March 2020

Corporate Presentation
Disclaimer This presentation contains forward-looking statements that include information about possible or assumed future
results of the business, financial condition, liquidity, results of operation, clinical program, plans and objectives of
Pharma Mar, S.A. ("PharmaMar" or the "Company"). These forward-looking statements can be identified by the
use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “endeavor,” “anticipate,” “project,”
“estimate,” “intend,” “continue” or “believe” or the negatives thereof or other variations thereon or comparable
terminology. These forward-looking statements are based on the expectations of management under current
assumptions at the time of this presentation, are not guarantees of future performance and are subject to risks
and uncertainties that could cause actual results to materially differ from those contained in the forward-looking
statements. All forward-looking statements in this presentation apply only as of the date made. Except as required
by law, the Company is not obligated to, and does not intend to, update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise. To the extent that this presentation contains
market data, industry statistics and other data that have been obtained from, or compiled from, information made
available by third parties, the Company has not independently verified their data.

This presentation is made pursuant to Section 5(d) of the U.S. Securities Act of 1933, as amended, and is
intended solely for investors that are either qualified institutional buyers or institutions that are accredited
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of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state or jurisdiction.

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INVESTMENT HIGHLIGHTS
Leader in development & commercialization of marine derived oncology drugs

Global integrated biotech developing marine-derived and novel MoA oncology drugs
• 2 approved oncology drugs, Yondelis® and Aplidin ®
• 1 oncology candidate, Lurbinectedin filed FDA December 16th 2019

Established oncology sales force in Europe

• Strong partners in the US (Jazz, Janssen), Japan (Taiho), Australia (STA)

Late stage pipeline: Transformative time for PharmaMar

• Lurbinectedin relapsed small cell lung cancer (“SCLC”) monotherapy NDA Aug 16th 2020 PDUFA date
• Lurbinectedin ATLANTIS combo with Doxo randomized trial top line data 2H 2020

Revenue generating company

• FY’19 revenues €85.8mm
• ~ € 875mn market cap.;(~$800mm1)
• Shares listed on the Spanish Stock Exchanges under the symbol “PHM”

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1. As of Feb 28 2020
PharmaMar & Jazz Pharmaceuticals
Sign a license and distribution agreement for lurbinectedin in US, 19th December 2019

• PharmaMar received an up-front payment of $200 million in January 2020

• Eligible to receive potential regulatory milestone payments of up to $250 million upon the achievement
of accelerated and/or full regulatory approval of Lurbinectedin by FDA within certain timelines
• PharmaMar is eligible to receive tiered royalties of between high teens and 30% on net sales
• In addition, sales milestones of up to US $550 million
• This income may be further increased, if other therapeutic indications are approved
• PharmaMar also retains production rights and will supply the product to Jazz

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T R A N S F O R M AT I V E T I M E F O R P H A R M A M A R

MoA oncology drugs

BD: Transformative
seek synergistic
assets time

Expand R&D vertically

and horizontally

Lurbinectedin: Pipeline
within a drug (e.g.
ovarian, sarcoma, Pan- 5>
small cell, etc.)
U N I Q U E F U L LY I N T E G R AT E D P L AT F O R M
Cell Biology Pharmaceutical
Expeditions Chemistry & Development & Clinical &
Preclinical regulatory Commercial
and Collection Operations

• Marine derived leads • Screening of antitumoral • FDA inspected production • Clinical trials • Oncology-focused
• Global expeditions activity facility • Post marketing sales force in Europe
• Over 200,000 samples • Synthesis & molecule • GMP Production trials (~ 65 people)
optimization • New drug candidates • Geographic licensing
• Patent protection • New ADC Payloads & partnering with
experienced companies
• Preclinical studies

Regulatory inspections passed from FDA, AEMPS, PMDA (US, Spain/EU, Japan)
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OUR ONCOLOGY PORTFOLIO:
Program / Indication Phase I Phase II Phase III Market

Soft tissue sarcoma 2nd/3rd line Single agent

Yondelis
Ovarian cancer 2nd/3rd line (1) Yondelis+Doxil(2)

Aplidin R/R Multiple Myeloma 3th/4th line (3) Aplidin+Dexameth

Small cell lung cancer relapsed Lurbin+Doxo(4) ATLANTIS

Basket trial (small cell lung cancer August 16th 2020 FDA
Single agent
expansion cohort)
Lurbinectedin PDUFA date

Basket trial (other) (5) Single agent

Single agent
Solid tumors
and combinations
Single agent
PM184 Solid tumors
and combinations

PM14 Solid tumors Single agent

(1) Not approved in the USA 7>

(2) Pegylated liposomal doxorubicin (PLD)
(3) Approved in Australia
(4) Doxorubicin
(5) Breast BRCA+, Head & neck, Endometrial, Biliary tract, Ewing sarcoma, NET, Germ cell, CUP
 LURBINECTEDIN: MoA
A Selective Inhibitor of Oncogenic Transcription

Cancer is frequently a transcriptional disease caused By inhibiting active transcription in Tumor

by deregulated oncogenic transcription factors Associated Macrophages (TAMs), lurbinectedin
downregulates IL-6, IL-8, CCL2 and VEGF
Selectively inhibits active transcription of protein-coding genes
Transcription through binding to promoters and irreversibly stalling elongating
Factors RNA polymerase II on the DNA template, thereby leading to
double-stranded DNA breaks and apoptosis.

SWI/SNF Lurbinectedin IL-6 VEGF

SWI/SNF IL-8 TAMs IL-8
ARID1A
ARID1A
CCL2
IL-6
Induction of
Tumor Cell Induction of
DNA Proliferation
Inhibition of Immune angiogenesis
Response
Activation of Immune
Checkpoints
Harlow et al, 2016; Cancer Res 72: 6657-68
Promoter Harlow et al, 2019; Clin Cancer Res doi: 10.1158/1078-0432.CCR-18-3511
Santamaría et al, 2016. Mol Cancer Ther 15:2399-412

8
Dr. Luis Paz Ares
PIPELINE- LURBINECTEDIN
Development and commercial strategy

ClinicalPROGRAM/
CLINICAL Program /INDICATION
Indication PHASE
Phase I I Phase II II
PHASE PHASE Market
Phase IIIIII MARKET

LURBINECTEDIN

SCLC Combo
Relapsed Doxorubicin ATLANTIS
August 16th 2020 FDA
Basket trial SCLC cohort Single agent
PDUFA date

Basket trial (other) Single agent

Single agent /
Solid tumors combinations

Commercialization Plans:

• EU: Utilize/expand existing Yondelis sales force and select regional distributors
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• US: License and distribution agreement with Jazz
• ROW: Regional partnerships
LURBINECTEDIN: SCLC
Market overview: Orphan drug designation granted in the United States and EU

The American Cancer Society expects that in 2019 Decision Resources, Inc. expects that in 2018,
there will be approximately 30,000 new cases of there will be approximately 61,300 new cases
small cell lung cancer in the United States1 of small cell lung cancer in the EU2

• SCLC represents a significant unmet medical need with limited late stage options.
• The 5-year survival rate is about 5%-10%3
• 2nd line Standard of Care: Topotecan; Median TTP ~3m; OS ~6m4
• Last FDA approved NCE for 2nd line, Topotecan (iv) 1996, (only sensitive patients)
• PHM internal market research estimates ~60% of patients get treated in 2 nd line

Sources:
1, American cancer Society and SEER Cancer Stat Facts https://seer.cancer.gov/statfacts/html/lungb.html
2. Data Monitor: Small cell lung cancer (SCLC) Market Spotlight, May 1 2018
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3. http://www.cancer.gov/types/lung/hp/small-cell-lung-treatment-pdq
4. https://www.accessdata.fda.gov/drugsatfda_docs/label/2014/022453s002lbl.pdf
 S C L C O V E R T H E Y E A R S ; FA R L E S S P R O G R E S S T H A N I N N S C L C

Atezolizumab+
Cisplatin+ Carboplatin+ Carboplatin+
First line Etoposide Etoposide Etoposide
1985 1999 2019
S
C Topotecan
L Second line
1996
C

Third line Nivolumab Pembrolizumab

2018 2019

Adapted from ; Sabari et al, Clinical Oncology; September 2017 FDA approval

1985 1990 1995 2000 2005 2015 2018 2019

Alkylating
N Antimetabolites
S Antiangiogenesis
C Microtubule
IO
L EGFR 11 >
C TKI
TRK
 Drug class failures 2nd line SCLC

• Aurora Kinase
• BCL2
• C-Kit
• DLL-3
• EGFR
• FLT3
• HDAC
• IGF
• mTOR
• PD1
• Proteosome inhibitor
• VEGF
• GD2

"SCLC is difficult to treat in part because you can’t target an absent protein the way you can target a mutant protein—there’s
nothing against which a drug can be directed“ 12 >
Rudin C. Looking Ahead to New Therapies in Small Cell Lung Cancer. Clinical Advances to Hematology & Oncology 2018:16 (4): 269-272
LURBINECTEDIN: SCLC
USA: Current and emerging treatment paradigm #

1st LINE MAINTENANCE 2nd LINE 3rd LINE

FDA APPROVED Platinum/Etoposide/ Topotecan Nivolumab

DRUGS SCLC Atezolizumab Pembro

Durvalumab1* Irinotecan1* Vinorelbine1*

Paclitaxel1*
NCCN Docetaxel1*
Oral etopoide1*
Gemcitabine1*
Guidelines Temozolomide1* CAV1*
Nivo*+/-Ipi1*@ Bendamustine1*
Pembro1*@ Rechallenge1,2

Durv/Trem* Lurbinectedin* RRx-001*

Durv/Trem*
P3 trials# Pembro* Onivyde*
Tiragolumab*

• Investigational drug or not approved for this indication/line

1. All drugs listed in NCCN guidelines v232020
13 13 >
2. Only with relapse >6m; for pts who relapse >6m after Atezo maintenance, recommendation is to re-challenge with carbo/etoposide without Atezo
@ Not recommended for pts who relapse while on maintenance Atezo or Durv. For those who relapse after >6m, recommendation is re-treatment with original regimen ex Atezo or Durv
** Durvalumab filed with FDA ~Q4 2019
# Recruitung trials for NCEs in US and /or EU
 I M M U N O T H E R A P Y G R AV I TAT I N G T O 1 s t A N D 3 r d L I N E

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Solebury Trout KOL Day 11/15/19

L U R B I N E C T E D I N S C L C : 2 T R I A L S , 2 P R O T O C O L S , 2 P O P U L AT I O N S

MONO(1): COMBO(2):
• Combo with Doxorubicin (in NCCN guidelines within CAV)
• Mono 57% sensitive, 21% resistant
• Phase II n=27 saw OS 10.2m in CTFI 30+ (n=21)
• Phase II basket trial expansion n=105 with CTFI>0
• Phase III ATLANTIS fully accrued 613 pts;
• Primary endpoint ORR (investigator) 35%
OS endpoint expected 2020
• ITT OS 9.3m
• Stable brain mets allowed
• No brain mets
• Dosing Lurbi 2mg/m2 + 40mg Doxo/m2
• Lurbi dose 3.2mg/m2
• Phase III prophylaxis G-CSF
• G-CSF (22%)

Monotherapy NDA PDUFA date 16th Aug 2020 Combo top-line data expected 2H 2020 for
for Accelerated Approval for relapsed SCLC relapsed SCLC
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1. Source: ASCO 2019
2. Source: IASLC 2018
C O M B I N AT I O N : L u r b i n e c t e d i n + D o x o r u b i c i n

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 LURBINECTEDIN: PHASE I/II 2nd LINE SMALL CELL LUNG CANCER
Combination Doxorubicin:

Lurbinectedin + DOX Lurbinectedin + DOX

(q3wk) (q3wk)
Response
n=27 n=21
Evaluable patients
L2 mg/m2 D1 CTFI>30d
+ DOX 40 mg/m2 D1
CR 4% 5%
PR 33% 43%
ORR 37% 48%
SD 37% 33%
PD 26% 19%
Disease Control Rate 74% 81%
Duration of Response* 5.2m n/a
PFS 3.4m 5.3
Overall Survival 7.9m 10.2

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Source: Forster et al IASLC 2018 “Overall Survival with Lurbinectedin Plus Doxorubicin in Relapsed SCLC. Results from an Expansion Cohort of a Phase Ib Trial”; except *DOR data from ESMO 2017
 Lurbinectedin: PHASE III RELAPSED SMALL CELL LUNG CANCER
ATLANTIS Trial Design SCLC (Trial initiated August 2016)

• Primary endpoint: median OS HR ≤ 0.75 with 90% power at ~510 events.

Control arm modelled for ~7.5m
613 patients recruited in >150 centers; 20 countries; EU & N. Am accounts ~ 90%
• Registration Strategy
- Monotherapy filed 12/16/2019
- 5 Safety analyses passed (IDMC)
- PharmaMar announced ATLANTIS reached target enrollment July 2018
- Data anticipated 2H 2020

Arm A: Lurbinectedin mono (after doxo

Lurbinectedin (2mg/m2) & Doxo (40 mg/m2) maximum cumulative dose) at
(up to 10 cycles) 3.2 mg/m2 q3w until PD

Eligible SCLC pts

1prior platinum R No Crossover
N=613 (1:1) Primary GCSF required in both arms

Arm B:
Topotocan or CAV
(42%/58%) 18 >

Stratification by prior PD1/PD-L1, CTFI, and CNS mets .

M O N O T H E R A P Y: L u r b i n e c t e d i n

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M O N O T H E R A P Y F I N A L D ATA : A S C O 2 0 1 9
Efficacy

Overall Decrease in tumor size in 65% patients

(n=105)

ORR, % 35.2
(95% CI) (confirmed responses) # ^ (26.2-45.2)

ORR, % 22.2
Resistant CTFI< 90 days (n=45) (11.2-37.1)
ORR, % 45.0
Sensitive CTFI = 90 days (n=60) (32.1-58.4)
Duration of response (months), median 5.3
(95% CI) (4.1-6.4)
Disease Control Rate *, % 68.6
(95% CI) (58.8-77.3)

#5 of 8 patients who failed prior immunotherapy had confirmed response

^ Tumor assessments performed every 2cycles until cycle 6 and every 3 cycles thereafter
* Disease Control Rate: Response or SD

Dr. Luis Paz Ares

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PFS TO PRIOR IO AND PFS AFTER LURBINECTEDIN

PFS prior IO PFS Lurbinectedin

Prior IO

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 M O N O T H E R A P Y F I N A L D ATA : A S C O 2 0 1 9
Safety

Safety: Related or Unknown Adverse Events

Treatment Related (or Unknown) Adverse Events (AEs) ( >5% or Gr 3-4)

n=105 n (%) n=105 Gr 1-2 Gr 3-4

n (%) n (%)
AEs 89 (84.8) Neutropenia 6 (5.7) 24 (22.9)
Hematological AEs *
- Gr ≥3 36 (34.3) Anemia 2 (1.9) 7 (6.7)
Thrombocytopenia 2 (1.9) 5 (4.8)
SAEs 11 (10.5)
Febrile neutropenia . 5 (4.8)
AEs leading to death 0 (0.0) Fatigue 54 (51.4) 7 (6.7)
AEs leading to treatment Nausea 34 (32.4) .
2 (1.9) Decreased appetite 22 (21.0) .
discontinuation
Non-Hematological Vomiting 19 (18.1) .
Dose delays treatment related 21 (22.1*) AEs Diarrhea 13 (12.4) 1 (1.0)
Dose reductions # 25 (26.3*) Constipation 10 (9.5) .
Pneumonia . 2 (1.9)
G-CSF 23 (21.9) Alanine aminotransferase
. 2 (1.9)
Transfusions (red blood cells increased *
10 (9.5) Skin ulcer . 1 (1.0)
and/or platelets)

* Per protocol: dose had to be reduced in case of grade 4 neutropenia * Lab abnormalities associated with a specific treatment, were considered a SAE, or were reasons for dose reduction or treatment delay

Dr. Luis Paz Ares

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N O N H E A D - T O - H E A D C O M PA R I S O N S
Safety

Adverse Events Monotherapy Topotecan label Topotecan von Pawel CAV (from Topo label)
Grade 3-4 2014
n=105 n=107 n=167 n=104
CTFI>0 CTFI>60 CTFI>60
Febrile Neutropenia 4.8% 28% 3% 26%
Anemia 6.7% 42% 30.5% 20%
Thrombocytopenia 4.8% 29% (G4) 54.3%2 5% (G4)

Neutropenia 22.9% 70% (G4) 53.8%2 72% (G4)

Sepsis NR 5%1 NR 5%1
Pneumonia 1.9% 8% 3% 6%

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1. G-CSF give as rescue in 71%, 43% and 18% respectively, Phase III using prophylaxis
2. Treatment-emergent abnormalities
M O D E L L I N G B A S I C S : F O R I L L U S T R AT I V E P U R P O S E S O N LY

USA EU
New per year1 ~30000 New per year1 ~60000
% treated 2nd line2 ~60% % treated 2nd line2 ~60%
DOR3 5.3m DOR3 5.3m
Annual Px IO front line4 $177-180k Annual Px IO front line5 $62-63k
Annual Px IO 3rd line4 $150-153k Annual Px IO 3rd line5 $53-54k
Market Share ? Market Share ?

1. See slide 10
2. Internal estimates 24 >
3. From ASCO 2019 data
4. WAC USA
5. Assumed EU average price ~35% USA
L U R B I NE C TE DI N: K E Y I P A N D B A R R IE RS TO E N T RY

US EU

Grants exclusivity in SCLC Grants exclusivity in SCLC

Orphan drug for 7 years from approval for 10 years from approval

Use patent Protection until 2031# Protection until 2031#

Protection until 2022*

Composition of matter Protection until 2024*

*Subject to potential patent term extension

#Pending patent

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Y O N D E L IS ®: K E Y I P A N D B A R R I E RS TO E N T RY

US EU Japan

2023 Sarcoma 2019 Ovarian cancer

Orphan drug 2022 Sarcoma

Protection until 2025

Formulation Protection until 2028 Protection until 2030

Protection until 2022

Use patent

Manufacturing Protection until 2026 Protection until 2021 Protection until 2021

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 94.3 79.6 78.2
100,0 90.6
73.7
90,0 80.2 78.8 80 2,4
1,9
4,9 5,3
4,9
80,0 70 53.6
5,1
70,0 60
2
60,0 50 2,9

50,0 40 72,3 71
40,0 63,7
28.6 30
48,7
30,0
16.9 16.7 20
20,0
10
7.0
10,0
0
0,0 2016 2017 2018 2019
2016 2017 2018 2019

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KEY EVENTS
Catalyst calendar

• Lurbinectedin monotherapy SCLC basket trial oral presentation ASCO June 1st 2019
• Lurbinectedin monotherapy FDA grants Accelerated Approval path
• Lurbinectedin monotherapy filed Accelerated Approval USA December 16th 2019
• Partnership agreement for US rights signed with Jazz Pharma
• USA EAP open Q1 2020
• Lurbinectedin monotherapy NDA accepted 2/14/20 for priority review
• Lurbinectedin monotherapy PDUFA 8/16/2020
• Lurbinectedin ATLANTIS top-line data 2H 2020
• Lurbinectedin potential US launch 2H 2020
• File Lurbinectedin with EMA

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