The document provides an overview of TARIS's market research on bladder cancer and overactive bladder syndrome (OAB). Key points include: 1) Bladder cancer represents a large underserved market opportunity with increasing development activity in recent years. The market research validated the potential for TARIS's sustained drug delivery approach to transform bladder cancer treatment. 2) The research estimated the peak US market opportunity for successful bladder cancer treatment to be over $1 billion based on incidence rates and treatment costs. 3) Research also found the economic burden of OAB to be high, around $36.5 billion annually in the US. TARIS's non-invasive treatment approach could address unmet needs and target

1. TARIS® Market Research: Market
Positioning, Pricing, Sales Forecast
Preliminary Draft
Jody Kalt, Terry York, Gabi Forman
Investor Deck part III
CONFIDENTIAL 1

2.  Bladder cancer represents a large and underserved market opportunity that has been devoid
of innovation for many years
 Level of interest/development activity have increased dramatically in the past several years
 Driven by a better understanding of immune mechanisms at play both systemically and in the
tumor micro-environment
 Bladder cancer is complex - represents a number of different patient cohorts with differing
unmet needs
 Since the AGN transaction in 2014, TARIS has spent a majority of our time focused on
understanding the nuances of treating this disease and advancing our lead program into
clinical proof-of-concept studies, which are now just starting to readout
CONFIDENTIAL 2
Executive Summary: 1 of 2

3.  Our thinking has evolved in several different directions:
 Target: Initially only NMIBC, now both NMIBC and MIBC, with the later being higher priority
 MOA: Initially improved cytotoxic modality due to PK play, now potential multimodal activity
 Our initial proof-of-principle study in MIBC has validated our belief that our approach has the
opportunity to transform the treatment of this disease
 TARIS just completed a significant market research study working with Defined Health to try
and better understand the commercial opportunity for this technology
 We believe, if successful in development, that this represents a $1B+ opportunity (US) with
several opportunities to pursue a rapid registration pathway
CONFIDENTIAL 3
Executive Summary: 2 of 2

4. Incidence and Prevalence
Bladder Cancer
CONFIDENTIAL4

5. 5
Bladder Cancer Treated Patients, 2016
(US Only)
Target for Most
Current I/O
Therapies
Managed By:
Uro-oncologists
Managed By:
Uro-oncologists
Medical Oncologists
Radiation Oncologists
Managed By:
Medical Oncologists
Radiation Oncologists
All Bladder
Cancer
102,546 pts
NMIBC
81,725
MIBC
16,855
Metastatic
3,966

6.  TARIS has completed substantial market research in bladder cancer with DefinedHealth
 First project: 2012, focused on profiles in NMIBC
 Recent project: 2016, focused on profiles in both NMIBC and MIBC
 Summary of scope: current project
 24 qualitative interviews:
 8 KOL uro-oncologists
 16 additional interviews: community urologists, medical oncologists, radiation oncologists
 60 quantitative interviews via web-based survey
 5 payer interviews (Medical/Pharmacy Directors)
 Initially tested 4 product profiles in qualitative interviews, after completion of the initial interviews, added a 5th TPP with an
additional 4 qualitative interviews, prioritized 3 to include in quant
 TPPs numbered by severity of disease (low to high), not necessarily by internal development priority
 TARIS did not evaluate TPPs for low risk NMIBC or treatment-naïve high risk NMIBC
 Included in previous 2012 research
 These indications represent additional potential upside
CONFIDENTIAL 6
TARS® Market Research Methodology

7.  All specialties generally reacted favorably to the TAR-200 product profile as an easily deployed and retracted device in the office setting for
local, sustained delivery of drugs to the bladder
 However, they wanted to be assured that TAR-200 would be tolerable and not interfere with follow-up:
 Foreign body placement location and rubbing could cause inflammation to the bladder lining
 Continuous delivery of gemcitabine could irritate the bladder
 Either could cause pain and/or increase urinary urge and voiding frequency, dysuria
♦ Physicians generally understood advantage of longer duration tx (7 days vs. 1 hr of BCG/chemo), support the selection of gemcitabine as agent of choice
 However, physicians want to see clinical data on how week-long, sustained, low dose gemcitabine is better than short exposures of multiple
high dose instillations in terms of improvements in efficacy/outcomes
 Urologists: having an intravesical product pre-loaded with gemcitabine on the shelf would increase patient access and physician/office
convenience
 Community urologists wanted to know if it is economical for a Urology office – what’s the profit margin?
 Community radiologist considered TAR-200 as a good option for older, frail (> 80+ yrs in age are not good candidates for surgery or Chemo as
kidney function is not good) that are left with radiation only
Physicians Reacted Quite Positively to The TAR-200 Product
Profile
 Source: 1. DH Primary Research

8. CONFIDENTIAL 8
MIBC: ~$2.1B Total Addressable Peak US
Market
 Significant market research, including payors, complete
 At least 2x potential w/ EU, Japan, ROW
 US represents only 17% of WW cases
 Additional upside indications, not included in forecast
 High risk/metastatic disease (± checkpoint)
 High Risk NMIBC: BCG Naïve, BCG Unresponsive
$2,069
$0
$500
$1,000
$1,500
$2,000
$2,500
MIBC
Millions
Total Addressable Market
US MIBC Markets at Peak Patients Cost/Dose Doses/Patient Cost/Patient Total Addressable Market
RC Ineligible 7,285
$14k
9 (18 months) $126k $972M
NAC Ineligible 5,562 2 (upfront) $28k $165M
cT2 Bladder Sparing 6,246 11 (2 years) $156k $932M*

9.  EpiLUTS: US population-based survey in adults
 Total cost of OAB: $36.5B
CONFIDENTIAL 9
The Economic Impact of OAB is High
$3.0
$4.4
$8.1
$2.5
$14.7
$3.9
0 2 4 6 8 10 12 14 16
Lost Productivity
Consequence of Disease
Pad Use
Drug Costs
Outpatient Costs
Inpatient Costs
US Adult Population-based Cost of OAB ($B, 2009)
Onukwugha E, et al. Am J Manag Care 2009; 15, S90-97
Presented at ICS October 2015

10.  A significant unmet medical need exists in both NDO and iOAB
 Poor efficacy with orals, low satisfaction & adoption with Botox and neuromodulation
 TARIS expects to target ~33% of the currently-treated 3M patients
 TARIS system offers a compelling treatment option
 Better efficacy and safety, less invasive, potential to expand prescriber base
 Strong positive response to product profile in 2 formal qualitative surveys
 Ratings: 7/10 and 6/7
 Several development pathways exist to capture the broad OAB market
 Potential for expedited approach
 Potential peak revenue in the US >$500M
CONFIDENTIAL 10
Executive Summary: Key Takeaways

11.  The OAB market is a not a top drug-spend category for payers but is still a
significant pharmacy budget
 Payers are not actively monitoring pharmacy/medical budget impact or quality
metrics although new CMS metrics exist related to access to treatment for
patients with “urine leakage problems”
 3 and 4 Tier benefit designs are most common with payers forcing price
competition for preferred seat in each category; Branded agents require step
through generics
 TARIS will go through P&T and Technology Assessment but will not be managed
via pharmacy formulary structures; TARIS will require pre-certification and the
procedure will count against patients’ medical deductible… representing a
potential affordability challenge
 Payers believe this to be a “self-regulated” treatment option… only highly
motivated patients will seek this
CONFIDENTIAL 11
Payer Research: TARIS® in Line with Other Urology
Products

12. Model Input
Item / Indication NDO iOAB Comment
Total Treated Patients 1 million 2 million Pfizer, ICD9 codes
Target population (TP)
Addressable by specialist
SCI (38%), MS (36%), SB
(18%), Park & Alz (20%)
25%
Seeing specialists/ Failing orals
&
seeking 3rd line treatment
Growth pre-launch 1.84% 1.84%
Stewart W, et al. World J Urol
2003; 20 327-336
Additional Growth post-launch 3% 3% Marketing effort
Current price (2015 dollars) $2000 ($500 x4 per year) Total cost parity to Mirabegron
Price increase post launch 6% 6% Industry norm
Launch year 2021 2022 Assume 6 year to file NDA
Peak Market Share
20-25% (SCI/SB/MS)
5% (Parkinson’s/Alzh)
15%
Estimated from qualitative
market research, 5 year ramp
Output
PEAK YEAR SALES $205,000,000 $369,000,000 $574,000,000
# of patients treated at peak 81,000 174,000
12
Commercial Modal Assumptions: US Only

13. CONFIDENTIAL 13
OAB Revenue Share and Total Revenues By
Indication
MS
15%
Spina Bifida
2%
SCI
11%
Parkinson's
3%
Alzheimer's
4%
iOAB
65%
Total Revenue Split By Indication
MS Spina Bifida SCI Parkinson's Alzheimer's iOAB
$-
$100
$200
$300
$400
$500
$600
2021 2022 2023 2024 2025 2026 2027
Annual Sales (2027)
iOAB MS Spina Bifida SCI Parkinson's Alzheimer's
$22M
$90M
$173M
$276M
$401M
$529M
$574M

14. Checkpoint Inhibitors: Bladder Cancer
CONFIDENTIAL14

15. Checkpoint Inhibitors (Comparators): Bladder Cancer
Company Drug Indications MOA DOA
Annual
WAC
ORR Study
BMS
Opdivo
(Nivolumab)
Second line Pd-1 Feb, 2017 $130,931 19.6% Checkmate275
Genentech
Tecentriq
(Atezolizumab)
First Line; platinum
refractory cisplatin
ineligible
Pd-l1 May 2016 $150,000 23.5% IMVigor210
Merck
Keytruda
(Pembrolizumab)
Second line;
cisplatin ineligible
Pd-1 May 2017 $110,064 29% KEYNOTE045
Pfizer
Bavencio
(Avelumab)
Second line Pd-l1 March 2017 $156,000 33% JavlinMerkel200
Astrazeneca
Imfinzi
(Durvalumab)
Second line Pd-l1 May, 2017 $156,000 17% DANUBECONFIDENTIAL 15
Insert Source

16. Combination Therapy
CONFIDENTIAL
16
*Single dose immunotherapy for 70kg patient
**cost for complete dosage corresponds to median
number of doses. Wholesale Prices +-17%
Journal of Managed Care & Specialty Pharmacy
Vol 23, No 6
AWP per
dosage *
AWP per course
of treatment
(Base Case) **
Annual WAC Price per
QALY***
Nivolumab $5,732 $85,983 $130,931 $415,950
Ipilimumab $33,162 $132,649 $120,000 $129,000
Nivolumab+
Ipilimumab
$35,073 $140,292 $256,000 $454,092
***$100,000
WTP for 1
QOL

17. CheckMate 067 Trial: significant increase
in PFS Up to a 75% increase in PFS with
Combination
CONFIDENTIAL 17
Yervoy: 2.9
months
Opdivo: 6.9
months
Combination:
11.4 months

18. CPI’s: ~$16.55 B market value
 Forecast period: 2014- 2020
 Projected CAGR: 24.1%
 Shift from CTLA-4 submarket domination
in market share to PD-1 domination
 Biggest strides in melanoma and NSCLC
(Non Small Cell Lung Cancers)
CONFIDENTIAL 18
*
Checkpoint Inhibitors for Treating
Cancer: Market Report with Forecasts
2016-2026, Revealing Potentials of
CTLA-4 and PD-1 Inhibitor Drugs and
$16.50
$0.00
$2.00
$4.00
$6.00
$8.00
$10.00
$12.00
$14.00
$16.00
$18.00
INBILLIONS
Checkpoint Inhibitor Projected Value
2020 ($)
Checkpoint Inhibitor projected Value 2020

19. Costs of Check Point Inhibitors High
 Avg cost of Immuno-oncology drugs: $137,000 per year
19
$120,000.0
$110,064.0
$130,931.0
$150,000.0
$156,000.0
$165,000.0
0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000
Yervoy
Keytruda
Opdivo
Tecentriq
Imfinizi
Bavencio
Annual Wholesale Acquisition Cost for Checkpoint Inhibitors ( $)
AHIP High priced drugs estimated upon annual
patient expenditures

20. Leading Markets for Checkpoint
Inhibitors
1. US**
2. Japan
3. Germany, France, UK, Italy, and Spain
4. Overall EU market
5. APAC region
CONFIDENTIAL 20

21. Timeline Of Approvals2011
• Yervoy; malignant melanoma
2014
• Opdivo; malignant melanoma
• Keytruda; malignant melanoma
2015
• Opdivo: NSCLC
• Opdivo; RCC
• Keytruda; NSCLC
2016
• Opdivo: SCCHNN
• Opdivo: Hodgkins Lymphoma
• Opdivo: Malignant Melanoma
• Tecentriq: Bladder Cancer and NSCLC
2017
• Keytruda: Hodgkins Lymphoma
• Opdivo: Bladder Cancer
• Bavencio :Bladder Cancer; metastatic merkel cell
• Imfinzi: Bladder Cancer
• Opdivo and Yervoy: metastatic melanomaCONFIDENTIAL 21

22. Opdivo & Yervoy combo. yield better
endpoints overall than other CPI’s alone
2
8
25
12
10
7
45
25
22
12
40
85
80
25
0
10
20
30
40
50
60
70
80
90
Response Rate (%) Overall Survival (Months) 1 year survival Rate (%) 2 year survival rate (%)
Melanoma Trial Data
gp100 Yervoy (phase III data) Opdivo (Phase II data) Opdivo + Yervoy (phase 1 data) Keytruda (phase I data)CONFIDENTIAL 22

23. $83.00 $110.00
$159.00
$214.00
$249.00
$314.00
$356.00
$483.00
$584.00
$40.00
$162.00
$305.00
$475.00
$704.00
$840.00
$920.00
$1,310.00
$1,127.00
$325.00
$296.00
$240.00 $265.00 $263.00 $241.00
$285.00 $264.00
$330.00
$-
$200.00
$400.00
$600.00
$800.00
$1,000.00
$1,200.00
$1,400.00
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17
CPI Sales Quarterly Sales Growth (millions)
Keytruda Opdivo YervoyCONFIDENTIAL 23
CNBC

24. $83.00 $110.00 $159.00 $214.00 $249.00 $314.00 $356.00
$483.00
$584.00
$40.00
$162.00
$305.00
$475.00
$704.00
$840.00
$920.00
$1,310.00 $1,127.00
$325.00
$296.00
$240.00
$265.00
$263.00
$241.00
$285.00
$264.00
$330.00
$-
$500.00
$1,000.00
$1,500.00
$2,000.00
$2,500.00
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17
CPI Sales Quarterly Sales Growth (millions)
Keytruda Opdivo YervoyCONFIDENTIAL 24

25. Number of Anti PD-1/PD-L1 combination
studies 2015 vs 2017
70 73
42
26
268
242
123
83
KEYTRUDA OPDIVO IMFINZI TECENTRIQ
2015 2017
CONFIDENTIAL 25
Jacob & Edwin Elmhirst May
2017: Data from EP Vantage
PD-1 combo report 2015

26. Checkpoint Inhibitors penetrate Market Share for oncology drugs
55%
20%
19%
6%
2014
Cytotoxic Agents
26
9%
10%
4%
8%
68%
1%
2024
Cytoxic agents EGFR inhibitors
Angiogenesis Inhibitors ALK inhibitors
Immune Checkpoint Inhibitors BRAF/MEK inhibitors
Cancer
Immunotherapy:
Building on Initial
Successes to
Improve Clinical
Outcomes ***

27. Combinations of Opdivo + Yervoy
(BMS:75 Studies in Total)
28, 37%
10, 13%5, 7%
4, 5%
3, 4%
3, 4%
2, 3%
2, 3%
2, 3%
16, 21%
Melanoma NSCLC Renal Cancer Head and Neck Cancer Prostate
Mesothelloma Breast Cancer SCLC Uveal Melanoma Other indications27
Evaluate Ltd May 2017

28. Annual WAC vs Price per QALY
avg Price per QALY: $250,155 > >WTP QALY:
$100,000
120,000
130,931
110,064
150,000
129,000
415,950
236,492
219,179
Yervoy Opdivo Keytruda Tecentriq
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
Annual WAC Price per QALY WTP per QALY 28

29. Checkpoint Inhibitors (Comparators)
Company Drug Indications MOA DOA
Annual
WAC
ORR
BMS
Opdivo
(Nivolumab)
Second line
Metastatic
Melanoma
Pd-1 2015 $130,931 32%
Genentech
Tecentriq
(Atezolizumab)
First line
treatment of
Bladder Cancer
Pd-l1 2016 $150,000 14.8%
BMS
Yervoy
(Ipilimumab)
Second line
Metastatic
Melanoma
CTLA-4 2011 $120,0000 10.9%
Merck
Keytruda
(Pembrolizumab)
Second line
NSCLC,HNSCC,
CHL, Bladder
Cancer,
Metastatic
Melanoma, MSI-H
Pd-1 2014 $110,064 19%;69%
Pfizer
Bavencio
(Avelumab)
Second line
Bladder Cancer,
First line
Metastatic Merkel
Cell Carcinoma
Pd-l1 2017 $156,000 16%
Astrazeneca
Imfinzi
Bladder Cancer
(second line Pd-l1 2017 $156,000 26%
CONFIDENTIAL 29