Filed by Khosla Ventures Acquisition Co.

Pursuant to Rule 425 under the Securities Act of 1933

and deemed filed pursuant to Rule 14a-12

of the Securities Exchange Act of 1934

Subject Company: Khosla Ventures Acquisition Co.

Commission File No. 001-40131

Valo Analyst Day Presentation Q3 2021Valo Analyst Day Presentation Q3 2021

Disclaimer Disclaimer. This presentation (“Presentation ”) is for informational purposes only to assist interested parties in making their own evaluation with respect to the proposed business combination (the “Business Combination”) between Khosla Ventures Acquisition Co. (“Khosla”) and Valo Health, LLC (“Valo” or the “Company”) and for no other purpose. The information contained herein does not purport to be all inclusive and neither of Khosla, Valo, nor any of their respective affiliates nor any of its or their control persons, officers, directors, employees or representatives makes any representation or warranty, express or implied, as to the accuracy, completeness or reliability of the information contained in this Presentation. You should consult your own counsel and tax and financial advisors as to legal and related matters concerning the matters described herein, and, by accepting this Presentation, you confirm that you are not relying upon the information contained herein to make any decision. Forward Looking Statements. Certain statements in this Presentation may be considered forward looking statements. Forward looking statements generally relate to future events or Khosla’s or the Company’s future financial or operating performance. For example, statements concerning the following include forward looking statements: development plans for Valo’s platform; the size and growth of markets for Valo’s platform; the Company’s expectations regarding the adoption of the Opal platform in the biotechnology, pharmaceutical and other industries; and the potential effects of the Business Combination on the Company. In some cases, you can identify forward looking statements by terminology such as “may”, “should”, “ expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology. Such forward looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. These forward looking statements are based upon estimates and assumptions that, while considered reasonable by Khosla and its management, and Valo and its management, as the case may be, are inherently uncertain. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, various factors beyond management's control including the inability of the parties to successfully or timely consummate the proposed business combination, or the expected benefits of the proposed business combination or that the approval of the stockholders of Khosla is not obtained; the ability to maintain the listing of the combined company’s securities on the Nasdaq Capital Market; the inability to complete the PIPE; the risk that the proposed business combination disrupts current plans and operations of Valo as a result of the announcement and consummation of the transaction described herein; the risk that any of the conditions to closing are not satisfied in the anticipated manner or on the anticipated timeline; the failure to realize the anticipated benefits of the proposed business combination; risks relating to the uncertainty of the projected financial information with respect to Valo and costs related to the proposed business combination; the outcome of any legal proceedings that may be instituted against the parties following the announcement of the proposed business combination; the amount of redemption requests made by Khosla’s public stockholders; the effects of the COVID 19 pandemic, general economic conditions; and other risks, uncertainties and factors set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward Looking Statements” in Khosla’s final prospectus relating to its initial public offering, dated March 3, 2021, and other filings with the Securities and Exchange Commission (‘SEC”), as well as factors associated with companies, such as the Company, that are engaged in drug discovery and development. Nothing in this Presentation should be regarded as a representation by any person that the forward looking statements set forth herein will be achieved or that any of the contemplated results of such forward looking statements will be achieved. You should not place undue reliance on forward looking statements in this Presentation, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. Neither Khosla nor the Company undertakes any duty to update these forward looking statements. Additional Information. In connection with the proposed Business Combination, on July 1, 2021 Khosla filed with the SEC a registration statement on Form S 4 containing a preliminary proxy statement/prospectus of Khosla, and after the registration statement is declared effective, Khosla will mail a definitive proxy statement/prospectus relating to the proposed Business Combination to its shareholders. This Presentation does not contain all the information that should be considered concerning the proposed Business Combination and is not intended to form the basis of any investment decision or any other decision in respect of the Business Combination. Khosla ’s shareholders and other interested persons are advised to read, when available, the preliminary proxy statement/prospectus and the amendments thereto and the definitive proxy statement/prospectus and other documents filed in connection with the proposed Business Combination, as these materials will contain important information about Valo, Khosla and the Business Combination. When available, the definitive proxy statement/prospectus and other relevant materials for the proposed Business Combination will be mailed to shareholders of Khosla as of a record date to be established for voting on the proposed Business Combination. Shareholders will also be able to obtain copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus and other documents filed with the SEC, without charge, once available, at the SEC’s website at www.sec.gov, or by directing a request to: Khosla Ventures Acquisition Co. , 2128 Sand Hill Road, Menlo Park, CA 94025. PROPRIETARY & CONFIDENTIAL 2Disclaimer Disclaimer. This presentation (“Presentation ”) is for informational purposes only to assist interested parties in making their own evaluation with respect to the proposed business combination (the “Business Combination”) between Khosla Ventures Acquisition Co. (“Khosla”) and Valo Health, LLC (“Valo” or the “Company”) and for no other purpose. The information contained herein does not purport to be all inclusive and neither of Khosla, Valo, nor any of their respective affiliates nor any of its or their control persons, officers, directors, employees or representatives makes any representation or warranty, express or implied, as to the accuracy, completeness or reliability of the information contained in this Presentation. You should consult your own counsel and tax and financial advisors as to legal and related matters concerning the matters described herein, and, by accepting this Presentation, you confirm that you are not relying upon the information contained herein to make any decision. Forward Looking Statements. Certain statements in this Presentation may be considered forward looking statements. Forward looking statements generally relate to future events or Khosla’s or the Company’s future financial or operating performance. For example, statements concerning the following include forward looking statements: development plans for Valo’s platform; the size and growth of markets for Valo’s platform; the Company’s expectations regarding the adoption of the Opal platform in the biotechnology, pharmaceutical and other industries; and the potential effects of the Business Combination on the Company. In some cases, you can identify forward looking statements by terminology such as “may”, “should”, “ expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology. Such forward looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. These forward looking statements are based upon estimates and assumptions that, while considered reasonable by Khosla and its management, and Valo and its management, as the case may be, are inherently uncertain. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, various factors beyond management's control including the inability of the parties to successfully or timely consummate the proposed business combination, or the expected benefits of the proposed business combination or that the approval of the stockholders of Khosla is not obtained; the ability to maintain the listing of the combined company’s securities on the Nasdaq Capital Market; the inability to complete the PIPE; the risk that the proposed business combination disrupts current plans and operations of Valo as a result of the announcement and consummation of the transaction described herein; the risk that any of the conditions to closing are not satisfied in the anticipated manner or on the anticipated timeline; the failure to realize the anticipated benefits of the proposed business combination; risks relating to the uncertainty of the projected financial information with respect to Valo and costs related to the proposed business combination; the outcome of any legal proceedings that may be instituted against the parties following the announcement of the proposed business combination; the amount of redemption requests made by Khosla’s public stockholders; the effects of the COVID 19 pandemic, general economic conditions; and other risks, uncertainties and factors set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward Looking Statements” in Khosla’s final prospectus relating to its initial public offering, dated March 3, 2021, and other filings with the Securities and Exchange Commission (‘SEC”), as well as factors associated with companies, such as the Company, that are engaged in drug discovery and development. Nothing in this Presentation should be regarded as a representation by any person that the forward looking statements set forth herein will be achieved or that any of the contemplated results of such forward looking statements will be achieved. You should not place undue reliance on forward looking statements in this Presentation, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. Neither Khosla nor the Company undertakes any duty to update these forward looking statements. Additional Information. In connection with the proposed Business Combination, on July 1, 2021 Khosla filed with the SEC a registration statement on Form S 4 containing a preliminary proxy statement/prospectus of Khosla, and after the registration statement is declared effective, Khosla will mail a definitive proxy statement/prospectus relating to the proposed Business Combination to its shareholders. This Presentation does not contain all the information that should be considered concerning the proposed Business Combination and is not intended to form the basis of any investment decision or any other decision in respect of the Business Combination. Khosla ’s shareholders and other interested persons are advised to read, when available, the preliminary proxy statement/prospectus and the amendments thereto and the definitive proxy statement/prospectus and other documents filed in connection with the proposed Business Combination, as these materials will contain important information about Valo, Khosla and the Business Combination. When available, the definitive proxy statement/prospectus and other relevant materials for the proposed Business Combination will be mailed to shareholders of Khosla as of a record date to be established for voting on the proposed Business Combination. Shareholders will also be able to obtain copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus and other documents filed with the SEC, without charge, once available, at the SEC’s website at www.sec.gov, or by directing a request to: Khosla Ventures Acquisition Co. , 2128 Sand Hill Road, Menlo Park, CA 94025. PROPRIETARY & CONFIDENTIAL 2

Disclaimer (con’t) Participants in the Solicitation. Khosla, Valo and their respective directors and executive officers may be deemed participants in the solicitation of proxies from Khosla’s shareholders with respect to the proposed Business Combination. A list of the names of Khosla’s directors and executive officers and a description of their interests in Khosla is contained in Khosla’s final prospectus relating to its initial public offering, dated March 3, 2021, which was filed with the SEC and is available free of charge at the SEC’s web site at www.sec.gov, or by directing a request to Khosla Ventures Acquisition Co. , 2128 Sand Hill Road, Menlo Park, CA 94025. Additional information regarding the interests of the participants in the solicitation of proxies from Khosla’s shareholders with respect to the proposed Business Combination will be contained in the proxy statement/prospectus for the proposed Business Combination when available. No Offer or Solicitation. This communication is for informational purposes only and does not constitute, or form a part of, an offer to sell or the solicitation of an offer to sell or an offer to buy or the solicitation of an offer to buy any securities, and there shall be no sale of securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law. Certain information contained in this Presentation relates to or is based on publications, surveys and the Company’s own internal estimates and research. In addition, all of the market data included in this Presentation involves a number of assumptions and limitations, and there can be no guarantee as to the accuracy or reliability of such assumptions. Finally, while the Company believes its internal research is reliable, such research has not been verified by any independent source. This meeting and any information communicated at this meeting are strictly confidential and should not be discussed outside your organization. The reader shall not rely upon any statement, representation or warranty made by any other person, firm or corporation in making its investment or decision to invest in the Company. Neither of Khosla, the Company, nor any of their respective affiliates nor any of its or their control persons, officers, directors, employees or representatives, shall be liable to the reader for any information set forth herein or any action taken or not taken by any reader, including any investment in shares of Khosla or the Company. Valo and Opal are trademarks of Valo Health, LLC. All other trademarks and registered trademarks are property of their respective owners. This document contains the trademarks and service marks of third parties and such trademarks and service marks are the property of their respective owners. These marks may be registered and/or used in the U.S. and other countries around the world. Financial Information. The financial information and data contained in this presentation is unaudited and certain financial information and data does not conform to Regulation S-X. Accordingly, such information and data may not be included in, may be adjusted in or may be presented differently in, any proxy statement / prospectus or registration statement to be filed by Khosla with the SEC in connection with the proposed transaction. The “pro forma” financial data included herein has not been prepared in accordance with Article 11 of the SEC's Regulation S-X, is presented for informational purposes only and may differ materially from the Regulation S-X compliant unaudited pro forma financial statements of Valo to be included in Khosla's proxy statement / prospectus in connection with the proposed Business Combination (when available). In addition, all of Valo's historical financial information included herein is subject to change in accordance with PCAOB auditing standards. PROPRIETARY & CONFIDENTIAL 3Disclaimer (con’t) Participants in the Solicitation. Khosla, Valo and their respective directors and executive officers may be deemed participants in the solicitation of proxies from Khosla’s shareholders with respect to the proposed Business Combination. A list of the names of Khosla’s directors and executive officers and a description of their interests in Khosla is contained in Khosla’s final prospectus relating to its initial public offering, dated March 3, 2021, which was filed with the SEC and is available free of charge at the SEC’s web site at www.sec.gov, or by directing a request to Khosla Ventures Acquisition Co. , 2128 Sand Hill Road, Menlo Park, CA 94025. Additional information regarding the interests of the participants in the solicitation of proxies from Khosla’s shareholders with respect to the proposed Business Combination will be contained in the proxy statement/prospectus for the proposed Business Combination when available. No Offer or Solicitation. This communication is for informational purposes only and does not constitute, or form a part of, an offer to sell or the solicitation of an offer to sell or an offer to buy or the solicitation of an offer to buy any securities, and there shall be no sale of securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law. Certain information contained in this Presentation relates to or is based on publications, surveys and the Company’s own internal estimates and research. In addition, all of the market data included in this Presentation involves a number of assumptions and limitations, and there can be no guarantee as to the accuracy or reliability of such assumptions. Finally, while the Company believes its internal research is reliable, such research has not been verified by any independent source. This meeting and any information communicated at this meeting are strictly confidential and should not be discussed outside your organization. The reader shall not rely upon any statement, representation or warranty made by any other person, firm or corporation in making its investment or decision to invest in the Company. Neither of Khosla, the Company, nor any of their respective affiliates nor any of its or their control persons, officers, directors, employees or representatives, shall be liable to the reader for any information set forth herein or any action taken or not taken by any reader, including any investment in shares of Khosla or the Company. Valo and Opal are trademarks of Valo Health, LLC. All other trademarks and registered trademarks are property of their respective owners. This document contains the trademarks and service marks of third parties and such trademarks and service marks are the property of their respective owners. These marks may be registered and/or used in the U.S. and other countries around the world. Financial Information. The financial information and data contained in this presentation is unaudited and certain financial information and data does not conform to Regulation S-X. Accordingly, such information and data may not be included in, may be adjusted in or may be presented differently in, any proxy statement / prospectus or registration statement to be filed by Khosla with the SEC in connection with the proposed transaction. The “pro forma” financial data included herein has not been prepared in accordance with Article 11 of the SEC's Regulation S-X, is presented for informational purposes only and may differ materially from the Regulation S-X compliant unaudited pro forma financial statements of Valo to be included in Khosla's proxy statement / prospectus in connection with the proposed Business Combination (when available). In addition, all of Valo's historical financial information included herein is subject to change in accordance with PCAOB auditing standards. PROPRIETARY & CONFIDENTIAL 3

Risk Factors The below list of risk factors has been prepared as part of the Business Combination. The risks presented below are a subset of the general risks related to the business of Valo and the proposed Business Combination, and such list is not exhaustive. The list below has been prepared solely for purposes of the private placement transaction, and solely for potential private placement investors, and not for any other purpose. The list below is qualified in its entirety by disclosures contained in future documents filed or furnished by Khosla with the SEC, and you should carefully consider these risks and uncertainties, together with the information in Valo’s consolidated financial statements and related notes. If Valo cannot address any of the following risks and uncertainties effectively, or any other risks and difficulties that may arise in the future, its business, financial condition and results of operations could be materially and adversely affected. The risks described below are not the only risks that Valo faces. Additional risks that Valo currently does not know about or that it currently believes to be immaterial may also impair its business, financial condition or results of operations. You should review this investor presentation and perform your own due diligence and consult with your own financial and legal advisors prior to making an investment in Khosla and Valo. Risks relating to the business of Valo will be disclosed in future documents filed or furnished by Valo and/or Khosla with the SEC, including the documents filed or furnished in connection with the proposed transactions between Valo and Khosla. The risks presented in such filings will be consistent with those that would be required for a public company in its SEC filings, including with respect to the business and securities of Valo and Khosla and the proposed transactions between Valo and Khosla, and may differ significantly from, and be more extensive than, those presented below. Risks Related to Valo’s Business - Valo has a history of substantial net operating losses and expects that it will continue to incur losses for the foreseeable future. - Valo has not generated any revenue since inception, which, together with its limited operating history and rapid growth, makes evaluating Valo’s current business and prospects difficult and may increase the risk of your investment. - Valo may incur significant costs relating to financing future acquisitions or licensing transactions. If Valo is unable to raise capital when needed or on attractive terms, Valo would be unable to consummate such transactions, forced to delay, scale back or discontinue some of its product candidate development programs or future commercialization efforts. - Valo has not conducted any clinicals trial to date. Valo’s product candidates will require preclinical and clinical development, which are lengthy and expensive processes with uncertain outcomes and the potential for substantial delays. Valo cannot give any assurance that any of its product candidates will be successful in clinical trials or receive regulatory approval, which approval is necessary before such product candidates can be commercialized. - Although Valo believes that its Opal platform has the potential to identify more promising molecules than traditional methods and to accelerate drug discovery and development, Valo’s focus on using its platform technology to discover and design molecules with therapeutic potential may not result in the discovery and development of commercially viable products for Valo or its collaborators. - Valo has invested, and expects to continue to invest, in research and development efforts that further enhance the Opal platform and advance drug candidates. Such investments in technology, data and therapeutic development are inherently risky and may affect Valo’s operating results. If the return on these investments is lower or develops more slowly than Valo expects, its revenues and results of operations may suffer. - If Valo cannot maintain existing partnerships, including its data partnerships, and cannot enter into new partnerships or similar business arrangements, Valo’s business could be adversely affected. - Because Valo has multiple programs and drug candidates in its development pipeline and is pursuing a variety of target indications and treatment modalities, Valo may expend its limited resources to pursue a particular drug candidate and fail to capitalize on opportunities that may be more profitable or for which there is a greater likelihood of success. - Security breaches, loss of data and other disruptions could compromise sensitive information related to Valo’s business or prevent it from accessing critical information and expose it to liability, which could adversely affect Valo’s business and reputation. - The outcome of preclinical development testing and early clinical trials may not be predictive of the success of later clinical trials, and interim results of a clinical trial do not necessarily predict final results. - Valo’s success depends on its ability to protect its intellectual property, including trade secrets. - Valo will need to expand its organization and it may experience difficulties in managing this growth, which could disrupt its operations. - The markets in which Valo participates are highly competitive, and if Valo does not compete effectively, including for talent necessary to meet its business goals, its business and operating results could be adversely affected. - Even if Valo receives regulatory approval for any of its current or future product candidates, there can be no assurance that Valo may be successful due to competition, reimbursement landscape and challenges to adoption of its product candidates in the industry in which Valo operates. - Valo may be subject to legal proceedings and litigation, including intellectual property and privacy disputes, which are costly to defend and could materially harm Valo’s business and results of operations. - Certain of Valo’s estimates of market opportunity and forecasts of market growth could prove to be inaccurate. - If Valo is unable to attract and retain key employees and hire qualified personnel, its ability to compete and successfully grow its business would be adversely affected. - Valo may need to raise additional funds and these funds may not be available when needed. - Changes to applicable U.S. tax laws and regulations or exposure to additional income tax liabilities could affect Valo’s business and future profitability. - Business interruptions resulting from the coronavirus disease (COVID-19) outbreak or similar public health crises could cause a disruption of the development of Valo’s product candidates and adversely impact its business. Risks Related to the Business Combination - The consummation of the Business Combination is subject to a number of conditions, including entry into a definitive agreement and plan of merger (the “Merger Agreement”), and if those conditions are not satisfied or waived, the Merger Agreement may be terminated in accordance with its terms and the Business Combination may not be completed. - There is no guarantee that a Khosla stockholder’s decision whether to redeem its shares for a pro rata portion of the trust account will put the stockholder in a better economic position. - If the Business Combination benefits do not meet the expectation of investors or securities or analysts, the market price of Khosla’s securities or, following the consummation of the Business Combination, the combined company’s securities may decline. - Potential legal proceedings in connection with the Business Combination, the outcome of which may be uncertain, could delay or prevent the completion of the Business Combination. - Following the consummation of the Business Combination, the combined company (“New Valo”) will be an “emerging growth company” and it cannot be certain if the required disclosure requirements applicable to emerging growth companies will make the post-combination company’s common stock less attractive to investors and may make it more difficult to compare performance with other public companies. - New Valo will incur significantly increased expenses and administrative burdens as a public company, which could have an adverse effect on its business, financial condition and results of operations. PROPRIETARY & CONFIDENTIAL 4Risk Factors The below list of risk factors has been prepared as part of the Business Combination. The risks presented below are a subset of the general risks related to the business of Valo and the proposed Business Combination, and such list is not exhaustive. The list below has been prepared solely for purposes of the private placement transaction, and solely for potential private placement investors, and not for any other purpose. The list below is qualified in its entirety by disclosures contained in future documents filed or furnished by Khosla with the SEC, and you should carefully consider these risks and uncertainties, together with the information in Valo’s consolidated financial statements and related notes. If Valo cannot address any of the following risks and uncertainties effectively, or any other risks and difficulties that may arise in the future, its business, financial condition and results of operations could be materially and adversely affected. The risks described below are not the only risks that Valo faces. Additional risks that Valo currently does not know about or that it currently believes to be immaterial may also impair its business, financial condition or results of operations. You should review this investor presentation and perform your own due diligence and consult with your own financial and legal advisors prior to making an investment in Khosla and Valo. Risks relating to the business of Valo will be disclosed in future documents filed or furnished by Valo and/or Khosla with the SEC, including the documents filed or furnished in connection with the proposed transactions between Valo and Khosla. The risks presented in such filings will be consistent with those that would be required for a public company in its SEC filings, including with respect to the business and securities of Valo and Khosla and the proposed transactions between Valo and Khosla, and may differ significantly from, and be more extensive than, those presented below. Risks Related to Valo’s Business - Valo has a history of substantial net operating losses and expects that it will continue to incur losses for the foreseeable future. - Valo has not generated any revenue since inception, which, together with its limited operating history and rapid growth, makes evaluating Valo’s current business and prospects difficult and may increase the risk of your investment. - Valo may incur significant costs relating to financing future acquisitions or licensing transactions. If Valo is unable to raise capital when needed or on attractive terms, Valo would be unable to consummate such transactions, forced to delay, scale back or discontinue some of its product candidate development programs or future commercialization efforts. - Valo has not conducted any clinicals trial to date. Valo’s product candidates will require preclinical and clinical development, which are lengthy and expensive processes with uncertain outcomes and the potential for substantial delays. Valo cannot give any assurance that any of its product candidates will be successful in clinical trials or receive regulatory approval, which approval is necessary before such product candidates can be commercialized. - Although Valo believes that its Opal platform has the potential to identify more promising molecules than traditional methods and to accelerate drug discovery and development, Valo’s focus on using its platform technology to discover and design molecules with therapeutic potential may not result in the discovery and development of commercially viable products for Valo or its collaborators. - Valo has invested, and expects to continue to invest, in research and development efforts that further enhance the Opal platform and advance drug candidates. Such investments in technology, data and therapeutic development are inherently risky and may affect Valo’s operating results. If the return on these investments is lower or develops more slowly than Valo expects, its revenues and results of operations may suffer. - If Valo cannot maintain existing partnerships, including its data partnerships, and cannot enter into new partnerships or similar business arrangements, Valo’s business could be adversely affected. - Because Valo has multiple programs and drug candidates in its development pipeline and is pursuing a variety of target indications and treatment modalities, Valo may expend its limited resources to pursue a particular drug candidate and fail to capitalize on opportunities that may be more profitable or for which there is a greater likelihood of success. - Security breaches, loss of data and other disruptions could compromise sensitive information related to Valo’s business or prevent it from accessing critical information and expose it to liability, which could adversely affect Valo’s business and reputation. - The outcome of preclinical development testing and early clinical trials may not be predictive of the success of later clinical trials, and interim results of a clinical trial do not necessarily predict final results. - Valo’s success depends on its ability to protect its intellectual property, including trade secrets. - Valo will need to expand its organization and it may experience difficulties in managing this growth, which could disrupt its operations. - The markets in which Valo participates are highly competitive, and if Valo does not compete effectively, including for talent necessary to meet its business goals, its business and operating results could be adversely affected. - Even if Valo receives regulatory approval for any of its current or future product candidates, there can be no assurance that Valo may be successful due to competition, reimbursement landscape and challenges to adoption of its product candidates in the industry in which Valo operates. - Valo may be subject to legal proceedings and litigation, including intellectual property and privacy disputes, which are costly to defend and could materially harm Valo’s business and results of operations. - Certain of Valo’s estimates of market opportunity and forecasts of market growth could prove to be inaccurate. - If Valo is unable to attract and retain key employees and hire qualified personnel, its ability to compete and successfully grow its business would be adversely affected. - Valo may need to raise additional funds and these funds may not be available when needed. - Changes to applicable U.S. tax laws and regulations or exposure to additional income tax liabilities could affect Valo’s business and future profitability. - Business interruptions resulting from the coronavirus disease (COVID-19) outbreak or similar public health crises could cause a disruption of the development of Valo’s product candidates and adversely impact its business. Risks Related to the Business Combination - The consummation of the Business Combination is subject to a number of conditions, including entry into a definitive agreement and plan of merger (the “Merger Agreement”), and if those conditions are not satisfied or waived, the Merger Agreement may be terminated in accordance with its terms and the Business Combination may not be completed. - There is no guarantee that a Khosla stockholder’s decision whether to redeem its shares for a pro rata portion of the trust account will put the stockholder in a better economic position. - If the Business Combination benefits do not meet the expectation of investors or securities or analysts, the market price of Khosla’s securities or, following the consummation of the Business Combination, the combined company’s securities may decline. - Potential legal proceedings in connection with the Business Combination, the outcome of which may be uncertain, could delay or prevent the completion of the Business Combination. - Following the consummation of the Business Combination, the combined company (“New Valo”) will be an “emerging growth company” and it cannot be certain if the required disclosure requirements applicable to emerging growth companies will make the post-combination company’s common stock less attractive to investors and may make it more difficult to compare performance with other public companies. - New Valo will incur significantly increased expenses and administrative burdens as a public company, which could have an adverse effect on its business, financial condition and results of operations. PROPRIETARY & CONFIDENTIAL 4

Agenda Presenter Topic David Berry Welcome Chief Executive Officer Overview David Berry Brandon Allgood Opal Platform Chief Artificial Intelligence Officer Q&A Session Break Hilary Malone Therapeutic Programs Chief Operating Officer, Therapeutics Graeme Bell Financial Overview Chief Financial Officer Closing Remarks David Berry Q&A Session PROPRIETARY & CONFIDENTIAL 5Agenda Presenter Topic David Berry Welcome Chief Executive Officer Overview David Berry Brandon Allgood Opal Platform Chief Artificial Intelligence Officer Q&A Session Break Hilary Malone Therapeutic Programs Chief Operating Officer, Therapeutics Graeme Bell Financial Overview Chief Financial Officer Closing Remarks David Berry Q&A Session PROPRIETARY & CONFIDENTIAL 5

The Valo Opportunity - Digital integration has just delivered: a standing start to >3.6 billion doses administered to over 1 billion patients in 18 months - The leading edge of biotechnology is being enabled by digital integration: causal genomics into targets; targets into drug candidates - Valo is enabling human-centric end-to-end digital integration to pioneer digitally native drug development PROPRIETARY & CONFIDENTIAL 6

The Valo Investment Opportunity Proposition - Valo’s Opal platform based on a human data focusing on increasing NPV >4x per drug - Opal goal: cut 6 years (>50%) and $500M (>50%) per drug, increasing success rates 2-4x - Powered by human data from >8 million patients with tens of trillions of data points - Enabled by a flywheel to drive active learning and learning at scale - Two Phase II-ready clinical assets and 15+ preclinical assets as a two year old company - Most advanced drugs going after addressable markets of >$11B and >$6B, respectively PROPRIETARY & CONFIDENTIAL 7The Valo Investment Opportunity Proposition - Valo’s Opal platform based on a human data focusing on increasing NPV >4x per drug - Opal goal: cut 6 years (>50%) and $500M (>50%) per drug, increasing success rates 2-4x - Powered by human data from >8 million patients with tens of trillions of data points - Enabled by a flywheel to drive active learning and learning at scale - Two Phase II-ready clinical assets and 15+ preclinical assets as a two year old company - Most advanced drugs going after addressable markets of >$11B and >$6B, respectively PROPRIETARY & CONFIDENTIAL 7

Combination of Khosla & Valo Health creates an industry-defining opportunity 1 Select KV Investments Khosla Ventures (KV): Bold… Early… Impactful $33B - Early investors in industry-defining companies across $17B market cap multiple verticals market cap 1 - Investments with $395B+ in value $48B $5B - KV has $14B+ AUM; 15 years+ of exceptional performance; market cap market cap investor alignment Focus on long-term performance $16B $16B 2 market cap market cap - Tiered promote structure rewards success, aligning KV & Valo $5B $121B - Sponsor will not sell/transfer any shares until the first to 2 valuation market cap occur of 1 years following the acquisition or the achievement of performance targets $39B $95B - KV supporting SPAC via $25M Forward Purchase Agreement valuation valuation backstop KV Acquisition Company Team Vinod Khosla, Founder Samir Kaul, CEO Peter Buckland, CFO Founder & Managing Director at KV Former general partner at Kleiner Perkins Founding Partner and Managing Director at KV Partner, Managing Director, and COO at KV Former partner at Flagship Ventures Former partner at WilmerHale LLP Previously founded and served as CEO of Sun Microsystems [1] Market capitalization as of April 12, 2021 or last publicly disclosed funding round PROPRIETARY & CONFIDENTIAL 8 [2] IncubatedCombination of Khosla & Valo Health creates an industry-defining opportunity 1 Select KV Investments Khosla Ventures (KV): Bold… Early… Impactful $33B - Early investors in industry-defining companies across $17B market cap multiple verticals market cap 1 - Investments with $395B+ in value $48B $5B - KV has $14B+ AUM; 15 years+ of exceptional performance; market cap market cap investor alignment Focus on long-term performance $16B $16B 2 market cap market cap - Tiered promote structure rewards success, aligning KV & Valo $5B $121B - Sponsor will not sell/transfer any shares until the first to 2 valuation market cap occur of 1 years following the acquisition or the achievement of performance targets $39B $95B - KV supporting SPAC via $25M Forward Purchase Agreement valuation valuation backstop KV Acquisition Company Team Vinod Khosla, Founder Samir Kaul, CEO Peter Buckland, CFO Founder & Managing Director at KV Former general partner at Kleiner Perkins Founding Partner and Managing Director at KV Partner, Managing Director, and COO at KV Former partner at Flagship Ventures Former partner at WilmerHale LLP Previously founded and served as CEO of Sun Microsystems [1] Market capitalization as of April 12, 2021 or last publicly disclosed funding round PROPRIETARY & CONFIDENTIAL 8 [2] Incubated

Pro forma valuation and ownership 1 TRANSACTION OVERVIEW ILLUSTRATIVE PRO FORMA OWNERSHIP Share price $10.00 1 Pro forma shares outstanding 281.1 Equity value $2,810.9 (+) Debt [0.0] (-) Pro forma cash (488.0) Firm value $2,322.9 FOCUS ON LONG-TERM PERFORMANCE SOURCES Valo rollover equity $2,250.0 3 - Tiered promote structure rewards success, aligning KV and 2 Khosla cash held in trust 345.0 Valo PIPE investment 168.5 - Sponsor will not sell/transfer any shares until the first to Total sources $2,763.5 occur of 1 year following the acquisition or the achievement USES 4 of performance targets Cash to balance sheet $485.5 - KV supporting SPAC via $25M Forward Purchase Agreement Equity consideration to existing investors 2,250.0 2 backstop Estimated transaction expenses 28.0 Total uses $2,763.5 - Warrant-less SPAC structure Source: Company filings and estimates; Amounts are $mm, except per share price [1] Assumes no share redemptions and excludes impact of shares subject to price-vesting; Estimated common shares outstanding based on common shares owned by KVSA public shareholders (34.5mm), KVSA Sponsor/Board (6.1mm), PIPE (16.9mm), and legacy Value (225.0mm); [2] Estimated transaction fees and expenses for both SPAC and target including deferred underwriting fees, PIPE fee, financing fees and advisory, legal, accounting, and other fees. [3] At the closing of the Business Combination, all of the outstanding shares of Class B common stock will convert into an aggregate of 6,088,235 shares of the surviving company’s Class A common stock; and (b) all of the outstanding shares of Class K common stock will convert into up to an aggregate of 8,697,479 shares of the surviving company’s Class A common stock, but only to the extent certain triggering events occur prior to the 10th anniversary of the Business Combination, including three equal triggering events based on the surviving company’s stock trading at $30.00, $40.00 and $50.00 per share following the first anniversary of the closing and also upon specified strategic transactions. For additional information, see Khosla’s final prospectus relating to its initial public offering (the “Prospectus”). [4] Performance targets are triggered with respect to Class B common shares (x) if the closing price of the surviving company’s Class A Common Stock equals or exceeds $12.00 per share for any 20 trading days within any 30-trading day period commencing at least 150 days after the Business Combination or (y) on the date on which the surviving company completes a liquidation, merger, capital stock exchange, reorganization or other similar transaction after the Business Combination that results in all of the surviving company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property. For additional information, see the Prospectus. Class A shares issued upon conversion of any Class K shares will not be subject to restrictions on transfer except as described in the Prospectus. PROPRIETARY & CONFIDENTIAL 9Pro forma valuation and ownership 1 TRANSACTION OVERVIEW ILLUSTRATIVE PRO FORMA OWNERSHIP Share price $10.00 1 Pro forma shares outstanding 281.1 Equity value $2,810.9 (+) Debt [0.0] (-) Pro forma cash (488.0) Firm value $2,322.9 FOCUS ON LONG-TERM PERFORMANCE SOURCES Valo rollover equity $2,250.0 3 - Tiered promote structure rewards success, aligning KV and 2 Khosla cash held in trust 345.0 Valo PIPE investment 168.5 - Sponsor will not sell/transfer any shares until the first to Total sources $2,763.5 occur of 1 year following the acquisition or the achievement USES 4 of performance targets Cash to balance sheet $485.5 - KV supporting SPAC via $25M Forward Purchase Agreement Equity consideration to existing investors 2,250.0 2 backstop Estimated transaction expenses 28.0 Total uses $2,763.5 - Warrant-less SPAC structure Source: Company filings and estimates; Amounts are $mm, except per share price [1] Assumes no share redemptions and excludes impact of shares subject to price-vesting; Estimated common shares outstanding based on common shares owned by KVSA public shareholders (34.5mm), KVSA Sponsor/Board (6.1mm), PIPE (16.9mm), and legacy Value (225.0mm); [2] Estimated transaction fees and expenses for both SPAC and target including deferred underwriting fees, PIPE fee, financing fees and advisory, legal, accounting, and other fees. [3] At the closing of the Business Combination, all of the outstanding shares of Class B common stock will convert into an aggregate of 6,088,235 shares of the surviving company’s Class A common stock; and (b) all of the outstanding shares of Class K common stock will convert into up to an aggregate of 8,697,479 shares of the surviving company’s Class A common stock, but only to the extent certain triggering events occur prior to the 10th anniversary of the Business Combination, including three equal triggering events based on the surviving company’s stock trading at $30.00, $40.00 and $50.00 per share following the first anniversary of the closing and also upon specified strategic transactions. For additional information, see Khosla’s final prospectus relating to its initial public offering (the “Prospectus”). [4] Performance targets are triggered with respect to Class B common shares (x) if the closing price of the surviving company’s Class A Common Stock equals or exceeds $12.00 per share for any 20 trading days within any 30-trading day period commencing at least 150 days after the Business Combination or (y) on the date on which the surviving company completes a liquidation, merger, capital stock exchange, reorganization or other similar transaction after the Business Combination that results in all of the surviving company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property. For additional information, see the Prospectus. Class A shares issued upon conversion of any Class K shares will not be subject to restrictions on transfer except as described in the Prospectus. PROPRIETARY & CONFIDENTIAL 9

Valo is a technology company built to transform drug discovery and development using human-centric data and computation... 1,2 5 LEGACY BIOPHARMA MODEL VALO DRUG ACCELERATION MODEL Biological Target Hit to Target to Hit Discovery ID Lead TM Ph II Ph I Preclinical Lead Opt Ph III Reg Comm 3 3 LOCALIZED | DISINTEGRATED SURROGATE- UNIFIED | INTEGRATED 4 1 DEPENDENT | SERIAL HUMAN-CENTRIC | PARALLEL Target ID = Target Identification; RWE = Real World Evidence; Lead Opt = Lead Optimization; Reg = Regulatory; Comm = Commercial; AI = Artificial Intelligence [1] Paul, Steven M., et al. How to improve R&D productivity: the pharmaceutical industry's grand challenge. Nat Rev Drug Discov 9, 203–214 (Mar 2010). [2 ]Hughes, James P., et al. Principles of Early Drug Discovery. British Journal of Pharmacology 162.6, 1239-1249 (Mar 2011). [3] Konersmann, Todd., et al. Innovating R&D with the Cloud: Business Transformation Could Require Cloud-Enabled Ecosystems, and Services. Deloitte Insights, Deloitte Center for Health Solutions, (Dec 2020). [4] See, for example, Seoka, Junhee, et al. Genomic Responses in Mouse Models Poorly Mimic Human Inflammatory Diseases. PNAS, 110 (9) 3507-3512. (Feb 26, 2013). [5] The Opal platform is designed to reduce time and cost in the drug discovery and development process, which we refer to as the Valo Drug Acceleration Model PROPRIETARY & CONFIDENTIAL 10Valo is a technology company built to transform drug discovery and development using human-centric data and computation... 1,2 5 LEGACY BIOPHARMA MODEL VALO DRUG ACCELERATION MODEL Biological Target Hit to Target to Hit Discovery ID Lead TM Ph II Ph I Preclinical Lead Opt Ph III Reg Comm 3 3 LOCALIZED | DISINTEGRATED SURROGATE- UNIFIED | INTEGRATED 4 1 DEPENDENT | SERIAL HUMAN-CENTRIC | PARALLEL Target ID = Target Identification; RWE = Real World Evidence; Lead Opt = Lead Optimization; Reg = Regulatory; Comm = Commercial; AI = Artificial Intelligence [1] Paul, Steven M., et al. How to improve R&D productivity: the pharmaceutical industry's grand challenge. Nat Rev Drug Discov 9, 203–214 (Mar 2010). [2 ]Hughes, James P., et al. Principles of Early Drug Discovery. British Journal of Pharmacology 162.6, 1239-1249 (Mar 2011). [3] Konersmann, Todd., et al. Innovating R&D with the Cloud: Business Transformation Could Require Cloud-Enabled Ecosystems, and Services. Deloitte Insights, Deloitte Center for Health Solutions, (Dec 2020). [4] See, for example, Seoka, Junhee, et al. Genomic Responses in Mouse Models Poorly Mimic Human Inflammatory Diseases. PNAS, 110 (9) 3507-3512. (Feb 26, 2013). [5] The Opal platform is designed to reduce time and cost in the drug discovery and development process, which we refer to as the Valo Drug Acceleration Model PROPRIETARY & CONFIDENTIAL 10

…designed to enable a new fully integrated end-to-end model of drug discovery and development to overcome legacy model limitations AI-DRIVEN LIFE SCIENCES INNOVATION VALO TRANSFORMATION REINFORCING LEGACY Biological Target Hit to Target to Hit Discovery ID Lead Ph II Ph I Preclinical Lead Opt Ph III Reg Comm Legacy biopharma model struggles to effectively integrate and Valo’s drug acceleration model is designed to create an 1 leverage the full power of data & AI integrated process centered on data & AI [1] Konersmann, Todd, et al. Innovating R&D with the Cloud: Business Transformation Could Require Cloud-Enabled Ecosystems, and Services. Deloitte Insights, Deloitte Center for Health Solutions, (Dec 2020). PROPRIETARY & CONFIDENTIAL 11 AI = Artificial Intelligence; Target ID = Target Identification; RWE = Real World Evidence; Lead Opt = Lead Optimization; Reg = Regulatory; Comm = Commercial…designed to enable a new fully integrated end-to-end model of drug discovery and development to overcome legacy model limitations AI-DRIVEN LIFE SCIENCES INNOVATION VALO TRANSFORMATION REINFORCING LEGACY Biological Target Hit to Target to Hit Discovery ID Lead Ph II Ph I Preclinical Lead Opt Ph III Reg Comm Legacy biopharma model struggles to effectively integrate and Valo’s drug acceleration model is designed to create an 1 leverage the full power of data & AI integrated process centered on data & AI [1] Konersmann, Todd, et al. Innovating R&D with the Cloud: Business Transformation Could Require Cloud-Enabled Ecosystems, and Services. Deloitte Insights, Deloitte Center for Health Solutions, (Dec 2020). PROPRIETARY & CONFIDENTIAL 11 AI = Artificial Intelligence; Target ID = Target Identification; RWE = Real World Evidence; Lead Opt = Lead Optimization; Reg = Regulatory; Comm = Commercial

Valo’s Comparative Advantage: Valo’s Opal platform is designed to enable a fully integrated, human-centric approach to develop better drugs, faster Valo is building an end-to-end, fully-integrated digitally native drug development platform with a unified architecture, founded upon world-class human-centric data and AI-anchored computation PROPRIETARY & CONFIDENTIAL 12Valo’s Comparative Advantage: Valo’s Opal platform is designed to enable a fully integrated, human-centric approach to develop better drugs, faster Valo is building an end-to-end, fully-integrated digitally native drug development platform with a unified architecture, founded upon world-class human-centric data and AI-anchored computation PROPRIETARY & CONFIDENTIAL 12

Data→compute→drug flywheel builds from a human data foundation and accelerates to improve computationally derived insights OPAL ACCELERATION FLYWHEEL DATA - Large scale, high quality human data coupled with distinctive computation serves as Opal’s foundation - Every experiment we run generates data that feeds back into our flywheel - Our flywheel is designed to translate our data DRUG COMPUTE foundation into a growing competitive advantage As the velocity of Opal’s flywheel increases, so should the value generated by Valo PROPRIETARY & CONFIDENTIAL 13Data→compute→drug flywheel builds from a human data foundation and accelerates to improve computationally derived insights OPAL ACCELERATION FLYWHEEL DATA - Large scale, high quality human data coupled with distinctive computation serves as Opal’s foundation - Every experiment we run generates data that feeds back into our flywheel - Our flywheel is designed to translate our data DRUG COMPUTE foundation into a growing competitive advantage As the velocity of Opal’s flywheel increases, so should the value generated by Valo PROPRIETARY & CONFIDENTIAL 13

Valo’s strategy drives data integration to accelerate Opal, while applying it at scale CURRENT FUTURE Building what we believe is the first digitally Aspiration to become the standard technology native fully integrated pharma platform for drug development 1 2 3 4 BUILD VALIDATE SCALE DEMOCRATIZE Build Opal platform and Validate Opal platform Scale Opal platform through high- Democratize access to Opal Data Lake through internal pipeline value partnerships through software businesses PROPRIETARY & CONFIDENTIAL 14Valo’s strategy drives data integration to accelerate Opal, while applying it at scale CURRENT FUTURE Building what we believe is the first digitally Aspiration to become the standard technology native fully integrated pharma platform for drug development 1 2 3 4 BUILD VALIDATE SCALE DEMOCRATIZE Build Opal platform and Validate Opal platform Scale Opal platform through high- Democratize access to Opal Data Lake through internal pipeline value partnerships through software businesses PROPRIETARY & CONFIDENTIAL 14

Valo ultimately aspires to significantly increase program NPV by reducing the time and cost, and increasing PTRS of drug discovery and development DISCOVERY & PRECLINICAL CLINICAL DEVELOPMENT TOTAL AVERAGE AVERAGE AVERAGE 13.5 years 5.5 years 6.5 years $280M per launch $550M per launch $874M per launch 35% Phase PTRS 13% Phase PTRS 4% Overall PTRS NPV on 3 programs per 4 year : $7.9B GOAL GOAL GOAL 3 3 2,3 2-4 years 3-6 years 8-11 years NPV on 3 programs per 3 3 3 $35-45M per launch $250-350M per launch $350-500M per launch 4 year : $15-30B 3 3 70-80% Phase PTRS 40-50% Phase PTRS 3 25-40% Overall PTRS Overall PTRS (from phase to approval) Discovery Preclinical Ph I Ph II Ph III Regulatory 1 INDUSTRY 4% 8% 12% 22% 64% 91% VALO GOAL 30-40% 35-45% 40-50% 50-60% 75-85% 95% [1] Paul, Steven M., et al. How to improve R&D productivity: the pharmaceutical industry's grand challenge. Nat Rev Drug Discov 9, 203–214 (Mar 2010). Based on industry benchmarks and data from Eli Lilly and Company [2] Assumes standard regulatory timelines [3] Based on management’s long-term expectations PROPRIETARY & CONFIDENTIAL 15 [4] 3 programs to generate launches-per-year for 10 years, assuming peak sales of $1B with 5 year even sales ramp using numbers to get to launches per this slide, no sales post IP expiry with filing on year 1 and assuming 5 year extension, 13.5% discount rate 1 VALO INDUSTRY

Valo is initially deploying Opal for the internal development of drugs, enabling its flywheel by accelerating our internal pipeline CURRENT Building what we believe is the first digitally native fully integrated pharma ● Foundational data lake in hand with enough data to power Opal 1 2 ● End-to-end components across Opal platform BUILD VALIDATE enabled Build Opal platform and Data Validate Opal platform ● Key early validations in hand Lake through internal pipeline ● Initial pipeline built Valo’s strategy aims to accelerate Opal’s data→compute→drug flywheel PROPRIETARY & CONFIDENTIAL 16Valo is initially deploying Opal for the internal development of drugs, enabling its flywheel by accelerating our internal pipeline CURRENT Building what we believe is the first digitally native fully integrated pharma ● Foundational data lake in hand with enough data to power Opal 1 2 ● End-to-end components across Opal platform BUILD VALIDATE enabled Build Opal platform and Data Validate Opal platform ● Key early validations in hand Lake through internal pipeline ● Initial pipeline built Valo’s strategy aims to accelerate Opal’s data→compute→drug flywheel PROPRIETARY & CONFIDENTIAL 16

Opal is an end-to-end platform, using human data throughout the drug discovery and development process PLATFORM BIOLOGICAL DISCOVERY Human data to identify human targets designed to treat human disease with enhanced clinical development profiles TM CLINICAL DEVELOPMENT THERAPEUTIC DESIGN Active learning, self-reinforcing, in Designed to increase silico - experimental platform likelihood of success PROPRIETARY & CONFIDENTIAL 17Opal is an end-to-end platform, using human data throughout the drug discovery and development process PLATFORM BIOLOGICAL DISCOVERY Human data to identify human targets designed to treat human disease with enhanced clinical development profiles TM CLINICAL DEVELOPMENT THERAPEUTIC DESIGN Active learning, self-reinforcing, in Designed to increase silico - experimental platform likelihood of success PROPRIETARY & CONFIDENTIAL 17

Opal is built upon a differentiated, human-centric, and high quality data foundation DATA >125M years of longitudinal patient data Multidimensional -’omics Exclusive access to one of the largest prospective studies spanning Valo’s cumulative longitudinal patient data pan-omics, imaging, and medical records >125M 125M - Near zero missingness >22.5T >21M >320K >210M rate on patients 100M Whole genome Metabolomic and/or Blood sample mRNA sequencing - Average of 15 years of sequencing data proteomic data aliquots data points points points continuous data 75M - Continuous updating 50M 37.5M 25M 0M >13K images 0M paired with related scoring data Founding (2019) End 2019 End 2020 Opal fuses Valo’s novel and/or exclusive longitudinal and ’omics data using proprietary methodologies designed to enable intelligent imputation, the upgrade of public and semi-private data, and the generation of novel insights PROPRIETARY & CONFIDENTIAL 18 Total patient years of data Opal is built upon a differentiated, human-centric, and high quality data foundation DATA >125M years of longitudinal patient data Multidimensional -’omics Exclusive access to one of the largest prospective studies spanning Valo’s cumulative longitudinal patient data pan-omics, imaging, and medical records >125M 125M - Near zero missingness >22.5T >21M >320K >210M rate on patients 100M Whole genome Metabolomic and/or Blood sample mRNA sequencing - Average of 15 years of sequencing data proteomic data aliquots data points points points continuous data 75M - Continuous updating 50M 37.5M 25M 0M >13K images 0M paired with related scoring data Founding (2019) End 2019 End 2020 Opal fuses Valo’s novel and/or exclusive longitudinal and ’omics data using proprietary methodologies designed to enable intelligent imputation, the upgrade of public and semi-private data, and the generation of novel insights PROPRIETARY & CONFIDENTIAL 18 Total patient years of data

Biological discovery: Causal human-centric target and biology discovery BIOLOGICAL DISCOVERY Bayesian network 2 1 analysis Presumed loss of Circulating TARGET1 BIOMARKER function in GENE1 levels were has been significantly higher in associated with vascular disease, lower circulating compared to controls TARGET1 levels 2 1 0 1 2 100 200 300 400 Number of Alleles Metabolite 2 3 GENOTYPE PHENOTYPE 3 Data imply potential for Opal is designed to Presumed loss of function causality of TARGET1 in variants GENE1 has been generate novel targets associated with lower vascular disease, which can be for precise patient prevalence of vascular modulated by disease populations via GENE1/PROTEIN1 inhibition explainable and builds foundation for methodologies biomarker-driven trials 0 1 2 Number of Alleles PROPRIETARY & CONFIDENTIAL 19 Metabolite 1 -2 -1 0 1 2 Frequency of Coronary Artery Disease (%) Cumulative Rate of Coronary Artery Disease 0.15 0.20 0.25 0.30 0.35Biological discovery: Causal human-centric target and biology discovery BIOLOGICAL DISCOVERY Bayesian network 2 1 analysis Presumed loss of Circulating TARGET1 BIOMARKER function in GENE1 levels were has been significantly higher in associated with vascular disease, lower circulating compared to controls TARGET1 levels 2 1 0 1 2 100 200 300 400 Number of Alleles Metabolite 2 3 GENOTYPE PHENOTYPE 3 Data imply potential for Opal is designed to Presumed loss of function causality of TARGET1 in variants GENE1 has been generate novel targets associated with lower vascular disease, which can be for precise patient prevalence of vascular modulated by disease populations via GENE1/PROTEIN1 inhibition explainable and builds foundation for methodologies biomarker-driven trials 0 1 2 Number of Alleles PROPRIETARY & CONFIDENTIAL 19 Metabolite 1 -2 -1 0 1 2 Frequency of Coronary Artery Disease (%) Cumulative Rate of Coronary Artery Disease 0.15 0.20 0.25 0.30 0.35

Biological discovery: Linking targets to precisely selected patient populations in disease progression BIOLOGICAL DISCOVERY PATIENT Designed to causally link therapeutic intervention to target & pathway mechanism to physiological biomarkers SUBGROUP of patient fit & response to disease-relevant outcomes (e.g., motor symptoms) MOLECULE ILLUSTRATIVE NEURODEGENERATIVE EXAMPLE Clinical Clinical Presentation / Subgroup Biosignature embedding severity & medication demographics subgroup progression MECHANISM diuretics constipation 18 - muscle relaxant age MAOi, COMTi, BIOMARKER ⬇ Bio- amantadine, etc 32 ++ seizure/psych signature-1 age MAOi ⬇ restless leg Bio- 85 + OUTCOME stiffness signature-2 age PROPRIETARY & CONFIDENTIAL 20 ratio ratio ratio

Therapeutic design: Closed-loop active learning proprietary molecule design and synthesis THERAPEUTIC DESIGN OPAL’S INTEGRATED MOLECULE DESIGN LOOP Molecule Discovery Input Data Predictive Models Generated by the input data set. >200K ADME data points from >50 endpoint assays Activity, selectivity, toxicity, metabolism, bioavailability, synthesizability, etc. >10M compounds with acFvity data >70 trillion virtual molecules created >30,000 models built and deployed >2 billion predictions made, evaluating against optimization >375M molecules scored criteria In-House Valo Laboratories (>40K sq. ft.) Automated synthesis + purificaFon of 5,000 molecules/month (average) DEL libraries of >5B drug-like compounds 4 automated HTS plaWorms operaFng up to 24/6 HTS library of >500K compounds HTS = high throughput screening; DEL = DNA-encoded library; ADME = absorpoon, distribuoon, metabolism, and excreoon PROPRIETARY & CONFIDENTIAL 21Therapeutic design: Closed-loop active learning proprietary molecule design and synthesis THERAPEUTIC DESIGN OPAL’S INTEGRATED MOLECULE DESIGN LOOP Molecule Discovery Input Data Predictive Models Generated by the input data set. >200K ADME data points from >50 endpoint assays Activity, selectivity, toxicity, metabolism, bioavailability, synthesizability, etc. >10M compounds with acFvity data >70 trillion virtual molecules created >30,000 models built and deployed >2 billion predictions made, evaluating against optimization >375M molecules scored criteria In-House Valo Laboratories (>40K sq. ft.) Automated synthesis + purificaFon of 5,000 molecules/month (average) DEL libraries of >5B drug-like compounds 4 automated HTS plaWorms operaFng up to 24/6 HTS library of >500K compounds HTS = high throughput screening; DEL = DNA-encoded library; ADME = absorpoon, distribuoon, metabolism, and excreoon PROPRIETARY & CONFIDENTIAL 21

Therapeutic design: Human-centric approach to optimize for target activity, ADME, and tox to predict clinical potential in parallel THERAPEUTIC DESIGN 2 TRADITIONAL DEVELOPMENT VALO INTEGRATED DEVELOPMENT EXAMPLE PARALLELIZED DESIGN CYCLE 1 25 compounds synthesized Compound Valo’s parallelized design cycle Key activity goals screening met Molecule design In vitro efficacy CYCLE 2 31 compounds Integrated synthesized design In vivo efficacy Key off-targets modeled Experimental Tox & ADME Tox screen confirmaFon prediction Data CYCLE 3 13 compounds ... synthesized All optimization goals met [1] Hughes, James P., et al. Principles of Early Drug Discovery. Bri4sh Journal of Pharmacology 162.6, 1239-1249 (March 2011) PROPRIETARY & CONFIDENTIAL 22 [2] Aggregates historical data from acquisioons and work conceived and/or advanced by Valo; Valo does not have ongoing rights related to clinical drug program developed prior to Valo’s acquisioonsTherapeutic design: Human-centric approach to optimize for target activity, ADME, and tox to predict clinical potential in parallel THERAPEUTIC DESIGN 2 TRADITIONAL DEVELOPMENT VALO INTEGRATED DEVELOPMENT EXAMPLE PARALLELIZED DESIGN CYCLE 1 25 compounds synthesized Compound Valo’s parallelized design cycle Key activity goals screening met Molecule design In vitro efficacy CYCLE 2 31 compounds Integrated synthesized design In vivo efficacy Key off-targets modeled Experimental Tox & ADME Tox screen confirmaFon prediction Data CYCLE 3 13 compounds ... synthesized All optimization goals met [1] Hughes, James P., et al. Principles of Early Drug Discovery. Bri4sh Journal of Pharmacology 162.6, 1239-1249 (March 2011) PROPRIETARY & CONFIDENTIAL 22 [2] Aggregates historical data from acquisioons and work conceived and/or advanced by Valo; Valo does not have ongoing rights related to clinical drug program developed prior to Valo’s acquisioons

Clinical development: Computational tools designed to predict safety and responder populations driving higher confidence clinical trials CLINICAL DEVELOPMENT 1 2 3 4 Featurize patient Identify pathway Design pragmatic Monitor and adapt data & biomarker dysfunction in clinical studies study on ongoing Optimized, signature discovery selected subgroups basis higher LoS trials Opal Opal Opal Opal Opal Opal Opal Opal PaMent Public Biological Opal Chemistry & Opal Biological Biological Panomic Panomic Chemistry & Chemistry & simulaMon Data Datasets knowledge Biology Data knowledge graphs knowledge Data Data Biology Data Biology Data data graphs graphs Valo’s differenVated approach is designed to harness our proprietary data lake to precisely iden7fy responder popula7ons (pa7ents and 7me), enabling pragma7c studies—for faster and more effecVve studies PROPRIETARY & CONFIDENTIAL 23 LoS = likelihood of success INPUTSClinical development: Computational tools designed to predict safety and responder populations driving higher confidence clinical trials CLINICAL DEVELOPMENT 1 2 3 4 Featurize patient Identify pathway Design pragmatic Monitor and adapt data & biomarker dysfunction in clinical studies study on ongoing Optimized, signature discovery selected subgroups basis higher LoS trials Opal Opal Opal Opal Opal Opal Opal Opal PaMent Public Biological Opal Chemistry & Opal Biological Biological Panomic Panomic Chemistry & Chemistry & simulaMon Data Datasets knowledge Biology Data knowledge graphs knowledge Data Data Biology Data Biology Data data graphs graphs Valo’s differenVated approach is designed to harness our proprietary data lake to precisely iden7fy responder popula7ons (pa7ents and 7me), enabling pragma7c studies—for faster and more effecVve studies PROPRIETARY & CONFIDENTIAL 23 LoS = likelihood of success INPUTS

Key validations of Opal’s acceleration potential include: OPAL PLATFORM INDUSTRY New target idengficagon in weeks 6-12 months for typical target discovery using surrogates VS. (CV and ND targets discovered and/or staNsNcally validated in less than a 1 rather than humans month) Causal human targets and biology discovered while Correlative human targets and causal targets in other VS. recapitulating known clinically validated targets species discovered with false positives New molecule identification, validation and transition to hit-to- Average of 6-12 months to move from target to hit to lead VS. leads (H2L) in months 1 candidate (H2L 1 billion evaluated, 100s made/tested, multiple proprietary series) Lead optimization (LO) in months 1 VS. Average of two years spent in lead optimization alone (LO in 9-12 months driven by Opal-enabled compressed number of LO chemistry cycles) >90% predicgon accuracy for off-target binding Reach into 10s of proteins on current panels (retrospecgve and prospecgve validagons) with reach into VS. 1000s of proteins Significant time and resource investment to discover Causal biomarker discovery in months VS. 2 (0 to novel Parkinson’s biomarker in 2 months) clinically relevant biomarkers CV = cardiovascular; ND = neurodegenerative; H2L = hit-to-lead; LO = lead optimization [1] Paul, Steven M., et al. How to improve R&D productivity: the pharmaceutical industry's grand challenge. Nat Rev Drug Discov 9, 203–214 (Mar 2010). [2] See, for example, Paulovich, Amanda G., PROPRIETARY & CONFIDENTIAL 24 et al. “The interface between biomarker discovery and clinical validation: The tar pit of the protein biomarker pipeline.” Proteomics Clin Appl 2, 1386-1402 (Oct 2008)Key validations of Opal’s acceleration potential include: OPAL PLATFORM INDUSTRY New target idengficagon in weeks 6-12 months for typical target discovery using surrogates VS. (CV and ND targets discovered and/or staNsNcally validated in less than a 1 rather than humans month) Causal human targets and biology discovered while Correlative human targets and causal targets in other VS. recapitulating known clinically validated targets species discovered with false positives New molecule identification, validation and transition to hit-to- Average of 6-12 months to move from target to hit to lead VS. leads (H2L) in months 1 candidate (H2L 1 billion evaluated, 100s made/tested, multiple proprietary series) Lead optimization (LO) in months 1 VS. Average of two years spent in lead optimization alone (LO in 9-12 months driven by Opal-enabled compressed number of LO chemistry cycles) >90% predicgon accuracy for off-target binding Reach into 10s of proteins on current panels (retrospecgve and prospecgve validagons) with reach into VS. 1000s of proteins Significant time and resource investment to discover Causal biomarker discovery in months VS. 2 (0 to novel Parkinson’s biomarker in 2 months) clinically relevant biomarkers CV = cardiovascular; ND = neurodegenerative; H2L = hit-to-lead; LO = lead optimization [1] Paul, Steven M., et al. How to improve R&D productivity: the pharmaceutical industry's grand challenge. Nat Rev Drug Discov 9, 203–214 (Mar 2010). [2] See, for example, Paulovich, Amanda G., PROPRIETARY & CONFIDENTIAL 24 et al. “The interface between biomarker discovery and clinical validation: The tar pit of the protein biomarker pipeline.” Proteomics Clin Appl 2, 1386-1402 (Oct 2008)

Q&A (Part 1)Q&A (Part 1)

Valo’s rapidly growing internal supply chain of programs demonstrates the potential of Opal drug acceleration, generating news flow and value inflection points TARGET DISCOVERY MOLECULE DISCOVERY IND ENABLING PHASE 1 PHASE 2 PHASE 3 (if needed) REGISTRATION Heart Failure; 1 OPL-0301 Acute Kidney Injury PLANNED 2021 INTERNAL SUPPLY CHAIN Diabetic Retinopathy; 4 2 KEY MILESTONES OPL-0401 Diabetic Complications - Launching Opal-enabled Phase II study for OPAL-0022 Atherosclerosis OPL-0301 Atherosclerosis; Glioblastoma OPAL-0004 - Planning Opal-enabled Phase II study for OPL- 0401 (launch in 2022) OPAL-0018 Atherosclerosis - Advancing OPL-0101 IND-enabling experiments Heart Failure; Glioblastoma OPAL-0003 - Advancing two internal discovery programs 3 OPL-0101 Immuno-Oncology (PlaOorm for broader Immunology) toward Drug Candidate status - AcSvaSng two discovery programs pursuing OPAL-0021 Heme-Targeting targets enabled by Opal OPAL-0015 NSCLC; Squamous Cell Carcinoma; Targeted Defined Tumors Defined Tumors OPAL-0024 PLANNED 2021 EXTERNAL SUPPLY CHAIN 4 OPAL-0001 Medulla/Glioblastoma Brain Tumors; Breast Cancer KEY MILESTONES - Launching strategic ecosystem partnership OPAL-0014 Pancreatic Ductal Adenocarcinoma (PDAC), Targeted Defined Tumors program Defined Tumors; Immune Modulation OPAL-0023 - Increased flywheel velocity through data and compute expansion OPAL-0012 Defined Tumors OPAL-0016 Induced Neuropathy and Cardiomyopathy Proprietary programs across cardiovascular-metabolic-renal, oncology, and neurodegenerative OPAL-0002 Neurodegenerative disease that use and/or further build Opal. Additional proprietary preclinical programs with potential for out-licensing or future development. OPAL-0006 Neurodegenerative; Oncology (metastatic) PROPRIETARY & CONFIDENTIAL 26 Pipeline as of June 30, 2021 [1] Valo in-licensed OPL-0301 in February 2021 [2] Valo in-licensed OPL-0401 in May 2021 [3] Valo acquired OPL-0101 in May 2021 [4] Reflects management’s 2021 goals NEURODE- CARDIOVASCULAR- ONCOLOGY GENERATIVE METABOLIC-RENAL

OPL-0301: Differentiated Phase II-ready S1P1R agonist for heart failure A biased S1P1R functional agonist designed to avoid the side effects of other S1P1R modulators with potential to THERAPEUTIC unlock therapeutic benefit for heart failure and kidney injury patients HYPOTHESIS OPL-0301 design intent: In preclinical assays OPL-0301 showed superior G-protein biased S1P1R agonist ability to activate without desensitization Activation: S1P1R EC50 (nM) IC50 (nM) desensitization ac_va_on desensitization ratio G-protein Beta-arrestin OPL-0301 26 2980 114 Siponimod <1 <0.2 <0.2 Improved Reduced Receptor (Novartis) Lymphocyte endothelial heart rate + desensitization egress function conduction + internalization Ponesimod 2.4 18 7.7 - Traditional S1P1 receptor modulators activate both the G-protein (Actelion) and B-arrestin signalling pathways, resulting in lymphocyte egress and receptor desensitization that leads to cardiovascular (CV) side Ozanimod effects 27 170 6.4 (BMS) - OPL-0301 is designed to selectively target the G-protein pathway, and thereby avoid lymphocyte egress and CV side effects at anticipated therapeutic doses OPL-0301 was >100-fold selective on S1P1R versus S1P2R/3R/4R/5R PROPRIETARY & CONFIDENTIAL 27OPL-0301: Differentiated Phase II-ready S1P1R agonist for heart failure A biased S1P1R functional agonist designed to avoid the side effects of other S1P1R modulators with potential to THERAPEUTIC unlock therapeutic benefit for heart failure and kidney injury patients HYPOTHESIS OPL-0301 design intent: In preclinical assays OPL-0301 showed superior G-protein biased S1P1R agonist ability to activate without desensitization Activation: S1P1R EC50 (nM) IC50 (nM) desensitization ac_va_on desensitization ratio G-protein Beta-arrestin OPL-0301 26 2980 114 Siponimod <1 <0.2 <0.2 Improved Reduced Receptor (Novartis) Lymphocyte endothelial heart rate + desensitization egress function conduction + internalization Ponesimod 2.4 18 7.7 - Traditional S1P1 receptor modulators activate both the G-protein (Actelion) and B-arrestin signalling pathways, resulting in lymphocyte egress and receptor desensitization that leads to cardiovascular (CV) side Ozanimod effects 27 170 6.4 (BMS) - OPL-0301 is designed to selectively target the G-protein pathway, and thereby avoid lymphocyte egress and CV side effects at anticipated therapeutic doses OPL-0301 was >100-fold selective on S1P1R versus S1P2R/3R/4R/5R PROPRIETARY & CONFIDENTIAL 27

OPL-0301: Preclinical result of increased coronary flow reserve without significant lymphocyte reduction supports mechanistic hypothesis In preclinical models, S1P1R activation doses were separated from S1P1R desensitizing doses Doses of 1 and 3 mg/kg activated (left) but did not cause lymphopenia (right) OPL-0301 1 mg/kg OPL-0301 3 mg/kg OPL-0301 10 mg/kg OPL-0301 30 mg/kg Fingolimod 0.3 mg/kg OPL-0301 L-Arginine Treatments PROPRIETARY & CONFIDENTIAL 28 Coronary Conductance Ratio AUC2/AUC1OPL-0301: Preclinical result of increased coronary flow reserve without significant lymphocyte reduction supports mechanistic hypothesis In preclinical models, S1P1R activation doses were separated from S1P1R desensitizing doses Doses of 1 and 3 mg/kg activated (left) but did not cause lymphopenia (right) OPL-0301 1 mg/kg OPL-0301 3 mg/kg OPL-0301 10 mg/kg OPL-0301 30 mg/kg Fingolimod 0.3 mg/kg OPL-0301 L-Arginine Treatments PROPRIETARY & CONFIDENTIAL 28 Coronary Conductance Ratio AUC2/AUC1

Phase I data: Designed to avoid S1P1R class effects at well tolerated doses At doses <= 5 mg, OPL-0301 evoked little or no effects on heart rate (no symptomatic bradycardia or tachyphylaxis) DAY ONE DAY FOURTEEN Absolute change from baseline heart rate on day 1 Absolute change from baseline heart rate on day 14 (safety population) (safety population) After 14 days, Doses <= 5 mg, showed little effect on heart rate relative to placebo (black line) Theoretical Time TheoreAcal Time Placebo OPL-0301 0.5 mg OPL-0301 1 mg Placebo OPL-0301 0.5 mg OPL-0301 1 mg OPL-0301 10 mg OPL-0301 2.5 mg OPL-0301 5 mg OPL-0301 10 mg OPL-0301 2.5 mg OPL-0301 5 mg OPL-0301 15 mg OPL-0301 15 mg PROPRIETARY & CONFIDENTIAL 29 Absolute change Heart Rate (bpm) Absolute change Heart Rate (bpm)Phase I data: Designed to avoid S1P1R class effects at well tolerated doses At doses <= 5 mg, OPL-0301 evoked little or no effects on heart rate (no symptomatic bradycardia or tachyphylaxis) DAY ONE DAY FOURTEEN Absolute change from baseline heart rate on day 1 Absolute change from baseline heart rate on day 14 (safety population) (safety population) After 14 days, Doses <= 5 mg, showed little effect on heart rate relative to placebo (black line) Theoretical Time TheoreAcal Time Placebo OPL-0301 0.5 mg OPL-0301 1 mg Placebo OPL-0301 0.5 mg OPL-0301 1 mg OPL-0301 10 mg OPL-0301 2.5 mg OPL-0301 5 mg OPL-0301 10 mg OPL-0301 2.5 mg OPL-0301 5 mg OPL-0301 15 mg OPL-0301 15 mg PROPRIETARY & CONFIDENTIAL 29 Absolute change Heart Rate (bpm) Absolute change Heart Rate (bpm)

Phase I data: suggest potential for dose and time-dependent endothelial- protective effects and distinct mechanism OPL-0301 demonstrated limited impact on lymphocytes in healthy Effect of 28 day once-daily treatment of OPL-0301 (1 and 5mg), or subjects in 14 day Phase I study (n=55) placebo on % flow-mediated dilation (FMD) 1 Post-hoc analysis Day 14 1 All FMD data Placebo OPL-0301 0.5 mg OPL-0301 1 mg OPL-0301 2.5 mg OPL-0301 5 mg OPL-0301 10 mg OPL-0301 15 mg Placebo (n=6) OPL-0301 5mg (n=15) OPL-0301 1mg (n=15) Sildenafil 50mg (n=6) - OPL-0301 did not reduce lymphocytes at doses up to 2.5mg - Evidence for dose and time-dependent endothelial effects of OPL-0301, at least as - ~10% reducMon at 5mg good as sildenafil - FMD is correlated with cardiovascular events. A 1% increase in FMD predicts a 16% RRR for cardiovascular events [1] Exclusion criteria in post-hoc analysis was to exclude FMD for all subsequent time-points following an increase in hsCRP of >2.5 mg/L compared to baseline. FMD expressed as change from baseline. Bars are mean +/- SEM. Number of FMD PROPRIETARY & CONFIDENTIAL 30 data points shown within each bar chart %FMD %FMD (change from baseline) (change from baseline)Phase I data: suggest potential for dose and time-dependent endothelial- protective effects and distinct mechanism OPL-0301 demonstrated limited impact on lymphocytes in healthy Effect of 28 day once-daily treatment of OPL-0301 (1 and 5mg), or subjects in 14 day Phase I study (n=55) placebo on % flow-mediated dilation (FMD) 1 Post-hoc analysis Day 14 1 All FMD data Placebo OPL-0301 0.5 mg OPL-0301 1 mg OPL-0301 2.5 mg OPL-0301 5 mg OPL-0301 10 mg OPL-0301 15 mg Placebo (n=6) OPL-0301 5mg (n=15) OPL-0301 1mg (n=15) Sildenafil 50mg (n=6) - OPL-0301 did not reduce lymphocytes at doses up to 2.5mg - Evidence for dose and time-dependent endothelial effects of OPL-0301, at least as - ~10% reducMon at 5mg good as sildenafil - FMD is correlated with cardiovascular events. A 1% increase in FMD predicts a 16% RRR for cardiovascular events [1] Exclusion criteria in post-hoc analysis was to exclude FMD for all subsequent time-points following an increase in hsCRP of >2.5 mg/L compared to baseline. FMD expressed as change from baseline. Bars are mean +/- SEM. Number of FMD PROPRIETARY & CONFIDENTIAL 30 data points shown within each bar chart %FMD %FMD (change from baseline) (change from baseline)

S1P1R biology leads to prioritizing initial indications for OPL-0301 in which both improved remodeling and reduced/managed afterload is important ILLUSTRATIVE TARGET PATIENT POPULATION Improved Endothelial Function Top-line heart failure 6.2M US / 6.44M EU5 / 1M JPN patients Improved Cardiac Remodeling and Reduced/ Top-line hospitalized MI Managed Afterload 0.54M US / 0.5M EU5 / 0.25M JPN 1 patients LVD post MI (planned initial indication) AKI (planned second indication) Percent of patients with Broader heart failure eg HFpEF (potential future 45% reduced left ventricular indication) 2 ejection fraction Treatable MI patient 0.24M US / 0.23M EU5 / 0.11M JPN population Improved Cardiac Reduced/Managed Afterload Remodeling Aortic Stenosis* Treatable AKI patient 0.9M US / 0.45M EU5 / 0.15M JPN Chronic Kidney Disease* HFrecEF* 3 population Cardiomyopathy* We are not aware of other biased S1P1R funcMonal agonists *Example indications, no current plans to pursue PROPRIETARY & CONFIDENTIAL 31 [1] CDC, NCBI, Nishigaki, et al., EuroStat; [2] Miller, et al.; [3] Research and MarketsS1P1R biology leads to prioritizing initial indications for OPL-0301 in which both improved remodeling and reduced/managed afterload is important ILLUSTRATIVE TARGET PATIENT POPULATION Improved Endothelial Function Top-line heart failure 6.2M US / 6.44M EU5 / 1M JPN patients Improved Cardiac Remodeling and Reduced/ Top-line hospitalized MI Managed Afterload 0.54M US / 0.5M EU5 / 0.25M JPN 1 patients LVD post MI (planned initial indication) AKI (planned second indication) Percent of patients with Broader heart failure eg HFpEF (potential future 45% reduced left ventricular indication) 2 ejection fraction Treatable MI patient 0.24M US / 0.23M EU5 / 0.11M JPN population Improved Cardiac Reduced/Managed Afterload Remodeling Aortic Stenosis* Treatable AKI patient 0.9M US / 0.45M EU5 / 0.15M JPN Chronic Kidney Disease* HFrecEF* 3 population Cardiomyopathy* We are not aware of other biased S1P1R funcMonal agonists *Example indications, no current plans to pursue PROPRIETARY & CONFIDENTIAL 31 [1] CDC, NCBI, Nishigaki, et al., EuroStat; [2] Miller, et al.; [3] Research and Markets

Post-MI: OPL-0301 use in post-MI supported by human and rat data S1P levels ~50% lower in patients with myocardial Cardioprotective effective in rat MI model: infarction 59-65% reduction in infarct size 600 250 Vehicle CTRL i.v. (N=8) 50 1 mg/kg SEW2871 i.v. (N=8) 500 1 mg/kg OPL-0301 precursor compound i.v. (N=8) 3 mg/kg OPL-0301 precursor compound i.v. (N=8) 40 200 400 30 300 ** 150 * ** 200 20 -58% -59% 100 -65% 100 10 0 50 Control Infarction 5d later Infarction 5d later 0 One way ANOVA with Dunnett’s post hoc test vs. control group; - S1P levels ~50% reduced post MI upon admission to ICU vs healthy * = p < 0.001, ** = p< 0.0001 - Further reduction in S1P levels was observed in 16 of 21 (76%) patients five days after initial admission to ICU [1] Knapp et al., 2009. Plasma Sphingosine-1 phosphate concentraoon is reduced in paoents with myocardial infarcoon. Med Sci Monit 2009; 15(9); CR490-43 PROPRIETARY & CONFIDENTIAL 32 [2] SEW2871 is a biased S1P1R agonist research compound pmol/ml Infarct/Risk Mass Ratio [% of risk mass]Post-MI: OPL-0301 use in post-MI supported by human and rat data S1P levels ~50% lower in patients with myocardial Cardioprotective effective in rat MI model: infarction 59-65% reduction in infarct size 600 250 Vehicle CTRL i.v. (N=8) 50 1 mg/kg SEW2871 i.v. (N=8) 500 1 mg/kg OPL-0301 precursor compound i.v. (N=8) 3 mg/kg OPL-0301 precursor compound i.v. (N=8) 40 200 400 30 300 ** 150 * ** 200 20 -58% -59% 100 -65% 100 10 0 50 Control Infarction 5d later Infarction 5d later 0 One way ANOVA with Dunnett’s post hoc test vs. control group; - S1P levels ~50% reduced post MI upon admission to ICU vs healthy * = p < 0.001, ** = p< 0.0001 - Further reduction in S1P levels was observed in 16 of 21 (76%) patients five days after initial admission to ICU [1] Knapp et al., 2009. Plasma Sphingosine-1 phosphate concentraoon is reduced in paoents with myocardial infarcoon. Med Sci Monit 2009; 15(9); CR490-43 PROPRIETARY & CONFIDENTIAL 32 [2] SEW2871 is a biased S1P1R agonist research compound pmol/ml Infarct/Risk Mass Ratio [% of risk mass]

Acute kidney injury (AKI): Preclinical results support OPL-0301’s poten\al for AKI OPL-0301 demonstrated significant renal In preclinical models, OPL-0301 preserved endothelial function preservation in rat model of AKI barrier integrity and capillary density Ischemia/reperfusion Sham ischemia/reperfusion Vehicle OPL-0301 3mg/kg 500 *** 400 Cortical labyrinth Outer medulla Medulla 300 - OPL-0301 prevented albumin extravasa^on into the renal 200 cortex Sham # ## - Demonstrated preserva^on of 100 capillary density across the -89% kidney -96% IR-Vehicle 0 0 0.3 1 3 sham OPL-0301 mg/kg orally IR-OPL-0301 3mg/kg PROPRIETARY & CONFIDENTIAL 33 Creatininemia (μmol/L)Acute kidney injury (AKI): Preclinical results support OPL-0301’s poten\al for AKI OPL-0301 demonstrated significant renal In preclinical models, OPL-0301 preserved endothelial function preservation in rat model of AKI barrier integrity and capillary density Ischemia/reperfusion Sham ischemia/reperfusion Vehicle OPL-0301 3mg/kg 500 *** 400 Cortical labyrinth Outer medulla Medulla 300 - OPL-0301 prevented albumin extravasa^on into the renal 200 cortex Sham # ## - Demonstrated preserva^on of 100 capillary density across the -89% kidney -96% IR-Vehicle 0 0 0.3 1 3 sham OPL-0301 mg/kg orally IR-OPL-0301 3mg/kg PROPRIETARY & CONFIDENTIAL 33 Creatininemia (μmol/L)

Valo’s first planned OPL-0301 clinical study for post-MI In 4Q21, we expect to inifate a Phase II study evaluafng the safety and efficacy of daily dosing post MI Planned Phase II clinical trial of OPL-0301 Clinical development expected to benefit from 1 Opal in multiple ways, including: in LVD post MI - Safety analytics OPL-0301 efficacy - Biomarker analysis and optimization OPL-0301 safety lead-in evaluation - Inclusion and exclusion criteria optimization Confirmation of Efficacy study with dynamic The study will be designed to collect computational predictions for biomarker and dose comprehensive data which Valo plans to utilize to use on top of standard of optimization inform future development care [1] Illustrative clinical design; approach subject to finalization with FDA PROPRIETARY & CONFIDENTIAL 34Valo’s first planned OPL-0301 clinical study for post-MI In 4Q21, we expect to inifate a Phase II study evaluafng the safety and efficacy of daily dosing post MI Planned Phase II clinical trial of OPL-0301 Clinical development expected to benefit from 1 Opal in multiple ways, including: in LVD post MI - Safety analytics OPL-0301 efficacy - Biomarker analysis and optimization OPL-0301 safety lead-in evaluation - Inclusion and exclusion criteria optimization Confirmation of Efficacy study with dynamic The study will be designed to collect computational predictions for biomarker and dose comprehensive data which Valo plans to utilize to use on top of standard of optimization inform future development care [1] Illustrative clinical design; approach subject to finalization with FDA PROPRIETARY & CONFIDENTIAL 34

OPL-0401: An oral, Phase II ready compound for complications of diabetes, including diabetic retinopathy (DR) An oral ROCK1/2 inhibitor with potential for preferential exposure in the retina could address THERAPEUTIC DR patients currently underserved by existing therapies with potential for expansion in diabetic HYPOTHESIS triopathy and beyond OPL-0401 has potential for DR with expansion Third party clinical study demonstrated clinical proof of concept for ROCK across diabetic triopathy inhibition in DR suggests potential for OPL-0401 in DR - OPL-0401 is designed to be orally administered, and has ROCK inhibi`on in combina`on with an`-VEGF has the poten`al to reduce central 1 potential for preferential retinal distribution macular thickness, including in VEGF-refractory DR - In clinical studies for DR, other ROCK inhibitors demonstrated effectiveness in treating DR by ocular Severe diabetic macular edema despite injection intravitreal (IVT) anti-VEGF treatment - In clinical studies, OPL-0401 was observed to not Reduction in central macular thickness one generate the side effects common to other ROCK month after combined IVT ROCK inhibitor + inhibitors at anticipated therapeutic doses in studied anti-VEGF patient populations Effect of ROCK inhibition in combination with anti-VEGF was sustained over time - OPL-0401 study is intended to both pursue indication in 2 (6 months) DR and obtain data to better define patient populations for diabetic complications ROCK = Rho-associated kinase; anti-VEGF = anti-vascular endothelial growth factor; SoC = standard of care; DR = diabetic retinopathy; AE = adverse event [1] Nourinia, Ramin, et al. “Intravitreal Fasudil Combined with Bevacizumab for Treatment of Refractory Diabetic Macular Edema; A Pilot Study.” Journal of Ophthalmic & Vision Research, Vol. 8 (4), 337-40. (Oct 2013) PROPRIETARY & CONFIDENTIAL 35 [2] Reflects management’s current expectationsOPL-0401: An oral, Phase II ready compound for complications of diabetes, including diabetic retinopathy (DR) An oral ROCK1/2 inhibitor with potential for preferential exposure in the retina could address THERAPEUTIC DR patients currently underserved by existing therapies with potential for expansion in diabetic HYPOTHESIS triopathy and beyond OPL-0401 has potential for DR with expansion Third party clinical study demonstrated clinical proof of concept for ROCK across diabetic triopathy inhibition in DR suggests potential for OPL-0401 in DR - OPL-0401 is designed to be orally administered, and has ROCK inhibi`on in combina`on with an`-VEGF has the poten`al to reduce central 1 potential for preferential retinal distribution macular thickness, including in VEGF-refractory DR - In clinical studies for DR, other ROCK inhibitors demonstrated effectiveness in treating DR by ocular Severe diabetic macular edema despite injection intravitreal (IVT) anti-VEGF treatment - In clinical studies, OPL-0401 was observed to not Reduction in central macular thickness one generate the side effects common to other ROCK month after combined IVT ROCK inhibitor + inhibitors at anticipated therapeutic doses in studied anti-VEGF patient populations Effect of ROCK inhibition in combination with anti-VEGF was sustained over time - OPL-0401 study is intended to both pursue indication in 2 (6 months) DR and obtain data to better define patient populations for diabetic complications ROCK = Rho-associated kinase; anti-VEGF = anti-vascular endothelial growth factor; SoC = standard of care; DR = diabetic retinopathy; AE = adverse event [1] Nourinia, Ramin, et al. “Intravitreal Fasudil Combined with Bevacizumab for Treatment of Refractory Diabetic Macular Edema; A Pilot Study.” Journal of Ophthalmic & Vision Research, Vol. 8 (4), 337-40. (Oct 2013) PROPRIETARY & CONFIDENTIAL 35 [2] Reflects management’s current expectations

OPL-0401: First indication under development is diabetic retinopathy with expansion opportunities into diabetic complications more broadly OPL-0401 for the potential treatment of Diabetic Retinopathy ILLUSTRATIVE TARGET PATIENT POPULATION ILLUSTRATIVE EXAMPLES OF APPROVED PRODUCTS 3 2020 Net Revenue 1 Top-line diagnosed prevalence 2.4M US / 5M EU5 / 1.2M JPN Aflibercept (IVT, AMD/DR) $8.4B WW ($4.9B US) Eylea Percent of moderate and severe 40% non-proliferative patients out of Ranibizumab (IVT, AMD/DR) 2 $3.5B WW ($1.5B US) total Lucentis Treatable patient population 0.96M US / 2.00M EU5 / 0.48M JPN We believe that OPL-0401 has the potential to be differentiated from other therapeutic products in that it is an oral candidate with the potential to have unique biodistribution to the retina [1] GlobalData [2] Journal of Clinical and Experimental Ophthalmology PROPRIETARY & CONFIDENTIAL 36 [3] EvaluatePharma - includes revenue from additional indications beyond DROPL-0401: First indication under development is diabetic retinopathy with expansion opportunities into diabetic complications more broadly OPL-0401 for the potential treatment of Diabetic Retinopathy ILLUSTRATIVE TARGET PATIENT POPULATION ILLUSTRATIVE EXAMPLES OF APPROVED PRODUCTS 3 2020 Net Revenue 1 Top-line diagnosed prevalence 2.4M US / 5M EU5 / 1.2M JPN Aflibercept (IVT, AMD/DR) $8.4B WW ($4.9B US) Eylea Percent of moderate and severe 40% non-proliferative patients out of Ranibizumab (IVT, AMD/DR) 2 $3.5B WW ($1.5B US) total Lucentis Treatable patient population 0.96M US / 2.00M EU5 / 0.48M JPN We believe that OPL-0401 has the potential to be differentiated from other therapeutic products in that it is an oral candidate with the potential to have unique biodistribution to the retina [1] GlobalData [2] Journal of Clinical and Experimental Ophthalmology PROPRIETARY & CONFIDENTIAL 36 [3] EvaluatePharma - includes revenue from additional indications beyond DR

OPL-0401: Preclinical experiments have shown preferential retinal exposure following oral administration without toxicity in the eye Preclinical studies demonstrated that OPL-0401’s concentration in the OPL-0401 was evaluated in 6 and 12 retina was nearly 200-fold higher than that in the plasma following oral month toxicology studies in dogs administration - In both studies, OPL-0401 was 1 administered orally once daily OPL-0401, Minipig, Ocular, 2mg/kg, Male 300 - During treatment, all dogs Additional preclinical studies in rats revealed that OPL-0401’s underwent ophthalmology exams, preferential retinal exposure was and after study completion, eye sustained for over a six month 200 Individual ratios tissue underwent microscopic period after a single oral Mean ratios examination administration - There were no histopathology 100 observations in either the 6 or 12 month dog studies 0 Retina Sclera Vitreous body Matrix [1] Effects in female minipigs were comparable to the effects observed in males PROPRIETARY & CONFIDENTIAL 37 Tissue/plasma ratioOPL-0401: Preclinical experiments have shown preferential retinal exposure following oral administration without toxicity in the eye Preclinical studies demonstrated that OPL-0401’s concentration in the OPL-0401 was evaluated in 6 and 12 retina was nearly 200-fold higher than that in the plasma following oral month toxicology studies in dogs administration - In both studies, OPL-0401 was 1 administered orally once daily OPL-0401, Minipig, Ocular, 2mg/kg, Male 300 - During treatment, all dogs Additional preclinical studies in rats revealed that OPL-0401’s underwent ophthalmology exams, preferential retinal exposure was and after study completion, eye sustained for over a six month 200 Individual ratios tissue underwent microscopic period after a single oral Mean ratios examination administration - There were no histopathology 100 observations in either the 6 or 12 month dog studies 0 Retina Sclera Vitreous body Matrix [1] Effects in female minipigs were comparable to the effects observed in males PROPRIETARY & CONFIDENTIAL 37 Tissue/plasma ratio

OPL-0401 has been administered across 11 clinical studies to date Summary of clinical studies completed for OPL-0401 Subjects Phase Study Description Enrolled - OPL-0401 has been dosed across nine Single dose study in healthy, young male subjects evaluating doses between 1 mg Phase I clinical trials and two Phase IIa Phase I 62 and 50 mg versus placebo clinical trials (prior to Valo’s acquisition of Phase I Single dose study in healthy, young male subjects evaluating 20 mg dose 8 the program) Multiple dose study in healthy, young male subjects evaluating doses between 10 Phase I 48 - OPL-0401 has been observed to not lead to and 35 mg for 14 days QD, and a 25 mg dose for 14 days BID tachyphylaxis, bradycardia or hypotension Multiple dose study in healthy, elderly subjects evaluating 15 and 25 mg doses at Phase I 16 14 days BID versus placebo in studied patient populations at Phase I Single dose study in healthy, young male subjects evaluating 10 mg dose 12 anticipated therapeutic doses Multiple dose study in healthy elderly subjects evaluating OPL-0401 and - Overall, OPL-0401 was generally well Phase I 24 amlodipine versus placebo amlodipine for days 1-9 QD and OPL-0401 and amlodipine QD on day 10 tolerated in healthy subjects and in subjects with mild or moderate renal impairment Phase I Single dose study in renally impaired and healthy subjects evaluating 10 mg dose 25 after single doses between 1 to 35mg and at 14 Phase I Single dose study of [ C]-OPL-0401 in healthy male subjects evaluating 10 mg dose 6 all doses and regiments in multiple dose Multiple dose study in CKD3 patients on top of SOC evaluating 10 mg and 20 mg studies Phase I* 20 doses for 20 days QD versus placebo - No hypotension was reported in the Phase Multiple dose study in patients with MVA and/or persistent stable angina + Phase II* 10 evaluating two doses versus placebo II clinical trial following administration of Single dose study in patients with erectile dysfunction evaluating doses between 15 OPL-0401 at 20mg Phase II* 24 and 20 mg versus placebo and versus sildenafil * Study listed on clinicaltrials.gov PROPRIETARY & CONFIDENTIAL 38 + Study was discontinued due to slow recruitment (not due to safety concern)

Third party clinical studies have established proof of concept for ROCK inhibition in DR In a third party clinical study, ROCK inhibition in combination with SoC demonstrated improved and sustained efficacy over SoC alone in patients with DR - In this study, patients with center-involving DR/DME were randomized into two groups. The first group received monthly intravitreal injections of bevacizumab and fasudil. The second group received monthly injections of bevacizumab alone. - After three months, mean best corrected visual acuity (BVCA) was significantly improved - However, this improvement in BCVA persisted up to six months only in **** **** the group receiving both bevacizumab and fasudil IVB - Improvement in BCVA was greater in the combination group at both time IVB/IVF points - Central macular thickness (CMT) was significantly reduced in both groups at month 3, but this reduction was sustained only in the combination IVB = Intravitreal Bevacizumab *** = P <0.001 group (as opposed to the VEGF only group) up to month 6 IVF = Intravitreal Fasudil Ahmadieh H et al. Intravitreal injection of a Rho-kinase inhibitor (fasudil) combined with bevacizumab versus bevacizumab monotherapy for diabetic macular oedema: a pilot randomised clinical trial British Journal of PROPRIETARY & CONFIDENTIAL 39 Ophthalmology 2019;103:922-927Third party clinical studies have established proof of concept for ROCK inhibition in DR In a third party clinical study, ROCK inhibition in combination with SoC demonstrated improved and sustained efficacy over SoC alone in patients with DR - In this study, patients with center-involving DR/DME were randomized into two groups. The first group received monthly intravitreal injections of bevacizumab and fasudil. The second group received monthly injections of bevacizumab alone. - After three months, mean best corrected visual acuity (BVCA) was significantly improved - However, this improvement in BCVA persisted up to six months only in **** **** the group receiving both bevacizumab and fasudil IVB - Improvement in BCVA was greater in the combination group at both time IVB/IVF points - Central macular thickness (CMT) was significantly reduced in both groups at month 3, but this reduction was sustained only in the combination IVB = Intravitreal Bevacizumab *** = P <0.001 group (as opposed to the VEGF only group) up to month 6 IVF = Intravitreal Fasudil Ahmadieh H et al. Intravitreal injection of a Rho-kinase inhibitor (fasudil) combined with bevacizumab versus bevacizumab monotherapy for diabetic macular oedema: a pilot randomised clinical trial British Journal of PROPRIETARY & CONFIDENTIAL 39 Ophthalmology 2019;103:922-927

Valo intends to leverage Opal to inform a Phase II study design for OPL-0401 We expect to initiate an Opal-enabled Phase 2 study evaluating the safety and efficacy of OPL-0401 in patients with diabetic retinopathy starting in 2022 with intent to collect data for other indications as well Planned Phase II clinical trial of OPL-0401 Opal is intended to inform the clinical study, and 1 data will be collected during the study with the in diabetic retinopathy intent of supporting: - Responder prediction OPL-0401 retrospective OPL-0401 prospec7ve - Progression - Biomarker prediction Retrospective study of DR Prospective study of OPL- - Inclusion criteria optimization patient data to identify 0401 in patients with DR to biomarkers for evaluation in evaluate safety and efficacy The study will be designed to collect data on other prospective portion complications of diabetes which Valo intends to use to inform future development [1] Illustrative clinical design; approach subject to finalization with FDA PROPRIETARY & CONFIDENTIAL 40Valo intends to leverage Opal to inform a Phase II study design for OPL-0401 We expect to initiate an Opal-enabled Phase 2 study evaluating the safety and efficacy of OPL-0401 in patients with diabetic retinopathy starting in 2022 with intent to collect data for other indications as well Planned Phase II clinical trial of OPL-0401 Opal is intended to inform the clinical study, and 1 data will be collected during the study with the in diabetic retinopathy intent of supporting: - Responder prediction OPL-0401 retrospective OPL-0401 prospec7ve - Progression - Biomarker prediction Retrospective study of DR Prospective study of OPL- - Inclusion criteria optimization patient data to identify 0401 in patients with DR to biomarkers for evaluation in evaluate safety and efficacy The study will be designed to collect data on other prospective portion complications of diabetes which Valo intends to use to inform future development [1] Illustrative clinical design; approach subject to finalization with FDA PROPRIETARY & CONFIDENTIAL 40

OPL-0101: Investigational NK cell & T cell stimulator with reduced exhaustion for immuno- oncology An investigational NK cell and CD8+ T cell selective activator protein designed to avoid Tregs and to result in THERAPEUTIC minimal toxicity or exhaustion could enable a new frontier in immune oncology HYPOTHESIS OPL-0101 is designed to leverage cell targeting and multiple activation paths to Extended survival seen in a mouse model of prime NK and CD8+ T cells for selective activation cancer with OPL-0101 analog OPL-0101 (fusion LEWIS LUNG CARCINOMA MURINE MODEL protein) INTRAVENOUS INJECTION NKG2D 100 saline wt IL-2 mut IL-2 OPL-0101 analog 50 treatment 0 0 5 10 15 20 25 30 35 40 45 50 Days Post Tumor InjecSon - OPL-0101 analog toxicity began at 13x the “therapeutic dose” and 6x the lethal dose of wild-type IL-2 (based on mouse models) - Initial NHP data showed NK and CD8+ to Treg ratios increased up to 20-fold compared to baseline PROPRIETARY & CONFIDENTIAL 41 mut IL-2 is IL-2 that is mutated to not bind the alpha receptor; Pathway diagram is a custom visualizaoon which reflects Valo’s therapeuoc hypothesis Percent Survival

OPL-0101: designed to have key cell specificity and minimize off-target side effects In human samples, OPL-0101 significantly increased CD8+ and NK Mouse and non-human primate data 1 cells, selectively over Tregs, >10x more than IL-2 (n=8) showed activity and low adverse event occurrence IL-2 expanded TIL’s OPL-0101 expanded TIL’s MURINE, in vivo 200,000 IUe Lung Liver Lack of damage to lung and liver tissue indicative of potential for low off-target effect (bottom row) NK Cells CD8+ T cells NKT cells ���� T cells CD4+ cells Treg cells Neutophils PROPRIETARY & CONFIDENTIAL 42 [1] Reflects pre-clinical study on human TILs from dissociated tumors or tumor-draining lymph nodes collected under IRB approved protocol at the University of Virginia from melanoma-bearing patients. Fold expansion of TIL’s OPL-0101 analog mut IL2 wt IL2OPL-0101: designed to have key cell specificity and minimize off-target side effects In human samples, OPL-0101 significantly increased CD8+ and NK Mouse and non-human primate data 1 cells, selectively over Tregs, >10x more than IL-2 (n=8) showed activity and low adverse event occurrence IL-2 expanded TIL’s OPL-0101 expanded TIL’s MURINE, in vivo 200,000 IUe Lung Liver Lack of damage to lung and liver tissue indicative of potential for low off-target effect (bottom row) NK Cells CD8+ T cells NKT cells ���� T cells CD4+ cells Treg cells Neutophils PROPRIETARY & CONFIDENTIAL 42 [1] Reflects pre-clinical study on human TILs from dissociated tumors or tumor-draining lymph nodes collected under IRB approved protocol at the University of Virginia from melanoma-bearing patients. Fold expansion of TIL’s OPL-0101 analog mut IL2 wt IL2

OPL-0101: Opportunity to address unmet needs in oncology through differentiated design intent OPL-0101 has the potential to be developed across a wide- In the immuno-oncology space, key relevant potential approved products include: range of oncology indications, leveraging Opal 1 - Valo’s current development plan aims to pursue patient 2020 Net Revenue populations within colon cancer, non-small cell lung Pembrolizumab (PD1) cancer, renal cell carcinoma, and/or advanced $14.4B WW Keytruda melanoma indications Nivolumab (PD1) - Development as both a monotherapy and a $7B WW Opdivo combination therapy will be pursued Ipilimumab (CTLA4) - In total, these initial indications represent a patient $1.7B WW Yervoy population of over 300,000 in the US $2.5B acquisition price paid by - We believe there is strong potential for OPL-0101 to be Synthorx (IL2) Sanofi used in a wide variety of solid tumor oncology indications $1.9B acquisition price paid by Pandion (IL2) Merck We plan to submit an IND to the FDA in the second half of 2022 in order to commence clinical development of OPL-0101 [1] EvaluatePharma, company website, or press release PROPRIETARY & CONFIDENTIAL 43OPL-0101: Opportunity to address unmet needs in oncology through differentiated design intent OPL-0101 has the potential to be developed across a wide- In the immuno-oncology space, key relevant potential approved products include: range of oncology indications, leveraging Opal 1 - Valo’s current development plan aims to pursue patient 2020 Net Revenue populations within colon cancer, non-small cell lung Pembrolizumab (PD1) cancer, renal cell carcinoma, and/or advanced $14.4B WW Keytruda melanoma indications Nivolumab (PD1) - Development as both a monotherapy and a $7B WW Opdivo combination therapy will be pursued Ipilimumab (CTLA4) - In total, these initial indications represent a patient $1.7B WW Yervoy population of over 300,000 in the US $2.5B acquisition price paid by - We believe there is strong potential for OPL-0101 to be Synthorx (IL2) Sanofi used in a wide variety of solid tumor oncology indications $1.9B acquisition price paid by Pandion (IL2) Merck We plan to submit an IND to the FDA in the second half of 2022 in order to commence clinical development of OPL-0101 [1] EvaluatePharma, company website, or press release PROPRIETARY & CONFIDENTIAL 43

Research - Building a Digitally Integrated Pipeline Select key quesOons we ask ourselves: - What if we could unlock undruggable targets with Opal such as p53 and cMyc, and thereby unlock the potenOal of these powerful biologies? - What if we could improve upon current candidates and drugs to overcome key limita[ons? - What if we could unlock new targets in important diseases like cardiovascular and neurodegeneraOon? - What if all of this was enabled by one pla]orm? What if we asked you what the next problem we solved should be, what would you say? PROPRIETARY & CONFIDENTIAL 44Research - Building a Digitally Integrated Pipeline Select key quesOons we ask ourselves: - What if we could unlock undruggable targets with Opal such as p53 and cMyc, and thereby unlock the potenOal of these powerful biologies? - What if we could improve upon current candidates and drugs to overcome key limita[ons? - What if we could unlock new targets in important diseases like cardiovascular and neurodegeneraOon? - What if all of this was enabled by one pla]orm? What if we asked you what the next problem we solved should be, what would you say? PROPRIETARY & CONFIDENTIAL 44

Valo is seeking to develop discovery-stage compounds that allow us to drug previously undruggable targets USP7 is a clinically validated oncogene implicated in the In vivo: Complete responses to established 1 OPAL-0012: USP7 p53 pathway tumors in mouse models THERAPEUTIC HYPOTHESIS USP7 Control Drug Deubiquitination Deubiquitination Ub Ub Ub Transcriptional Ub A specific, selective targeted Ub activation Ub Ub Ub Ub inhibitor designed to unlock p53 Self-ubiquionaoon p53 MDM2 biology for treating various Ubiquitination 3 cancers P53 degradation MDM2 degradation USP28 has been demonstrated to be required for c-Myc Strong anti-tumor signals demonstrated by lung squamous 2 stability and clinically implicated in cancers cell carcinoma (LSCC) model in mice Proteasome Ub OPAL-0015: USP28 Cul1 Ub Skp1 E2 Ub Ub Established tumor model: THERAPEUTIC HYPOTHESIS FBW7 Ub 1800 Ub Ub LSCC (NCI-H520) Human Cells Substrate 1500 Vehicle c-MYC OPAL-0015 test compound LSD1 A specific, selecgve targeted 1200 HIF-1α ... inhibitor designed to unlock c- PIRH2 USP28 900 P < 0.0001 Ub Ub Ub Myc biology for treagng various P P CHK2 600 3 DNA damage ATM cancers P p53 300 P P ATR CHK1 0 0 1 2 3 4 Claspin Time of Treatment (d) [1] Wang, Zhiru, et al. “USP7: Novel Drug Target in Cancer Therapy.” Frontiers in Pharmacology. V-10, 427, (Apr 2019) [2] Wang, Xiaofang, et al. Targeting Deubiquitinase USP28 for Cancer Therapy. Cell Death Dis, V-9, 186 (2018) PROPRIETARY & CONFIDENTIAL 45 [3] Reflects management’s current expectations 3 Tumor Volume (mm )Valo is seeking to develop discovery-stage compounds that allow us to drug previously undruggable targets USP7 is a clinically validated oncogene implicated in the In vivo: Complete responses to established 1 OPAL-0012: USP7 p53 pathway tumors in mouse models THERAPEUTIC HYPOTHESIS USP7 Control Drug Deubiquitination Deubiquitination Ub Ub Ub Transcriptional Ub A specific, selective targeted Ub activation Ub Ub Ub Ub inhibitor designed to unlock p53 Self-ubiquionaoon p53 MDM2 biology for treating various Ubiquitination 3 cancers P53 degradation MDM2 degradation USP28 has been demonstrated to be required for c-Myc Strong anti-tumor signals demonstrated by lung squamous 2 stability and clinically implicated in cancers cell carcinoma (LSCC) model in mice Proteasome Ub OPAL-0015: USP28 Cul1 Ub Skp1 E2 Ub Ub Established tumor model: THERAPEUTIC HYPOTHESIS FBW7 Ub 1800 Ub Ub LSCC (NCI-H520) Human Cells Substrate 1500 Vehicle c-MYC OPAL-0015 test compound LSD1 A specific, selecgve targeted 1200 HIF-1α ... inhibitor designed to unlock c- PIRH2 USP28 900 P < 0.0001 Ub Ub Ub Myc biology for treagng various P P CHK2 600 3 DNA damage ATM cancers P p53 300 P P ATR CHK1 0 0 1 2 3 4 Claspin Time of Treatment (d) [1] Wang, Zhiru, et al. “USP7: Novel Drug Target in Cancer Therapy.” Frontiers in Pharmacology. V-10, 427, (Apr 2019) [2] Wang, Xiaofang, et al. Targeting Deubiquitinase USP28 for Cancer Therapy. Cell Death Dis, V-9, 186 (2018) PROPRIETARY & CONFIDENTIAL 45 [3] Reflects management’s current expectations 3 Tumor Volume (mm )

Valo is seeking to develop potential best-in-class compounds leveraging known or proven biology in discovery Creating a PARP1 inhibitor with central OPAL-0001: PARP1 OPAL-0021: NAMPT Preven^ng NAMPT inhibi^on in the re^na penetrance while preserving activity could THERAPEUTIC THERAPEUTIC while driving peripheral ac^vity could create a enable treatment of brain metastasis and 1 HYPOTHESIS HYPOTHESIS next genera^on cancer therapeu^c 1 primary brain cancers RAT RETINA AND PLASMA DISTRIBUTION RATIO DESIGNING A CNS-PENETRANT PARP1 INHIBITOR OPL-0036810 Comparator (20 mpk) OPAL-0021 (10 mpk) OPL-0036820 Clinical-stage Valo NAMPT compound from the Predicted in vivo biodistribution OPL-0036367 NAMPT asset OPAL-0021 program 40,000 DEL-003 Log([brain]/[plasma]) OPL-0036368 OPL-0036819 OPL-0036330 OPL-0036811 Brain 30,000 OPL-0036847 OPL-0036908 OPL-0036909 174x OPL-0036805 OPL-0036405 20,000 OPL-0036892 DEL-001 Plasma DEL-005 DEL-002 10,000 OPL-0036804 DEL-004 Comparator 1 Comparators 13x Comparator 2 Molecules Comparator 3 0 Comparator 4 Plasma drug Retina drug Plasma drug conc ReNna drug Comparator 5 conc(ng/mL) conc (ng/g) (ng/mL) conc (ng/g) Log([brain]/[plasma]) PROPRIETARY & CONFIDENTIAL 46 [1] Reflects management’s current expectations ConcentrationValo is seeking to develop potential best-in-class compounds leveraging known or proven biology in discovery Creating a PARP1 inhibitor with central OPAL-0001: PARP1 OPAL-0021: NAMPT Preven^ng NAMPT inhibi^on in the re^na penetrance while preserving activity could THERAPEUTIC THERAPEUTIC while driving peripheral ac^vity could create a enable treatment of brain metastasis and 1 HYPOTHESIS HYPOTHESIS next genera^on cancer therapeu^c 1 primary brain cancers RAT RETINA AND PLASMA DISTRIBUTION RATIO DESIGNING A CNS-PENETRANT PARP1 INHIBITOR OPL-0036810 Comparator (20 mpk) OPAL-0021 (10 mpk) OPL-0036820 Clinical-stage Valo NAMPT compound from the Predicted in vivo biodistribution OPL-0036367 NAMPT asset OPAL-0021 program 40,000 DEL-003 Log([brain]/[plasma]) OPL-0036368 OPL-0036819 OPL-0036330 OPL-0036811 Brain 30,000 OPL-0036847 OPL-0036908 OPL-0036909 174x OPL-0036805 OPL-0036405 20,000 OPL-0036892 DEL-001 Plasma DEL-005 DEL-002 10,000 OPL-0036804 DEL-004 Comparator 1 Comparators 13x Comparator 2 Molecules Comparator 3 0 Comparator 4 Plasma drug Retina drug Plasma drug conc ReNna drug Comparator 5 conc(ng/mL) conc (ng/g) (ng/mL) conc (ng/g) Log([brain]/[plasma]) PROPRIETARY & CONFIDENTIAL 46 [1] Reflects management’s current expectations Concentration

Novel cardiovascular and neurodegenerative targets discovered, activated cardiovascular target program (OPAL-0022) shown below Bayesian network 2 1 analysis Presumed loss of CirculaMng TARGET1 function in GENE1 BIOMARKER levels were significantly has been associated higher in vascular with lower disease, compared to circulating TARGET1 controls levels 2 1 0 1 2 100 200 300 400 Number of Alleles Metabolite 2 3 GENOTYPE PHENOTYPE 3 Data imply potential for Opal is designed to Presumed loss of function causality of TARGET1 in variants GENE1 has been generate novel targets associated with lower vascular disease, which can be for precise pa7ent prevalence of vascular modulated by disease popula7ons via GENE1/PROTEIN1 inhibition explainable and builds foundation for methodologies biomarker-driven trials 0 1 2 Number of Alleles PROPRIETARY & CONFIDENTIAL 47 Metabolite 1 -2 -1 0 1 2 Frequency of Coronary Artery Disease (%) Cumulative Rate of Coronary Artery Disease 0.15 0.20 0.25 0.30 0.35Novel cardiovascular and neurodegenerative targets discovered, activated cardiovascular target program (OPAL-0022) shown below Bayesian network 2 1 analysis Presumed loss of CirculaMng TARGET1 function in GENE1 BIOMARKER levels were significantly has been associated higher in vascular with lower disease, compared to circulating TARGET1 controls levels 2 1 0 1 2 100 200 300 400 Number of Alleles Metabolite 2 3 GENOTYPE PHENOTYPE 3 Data imply potential for Opal is designed to Presumed loss of function causality of TARGET1 in variants GENE1 has been generate novel targets associated with lower vascular disease, which can be for precise pa7ent prevalence of vascular modulated by disease popula7ons via GENE1/PROTEIN1 inhibition explainable and builds foundation for methodologies biomarker-driven trials 0 1 2 Number of Alleles PROPRIETARY & CONFIDENTIAL 47 Metabolite 1 -2 -1 0 1 2 Frequency of Coronary Artery Disease (%) Cumulative Rate of Coronary Artery Disease 0.15 0.20 0.25 0.30 0.35

Financial Overview

Valo’s current investors support the company’s vision of transforming the pharmaceutical industry PIPE investors ✓ a leading integrated healthcare delivery network ✓ Khosla Ventures ✓ NG MGG Strategic ✓ Caz Investments and returning investors ✓ Koch Disruptive Technologies ✓ Flagship Pioneering ✓ Public Sector Pension Investment Board (PSP) ✓ Invus ✓ State of Michigan Retirement Systems ✓ HBM Healthcare Investments ✓ Longevity Vision Fund Note: Select names from Series A, Series B, and PIPE PROPRIETARY & CONFIDENTIAL 49Valo’s current investors support the company’s vision of transforming the pharmaceutical industry PIPE investors ✓ a leading integrated healthcare delivery network ✓ Khosla Ventures ✓ NG MGG Strategic ✓ Caz Investments and returning investors ✓ Koch Disruptive Technologies ✓ Flagship Pioneering ✓ Public Sector Pension Investment Board (PSP) ✓ Invus ✓ State of Michigan Retirement Systems ✓ HBM Healthcare Investments ✓ Longevity Vision Fund Note: Select names from Series A, Series B, and PIPE PROPRIETARY & CONFIDENTIAL 49

Valo’s aspiration is for Opal to become the industry standard platform for drug discovery and development Our future focus, beyond our internal development plans, is to FUTURE accelerate drug development externally: Aspiration to become the standard technology platform for drug development ● Building collabora_ons and partnerships across the pharma value chain including with pharma and biotech companies, and Industry R&D par_cipants, 3 4 ● To extend the capabiliges of Opal, and generate revenue/value crea_on opportuni_es SCALE DEMOCRATIZE ● Accelerate our flywheel Scale Opal platform through high- Democratize access to Opal ● We intend to launch such external efforts later in 2021 value partnerships through software businesses Commercialize or partner a High value technology-driven Partner with ecosystem players ANTICIPATED growing series of de-risked, partnerships generating payments, to sell software solutions across REVENUE MODEL high impact therapeutics milestones, and royalties the ecosystem To date, we have not generated any revenue from our product candidates or technologies, and we do not expect to generate any revenue from the sale of products in the near future. We do not expect to generate significant revenue unless and until we progress our product candidates through clinical trials and obtain marketing approval of, and begin to sell one or more of our product candidates, or otherwise receive substantial licensing or other payments, or we commercialize a successful software offering to the ecosystem. We will not generate revenue from product sales unless and until we successfully complete clinical development and obtain regulatory approval for our product candidates, if ever. In addition, if we obtain regulatory approval for our product candidates and do not enter into a third-party commercialization partnership, we expect to incur significant expenses related to developing our commercialization capability to support product sales, marketing, manufacturing and distribution activities. As a result, we will need substantial additional funding to support our continuing operations and pursue our growth strategy. Until we can generate significant revenue from product sales or our Opal platform, if ever, we expect to finance our operations through a combination of public or private equity offerings and debt financings or other sources, such as potential collaboration agreements, strategic alliances and licensing arrangements. PROPRIETARY & CONFIDENTIAL 50Valo’s aspiration is for Opal to become the industry standard platform for drug discovery and development Our future focus, beyond our internal development plans, is to FUTURE accelerate drug development externally: Aspiration to become the standard technology platform for drug development ● Building collabora_ons and partnerships across the pharma value chain including with pharma and biotech companies, and Industry R&D par_cipants, 3 4 ● To extend the capabiliges of Opal, and generate revenue/value crea_on opportuni_es SCALE DEMOCRATIZE ● Accelerate our flywheel Scale Opal platform through high- Democratize access to Opal ● We intend to launch such external efforts later in 2021 value partnerships through software businesses Commercialize or partner a High value technology-driven Partner with ecosystem players ANTICIPATED growing series of de-risked, partnerships generating payments, to sell software solutions across REVENUE MODEL high impact therapeutics milestones, and royalties the ecosystem To date, we have not generated any revenue from our product candidates or technologies, and we do not expect to generate any revenue from the sale of products in the near future. We do not expect to generate significant revenue unless and until we progress our product candidates through clinical trials and obtain marketing approval of, and begin to sell one or more of our product candidates, or otherwise receive substantial licensing or other payments, or we commercialize a successful software offering to the ecosystem. We will not generate revenue from product sales unless and until we successfully complete clinical development and obtain regulatory approval for our product candidates, if ever. In addition, if we obtain regulatory approval for our product candidates and do not enter into a third-party commercialization partnership, we expect to incur significant expenses related to developing our commercialization capability to support product sales, marketing, manufacturing and distribution activities. As a result, we will need substantial additional funding to support our continuing operations and pursue our growth strategy. Until we can generate significant revenue from product sales or our Opal platform, if ever, we expect to finance our operations through a combination of public or private equity offerings and debt financings or other sources, such as potential collaboration agreements, strategic alliances and licensing arrangements. PROPRIETARY & CONFIDENTIAL 50

Outlook - Our mission is broad, expensive to achieve and will require additional capital in the future - Development of pharmaceutical products and software programs is capital-intensive - We believe that the net proceeds from the Business Combination and the PIPE Financing, assuming no redemptions, together with our existing cash and cash equivalents will enable us to fund our operating expenses, capital expenditure requirements and debt servicing payments into mid-2024 - We have two clinical stage programs and fifteen additional programs in various stages of preclinical development - We expect our expenses to increase in connection with our ongoing activities, particularly as we continue to develop Opal and to pursue the research and development of, initiate clinical trials of, and potentially seek marketing approval for our product candidates, and add to our pipeline what we believe will be an accelerating number of additional programs - We expect that our general & administrative costs will increase in connection with our planned research & development activities - We expect to incur operating losses for the foreseeable future as we develop the Opal Platform and advance our product candidates through preclinical and clinical development, seek regulatory approval and pursue commercialization of any approved product candidates - We may incur significant costs relating to financing existing or future acquisitions or licensing transactions - We may also need to raise additional funds sooner if we choose to pursue additional indications and/or geographies for our product candidates or otherwise expand more rapidly than we presently anticipate Research and development expenses consist primarily of costs incurred in developing our Opal platform and performing research and development activities. Research and development expenses include: [1] Costs to develop and operate the Opal platform, including personnel-related expenses, such as salaries, benefits, bonuses, and equity-based compensation, consulting costs, data access costs, hosting, support and maintenance and other outsourced technology services; [2] Drug discovery and development efforts, including personnel-related expenses, such as salaries, benefits, bonuses, and equity-based compensation for employees engaged in research and preclinical development functions, consulting costs, laboratory supplies and consumables, and external costs of vendors and partners engaged to conduct research and development activities; [3] Clinical development efforts, including personnel-related expenses, such as salaries, benefits, bonuses, and equity-based compensation for employees engaged in clinical development, payments made under third-party licensing agreements and consulting expenses; and [4] Facilities costs, depreciation and amortization expense of property and equipment (including internal use software) and acquired intangible assets, and other costs. PROPRIETARY & CONFIDENTIAL 51Outlook - Our mission is broad, expensive to achieve and will require additional capital in the future - Development of pharmaceutical products and software programs is capital-intensive - We believe that the net proceeds from the Business Combination and the PIPE Financing, assuming no redemptions, together with our existing cash and cash equivalents will enable us to fund our operating expenses, capital expenditure requirements and debt servicing payments into mid-2024 - We have two clinical stage programs and fifteen additional programs in various stages of preclinical development - We expect our expenses to increase in connection with our ongoing activities, particularly as we continue to develop Opal and to pursue the research and development of, initiate clinical trials of, and potentially seek marketing approval for our product candidates, and add to our pipeline what we believe will be an accelerating number of additional programs - We expect that our general & administrative costs will increase in connection with our planned research & development activities - We expect to incur operating losses for the foreseeable future as we develop the Opal Platform and advance our product candidates through preclinical and clinical development, seek regulatory approval and pursue commercialization of any approved product candidates - We may incur significant costs relating to financing existing or future acquisitions or licensing transactions - We may also need to raise additional funds sooner if we choose to pursue additional indications and/or geographies for our product candidates or otherwise expand more rapidly than we presently anticipate Research and development expenses consist primarily of costs incurred in developing our Opal platform and performing research and development activities. Research and development expenses include: [1] Costs to develop and operate the Opal platform, including personnel-related expenses, such as salaries, benefits, bonuses, and equity-based compensation, consulting costs, data access costs, hosting, support and maintenance and other outsourced technology services; [2] Drug discovery and development efforts, including personnel-related expenses, such as salaries, benefits, bonuses, and equity-based compensation for employees engaged in research and preclinical development functions, consulting costs, laboratory supplies and consumables, and external costs of vendors and partners engaged to conduct research and development activities; [3] Clinical development efforts, including personnel-related expenses, such as salaries, benefits, bonuses, and equity-based compensation for employees engaged in clinical development, payments made under third-party licensing agreements and consulting expenses; and [4] Facilities costs, depreciation and amortization expense of property and equipment (including internal use software) and acquired intangible assets, and other costs. PROPRIETARY & CONFIDENTIAL 51

Valo has a growing patent portfolio estate CUMULATIVE VALO PATENTS AND APPLICATIONS Over 600 Patents and Applications 600 - Over 600 patents and applications directed to compositions of matter and methods of use, including patents and Granted applications related to Valo’s proprietary programs across Pending cardiovascular-metabolic-renal, oncology, and neurodegenerative diseases 420 Granted 400 - 5 patents and applications directed to technology and machine learning for drug discovery/development IP Strategy Driven by Patents and Trade Secrets - Patent strategy focused around therapeutics 200 - Significant trade secret strategy in place with focus around technology platform 195 Pending 0 2018 2019 2020 May 2021 Cumulaove Valo patents and applicaoons reflects porwolio as of June 30, 2021. Figures include patents and applicaoons exclusively licensed to Valo PROPRIETARY & CONFIDENTIAL 52Valo has a growing patent portfolio estate CUMULATIVE VALO PATENTS AND APPLICATIONS Over 600 Patents and Applications 600 - Over 600 patents and applications directed to compositions of matter and methods of use, including patents and Granted applications related to Valo’s proprietary programs across Pending cardiovascular-metabolic-renal, oncology, and neurodegenerative diseases 420 Granted 400 - 5 patents and applications directed to technology and machine learning for drug discovery/development IP Strategy Driven by Patents and Trade Secrets - Patent strategy focused around therapeutics 200 - Significant trade secret strategy in place with focus around technology platform 195 Pending 0 2018 2019 2020 May 2021 Cumulaove Valo patents and applicaoons reflects porwolio as of June 30, 2021. Figures include patents and applicaoons exclusively licensed to Valo PROPRIETARY & CONFIDENTIAL 52

Closing RemarksClosing Remarks

Valo is a technology company built to transform the pharmaceuOcal industry, led by a deeply experienced team who, prior to Valo, have been involved in: >100 >1,000 >1,000 >28,000 1 1 1 1 drug approvals regulatory filings clinical trials AI models deployed Graeme Bell, MBA, David Berry, MD, PhD Brandon Allgood, PhD FCMA Founder, CEO Chief AI Officer Founder Indigo (#1, #3 CNBC Disruptor), Chief Financial Officer Co-founder & CTO, Numerate MCRB, EVLO, AXLA, TTOO, Omega Tx, etc.; CFO, Tmunity / Intellia / Anacor GP Flagship Pioneering CFO, Merck U.S. Hilary Malone, PhD Brett Blackman, PhD Nish Lathia, MBA Chief Operating Officer, Chief Innovation Officer Chief Product Officer Founder, CSO of HemoShear, Repertoire, General Manager for multiple WW Pharma and Kintai; Associate Professor of businesses, Amazon Chief Regulatory Officer, Sanofi Biomedical Eng, UVA Dan Troy, JD Cissy Young, PhD Moni Miyashita, MBA Chief Legal Officer & General Chief People Officer Chief Strategy Officer Managing Director, Russell Reynolds Counsel Partner, Innosight Associates; VP, Corporate Development, IBM General Counsel, GSK Director, Strategy & BD, Cerulean Chief Counsel, FDA Pharma 2 >160 FTEs at the convergence of life sciences and technology [1] Valo data aggregates historical experience across Valo staff PROPRIETARY & CONFIDENTIAL 54 [2] As of July 15, 2021

Valo’s Board support the company’s vision of transforming the pharmaceu\cal industry Ron Hovsepian David Berry, MD, PhD Shreeram Aradhye, MD Chairman of the Board of Directors Board Director Board Director CEO Indigo Agriculture, Former CEO Novell, Former Founder Indigo (#1, #3 CNBC Disruptor), MCRB, EVLO, Former CMO Novartis Pharmaceuticals CEO Intralinks, Chairman of Ansys AXLA, TTOO, Omega Tx, etc.; GP Flagship Pioneering Paul Biondi, MBA 1 Brett Chugg, MBA David Epstein, MBA Board Director Board Director Board Director Former Head of Business Development and Strategy, Managing Director, Koch Disruptive Technologies Former CEO NovarMs PharmaceuMcals Bristol-Myers Squibb Harsha Ramalingam, MBA 1 Judy Lewent, MBA Adam Smalley, MBA Board Director Board Director Board Director Former CIO, CISO, and Global VP Ecommerce Former CFO Merck; Non-executive director at Dell, Complementary Portfolio; Office of the CIO; Platform (Built 5th generation ecommerce Motorola, GSK, Thermo Fisher PSP Investments platform), Amazon [1] KDT and PSP’s right to designate a board director expires on a public offering PROPRIETARY & CONFIDENTIAL 55Valo’s Board support the company’s vision of transforming the pharmaceu\cal industry Ron Hovsepian David Berry, MD, PhD Shreeram Aradhye, MD Chairman of the Board of Directors Board Director Board Director CEO Indigo Agriculture, Former CEO Novell, Former Founder Indigo (#1, #3 CNBC Disruptor), MCRB, EVLO, Former CMO Novartis Pharmaceuticals CEO Intralinks, Chairman of Ansys AXLA, TTOO, Omega Tx, etc.; GP Flagship Pioneering Paul Biondi, MBA 1 Brett Chugg, MBA David Epstein, MBA Board Director Board Director Board Director Former Head of Business Development and Strategy, Managing Director, Koch Disruptive Technologies Former CEO NovarMs PharmaceuMcals Bristol-Myers Squibb Harsha Ramalingam, MBA 1 Judy Lewent, MBA Adam Smalley, MBA Board Director Board Director Board Director Former CIO, CISO, and Global VP Ecommerce Former CFO Merck; Non-executive director at Dell, Complementary Portfolio; Office of the CIO; Platform (Built 5th generation ecommerce Motorola, GSK, Thermo Fisher PSP Investments platform), Amazon [1] KDT and PSP’s right to designate a board director expires on a public offering PROPRIETARY & CONFIDENTIAL 55

Valo’s aspiration is for Opal to become the industry standard platform for drug discovery and development CURRENT FUTURE Building what we believe is the first digitally Aspiration to become the standard technology native fully integrated pharma platform for drug development 1 2 3 4 BUILD VALIDATE SCALE DEMOCRATIZE Build Opal platform and Data Validate Opal platform Scale Opal platform through high- Democratize access to Opal Lake through internal pipeline value partnerships through software businesses Commercialize or partner a High value technology-driven Partner with ecosystem players ANTICIPATED growing series of partnerships generating payments, to sell software solutions across REVENUE MODEL therapeutic candidates milestones, and royalties the ecosystem Valo’s strategy aims to accelerate Opal’s data→compute→drug flywheel over time PROPRIETARY & CONFIDENTIAL 56Valo’s aspiration is for Opal to become the industry standard platform for drug discovery and development CURRENT FUTURE Building what we believe is the first digitally Aspiration to become the standard technology native fully integrated pharma platform for drug development 1 2 3 4 BUILD VALIDATE SCALE DEMOCRATIZE Build Opal platform and Data Validate Opal platform Scale Opal platform through high- Democratize access to Opal Lake through internal pipeline value partnerships through software businesses Commercialize or partner a High value technology-driven Partner with ecosystem players ANTICIPATED growing series of partnerships generating payments, to sell software solutions across REVENUE MODEL therapeutic candidates milestones, and royalties the ecosystem Valo’s strategy aims to accelerate Opal’s data→compute→drug flywheel over time PROPRIETARY & CONFIDENTIAL 56

Valo is rapidly scaling and executing its strategy to enable near term and regular newsflow while scaling Opal internally and externally Powered by the Opal platform, Valo aspires to transform the biopharma industry as what we believe is the first digitally-native fully integrated pharma. Valo is: - Leveraging Opal to achieve scalable activation and advancement of what we believe to be high potential therapeutic programs - Planning to scale external supply chain of programs to increase velocity of Opal’s flywheel Khosla Ventures has a reputation for betting on industry transformations and high growth companies. Combination with Khosla represents recognition of Valo’s execution to-date and transformative aspirations [1] Reflects management’s 2021 goals PROPRIETARY & CONFIDENTIAL 57Valo is rapidly scaling and executing its strategy to enable near term and regular newsflow while scaling Opal internally and externally Powered by the Opal platform, Valo aspires to transform the biopharma industry as what we believe is the first digitally-native fully integrated pharma. Valo is: - Leveraging Opal to achieve scalable activation and advancement of what we believe to be high potential therapeutic programs - Planning to scale external supply chain of programs to increase velocity of Opal’s flywheel Khosla Ventures has a reputation for betting on industry transformations and high growth companies. Combination with Khosla represents recognition of Valo’s execution to-date and transformative aspirations [1] Reflects management’s 2021 goals PROPRIETARY & CONFIDENTIAL 57

The Valo Investment Opportunity Summary - Valo’s Opal platform based on a human data focusing on increasing NPV >4x per drug - Opal goal: cut 6 years (>50%) and $500M (>50%) per drug, increasing success rates 2-4x - Powered by human data from >8 million patients with tens of trillions of data points - Enabled by an flywheel to drive active learning and learning at scale - Two Phase 2-ready clinical assets and 15+ preclinical assets as a two year old company - Most advanced drugs going after addressable markets of >$11B and >$6B, respectively PROPRIETARY & CONFIDENTIAL 58The Valo Investment Opportunity Summary - Valo’s Opal platform based on a human data focusing on increasing NPV >4x per drug - Opal goal: cut 6 years (>50%) and $500M (>50%) per drug, increasing success rates 2-4x - Powered by human data from >8 million patients with tens of trillions of data points - Enabled by an flywheel to drive active learning and learning at scale - Two Phase 2-ready clinical assets and 15+ preclinical assets as a two year old company - Most advanced drugs going after addressable markets of >$11B and >$6B, respectively PROPRIETARY & CONFIDENTIAL 58

Q&A (Part 2)Q&A (Part 2)