ONO PHARMACEUTICAL CO., LTD.
R&D Briefing
September 7, 2021

[Number of Speakers]

3
Toichi Takino

Kiyoaki Idemitsu

Yukio Tani

Member of the Board of Directors, Senior
Executive Officer, Executive Director,
Discovery & Research
Member of the Board of Directors,
Corporate Executive Officer, Executive
Director of Clinical Development
Corporate Executive Officer, Head ofCorporate Communications

This slide shows the projects I will be presenting today.
These projects are in Phase I and II. We are going to establish the PoC of these projects, which will support
the future of Ono. We are aiming to receive the approvals for these compounds not only in Japan but also in
Europe and the US.
The drug at the very bottom is an epilepsy drug, ONO-2017, in-licensed from SK Biopharmaceuticals. I will
introduce 4 neurology project including ONO-2017 and 1 oncology project, ONO-4578.

1First of all, ONO-2910.
This is a compound that acts on Schwann cells. Based on the non-clinical study results, we believe that it may
restore peripheral nerves injury. We have just started Phase II trial for the treatment of diabetic
polyneuropathy.

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Neurons, specifically nerve cells, axons are surrounded by layers of lipid membrane called myelin. In the caseof peripheral nerves, myelin is formed from differentiated Schwann cells. When myelin is damaged byhyperglycemia or chemicals, such as anticancer drugs, it causes dedifferentiation and demyelination. This
causes nerve axon degeneration, and is thought to be one of the causes of various neurological disorders.
ONO-2910 accelerates the differentiation of Schwann cells into myelin and suppresses dedifferentiation.

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This shows the results from the non-clinical studies. The left side is the result of in vitro study of human
Schwann cells. MAG is a glycoprotein which increases as myelination progresses. It is an index of myelination.
It is thought that ONO-2910 increases the concentration of MAG in a dose-dependent manner and promotes
myelination. In addition, although I cannot show you today, a different experiment shows that ONO-2910
suppresses demyelination.
Next, on the right, we measured nociceptive thresholds, using a rat streptozotocin (STZ)-induced diabetes
model. When the disease progresses, the nociceptive threshold decreases and rat feels pain with a little
stimulus. In this study, ONO-2910 was given at dose range from 0.0003 mg to 1 mg, and duloxetine is used asa positive control.
Duloxetine had a quick onset of effect and superior quick-acting effect.
On the other hand, ONO-2910 showed the improving effect in a dose-dependent manner and maximum effectwas superior to positive control. From these results, we expect that ONO-2910 may be a potential radical
treatment, but not a symptomatic treatment.

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A Phase II trial has been started for diabetic polyneuropathy. In diabetic polyneuropathy, bilateral symptoms
are observed and characterized by symptoms such as numbness, pain, hypersensibility, paresthesia and so on.
When it comes to hypersensibility such as spontaneous pain, existing drugs such as Pregabalin and Cymbalta,
are effective. On the other hand, it is reported that with these treatments, positive symptoms like
spontaneous pain, abnormal sensations or numbness tend to remain where we believe that there is an unmet
need here. Since ONO-2910 repairs the nerve itself, we expect it to be effective in treating these symptoms
as well.
Next is about the number of patients with diabetic polyneuropathy.
It is estimated that there are 10 million patients with diabetes mellitus in Japan in 2016. Among them, it isestimated that 76.6% of patients are receiving treatment, so approximately 7.7 million people are being
treated for diabetes.
There is data showing that 16.2% of Type 2 diabetes patients are associated with diabetic polyneuropathy. It
is estimated that there are over 1.2 million patients with diabetic polyneuropathy or at least about 1 million
patients.

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Next, ONO-2909.
ONO-2909 is a prostaglandin D2 receptor antagonist, and we are considering development for narcolepsy.

6Sleep and wakefulness are thought to be regulated with the balance between the effect of sleep substancessuch as prostaglandin D2 and adenosine on the sleep center, and the effect of substances such as orexin, as
well as monoamines, eg. dopamine, adrenaline and histamine, etc.
By the way, it is discovered by Dr. Osamu Hayaishi, a pioneer of biochemistry in Japan that prostaglandin D2
has an effect of inducing sleep. We expect that ONO-2909 suppresses the activation of the sleep center andhypersomnia by blocking the effect of prostaglandin D2.
On the other hand, research and development focusing on the wakefulness center is also being carried out.
By focusing on the sleep center, we expect that ONO-2909 will be a superior drug from the safety viewpoint,considering that it can avoid excitatory side effects, such as insomnia, headache, etc.

7Here are the results of animal experiments using DP antagonists.
When a DP antagonist was administered to normal rats, wake time was extended in a dose-dependent
manner.

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The slide shows the result when a DP antagonist was administered to the sleep deprivation rat. Wake time
was extended in a dose-dependent manner.

9Narcolepsy has 2 types of symptoms. One is a symptom of falling asleep without being able to maintainwakefulness, and the other is cataplexy, in which the whole body suddenly loses power when emotional
excitement occurs. Some dogs have a genetic cataplexy. Feeding causes weakness in the muscles of the limbs
and causes them to collapse.
Cases with cataplexy are classified as Type 1, and cases without cataplexy are classified as Type 2. Today weonly show some data, but from non-clinical data, we believe that ONO-2909 may be effective for both
hypersomnia and cataplexy, Type 1 and Type 2.
Regarding the number of patients, the prevalence rate is 0.05%, or 1 in 2,000 people. It is said there are about
150,000 people with narcolepsy in the US. By the way, the prevalence is higher in Japan, with the rate of
0.16%.

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Next, I’ll talk about ONO-2808.

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Among neurodegenerative diseases, there are diseases where abnormal aggregates of protein called αsynuclein accumulate in the brain.
In the introduction of ONO-2910, I explained that Schwann cells differentiate to form myelin sheaths in thecase of peripheral nerves. But, in the case of central nerves, these oligodendrocytes differentiate to form
myelin sheaths.
When abnormal α-synuclein accumulates in oligodendrocyte-derived myelin sheath and neurons themselves,the myelin undergoes demyelination, and neurons themselves degenerate and die.
ONO-2808 is an agonist of S1P5 receptor, one of receptors of a lipid called sphingosine 1-phosphate. Results
have shown that S1P5 receptor agonist prevents the accumulation of abnormal α-synuclein inoligodendrocytes and neurons.

12Experimental results using S1P5 agonist are shown here. This is an experimental autoimmune
encephalomyelitis model commonly known as EAE. In this model, no accumulation of abnormal α-synuclein
itself was observed, but worsening of the neurological symptom score was suppressed in a dose-dependent
manner by preventive administration of S1P5 agonist.
We believe that this is a result of suppressing neuronal degeneration, and that S1P5 agonist has a promoting
effect on oligodendrocyte differentiation and an inhibitory effect on oligodendrocyte demyelination.

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There are various types of neurodegenerative diseases. Among these diseases, those in which accumulationof abnormal α-synuclein is observed are Parkinson’s disease, Lewy-body dementia, and multisystem atrophy.
ONO-2808 is currently in the final stage of Phase I. While considering the compound profile, we are going toconduct Phase II trial with selected appropriate diseases.

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Next, ONO-4578.
This is the only compound in the oncology area. ONO-4578 is a prostaglandin receptor EP4 antagonist.

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Prostaglandin E2 (PGE2) is produced by the cyclooxygenase (COX) 2 from arachidonic acid. COX2 has beenreported to be overexpressed in tumor cells. It has been reported that the produced PGE2 directly andindirectly suppresses the activity of cytotoxic T cells through EP4 receptor expressed on MDSC and M2
macrophages. ONO-4578 is expected to release PGE2-mediated immunosuppressive mechanism andenhances tumor immunity.

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The results of non-clinical experiments with ONO-4578 are shown here.
In the mouse tumor-bearing model, ONO-4578 showed an improvement in enhancing tumor immunity, by
reducing the number of MDSC and M2 macrophages that suppress tumor immunity, while increasing thenumber of dendritic cells and CD8-positive T cells .
Next, this is the result of an experiment assessing the anti-tumor activity in combination treatment of ONO4578 and anti-PD1 antibody in in vivo.
ONO-4578 in combination with anti-PD1 antibody reduced the tumor size in a dose-dependent manner andenhanced the antitumor effect.

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We have been conducting Phase I trial to evaluate a tolerability and safety with monotherapy of ONO-4578,
followed by in combination with OPDIVO.

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As we have confirmed the safety profile, we are now conducting Phase Ib trial as an expansion part for various
types of cancers, gastrointestinal cancers such as gastric cancer, colorectal cancer and pancreatic cancer, as
well as non-small cell lung cancer.

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Finally, ONO-2017 is an antiepileptic agent in-licensed from SK Biopharmaceuticals in Korea.

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Regarding mechanism of action, in addition to inhibiting sodium channels, this compound also enhances thefunction of GABA receptors, thus suppressing abnormal excitation of neurons in the brain.

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Cenobamate has already been approved and launched in the US, and has shown very high clinical efficacy. I
will show you the results of clinical study in partial seizures in combination with existing drugs. Looking at the
50% responder rate, it was 57% at the recommended dose of 200 mg, and 60% at a dose of 400 mg. If we lookat the result of other drugs, we can see the rate of approximately 30% at the recommended dose and up to
50% at the higher dose
It may not be adequate here, as it is a comparison between different trials, but we see that cenobamate shows
very high efficacy. Then on the right are data on the disappearance rate of seizures, that is, the percentage ofcases in which seizures were not observed at all. Regarding the disappearance rate of seizures, it was morethan 10% at the recommended dose of 200 mg, and over 20% at 400 mg.
Again, when we look at similar tests of other drugs, it's around 5%. Note that again, this is a comparison
between trials, but for patients with epilepsy, it is very meaningful to reduce seizures to zero. From these data,
Cenobamate is expected to be able to address these unmet needs.

22Finally, about the number of patients with epilepsy.
Epilepsy can be divided into partial seizures and generalized seizures.
There are said to be 630,000 patients treated for partial seizures, and 110,000 treated for generalized seizures.
It is said that about 20% to 30% of those patients are resistant to existing drugs, representing a significant
unmet medical need. It accounts for 130,000 to 190,000 patients with partial seizures, and 20,000 to 30,000
patients with generalized seizures.
As I mentioned earlier, cenobamate is already on the market in the US and has been confirmed to be effective
and safe. In collaboration with SK Biopharmaceuticals, we hope to efficiently develop and obtain approval in
Japan as soon as possible, and are currently preparing for clinical trials.

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Question & Answer
Questioner 1: The presentation helped me go over the basics. It was very helpful. Regarding your 4 in-houseproducts excluding the last epilepsy drug, three neurology and one oncology, although it may be a little early,
could you tell us about the development policy for these products?
How far does your company intend to proceed in-house development, and from what stage would you look
into partnerships? If possible, could you give any details about conditions you would favor, such as reducing
upfront payments in exchange for a 50/50 profit share in the US? Or would you prefer to leave the wholedevelopment to your partner, so that the project is out of your own control? It may be a little early to ask
about these things, but could you give us an idea of your thoughts for these 4 products?
Idemitsu: Basically, we would like to proceed with the development by ourselves, including in Europe and theUnited States. We would like to carry out the PoC study where it can be carried out as soon as possible, andproceed with the global development of the verification study to obtain approval in Japan, Europe and theUnited States.
Regarding the marketing in Europe and the United States, we will consider it on a product-by-product basis,but basically are considering in-house sales.
Questioner 1: Thank you. Regarding narcolepsy and cancer, I appreciate that. As for diabetic polyneuropathy,
do you intend to move forward with the development and sales in-house in Europe and the United States? I’djust like to confirm that.
Idemitsu: It will be considered for each project. We think that we will be able to do it by ourselves, at least
for Parkinson's disease, Lewy body dementias, multiple system atrophy and multiple sclerosis, as well as ALS.
Questioner 1: Okay. This will not be a question of waiting for partnerships, but rather, waiting for results oftrials to come in.
Idemitsu: Establishing a PoC is first, then, we are considering developing in-house in Europe and the UnitedStates.
Questioner 1: Okay. Regarding timing of these 4 products, when do we expect to ask you about the next
important clinical update? Could you comment about each one individually?
Idemitsu: ONO-2910 is already in Phase II, so I think the result will come out in a few years. ONO-2909 is stillin Phase I, so it may take a little more time. ONO-2808 is now in the final stage of Phase I. The next step is toenter into the following Phase after selecting the target diseases. Since it targets neurodegenerative diseases,
I think that the administration period will be longer and it will take a few years to get the POC.
ONO-4578 is depending on the result from the extension part of the ongoing Phase I study.
Questioner 1: Okay. Thank you very much. If ONO-4578 is going well, the result will be available next year orin one year. Then, the result of Phase I of ONO-2808 for narcolepsy will come out in about 2 years. May I
imagine that the Phase II result of ONO-2910 is coming out by that time?
Idemitsu: Sorry, I cannot tell you about the details of the schedule, but ONO-4578 is at most advanced stage.

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Questioner 1: Okay. There’s one more thing I’d like to ask. I’m not sure if it’s okay to ask about a drug thatwasn’t discussed today, but regarding the anti-CD47 antibody in-licensed from Forty Seven, which Gilead
acquired recently. Similarly, Pfizer also acquired Trillium Therapeutics, which also has an anti-CD47 antibody,with about $ 2 billion. It made me think that your company has a swift eye for this. How do you think theadvantage of your company’s anti-CD47 antibody compares to the Trillium Therapeutics one, beside thetiming?
Idemitsu: I think that it is ahead and the amount of data is overwhelmingly different. In addition, when
considering the enhancement of tumor immunity in combination with anti-PD-1 / PD-L1 antibody, we believethat we have abundant data on OPDIVO. I believe that is our strength.
Questioner 2: First of all, some potential indications for ONO-2808 are listed on page 18. It was mentioned in
the previous question that perhaps the stage of determining indications is approaching. Based on previous
research in non-clinical studies, what indications appear to be the most likely candidates?
Idemitsu: Interesting data is coming out, but I can't tell you at this stage. I'm very sorry.
Questioner 2: Is there some exciting data or great potential that you’re not able to talk about?
Idemitsu: Yes, interesting data is coming out.
Questioner 2: I see. Understood. This is a similar question, but considering the mechanisms of both ONO2910 and ONO-2909, I get the impression that they can be used for a variety of indications. ONO-2910 is now
in Phase II for diabetic polyneuropathy, but what do you think about the possibility of exploring otherindications?
In parallel, I think it is being considered in the non-clinical stage, but could you tell us how promising thesecond indication is, the timing, and when you may be able to tell us more about it?
Idemitsu: ONO-2910 acts on peripheral nerves. We think that neuropathy associated with anticancer drug,
paclitaxel etc. will be targeted. We have obtained results that suggest an efficacy in non-clinical studies, andthink that it may be applicable to neuropathy such as numbness caused by paclitaxel. We are still exploring
the possibility of other indications in the research institute.
As for ONO-2909, we think that narcolepsy may be a potential target disease to maximize the potential valueof this compound. If the PoC is established, it may be applied to jet lag or sleep disorders associated with day
and night shift work etc.
Questioner 2: Thank you. Finally, regarding ONO-4578, what do you think about why Bristol redeemed therights? Based on the reason, could you tell us your thoughts about the significance of proceeding with global
development independently?
Idemitsu: At the time that ONO-4578 rights were returned from Bristol Myers Squibb, there was not enoughclinical data available. After that, Phase I trial in Japan progressed to confirm safety and are now proceeding
to an expanded cohort.
It's not a clear situation yet, but if the effectiveness is firmly recognized, I think it is worth developing ONO4578 in combination with OPDIVO, including in the United States.
Questioner 2: I'm sure, but it wasn’t that you got promising data after it was returned, so I think if somepromising data comes out in future, it's worth continuing development.
Idemitsu: Yes.

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Questioner 3: Of the compounds introduced this time, I think ONO-2910 is in the most advanced development
stage. As you mentioned, I think it's been comparing it with Cymbalta in a rat model, but I think Mr. Idemitsu
mentioned the effect of repairing nerves. The point is that you are checking the action of repairing peripheral
nerves somewhere.
As it may have been in the question at the beginning, I think that it is also overseas in-house, but especially in
the United States, this kind of drug is very difficult to get approval for, judging from past cases. I think maybe
clinical trials with thousands of subjects are needed. Based on that aspect, I think that there is a considerable
potential from this current profile, and are you considering that approach to capture it? Please let me know
this point first.
Idemitsu: We have confirmed the restoration of nerves in non-clinical study. We think it is not a direct effecton nerves, but effect on the myelin to promote differentiation of Schwann cells and suppress dedifferentiation.
As you pointed out, we think that it is very difficult to evaluate diabetic polyneuropathy, especially thesymptoms. So we will ask the experts who are accustomed to the measurement of subjective symptoms andnerve conduction velocity to conduct the study. After establishing a POC in Japan, we think we are moving toa global development.
Questioner 3: Do you mean you are thinking about in-house development while reducing development costs
to some extent?
Idemitsu: If the ongoing PoC study confirms a clear improvement in nerve conduction velocity and subjective
symptoms, we would like to carry out subsequent studies by ourselves, as well.
Questioner 3: Thank you very much. Another thing, regarding narcolepsy which has an attracting attention,
your approach is different from the approach that other companies in Japan are doing, in terms of central
nervous system action. I believe that your approach for ONO-2909, that is, targeting the sleep center directly,
will give results close to radical treatment, regardless of whether it’s type 1 or 2 of narcolepsy. That was myimpression.
Of course, this is still in Phase I, so POC study and others have to be done in the future, but at this stage, what
are your feelings about how much potential is there?
Idemitsu: In the non-clinical experiment results, I am feeling the potential. However, as was pointed out, we
do not know honestly until it is tested in humans. As such, we would like to proceed with clinical trials as soon
as possible.
I don't know which target is better, wakefulness or sleep, but in the wakefulness approach, you can be awake
in the daytime, but you can't sleep at night if the effect lasts. The same is true for blocking the sleep center,depending on the PK profile, but I think it's easier to adjust. Of course, even if it acts on the wakefulness center,it depends on the adjustment of PK. Regarding which is better, we think it is better to suppress the sleep
center.
Questioner 3: Since it is related to sleep and wakefulness, I think that the side effect profile may be a bit
different, but that will become clear to some extent in the POC.
Idemitsu: First of all, after confirming whether sleep can be prevented, we will try to differentiate.
Questioner 4: I would like to ask you about cenobamate first. As was mentioned, it's been launched in the
United States, and the clear data is also available. When you develop it in Japan, I feel it is important for you
how to accelerate the development of the compound by omitting and simplifying duplicate parts of clinicalstudies as much as possible.

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On the other hand, I think there are some parts with which you cannot enter into clinical study for epilepsy.
You have not yet started any clinical study, while you are continuously preparing clinical study for a long time.
Do you have any development strategies, for example to conduct only one Phase II/III from the beginning toskip other ordinal clinical study? Please let me know if you have decided the strategy for the development.
Idemitsu: While considering the business strategy, I would like to refrain from answering, but I will tell you
the facts. Regarding partial seizures, SK Biopharmaceuticals has already been conducting Phase III clinicalstudy for the treatment of partial seizure in Asia, including Japan. I think we can use the results from the study
in filing an application in Japan.
As for generalized tonic-clonic seizures, we would like to do it in a reasonable way, while consulting with theauthorities.
Questioner 4: Although you say that it is in preparation for clinical trials, but in effect, if you get data in Asia
including Japan from SK, you can apply it as it is.
Idemitsu: In addition to the ongoing study, we are reviewing how much additional data is needed about thepartial seizures. I think it's as minimal and appropriate as possible. Regarding partial seizure, one Phase III
study including in Japan is ongoing.
Questioner 4: Considering the fact you said right now, it's not about starting from scratch in clinicalpreparation, but a lot of things are moving.
Idemitsu: We have not yet started Ono sponsored-study, but are preparing to do an adequate trial at theappropriate time so that we can get an approval as soon as possible.
Questioner 4: I also had several questions about narcolepsy, ONO-2909. It's quite difficult to compare the testwith the other test. Here is the data of the sleep-deprived rat, and Takeda is presenting a mouse model. Thebase wakefulness time can't be compared because it's totally different, and the animals are also subtly
different. I know this, but taking a quick look, the way Takeda's wakefulness time is extended to some extent
in humans, and it seems to be significant, almost doubling in the mouse model. It seems that your compound
does not have a big impact, while I understand that it is still in dose-finding stage.
In other words, if you look at it, the impact of your compound on wakefulness time is somewhat milder,compared to the data from Takeda. Can you generally say that sleep block and waking effect have a different
impact on wakefulness time?
Idemitsu: The non-clinical study results presented today are data for a DP antagonist that differ from ONO2909. Regarding ONO-2909, there are many unpublished data, so I cannot introduce all of them including thedata on the effect of prolonging the awakening time. However, we have also confirmed the suppressive effecton cataplexy. Regarding the strength of effectiveness, I will refrain from commenting because theexperimental model is different. We expect that ONO-2909 will show potentially sufficient effectiveness in aclinical setting.
Questioner 4: And this is the general thing that narcolepsy Type 2 does not cause a decrease in orexin levels.
Given the situation, is it more likely that your approach of stopping sleep rather than elevating orexin is
effective?
Idemitsu: It would be difficult for me to give a simple answer to that. It is also reasonable approach to increase
orexin.

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Questioner 4: Treatment approaches are different between them. Therefore, will it be possible to combine
both of treatment approaches, namely one acting on the sleep system and the other acting on wakefulness
system, in the future, for the treatment of patients having severe symptoms?
Idemitsu: I think it depends on the data.
Questioner 4: Regarding α-synuclein, I think Takeda Pharmaceutical is doing with antibodies with AstraZeneca,and in short, I feel that there are quite a lot of approaches in terms of these targets. Do you think the data for
ONO-2808 will be competitive to that kind of thing?
Idemitsu: I don't know which one works. Neurodegenerative diseases, such as multiple system atrophy and
ALS are associated with movement disorders, so in that sense, I think oral preparations that can be taken athome may be better than injection of antibody preparations.
Questioner 5: First, regarding products in your pipeline, including the ones you introduced this time, could
you tell us about the general feeling at the moment? I get the impression that there are several compounds
in Phase I and Phase II, and that things look promising. I think these products are drugs that will contributeafter the patent for OPDIVO has expired, but now, including in-house products in Phase I, do you feel as if thepipeline has been beefed up enough to bring in enough after the patent for OPDIVO expires?
Or do you think you still need to put more of your in-house products into Phase I? I would like you to tell me
the overall sense of the current situation.
Also, for the 4 in-house products introduced this time, do you think you could rank them in terms of how
much potential you feel they have?
Idemitsu: I don’t think we ever feel this is enough. In order to introduce as many new drugs as possible to theworldwide market, I would like to bring as many compounds as possible to clinical phase. We also want toexpand the pipeline including in-licensed products even more.
If we can confirm the efficacy and safety of these compounds as expected and launch them in Europe and theUnited States, I think there is a potential to surpass the patent cliff you mentioned. However, since it depends
on the degree of the efficacy and safety, we cannot unequivocally state the potential at this time. On theother hand, for example, ONO-4578 is being developed in combination with OPDIVO. I think that sales will
increase depending on the target type of cancer.
We are currently targeting gastric cancer, where OPDIVO has already shown an efficacy, and expect anadditional effect in combination treatment. On the other hand, OPDIVO has not been approved for colorectal
cancer, excluding MSI-H one of colorectal cancer, but we can enter into further market if we can show theefficacy in combination with OPDIVO. In addition, we believe that there is great potential if we can show theefficacy of ONO-4578 in combination with OPDIVO for non-small cell lung cancer, which is highly marketable.
Questioner 5: The second is the S1P5 agonist, ONO-2808. In today’s explanation, it was mentioned about
noticing something novel, and I was wondering that as many companies are working on multiple sclerosis,
perhaps it is something other than that. Might I be on the right track?
Idemitsu: Compounds acting on different subtypes of the S1P receptors have been developed for multiple
sclerosis. For multiple sclerosis, this is an approach where a compound acting on the S1P1 receptor suppresses
the export of lymphocytes from the lymph nodes. On the other hand, we take a different approach, since thetarget of ONO-2808 is not the S1P1 receptor.
Questioner 5: Regarding narcolepsy, ONO-2909 is in Phase I right now. What's the dosing schedule and whatkind of regimen will it be? Will it be a once-daily, morning dose?

28Perhaps it is early to ask, and you may need to look at the results of Phase I, but please tell me what the dosing
regimen will be, if possible.
Idemitsu: I think that the ideal administration method is that if it is taken once a day in the morning, we will
not feel drowsy during the day without cataplexy.
Questioner 5: Basically, this would be taken once a day in the morning. Is that correct?
Idemitsu: Yes. It doesn't have to work at night, so I think it's best to take it once in the morning and last theeffect during the day. If the PK is short, we may need to take an option of twice a day.
Questioner 6: I have 2 questions about the oncology area. ONO-4578 was presented in ESMO last year, andan expert from the National Cancer Center presented something related to dose escalation phase. At thattime, it was in combination with OPDIVO, and I think the PR was observed in small cell lung cancer andpancreatic cancer. From that, I got the impression that gastric cancer is the most advanced in dose expansion
phase, but is my understanding correct?
Idemitsu: As you remembered, it was presented at the ESMO in 2020, the Part A of Phase I trial is amonotherapy. Part B is the part to investigate tolerability and safety in combination with OPDIVO.
CR and PR was not observed in the Part A, monotherapy and SD was observed in 3 cases. Part B had 21 cases,
where PR was found in 1 case of small cell lung cancer, and unconfirmed PR in 1 case of pancreatic cancer andSD in 5 cases. Since then, the expansion part has been sequentially conducted in gastric cancer, colorectal
cancer, pancreatic cancer and non-small cell lung cancer. The part for gastric cancer has first started andadvanced.
Questioner 6: What do you anticipate to make a presentation about gastric cancer? Is it possible around ASCO
next year?
Idemitsu: I think it would be good, but it may take a little longer.
Questioner 6: Why do you preceded with those 3 cancer types? Is it because OPDIVO doesn't work forcolorectal cancer of course? But after all, are you choosing 3 cancer types considering the market size?
Idemitsu: The selection of cancer types is determined by comprehensive judgment, including scientific aspectsuch as findings of the expression of PGE2 and COX, and market aspects.
Questioner 6: The second question, and this wasn’t mentioned today, but your company is partnering with
Fate Therapeutics to develop cell therapy in cancer. I think your company was the first company to sign acontract for iPS cell-derived CAR-T, but could you tell us a little more about progress here?
Takino: It hasn't entered the clinical stage yet, so I will explain about it. I think that everyone is already awareof the merits of iPS CAR-T, so I will not go into details. iPS CAR-T is expected to enhance the cell-killing effectby gene editing and enable multiple doses necessary for application to solid tumors as an off-the-shelf product.
So, we are currently tuning around that area. It will take a little longer to get into clinical practice. Since weare expecting it, we are trying to make a clinical transition as soon as possible.
Questioner 6: Is it correct that your company is contracted with a specific target, and CAR-NK is notcontracted?
Takino: I can say that it is a contract-centered around CAR-T, but we ourselves are also somewhat interested
in CAR-NK. We are keeping an eye on it and considering future possibilities.

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Questioner 4: I’m sorry to ask another question regarding narcolepsy, but it was mentioned that with awakefulness approach, headaches and insomnia occurred. Is this a reference to the current Jazz
Pharmaceuticals product? Or is it an inevitable consequence in treating orexin?
I believe the Takeda product can result in an increase in heart rate or something like that, but I haven't heard
about headaches. Could you comment on that?
Idemitsu: My previous explanation was referring to the general theory that when acting on the wakefulness
center, an exciting side effect, ex, insomnia easily occurs. I wasn’t referring to any particular products.
Questioner 7: Just 1 question, regarding ONO-2808. What is known about how the cells in which α-synuclein
accumulates differ according to disease? For example, in Alzheimer's disease, tau protein and beta amyloid
accumulate in a variety of cells.
In the case of α-synuclein, the cells in which it accumulates would be localized. I wonder if there is data
available about the localization by disease, or if your partner company has got the data from their research.
Is there any possibility that the action of this drug will be unique if the cells that accumulate are localized? I
would like to ask you about this.
Idemitsu: I think your question is whether the cells and sites where α-synuclein accumulates differ dependingon the disease or not. For example, in the case of Parkinson's disease, α-synuclein may or may not be
accumulated. I explained that ONO-2808 suppresses the accumulation of α-synuclein, but ONO-2808 also has
the effect of suppressing myelin sheath degeneration and promoting regeneration. As introduced earlier, it isalso effective in models, like an EAE model, that there are no accumulation of α-synuclein.
We are considering which disease to choose from those with and without accumulation of α-synuclein.
Questioner 7: After all, when it comes to focusing only on the accumulation of α-synuclein, or finding
indications that include regenerative effects, which one is more attractive to your company so far?
Idemitsu: I think that diseases with accumulation of α-synuclein are promising candidates.
Questioner 7: By the way, I feel that the first Phase I trial is almost over. Haven’t you got any results?
Idemitsu: ONO-2808 is at the final stage of Phase I. We haven't got any final result yet.

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