Novus Therapeutics : Eledon Pharmaceuticals Corporate Presentation

Targeted Immunology CD40/CD40L Therapeutics

• Transplantation
• Autoimmunity
• ALS

January 2021

Forward-Looking Statements

This presentation contains forward‐looking statements that involves substantial risks and uncertainties. Any statements about the company's future expectations, plans and prospects, including statements about its strategy, future operations, development of its product candidates, and other statements containing the words "believes," "anticipates," "plans," "expects," "estimates," "intends," "predicts," "projects," "targets," "could," "may," and similar expressions, constitute forward‐looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, although not all forward‐looking statements include such identifying words. Forward‐looking statements include, but are not limited to statements regarding: expectations regarding the timing for the commencement and completion of product development or clinical trials; the rate and degree of market acceptance and clinical utility of the company's products; the company's commercialization, marketing and manufacturing capabilities and strategy; the company's intellectual property position and strategy; the company's ability to identify additional products or product candidates with significant commercial potential; the company's estimates regarding expenses, future revenue, capital requirements and needs for additional financing; developments relating to the company's competitors and industry; and the impact of government laws and regulations.

Actual results may differ materially from those indicated by such forward‐looking statements as a result of various important factors, including: the ability to develop commercially viable product formulations; the sufficiency of the company's cash resources; the ability to obtain necessary regulatory and ethics approvals to commence additional clinical trials; whether data from early clinical trials will be indicative of the data that will be obtained from future clinical trials; whether the results of clinical trials will warrant submission for regulatory approval of any investigational product; whether any such submission will receive approval from the United States Food and Drug Administration or equivalent foreign regulatory agencies and, if we are able to obtain such approval for an investigational product, whether it will be successfully distributed and marketed. These risks and uncertainties, as well as other risks and uncertainties that could cause the company's actual results to differ significantly from the forward‐looking statements contained herein, are discussed in our annual report on Form 10‐K for the year ended December 31, 2019 and other filings with the SEC which can be found at www.sec.gov. Any forward‐looking statements contained in this presentation speak only as of the date hereof and not of any future date, and the company expressly disclaims any intent to update any forward‐looking statements, whether as a result of new information, future events or otherwise.

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Novus-Anelixis Merger Creates Eledon

Structure

New Investors

Financials

Cash Runway

• All stock transaction completed on September 14
• Anelixis (private) equity exchanged for a combination of Novus (NVUS) common and shares of a new convertible preferred
• Concurrent private placement of over $108 million
• Name change to Eledon effective January 5, 2021
• BVF, Cormorant, Ecor1, Logos, Fidelity, Adage, Woodline, Ridgeback, Janus Henderson, and Samsara
• Nasdaq Ticker: ELDN as of January 5, 2021
• Proforma fully diluted shares outstanding: ~28.2 million
• Proforma cash: ~$123.5 million in cash (unaudited as of September 30, 2020)
• Cash should be sufficient to complete up to four Phase 2 clinical trials of AT-1501

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Single Focus: Developing Best-in-ClassImmune-Modulating Therapeutics with Validated Biology

Optimized & Differentiated Lead Asset: AT-1501

• Targeting CD40/CD40L pathway validated by extensive historical proof-of-concept data

• Engineered to increase potency, half-life and manufacturability vs. other anti-CD40 approaches
• Targeting both potential first-in-class and best-in-class indications

4 Shots on Goal in Conditions with Few or No Approved Medicines and High Morbidity

• Financed to support up to four Phase 2 trials in: Renal Transplantation, Islet Cell Transplantation (Type 1 Diabetes), Autoimmune Nephritis, and Amyotrophic Lateral Sclerosis (ALS)
• Composition of matter to 2036 (excluding potential extensions)
• Next generation antibody in pre-clinical development and future combination therapies possible

Rapid Progression and Near-Term Milestones

• ALS Phase 2 launched October 2020

• Islet Cell Transplantation, Renal Transplantation & Autoimmune Nephritis to begin recruiting in 2021
• Multiple interim and top-line data read outs beginning in 1H 2022

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