8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 11, 2022

DICE THERAPEUTICS, INC.

(Exact name of Registrant as Specified in Its Charter)

Delaware	001-40794	47-2286244
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

400 East Jamie Court, Suite 300 South San Francisco, California	94080
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s Telephone Number, Including Area Code: 650 566-1420

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.0001 Par Value Per Share	DICE	The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 8.01. Other Events.

On October 11, 2022, DICE Therapeutics, Inc. (the “Company”) issued a press release announcing data from its Phase 1 trial of DC-806 for patients with psoriasis.

A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K. A copy of the presentation that the Company presented on October 11, 2022 that further describes the data from the Phase 1 trial of DC-806 is attached as Exhibit 99.2 to this Current Report on Form 8-K.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Press Release, dated October 11, 2022.
99.2	Phase 1 Data Presentation.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

Forward-Looking Statements

This Current Report on Form 8-K contains forward-looking statements within the meaning within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the current beliefs and expectations of management. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including, without limitation, statements concerning the Company’s future plans and prospects, and the planned timing of the Company’s clinical trials, data results and further development of DC-806. Forward-looking statements are neither historical facts nor assurances of future performance. Although the Company believes the expectations reflected in such forward-looking statements are reasonable, the Company can give no assurance that such expectations will prove to be correct. Readers are cautioned that actual results, levels of activity, safety, performance or events and circumstances could differ materially from those expressed or implied in the Company’s forward-looking statements due to a variety of factors, including risks and uncertainties related to the Company’s ability to advance DC-806, DC-853 and its other therapeutic candidates, obtain regulatory approval of and ultimately commercialize the Company’s therapeutic candidates, the timing and results of preclinical and clinical trials, the Company’s ability to fund development activities and achieve development goals, the impact of the COVID-19 pandemic on the Company’s business, its ability to protect its intellectual property and other risks and uncertainties described under the heading “Risk Factors” in the Company’s quarterly report on Form 10-Q filed on August 11, 2022, and its other SEC filings. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		DICE THERAPEUTICS, INC.
Date: October 11, 2022	By:	/s/ Scott Robertson
		Scott Robertson Chief Business Officer and Chief Financial Officer

EX-99.1

Exhibit 99.1

DICE Therapeutics Announces Positive Topline Data from Phase 1 Clinical Trial of Lead Oral IL-17

Antagonist, DC-806, for Psoriasis

Clinical proof-of-concept in psoriasis patients achieved with a mean percentage reduction in PASI from baseline at 4 weeks of 43.7% in the high dose group compared to 13.3% in the placebo group, with an exploratory p-value of 0.0008

DC-806 was well tolerated with an excellent safety profile across all dose groups in healthy volunteers and psoriasis patients with a robust PK profile and clear pharmacodynamic effects on two distinct biomarkers at both high and low doses of DC-806

Data supports further development of DC-806 as potential best-in-class oral agent for psoriasis; DC-806 is expected to advance into a Phase 2b clinical trial in the first half of 2023

Company to host conference call and webcast today at 8:00 a.m. ET

SOUTH SAN FRANCISCO, CA, October 11, 2022 – DICE Therapeutics, Inc. (Nasdaq: DICE), a biopharmaceutical company leveraging its proprietary technology platform to build a pipeline of novel oral therapeutic candidates to treat chronic diseases in immunology and other therapeutic areas, today announced positive topline data from its Phase 1 clinical trial of DC-806, an oral small molecule antagonist of the pro-inflammatory cytokine IL-17. The trial was a first-in-human, randomized, double-blind, placebo-controlled study designed to generate safety and pharmacokinetic (PK) data in healthy volunteers as well as provide early clinical proof-of-concept in psoriasis patients. The trial was conducted in three overlapping parts: Phase 1a single ascending dose (SAD) (n=40); Phase 1b multiple ascending dose (MAD) (n=32); and Phase 1c proof-of-concept in psoriasis patients (n=32).

• Proof-of-concept achieved, supporting further development of DC-806 as potential best-in-class oral agent for psoriasis: The Phase 1c, placebo-controlled psoriasis portion enrolled a total of 8 patients in the high dose group (800 mg BID), 13 patients in the low dose group (200 mg BID), and 11 patients in the placebo group. Following 4 weeks of treatment, the mean percentage reduction in Psoriasis Area and Severity Index (PASI) from baseline was 43.7% in the high dose group compared to 13.3% in the placebo group, with an exploratory p-value of 0.0008. Reduction in PASI was an exploratory endpoint with no correction for multiplicity.

• Both doses of DC-806 shown to be biologically active via analysis of well-precedented biomarkers: Exploratory biomarker data demonstrated dose-dependent IL-17 target engagement, rapid onset of action, and pharmacodynamic effects consistent with direct inhibition of IL-17 signaling.

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• DC-806 was well tolerated with an excellent safety profile across all dose groups: Data across all three cohorts showed DC-806 was well tolerated with a favorable safety profile in both healthy volunteers and psoriasis patients at all dose levels evaluated with no serious adverse events, no dose-limiting adverse events, no treatment-related discontinuations, and no clinically-significant changes in clinical and safety lab parameters (including liver enzymes). All treatment emergent adverse events (TEAEs) were classified as mild or moderate with no dose-dependent trend in the frequency, severity, or type of TEAEs observed.

• Robust PK profile and dose-dependent IL-17 target coverage: DC-806 showed a favorable PK profile with dose-proportional increases in serum concentrations throughout the study. Analysis of the MAD and Phase 1c data showed achievement of IC50 and IC90 coverage at trough with doses of 175 mg QD and 400 mg BID, respectively.

“We are extremely excited by the overall clinical profile of DC-806 and clear proof-of-concept in psoriasis in this Phase 1 clinical trial, which we believe is the first ever clinical demonstration of direct inhibition of a cytokine with a small molecule,” said Kevin Judice, Ph.D., CEO of DICE Therapeutics. “We believe these data not only support further development of DC-806 as a potential best-in-class oral therapy for psoriasis, but also may unlock additional IL-17-mediated disease indications given DC-806’s excellent safety profile, strong PK data, and robust, dose-dependent target engagement. More broadly, we believe these data validate our DELSCAPE platform as we work to advance more oral small molecule therapeutics to address other validated protein-protein interaction targets in immunology and other therapeutic areas.”

“Based on the Phase 1 clinical trial, we believe DC-806 has the potential to be the best-in-class oral therapeutic agent for patients with psoriasis,” said Tim Lu, M.D., Ph.D., chief medical officer of DICE Therapeutics. “There is a clear need for safe and more effective oral therapies for chronic immunological diseases like psoriasis. Data from this Phase 1 clinical trial provide early evidence for the potential differentiation of DC-806 on efficacy, safety, and ease of use. We look forward to advancing DC-806 into a Phase 2b clinical trial to optimize dosing and further explore peak efficacy with a longer duration of treatment.”

Next Steps

DICE plans to advance DC-806 into a dose-ranging Phase 2b clinical trial in patients with moderate-to-severe psoriasis. The company plans to submit an investigational new drug (IND) application with the U.S. Food and Drug Administration (FDA) in the first half of 2023 and initiate Phase 2b development.

Conference Call and Webcast Information

DICE will host a conference call and webcast today, October 11, 2022, at 8:00 a.m. Eastern Time. A live webcast of the call will be available on the Investor Relations page of DICE’s website at investors.dicetherapeutics.com/news-and-events/events. To access the call by phone, participants should visit this link (registration link) to receive dial-in details. The webcast will be made available for replay on the company’s website beginning approximately two hours after the live event.

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About the DICE Oral IL-17 Franchise and Psoriasis

DICE is developing orally-available, small molecule antagonists of the pro-inflammatory signaling molecule IL-17, an immune cell-derived cytokine that is produced in response to infection by certain microorganisms. Upon binding to its receptor on various cell types found in tissues (e.g., keratinocytes, fibroblasts, and epithelial cells), IL-17 elicits downstream signals that orchestrate sustained tissue inflammation, with the aim of clearing the invading pathogen.

In autoimmune diseases, the immune system appears to overreact and mount strong immune responses in the absence of an obvious infectious event. Over the past two decades, research has shown that IL-17 is a powerful driver of the skin disease psoriasis. Psoriasis manifests as erythematous plaques with thick scaling that can occur anywhere on the body. Symptoms include itching, bleeding and pain; furthermore, the disease can lead to disfiguration and considerable psychological burden. According to the National Psoriasis Association, more than eight million Americans – and 125 million people worldwide – suffered from psoriasis in 2020. There is no cure for psoriasis.

The therapeutic candidates in DICE’s oral IL-17 franchise are being developed initially for the treatment of psoriasis, with the objective of achieving therapeutic benefit similar to that of the U.S. FDA-approved injectable biologics. DC-806 is the lead candidate in DICE’s oral IL-17 franchise.

About DICE Therapeutics, Inc.

DICE Therapeutics, Inc. is a biopharmaceutical company leveraging its proprietary technology platform to build a pipeline of novel oral therapeutic candidates to treat chronic diseases in immunology and other therapeutic areas. DICE is initially focused on developing oral therapeutics against well-validated targets in immunology, with the goal of achieving comparable potency to their systemic biologic counterparts, which have demonstrated the greatest therapeutic benefit to date in these disease areas. The Company’s DELSCAPE platform is designed to discover selective oral small molecules with the potential to modulate protein-protein interactions (PPIs) as effectively as systemic biologics. DICE’s lead therapeutic candidates are oral antagonists of the pro-inflammatory signaling molecule, IL-17, which is a validated drug target implicated in a variety of immunology indications. DICE is also developing oral therapeutic candidates targeting α4ß7 integrin and αVß1/αVß6 integrin for the treatment of inflammatory bowel disease and idiopathic pulmonary fibrosis, respectively.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the current beliefs and expectations of management. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including, without limitation, statements concerning the Company’s future plans and prospects, any expectations regarding the safety or efficacy of DC-806 and other candidates under development, the ability of DC-806 to treat psoriasis or related indications, and the planned timing of the Company’s clinical trials, data results and further development of DC-806. In addition, when or if used in this press release, the words

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“may,” “could,” “should,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “predict” and similar expressions and their variants, as they relate to the Company may identify forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Although the Company believes the expectations reflected in such forward-looking statements are reasonable, the Company can give no assurance that such expectations will prove to be correct. Readers are cautioned that actual results, levels of activity, safety, performance or events and circumstances could differ materially from those expressed or implied in the Company’s forward-looking statements due to a variety of factors, including risks and uncertainties related to the Company’s ability to advance DC-806, DC-853 and its other therapeutic candidates, obtain regulatory approval of and ultimately commercialize the Company’s therapeutic candidates, the timing and results of preclinical and clinical trials, the Company’s ability to fund development activities and achieve development goals, the impact of the COVID-19 pandemic on the Company’s business, its ability to protect its intellectual property and other risks and uncertainties described under the heading “Risk Factors” in the Company’s quarterly report on Form 10-Q filed on August 11, 2022, and its other SEC filings. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein.

Contacts:

Media:

Katie Engleman, 1AB

katie@1abmedia.com

Investors:

investors@dicetx.com

#####

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EX-99.2

Exhibit 99.2 DC-806: Phase 1 Topline Results October 11, 2022

Disclaimer This presentation and the accompanying oral commentary contain forward-looking statements and information relating to DICE Therapeutics, Inc. within the meaning of, and made pursuant to the safe harbor provisions of, the Private Securities Litigation Reform Act of 1995. You should not place undue reliance on forward-looking statements, as these statements are based upon our current expectations, forecasts, and assumptions and are subject to significant risks and uncertainties. Any statements contained herein or provided orally that are not statements of historical fact may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “plan,” “expect,” “predict,” “potential” and similar expressions that convey uncertainty of future events or outcomes, although not all forward-looking statements contain these words. Forward-looking statements include all statements other than statements of historical fact contained in this presentation, including information concerning our future financial performance, business plans and objectives, timing and success of our planned development activities, our ability to obtain regulatory approval, the potential therapeutic benefits and economic value of our product candidates, potential growth opportunities, competitive position, industry environment and potential market opportunities, and the impact of the COVID-19 pandemic on our business and operations. Forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other factors. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. These factors, together with those that are described in under the heading “Risk Factors” contained in our Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (“SEC”) on August 11, 2022, and other documents we file from time to time with the SEC, may cause our actual results, performance or achievements to differ materially and adversely from those anticipated or implied by our forward- looking statements. Statements, including forward-looking statements, speak only to the date they are provided (unless an earlier date is indicated). We undertake no obligation to update publicly any forward-looking statements for any reason after the date of this prospectus to conform these statements to actual results or to changes in our expectations, except as required by law. Although we believe the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements. This presentation also contain estimates and other statistical data made by independent parties and by us relating to market size and growth and other data about our industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. In addition, projections, assumptions, and estimates of our future performance and the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk. Certain data in this presentation are based on cross-study comparisons and are not based on any head-to-head clinical trials. Cross-study comparisons are inherently limited and may suggest misleading similarities and differences. The values shown in the cross-study comparisons are directional and may not be directly comparable. © DICE Therapeutics 2022 2

Ground-breaking: clinical demonstration of direct inhibition of a cytokine with a small molecule Advancement to P2b: DC-806 appears to be efficacious and well tolerated with a favorable safety and PK profile; supports further development as potential best-in-class oral agent in psoriasis Oral IL-17 opportunity: potential to expand a $30+ billion market opportunity across five 1 approved indications Platform validation: opportunity to leverage DELSCAPE to develop oral small molecule medicines against other validated protein-protein interactions in immunology 1. 2021 Sales Per Evaluate Pharma © DICE Therapeutics 2022 3

DC-806 allosterically blocks the same biochemical step as the anti-IL-17 antibodies IL-17AA + IL-17 AA + IL-17 AA + ANTIBODY RECEPTOR DC-806 X X PRO-INFLAMMATORY SIGNAL © DICE Therapeutics 2022 4

5 Topline Phase 1 Results DC-806 Tim Lu M.D., Ph.D. Chief Medical Officer © © D DIIC CE E Th The er ra ap pe eu uttic ics s 2 20 02 22 2 5 5

DC-806: potential to be the best-in-class oral agent in psoriasis ✓ DC-806 exhibited a favorable safety and Clean safety profile tolerability profile ✓ DC-806 PK profile enables commercially Convenient dosing viable QD or BID dosing ✓ DC-806 demonstrated clear benefit with Proof of concept to improvement in PASI scores validate DC-806 and oral IL-17 Franchise✓ DC-806 showed target engagement and inhibition of IL-17 signaling PASI: Psoriasis Area and Severity Index | QD: Once daily dosing | BID: Twice daily dosing © DICE Therapeutics 2022 6

Phase 1 study design and dose rationale Healthy Volunteers Psoriasis Patients (4-weeks) SAD Phase 1c Healthy Volunteers: 6:2 (Active:Pbo) MAD 800 mg BID x 28d 800 mg BID x 7d (2:1 Active:Pbo) 800 mg 400 mg BID x 7d 4-fold above IC at trough 90 450 mg 200 mg BID x 7d 200 mg BID x 28d Food (2:1 Active:Pbo) 200 mg 175 mg QD x 7d Effect 6-fold above IC at trough 50 75 mg 25 mg • MAD data indicated that 175 mg QD and 400 mg BID would cover IC and IC , respectively 50 90 • In the P1c, we selected higher doses to explore safety margins and exceed PD targets © DICE Therapeutics 2022 7

Safety Summary © © D DIIC CE E Th The er ra ap pe eu uttic ics s 2 20 02 22 2 8 8

DC-806 demonstrated a favorable safety and tolerability profile All treatment emergent adverse events (TEAEs) classified as mild ✓ (>80%) or moderate; no severe AEs Only three mild drug-related adverse events (AEs) ✓ No clinically significant or consistent alterations in clinical and safety ✓ lab parameters (including liver enzymes and hematology) No dose/exposure-dependent increases in AEs ✓ No treatment related discontinuations ✓ No serious adverse events (SAEs) reported ✓ • Ability to achieve a 4-fold IC90 coverage at trough for at least 28 days with favorable safety profile • Overall safety profile to date suggests a well-tolerated oral drug that should not require laboratory safety monitoring © DICE Therapeutics 2022 9

DC-806 demonstrated a favorable safety and tolerability profile in P1: TEAEs occurring in ≥ 2 subjects in SAD/MAD No dose/exposure-dependent increases in number, severity or types of AEs SAD 25 mg 75 mg 200 mg 200 mg 450 mg 800 mg Overall Placebo Preferred Term, N=6 N=6 N=6 N=6 (Fed) N=6 N=6 DC-806 N=10 Subjects (%) N=36 Headache 1 (16.7) 0 1 (16.7) 0 0 0 2 (6.7) 0 Medical device site 1 (16.7) 0 0 (16.7) 1 (16.7) 0 0 2 (6.7) 1 (10.0) reaction* MAD Overall 175 mg QD 200 mg BID 400 mg BID 800 mg BID Placebo Preferred Term, DC-806 N=6 N=6 N=6 N=6 N=8 Subjects (%) N=24 Headache 1 (16.7) 1 (16.7) 1 (16.7) 1 (16.7) 4 (16.7) 0 Medical device site reaction* 0 0 0 1 (16.7) 1 (4.2) 3 (37.5) Nausea 0 0 1 (16.7) 1 (16.7) 2 (8.3) 0 *rash due to Holter/ECG electrode placement © DICE Therapeutics 2022 10

DC-806 demonstrated a favorable safety and tolerability profile in P1: TEAEs occurring in ≥ 2 patients in Phase 1c No dose/exposure-dependent increases in number, severity or types of AEs Preferred Term, DC-806 DC-806 Overall Placebo Subjects (%) 200 mg BID 800 mg BID DC-806 N=11 N=13 N=8 N=21 Headache 4 (30.8) 2 (25.0) 6 (28.6) 1 (9.1) Abdominal discomfort 1 (7.7) 1 (12.5) 2 (9.5) 0 COVID-19 2 (15.4) 1 (12.5) 3 (14.3) 0 Tonsillitis 0 0 0 2 (18.2) Skin abrasion 2 (15.4) 0 2 (9.5) 0 © DICE Therapeutics 2022 11

All hepatic enzymes remained within normal limits throughout 28-day treatment period Safety follow up Safety follow up 50 50 40 40 30 30 20 20 10 10 BD-2 Absolute Values 0 Placebo 0 0 7 14 21 28 35 42 0 7 14 21 28 35 42 DC-806 200mg BID Time (Day) Time (Day) DC-806 800mg BID Safety follow up Safety follow up 6000 100 50 5000 80 40 4000 60 30 3000 40 20 2000 20 10 1000 0 0 0 7 14 21 28 35 42 0 7 14 21 28 35 42 0 7 14 21 28 Time (Day) Time (Day) Time (Day) © DICE Therapeutics 2022 12 Serum BD-2 Level (pg/mL) AST (IU/L) ALP (IU/L) Total Bilirubin (umol/L) ALT (IU/L)

PK Summary: SAD / MAD / Phase 1c © © D DIIC CE E Th The er ra ap pe eu uttic ics s 2 20 02 22 2 13 13

DC-806 PK profile enables commercially viable dosing Summary of single ascending dose data 10000 10000 800 mg 200mg Fasted 450 mg 200mg Fed 200 mg 1000 75 mg 1000 25 mg 100 100 IC90 IC90 10 10 IC50 IC50 LLOQ 1 1 LLOQ 0 6 12 18 24 30 36 0 6 12 18 24 30 36 Time (hr) Time (hr) • DC-806 is rapidly absorbed, peak plasma concentrations ~0.5-2hrs • PK was approximately dose proportional • Minimal food effect, enabling flexible dosing for outpatient treatment © DICE Therapeutics 2022 14 Plasma DC-806 Concentration (ng/mL) Plasma DC-806 Concentration (ng/mL)

DC-806 PK profile enables commercially viable dosing: Summary of multiple ascending dose data Last Dosing Day First Dosing Day 10000 10000 MAD 800mg BID Mean 800mg BID MAD 400mg BID Mean 400mg BID MAD 200mg BID Mean 200mg BID MAD 175mg QD 1000 1000 Mean 175mg QD 100 100 IC90 IC90 10 10 IC50 IC50 LLOQ LLOQ 1 1 6.0 6.1 6.2 6.3 6.4 6.5 0.0 0.1 0.2 0.3 0.4 0.5 Time (Day) Time (Day) • Low PK variability within cohorts • P1c cohorts evaluated 200mg BID (6x IC at trough) and 800mg BID (4x IC at trough) 50 90 © DICE Therapeutics 2022 15 Plasma DC-806 Concentration (ng/mL) Plasma DC-806 Concentration (ng/mL)

DC-806 PK profile enables commercially viable dosing Summary of Phase 1c data in patients Group Mean (SD) PK DC-806 200mg BID 10000 DC-806 800mg BID 1000 100 IC90 IL17AA 10 IC50 IL17AA 1 0.0 0.2 0.4 0.5 1 8 15 22 28 Time (Days) • PK in psoriasis patients was consistent with healthy volunteer PK, with consistent trough levels over 28 days after achievement of steady state around day 3 © DICE Therapeutics 2022 16 DC-806 Plasma Concentration (ng/mL)

PK profile of DC-806 supports commercially viable dosing Daily target coverage of IL-17 AA (hours) at steady state (MAD day 7) Dose Regimen IC IC 50 90 175mg QD 24 12 200mg BID 24 18 400mg BID 24 24 800mg BID 24 24 • One pill, once a day to cover IC 50 • One pill, twice a day to cover IC 90 © DICE Therapeutics 2022 17

Phase 1c: Clinical Proof of Concept © © D DIIC CE E Th The er ra ap pe eu uttic ics s 2 20 02 22 2 18 18

Phase 1c patient disposition No treatment-related discontinuations DC-806 DC-806 Placebo 200mg BID 800mg BID N=11 N=13 N=8 Subjects who completed the study, n (%) 10 (90.9) 10 (76.9) 7 (87.5) Subjects who prematurely discontinued study, n (%) 1 (9.1) 3 (23.1) 1 (12.5) Reason, n (%) b,c Adverse Event/Other Medical Condition/COVID 0 2 (15.4) 0 a e Withdrawal of Informed Consent 1 (9.1) 0 1 (12.5) d Investigator Decision 0 1 (7.7) 0 a Withdrew consent due to psoriasis exacerbation (Day 7) b Withdrew due to left leg cellulitis (Day 22, not treatment related) c Withdrew due to COVID19 (Day 21, not treatment related) d Non-compliance with study drug (Day 23) e Withdrew consent due to COVID19 (Day 29, not treatment related) – unable to continue with study visits © DICE Therapeutics 2022 19

Baseline demographics and disease characteristics Mild – moderate patient population enrolled DC-806 DC-806 Placebo 200mg BID 800mg BID N=11 N=13 N=8 Age in years, mean (SD) 38.5 (10.9) 41.8 (12.8) 47.0 (13.3) Male, n (%) 9 (81.8) 9 (69.2) 8 (100) Race, n (%) White 11 (100) 10 (76.9) 8 (100) Asian 0 3 (23.1) 0 Weight in kg, mean (SD) 88.8 (18.3) 88.9 (17.0) 82.2 (15.0) PASI Score, mean (SD) 7.15 (1.6) 6.08 (3.0) 6.74 (2.2) Percent BSA involvement, mean % (SD) 8.52 (4.3) 6.98 (4.5) 8.49 (7.0) BID = twice daily; PASI = Psoriasis Area and Severity Index; BSA = Body surface area; PGA = Physician Global Assessment © DICE Therapeutics 2022 20

DC-806 demonstrated clear benefit with reductions in PASI scores Placebo (%) (%) (%) DC-806 200mg BID 20 Safety Follow-up 20 60 DC-806 800mg BID 0 40 0 13.3% 13.3% 15.1% 20 -20 15.1% -20 0 -40 -40 43.7%* 43.7% * -20 P<0.001 -60 -60 1 8 15 22 29 36 43 1 8 15 22 29 36 43 Placebo 200mg BID 800mg BID Time (Day) Time (Day) *Exploratory p = 0.0008 © DICE Therapeutics 2022 21 Mean PASI Score PASI Score (%Change from BL) (%Change from BL) PASI (% Improvement from BL)

Visual improvements in psoriasis PASI 6.8 to 3 in 28 days Baseline Day 29 © DICE Therapeutics 2022 22

DC-806 demonstrated competitive efficacy profile at 4-weeks 1 4-Week PASI Improvement by Oral Agent 60 Legend # Total 48 # Pbo 44 # Pbo-adjusted 40 - 43 40 36 - 37 13 26 17 - 18 13 20 30 22 - 26 23 - 24 22 0 Otezla Sotyktu NDI-034858 30mg QD DC-806 800mg BID Mechanism PDE4 TYK2 TYK2 IL-17 1. OTEZLA P3 trials (ESTEEM-1 & ESTEEM-2; N=834), SOTYKTU P3 trials (POETYK PSO-1 & POETYK PSO-2; N=843), NDI-034858 P1 trial (AAD 2022; N=5), DC-806 P1 trial (N=7) © DICE Therapeutics 2022 23 PASI (% Improvement from BL)

Phase 1c: Biomarker Analysis © © D DIIC CE E Th The er ra ap pe eu uttic ics s 2 20 02 22 2 24 24

Biomarkers confirmed dose-dependent target engagement and biological activity • Well established IL-17 biomarkers are more sensitive and quantitative than clinical endpoints • Changes in IL-17 biomarkers can precede changes in clinical endpoints 1 IL-17A Serum Levels Beta Defensin-2 • An increase in IL-17A serum levels • Psoriasis patients have elevated levels of demonstrate target engagement, and are BD-2, an antimicrobial peptide secreted associated with effective treatment with by keratinocytes in inflamed skin anti-IL-17 antibodies • A decrease in BD-2 levels have been shown to correlate with biological activity 1. Kolbinger et al., JACI 2017 © DICE Therapeutics 2022 25

Counterintuitive increases in serum IL-17A is a measure of target engagement Receptor Mediated Clearance IL-17 Dimer Renal Clearance IL-17 Receptor Pro-inflammatory signal Cell Membrane IL-17 excreted IL-17 binding IL-17 filtered in to receptor kidneys in urine Receptor-IL-17 complex endocytosed Receptor Renal IL-17A Serum Therapeutic Agent IL-17 Complex Mediated Clearance Buildup Clearance Secukinumab (Binds to cytokine) IL-17 + mAb Brodalumab (Binds to receptor) IL-17 DC-806 IL-17 + SM © DICE Therapeutics 2022 26

Dose-dependent increases in serum IL-17A Confirmed target engagement at both doses IL-17A level in DC-806101 Study 10 Placebo DC-806 200mg BID 8 DC-806 800mg BID 6 4 2 0 -2 0.0 0.5 1.0 7 14 21 28 Time (Day) © DICE Therapeutics 2022 27 Serum IL-17A Level (pg/mL)

DC-806 increased serum IL-17A to levels comparable to brodalumab 1 DC-806 Treatment Brodalumab Treatment 10 10 Brodalumab 140mg SC Placebo Brodalumab 210mg SC DC-806 200mg BID 8 8 DC-806 800mg BID 6 6 4 4 2 2 0 0 -2 -2 0.0 0.5 1.0 7 14 21 28 0 2 3 7 14 21 28 Time (Day) Time (Day) 1. Brodalumab BLA © DICE Therapeutics 2022 28 Serum Mean IL-17A Level (pg/mL) Serum Mean IL-17A Level (pg/mL)

Dose-dependent reductions in beta defensin-2 Confirmed inhibition of IL-17 signaling BD-2 Absolute Values Placebo BD-2 Absolute Values Place Db C o-806 200mg BID DC-8 D 0C 6 -2 80 00 6m 8g 0 0 B m ID g BID 6000 DC-806 800mg BID 6000 5000 5000 4000 4000 3000 3000 2000 2000 1000 1000 0 7 14 21 28 0 7 1T 4ime (Day)21 28 © DICE Therapeutics 2022 29 Time (Day) Serum BD-2 Level (pg/mL) Serum BD-2 Level (pg/mL)

DC-806 demonstrated a reduction in beta defensin-2 comparable to secukinumab 1 DC-806 Treatment Secukinumab Treatment BD-2 Absolute Values Placebo BD-2 Absolute Values Place Db C o-806 200mg BID DC-8 D 0C 6 -2 80 00 6m 8g 0 0 B m ID g BID 6000 DC-806 800mg BID 6000 5000 5000 4000 4000 3000 3000 2000 2000 1000 1000 0 7 14 21 28 0 7 14 21 28 Time (Day) Time (Day) • Both DC-806 and secukinumab rapidly decrease beta defensin-2 levels within one to two weeks 1. Kolbinger et al., 2017 © DICE Therapeutics 2022 30 Serum BD-2 Level (pg/mL) Serum BD-2 Level (pg/mL)

Key takeaways from DC-806 Phase 1c efficacy results Clinical demonstration of a small molecule blocking a cytokine; ✓ same mechanism of action as marketed antibodies Both doses are biologically active and show comparable biomarker ✓ activity to IL-17 antibodies 4-week efficacy data suggests potential to be PoC ✓ best oral in psoriasis Achieved Validated mechanism of action provides confidence that efficacy will ✓ continue to improve in a 12-week study What will DC-806 look like in a Phase 2 population with higher disease burden? ? © DICE Therapeutics 2022 31

Clinical response maintained in patients with higher disease burden Total Enrolled Population Patients with Baseline PASI ≥ 6 (%) (%) 60 60 40 40 20 20 0 0 -20 -20 Placebo 200mg BID 800mg BID Placebo 200mg BID 800mg BID PASI PASI 11.0% 31.4% 47.0% 13.3% 15.1% 43.7% (% Change) (% Change) © DICE Therapeutics 2022 32 PASI (% Improvement from BL) PASI (% Improvement from BL)

DC-806: potential to be the best-in-class oral agent in psoriasis ✓ DC-806 exhibited a favorable safety and Clean safety profile tolerability profile ✓ DC-806 PK profile enables commercially Convenient dosing viable QD or BID dosing ✓ DC-806 demonstrated clear benefit with Proof of concept to improvement in PASI scores validate DC-806 and oral IL-17 Franchise✓ DC-806 showed target engagement and inhibition of IL-17 signaling PASI: Psoriasis Area and Severity Index | QD: Once daily dosing | BID: Twice daily dosing © DICE Therapeutics 2022 33

34 Next Steps and Differentiation © © D DIIC CE E Th The er ra ap pe eu uttic ics s 2 20 02 22 2 34 34

Next steps: continue to execute against our stated oral IL-17 franchise strategy DC-806 Strategy • P2b start anticipated 1H 2023 • Adults with moderate-to-severe psoriasis (PASI ≥ 12) • 12-week dosing period • Multiple doses exploring QD and BID dosing vs. placebo Phase 1 PoC • Goal: Evaluate efficacy and safety at 12-weeks; Achieved Psoriasis determine optimal dose for Phase 3 trials DC-853 (Fast-Follower) Strategy • P1 data anticipated in 2H23 • PoC from DC-806 will allow us to accelerate development of DC-853 and skip P1c in psoriasis patients © DICE Therapeutics 2022 35

PK profile of DC-806 supports commercially viable dosing Daily target coverage of IL-17 AA (hours) at steady state (MAD day 7) Dose Regimen IC IC 50 90 175mg QD 24 12 200mg BID 24 18 400mg BID 24 24 800mg BID 24 24 • One pill, once a day to cover IC 50 • One pill, twice a day to cover IC 90 © DICE Therapeutics 2022 36

DC-806 demonstrated improved PASI response in patients with higher disease burden 1 4-Week PASI Improvement by Oral Agent 60 Legend # Total 48 47 # Pbo 44 40 - 43 # Pbo-adjusted 11 40 36 - 37 13 26 17 - 18 13 20 36 30 23 - 24 22 - 26 22 0 Otezla Sotyktu NDI-034858 30mg QD DC-806 800mg BID DC-806 800mg BID Mechanism PDE4 TYK2 TYK2 IL-17 IL-17 Pt. Pop Mod/Sev (PASI ≥ 12) Mod/Sev (PASI ≥ 12) Mod/Sev (PASI ≥ 12) Mild/ Mod Mod (PASI ≥ 6) 1. OTEZLA P3 trials (ESTEEM-1 & ESTEEM-2; N=834), SOTYKTU P3 trials (POETYK PSO-1 & POETYK PSO-2; N=843), NDI-034858 P1 trial (AAD 2022; N=5), © DICE Therapeutics 2022 37 DC-806 P1 trial (Mild/mod; N=7, PASI ≥ 6; N=5) PASI (% Improvement from BL)

Oral IL-17 inhibition: potential to combine best modality with best mechanism 1 2,3 Potential for Superior Efficacy Potential for Broadest Use Placebo rates 12-16 week data Rx Sotyktu Cosentyx injectables 100 Considerations (oral) (injectable) 77 - 90 2 - 7 Target TYK2 IL-17 80 orals 71 - 80 7 - 19 Screen for TB Screen for TB 60 54 - 59 Tuberculosis (Observed (TB not observed) 9 - 13 active TB) 40 Monitor liver 72 - 87 29 - 33 Lab Monitoring enzymes, serum -- 61 - 64 5 - 6 triglycerides, CPK 44 - 46 20 JAK warning IBD 23 - 28 Other language Contraindication 0 PDE4 TYK2 IL-17 TNFα 1. IL-17 P3 trials (FIXTURE & UNCOVER-2; N=1306), TNF-α P3 trials (REVEAL & CHAMPION; N=1483), TYK2 P3 trials (POETYK PSO-1 & POETYK PSO-2; N=1686), PDE4 P3 trials (ESTEEM-1 & ESTEEM-2; N=1257) 2. SOTYKTU label, COSENTYX label © DICE Therapeutics 2022 38 3. Kelsey et al. Dermatology Online Journal. 2018 % PASI 75

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XML

Document and Entity Information	Oct. 11, 2022
Cover [Abstract]
Amendment Flag	false
Entity Central Index Key	0001645569
Document Type	8-K
Document Period End Date	Oct. 11, 2022
Entity Registrant Name	DICE THERAPEUTICS, INC.
Entity Incorporation State Country Code	DE
Entity File Number	001-40794
Entity Tax Identification Number	47-2286244
Entity Address, Address Line One	400 East Jamie Court
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	South San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94080
City Area Code	650
Local Phone Number	566-1420
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Security 12b Title	Common Stock, $0.0001 Par Value Per Share
Trading Symbol	DICE
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	true
Entity Ex Transition Period	false