Entero Therapeutics : Corporate Presentation (Entero Therapeutics June 2024 Corporate Presentation 2024.6.12 ADA Compliant)

June 2024

CORPORATE PRESENTATION

(NASDAQ:ENTO)

Targeted, Non-Systemic Therapeutics for Gastrointestinal Diseases

www.enterothera.com

Company Disclaimer

This presentation ("the Presentation") may contain certain statements relating to future results which are forward- looking statements. It is possible that the Company's actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements, depending on factors including whether the sale of Niclosamide, the potential transaction with ImmunogenX and any

concurrent financing or licensing transaction, or any other contemplated transaction, may be completed with different

terms, in an untimely manner, or not at all; whether the Company will be able to realize the benefits of the proposed transactions described herein; the Company's ability to integrate the assets and commercial operations contemplated to be acquired from ImmunogenX into the Company's business; whether the closing conditions can be met or the definitive agreements can be executed for the sale of Niclosamide, the transaction with ImmunogenX, any concurrent financing or licensing transaction, or any other contemplated transaction, whether results obtained in preclinical and nonclinical studies and clinical trials will be indicative of results obtained in future clinical trials; whether preliminary or interim results from a clinical trial will be indicative of the final results of the trial; whether the Company will be able to maintain compliance with Nasdaq's continued listing criteria and the effect of a delisting from Nasdaq on the market for the Company's securities; the size of the potential markets for the Company's drug candidates and its ability to service those markets; the effects of the First Wave Bio, Inc. acquisition, the related settlement and their effect on the Company's business, operating results and financial prospects; and the Company's current and future capital requirements and its ability to raise additional funds to satisfy its capital needs. Additional information concerning the

Company and its business, including a discussion of factors that could materially affect the Company's financial

results are contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, under the heading "Risk Factors," as well as the Company's subsequent filings with the Securities and Exchange Commission. All forward-looking statements included in this press release are made only as of the date of this press release, and we do not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which we hereafter become aware.

This Presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any securities of the

Company in any jurisdiction, domestic or foreign, where the offer, solicitation or sale is not permitted or would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

© Entero Therapeutics  www.enterothera.com 
Confidential; Not for Distribution	2

• First Wave BioPharma Merger with ImmunogenX
• Business Combination Creates A Best-In-Class, Late- Stage Pipeline of Targeted, Non-Systemic Therapeutics for Gastrointestinal Diseases
• Latiglutenase Therapeutic for Celiac Disease to be Advanced to Phase 3 Clinical Trial

(NASDAQ:ENTO)

www.enterothera.com

Entero Therapeutics: A Merger of First Wave and ImmunogenX

Focused on GI Indications

• Business Combination: Strong Strategic Fit
• • First Wave BioPharma (NASDAQ:FWBI) and privately-held ImmunogenX (IMGX)
  • GI pipeline expansion into Celiac Disease with a Phase 3-ready asset
  • Merged company has four gut-targeted,late-stage GI assets
  • Robust pipeline to address key unmet medical needs afflicting millions of patients in multi-billion dollar markets
• Transaction
• • 100% equity transaction
  • Non-bindingcommitment for significant financial investment from a strategic biopharmaceutical company in exchange for commercial rights to latiglutenase
  • Potential financing commitments from several institutional investors
• Synergistic Integration of Management Teams
• • FWBI: Operational, financial and commercial expertise
  • IMGX: Scientific, clinical and regulatory affairs expertise
  • Core competence in development of recombinant digestive enzymes

© Entero Therapeutics  www.enterothera.com 
Confidential; Not for Distribution	4

Overview: GI Company with multiple late-stage clinical assets

Entero Therapeutics is a clinical stage biotechnology company currently focused on the development of targeted, non-systemic therapies for gastrointestinal diseases

LATIGLUTENASE

CAPESEROD

ADRULIPASE

Recombinant enzyme; dual-protease biologic for the treatment of Celiac Disease (CeD)

• Targeting symptom relief and quality of life (QOL) improvements
• Phase 3 clinical trial initiation anticipated in 2025

Re-purposed selective 5-HT4 receptor partial agonist for gastrointestinal indications, including gastroparesis

• Asset in-licensed from Sanofi
• Phase 2 Gastroparesis trial initiation anticipated in 2025

Recombinant enzyme; lipase biologic for the treatment of Exocrine Pancreatic Insufficiency (EPI)

• EPI in Cystic Fibrosis (CF) and Chronic Pancreatitis (CP)
• Phase 2 Bridging Study topline data 2H'23; FDA Type-C meeting to be requested 1H'24

Robust IP portfolio covering method, formulation and use indications; key patents secure for 15-20 years

Pipeline of gut-targeted GI therapies address significant unmet medical needs in billion-dollar markets

© Entero Therapeutics  www.enterothera.com 
Confidential; Not for Distribution	5

Entero Therapeutics Management Team

Combined Experience in Developing and Launching more than 25 Drugs

James Sapirstein

Chairman & Chief Executive Officer

• Led Gilead's launch of Tenofovir/ Viread
• Director of BMS International Infectious Disease Group
• Founder of Tobira, sold to Allergan for $1.7B

Jack Syage, Ph.D.

President & Chief Scientific Officer

• Serial entrepreneur, closed four acquisitions
• >30 years developing innovative technologies
• 140 publications, 80 invited talks, 30 U.S. patents, Fellow of the American Physical Society, Tibbetts Award (SBIR), OC 500

Sarah Romano

Chief Financial Officer

Martin Krusin

SVP Corporate Development

© Entero Therapeutics  www.enterothera.com 
Confidential; Not for Distribution	6

Entero GI Clinical Pipeline (2023-2028)

	Indications	2023		2024	2025	2026	2027	2028
Latiglutenase	•	Celiac Disease				Phase 3		Phase 3	BLA
						Dosing		Safety
Capeserod	•	Gastroparesis
						Phase 2*
Adrulipase	•	EPI in CF	Phase
	•	EPI in CP
	2b
Niclosamide**	•	Multiple Phase 2
		All Indications Phase 2 ready
		Indications***

• Subject to FDA IND review
• A non-binding term sheet has been signed for the sale of Niclosamide
• Ulcerative Proctitis/Proctosigmoiditis, Ulcerative Colitis, ICI-AC, Pouchitis, Crohn's Disease

© Entero Therapeutics  www.enterothera.com 
Confidential; Not for Distribution	7

LATIGLUTENASE

Celiac Disease

www.enterothera.com

Latiglutenase: A First-to Market Opportunity in Celiac Disease

• Latiglutenase, a targeted Celiac Disease therapeutic to provide symptom relief and Quality of Life improvements, with first-to-market opportunity
• Addressing an unmet clinical need in a multi-billion dollar market, there are no commercially available therapies for Celiac Disease
• Compelling endpoint data from Phase 2 trials and solid FDA support
• • Strong Peer Review Support - $7.7MM in NIH grants
  • FDA Successful End-of-Phase 2 Meeting completed
  • FDA Support for Phase 3 Trial Endpoints and Fast Track Designation
  • FDA Agrees with Initial Pediatric Study Plan
• Phase 3 Trial initiation anticipated 1H'2025; market entry 2H'2027

© Entero Therapeutics  www.enterothera.com 
Confidential; Not for Distribution	9

Celiac Disease (CeD)

Large Unmet Need, No Therapies Available

• Genetically predisposed autoimmune disease caused by eating gluten; a protein found in wheat, barley, and rye
• • ~1% of the world's population1
  • ~3.3 million patients in the US alone
• Chronic and debilitating gastrointestinal problems and other long-term health issues
• Only current treatment is a gluten-free diet (GFD) which is impractical and often ineffective
• CeD patients typically consume 100's of mg/day of gluten where <50 mg/day is considered safe2
• Patients live in fear that a trace amount of gluten can unexpectedly trigger a painful and debilitating flare-up
• • 73% of CeD patients have exposure to gluten and symptoms once a year despite being on a GFD3
  • Nearly 40% of CeD patients reported accidentally ingesting gluten as often as 1-5 times month with over two-thirds having severe GI symptoms3

1. P Singh, A Arora, Tor Strand, et al. Global Prevalence of Celiac Disease: Systematic Review and Meta-analysis. Clinical Gastroenterology and Hepatology. March 15, 2018 DOI: https://doi.org/10.1016/j.cgh.2017.06.03
2. J A Syage, C.P Kelly, M A Dickason, A Cebolla-Ramirez, F Leon, R Dominguez, J A Sealey-Voyksner, Determination of Gluten Consumption in Celiac Disease Patients on a Gluten-Free Diet. Am. J. Clin. Nutr.,
   107, 201-207 (2018)
3. https://www.beyondceliac.org/celiac-news/73-percent-still-exposed-gluten/

© Entero Therapeutics  www.enterothera.com 
Confidential; Not for Distribution	10