Pardes Biosciences, Inc. (the “Company”) management team members will be attending investor meetings and participating in a fireside chat at the Jefferies Global Healthcare Conference on June 9, 2022. The Company will provide the following updates on its PBI-0451 program. On June 6, 2022, the U.S. Food and Drug Administration (FDA) granted Fast Track designation for PBI-0451.

The Fast Track program is designed to accelerate the development and review of products such as PBI-0451, which are intended to treat serious or life-threatening diseases and for which there is an unmet medical need. Fast track designation provides increased opportunities for sponsor interactions with the FDA and the FDA may consider for review sections of the new drug application (NDA) on a rolling basis before the complete application is submitted upon satisfaction of certain conditions. The Company believes that in the U.S. and globally, there remains a high unmet medical need for easy to prescribe, dispense and take self-administered treatments for COVID-19 and continues to plan for global development.

The Company remains on track to initiate the Phase 2 portion of its Phase 2/3 program in mid-2022 and anticipates having interim data in late 2022. The Company's first-in-human Phase 1 study was recently completed with a total of 130 subjects enrolled. Ongoing assessments of drug-drug interactions also indicate the potential for PBI-0451 to be used without significant restrictions for concomitant medications.

The Company has also completed a food effect study with tablet formulation in U.S. IND enabling study. The pharmacokinetics and safety data from these Phase 1 studies supports the Company's belief in twice-daily PBI-0451 as a potential oral antiviral with activity against SARS-CoV-2 that can be administered without the need for a boosting agent, such as ritonavir. Based upon the results from these Phase 1 and additional studies the Company aims to develop PBI-0451 as an oral stand-alone antiviral with the potential to address a high unmet medical need in the patients at highest risk for severe outcomes from COVID-19, including the elderly, immunosuppressed, and/or those receiving concomitant medications.

The Company is in active conversations with regulators and anticipates enrolling a global, placebo-controlled Phase 2 clinical trial in vaccinated or unvaccinated participants with mild-to-moderate COVID-19 later this year. As has been stated by other companies in this space, the COVID-19 environment is nuanced and fluid. Consistent with this, the regulatory pathways for authorization and/or approval are anticipated to continue to evolve.

Pending ongoing regulatory discussions and study feasibility, the Company anticipates generating data from Phase 3 registrational trials in 2023. Should study results support, the Company expects to file for an emergency use authorization, if available, while also seeking to generate data to support a NDA filing in the U.S. and marketing authorizations more broadly.