Oyster Point Pharma, Inc. · 8 ©2018 Oyster Point Pharma, Inc.: Confidential & Proprietary 4.0 6.5 4.4 0.0 3.2 12.9 11.6 9.8 0.0 10.0 17.2 14.8 12.9 0.0 11.8 20.6 12.6 12.6 0.0 11.4

Oyster Point Pharma, Inc.Jeffrey Nau, PhD, MMS

President and CEO

2 ©2018 Oyster Point Pharma, Inc.: Confidential & Proprietary

About Oyster Point Pharma

Oyster Point is leveraging neuroscience to develop innovative therapeutics to address the unifying characteristic of Dry Eye Disease (DED): Loss of Tear Film Homeostasis

First ocular surface sparing pharmaceutical approach for treating DED utilizing a nasal spray to stimulate the

Trigeminal Parasympathetic Pathway

3 ©2018 Oyster Point Pharma, Inc.: Confiden=al & Proprietary

● The parasympathetic nervous system (PNS) controls tear film homeostasisw34% of basal tear production is due to inhaled air

through the nasal passage1

● Efferent parasympathetic nerves innervate the lacrimal functional unit (LFU) including:wCornea, conjunctiva, accessory lacrimal glands,

meibomian glands, and goblet cells2,3,4

The Trigeminal Parasympathetic Pathway Represents a Novel Approach to Producing Complete Tear Film in Patients with Dry Eye Disease

1Gupta A, Heigle T, Pflugfelder SC. Nasolacrimal stimulation of aqueous tear production. Cornea. 1997 Nov;16(6):645–8. 2van der Werf, F. R. A. N. S., Baljet, B., Prins, M. A. A. R. T. E. N., & Otto, J. A. (1996). Innervation of the lacrimal gland in the cynomolgous monkey: a retrograde tracing study. Journal of anatomy, 188(Pt 3), 591.3LeDoux, M. S., Zhou, Q., Murphy, R. B., Greene, M. L., & Ryan, P. (2001). Parasympathetic innervation of the meibomian glands in rats. Investigative ophthalmology & visual science, 42(11), 2434-2441.4Dartt, D. A., Mccarthy, D. M., Mercer, H. J., Kessler, T. L., Chung, E. H., & Zieske, J. D. (1995). Localization of nerves adjacent to goblet cells in rat conjunctiva. Current eye research, 14(11), 993-1000.


Trigeminal Nerve Receptor Screening Identified Two Drug CandidatesWhich Have Been Further Developed for Optimal Delivery

OC-01

OC-02

Ideal Molecules Optimized Delivery Device Targeted AdministrationNicoFnic Acetylcholine Receptor

(nAChR) Agonists

• 50 µL• Preservative Free


nAChR Agonist Activates the Trigeminal Parasympathetic Pathway to Promote Tear Film Production


Immediate Tear Film Production with Both Candidates

OC-02OC-01


Mul$center, Randomized, Controlled, Double-masked Clinical Trial to Evaluate the Efficacy of

OC-01 Nasal Spray on Signs and Symptoms of Dry Eye Disease

OC-01 Phase 2b ONSET - Study Design

Diagnosed

Dry Eye Disease

Schirmer’s Score ≤10 mmOSDI ≥23

N=182 Subjects

Placebo

(Vehicle Control)

0.02%

OC-01

Nasal Spray

0.1%

OC-01

Nasal Spray

0.2%

OC-01

Nasal Spray

N=43

● Sign Endpoint: Schirmer’s Score at Week 4

● Symptom

Endpoint: Visual analog eye dryness score (EDS) at Week 3&4

N=47

N=48

N=44

Randomized

1:1:1:1

50 µL


4.0

6.5

4.4

0.0

3.2

12.911.6

9.8

0.0

10.0

17.2

14.8

12.9

0.0

11.8

20.6

12.6 12.6

0.0

11.4

0

5

10

15

20

25

Day 1 Week 1 Week 2 Week 3 Week 4n=43

OC-01 ONSET - Statistically Significant Improvement in Signs of DED

Mean Change in Schirmer’s Score

Placebo

0.02%

0.1%

0.2%

* Controlled Adverse Environment (CAE)• ITT-observed population

CAE* Chamber

Mea

n Ch

ange

in S

chir

mer

’s S

core

(mm

)

P<0.001 all dosesP<0.001 all doses

P<0.001 all doses

P<0.001 all doses

n=40n=46n=47n=43n=44n=46n=48n=47 n=44 n=40n=46 n=47n=43n=43 n=40


-6.3

-8.7 -8.5-9.8 -9.9 -9.6

-16.3

-14.4-15.5

-10.6

-13.7 -13.3

-20

-15

-10

-5

05 min 10 min 15 min

N=42N=44 N=44N=45 N=45 N=44N=38 N=38

Eye Dryness Score (EDS) in 5-Minute Increments Post DoseWeek 3 in Controlled Adverse Environment (CAE)

Placebo

0.02%0.1%

0.2%

N=42 N=42 N=45N=38

P=0.006

P<0.001

P<0.05 P<0.05

OC-01 ONSET - Statistically Significant Improvement in Symptoms of DEDM

ean

Chan

ge in

EDS

Sco

re (m

m)

• ITT-observed population


-7.8

-13.7

-19.5

-8.3

-20

-18

-16

-14

-12

-10

-8

-6

-4

-2

0

OC-01 ONSET - Statistically Significant Improvement in Symptoms of DED

p <0.05

Mean Change from Baseline in Eye Dryness Score (EDS) - Week 4

n= 43 n= 47 n= 46 n= 40

Placebo

0.02%0.1%

0.2%Mea

n Ch

ange

in E

DS S

core

(mm

)

p =0.13

• ITT-observed populaSon


OC-01 ONSET - Safety and Tolerability Profile

Preferred TermOC-01 (0.02%)

(N=47)OC-01 (0.1%)

(N=48)OC-01 (0.2%)

(N=44)Placebo(N=43)

Sneeze after any instillation 29 (62) 38 (79) 37 (84) 0Cough after any instillation 4 (9) 6 (13) 11 (25) 0Throat irritation after any instillation 0 7 (15) 9 (20) 0Instillation site irritation after any instillation 3 (6) 8 (17) 8 (18) 0

Pharynx dysaesthesia after any instillation 5 (11) 4 (8) 3 (7) 0

Adverse Events Potentially Related to OC-01 AdministrationEvents in >5% of subjects

• All events transient and self-limiting immediately following administration• All events mild in severity


Multicenter, Randomized, Controlled, Double-masked Clinical Trial to Evaluate the Efficacy of OC-02 Nasal Spray on Signs and Symptoms of Dry Eye Disease

OC-02 Phase 2b PEARL - Study Design

Diagnosed Dry Eye Disease


N=165 Subjects

Placebo (Vehicle Control)

0.2% OC-02

Nasal Spray

1.0% OC-02

Nasal Spray

2.0% OC-02

Nasal Spray

N=42 ● Sign Endpoint: Schirmer’s Score

● Symptom Endpoint: Visual analog eye dryness score (EDS) exacerbated using controlled adverse environment (CAE) chamber

N=41

N=41

N=41

Randomized 1:1:1:1

100 µL


OC-02 PEARL - Statistically Significant Improvement in Signs of DED

2.6

8.6

17.1

19.3

0

5

10

15

20

25

Placebo 0.20% 1.00% 2.00%

p<0.0001

n=42 n=41 n=41 n=41

p<0.0001

P=0.0018

Mean Change in Schirmer’s Score (N=165)M

ea

n C

ha

ng

e i

n S

ch

irm

er’s

Sco

re (

mm

)

• ITT-observed population


-6.8

-10.2

-16.5

-19-20-18-16-14-12-10

-8-6-4-20

Placebo 0.20% 1.00% 2.00%

OC-02 PEARL - Statistically Significant Improvement in Symptoms of DED

n=41 n=37 n=41 n=38

Mean Change in Eye Dryness Score (EDS) (N=165)

P=0.0006P=0.0067

P=0.4640

Mea

n Ch

ange

in E

DS S

core

(mm

)

• ITT-observed populaSon


Multicenter, Randomized, Controlled, Double-masked Clinical Trial to Evaluate the Efficacy of

OC-02 Nasal Spray on Signs and Symptoms of Dry Eye Disease

OC-02 Phase 2b RAINIER - Study Design

Diagnosed

Dry Eye Disease


N=53 Subjects

Placebo

(Vehicle Control)

2.0%

OC-02

Nasal Spray

N=19

Sign Endpoint: Schirmer’s Score at Week 4

N=34

Randomized 2:1

50 µL


4.73.9

2.9

5.9

15.7

9.510.4 10.3

0

5

10

15

20

Day 1 Week 1 Week 2 Week 3 Week 4

OC-O2 RAINIER - Significant Improvement in Signs of DED

Mean Change in Schirmer’s Score

Placebo

OC-02 2.0%

n=34n=19 n=34n=19 n=34n=19 n=34n=18

p=0.08P=0.001P=<0.05

p<0.001

CAE* Chamber

Me

an

Ch

an

ge in

Sch

irm

er’

s Sc

ore

(m

m)

* Controlled Adverse Environment (CAE)• ITT-observed population


-4.3

-9.6-10

-8

-6

-4

-2

0

OC-O2 RAINIER - Improvement in Symptoms of DED

Eye Dryness Score (EDS) - Week 3 Change from Baseline

Mea

n Ch

ange

in E

DS S

core

(mm

)

• Study not powered to assess symptoms• ITT-observed population

n=18 n=34

Placebo

OC-02 2.0%


• Study not powered to assess symptoms• ITT-observed populaFon

OC-O2 RAINIER - Improvement in Symptoms of DED in CAE®

-5.4

-7.7

-5.9

-8.7

-11.4 -11.4-12

-10

-8

-6

-4

-2

05 minute 10 minute 15 minute

Eye Dryness Score (EDS) in 5-Minute Increments Post DoseWeek 3 in Controlled Adverse Environment (CAE®)

Mea

n Ch

ange

in E

DS S

core

(mm

)

n=33n=18 n=31n=18 n=30 n=18

Placebo

OC-02 2.0%


OC-02 RAINIER - Safety and Tolerability Profile

Preferred TermOC-02 (2.0%)

(N=34)Placebo(N=19)

Sneeze after any instillation 22 (65%) 2 (11%)Cough after any instillation 10 (29%) 1 (5%)Throat irritation after any instillation 7 (21%) 0Instillation site irritation after any instillation 4 (12%) 0

Pharynx dysaesthesia after any instillation 3 (9%) 0Administration site dysaesthesia after any instillation 3 (9%) 0

Adverse Events Potentially Related to OC-02 AdministrationEvents in >5% of subjects

• All events transient and self-limiting immediately following administration• All events mild in severity


Oyster Point is Developing a Disruptive Approach to DED Treatment to Address Significant Unmet Need

● Trigeminal-parasympathe?c pathway- Nico@nic agonists represent a novel mechanism of ac@on to treat DED

● Demonstrated success in mul@ple clinical trials with improvement in pre-specified signs and symptoms of DED in the same clinical trial

● High confidence in clinical/regulatory success

● Unique nasal delivery in an ocular surface sparing nasal spray with no ocular side effects to date

● Phase 3 development to begin in 2019 aMer discussion with regulatory authori@es

A Pharmaceutical Approach to Promote Tear Film Production Addresses the Fundamental Disease Process

Documents

Oyster Point Pharma, Inc. · 8 ©2018 Oyster Point Pharma, Inc.: Confidential & Proprietary 4.0 6.5 4.4 0.0 3.2 12.9 11.6 9.8 0.0 10.0 17.2 14.8 12.9 0.0 11.8 20.6 12.6 12.6 0.0 11.4