Exhibit 99.2

Linzagolix Phase 3 PRIMROSE 2 Trial Results Heavy Menstrual Bleeding due to Uterine Fibroids December 9, 2019

D I S C L A I M E R Matters discussed in this presentation may constitute forward-looking statements. The forward-looking statements contained in this presentation reflect our views as of the date of this presentation about future events and are subject to risks, uncertainties, assumptions, and changes in circumstances that may cause our actual results, performance, or achievements to differ significantly from those expressed or implied in any forward-looking statement. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future events, results, performance, or achievements. Some of the key factors that could cause actual results to differ from our expectations include our plans to develop and potentially commercialize our product candidates; our planned clinical trials and preclinical studies for our product candidates; the timing of and our ability to obtain and maintain regulatory approvals for our product candidates; the extent of clinical trials potentially required for our product candidates; the clinical utility and market acceptance of our product candidates; our commercialization, marketing and manufacturing capabilities and strategy; our intellectual property position; and our ability to identify and in-license additional product candidates. For further information regarding these risks, uncertainties and other factors that could cause our actual results to differ from our expectations, you should read our Annual Report on Form 20-F for the year ended December 31, 2018, as filed with the Securities and Exchange Commission on March 5, 2019, the Risk Factors set forth in Exhibit 99.1 to the Report on Form 6-K, as filed with the Securities and Exchange Commission on August 7, 2019, the Risk Factors set forth in the Report on the Form 6-K, as filed with the Securities and Exchange Commission on November 13, 2019, and our other filings we make with the Securities and Exchange Commission from time to time. We expressly disclaim any obligation to update or revise the information herein, including the forward-looking statements, except as required by law. Please also note that this presentation does not constitute an offer to sell or a solicitation of an offer to buy any securities. This presentation concerns products that are under clinical investigation and which have not yet been approved for marketing by the U.S. Food and Drug Administration. It is currently limited by federal law to investigational use, and no representation is made as to its safety or effectiveness for the purposes for which it is being investigated. The trademarks included herein are the property of the owners thereof and are used for reference purposes only. Such use should not be construed as an endorsement of such products. This presentation also contains 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.

F O C U S E D O N U N M E T N E E D S I N W O M E N ’ S R E P R O D U C T I V E H E A LT H LINZAGOLIX Potential best-in-class to relieve symptoms for the millions of women suffering from heavy menstrual bleeding (HMB) due to uterine fibroids

P O S I T I V E P H A S E 3 R E S U LT S – P R I M R O S E 2 4 1 Primary endpoint* achieved for both doses (p<0.001) â–ª 200mg with ABT 93.9% responder rate â–ª 100 mg without ABT 56.7% responder rate â–ª Placebo 29.4% responder rate 2 Key secondary endpoints achieved for both doses â–ª High amenorrhea rate (p<0.001) and reduction in bleeding days (p<0.001) â–ª Reduction in pain (p<0.001) and uterine volume (p<0.001) â–ª Reduction in uterine fibroid volume for 200mg dose with ABT (p<0.008) â–ª Improvement in hemoglobin levels (p<0.001) and quality of life (p<0.001) 3 Generally well tolerated â–ª AE’s >5%: headache, hot flush, anemia â–ª Mean percentage change from baseline in BMD consistent with expectations * Proportion of women with menstrual blood loss £ 80 mL (by alkaline hematin method) and ³ 50% reduction from baseline ABT = add-back therapy, estradiol 1.0 mg and norethindrone acetate 0.5 mg BMD = Bone Mineral Density

EU/ U S P H A S E 3 P R I M R O S E 2 T R I A L : 5 D E S I G N E D F O R D U A L L A B E L 2 FULL MENSTRUAL 24 WEEKS 28 WEEKS 24 WEEKS CYCLES n = 102 Placebo + placebo ABT 200 mg + ABT n = 97 100 mg + placebo ABT 100 mg + placebo ABT 24-Week n = 101 Screening 100 mg + ABT 100 mg + ABT Post Treatment Follow-up n = 103 200 mg + placebo ABT 200 mg + ABT n = 98 200 mg + ABT 200 mg + ABT Double-Blind Treatment Double-Blind Treatment PRIMARY EFFICACY ENDPOINT* KEY SECONDARY ENDPOINTS SAFETY * Proportion of women with menstrual blood loss £ 80 mL (by alkaline hematin method) and ³ 50% reduction from baseline ABT = add-back therapy, estradiol 1.0 mg and norethindrone acetate 0.5 mg Patients in the trial received no Vitamin D or calcium supplementation

D E M O G R A P H I C A N D B A S E L I N E C H A R A C T E R I S T I C S Linzagolix Linzagolix Linzagolix Linzagolix Placebo 100 mg + 200 mg + Total FULL ANA LYSIS SET 100 mg 200 mg N=102 ABT ABT N=501 N=97 N=103 N=101 N=98 Age (years)—mean (SD) 42.9 (5.3) 43.4 (5.4) 42.5 (5.1) 42.7 (5.8) 43.1 (4.8) 42.9 (5.3) BMI (kg/m2 ) - mean (SD) 26.83 (5.42) 27.44 (5.67) 27.22 (5.82) 26.82 (5.55) 26.80 (5.47) 27.02 (5.57) Hb < 10 g/dL – n(%) 14 (13.7) 21 (21.6) 16 (15.8) 18 (17.5) 24 (24.5) 93 (18.6) Hb < 12 g/dL – n(%)* 51 (50.0) 61 (62.9) 59 (58.4) 57 (55.3) 56 (57.1) 284 (56.7) MBL** (mL) at baseline 218 (128) 246 (161) 193 (92) 219 (136) 212 (142) 218 (134) mean (SD) 95% Caucasian / 5% Black * Anemia is diagnosed when a blood test shows a hemoglobin value of less than less than 12.0 g/dL in a woman ** MBL: Menstrual Blood Loss

P R I M A RY E N D P O I N T A C H I E V E D F O R B O T H TA R G E T D O S E S 7 R E S P O N D E R * A N A LY S I S P<0.001 P<0.001 100 93.9% WOMEN 80 OF 60 56.7% 40 * Proportion of women with 29.4% menstrual blood loss £ 80 PROPORTION 20 mL (by alkaline hematin method) and ³ 50% reduction from baseline 0 Placebo Linzagolix Linzagolix 100mg 200mg + ABT Error bars are 95% CI

S I G N I F I C A N T A M E N O R R H E A R E S P O N S E F O R B O T H TA R G E T D O S E S p<0.001 p<0.001 100 WOMEN 80 80.6% OF 60 MENORRHEA A 40 RCENTAGE WITH 34.0% 20 PE 11.8% 0 Placebo Linzagolix Linzagolix 100mg 200mg + ABT Error bars are 95% CI

PA I N A N D F I B R O I D V O L U M E R E D U C T I O N 9 F O R B O T H TA R G E T D O S E S Placebo Linzagolix 100mg 2 1.5 p<0.055 p<0.008 Linzagolix 200mg + ABT FROM 1 SCORE 0 BASELINE 1.0 1.032 VOLUME 0.838 PAIN -1 CHANGE *** *** FROM 0.776 -2 0.5 AN *** *** FIBROID ME BASELINE -3 RATIO -4 0.0 Baseline Week 12 Week 24 Placebo Linzagolix Linzagolix 100mg 200mg + ABT *** p<0.001 Error bars are 95% CI

K E Y S E C O N D A RY E N D P O I N T S A C H I E V E D 10 Key Secondary Endpoints Measurement p-value Reduction in menstrual • Time to reduced menstrual blood loss (i.e., £80 mL and ³50% p < 0.001 blood loss reduction from baseline) up to Week 24 • Number of days of uterine bleeding for the last 28-day interval prior p < 0.001 to Week 24 Amenorrhea • Percentage at Week 24 p < 0.001 • Time to amenorrhea up to Week 24 p < 0.001 Improvement in anemia • Hemoglobin level at week 24 in anemic subjects (defined as p < 0.001 subjects with Hb < 12 g/dL at baseline) Reduction in pain • Change from baseline pain score at week 24 p < 0.001 Reduction in volume • Fibroid volume change from baseline at Week 24 for 100mg without p < 0.055/0.008 ABT and 200mg with ABT p < 0.001 • Uterine volume change from baseline at Week 24 Improvement in • Change from baseline health-related quality of life (UFS-QoL*) at p < 0.001 quality of life Week 24 * UFS-QoL = Uterine Fibroids Symptoms and Health-Related Quality of Life questionnaire

S U M M A RY O F A D V E R S E E V E N T S Placebo Linzagolix Linzagolix Linzagolix Linzagolix Total Treatment emergent 100 mg 100 mg 200 mg 200 mg adverse events, n (%) + ABT + ABT n=105 n=99 n=102 n=104 n=101 n=511 Subjects with at least 47 (44.8) 50 (50.5) 45 (44.1) 62 (59.6) 51 (50.5) 255 (49.9) one TEAE Vascular disorders* 6 (5.7) 15 (15.2) 12 (11.8) 36 (34.6) 14 (13.9) 83 (16.2) * Vascular disorders include hot flushes, hypertension, flushing, varicose veins â–ª Severe AEs (4.7%) â–ª Most common TEAEs (>5%) â–ª Serious AEs (2.0%) – Hot flushes (13.9%) – Anemia (10.4%) – Headache (6.8%)

B M D % C H A N G E F R O M B A S E L I N E TO W E E K 2 4 12 Placebo 2 Linzagolix 100mg D Linzagolix 200mg + ABT BM 1 nge â–ª Across all treatment groups, a h only 2.5% of women (9/367 0 c seline with BMD data for all % anatomic sites), had a >8% n ba -1 BMD decrease, an important ea m FDA threshold M ro f -2 â–ª In the non-ABT group, BMD loss inversely related to BMI -3 Lumbar Femoral Total spine neck hip Patients in the trial received no Vitamin D or calcium supplementation

R E C E N T T R I A L S W I T H G N R H A N TA G O N I S T S I N U T E R I N E F I B R O I D S Caution advised when comparing across clinical trials. Below data are not head-to-head comparison, and no head-to-head trials have been completed, nor are underway. Linzagolix Relugolix Elagolix PRIMROSE 2 LIBERTY 1 LIBERTY 2 ELARIS 1 ELARIS 2 Dose 200mg + ABT 40mg + ABT 300mg + ABT Regimen Once daily Once daily Twice daily Responder* Rate (%) 93.9 73.4 71.3 68.5 76.5 Amenorrhea (%) 80.6 52.3 50.4 48.1 52.9 Pain ✓ ✓ ✓ NR** NR Fibroid volume ✓ NR NR Uterine volume ✓ ✓ ✓ NR NR Menstrual blood loss ✓ ✓ ✓ ✓ ✓ Anemia ✓ ✓ ✓ ✓ ✓ Quality of life ✓ ✓ ✓ ✓ ✓ BMD Loss (%, Spine) -1.31 -0.36 -0.13 -0.76 -0.61 • Proportion of women with menstrual blood loss £ 80 mL (by alkaline hematin method) and ³ 50% reduction from baseline ** NR = not reported

F O C U S E D O N U N M E T N E E D S I N W O M E N ’ S R E P R O D U C T I V E H E A LT H LINZAGOLIX Potential best-in-class to relieve symptoms for the millions of women suffering from heavy menstrual bleeding (HMB) due to uterine fibroids

U T E R I N E F I B R O I D S : A M U M A R K E T W I T H S I G N I F I C A N Total U.S. costs estimated at up to 19millio 70%+ women in the U.S of women have $34B/yr affected by fibroi fibroids by age 50 from direct costs, lost workdays and complications Quality 600,000 10 million of Life Hysterectomies are performed women in the U.S. are suffering annually in the U.S. from uterine fibroids Premenopausal women may experience heavy menstrual bleeding, anemia, bloating, 300,000 4 million infertility, pain and swelling Are because of uterine fibroids women in the U.S. are treated annually for fibroids Cardozo et al., Am J Obstet Gynecol 2012; 2017; Stewart et al. NEJM, 2015; Flynn et al., Am J Obstet Gynecol 2006; Truven Health, Fibroid Foundation website

P R I M R O S E 2 K E Y TA K E AWAY S LINZAGOLIX is the only GnRH antagonist intended to be developed as two different SIMPLE & WELL TOLERATED regimens of administration for fibroids 1 Potentially best-in class full suppression option â–ª 200mg with ABT, once daily oral â–ª 94% response in controlling HMB â–ª 80% in complete suppression of bleeding (amenorrhea) 2 Potentially unique partial suppression option â–ª 100mg without ABT, once daily oral â–ª Only option under development for women who cannot or don’t want to take ABT 3 Optimal administration â–ª Once a day – no food interaction – no DDI

L I N Z A G O L I X U T E R I N E F I B R O I D S : N E X T S T E P S LINZAGOLIX is the only GnRH antagonist intended to be developed as two different SIMPLE & WELL TOLERATED regimens of administration for fibroids 1 PRIMROSE 2 – Primary endpoint met Q4:19 2 PRIMROSE 1 – Primary endpoint results expected Q2:20 3 PRIMROSE 2 – 12-month results expected mid-2020 4 MAA/NDA regulatory submissions – anticipated in Q4:20 / Q1:21

O B S E VA : M U LT I P L E D E V E L O P M E N T P R O G R A M S D R I V E VA L U E PHASE 1 PHASE 2 PHASE 3 MARKET SIZE NEXT MILESTONES LINZAGOLIX Uterine Fibroids – Ph3 PRIMROSE 2 EU & U.S. 4M diagnosed and Positive Ph3 24W Primary endpoint (OBE2109) treated in U.S. Results Uterine Fibroids – Ph3 PRIMROSE 1 U.S. 24W Primary endpoint data Q2 2020 Oral GnRH MAA /NDA Q4:2020/Q1:2021 receptor antagonist Endometriosis – Ph3 EDELWEISS 2 U.S. 2.5M diagnosed and Initiated Ph3 Q2 2019 treated in U.S. Endometriosis – Ph3 EDELWEISS 3 EU & U.S. ~2.5M potentially undiagnosed Endometriosis – Ph2b EDELWEISS* Positive Phase 2b results 2018/19 OBE022 500,000 annual Interim update in 60 patients Q4 2019 Preterm Labor – Ph2a PROLONG cases in each of Oral PGF2á U.S and Europe receptor antagonist Preterm Labor – Ph1 Pre-clinical/Phase 1 complete NOLASIBAN IVF – Ph3 IMPLANT 2/4 EU Evaluating potential Positive IMPLANT 2 Ph3 Results re-positioning IMPLANT 4 Ph3 missed primary Oral oxytocin endpoint receptor antagonist * Primary and secondary endpoints met

F O C U S E D O N U N M E T N E E D S I N W O M E N ’ S R E P R O D U C T I V E H E A LT H LINZAGOLIX Hugh Taylor, MD Professor and Chair, Department of Obstetrics Gynecology and Reproductive Sciences, Yale School of Medicine, New Haven, Connecticut

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