Differentiation

• Limitations of existing drug treatments in major domestic and global markets ⁃ Existing drug treatments-- NSAIDs, hyaluronic acid, and stem cell injections are widely used, but only relieve symptoms and cannot fundamentally treat osteoarthritis(regeneration/recovery); surgical treatment is limited in scalability due to high cost and patient reluctance ⁃ Representative existing drugs(NSAIDs, steroids), hyaluronic acid include Pfizer’s Celebrex, Hanmi’s Hyalumax, etc., but since these are limite

⁃ Human treatment market $10B, Animal treatment market $4B ⁃ Global osteoarthritis patients: 520M, osteoarthritistreatment market $10B ⁃ Global dogs/cats/: total 840M; affected: 200M (100M each), treatmentmarket $4B ⁃ Osteoarthritis patients/dogs/catsface high unmet needs; market expected to keep growing with an aging population

OsteoarthritisTreatment Market Size: Currently $14B-> expected to grow significantly once a curative treatment is developed

• Compared to existing drugs (steroids), demonstrated superior joint-recovery efficacy(in mouse studies) ⁃ With no curative osteoarthritistreatment available, patients rely on steroid drugs for pain relief ⁃ Dexamethasone comparison: dexamethasone showed minimal recovery in damaged tissue and limited improvement in OARSI grade,, whereas our ASO drug achieved 2x greater improvement