Grayscale Investments (GRAY) investor relations material

Company overview and business model

• Clinical-stage biopharmaceutical company developing CRAC channel inhibition therapies for inflammatory, immunologic, and cardiopulmonary diseases.

• Lead pipeline assets include Auxora (IV, zegocractin) and CM5480 (oral), targeting acute pancreatitis and pulmonary hypertension.

• Auxora has completed multiple Phase 2 trials; pivotal program feedback from FDA expected Q3 2026.

• CM5480 IND submission planned for mid-2027, with proof-of-concept data in pulmonary arterial hypertension expected mid-2027.

• Company incorporated in Delaware, completed a merger in March 2023, and is headquartered in La Jolla, CA.

Financial performance and metrics

• Audited financial statements for 2024 and 2025 included, with a going concern uncertainty noted by auditors.

• Qualifies as a smaller reporting company, utilizing scaled disclosure requirements.

Use of proceeds and capital allocation

• Will not receive proceeds from resale of shares by selling stockholders.

• Will receive proceeds only from cash exercises of warrants: $0.0001 per Pre-Funded Warrant, $0.8033 per Series A Warrant, $1.00 per Series B Warrant.

• Proceeds from warrant exercises will be used for general corporate purposes.