Menlo Therapeutics Investor Presentation — June 2020

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Forward Looking Statements

This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to statements regarding

the development and commercialization of Menlo’s products and product candidates and other statements regarding the future ex pectations, plans and prospects of Menlo. All

statements in this presentation which are not historical facts are forward-looking statements. Any forward-looking statements ar e based on Menlo’s current knowledge and its

present beliefs and expectations regarding possible future events and are subject to risks, uncertainties and assumptions that c ould cause actual results to differ materially and

adversely from those set forth or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the outcome and cost of clinical trials for

current and future product candidates; determination by the FDA that results from Menlo’s clinical trials are not sufficient to support registration or marketing approval of product

candidates; adverse events associated with the commercialization of AMZEEQ®and ZILXI™; the outcome of pricing, coverage and reimbursement negotiations with third party

payors for AMZEEQ®, ZILXI™ or any other products or product candidates that Menlo may commercialize in the future; whether, and to what extent, t hird party payors impose

additional requirements before approving AMZEEQ®or ZILXI™ prescription reimbursement; the eligible patient base and commercial potential of AMZEEQ®, ZILXI™ or any of

Menlo’s other product or product candidates; risks that Menlo’s intellectual property rights, such as patents, may fail to pr ovide adequate protection, may be challenged and one or

more claims may be revoked or interpreted narrowly or will not be infringed; risks that any of Menlo’s patents may be held to benarrowed, invalid or unenforceable or one or more

of Menlo’s patent applications may not be granted and potential competitors may also seek to design around Menlo’s granted patents or patent applications; additional competition

in the acne and dermatology markets; inability to raise additional capital on favorable terms or at all; Menlo’s ability to r ecruit and retain key employees; and Menlo’s ability to stay

in compliance with applicable laws, rules and regulations. For a discussion of other risks and uncertainties, and other impor tant factors, any of which could cause Menlo’s actual

results to differ from those contained in the forward-looking statements, see the sections titled “Risk Factors” in Menlo’s most recent quarterly report on Form 10Q as well as

discussions of potential risks, uncertainties, and other important factors in Menlo’s subsequent filings with the U.S. Securi ties and Exchange Commission. Although Menlo