Generate Biomedicines, Inc. · NASDAQ:GENB
Generate Biomedicines — Investor Presentation (October 2026)
55 slides from Generate Biomedicines's investor presentation, October 2026
Slide 1: A New Era: Programmable Biology
A New Era: Programmable Biology Corporate Presentation Shown here, GB-0895 binding to TSLP 2026 | 1
Slide 2: Disclaimers and forward-looking statements
Disclaimers and forward-looking statements This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements other than historical factual information are forward- looking statements, including, without limi
Slide 3: A new era: Programmable Biology
A new era: Programmable Biology We aim to… Create transformative medicines … transform the very process of out of reach of traditional AND creating those medicines through technologies… Generative Biology at scale… 2026 | 3
Slide 4: Leading the way toward Programmable Biology
Leading the way toward Programmable Biology Leading AI Technology 5 Clinical-Stage Programs Platform for Therapeutics Enabled by Platform § Fully integrated computational and § First known next-gen anti-TSLP mAb to enter biohardware innovation stack for scalable clinic (GB-0895), single injection do
Slide 5: Experienced leadership team to pioneer Generative Biology
We’ve built an experienced leadership team to pioneer the future of Generative Biology Mike Nally Gevorg Grigoryan Jason Silvers, MD Beth Grous Aarif Khakoo Chief Executive Officer Co-Founder & Chief Chief Financial Officer Chief People Officer Chief Scientific Officer Technology Officer Daria Hazud
Slide 6: Backed by a Board with extensive experience in pioneering new platforms
Backed by a Board with extensive experience in pioneering new platforms Noubar Afeyan Frances Arnold Stéphane Bancel Marsha Fanucci Jane Mendillo Chair & Chief Executive Caltech Professor & Chief Executive Officer Biotechnology leader, American investor, Officer at Flagship Nobel Laureate at Moderna
Slide 7: Programmable Biology can change the unit economics of drug design
Generate has shown that Programmable Biology can change the unit economics of drug design Traditional drug discovery laborious, high-cost exploration programmatic, at-scale prosecution Time to proof of concept 6-8 years 3-5 years1 Cost to proof of concept $380mm $25-60mm1 Generate demonstrated succe
Slide 8: Biology is immensely complex yet programmable in principle
Biology is immensely complex yet programmable in principle In principle, proteins make biology eminently programmable In practice, the design space is vast and nonlinear Sequence Structure Function 2024 | Confidential & Proprietary 2026 2026| | 8
Slide 9: Industry approaches give intentionality or scale, but not both
Industry approaches give intentionality or scale, but not both Traditional discovery methods today Most of history … 1900-1975 Observe, hope, Screen, isolate, Intentional design Scale exploration & repeat & synthesize Artisanal scale Randomly 2024 | Confidential & Proprietary 2026 2026| | 9
Slide 10: Cheaper tools have not improved drug economics
Cheaper tools have not improved drug economics because intentionality and scale remain disconnected Cost of DNA synthesis/sequencing and compute collapsed Cost per drug approval Index 2000=100 $bn/New Molecular Entity Fold reduction 102 10 100 DNA Synthesis Birth of "Biotech“ >800 $/base Genentech f
Slide 11: The Generate Platform
The Generate Platform Integrated computational and biohardware innovation for intentionality at scale Computational Innovation Scale Scale ML SCALES HYPOTHESES drives AI drives AI molecules and biological hypotheses quality impact generated at scale using models + agents Intentionality at scale DATA
Slide 12: Designed to produce therapeutically relevant data at pace and scale
The Generate Platform Designed to produce therapeutically relevant data at pace and scale Integrating generative model for Computational Technologies to make protein design supported by an Innovation precise proteins at scale agentic lab and assistants Technologies to capture Designed to maximize co
Slide 13: CryoEM at scale creates a proprietary signal
The Generate Platform Example | CryoEM at scale creates a proprietary signal for better models and molecules Structural phenotyping Improved foundation models Conformational reality Proprietary mechanistic info, better Generate new structural data at scale, make Ensembles — proprietary signal to adv
Slide 14: Our application strategy: Asymmetric risk and modularity
The Generate Platform Our application strategy | Asymmetric risk and modularity Technology uncertainty § Technology uncertainty is cheap and fast for us to resolve § We preferentially pursue opportunities with validated biology Biology risk High § This turns “hard molecular tasks” into repeatable di
Slide 15: Validating one module de-risks broad opportunities
The Generate Platform Deploying our Platform to validate one module de-risks broad opportunities Programmable Binding Affinity optimization Tune binding affinity, up or down, for desired outcomes Conditional binding Bind given condition, e.g., pH, or selectively/cross reactivity Examples of De novo
Slide 16: Modules compound to create differentiated therapeutics
The Generate Platform Modules compound to create differentiated therapeutics Programmable Binding Long-acting antibodies for chronic disease Affinity optimization GB-0895: A Phase 3, femtomolar-affinity, Conditional binding Binding half-life extended affinity Anti-TSLP antibody against TSLP De novo
Slide 17: Robust, clinical stage pipeline
We have leveraged our Platform to create a robust, clinical stage pipeline Proposed Next Target Modality Preclinical Phase 1 Phase 2 Phase 3 Collaborations Indication(s) Milestone IMMUNOLOGY & INFLAMMATION Fully enrolled GB-0895 Severe Asthma TSLP Antibody Ph3 studies (2H27/1H28) Ph1b data GB-0895 C
Slide 18: Multiple potential catalysts during next 12-18 months
Multiple potential catalysts during next 12-18 months 1H 2026 2H 2026 2027 üGB-0895 · anti-TSLP mAb GB-0895 · anti-TSLP mAb GB-0895 · anti-TSLP mAb Results from Ph1b in moderate- FDA engagement and Phase 3 SOLAIRIA-1 and SOLAIRIA-2 all severe COPD plans for COPD finalized sites activated (1H27) and
Slide 19: GB-0895 Overview
GB-0895 Overview Potential best-in-class, Q6M, anti-TSLP mAb Shown here, GB-0895 binding to TSLP 2026 | 19
Slide 20: GB-0895: a differentiated anti-TSLP monoclonal antibody candidate
GB-0895 | a differentiated anti-TSLP monoclonal antibody candidate designed for the treatment of severe asthma, COPD, and other potential indications Designed for twice-annual dosing, which we believe has potential to significantly 1 improve patient adherence, compared to Q4W dosing for tezepelumab1
Slide 21: TEZSPIRE is establishing itself as the leading biologic in asthma
GB-0895 TEZSPIRE is establishing itself as the leading biologic in asthma with significant expansion potential TEZSPIRE Annual Global Revenue, USD Millions1 Analyst Consensus Peak § TEZSPIRE achieved >20% New-to-brand prescription (NBRx) asthma segment share in the U.S. Sales2 in its first commercia
Slide 22: Strong impact and potential for longer-acting therapies across immunology
GB-0895 Strong impact and potential for longer-acting therapies across immunology 1 Long-acting market proof in I&I 2 Physician pull toward Q6M 3 Adherence is a value driver Longer dosing intervals already lead in PsO Q26W wins over both monthly and quarterly Low biologic adherence is linked to wors
Slide 23: Longer-acting therapies have demonstrated repeated commercial success
GB-0895 Longer-acting therapies have demonstrated repeated commercial success across a variety of indications IL-23 Market (PsO) Anti-VEGF (wAMD) Tremfya (Q8W) Skyrizi (Q12W) Lucentis (Q4W) Eylea (Q8W) $50 $14 Annual Sales ($M) Annual Sales ($M) $40 $12 $10 $30 $8 $20 $6 $4 $10 $2 $0 $0 2026E 2027E
Slide 24: First known next-gen TSLP product in severe asthma to start Ph3
GB-0895 The 1st known next-gen TSLP product in severe asthma to start Ph3 2024 2025 2026 2027 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 GB-0895 Phase 1: Mild-to-moderate asthma SOLAIRIA patients Ph3 Start Felcorekibart Phase 2: Severe Asthma1 Ph. 3 Start1 WIN378 Phase 2: Severe Asthma2 No half
Slide 25: The best profile of any known TSLP targeting program
GB-0895 The best profile1 of any known TSLP targeting program GB-0895 Attributes Half-Life Benchmark GB-0895 Data in Asthma Patients ~20x higher affinity GB-0895 ~98 days ~98-day half-life Ultra-high affinity vs Long half-life with dose-proportional PK tezepelumab GSK57842832 ~80 days 6 months of PD
Slide 26: Selected analyst estimates of GB-0895 global peak sales
GB-0895 Selected analyst estimates of GB-0895 global peak sales Asthma COPD Total Estimated Estimated Estimated Estimated Risk- Estimated Risk- Estimated Risk- Estimated Estimated Peak Adjusted Peak Adjusted Peak Adjusted PoS PoS Sales Peak Sales Peak Sales Peak Sales Sales Sales Average $3.9bn 72%
Slide 27: Potential to address multiple I&I indications
GB-0895 The potential to address multiple I&I indications, with near-term opportunity in millions of potential patients with severe asthma and COPD INITIAL FOCUS EXPANSION OPPORTUNITIES 4 Severe Asthma COPD CSU 1.9M 3.1M Severe Food Allergy ~1.4M biologic-eligible patients1 biologic-eligible patient
Slide 28: Phase 1 clinical trial design
GB-0895 Phase 1 clinical trial design OVERVIEW Part A: Single-ascending dose (SAD) | N=80 Cohort A6 § Mild-to-moderate asthma Cohort A5 1200mg patients Cohort A4 600mg Accrued Cohort A3 300mg Accrued § Subcutaneous administration Cohort A2 100mg Accrued Cohort A1 30mg Accrued § Key Inclusion Criteri
Slide 29: Phase 1 study summary of outcomes
GB-0895 Phase 1 study | summary of outcomes Phase 1 Study: N=96 in mild to moderate asthma patients ✓ PK: Long half-life (~98 days) showed sustained drug concentration for the full 6-month period PD: EOS, FeNO, IL-13, and IL-5 biomarkers indicated deep and sustained reductions ✓ over 6 months at 300
Slide 30: Sustained reductions in blood eosinophils for 6 months
GB-0895 A single subcutaneous administration of GB-0895 led to sustained reductions in blood eosinophils for 6 months at clinically-relevant doses Reductions in Blood Eosinophils (cell/uL) over 6 months Placebo (Pooled, N=23) GB-0895 10mg (N=7) Fold Ratio from Baseline GB-0895 30mg (N= 7) GB-0895 10
Slide 31: Demonstrated suppression over months across four key biomarkers
GB-0895 Demonstrated suppression over 6 months across four key biomarkers EOS FeNO Placebo (Pooled, N=23) Mean Change from Baseline Fold Ratio from Baseline GB-0895 100mg (N=13) GB-0895 300mg (N=13) GB-0895 600mg (N=10) GB-0895 1200mg (N=7) Months Months • 300mg Q6M dose of GB- 0895 achieves PD effe
Slide 32: Single 300mg dose achieved similar changes as monthly tezepelumab
GB-0895 Single dose of 300mg GB-0895 over 6 months achieved similar changes as prior published data for monthly 210mg doses of tezepelumab over 12 months across relevant PD biomarkers % Reduction in PD Biomarkers from Baseline Relative to Placebo EOS FeNO IL-5 IL-13 GB-0895 6-Month 51% 55% 74% 45% (
Slide 33: GB-0895 was generally well tolerated
GB-0895 GB-0895 was generally well tolerated Safety data are summarized by blinded cohort § 80 subjects received a single dose of GB-0895 or placebo; followed ≥26 weeks § Most common TEAEs by PT (≥15% incidence in all treatment groups): nasopharyngitis (42.5%), headache (21.3%), rhinitis (17.5%) § 3
Slide 34: SOLAIRIA 1 & 2 asthma Phase 3 trial design
GB-0895 SOLAIRIA 1 & 2 | GB-0895 asthma Phase 3 trial design TRIAL DESIGN Parallel Replicate Phase 3 Studies: SOLAIRIA-1 and SOLAIRIA-2 Study at a Glance Dose 1 Dose 2 Primary Endpoint (AAER) Week 0 Week 26 Week 52 § AAER primary endpoint § FEV₁, AQLQ(S)12+, ACQ-6, symptoms N=786 per study GB-0895 §
Slide 35: SOLAIRIA Study Global Network of Clinical Investigators
GB-0895 SOLAIRIA Study – Global Network of Clinical Investigators Representing 400+ sites in 40+ countries — enabling broad patient access and a robust data set Studies have received regulatory approvals in 40 countries as part of a planned 42-country development program. Recruitment is underway acr
Slide 36: COPD is the largest untapped market in immunology
GB-0895 COPD is estimated to be the largest untapped market in immunology and an opportunity to address significant burden of disease and mortality globally COPD Estimated Biologic-Eligible Population (US, EU5, JP)6 Prevalence 3.5M 3.1M 3.0M 3.0M >400 million cases1 2.5M 2.4M 2.4M 2.0M 1.9M >14 mill
Slide 37: COPD represents a key growth driver for respiratory biologics
GB-0895 COPD represents a key growth driver for respiratory biologics U.S. weekly new prescriptions by pulmonologists (NBRx) § Dupixent and Nucala’s pulmonologists’ scripts indicate that they doubled new prescriptions in the quarter after COPD approval § GB-0895 could have opportunity in an even bro
Slide 38: Most COPD patients have no approved, effective biologics today
GB-0895 Most COPD patients have no approved, effective biologics today — GB-0895 has potential to reach a broader patient population than DUPIXENT and NUCALA Estimated COPD Prevalence 100% COPD EOS >300 EOS 150-300 EOS <150 Eosinophils1 28% 44% 28% Chronic Other Phenotype2 Bronchitis 65% 35% Populat
Slide 39: Tezepelumab Phase 2a COPD data suggest broader potential
GB-0895 Tezepelumab Phase 2a COPD data suggested broader potential than currently approved biologics and potential efficacy upside in the >150 EOS populations >300 EOS >150 EOS 150 to <300 EOS <150 EOS 1 2 2 2 2 Tozo 3 1 Tozo 3 1 Tozo 3 Tozo 3 Tezspire Dupixent Dupixent Nucala Nucala (OBERON/ Tezspi
Slide 40: Fully enrolled Phase 1b trial in moderate-to-severe COPD
GB-0895- COPD Fully enrolled Phase 1b trial in moderate-to-severe COPD patients Overview Single-ascending dose (SAD) | N=40 § Multicenter, randomized, Cohort A2 double-blind, placebo-controlled trial for PK/PD characterization Cohort A1 600mg Accrued § Subcutaneous administration 300mg Accrued § Inc
Slide 41: PD changes in COPD show suppression over months
GB-0895 PD changes in COPD show suppression over 6 months across key biomarkers EOS FeNO Mean Change from Baseline Fold Ratio from Baseline Placebo (Pooled, N=9) GB-0895 300mg (N=15) GB-0895 600mg (N=15) Months Months • Similar to the observations in asthma, IL-13 IL-5 as early as 1 month, reduction
Slide 42: Proposed COPD Phase 3 study design
GB-0895- COPD Proposed COPD Phase 3 study design TRIAL DESIGN Parallel Replicate Phase 3 Studies Study at a Glance Dose 1 Dose 2 Dose 3 Dose 4 Follow-Up § Annualized rate of moderate or severe COPD exacerbations Week 0 Week 26 Week 52 Week 78 Week 104 § Adults with moderate-to-severe COPD on backgro
Slide 43: Differentiated next-generation oncology applications in development
Differentiated next- generation oncology applications in development Shown here, GB-43622026 | 43MMAE capturing
Slide 44: GB-4362: ADC payload neutralizer to minimize MMAE toxicity
GB-4362 | An ADC payload neutralizer designed to minimize toxicity of MMAE- based ADCs and improve patient outcomes MMAE-based ADCs have transformed cancer care, with PADCEV projected to reach 1 ~$7B in G7 sales. However, premature MMAE release drives toxicities that can worsen outcomes 2 GB-4362 ca
Slide 45: Supportive care approach to peripheral neuropathy in 1L mUC
GB-4362 Differentiated supportive care approach to address peripheral neuropathy in 1L mUC patients treated with PADCEV + KEYTRUDA Peripheral Neuropathy (PN) present across all 1L mUC and MIBC patient subsets treated with PADCEV + KEYTRUDA1 1L mUC MIBC Cis-eligible / ineligible Cis-eligible / inelig
Slide 46: A sizeable opportunity in 1L mUC with expansion potential
GB-4362 A sizeable opportunity in 1L mUC with expansion potential to other indications A sizable opportunity in 1L mUC & MIBC PN impacts other MMAE ADCs across cancers3 1L mUC MIBC PN Rates (all GRs) TIVDAK® G7 Drug Treated Cervical Cancer 39% ~ 100K ~ 40K Patients1 PADCEV POLIVY® G7 Treated ~ 45k D
Slide 47: Potential to unlock opportunities by addressing key toxicities
GB-4362 Potential to unlock significant opportunities by addressing key toxicities GB-4362 could unlock significant expansion in GB-4362 could increase dosing intensity/cycles by community by addressing key toxicities mitigating toxicities § EV + P carries a high, complex toxicity burden requiring §
Slide 48: Preclinical data demonstrated reduction of MMAE and toxicity
GB-4362 Preclinical data demonstrated reduction of MMAE & associated toxicity In vitro, GB-4362 blocked MMAE, and not ADC In mouse, GB-4362 did not impact EV’s efficacy at clinically cytotoxicity relevant MMAE reduction levels GB-4362 + MMAE Isotype (Negative control) MMAE reduction ≥ ~85% (Positive
Slide 49: Upcoming studies to characterize GB-4362
GB-4362 Upcoming studies to characterize GB-4362 in the context of treating MMAE-related toxicities Phase 1 Dose Escalation Dose Expansion Cohort 3 Cohort 4 Cohort 2 Dose Level 3 Dose Level X Cohort 1 Dose Level 2 Dose Level 1 § Enroll 1L metastatic or advanced urothelial carcinoma patients treated
Slide 50: GB-5267: IL-18 armored MUC16 CAR T for advanced ovarian cancer
GB-5267 | IL-18 armored MUC16 CAR T in development for advanced ovarian cancer CAR T therapies have transformed treatment of hematologic malignancies but 1 success in solid tumors limited by the complexity of the tumor microenvironment GB-5267 designed to overcome these barriers: engineered, IL-18 a
Slide 51: Opportunity in advanced ovarian cancer supported by preclinical data
GB-5267 Opportunity in advanced ovarian cancer and further development supported by preclinical data Ovarian Ovarian Cancer (Stage III&IV) In vivo efficacy demonstrated in orthotopic Cancer1 ~ 66%2 tumor model (OVCAR3 [MUC16+]) Platinum- MUC16 Incidence 5-yr Survival 3 Resistant ORR Expression4 (Cur
Slide 52: Phase 1 dose-escalation study in platinum-resistant ovarian cancer
GB-5267 Phase 1, open-label, dose-escalation study evaluating the safety and tolerability in platinum-resistant ovarian cancer Phase 1 Dose Escalation Dose Expansion Cohort X Cohort 3 Dose Level X Early PoC cohort MTD determined during dose escalation Cohort 2 Dose Level 3 Cohort 1 Dose Level 2 Dose
Slide 53: Accelerating and Expanding our impact through BD
Accelerating and Expanding our impact through BD § Announced Oct 2026 § Announced Sept 2024 § Announced Jan 2022 § $30m in total upfront payment § $65m in total upfront payment, § Expanded toward a 6th program for initial 2 programs with option to inclusive of a $15m equity in Jan 2024 (initial 5 ta
Slide 54: Key Company Highlights
Advancing Clinical Development § 5 computationally engineered clinical stage molecules § Phase 3 initiated anti-TSLP mAb (6-monthly dosed single SubQ injection) Robust and Attractive Pipeline § Catalyst-rich pipeline over the next 12-18 months Technology Leadership — Computational and Bio-hardware §
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