Corporate Overview - Jefferies Pharmaceuticals Inc.pdf2 Safe Harbor Statement These slides and accompanying oral presentation contain forward-looking statements. All statements, other

Corporate Overview

June 2017

22

Safe Harbor StatementThese slides and accompanying oral presentation contain forward-looking statements. All statements, other than statements of

historical fact, included in these slides and accompanying oral presentation are forward-looking statements. Forward-looking

statements include, but are not limited to, statements about: the initiation, timing, progress and results of our preclinical studies and

clinical trials, and our research and development programs; our ability to advance product candidates into, and successfully complete,

clinical trials; the tolerability of our product candidates at efficacious doses; our collaborators’ exercise of their license options; the

commercialization of our product candidates; the implementation of our business model, strategic plans for our business, product

candidates and technology; the scope of protection we are able to establish and maintain for intellectual property rights covering our

product candidates and technology; estimates of our expenses, future revenues, capital requirements and our needs for additional

financing; the timing or likelihood of regulatory filings and approvals; our ability to maintain and establish collaborations; our financial

performance; and developments relating to our competitors and our industry.

These statements relate to future events or to our future financial performance and involve known and unknown risks, uncertainties

and other factors that may cause our actual results, performance or achievements to be materially different from any future results,

performance or achievements expressed or implied by these forward-looking statements. Such risks and uncertainties include, among

others, the uncertainties inherent in the preclinical and clinical development process; the risks and uncertainties of the regulatory

approval process; our dependence on our collaboration partners, including Celgene, for the funding of our partnered programs; our

ability to raise additional capital to support the development of our unpartnered programs; our dependence on the development and

marketing efforts of our partners for the commercial success of our partnered product candidates; our reliance on third parties to

conduct certain preclinical studies and all of our clinical trials; our reliance on single source third-party contract manufacturing

organizations to manufacture and supply our product candidates; our ability to validate, develop and obtain regulatory approval for

companion diagnostics; our ability to achieve market acceptance and commercial success of our product candidates once regulatory

approval is achieved; our ability to discover, develop and commercialize additional product candidates; the ability of competitors to

discover, develop or commercialize competing products more quickly or more successfully; our dependence on our Chairman and

Chief Executive Officer and other key executives; risk of third party claims alleging infringement of patents and proprietary rights or

seeking to invalidate our patents or proprietary rights; and the ability of our proprietary rights to protect our technologies and product

candidates. Other factors that may cause actual results to differ materially from current expectations include, among other things,

those listed under “Risk Factors” or otherwise described in our Annual Report on Form 10-K filed with the U.S. Securities and

Exchange Commission (SEC) on March 9, 2017, our Quarterly Report on Form 10-Q filed with the SEC on May 8, 2017, and our other

current and periodic reports filed from time to time with the SEC.

Any forward-looking statement you see or hear during this presentation reflects our current views with respect to future events and is

subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, industry and future

growth. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Except as required by

law, we assume no obligation to update or revise these forward-looking statements for any reason, even if new information becomes

available in the future.

33

OncoMed Pharmaceuticals

• Fundamental cancer

biology focused on I/O

• Human Tumor Bank,

and Humanized Mice

model platforms for I/O

• Antibody expertise:

MabTrap display,

bispecifc and trimer

ligand technologies

• Navicixizumab (anti-

DLL4/VEGF) &

Rosmantuzumab (anti-

RSPO3) on-going Phase

1b

• Anti-TIGIT on-going

Phase 1a

• GITRL-Fc Phase 1a

Initiation by 2H17

• Active I/O discovery:

future INDs

• $156M cash position funds

company through 3Q 2019

• Celgene Partnership: ~$98M

in potential opt-in payments

within next 2 years

• Co-Dev. / Co-Com. of

DLL4/VEGF and RSPO3

programs

• TIGIT Ph1b to be

conducted by Celgene

• Potential Wnt-I/O partnerships

Innovative

Platform

Diverse

Pipeline

Financial

Strength &

Value

Creation

44

Systematic Approach to Target Key Biological Pathways

NotchWnt, RSPOImmuno-oncology TIGIT, GITR others

Conduct comprehensive in vivo screening

Identify biomarkers

Elucidate key pathway interactions

1 2 3

Sources: Takebe, et al; Nature Reviews Clinical Oncology 04.07.15 | Melo, et al; Cancers 06.27.16 | Smyth, et al; Nature Reviews Clinical Oncology 01.24.15

55

Therapeutic Preclinical Phase 1 Phase 2

vantictumab

ipafricept

Therapeutic Preclinical Phase 1 Phase 2

navicixizumab

(bispecific)

rosmantuzumab

(Anti-RSPO3)

Anti-TIGIT

GITRL-Fc trimer

I/O Research

Pipeline

Potential future development in I/O combinations

66

Celgene Partnership Provides Funding and Value

• Strong, collaborative relationship• Celgene is a significant shareholder (~8%)

*Worldwide license (no co-co rights)

ProgramOpt-in

payment

Remaining

potential

milestones

Opt-in

StageCommercial rights

Navicixizum ab $25M $505M

Rosm antuzum ab $38M $440M

anti-T IGIT $35M $440M• Celgene WW license

• Celgene started work on Ph1b "at risk"

• Pr epa r in g for “ sea m less” tr a n sit ion

Phase 1

• WW co-development

• 1 /3 OMED – 2 /3 CELG cost split

• US co-commercialization

• 5 0-5 0 pr ofit split

• Ex-U.S. roy alties

77

Key Economics By Program

Partner ProgramOpt-in

payment

Remaining

potential

milestones

Commercial rights

GIT RL-Fc trim er

Vantictum ab OncoMed owned

Ipafricept

Navicixizum ab $25M $505M• 50/50 US

• Mid-single to mid-teens roy alties ex-

US

Rosm antuzum ab $38M $440M• 50/50 US

• Mid-single to mid-teens roy alties ex-

US

anti-T IGIT $35M $440M• High single-digit to high teens

roy alties WW

Sm all Molecules n/a $100M+ each • Single-digit roy alties WW

88

Navicixizumab (anti-DLL4/VEGF)Bispecific mAb Advancing in Phase 1b

Mechanism

• Dual anti-angiogenic effect; anti-CSC, I/O activity

• Simultaneous DLL4 and VEGF blockade synergistically inhibits tumor growth, delays tumor recurrence, and reduces cancer stem cell frequency

Program Status

• Phase 1b chemo combination trials in ovarian & colorectal cancers ongoing

• Interim Phase 1a data (N=51) demonstrated single-agent activity, with continuous dosing generally well tolerated

99

Navicixizumab (anti-DLL4/VEGF)Initial Evidence of Clinical Activity

Doses are mg/kg

outlined bar = prior bevacizumab

Duration on Study

Single-agent activity in heavily pre-treated patients

% Change in RECIST Target Lesion Size

EORTC-NCI-ACCR Symposium 2016

0 50 100 150 200 250 300 350

80

60

40

20

-20

0

-40

% C

ha

ng

e in

Tu

mo

r V

olu

me

Phase 1a Data: Ovarian Cancer Patients

(interim results as of October 2016)

0.5

2.5

3.5

7.5

10

12.5

1010

Rosmantuzumab (Anti-RSPO3)Biomarker Driven Hypothesis

• R-spondin (RSPO) ligands signal through the LGR receptor family

• RSPO is a key potentiator of beta catenin

Mechanism

• Biomarker-selected ( RSPO 3 fusion) Phase 1a expansion cohort and Phase 1b FOLFIRI combination trial in colorectal cancer or gastric cancer currently enrolling

• Safety established in Phase 1a, well tolerated, no MTD reached

Program Status

RSPO3+

Study Design

1111

Rosmantuzumab (Anti-RSPO3)Early Clinical Data

Time on Study

1212

Anti-TIGITFirst Immuno-Oncology IND

Mechanism

• TIGIT blocks T-cells from attacking

tumor cells

• Similar to PD1 in both structure and

function

Program Status

• Preclinical single-agent & combination

anti-tumor activity observed

• Phase 1a FPI May 2017

• Partnered with Celgene – Celgene

planning to conduct “basket” trial

including potential combo with Anti-

PD1

RENCA (RCC) Tumor Model

Anti-TIGITControl

Anti-TIGIT Preclinical ActivityAnti-TIGIT Preclinical Activity

1313

Anti-TIGITOMP-313M32 Phase 1a Dose Escalation

* 1st patient to receive 0.03, 0.1, then 0.3. After 5 days, 2nd patient dosed at 0.3.

1414

GITRL-Fc TrimerDifferentiated Approach to TNFR Superfamily

Approach

• Problem: Agonist mAbs are poorly

suited for trimeric TNF receptors

• OMED Solution: Fully human

single-gene ligand trimer-Fc

• Also amenable to bispecific formats

Program Status

• FPI 2H17

• OMED WW rights

GITRL-Fc Trimer Impact on Tumor Volume

1515

OncoMed’s I/O Research Strategy

Therapeutic Opportunities

ApproachImmune Activation (e.g., GITR)

• Leverage proprietary mAb/protein expertise

• Focus on the most important challenges in I/O space

• Validate with rigorous animal models

• Advance programs rapidly to development

Novel Checkpoint

Agents(e.g., TIGIT)

MDSC & Myeloid Suppression

Getting Leukocytes

into Tumors

1616

Financial Strength

Current Position

• $156.9M at end of 1Q17

• Cash through 3Q19 before any potential milestones/opt-ins

• ~37m Shares Outstanding

Long-Term Outlook

• ~$98 million potential Celgene partner milestones/opt-ins in next 2 years

• ~$1.5B+ in potential milestones from current partnerships

• Substantial downstream royalties and profit-sharing

• Exploring additional strategic partnerships to drive value

1717

Upcoming Milestones

Pipeline

1H17

Phase 1 Initiation - anti-TIGIT

2H17

• Phase 1 Initiation - GITRL-Fc Trimer

FY18

Opt-in Decisions – end of Phase 1b - navicixizumab and

rosmantuzumab (Celgene)

IND Filing – Additional I/O candidate

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