion USD opportunity

                                Deliver more IVF babies                                      3 Product candidates in 4 large indications
      NOLASIBAN
                                at lower cost                                                Wholly-owned exclusive WW rights*
                                                                                             IP ≥ mid-2030 for all 3 product candidates

                                           Effective without                          • Major catalysts in 2019
                 LINZAGOLIX                hormone
                                           replacement therapy                               Nolasiban IMPLANT 4 IVF Ph3 readout and MAA filing
                                                                                             Linzagolix PRIMROSE Fibroid Ph3 readout
                                                                                             OBE022 PROLONG PTL Ph2a readout

       OBE022               Potential to save
                            newborn lives                                             • NOLASIBAN – Expected first launch in EU (1Q 2021)

                                                                                       * Except for linzagolix Asia rights own by KISSEI
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Innovating Women's Reproductive Health and Pregnancy Therapeutics - September 2019
SEASONED LEADERSHIP TEAM

          Ernest Loumaye,                          Tim Adams                   Jean-Pierre Gotteland, PhD               Wim Souverijns                        Beth Garner
          MD, PhD, OB/GYN                     Chief Financial Officer             Chief Scientific Officer           Chief Commercial Officer              Chief Medical Officer
         CEO and Co-founder

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Innovating Women's Reproductive Health and Pregnancy Therapeutics - September 2019
O B S E VA P I P E L I N E
            PRODUCT                   PRECLINICAL                 PHASE 1                PHASE 2                 PHASE 3             NEXT MILESTONES            COMMERCIAL
           CANDIDATE                                                                                                                                              RIGHTS

                                     IVF – Ph3 IMPLANT 2 EU                                                                *        Primary endpoint data
                                                                                                                                    IMPLANT 4 Q4 2019
            NOLASIBAN IVF – Ph3 IMPLANT 4 EU                                                                      **                                              Exclusive
                 Oral oxytocin                                                                                                      EU MAA filing planned
                                                                                                                                                                  Worldwide
           receptor antagonist
                                     IVF – Ph3 IMPLANT 3 US                                      **                                 late 2019
                                                                                                                                    U.S. IMPLANT 3 Initiation
                                                                                                                                    Q4 2019/Q1 2020
                                     IVF – Ph3 IMPLANT 5 CHINA

                                     Endometriosis – Ph2b EDELWEISS    ***                                                          LT follow-up completed
                                                                                                                                    1H:19
                                     Endometriosis – Ph3 EDELWEISS 2 US ***
            LINZAGOLIX                                                                                                              Initiated Phase 3
                                                                                                                                    Q2 2019                       Exclusive
              (OBE2109) Endometriosis – Ph3 EDELWEISS 3 EU & US                                                                                                   Worldwide
                   Oral GnRH                                                                                                                                      (ex-Asia)
           receptor antagonist       Uterine Fibroids – Ph3 PRIMROSE 1 US                                                           24W Primary Endpoint
                                                                                                                                    Data Q4 2019-H1 2020

                                     Uterine Fibroids – Ph3 PRIMROSE 2 EU & US                                                      NDA targeted end of 2020

                    OBE022                                                                                                          EU Phase 2a PROLONG           Exclusive
                   Oral PGF2α        Preterm Labor – Ph2a PROLONG                                                                   Interim Efficacy Q4 2019      Worldwide
           receptor antagonist
                                      * Week 10 ongoing pregnancy primary endpoint met – Live Birth Rate secondary endpoint met
                                      ** Second Phase 3 study (EU/Canada/Russia) initiated *** Primary and secondary endpoints met
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Innovating Women's Reproductive Health and Pregnancy Therapeutics - September 2019
NOLASIBAN (OBE001)
IVF: Deliver more IVF babies at lower cost
Innovating Women's Reproductive Health and Pregnancy Therapeutics - September 2019
N O L A S I B A N ( O B E 0 0 1 ) – F I R S T- I N - C L A S S
             O R A L O X Y T O C I N R E C E P T O R A N TA G O N I S T T O I M P R O V E
             E M B RY O T R A N S F E R O U T C O M E ( I V F )
                                                                              NOLASIBAN
                                             Well-characterized profile; Positive Phase 3 EU trial results

                   At a Glance                                                 Dosing Profile                                                Target Markets

     • Oxytocin Receptor                                            • Single oral 900mg dose +/- 4                                 • >2.0M ART/IVF cycles/year
       Antagonist                                                     hours prior to embryo                                          globally
                                                                      transfer
     • MOA uterine contractions/                                                                                                   • >800K cycles in Europe and
       blood flow, endometrium                                      • tmax at 2-4h; t1/2= 12h                                        China
       receptivity
                                                                    • High bioavailability                                         • ~260K cycles in US in 2016
     • Exclusive worldwide license
       from Merck Serono                                            • >650 subjects exposed – well                                 • ART cycle cost: $10-20K+ in
                                                                      tolerated                                                      the US, € 4-10K in the
     • IP Protection to ≥ 2035 - 2036                                                                                                EU/China
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Innovating Women's Reproductive Health and Pregnancy Therapeutics - September 2019
I N F E R T I L I T Y I S A G L O B A L P U B L I C H E A LT H I S S U E

         1       Infertility – a health & societal issue
                       9% of women 20-44 affected globally                                                                                     China: ~22.7 million
                       Ageing population problematic                                                                                           women aged 20–44
                                                                                                         Europe: ~7.2 million
         2       Too few healthy babies                                                                  women aged 20–44
                      Despite good quality embryos & using
                       best practice transfer techniques,
                                                                                                                                                       Japan: ~1.6 million
                       IVF success rate not optimal                                                        U.S.: ~4.8 million
                                                                                                           women aged 20–44                            women aged 20–44

         3       IVF comes with a significant cost
                      Patients often self-fund
                      Payers see an unacceptably high multiple
                       pregnancy rate
                      Society pays a higher cost per healthy baby

1WHO infertility website, April 2018. – http://www.who.int/reproductivehealth/topics/infertility/perspective/en/
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M U LT I P L E E M B RY O T R A N S F E R S S I G N I F I C A N T LY
              I N C R E A S E M U LT I P L E B I R T H S
                                                                                                                                                            Four or more
                                                                                                                                                            0.7%
                                          Live                 Multiple
                 No. ET
                                         birth %               birth %
               Single ET                  50.2%                   2.0%
              Multiple ET                 58.0%                  43.8%                                                                                                One
                                                                                                                                                                      45.8%
          • >50% of day 5 transfers with 2 or
            more embryos
                                                                                         Three
          • Relative 15% higher live birth rate                                          4.6%

          • Relative 2000% higher multiple
            birth rate
                                                                                                      Two
                                                                                                      48.9%

Source: US CDC 2016 ART National Summary Report
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NOLASIBAN: PHASE 3 TRIAL IN IVF
             IMPLANT 2
                                                                                       Main study                                                             Follow Up

                                                                                                             2 weeks                     Primary Analysis

                                                                                                                                              Ongoing
                                                                900mg nolasiban
                                                                                                                                             pregnancy
                                                                    n=194
                                          D3 ET                                                         Not pregnant                          10 weeks
               9 weeks                                                  Placebo
                                                                         n=194
             Screening
               – IVF
                                                                900mg nolasiban
                                                                    n=194                                                                                Neonatal     Infant
                                          D5 ET                                                            Pregnant                  W6           W10      FU           FU
                                                                        Placebo
                                                                         n=196                                                                            28 days    6 months

     •   Age 18–36 y                   Randomize                                                             Birth
     •   Fresh D3 or D5 SET
     •   Max 1 failed previous IVF
     •   P4 ≤ 4.7 nmol on day hCG
     •   Vaginal P4 for luteal support        778 Patients enrolled – Trial conducted in 41 fertility centers in 9 European countries

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E F F I C A C Y R E S U LT S : P R I M A RY A N A LY S I S
             POOLED D3/D5
                                                                        50%

                                                                                               p=0.031                             p=0.025
              7.1% absolute                                             40%
                                                                                                                                                       Placebo n=390
                                                                                                          35.6%
              increase or 25%                                                                                                                  34.8%
                                                                                                                                                        Nolasiban 900mg, n=388

              relative increase in                                      30%            28.5%                                27.7%

              LBR versus placebo
              for pooled D3 and                                          20%

              D5 SET data
                                                                         10%

                                                                             0

                                                                                       Ongoing pregnancy                       Live birth rate (%)
                                                                                       rate at 10 weeks (%)

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E F F I C A C Y R E S U LT S F O R D 5 E T: 3 5 % R E L AT I V E I N C R E A S E
              IN LBR FOR NOLASIBAN VS. PLACEBO

                      D3 SET                                                                                           D5 SET

                          Placebo n=194                 Nolasiban n=194                                                    Placebo n=196               Nolasiban n=194
                                                                                                                                  p=0.034                   p=0.025
             50%                                                                                               50%
                                                                                                                                            45.9%
                                                                                                                                                                      44.8%

             40%                                                                                               40%
                                                                                                                            34.7%
                                                                                                                                                        33.2%
                                p=0.477                         p=0.552
             30%                                                                                               30%
                                          25.3%                           24.7%
                           22.7%                          22.2%
             20%                                                                                               20%

             10%                                                                                               10%

                 0                                                                                                 0
                         Ongoing pregnancy                Live birth rate (%)                                             Ongoing pregnancy             Live birth rate (%)
                        rate at 10 weeks (%)                                                                             rate at 10 weeks (%)

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I M P L A N T 2 S A F E T Y F O L L O W- U P R E S U LT S

                                   Pregnancy and Live Birth
                                  • Lower miscarriage rate
                                  • No increase in ectopic pregnancy
                                  • No increase in congenital malformations

                                   28 day Neonatal Follow-up
                                  • No difference in ICU admissions
                                  • No difference in reported neonatal morbidity

                                   6 month Infant follow-up
                                  • No treatment related SAE’s identified
                                  • ASQ-3 scores similar to placebo

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IMPLANT 4 EU STUDY DESIGN
              READOUT 4Q:19
                                                                                   Main study                                                                  Follow Up

                                                                                                        2 weeks                            Primary analysis

                                                                                                                                                10 week
                                                            900mg                                   Not Pregnant                             pregnancy rate
            9 weeks
                                                             n = 410

           Screening                 D5 Set

                                                           Placebo                                                                                       Preg.        Infant
                                                            n = 410                                    Pregnant                  W6           W10
                                                                                                                                                          FU            FU
                                                                                                                                                        28 days      6 & 12
                                                                                                                                                                     months
                                  Randomize

             Sample Size                                                                                                                               Study
                                                            Endpoint
            Total (per arm)                                                                               Placebo                   Active             Power
                820 (410)                            Ongoing pregnancy                                     34.7%                    45.9%              90%

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2019 NOLASIBAN DEVELOPMENT PLAN

               IMPLANT4 Trial initiated Q4:18 – MAA filing 4Q:19
                       800 patients, 40 centers in Europe, Russia, Canada
                       Day 5, Fresh SET
                       Primary endpoint 10 week ongoing pregnancy

               Planning U.S. Ph3 program start
                       EOP2 FDA meeting completed Q2:19
                       Submitting updated IND/protocol, trial start Q4:19/Q1:20

               Getting started in China
                             Opening IND
                             Assessing development and commercial strategic options

Proprietary & Confidential Materials of ObsEva S.A.                                    16
Key hypotheses on mode of action of OT antagonism in IVF:
                  supported by literature and nolasiban study conducted in 45 HV undergoing hormonal preparation
                                     mimicking the conditions of frozen thawed embryo transfer1

                                                                                                                                                                                 
                                                                                                                              Reduced uterine
                                 NOLASIBAN                                                                                    contractions2,1
               Oxytocin                                                                                          • Uterine contraction frequency reduced over 24 hour
                                            Oxytocin                                                               measurement period
               Receptor
                                                                       NOLASIBAN

                                                                             OTR
                                                                          Antagonist
                                                                                                                              Increased endometrium
                                                                                                                              blood flow3,1
                                                                                                                 • Improved perfusion (flow and vascularity) in the endometrium,
                                                                                                                                                                                 
     Functional oxytocin receptors

                                                           
                                                                                                                   but not uterus, showing targeted activity favorable for embryo
     are expressed in human                                                                                        implantation
     non-pregnant uterus on:
       • Myometrium smooth muscle cells
       • Uterus arteries smooth muscle cells
                                                                                                                               Increased endometrium
                                                                                                                               receptivity4,1                                    
                                                                                                                 • In vitro changes consistent with improved receptivity4 and in vivo
       • Endometrium glandular epithelial cells
                                                                                                                   changes in gene expression potentially relevant for uterine
                                                                                                                   receptivity1
1   Study 18-OBE001-004: data on file; 45 healthy women underwent hormonal preparation mimicking the conditions of a frozen thawed embryo transfer and treated at 900 or 1800 mg nolasiban or placebo.
    Effects on uterine contractions, perfusion, and endometrial genomics in addition to safety and pharmacokinetics were assessed.
2   Lan Reprod Biomed Online. 2012 Sep;25(3):254-60; 3 Kalmantis et al., Arch Gynecol Obstet 2012; 285:265-270; 4 Sztachelska et al., RBMO, 2019
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A L E A N O P E R AT I O N TO C O M M E R C I A L I Z E
               N O L A S I B A N E F F E C T I V E LY

           1     Highly concentrated

           2     Sophisticated B2B market

           3     No competition

       ART Centers (#)                                 105               134               354               231               82             ~ 500

                                                      100 FTEs can drive a blockbuster business

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K E Y TA K E AWAY S

                                                                                         Concentrated market allows us to
               1      In our reach
                                                                                         go to market ourselves

                                                                                          Nolasiban can impact the physical, mental, and
               2      Offsetting the pain of IVF
                                                                                          financial pain of IVF

               3      Strong value proposition                                            High economic value of nolasiban

                                                                                          Peak sales potential ranging from $0.5B to nearly
               4      Significant opportunity
                                                                                          $2B depending on share & price assumptions

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LINZAGOLIX (OBE2109)
Endometriosis and Uterine Fibroids: Effective without
hormone replacement therapy
L I N Z A G O L I X , A P O T E N T I A L B E S T- I N - C L A S S , O R A L ,
             G n R H R E C E P TO R A N TA G O N I S T

                                                                              LINZAGOLIX
                                          Validated MOA, Ph3 Trials ongoing targeting large populations

                   At a Glance                                                 Dosing Profile                                                Target Markets

     • Oral GnRH receptor                                           • 15h t1/2 for once daily dosing                               • Uterine Fibroids for heavy
       antagonist                                                                                                                    menstrual bleeding
                                                                    • High bioavailability, low
                                                                                                                                        ~ 4 million women diagnosed
     • Licensed from Kissei (WW                                       volume of distribution
                                                                                                                                          and treated
       rights, excludesAsia)
                                                                    • No interaction with food,                                         ~ 200,000 surgeries/year
     • IP protection to ≥ 2036                                        CYP3A, OATP1                                                 • Endometriosis for menstrual
                                                                                                                                     and non menstrual pelvic pain
                                                                    • > 1,850 female subjects
                                                                      exposed                                                           ~ 2.5 million women
                                                                                                                                        diagnosed and treated

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O U R A I M – P R O V I D I N G T H E M O S T S I M P L E , C O N V E N I E N T,
             E F F E C T I V E A N D S A F E S T, L O N G T E R M T R E AT M E N T

                            Week 24 Modeled E2 Data
                   (whiskers represent 10%/90% percentile)

                                                   1

                                      Linzagolix 75mg                                                                            1      Preferred first line option
                                                                                        2
                                                                 Linzagolix 200mg + estradiol                                           If needed, higher dose
                                                                   + norethindrone acetate*                                      2
                                                                                                                                        option with ABT available

                     Linzagolix Daily Dose (mg) for 24 Weeks                                    * Add Back Therapy (ABT) ActivellaTM

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P H A S E 2 B E D E LW E I S S C L I N I C A L T R I A L
             E N D O M E T R I O S I S PAT I E N T S

                                                                             Primary endpoint:                                          Secondary
                                                                              VRS pain score                                             endpoint:
                                                                               responder rate                                             BMD**
                                                                                  June 2018                                           September 2018
                                                     12 weeks
                                                      Placebo                                                 12 weeks                                 Follow-up results
                                                                                                                                                            1H 2019
             8–14 weeks                            50 mg daily                                               50 mg daily
                                                                                                                                                            24 weeks
                 LEAD-IN                           75 mg daily                                               75 mg daily                                    FOLLOW-UP

                                                   100 mg daily                                              100 mg daily

                                                   200 mg daily                                              200 mg daily                                   Optional
                                                                                                                                                            extension
                                                   75 mg daily*                                     * Titrated dose 50–100 mg                               6 m + 6m f-up

                                     * Titration after 12 weeks based on E2 serum level at weeks 4 and 8

                                     Enrollment 328 patients • 50 sites in US (n=177) • 14 sites in EU (n= 151)

**BMD: Bone Mineral Density
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E D E LW E I S S P R I M A RY A N D S E C O N D A RY E N D P O I N T S

                                                                                                                                                    * = p value
LINZAGOLIX PHASE 3 ENDOMETRIOSIS TRIALS
             E D E LW E I S S 2 A N D 3 + E X T E N S I O N S T U D I E S

                                            Initiated 1H:19

                                                                                                   6 months extension study

                                       6 months treatment                                                       75 mg daily

    11±5 weeks                                    Placebo                                                 200 mg daily + ABT                                6 months

        Lead-in                                75 mg daily                                                      75 mg daily                                 Follow-up

                                         200 mg daily + ABT                                               200 mg daily + ABT

                                                                                                          6 months Follow-up

                                                                Co-Primary endpoint:
                                                            DYS/ NMPP responder analysis

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PRIMROSE 1 & 2:                   P H A S E 3 C L I N I C A L T R I A L S F O R T H E T R E AT M E N T O F
             U T E R I N E F I B R O I D S : C O N T R O L L I N G H E AV Y M E N S T R U A L B L E E D I N G

                                                                                                    Primary endpoint:
                                                                                                 Responder-HMB Reduction
                                             8–14 weeks                                                                                                                   24 weeks
                                                                                                     Q4:19/H1:20         28 weeks
    PRIMROSE 1                                                                      24 weeks                            Placebo + placebo add-back
    100% US sites
                            n = 100                                    Placebo + placebo add-back                        200mg + add-back

                            n = 100                                    100mg + placebo add-back                          100mg + placebo add-back
                                                                                                                                                                        24w follow-up
                            n = 100           Screening                100 mg + add-back                                 100 mg + add-back

                            n = 100                                    200 mg + placebo add-back                         200 mg + add-back

                            n = 100                                    200 mg + add-back                                200 mg + add-back

    PRIMROSE 2
    70% Europe
    30% US sites            n = 100                                    Placebo + placebo add-back                       200mg + add-back

                            n = 100                                    100mg + placebo add-back                          100mg + placebo add-back
                                                                                                                                                                        24w follow-up
                            n = 100           Screening                100 mg + add-back                                 100 mg + add-back

                            n = 100                                    200 mg + placebo add-back                         200 mg + add-back

                            n = 100                                    200 mg + add-back                                 200 mg + add-back
                                                                     • IND granted in April 2017
                                                                     • Currently recruiting • Aiming at supporting the registration of two regimens of administration
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“ A B T O R N O A B T, T H AT I S T H E Q U E S T I O N ”
             D I F F E R E N T I AT I N G B Y N O A B T
                                                                                                                                                            *
                      Gynecologist survey in US shows high preference
               1
                      of no ABT as first line therapy

                      Preferred dosing is to start low and go higher as
               2
                      needed

                      Trend toward patients preferring avoidance of
               3      hormone therapy vs. endogenous estrogen
                      management

               4      ABT comes with HRT black box warning*

* Activella US FDA Label: cardiovascular disorders, breast cancer, endometrial cancer, and probable dementia
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L I N Z A G O L I X S T R AT E G Y A N D D I F F E R E N T I AT I O N :
             O B S E VA I S T H E O N LY C O M PA N Y D E V E L O P I N G A S I M P L E & S A F E
             N O A B T R E G I M E N F O R B O T H I N D I C AT I O N S

             Administration
                    • Once a day – no food interaction – no DDI
                    • Applicable to low dose and high dose

             Partial E2 suppression – no need for ABT
                    • Preferred option – only one active drug
                    • In development for both endometriosis and uterine fibroids
                    • Responder rate approximating 50% regarded as highly clinically meaningful

             Full E2 suppression – need for ABT
                    • Second line – Combination of 3 active drugs
                    • In development for both endometriosis and uterine fibroids

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OBE022
Preterm Labor: Potential to save newborn lives
O B E 0 2 2 , F I R S T- I N - C L A S S
                   O R A L A N D S E L E C T I V E P G F 2 Α R E C E P T O R A N TA G O N I S T F O R
                   PRETERM LABOR (PTL)
                                                                                      OBE022
                                                            Well-characterized MOA, Strong pre-clinical/Phase 1 safety

                           At a Glance                                             Dosing Profile                                            Target Markets

         • Prostaglandin F2α (FP)                                            • Targeting myometrium                                • Preterm labor (GA 24-34
           receptor antagonist                                                 contractions, cervix dilation,                        weeks) incidence
                                                                               membrane rupture,                                          • US ~ 500K
         • Licensed from Merck Serono                                          inflammatory processes                                     • EU ~ 500K
         • Composition of matter                                                                                                          • Asia ~ 6.9M1
                                                                             • Current treatments limited
           protection through 2037 with                                        efficacy & restrictive safety                       • Economic burden for
           PTE                                                                                                                       premature infants in the US
                                                                             • Goal to delay labor by 2-7                            ~$26B ($16.9B in infant
                                                                               days to treat fetus for organ                         medical care)
                                                                               protection
 1   WHO ‘Born Too Soon: The Global Action Report on Preterm Birth’ (2012)
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OBE022
             P R O L O N G P H 2 A S T U D Y ( PA R T S A A N D B )
                         Preliminary safety                                     Final Part A                                            Main study end          End of Infant FU
                           & PK analysis                                       Main analysis

   Part A       Dosing for 7d                   Maternal + neonatal FU                      24-month Infant FU
                   Up to 8 patients

                             Open-label: Atosiban + OBE022

                                                                                                                                          Final Part B
                                                                                                                                         Main analysis

                          Part B                           Dosing for 7d                                        Maternal + neonatal FU                      24-month Infant FU
                                                up to 60 patients +        up to 60 patients

                                            •   Double-blind: Atosiban + OBE022 vs Atosiban + PLACEBO
                                            •   Part A completed
                                            •   Part B began Q4:18
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2019 FINANCIAL OUTLOOK

              June 30 2019 Cash                                                                           $98.5 million

              Projected 2019 Cash Use                                                                     $105-110 million

              Expected Cash Runway                                                                       Q4:20 with $75 million credit facility

              2019 Investment Includes as many as 6 Phase 3 trials enrolling
                      Phase 3 data readouts for linzagolix and nolasiban
                             Getting started with nolasiban in U.S. and China

                                    Phase 2 decision for OBE022
                                            Pre-commercial nolasiban in EU

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O B S E VA – A U N I Q U E I N V E S T M E N T O P P O R T U N I T Y

                                                                                      • Multibillion USD opportunity
                                Deliver more IVF babies                                      3 Product candidates in 4 large indications
      NOLASIBAN                 at lower cost                                                Wholly-owned exclusive WW rights*
                                                                                             IP ≥ mid-2030 for all 3 product candidates

                                           Effective without                          • Major catalysts in 2019
                 LINZAGOLIX                hormone
                                           replacement therapy                               Nolasiban IMPLANT 4 IVF Ph3 readout and MAA filing
                                                                                             Linzagolix PRIMROSE Fibroid Ph3 readout
                                                                                             OBE022 PROLONG PTL Ph2a readout

       OBE022                Potential to save
                             newborn lives                                            • NOLASIBAN – Expected first launch in EU (1Q 2021)

                                                                                       * Except for linzagolix Asia rights own by KISSEI
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THANK YOU

          September    2019
      NASDAQ:OBSV | SIX:OBSN
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