Diurnal Group plc (AIM: DNL)

A revenue generating European biotech

02 March 2021Date of preparation March 2021 Ref: CORP-GB-0107191

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3

Company snapshot

Martin Whitaker PhD

Chief Executive Officer

• 20 years working in pharma and biotech

Sam Williams PhD

Interim Chairman

• 20 years working in biotech

Richard Bungay

Chief Financial Officer

• 25 years in senior financial positions

Richard Ross MD

Chief Scientific Officer

• 30 years in senior medical positions

▪ IPO on AIM 24 Dec 2015 144p

▪ Share price (25/02/21) 58p Market Cap (25/02/21) £80m

▪ Cash position (31/12/20) £20.3m No debt

Investment summary

▪ Revenue generating business, initially targeting >$3bn market in cortisol deficiency

▪ First product, Alkindi® (hydrocortisone granules in capsules for opening), launched and generating revenues in Europe (year ended 30 June 2020 £2.4m); approved in Israel, Australia and US; US sales commenced in Q4 2020

▪ Second product, Chronocort® (modified release hydrocortisone), submitted for EMA and MHRA review with approval in Q1 2021(E)

▪ Commercial exclusivity until 2034 – orphan drug, regulatory and patents1

▪ Earlier pipeline maturing; our third product, DITEST™ (oral native testosterone) in clinical development targeting the ca. $4.8bn male hypogonadism market with abbreviated (“505(b)(2)”) route to US approval confirmed

▪ Company has direct sales force in key territories in Europe; potential to leverage through in-licensing agreements; forging commercial partnerships globally

4

Market opportunity numbers based on Datamonitor Report (2015) with exchange rate of £:$1.301. Conditional and subject to grant of market authorisation (and that Diurnal is the first sponsor to obtain market authorisation for the relevant product and

demonstrating significant clinical benefit), on grant of pending patents and ongoing grant

On track to becoming a world-leading endocrinology specialty pharma company focused on ca. $9.5bn market opportunity

To become a world leading endocrinology specialty pharma company

• Establish commercial traction via lead product candidates• Continue to develop specialist products and bring them to market• Potential for targeted M&A to accelerate and leverage international profile

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The vision

6

The opportunity

Addressing significant unmet medical needs

Endocrine disorders:

▪ Chronic diseases

▪ Life-long treatment

▪ Serious health impact

Pituitary

Thyroid

Adrenal

Gonads

7

A collection of glands that produce hormones to regulate the body – including metabolism, growth and development, tissue and sexual function, reproduction, sleep and behaviour

The endocrine system is critical to life

Note: diagram shows the Company’s view of dominant areas of focus within the endocrinology market

Large pharma Large specialty pharma Small niche endocrinology

Eli Lilly

SanofiNovo Nordisk Pfizer

NovartisAbbott Ipsen FerringEndoCorcept

Strongbridge

Chiasma

HRA Pharma

Diurnal is seeking to build a commercial franchise in niche areas of unmet patient need

8Source: Company estimates based on publicly available information.

Adrenas

Spruce BioscienceNeurocrine

Alkindi® Chronocort®

Life-long

Licensed & measured dosing Matching circadian rhythm

Building a life-long “Adrenal Franchise”

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Cortisol – an essential hormoneCortisol deficiency results in fatigue, depression and death through adrenal crisis

Target indications Key products

Adrenal Insufficiency (AI): Patients lose the ability to produce cortisol leading to insufficient cortisol production

Alkindi® (hydrocortisone granules in capsules for opening): Approved by the EMA to treat children <18 years in Europe; approved by the FDA to treat children <17 years in the US

Congenital Adrenal Hyperplasia (CAH): Patients are born without an enzyme that stimulates the adrenal glands to release the hormone cortisol

Chronocort® (modified-release hydrocortisone): Aims to be the first hydrocortisone product that closely mimics cortisol circadian rhythm in adults and adolescents

Diurnal aims to have two products licensed in Europe in a >$2bn* market with ca. 10 years’ exclusivity by end 2023

*Market opportunity numbers based on Datamonitor Report (2015) with exchange rate of £:$1.30

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Alkindi® (AI & CAH children)

The first product specifically designed for children suffering from AI and CAH

Chronocort® (CAH and AI adults)

Aims to be the first hydrocortisone product that mimics cortisol

circadian rhythm in adults and adolescents

2

1

Pharmacy compounded adult tablets 25% out of specification1

Formulations that are

challenging to administer

Imprecise, inaccurate and highly variable

dosing that risks over- or under-

treatment

Unpalatable, bitter taste

Alkindi®

Chronocort®

Current unlicensed treatments have significant draw backs

2

Alkindi®: A major breakthroughin paediatric AI (including CAH)

111. Out of European Pharmacopeial specification: Neumann et al (2017)

Approved Products

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Alkindi®

Alkindi® Sprinkle

▪ $66m market opportunity2

▪ Approved May 2018

▪ Children < 18 years old

▪ Hydrocortisone granules in capsules for opening

▪ >$100m market opportunity1

▪ Approved September 2020

▪ Children < 17 years old

1. Based on Eton Pharmaceuticals’ estimates for Alkindi® Sprinkle2. Based on Datamonitor Report (2015) with exchange rate of £:$1.30

Alkindi®

▪ Approved Israel: August 2020

― Children < 18 years old

▪ Approved Australia: August 2020

― No age restriction

Alkindi®Generating revenues with significant exclusivities

131. Alkindi® UK market packs

1

▪ Authorised by the European Medicines Agency in 2018 with 10 years data and market exclusivity (PUMA)

▪ Successfully launched in: UK, Germany, Austria, Sweden, Denmark, Norway, Iceland and Italy

▪ Pricing agreed in: the Netherlands

▪ Market access plans in place for a timely launch across key European territories ― The same commercial infrastructure can be used for future Diurnal products

▪ Distribution agreements in place outside core territories― Frost Pharma (Nordics); Consilient / Goodlife (Benelux); EffRx (Switzerland)

US:

▪ New Drug Application (NDA) approved by the FDA on 29 September 2020

▪ Alkindi® Sprinkle available to US patients in November 2020 through

licensing partner Eton Pharmaceuticals

▪ Eton Q4 2020 earnings update expected during March 2021

RoW:

▪ Alkindi® Sprinkle license extended to Canada with Eton

▪ Alkindi® license for China with Citrine Medicine

▪ Alkindi® marketing and distribution agreement in Turkey with Er-Kim1

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Establishing a global product presenceRoW

Alkindi®

1. Marketing and distribution agreement with Er-Kim also includes Chronocort® (subject to approved in Europe)

Chronocort®: targeting effective disease control in adults

15Source: Debono et al. JCEM (2009); Mallappa et al JCEM (2014) & company data on file; BID, twice daily; TID, thrice daily

Cortisol circadian rhythm

Current hydrocortisone TID

Chronocort® BID “Toothbrush regimen”

0

100

200

300

400

500

600

700

800

Seru

m C

ort

iso

l n

mo

l/l

23:00 03:00 07:00 11:00 15:00 19:00 23:00Time (24 hour clock)

Early morning rise in cortisol

Too muchdrug

Avoids troughs in Cortisol

10mg HC 5mg HC 2.5mg HC

20mg Chronocort® 10mg Chronocort®

$0.4bn* market opportunity (Europe and US) for Congenital Adrenal Hyperplasia$2.8bn* market opportunity (Europe and US) for Adrenal Insufficiency

Chronocort® – innovative drug delivery solution:▪ Delayed release coat allows pH triggered

release in GI tract

Chronocort® – improved disease control:▪ Control of morning 17-OHP

― 94% of patients vs 31% on standard treatment in Phase 2 trial

Alkindi®

Chronocort®

* Based on Datamonitor Report (2015) with exchange rate of £:$1.30

MAA Europe: In final stages of regulatory review

▪ European Medicines Agency (EMA)

― Positive scientific advice meeting with EMA in March 2019

― Marketing Authorisation Application (MAA) submitted December 2019

― MAA validated by EMA in April 2020

― Day 120 questions answered and submitted by Diurnal to EMA on time during November 2020

― Day 180 questions answered and submitted by Diurnal to EMA on time during February 2021

― Anticipated CHMP recommendation for approval in late March 2021

▪ UK Medicines and Healthcare products Regulatory Agency (MHRA)

― MAA submitted in early January 2021 following end of Brexit Transition period

― Anticipated opinion for approval during same timeframe as for the EMA

▪ Data from pivotal DIUR-005 study and DIUR-006 safety extension study published inJournal of Clinical Endocrinology and Metabolism during February 2021

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MAA based on largest interventional CAH study ever completed and compelling long-term data from safety extension study

Chronocort®

Generating favourable long-term outcomes data

▪ 81% of patients remained in the study at April 2020 data cut

▪ 80% of subjects still have controlled 09:00 hours 17-OHP after 18 months of thesafety extension study (compared to 52% at baseline)

▪ Importantly, this androgen control continues on a lower dose of steroid than inDIUR-005 and lower than in the literature with a median daily hydrocortisone doseof 20mg after 18 months of the safety extension study

▪ New episodes of unexpected therapeutic benefit reported in both studies:

― Restoration of menses in 8 patients (one on standard therapy)

― 3 patient pregnancies and 4 patient partner pregnancies (none on standard therapy)

▪ Adrenal crises with Chronocort® occur at a similar / lower rate than in the literature

▪ Adverse events consistent with the known safety profile of hydrocortisone

▪ No significant changes in secondary endpoints; trends favourable

▪ Data will be used to support pricing and reimbursement discussions

17Source: Adapted from Merke et al. JCEM (2021)

Chronocort®

Anticipated key value inflection points

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Estimated Approval

Phase III1 (DIUR-014)

Chronocort®

(CAH)

Chronocort®

(CAH)

Chronocort®

(AI)

Phase II (DIUR-010)

Addressable market

Next steps2020 2021 2022 2023 2024

> $1.2bn

Estimated Approval

NDA

CAH MAA Under Reviewby EMA and MHRA

Study Report

Chronocort®

(AI)

DIUR-016

Source: Company estimates, market estimates based on Datamonitor Report (2015), pricing from British National Formulary (No. 76) and GBP:1.30 USD exchange rate1. Subject to further partnering or funding

Phase III1 (DIUR-015)

Line Extension to AI MAA

Estimated Approval

SPA

> $2.1bn

Chronocort®

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DITEST™

Aims to be the first oral native testosterone product

for male hypogonadism

Targeting a US market of ca. $4.8bn*

3

*Based on Datamonitor Report (2015) with exchange rate of £:$1.30

Positive clinical proof-of-concept

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Positive headline results from Phase I patient clinical trial

▪ Phase I proof-of-concept study evaluated the pharmacokinetics, safety and tolerability of DITEST™ in 24 adult men with primary or secondary hypogonadism compared to oral modified testosterone (testosterone undecanoate)

▪ Primary endpoint met:

― DITEST™ achieved testosterone levels within the healthy young male adult normal range

― These testosterone levels were less variable than testosterone undecanoate

▪ Secondary endpoints demonstrated:

― DITEST ™ can be taken either with food or in the fasted state, representing a major difference with testosterone undecanoate

― No serious adverse events in the DITEST™ arm of the study

― Levels of the potent testosterone derived androgen, dihydrotestosterone (DHT), were lower than with testosterone undecanoate

DITEST™

Abbreviated 505(b)(2) route to New Drug Application submission

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▪ Positive pre-IND Meeting with FDA― A pre-Investigational New Drug (IND) meeting was successfully concluded with the FDA in June

2020 which confirmed that DITEST™ can progress to an NDA via the abbreviated 505(b)(2) route

▪ On track to IND submission during Q2 2021― IND package preparation, including non-clinical studies, in progress

― Manufacturing is located entirely within the US

― IND submission anticipated during Q2 2021 to allow a Phase 1 multiple ascending dose study to progress in the US; CRO appointed

▪ Commercial preparations in progress― US pricing and market activities ongoing to allow commercial preparations to begin

Phase 32MAD1 Study

Next steps2020 2021 2022 2023 2024

End-of-Phase 2 Meeting with FDA

OpenIND

Study ReportNon-Clinical

1. Multiple Ascending Dose study 2. Subject to further FDA approval and to partnering or further funding

DITEST™

Indications

Annual Addressable

Market (Europe & US)

Product

Thyroid Hypothyroidism $1bn ▪ Modified-release T3 (preclinical)

AdrenalCAH

AICushing’s

$0.5bn$2.8bn$0.5bn2

▪ Alkindi® (completed)▪ Chronocort® (Phase 3)▪ Oligonucleotide therapy (preclinical)

Gonads Hypogonadism $4.8bn▪ DITEST™ (positive Phase 1 study in

hypogonadal subjects)

Pipeline – a ca. $9.5bn market opportunity leading to strategic opportunities

Building an earlier stage pipeline

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Source: Company estimates based on Datamonitor Report (2015), pricing from British National Formulary and exchange rate of £:$1.301. Indicates areas of potential focus beyond the Company’s existing pipeline2. Includes Cushing’s syndrome and disease

In-licensing

M&A

Partnerships

Summary and outlook

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Continuing to meet key milestones

Conclude US partnering discussions for Alkindi® (Chronocort®) H1 2020✓

Confirmation of regulatory pathway for DITEST™ from FDA Mid-2020✓

Approval of Alkindi® in Australia Mid-2020✓

Approval of Alkindi® in Israel Mid-2020✓

Approval of Alkindi® Sprinkle in US 29 Sep 2020✓

Outlook for 2021

Agree Special Protocol Assessment (SPA) for Chronocort® in US Q1 2021

Recommendation for approval of Chronocort® in Europe Q1 2021

Submission of DITEST™ IND in US Q2 2021

Start DITEST™ Multiple Ascending Dose Study in US Q3 2021

First commercial Chronocort® launch in Europe 1 Q3 2021

Start Chronocort Phase 3 Study in US 2 H2 2021

1. Subject to regulatory approval by the EMA2. Subject to agreeing SPA with FDA and further partnering or funding

Strong team with ability to deliver

Opportunities to broaden the offering

Credible market access

strategy

Strong base position in

orphan diseases

Building a global endocrinology

specialty pharma

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Appendix

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Diurnal – Company history

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2004Diurnal founded as a spin-out from the University of Sheffield

2005

Diurnal gains EU orphan drug designation for Chronocort® for Congenital Adrenal Hyperplasia (CAH)

2013Successful completion of Phase I Alkindi® trials in adults, enabling the Company to progress to Phase III paediatric trials

Chronocort® Phase II trial begins in adult CAH patients at the National Institutes of Health (US)

2014Positive results from the Chronocort® Phase II trial published in Journal of Clinical Endocrinology and Metabolism

2014-15Diurnal secures further institutional funding to initiate Phase III registration trials of both Alkindi® and Chronocort® in Europe and to further strengthen the management team

2004 - 08Chronocort® intellectual property licensed to Phoqus plc

2007EU orphan drug designation approved for Chronocort® for Adrenal Insufficiency (AI)

2008 -12Chronocort® licence repurchased from Phoqus plc1 administrators

Institutional shareholder base established and partners engaged to develop Chronocort®

New Chronocort® formulation Phase I trials successfully completed

2004 Present

2015Chronocort® gains US orphan drug designation for both AI & CAH.

Alkindi® gains US orphan drug designation for paediatric AI

Diurnal Group plc lists on AIM as DNL.L

2017Alkindi® receives positive opinion for approval from European Medicines Agency

Alkindi® and Chronocort® patents granted in the US

2016Positive results from Alkindi® Phase III trial announced

First patient dosed in Chronocort® Phase III European trial

First patient dosed in testosterone Phase I proof-of-concept trial

2018Alkindi® receives market authorisation approval from European Commission

Alkindi® launched in Germany and UK – first revenues generated

1. Phoqus plc’s version of Chronocort® was different to Diurnal’s new version of Chronocort® due to: i) a different formulation; ii) a different manufacturing process which could not be scaled; iii) a different dosing regimen (once daily); and iv) being in tablet rather than capsule form

Marketing authorisation and launch of Alkindi® in Europe and US and submission of Chronocort® MAA in Europe achieved since IPO

2019Alkindi® NDA submitted in US

Chronocort® MAA submitted in Europe

Positive headline results from DITEST™ testosterone Phase I proof-of-concept trial announced

2020Alkindi® approved by FDA and launched by partner Eton in the US

Alkindi® approved in Israel and Australia

Positive pre-IND meeting with the FDA confirms 505(b)(2) route to NDA for DITEST ™

Experienced leadership team

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Martin Whitaker PhD

Chief Executive Officer

Sam Williams

Interim Chairman

• Over 20 years working in biotech

• Previous experience as a top-ranked equity analyst and subsequently, as an entrepreneur and CEO

• Managing Partner of Life Sciences at IP Group plc and Non-Executive Chairman and/or Director for several portfolio companies

• 20 years working in pharma and biotech

• Previous positions at Critical Pharmaceuticals, Pfizer

• Founder at D3 Pharma which successfully commercialised Plenachol®, a high dose Vitamin D product

• Over 25 years in senior financial positions

• Non-Executive Director at Cambridge Cognition

• Previous CFO positions at Mereo Biopharma, Glide Technologies, Verona Pharma and Chroma Therapeutics

• Previous positions at Celltech and AstraZeneca

Richard Ross MD

Chief Scientific Officer

• Over 30 years in senior medical positions

• Diurnal founder, world leading endocrinologist & industry key opinion leader

• Professor of Endocrinology at the University of Sheffield

• Recognised by the Endocrine Society’s 2021 Laureate Awards for Outstanding Innovation

Richard Bungay

Chief Financial Officer

Key investors

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ShareholderAs at 30 November 2020

Number of shares % holding

IP Group 44,085,999 31.9%

Polar Capital 12,613,378 9.1%

Finance Wales 11,534,888 8.3%

Amati Global Investors 9,500,000 6.9%

Chelverton Asset Management 5,800,000 4.2%

BGF 4,400,000 3.2%

Walker Crips 4,237,910 3.1%

Management and Board 3,687,490 2.7%

Others 42,469,274 30.6%

Total 138,328,939 100.0%

Endocrine focussed development pipeline

29

In Progress / Completed Line Extension Key:

Source: Company market estimates based on Datamonitor Report (2015), pricing from British National Formulary 76 and GBP:1.30 USD exchange rate

Annual Addressable

Market (Europe & US)

Estimated

Approval

$1,033mTBC

$463mTBC

$4,830mTBC

2025

Therapy Area

Cushing’s DiseaseOligo-nucleotide

T3 modified release

DITEST™

$351m2021

2025

$2,767m2023TBC

Congenital Adrenal Hyperplasia (CAH) (Adult)

Chronocort®

Classical Hypogonadism

Hypothyroidism (T4 non-responders)

Adrenal Insufficiency (AI) (Adult)

MAA /

NDAPIIPIPre- PIII

Robust product protection in key markets

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Intellectual property

Alkindi®

Chronocort®

Oral Native Testosterone

DITEST™

USEuropean

Patent

Regulatory exclusivity

USEU

Orphan 7 years1

Orphan 7 years1

Orphan 10 years1

PUMA

10 years

Hypogonadism not an orphan

disease

2034

2032

Composition of matter

Method of treatment (x2)

Composition of matter

Medical use

2034

2033

Composition of matterComposition

of matter & medical use

2030Composition of matter2029

Composition of matter

2034

1. Conditional and subject to grant of market authorisation (and that Diurnal is the first sponsor to obtain market authorisation for the relevant product) and on demonstrating significant benefit;

2. GB patent application PCT/EP2021/050930

Under review2

Medical use

2032

2034

2033

Hypogonadism not an orphan

disease

The cortisol deficiency market opportunity

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Prevalence (Estimated no. of patients) Total Addressable Market Size1

Total Total

Paediatric AI(inc CAH)

10,268 4,126 14,394 $63m $100m2 $163m

CAH 40,970 16,231 57,201 $251m $100m $351m

AI 297,159 153,604 450,763 $1,824m $943m $2,767m

Total 348,397 173,961 522,358 $2,138m $1,143m $3,281m

Source: Datamonitor Healthcare Consulting, 20151. Based on Plenadren® price point of approximately $6,138 per patient per annum 2. Based on Eton Pharmaceuticals estimates

Competitive landscape; differentiated products

32

ProductMimics

circadian rhythm

IndicationCountries PriceAI/CAH

paediatricCAH AI

Hydrocortisone(generic)

✓Manipulated

✓ ✓ ca. $3k p.a.

Plenadren®(modified release)

Not Licensed

Not Licensed ✓1

ca. $6k p.a.

Diurnal“Adrenal Franchise”

✓2

Chronocort®

✓Alkindi®

✓2

Chronocort®

✓2

Chronocort®

Targeting Chronocort®

$6k+ p.a.

▪ Generic hydrocortisone provides no circadian release & achieves poor disease control

▪ Plenadren® is a modified release hydrocortisone, does not provide overnight coverage of cortisol and has not demonstrated disease control in congenital adrenal hyperplasia

▪ There are a handful of competitor products vying for exclusive marketing rights in CAH in the US –these products are designed to reduce androgen levels but not to replace cortisol:

1. Over 18 years in Europe only 2. PlannedSource: British National Formulary (No. 76); Han et al (2014); EMA Assessment Report for Plenadren® (21 July 2011)

Chronocort®Diurnal

CrinecerfontNeurocrine Biosciences

TildacerfontSpruce Biosciences

BBP-631Adrenas Therapeutics

Phase II completed in USPhase III completed in Europe

Phase II completed in USRecruiting to Phase III trial in adults

Phase IIa pediatric trial ongoing Recruiting to Phase IIb trial in adults

Pre-clinical

Pivotal study DIUR-005 summary

▪ Evidence of better biochemical control with Chronocort® with lower 17-OHP SDS at 4weeks (p=0.007) and 12 weeks (p=0.019), and between 07:00 to 15:00 hours (p=0.044) at24 weeks compared to standard of care

▪ 91% of subjects had controlled 09:00 hours serum 17-OHP (<1,200 ng/dl) at 24 weekswith Chronocort® compared 71% (p=0.002) to standard of care (and 52% at baseline)

▪ 17-OHP control achieved with lower median daily hydrocortisone dose of 30mg(compared to 31mg for the standard of care)

▪ No adrenal crises in the Chronocort® arm of the study (compared to 3 adrenal crises inthe standard of care)

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Chronocort®

Source: Adapted from Merke et al. JCEM (2021)

34

15:00 19:00 23:00 03:00 07:00 11:00 15:000

20

40

60

80

0

500

1000

1500

2000

2500

17

-OH

P n

mo

l/l 1

7-O

HP

ng

/dl

Baseline on standard GC

Chronocort at 24 weeks

Achieved better hormonal control at 24 weeks compared to baseline

Source: Adapted from Merke et al. JCEM (2021)

REFERENCE RANGE

Chronocort®

35

15:00 19:00 23:00 03:00 07:00 11:00 15:000

10

20

30

0

200

400

600

800

1000

24 hour clock

17

-OH

P n

mo

l/l 1

7-O

HP

ng

/dl

Chronocort at 24 weeks

Standard GC at 24 weeks

Source: Adapted from Merke et al. JCEM (2021)

Achieved significantly better control of 17-OHP in the period 07:00-15:00

REFERENCE RANGE

Chronocort®

3 6 9 12 15 180

10

20

30

40

50

0

500

1000

1500

Months on MR-HC

09

:00

h 1

7-O

HP

nm

ol/

l 09

:00

h 1

7-O

HP

ng

/dl

Baseline

36

Median Dose (mg)

Achieved sustained control of androgens for 18 months

Chronocort® achieved sustained control of androgens for 18 months on lower doses of steroid than normally used to treat Congenital Adrenal Hyperplasia

30 26 25 20 20 20

Chronocort®

Source: Adapted from Merke et al. JCEM (2021)

REFERENCE RANGE

Favourable competitive landscape

37

Product Company Active ingredient Delivery Dosing frequency

DITEST™ Diurnal TestosteroneOral

(softgel capsule)Expected twice-daily

Androgel® Abbvie (+ generics) Testosterone Gel Once-daily

Jatenzo® Clarus TherapeuticsTestosterone undecanoate

Oral (softgel capsule)

Twice-daily

Xyosted® Antares PharmaTestosterone

enanthateSC Injection Weekly

Aveed® ENDOTestosterone undecanoate

IM Injection 4 – 10 Weekly

Natesto® Acerus Testosterone Nasal Three times daily

Androderm® Abbvie TestosteronePatch

(transdermal)Once-daily

▪ DITEST™ is expected to have a competitive profile compared to legacy testosterone replacement therapy products and recent market entrants

DITEST™

Selected historical financial information1

381. Half year results to 31 December 2020

£000 6 months to31 Dec 2020

6 months to31 Dec 2019

Revenue 1,214 1,147

Cost of sales (347) (303)

Gross profit 867 844

Research and development expenditure (2,633) (2,388)

Selling and distribution expenses (2,457) (1,977)

Administrative expenses (1,629) (1,054)

Other gains - net 590 -

Operating loss (5,262) (4,575)

Net financial income 56 31

Taxation 545 509

Loss for the period (4,661) (4,035)

Net cash used in operating activities (4,169) (4,957)

Net cash generated by financing activities 9,136 68

Closing cash and cash equivalents 20,344 4,625

Selected historical financial information1

391. Half year results to 31 December 2020

£000 31 Dec 2020 30 Jun 2020 31 Dec 2019

Non current assets 2,434 1,770 144

Inventories 1,666 1,241 764

R&D tax credit receivable 542 1,194 2,614

Trade and other receivables 1,378 1,337 1,410

Cash and cash equivalents 20,344 15,434 4,625

Trade and other payables (3,225) (2,591) (2,124)

Net assets 23,139 18,385 7,433

Share capital and premium 66,185 57,049 46,476

Group reconstruction reserve (2,943) (2,943) (2,943)

Accumulated losses (40,103) (35,721) (36,100)

Total equity 23,139 18,385 7,433