CMMB

• Dale reported progress on multiple fronts since the last investor call, including top-line results from CM-101 Phase 2 liver fibrosis trial in NASH showing safety and biomarker improvements. • Adi discussed the NASH trial results, noting CM-101 appeared safe with favorable PK and biomarker responses. • Progress in advancing CM-101 Phase 2 clinical program in PSC, with enrollment in higher dose cohort and plan to report top-line data in H2 2024. • SSc Phase 2 trial IND cleared by FDA, on track to open US sites midyear with data expected in H2 2024. • Added senior executives Matt Frankel and Mitch Jones, who contribute to clinical development and corporate strategy. • Financials: Cash as of 3/31/2023 was $32.8M, R&D expenses $6.9M, G&A $2.2M, net loss $8.8M.

• Extended cash runway from March 31, 2024 to June 30, 2024 through budget trimming. • Plan to report top-line data from PSC trial in H2 2024. • SSc trial on track to open US sites midyear with data expected in H2 2024. • Have options for funding to advance trials through projected readouts in H2 2024.

No distinct product segments with revenue contributions provided in the transcript.

• Forward-looking statements subject to risks and uncertainties that could cause actual results to differ from those implied. Risks include factors in annual report on Form 10-K and SEC filings, such as those affecting clinical trial outcomes and market conditions.

Q: Given 2023 is an executional year for Phase two trials, talk about plans to speak at medical conferences and new data findings from previous studies.

A: Dale mentioned Adi and Matt will present data at EASL Biliary Conference, EASL conference in Wien, EULAR, ACR, etc., focusing on scientific progress.

Q: Curious if NASH or other liver fibrotic diseases are being discussed in partner conversations or just focusing on lead assets.

A: Dale said they are exploring dialogues with companies including NASH, but laser-focused on PSC and SSc as lead assets, though NASH is a relevant indication for CM-101.

Q: Question on SSc trial: Why lower dose 10 mg per kg and enrolling both diffuse and limited patients.

A: Matt said 10 mg per kg was chosen after FDA input to demonstrate tissue effect in Phase 2a; including both diffuse and limited SSc patients to explore impact in different patient populations and address neglected patients.