7 2 Geographic atrophy is a valuable market with a high unmet need • Geographic atrophy (GA) is the advanced form of dry age-related macular degeneration, affecting ~1M people in the U.S. • GA is characterized by progressive retinal atrophy that can extend to the macula and fovea, leading to irreversible vision loss • GA is driven by multiple inflammatory pathways, and current single target therapies have limitations ‒ The C3 complement inhibitor (Syfovre) and C5 complement inhibitor (Izervay) have been validated for GA. Despite their commercial success, monotherapies: ‒ Provide modest clinical benefit ‒ Require frequent intravitreal injections ‒ Have been associated with an increased risk of conversion to choroidal neovascularization 275.2 611.9 587 0 200 400 600 800 2023 2024 2025 SYFOVRE Net Sales (in Millions) 82 388 517 0 200 400 600 800 FY2023 FY2024 FY2025 IZERVAY Net Sales (in Millions) Astellas and Apellis (acquired by Biogen) company reports and SEC filings. ~$1B in net sales for GA monotherapies in 2025