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Investor DayNovember 12, 2015

Provided November 12, 2015 as part of an oral presentation. Speaker and/or Aratana disclaims any duty to update. 1

Special Note Regarding Forward-Looking StatementsThis presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this presentation that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements with respect to our ability to bring several innovative products to market in 2016; expectations regarding the timing of communications with regulatory authorities, submissions to regulatory authorities and the licensure and approval of products; expectations regarding development programs and the successful development of our product candidates; clinical trials and studies, including without limitation the announcement of results of such trials and studies; expectations regarding the timing of commercialization and manufacturing of products; the sufficiency of financial resources; expected future cash balance and liquidity; licensing initiatives and collaborations; the Company’s plans and opportunities, including without limitation offering a unique portfolio of innovative therapeutics; and the Company’s belief that its products and product candidates will result in improved outcomes for pets. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important 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 the forward-looking statements, including, but not limited to, the following: our limited operating history and expectations of losses for the foreseeable future; our lack of commercial sales; our failure to obtain any necessary additional financing; market conditions and our ability to raise capital under the shelf registration statement from the sale of our securities; our substantial dependence on the success of certain of our lead product candidates; our dependence on novel technologies and compliance with complex regulatory requirements; our inability to obtain regulatory approval for our existing or future product candidates; the lack of commercial success of our current or future product candidates; our inability to realize all of the anticipated benefits of our acquisitions of Vet Therapeutics and Okapi Sciences; uncertainties regarding the outcomes of studies regarding our products; the uncertainty of outcomes of the development of pet therapeutics, which is a lengthy and expensive process; effects of competition; our inability to identify, license, develop and commercialize additional product candidates; our failure to attract and keep senior management and key scientific personnel; our reliance on third-party manufacturers, suppliers, partners and other third parties which conduct our target animal studies and certain other development efforts; unanticipated difficulties or challenges in the relatively new field of biologics development and manufacturing; our ability to market our products only for the treatment of indications for which they are approved; our small commercial organization; difficulties managing the growth of our organization; our significant costs of operating as a public company; risks related to the restatement of our financial statements for the year ended December 31, 2013 and the identification of a material weakness in our internal control over financial reporting; risk relating to the impairment of intangible assets AT-004, AT-005, AT-007 and AT-011; changes in distribution channels for pet therapeutics; consolidation of our customers; limitations on our ability to use our net operating carryforwards; impact of generic products; unanticipated safety or efficacy concerns; our limited patents and patent rights; our failure to comply with our intellectual property license obligations; our infringement of third party patents and challenges to our patents or rights; litigation resulting from the misuse of our confidential information; the uncertainty of the regulatory approval process; our failure to comply with regulatory requirements or obtain foreign regulatory approvals; our failure to report adverse medical events related to our products; legislative or regulatory changes; the volatility of our stock price; our status as an “emerging growth company,” as defined in the JOBS Act; the potential for dilution if we sell shares of our common stock in future financings; the significant control over our business by our principal stockholders and management; the potential that a significant portion of our total outstanding shares could be sold into the market in the near future; effects of anti-takeover provisions in our charter documents and under Delaware law; and our intention not to pay dividends. These and other important factors discussed under the caption "Risk Factors" in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission, or SEC, on March 16, 2015, along with our other reports filed with the SEC, could cause actual results to differ materially from those indicated by the forward-looking statements made in this presentation. Any such forward-looking statements represent management's estimates as of the date of this presentation. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this presentation.

Safe Harbor Statement

GRAPIPRANT TABLETS, BUPIVACAINE LIPOSOME INJECTABLE SUSPENSION and CAPROMORELIN ORAL SOLUTION have not been approved by the FDA’s CVM for use in animals, so claims that they are effective or safe in dogs and cats cannot be made.

None of the Aratana Therapeutic candidates referenced in this presentation have FDA CVM approval.

Disclaimer

Today’s Speakers

Steven St. Peter, M.D.President & Chief Executive Officer

Julia StephanusChief Commercial Officer

Craig Tooman, MBAChief Financial Officer

Ernst Heinen, DVM, PhDChief Development Officer

Today’s Agenda Company Overview Commercial Strategy

– Our Customer – Our Market– Our Brands– Our Pet Therapeutics

Company Financials– P&L Considerations– Balance Sheet

Partnership Opportunities Closing Remarks Q&A

Company OverviewThe Central Idea

2015($Billions)

Our MarketPet Owner Spend in the US

65%Households

with Pets

78M86M

Source: APPA Nov 2015

Provided November 12, 2015 as part of an oral presentation. Speaker and/or Aratana disclaims any duty to update.7

What Problem Needs Solving? Innovation Gap

* NCE defined as new chemical entity not previously approved in humans or animals (excluding parasite drugs)

2011 2012 2013 2014

NADAs for dogs/cats Pet Therapeutic NCEs*

What are the Precedents?

For control of pruritus associated with allergic dermatitis in dogs Early success creating market Launched in 2014 Product remains “on allocation”

(supply-constrained) Peak sales estimated > $300M Twice per day dosing then once

For the relief of pain and inflammation associated with

osteoarthritis in dogs Partially addresses unmet need Launched 1996 Continues to grow despite

generics and other Coxibs Created a $300M market in US Use limited by perceived

tolerability issues Veterinarians ready for

something different

The Roadmap

Defining and selling our model

Proving our model

Achieving financial viability

Leveraging the brand

Demonstrate high revenue growth Achieve specialty pharma-like margins Operate in a highly capital-efficient manner Maintain a competitive advantage

Success in the clinic Regulatory approvals Expand the portfolio Shape the commercial opportunity Product level & ecosystem-wide partnerships

The Specialty Pharma Model

Multiple Species Steps Direct to Species

~$1.3B ~$10M

~10 Years ~5 Years

Majority Third Party Payers Majority Private Payers

Generic & Biosimilar Pressures Veterinarian Brand Loyalty

Multiple Transactions Direct Access

PetsHumans

Regulatory EnvironmentFDA Center for Veterinary Medicine

Proof of ConceptINADChemistry, Mfg. & Controls (CMC)SafetyEffectivenessLabeling, FOI Summary, OtherAdministrative NADA

Year 5Year 1 Year 2 Year 3 Year 4

USDA - Center for Veterinary Biologics

Proof of ConceptManufacturingFile for Product LicensePreclinicalField Safety and EfficacyConditional Product License*Extended Field Safety and Efficacy StudyFull Product License* Conditional licenses granted under special circumstances

Year 5Year 1 Year 2 Year 3 Year 4

Pilot ---> Pivotal

Field Safety & Efficacy

Conditional and/or Full Licensure

Extended Field Efficacy and Post Market Studies

FDA CVM Therapeutics

USDA CVB Therapeutics

Pilot Studies Pivotal Studies Phased Submission Commercial

*Other therapeutics are at various early-stages of development, however Aratana may explore opportunities to partner on products at various stages of development.

Submit NADA early-2016; anticipated launch fall 2016

Submit NADA late-2016; anticipated launch 2016

Pain, Allergy, Antivirals, Periodontal and Other Therapeutics*

AT-016Allogeneic Stem Cell OA

AT-018Atopic Dermatitis

AT-014Canine Osteosarcoma Vaccine

AT-005T-cell Lymphoma

Other Therapeutics*

Commercial

Provided November 12, 2015 as part of an oral presentation. Speaker and/or Aratana disclaims any duty to update.

Canine Lymphoma Monoclonal Antibody B-cell

Regulatory Progress

CMC Technical Section Complete Letter

Safety Technical Section Complete Letter

Effectiveness Technical Section Complete Letter

Product Labeling

Administrative NADA

Commercial

Pilot Study

Pivotal Study

Commercial Strategy

Veterinarians

Our Customer

Our CustomerDemographics

66,000 companion animal veterinarians

23,000 companion animal hospitals

850 specialty practices

22 boarded specialties and many sub-specialties

30 veterinary schools

80% new graduates are women and now represent the majority in practice

1,800 corporate practices

11,000 specialists

Our CustomerPractice Types

Corporate Practices In-pet store

‒ e.g. Banfield Stand-alone

‒ e.g. VCA

Corporate Practices VCA Blue Pearl Etc.

Primary Care General Practice Mobile Emergency Care Vaccine Shelter Feline Only

Specialty FocusWellness Focus55,000 primary care

Specialty Practices Multi

- AMC- Red Bank- Angell- Etc.

Single

Annual Exams17%

Diagnostics17%

Surgery17%Non-Invasive

Procedures 9%

Pet Food 4%

Heartworm 6%

Flea-Tick 6%

Vaccines15%

Our CustomerPractice revenue mix

Other Pharma 9%

A Motivated Customer

“I need more ways to help. There are a great number of suffering pets and I’m interested in novel therapies.”

69%66%

38%41%

26%23%

15%16%

25% 24%

24%23%

42% 41%

43%41%

Stands byProducts

ImprovesStandard of Care

VeterinarianExclusivity

"GameChanging"Products

FDAApproved Rx

KnowledgeableSales Force

ContinuingEducationPrograms

Importance Company A Ratings Company B Ratings Company C Ratings

Customer Expectations

Source: Trone Brand Energy Veterinary Pharma Needs SurveyOctober 2015, n=267

Insurance

Our Payers

Provider Patient

Human Health Model

Pet Owner InsuranceVet

Pet Therapeutics Model

Private Practices

Our Sales Channel

Pet Owners

Pick-Up/Pharmacy/Home Delivery

Direct Sales Corporate Sales Distributors GPOsSales Team Corporate

Specialty NationalRegional

Disruptive Technologies

OnlineSpecialty

eCommerce

Top Commercial Geographies

Veterinarians

Our Brand and AudiencesAratana is leading and defining pet therapeutics, delivering new beginnings to raise the standard of care for pets, the

families who love them and veterinarians who care for them.

Awareness Activities

Corporate Advertisements

Corporate Advertisements Conference Attendance

Corporate Advertisements Conference Attendance Veterinarian Microsite

Company Awareness2014 2015

0% 20% 40% 60% 80% 100% 120%

Virbac

Vetoquinol

Pfizer/Zoetis

Nexvet

Merial

Kindred Biosciences

Karyopharm Therapeutics

Jaguar

Elanco/Novartis

BI Vetmedica

Aratana Therapeutics

AB Science

0% 20% 40% 60% 80% 100% 120%

Virbac

Vetoquinol

Pfizer/Zoetis

Nexvet

Merial

Kindred Biosciences

Karyopharm Therapeutics

Jaguar

Elanco/Novartis

BI Vetmedica

Aratana Therapeutics

AB Science

Aratana as Endorser Brand

Commercial Readiness

Sales Marketing Vet Services

Commercial Team

Systems and Processes

Therapeutics Portfolio

FDA CVM Therapeutics Pilot Studies Pivotal Studies Phased Submission Commercial

Submit NADA late-2016; anticipated

launch 2016

Late-Stage Therapeutics

Market OpportunityOsteoarthritis (OA) Dogs in the U.S.

14.7 million dogs are diagnosed with OA

9.7 million dogs are treated for OA

2.4 million dogs treated >20 days

with NSAIDs($180M)

$177M$180M

Ex-Manufacturers Revenue

50% Acute < 20 Days

50% Chronic> 20 Days

$357 Million U.S. Revenue

NSAID Market Size

Osteoarthritis Treatment LandscapeVeterinarians 45% Participation

MODERATE SEVERE

Disease Progression

NUTRACEUTICALS

The need for pain relief is weighed with the concern

for side effects.

These products offer less of a clinical benefit, but with few-to-no side effects.

COXIB NSAIDs

$690 Million Retail($200 Million Retail—through the Veterinarian)

$359 Million RetailThough the Veterinarian

Chronic OA NSAID Competitors2.4 Million Dogs with OA

Rimadyl 30%

Generic Carprofen

Metacam 20%

Deramaxx 14%

Previcox9%

Meloxicam 4%

Veterinarian Dilemma in OA

“Often, when I see a young or middle-aged dog with OA-associated pain,

I generally try to avoid the use of COX NSAIDs to save them for later. That way I don’t have the dog on COX NSAIDs for its entire life.”

“Too many pets suffer because we don’t have medications they can tolerate.I want something that works well without the side effects.”

A New Beginning in OA Treatment

A new, first-in-class, non-COXIB, non-opioid, daily pain medication that offers control of chronic pain and inflammation associated with osteoarthritis in dogs.

First-in-class anti-inflammatory piprant product

Highly targeted EP4 Prostaglandin Receptor Antagonist

Flavored tablets, daily dosing

Multiple strengths and quantities

For Osteoarthritis Pain

Medical Need Established market of mostly NSAIDs Existing NSAID products have side effects and require monitoring Better tolerated product for pain and inflammation of osteoarthritis

Our Solution EP4 PRA (Prostaglandin Receptor Antagonist)

‒ Potential for significantly improved tolerability profile vs. Coxibs ‒ No need for routine serum hematology and chemistry monitoring

Technical sections complete for effectiveness, safety and CMC in dogs FDA approval in dogs anticipated in 2016

Pivotal Dog StudyDesign Blinded, placebo-controlled, multi-site study 280 client-owned dogs 2 mg/kg once daily by tablet over 28 days Owner assessment

Primary Endpoint: Success Rate on Day 28* AT-001 48% vs. Placebo 31% (p < 0.05)

Other Effectiveness Parameters Successes Pain Severity Score (PSS) % improvement on Day 28 (p < 0.01) Pain Interference Score (PIS) % improvement on Day 28 (p < 0.01) Success rates CBPI on day 7, day 14, day 21 (p < 0.05 at each)

Mild Adverse Events

* Success rate based on Canine Brief Pain Inventory (CBPI)CBPI = Pain Severity Score (PSS, 0 to 10) & Pain Interference Score (PIS, 0 to 10)Success = Improvement of PSS of 1 or more and improvement of PIS of 2 and more and overall impression same or better

EP4 PRA Piprant Biology®

Effectiveness Data

Pain Severity Score (PSS) and Pain Interference Score (PIS) improvement over 28 days

Study Day

Day 0 Day 7 Day 14 Day 21 Day 28

Placebo GALLIPRANT

Change in PSS compared to day 0

Study Day

Day 0 Day 7 Day 14 Day 21 Day

Placebo GALLIPRANT

Change in PIS compared to day 0

Safety and Tolerability

In a 9-month toxicity study in laboratory dogs mild gastro-intestinal signs including vomiting, soft or mucoid and occasionally bloody stools were observed. Dose dependent decreases in total protein and albumin were reversible. There were no changes in kidneys and livers and no ulcers*

The most common adverse reactions in the field studies were emesis, diarrhea and decreased appetite

There were no clinical relevant changes in blood chemistry Blood monitoring will not be required

* Evaluation of the safety of long-term, daily oral administration of grapiprant, a novel drug for treatment of osteoarthritic pain and inflammation, in healthy dogs. American Journal of Veterinary Research, Vol 76, No. 10, Oct. 2015

Timeline in Dogs

Proof of ConceptChemistry, Mfg. & Controls (CMC) ©

Target Animal Safety ©

Effectiveness I R ©

Labeling, FOI Summary, OtherNADA

20172013 2014 2015 2016

I – Initiation of Pivotal Field StudyR – Top Line Results© – Technical Section Complete Letter

Positioning

MILD MODERATE SEVERE

Disease Progression

NUTRACEUTICALS

The need for pain relief is weighed with the concern for

side effects.

Because of the tolerability that comes with a more targeted EP4 PRA therapy, veterinarians

won’t have to sacrifice clinical benefit.

These products offer less of a clinical benefit, but with few-to-no side effects.

COXIB NSAIDs

471. Ipsos, Quantitative Research, July 2015.

A Doctors

B Doctors

C Doctors

D Doctors

E Doctors

Provided November 12, 2015 as part of an oral presentation. Speaker and/or Aratana disclaims any duty to update.49

Chronic Dog Other Dog

Market Opportunity®

Share of $180 million+ market growth

New Category

Royalties and Milestones

EU and ROW Partners

Market OpportunityPost-operative pain dogs in the U.S.

20.8 million dogs undergo surgery

5.8 million dogs have very painful surgery

Post-Op Pain Treatment Landscape

COX Inhibiting

NSAIDs–Rimadyl–Generic Carprofen–Metacam–Derramax–Previcox

Opioids–Butorphanol–Fetanyl–Recuvyra–Hydromorphone–Tramadol

D5. Now let’s focus on opioids. Again, please consider all of the dogs and cats that undergo surgery and indicate what percent receive each specific opioid listed below to control post-surgical pain.

Dogs Cats

Butorphanol 21% 23%

Buprenorphine 15% 42%

Hydromorphone/Morphine/Oxymorphone 15% 5%

Fentanyl 2% 1%

Recuvyra 0% 0%

Other opioid 6% 2%

Did not receive an opioid 41% 27%

Total 100% 100%

Opioid use appears to be much more common in cats; 41% of dogs did not receive any opioid at all while 42% of cats received buprenorphine.

Post-op Opioid Use(mean)

Veterinarian Dilemma in Post-Op Pain

“I am concerned about the side effects of opioids and I cannot send a patient home on an opioid if there are small children in the home. I have more options if I can keep them in the hospital, but

clients prefer to take their dogs home after surgery.”

“I try to cover post-op pain by treating peri-operatively with NSAIDs and

opioids, but I am concerned whether the owner will treat after discharge. They often cannot tell whether the dog is painful.”

A New Beginning in Post Op Pain

A new, local anesthetic formulation of bupivacaine that provides extended relief of post operative pain in dogs.

Bupivacaine in a liposome injectable suspension that releases over time

Long-acting analgesia lasts up to 72 hours post-surgery

Single dose infiltration

Non-opioid pain control

For Post-Op Pain

Medical Need Pain increasingly recognized and treated; Local anesthetics recommended Need for long-acting, non-narcotic post-operative pain relief

Our Solution Bupivacaine liposome injectable suspension Pacira launched product for human use in early 2012 FDA approval in dogs anticipated in 2016

- Positive pivotal field effectiveness study in dogs- Technical section complete for safety in dogs

Infiltration Technique®

Sterile, non-pyrogenic, preservative-free aqueous suspension of multi-vesicular liposomes containing bupivacaine

Bupivacaine released over time

Pivotal Dog Study

Design Blinded, placebo-controlled, multi-center study Approximately 150 client-owned dogs undergoing knee surgery Up to 5.3 mg/kg in a single dose by infiltration Veterinarian assessment

Primary Endpoint: Improvements in Pain Evaluation AT-003 vs. Placebo (p < 0.05)

Other Effectiveness Parameters Successes Success (p < 0.05) at each 24 hour interval up to 72 hours

Adverse Events Well tolerated

Pivotal Effectiveness

Design Blinded, placebo-controlled, multi-center study Approximately 150 client-owned dogs undergoing knee surgery Up to 5.3 mg/kg in a single dose by infiltration Pain assessment by veterinarian using Glasgow Composite Measure Pain Scale Success is defined as no pain intervention*

Nocita Placebo P-value

Primary endpoint 0-24 hrs ~69% ~37% <0.05

Secondary endpoint 24-48 hrs ~64% ~35% <0.05

Secondary endpoint 48-72 hrs ~62% ~33% <0.05

* Pain intervention = rescue analgesia or score of ≥6 on Glasgow Composite Measure Pain Scale

Laboratory and field studies have demonstrated that Nocita is well tolerated.

In a 4-week toxicity study with twice weekly subcutaneous administration, there were no clinical relevant effects on clinical observations, electrocardiogram, blood chemistry and hematology

Inflammatory changes at the injection sites are associated with the liposomal formulation

In the field study, adverse events were mostly associated with inflammatory surgical site reactions

No general drug related clinical or pathological changes were observed

Timeline in Dogs

Proof of ConceptChemistry, Mfg. & Control (CMC) ©

Target Animal Safety © ©

201820172013 2014 2015 2016

E1. Assuming that Product B were available at a competitive price and performed as described, how likely would you be to use it for each of the following types of surgery?E2. To what degree would you say Product B is unique from other products currently available?

Amputations

Biopsies

Declaws

Cruciate/fracture repairs

Dental/tooth extractions

Neuters

Trauma

Other orthopedic surgeries

Other soft tissue surgeries

Note: 76% of Vets

believe Product B is unique from other products

(Top 2 Box)

Vets most commonly indicated they would use Product B for amputations (57%) and declaws (47%).

Likelihood to Use Product B(Top 2 Box)

Market Opportunity

EU and ROW Partners

Market OpportunityInappetence in Dogs in the U.S.

9.8 million dogs are inappetent

4.1 million dogs are treated for inappetence

(2.3M chronic/1.8M acute)

Inappetence Treatment Landscape

Special Diets

Off-Label Drug Use

- Mirtazapine- Cerenia- Cyproheptadine- Valium

Natural Homeopathic

Remedies

Satisfied with productsavailable to treat inappetence

Feel there is a need for a productindicated to treat inappetence

F7. How satisfied are you with the products currently available to you to treat inappetence in dogs and cats? F8. To what degree do you feel there is a need in the marketplace for a product indicated to treat inappetence in dogs and cats?

Evaluation of Current Products(Top 2 Box)

Only one-third of vets are satisfied with products available to treat inappetence, and the majority feel there is a need for a product with this indication for dogs and cats.

Veterinarian Dilemma for Inappetence

“I don’t release surgery cases from the hospital until they’re eating.”

“I have nothing that works well for inappetence. It makes it difficult to diagnose or treat the underlying condition.”

“Appetite is such a quality of life issue. If the dog isn’t eating they call

me and if I can’t fix the problem, it can be one of the main reasons for euthanasia.”

A New Beginning in Inappetence

A new, unique first-in-class, appetite stimulant that triggers food uptake in dogs.

First-in-class prescription therapeutic

Ghrelin agonist (works by mimicking ghrelin, the hunger hormone)

Oral liquid solution, daily dosing

Multiple packaging sizes

For InappetenceMedical Need No currently approved product Effective appetite stimulus Seen in acute, aging and chronic conditions

Our Solution Mimics ghrelin (hunger hormone) to turn on appetite FDA approval in dogs anticipated in mid-2016

- Positive pivotal field effectiveness study in dogs- Technical section complete for safety in dogs

Ghrelin Agonist Biology®

Pivotal Dog Study Design Blinded, placebo-controlled, multi-site study More than 200 client-owned dogs enrolled, 2:1 randomization Inappetence from a variety of causes 3 mg/kg once daily by oral liquid for 4 days

Primary Endpoint: Owner Appetite Assessment – Success Rate on Day 4

Other Effectiveness Parameters Owner Appetite Questionnaire Body weight gain

Adverse Events No serious adverse events related to AT-002

Effectiveness Data

Parameter Entyce Placebo P-value

Appetite assessment* ~70% ~45% <0.05

Appetite questionnaire** ~65% ~30% <0.05

Weight gain*** ~75% ~45% <0.05

Success rates from pivotal field study

n = 12 per groupp < 0.01

Mean food consumption from laboratory study • Primary endpointOwner appetite assessment:Increase, no change, decrease

** Secondary endpointOwner appetite questionnaire 5 x 5 pointsIncrease of 5 points for dogs with 12 and less points on day 0

*** Secondary endpointIncreased body weight

Laboratory and field studies have demonstrated that Entyce is well tolerated

In a 12-month toxicity study, most clinical and pathological signs were attributed to the mode of action, like salivation, increased body weight, increased liver weights, hepatocellular cytoplasmic vacuolation, increased cholesterol and HDL, and increased ALP

The enrollment criteria for the pivotal field study favored a population of dogs with various medical conditions; hence, a variety of adverse events and changes in clinical pathology were observed

Timeline in Dogs

Proof of ConceptChemistry, Mfg. & Controls (CMC) ©

Target Animal Safety ©

20172013 2014 2015 2016

Vets Likely to Recommend

(Top 2 Box)

% of Patients(mean)

Dogs Cats

Chronic conditions 87% 70% 71%

End of life 81% 66% 66%

Acute conditions 63% 55% 59%

Stress 56% 46% 50%

Post-surgical 56% 45% 48%

Expected Use of Product C

n=155Note: “Acute” conditions were defined as < 7 days, and “chronic conditions” were defined as > 7 daysG1. Assuming that Product C were available at a competitive price and performed as described, how likely would you be to recommend it for patients that suffer from inappetence due to…G2. To what degree does Product C fill a need in your practice? G3. If Product C were on the market at a competitive price and performed as described, approximately what percent of dogs and cats suffering from inappetence due to each of the following

conditions would receive your recommendation for Product C?

Note: 81% of vets

believe Product C fills a need in their practice

(Top 2 Box)

Vets reported they were most likely to recommend Product C for chronic conditions and end of life situations for both dog and cat patients.

F5. On average, how many days of treatment are needed by dogs and cats suffering from inappetence due to each of the following conditions over the course of one year?

20.18.6 4.0

20.910.1 4.8

Chronic conditions End of life Stress Acute conditions Post-surgical

Dogs Cats

Days of Treatment per Year(mean)

Chronic conditions and end of life situations are treated longer for both dogs and cats than other conditions that cause inappetence.

n=154 n=142 n=144 n=119 n=131 n=141 n=146 n=129 n=129

Market Opportunity®

Cat EU and ROW Partners

Field Safety & Efficacy

Conditional and/or Full Licensure*

Extended Field Efficacy and Post Market Studies

FDA CVM Therapeutics

USDA CVB Therapeutics

Pilot Studies Pivotal Studies Phased Submission* Commercial

Submit NADA late-2016; anticipated launch 2016

Pain, Allergy, Antivirals, Periodontal and Other Therapeutics

AT-016Allogeneic Stem Cell OA

Commercial

*Other therapeutics are at various early-stages of development, however Aratana may explore opportunities to partner on products at various stages of development.

AT-014Canine Osteosarcoma Vaccine

AT-005T-cell Lymphoma

Other Therapeutics*

Canine Lymphoma Monoclonal Antibody B-cell

OncologyTarget-rich, known biology

Chemotherapy Human Cancer Use Pet Cancer Use

Cyclophosphamide Lymphomas MM, solid tumorsDoxorubicin Lymphomas MM, solid tumorsVincristine Lymphomas MM, solid tumorsPrednisone Lymphomas MM, solid tumorsL-asparaginase Leukemia, LymphomaCarboplatin Solid TumorsCis-platinum Sarcoma, Carcinoma, LymphomaMitoxantrone Breast cancer, AML, LymphomasLomustine Brain/CNS, Lymphoma, Mast cellMethotrexate Lymphomas Osteosarcoma

Antibody Human Cancer Use Pet Cancer Use

Rituxan (CD20) Non-Hodgkin's LymphomaAvastin (VEGF) Solid TumorsErbitux (EGFR) Solid TumorsHerceptin (HER2) Breast CancerCampath (CD52) Chronic Lymphocytic LeukemiaMylotarg (CD33) Acute Myeloid LeukemiaZevalin (CD20) Follicular LymphomaBexxar (CD20) Non-Hodgkin's LymphomaVectibix (EGFR) Solid TumorsTheraCIM (EGFR) Solid Tumors

Human Chemo Market

Human Cancer Antibody Market

Pet Antibodies

Pet specific antibodies Pet Fc region Most effective IgG sequence Straightforward engineering

with no shuffling IP position directed at

platform

Mouse Pet Specific

Highly specific‒ Developed against pet targets

Non immunogenic‒ Compatible with immune system

Highly potent‒ Engages immune system

Cost effective‒ High yield production

heavy chain

light chain

VHVL CH1

Proprietary Platform Pet Specific Antibody Ideal Profile

Lymphoma monoclonal antibody

AT-014 Therapeutic VaccineCanine Osteosarcoma

Live Vector Accesses Antigen Presenting Cells

TAA-Fusion Peptide Secreted

Triggers Innate and Adaptive Pathogen Immune Response

Tumors Now “Seen” As Pathogen-Infected and Targeted By T-Cells

Lm-LLO Immunotherapy Infusion

MHC II

CD4+ T Cell

CD8+ T Cell

LLO mediated

escape

Activated Dendritic Cell

tLLO-TAA Fusion

Proteins

AT-014Preliminary efficacy data in canine osteosarcoma

All dogs without gross metastatic disease at the time of first dosing

Median survivalControl: 423 daysOSA Vaccine: 956 days (n=18)P = 0.014

Boosters provided ongoing as needed every 4- 6 months

Supportive OncologyInappetence and chemotherapy

Inappetence was seen in 23% of chemotherapy-treated dogs for an average of 6 or more out of 14 days Owner-assessed evaluation of inappetence may be helpful in predicting subsequent body weight loss Early clinical intervention to stimulate appetite may improve clinical outcomes in dogs receiving chemotherapy

Medical Need More than 20% of dogs have osteoarthritis Poor compliance with giving oral drugs NSAIDs cause largest amount of side effects of approved drugs NSAIDs don’t work or not tolerated in significant portion of population

Our Solution Stem cell therapy First to market regenerative medicine product Point-of-care availability as a single intra-articular injection Long term relief of clinical signs (i.e pain, disability) Potential regeneration of joint damage

AT-016Allogeneic Stem Cell

1.5M Doses of Final Drug Product

Vet-Stem Single Fat Donation

GMP Cell Expansion

Cryostorage andDistribution

Harvest , Wash, Formulate and Freeze

Initial isolation and expansionin GMP process

Donor fat tissue Collection

AT-016Allogeneic Stem Cell Production

Medical Need Incidence in dogs estimated at up to 10% with recent product launch (Apoquel)

peak sales estimated at several hundred million dollars Chronic condition which often can onset at a young age (1-3 years old) Owners can easily diagnose symptoms including itching, sneezing, hair loss, paw

licking and stains on skin

Our Solution CRTH2 mechanism treats underlying disease rather than symptoms Target has been validated in human medicine (asthma, allergic rhinitis and others) Pilot field study underway with results expected in early 2016

AT-018Atopic Dermatitis Biology

Figures adapted from: (Left) Townley, R. G. and S. Agrawal (2012). "CRTH2 antagonists in the treatment of allergic responses involving TH2 cells, basophils, and eosinophils."Ann Allergy Asthma Immunol 109(6): 365-374.(Right) Arima, M. and T. Fukuda (2011). "Prostaglandin D(2) and T(H)2 inflammation in the pathogenesis of bronchial asthma.“Korean J Intern Med 26(1): 8-18.

CRTH2 Signaling AT-018 inhibits PGD2 mediated activation and recruitment of basophils, eosinophils & TH2

lymphocytes.

Company Financials

Current Financial Summary

• Reported net loss as of September 30, 2015 was $54.4M or $1.58/share– Includes impairment charge of $43.4M or $1.26/share

• Outstanding debt of $15M at end of 3rd quarter 2015– New debt facility entered into October 2015 including $35M term

loan and $5M credit revolver– Interest rate greater of 6.91% or 3.66% plus prime– 18 months interest only

• As of September 30, 2015, Aratana had $72.8M in cash, cash equivalents, and short-term investments– Increase of $24M in proceeds after executing $40M new debt

facility in October less fees and repayment of $15M existing debt

Revenue Scenario

Estimated Gross to Net revenue includes rebates, returns, and discounts of approximately 8%

2016 2017 2018 2019 2020

Product Revenue Gross US Product Revenue

Revenue Mix Scenario

2016 2017 2018 2019 2020

Estimated Revenue Contribution by Segment

Inappetence

Oncology

Launch of pain and inappetence segments

Pain market grows based on multiple treatments

2016 2020

Inappetence

Oncology Allergy

Margins improve once we reach commercial scale

Estimated gross margins approximately 65% ~ 5 years after launch, in-line with industry leaders

2016 2017 2018 2019 2020

COGS Royalties Net US Product Revenue

US ProductGross Margin

Gross Margin Scenario

R&D Spending Scenarios

Headcount

Program spending

FDA fees

Pre-launch manufacturing

Milestones

Headcount

Program spending

FDA fees

Pre-launch manufacturing

Milestones

20162015

Will attempt to manage 2015 and 2016 R&D spending to a

combined $60M

Updated 2015 guidance: estimated below $30M

Currently anticipating milestone payments of $26.5M through 2020 of our current contractual obligations of $119.8M*Reg/Dev not currently projected = no planned or commenced pivotal study

Milestone Summary

1st Half 2016 2nd Half 2016 2017-2020 Not currentlyprojected

$4.9 $3.5 $6.0

Regulatory and Development

1st Half 2016 2nd Half 2016 2017-2020 Not currentlyprojected

$0.6 $6.0 $5.5

$68.3 $80.4

Commercial

Anticipated 2016-2020

*Reg/Dev not currently projected

Milestones (Sales > $50M)

Commercial Investment Scenario

HeadcountHeadcount

Agency, Digital, Advertising

Literature, Conferences, Ad Boards, Market Research

Third Party Promotion

2016 2020

Margin ScenarioAfter full commercial scale ~5 years after upcoming commercial launches

Cost of product ~25%Royalties ~10%

R&D ~10%Commercial ~20%G&A ~10%

Overall margin ~25%

EBITDA Margin ~33%

Operating margin

Upon achievement of the loan agreement net proceeds covenant within the next year($45M in partnering/financing proceeds), the Company believes it will be in a position to fully support the upcoming product launches

Cash Runway

September 30, 2015balance

Estimated Q4 2015burn

Payoff of existingdebt

Net proceeds fromdebt

Estimated 2015 year-end balance

Cash proceeds Cash available afterproceeds

Partnership Opportunities

Global Market

Western Europe, 31.3%

Eastern Europe,6.2%

North America,33.7%

Latin America,13.5%

Asia Pacific,10.9%

Other, 4.3%

Worldwide Spending on Pet Supplies 2013

Source: Euromonitor International, May 2014

Europe, 32%

North America, 33%

Latin America, 14%

Asia/ROW, 21%

Geographic Segmentation of Animal Health Market

Source: Vetnosis

Constructing a Potential Partnership

Monetizes valuable assets May mitigate financing needs

– NPV split approach– Significant up-front may be possible

External validation Could potentially include an equity component Could add critical mass in U.S.

– Deal may include a co-promote or co-development– Distribution, manufacturing or launch support

Closing Remarks

Question & Answer

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