JEFFERIES GLOBAL HEALTHCARE CONFERENCEJune 4, 2019

2Confidential

Every story starts with inspiration. Our founder discovered his when his mother passed away of a Subarachnoid Hemorrhage (SAH).

From that moment, he refocused his expertise, passion and unique abilities to ensure no one else has to lose a loved one from something he could potentially treat.

Through our specialty life sciences company, we seek to bring novel drug delivery technologies to improve outcomes in rare diseases.

To ensure that her memory lives on, and that we always remain patient-centric, he named the company for her.

Meet Grace…

Our Story

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Agenda

Company overview 4

Products overview 8

Appendix 23

Page

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Experienced management team

• CEO, Cedar Pharma (fka Citron) and Aster Pharma (fka Lucid) and Exec. Committee Member of Rising Pharma, all owned by Aceto; Founder of Citron and Lucid, sold to Aceto in 2016; currently on Boards of Aceto and Cronus Pharma (animal health)

• Co-founded Celon Labs., Sequoia Capital-funded specialty pharma (Oncology and Critical Care) in India providing 80+ branded generic pharmaceuticals

• Founded Gen-Source RX, leading national distributor of generic pharmaceuticals acquired by Cardinal in 2014 and Casper Pharma, specialty brand and injectable pharma company

• BS, Pharmacy, HKE College of Pharmacy, India

• Co-founder and President, Insys Therapeutics and principal inventor of SUBSYS®, sublingual fentanyl spray for the treatment of breakthrough cancer pain (peak annual revenues > $250M)

• Previously, senior positions at Unimed Pharmaceuticals (Solvay, now Abbvie) with key roles in product development and obtaining FDA approval for ANDROGEL® (peak annual revenues >$1.5B) and in formulating and executing strategy that resulted in down-scheduling of controlled prescription drug MARINOL® by US DEA

• BSc, Fergusson College; MSc, University of Poona; PhD, University of Kentucky

George Kottayil, PhD CEO & Co-Founder

• National Practice Leader, Willis Towers Watson managing services addressing employer-sponsored health centers; previously, Partner at Mercer developing programs to improve access, quality and cost-effectiveness of care delivery

• Prior experience includes senior leadership roles at EJ Financial Services, Thomas Weisel Partners, Jefferies & Co., and Glaxo SmithKline

• Independent Director of Ascension Ventures• AB, Harvard University; MD, Boston University School of Medicine; MBA, The Wharton School

Bruce Hochstadt, MDCOO

• VP Sales and Marketing, Archi-Tech Systems, working with specialty, orphan, and small molecule manufacturers; recruited, deployed, and managed the salesforce including end-to-end sales process, consultative-selling model, and financial forecasts

• Led go-to-market strategy for new product launches, marketing plan and pricing model• Prior leadership experience at Cardinal Health, IMS Health, Rosenbluth, and D&B • BA, Computer Science & Math, Augustana College; MBA, The Wharton School

Prashant Kohli, MBAVP, Commercial Operations

Vimal Kavuru, RPhChairman & Co-Founder

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Independent Directors

• Dr. Haseltine is Chairman & President of ACCESS Health International, Inc. and Chairman of the Haseltine Foundation for Science and the Arts. He is the Founder of Human Genome Sciences and served as its Chairman and CEO for twelve years. He is also the founder of several other successful biotechnology companies. Eight pharmaceutical products from companies that he started are currently approved by US and international regulatory agencies.

• Dr. Haseltine is a Founder and CEO of Demetrix, Inc., a biotechnology company specializing in pain and anxiety medications, and a Founder and Director of X-VAX, which is developing a novel Herpes Simplex vaccine. He was a professor at Harvard Medical School and Harvard School of Public Health, where he was the Founder and Chair of the Division of Biochemical Pharmacology and the Division of Human Retrovirology. He is well known for his seminal work on cancer, HIV/AIDS and genomics, and has authored more than 200 manuscripts published in peer reviewed journals.

• Dr. Haseltine is a lifetime member of the New York Academy of Sciences, a Trustee of the New York Academy of Medicine, and an honorary trustee of the Brookings Institution.

• Dr. Hormats, Vice Chairman of Kissinger Associates, Inc., has been a senior official in the administrations of five American presidents, a top Wall Street executive and a major business leader working with companies throughout the world. His most recent government position was Under Secretary of State for Economic Growth, Energy and the Environment, which he assumed in 2009.

• Following key roles on the National Security Council staff, Dr. Hormats served as Deputy Assistant Secretary of State for Economic and Business Affairs, Deputy US Trade Representative with the rank of Ambassador and Assistant Secretary of State for Economic and Business Affairs.

• In 1982, Dr. Hormats joined Goldman Sachs where he ultimately became Vice Chairman, Goldman Sachs (International). Over his 25-year plus career at the firm, he played major roles on a variety of international economic and financial matters, including privatizations of foreign state enterprises in countries such as China, Singapore, Britain, Germany and Mexico.

Dr. Robert Hormats

Dr. William Haseltine

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Transforming proven compounds for rare and orphan diseases through novel formulation and delivery technologies

• Novel formulation and delivery for established products

• Well-known and trusted by physicians, regulators and hospitals

• Proven safety and efficacy profile• Pursuing expedited and de-risked

505(b)(2) regulatory pathway • Three product candidates scheduled for Phase 2 / 3 in 2019-20

• Two additional promising assets in early-stage, advancing to clinic

• Multiple commercialization options being pursued to maximize value

• Secured IP for all including proprietary microparticle, bio-adhesive film, and spray technologies

• Leadership team with strong track record of bench-to-bedside success

UNIQUE VALUE PROPOSITION:

Trusted compounds reinvented

FILLING THE GAP:

Addressing critical unmet medical need

WHERE WE ARE: Developing

multiple late-stage CNS assets

• Exists within rare and orphan disease markets

• Each asset carries an orphan designation

• Provides enhanced patient outcomes and convenience

• Key Opinion Leaders (KOL) –validate strong potential for rapid adoption

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Overview of pipeline

Approved Orphan Designation

Indication Pre-clinical Phase 1 Phase 2 Phase 3Product Candidate

Subarachnoid Hemorrhage (SAH) GTX-104 Pivotal 2H’2019 $320mm

Postherpetic Neuralgia (PHN) GTX-101 Phase 1 2H’2019 / Phase 2 1H’2020

Ataxia Telangiectasia (A-T) GTX-102 Phase 3 1H’2020

Trigeminal Neuralgia (TGN) GTX-201

Aortic Aneurysm GTX-103

$1.6bn

$150mm

Market Size

Orphan Designation Will Be Sought

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Near-term clinical milestones

Accomplished milestonesFuture milestones

GTX-104 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Phase I studies

FDA meeting

Pivotal PK study

Physician-IND

NDA submission

Approval / LaunchGTX-101

Non-Clinical studies

FDA Pre-IND meeting

Device engineering / human factor study

IND submission

Phase I study (SAD/MAD)

Phase II study

Phase III efficacy study

Phase III safety study

NDA submission

Approval / LaunchGTX-102

IND submission

Phase 1 BA study

Phase III confirmatory efficacay and safety NDA submission

Approval / Launch

20232017 2018 2019 2020 2021 2022

2023

2017 2018 2019 2020 2021 2022 2023

2017 2018 2019 2020 2021 2022

Today

Assumptions

Funding is secured by May/Jun 2019

GTX-104

Clinical Study for PK bridging

GTX-101

Non-Clinical

xyz

Phase II

8 weeks

100 patients

50 sites

Phase III efficacy

12 weeks

300 subjects

100 sites worldwide

Phase III safety

6 months

500 subjects

100 sites worldwide

GTX-102

Phase III efficacy and safety

3 months efficacy study

50 subjects

1 site

GTX-101 Phase 2 then 3

2017201820192020202120222023

GTX-104Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4

Phase I studies

FDA meeting

Pivotal PK study

Physician-IND

NDA submission

Approval / Launch

GTX-1012017201820192020202120222023

Non-Clinical studies

FDA Pre-IND meeting

Device engineering / human factor study

IND submission

Phase I study (SAD/MAD)

Phase II study

Phase III efficacy study

Phase III safety study

NDA submission

Approval / Launch

GTX-1022017201820192020202120222023

IND submission

Phase 1 BA study

Phase III confirmatory efficacay and safety

NDA submission

Approval / Launch

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Agenda

Company overview 4

Products overview 8

Appendix 23

Page

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Overview of Subarachnoid Hemorrhage (SAH)GTX-104

GTX-101GTX-102

Sources: National Inpatient Sample (NIS), Healthcare Cost and Utilization Project (HCUP), Agency for Healthcare Research and Quality; UpToDate; Fletcher Spaght primary research

Medicare37%

Medicaid15%

Pvt Ins37%

Uninsured / Other11%

SAH Payers

Devastating neurological condition• 10-15% die before reaching hospital• 20% of admitted patients die in the hospital

One of the most expensive acute conditions to treat• $220,000 average per patient hospital charge

34kaSAH

85% 15%

• Caused by ruptured brain aneurysm

• Associated with vasospasm that leads to delayed cerebral ischemia

• Typically results from vascular malformation or arterial dissection

• Vasospasm less of an issue

6knaSAH

40k (non-traumatic) SAH patients treated annually in US

*Specifications Manual for Joint Commission National Quality Measures (Nimodipine Treatment Administered performance measure)

Nimodipine (FDA approval - 1988) improves neurological outcomes in SAH• Use and timing of nimodipine administration tracked by the Joint Commission*• Only available in oral capsule and liquid solution in US• IV formulation available ex-US has limited utility due to high alcohol content

GTX-104

GTX-104

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Novel nanoparticle formulation for IV infusion

Benefits: Novel nanoparticle technology facilitates aqueous formulation of insoluble nimodipine and enables a safe, continuous standard peripheral IV infusion

• Better manage hypotension• 100% bioavailability

• Low intra-subject variability• No drug-drug interactions / food effects

10 – 15 nm

Drug loaded Micelle

Nimodipine

Surfactant Monomers

Unmet Need as oral nimodipine has several limitations:• Dose-limiting side-effects

(hypotension)• Difficult to administer to

unconscious patients or those with impaired swallowing

• Low bioavailability (high first-pass metabolism)

• Narrow administration window as food effects lower bioavailability significantly

• Concomitant use with CYP3A inhibitors is contraindicated

GTX-104 Solution:

GTX-101GTX-102

GTX-104

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GTX-104’s superior value proposition

Robust pharmacoeconomic model will help fine-tune pricing

+100% bioavailable+Control hypotension+No food effects +No DDI- Drug intake

- Medication error- Nursing burden- Rescue therapy- ICU / length of stay+JC compliance*+Economic impact

+Safer +Outcomes+Convenient+Faster recovery- Disease burden

Pricing sensitivity study is planned

* Nimodipine administration in SAH patients is a key Joint Commission (JC) quality measure for hospitals with stroke certification

Clinical Value Patient Value Hospital Value

GTX-101GTX-102

GTX-104

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Total US addressable markets of ~$325M

Sources: National Inpatient Sample (NIS), Healthcare Cost and Utilization Project (HCUP), Agency for Healthcare Research and Quality; UpToDate; Fletcher Spaght primary research; IMS

Experts at leading stroke centers suggest strong use case for at least 60% of total SAH inpatient days

34kannual inpatient

admissions

$322M

aSAH

6kannual inpatient

admissionsnaSAH

460kPatientdays

$700/day

12 daysaverage

LOS

9 daysaverage

LOS

GTX-101GTX-102

GTX-104

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Commercial strategy to deploy direct salesforce

Source: Based on average # of SAH patients treated annually at comprehensive stroke centers interviewed by Fletcher Spaght, Inc.; HCUP National (Nationwide) Inpatient Sample, 2011

Highly concentrated hospital base treating majority of SAH patients

Launch focus on 176 stroke centers managing ~45% of SAH patients

Location of Certified Comprehensive Stroke Centers

90 110 170 425 410

1,395

>100 50-100 25-49 10-24 5-9

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Overview of Postherpetic Neuralgia (PHN)GTX-101

PHN clinically defined as pain persisting 3 months after onset of rash• Many clinicians do not wait and instead start treating pain as

soon as the rash clears

• Leading cause of debilitating pain in elderly

• 60% of PHN patients have pain that persists for over a year

5 years, 20%

Duration of Pain in PHN patients

2-5 years, 15%

1-2 years, 25%

250k new 250k persistent

500k patients with PHN

Sources: Fletcher Spaght primary research; CDC; peer reviewed journal articles

• Wide anatomic distribution

• Scalp, face, and neck often involved

• Spanning joints and skin folds

~1M casesof shingles annually (US)

GTX-101

GTX-101GTX-102

GTX-104

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PHN standard of care has limitations

• Unmet Need as lidocaine patches are suboptimal• 40% of patients experience insufficient pain relief • Optimal analgesic effect could take up to 2 weeks• Patches difficult to use, fall off, and unsightly • Skin sensitivity and irritation

• Gabapentin and opioid abuse has continued to proliferate

Treatment of PHN most often consists of gabapentin and lidocaine patches

Antidepressantsamitriptyline, nortriptyline, desipramine, duloxetine

Topical anesthetic 5% Lidocaine patch, ZT Lido 1.8%

Generic gabapentin

First Line Second Line Third Line

Opioids / Interventional

Branded AnticonvulsantsLyrica®, Gralise®, Horizant®

>90% of PHN patients are managed by PCPsRefractory cases referred to neurologists or pain specialists

GTX-101GTX-102

GTX-104

>90%

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Innovative spray delivery of bupivacaine

• Metered-dose of bupivacaine spray forms a thin bioadhesive topical film– Touch-free, non-greasy application– Convenient, portable 30mL plastic bottles

• Biphasic delivery mechanism enables rapid onset and continuous pain relief for up to 8 hours– No skin sensitivity reported in Phase 1 study

Mechanism of bioadhesive film formation

Mechanism of film formation

GTX-101 solution:

GTX-101GTX-102

GTX-104

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Non-opioid, more effective solution with expanded use case

• Rapid onset of action and extended relief

• Easy to use (no peeling and cutting patches to size)

• Ability to precisely cover the affected area

• No skin sensitivity or irritation

Easier, more convenient application

GTX-101GTX-102

GTX-104

• More potent analgesic and opioid-sparing

• Well understood and efficacious

• Longer acting vs. lidocaine

• Strong KOL support for bupivacaine

Bupivacaine, an ideal topical analgesic

• Convenience will improve compliance and expand use

• Burgeoning market for non-PHN indications

• Enthusiasm across specialties

Expanded use for PHN and other indications

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Total US addressable market of ~$1.5b

Sources: Fletcher Spaght primary research and analysis; IMS

Positioned to displace and expand the lidocaine patch market

30M doses

$1.6bPHN 130%

100M doses 120%Other Pain

39M“doses”

Current lidocaine patch market

Anticipated use relative to lidocaine patch

120M“doses”

$10/dose

Comparable to Lidoderm®price/patch

GTX-101 “dose” = single lidocaine patch• Diabetic neuropathic pain • Fibromyalgia • Focal/peripheral neuropathy• Complex regional pain syndrome• Spine-related pain• Intercostal pain

GTX-101GTX-102

GTX-104

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Overview of Ataxia Telangiectasia (A-T)GTX-102

Unmet Need as no effective therapeutic options currently available • No drugs approved for A-T•

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Novel oromucosal betamethasone formulation

Novel formulation of betamethasone intended to significantly improve neurological symptoms of ataxia telangiectasia• Clinical benefits: ~30% decrease in ataxia symptoms* observed on day 31 in an earlier clinical study of oral

betamethasone• Ease of administration: 1-3x 140µL applied onto tongue using metered dose spray

– dosing: 0.25, 0.5 or 1.0 mg per spray

Placebo Betamethasone Efficacy

Day -1 Day 31 Day -1 Day 31 Δ 95% CI for the median P value

Total Score* 46(14-69)

41.5 (26-68)

50 (20-68)

33(19-55)

-13 (-28 to 14)

-19 to -5.5 0.01

Source: Zannolli R, et al. A randomized trial of oral betamethasone to reduce ataxia symptoms in ataxia telangiectasia. Mov Disord. 2012;27:1312–6. Note: Data are medians (ranges); P values calculated using Wilcoxon rank sum test

Clinical data for betamethasone oral solution in A-T patients(Scores for ataxia symptoms assessed by ICARS)

*Includes assessments of posture and gait disturbance and kinetic, speech and oculomotor functions

GTX-101GTX-102

GTX-104

GTX-102

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Total addressable market$150M

Serviceable addressable market is about 60% of patients or 1500 per year presenting a strong use case per KOL interviews

Total US addressable market of ~$150M

*Estimated A-T incidence 1 in 20,000-100,000 live births; median A-T patient lifespan 25 years (“Ataxia-telangiectasia.” Opal and Bonilla. UpToDate, 2017)

~2,500Prevalence (US

Patient Population)*

$60,000Price / Year

60%

High penetration of this serviceable market can be expected with most US patients managed at A-T Clinical Center (Johns Hopkins)

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Grace Therapeutics – Summary

Rare and orphan disease company with CNS focus and strong global IP estate

Leverage innovative drug delivery and proprietary formulation technologies

De-risked, 505(b)(2) regulatory pathway utilizing approved molecules

Robust pipeline with three lead assets on cusp of late-stage development

Proven management team with track record of bench-to-bedside success

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Agenda

Company overview 2

Products overview 8

Appendix 23

Page

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Strong intellectual propertyUS Publication # Publication Date Abstract

20170296485 Oct 19, 2017 A polymeric bio-adhesive film forming topical spray formulation providing a modified, pulsatile (e.g., biphasic) release of the active agent(s) once the solvent evaporates and the film sets, e.g., on human skin is disclosed. In certain embodiments, the active agent is bupivacaine hydrochloride.20170296484 Oct 19, 2017

GTX-101: Topical Film-Forming Spray (Postherpetic Neuralgia)

US Publication # Publication Date Abstract

10092553 Oct 9, 2018 A nimodipine injection concentrate and diluted formulation comprises nimodipine (base or salt), an effective amount of a hydrophilic surfactant, and a pharmaceutically acceptable carrier for injection which is an aqueous solution, an organic solvent, an oil, or a cyclodextrin, such that the nimodipine is substantially contained in a concentrated injection solution, suspension, emulsion or complex as a micelle or a colloidal particle or an inclusion complex and the formulation is stable and clear. In certain embodiments, the hydrophilic surfactant is polysorbate 80.

10092557 Oct 9, 2018

20180325882 Nov 15, 2018

20180325886 Nov 15, 2018

US Publication # Publication Date Abstract

20170196889 Jul 13, 2017

A stable oral spray formulation comprising a glucocorticoid together with other excipients is disclosed. In preferred embodiments, the spray formulation is used to treat neurological disorders such as ataxia by being sprayed in an effective dose into the mouth of a patient.

Approved orphan designation

GTX-104: Stable Nimodipine Parenteral Formulation (Subarachnoid Hemorrhage)

Approved orphan designation

GTX-102: Betamethasone Oral Spray Formulation and Method of Use (Ataxia Telangiectasia)

Approved orphan designation

GTX-201: Therapeutic Composition of Intranasal Lidocaine (Trigeminal Neuralgia)

US Application # Filling Date Abstract

62/781969 Dec 19, 2018The present invention discloses a (preferably) preservative free intranasal composition in multi-dose or bi-dose or unit-dose spray container to treat the pain associated to tri-geminal neuralgia, facial neuropathic pain, facial cancer induced neuropathic pain and migraine pain.

Slide Number 1Slide Number 2AgendaExperienced management teamIndependent Directors Transforming proven compounds for rare and orphan diseases through novel formulation and delivery technologiesOverview of pipelineNear-term clinical milestonesAgendaOverview of Subarachnoid Hemorrhage (SAH)�GTX-104Novel nanoparticle formulation for IV infusionGTX-104’s superior value propositionTotal US addressable markets of ~$325MCommercial strategy to deploy direct salesforceOverview of Postherpetic Neuralgia (PHN)�GTX-101PHN standard of care has limitationsInnovative spray delivery of bupivacaineNon-opioid, more effective solution with expanded use caseTotal US addressable market of ~$1.5bOverview of Ataxia Telangiectasia (A-T)�GTX-102Novel oromucosal betamethasone formulationTotal US addressable market of ~$150MGrace Therapeutics – Summary AgendaStrong intellectual property