Analyst Day November 2026

2 Disclaimer This presentation and the accompanying slides and oral commentary (this “Presentation”) have been prepared by Ambros Therapeutics, Inc. (“Ambros,” “we,” “us” or the “Company”) for informational purposes only. This Presentation has been prepared based on information the Company considers reliable, but no representation or warranty, express or implied, is given by the Company, its affiliates, directors, officers, employees or advisers or any other person as to the accuracy or completeness of the contents hereof. The information contained herein is subject to change. Forward-Looking Statements This Presentation contains forward-looking statements. Such statements include, but are not limited to, statements about the Company, the proposed merger between Ambros and Werewolf Therapeutics, Inc. (“Werewolf”) and the concurrent private placement financing (the “Concurrent PIPE Financing” and, together with the proposed merger, the “Transactions”); expectations regarding the completion, timing and anticipated effects, benefits and opportunities of the Transactions; Ambros’ expectations regarding the use of proceeds from the Concurrent PIPE Financing; estimated cash at closing of the proposed merger and cash runway expectations, including expectations regarding the Company’s ability to fund operations through key clinical milestones; research and clinical development activities; plans and projected timelines for neridronate; plans regarding regulatory filings; expectations regarding the relative benefits of neridronate compared with competitive therapies; and expectations regarding the therapeutic and commercial potential of neridronate. 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Risks that contribute to the uncertain nature of the forward-looking statements include, among others: the inability to consummate the Transactions, including due to a failure to obtain the requisite stockholder approvals or satisfy other closing conditions; costs related to the proposed Transactions; potential litigation or disruption to the Company’s operations related to the Transactions; clinical trials may not be successful; the results of the interim analysis of CRPS-RISE may not meet the prespecified statistical threshold required to stop the trial early for efficacy, and CRPS-RISE may be required to continue through its planned enrollment, treatment and follow-up period to a final analysis; the U.S. Food and Drug Administration (“FDA”) may not agree with interpretations of data from clinical trials of neridronate or may require additional clinical or other data; delays in the commencement, enrollment, completion or analysis of clinical testing for neridronate, or in the reporting of data from such clinical testing; significant issues regarding the adequacy of clinical trial designs or the execution of clinical trials may arise, which could result in increased costs and delays or limit the ability to obtain regulatory approval; neridronate may not receive regulatory approval or be successfully commercialized; unexpected adverse side effects or inadequate therapeutic efficacy of neridronate could delay or prevent regulatory approval or commercialization; and the Company may not be able to obtain additional financing. 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3 Ambros Analyst Day Agenda Introduction and Corporate Overview Jay Hagan Werewolf Transaction and Concurrent Financing Cris Calsada Complex Regional Pain Syndrome Overview Gail Cawkwell, MD, PhD Neridronate: Mechanism, Clinical Evidence to Date, and Ongoing Trial Gail Cawkwell, MD, PhD Market Opportunity and IP Kunal Kishnani Strong Capital Position and Looking Ahead Jay Hagan

Christopher Aker General Counsel General Counsel at Regulus Therapeutics Corporate Counsel & Senior Director of Administration at Phenomix Corp Corporate Counsel at Cureline Jennifer Lam SVP Finance and Administration SVP Finance and Administration at Reneo Pharmaceuticals VP of Finance at Amplyx Pharmaceuticals Corporate Controller at Dendreon Gail Cawkwell, MD, PhD Chief Medical Officer CMO of Aclaris Therapeutics SVP of Medical Affairs at Intercept Pharmaceuticals CMO of Purdue Pharma VP of Medical Affairs, R&D at Pfizer Board of Directors: 4 Experienced Leadership Team Keith Katkin Chairman Jay Hagan President & CEO CEO of Regulus Therapeutics CFO/CBO of Orexigen Therapeutics Managing Director of Amgen Ventures Kunal Kishnani SVP Corporate Development President of Rare Disease at Kriya Therapeutics Founder & CEO of Warden Bio Co-Founder and Head of Operations at Genevant Cris Calsada Chief Financial Officer CFO of Regulus Therapeutics CFO of Sanifit Therapeutics COO of Ambrx Biopharma Prisca Di Martino Director Abiogen Pharma Matthew Hammond, PhD Director RA Capital Management Trit Garg, MD Director Longitude Capital John C. Jacobs Director Novavax Scott Robertson Director Star Therapeutics Claire Padgett, PhD SVP of Clinical Operations and Program Management SVP of Clinical Operations at Regulus Therapeutics Principal Consultant at Constellation Consulting SVP Developmental Operations at Sanifit Therapeutics

5 History of Strong and Rapid Execution Since Founding September 2024 Ambros’ Inception December 2024 Signed the License for Neridronate with Abiogen Late 2024/Early 2025 $12.5 million Seed Financing April 2025 Aligned with the FDA on One Phase 3 Trial of Neridronate for Potential Approval December 2025 $125 million Series A March 2026 Ambros Received Notice of Allowance for Neridronate’s Method of Use Patent, Potentially Extending Exclusivity to 2045 June 2026 Dosed the First Patient in the CRPS-RISE trial August 2026 Announced the Proposed Merger Between Ambros and Werewolf and Concurrent $150 million PIPE October 2026 Aligned with the FDA on including an Interim Analysis in the CRPS-RISE trial

Neridronate has the potential to become the first and only FDA-approved medicine for Complex Regional Pain Syndrome Type 1 (CRPS-1) CRPS-1 Rare Disease Burden ~65,000 newly diagnosed individuals each year in the U.S.1 Severely painful and debilitating condition following injury Long-lasting disability; may become permanent No FDA-approved medicines; current pharmacological therapies have limited to no efficacy2 Neridronate Highlights Single Phase 3 for Approval in the U.S.4 Potential Blockbuster Opportunity Differentiated bisphosphonate administered intravenously (IV) Extensive clinical data, including 2 successful ItalianPhase 3 trials in CRPS Approved in Italy for CRPS3 FDA granted Breakthrough Therapy, Fast Track, & Orphan Drug Designations FDA alignment on single pivotal Phase 3 study (CRPS-RISE, currently recruiting) for approval Projected to be fully funded through NDA submission Large healthcare and patient burden1; first mover advantage via potential U.S. approval To our knowledge, there are no other clinical-stage therapies for the treatment of CRPS-1 in other pharma or biotech pipelines Expected US market exclusivity through 2045 6 Ambros analysis of incident CRPS-1 patients from the Komodo Healthcare Map claims (n = 189,483); analysis also quantifies disease burden through elevated rates of mobility loss, long‑term disability (SSDI), opioid use disorder, and depression vs. non‑CRPS individuals. Fassio, Pharmacological treatment in adult patients with CRPS-1: a systematic review and meta-analysis of randomized controlled trials. Rheumatology 2022 Italian commercialization rights are not held by Ambros FDA feedback indicates a single successful Phase 3 study may be sufficient to support NDA submission

7 Pending Transaction with Werewolf Therapeutics and Concurrent Financing

Transaction Highlights 8 Transaction Structure Reverse triangular merger of a wholly owned subsidiary of Werewolf Therapeutics (public company) with and into Ambros Therapeutics (private company) Ambros survives as a wholly owned subsidiary of Werewolf Post-closing, the combined company will be renamed Ambros Therapeutics, Inc. and trade on Nasdaq under the ticker symbol "AMBX" Valuation & Ownership Anticipated pro forma value of combined company at closing: ~$697.5M Implied valuation for Ambros: $500M (before concurrent PIPE) Implied valuation for Werewolf: $47.5M1 Concurrent PIPE financing: $150M, co-led by RA Capital Management and Janus Henderson Investors Pro forma ownership split at closing: ~72.0% Ambros, ~6.4% Werewolf, ~21.6% Concurrent Financing investors Use of Proceeds Expected to fund the completion of CRPS-RISE pivotal trial, regulatory activities through NDA submission, select pre-commercial activities, as well as for working capital and other general corporate purposes Projected Timing Expect to close the definitive agreement and concurrent financing in the fourth quarter of 2026 Consists of $30M assumed net cash at closing and $17.5M Nasdaq listing value. Werewolf’s legacy pipeline is addressed through a CVR.

9 Complex Regional Pain Syndrome Type 1 (CRPS-1): a debilitating disease with no approved US therapy

CRPS-1 is an orphan disease with ~65,000 newly diagnosed individuals each year in the U.S.2 CRPS-1 is a progressive, debilitating orphan disease typically triggered by injury or trauma, such as bone fractures or limb surgeries Considered among the most painful of all known diseases with high unmet need Extremely severe, continuous, disabling limb pain that is disproportionate to initial injury1 Occurs more frequently in women; typical age of onset between 40 and 60 years old but can occur at any age1 Patients with CRPS-1 may experience sleep disturbance and meaningful diminished quality of life and independence1 Associated with significant increases in depression as well as opioid use disorder as compared to U.S. individuals without CRPS-12 No FDA-approved therapies to address the underlying disease biology or progression Common pain meds (e.g., NSAIDs, opioids, gabapentin) have shown limited efficacy3 Expensive and ineffective procedures such as sympathetic nerve blocks, sympathectomies, and spinal cord stimulation are used despite limited efficacy3 Established Budapest Clinical Diagnostic Criteria confirm CRPS-1 diagnosis4 CRPS-1 comprises ~90% of all CRPS cases5 CRPS Type 2 (CRPS-2) is diagnosed with evidence of nerve damage4 10 Harden et al. Complex Regional Pain Syndrome: Practical Diagnostic and Treatment Guidelines, Pain Med. 2013 Ambros analysis of incident CRPS-1 patients from the Komodo Healthcare Map claims (n = 189,483) Fassio, Pharmacological treatment in adult patients with CRPS-1: a systematic review and meta-analysis of randomized controlled trials. Rheumatology 2022 Harden RN, Bruehl S, Perez RSGM, et al. Validation of proposed diagnostic criteria (the "Budapest Criteria") for CRPS. Pain, 2010 Sandroni. Complex regional pain syndrome type 1: incidence and prevalence in Olmsted County, a population-based study. Pain, 2003

CRPS-1 progresses through stages of increasing severity post-injury~50% of patients in the U.S. are currently diagnosed within first 6 months of symptom onset1 Stage 1: “Warm” Phase (typically 0-12 months post-injury)2 Burning pain, allodynia, hyperalgesia Increased warmth and redness in the affected limb Swelling, sweating, shiny skin Abnormal nail growth or rapid hair growth on the affected limb Difficulty bending or moving the affected limb due to pain and stiffness Typically associated with positive triple-phase bone scan (TPBS) reading3 Stage 2: “Cold” Phase (typically >12 months post-injury) Severe, persistent pain, vasoconstriction, and limb discoloration (icy, pale, or blue) While symptoms may spontaneously resolve, patients who forgo early treatment during the warm phase face elevated risk of chronicity, recurrence, or irreversible disease progression4 11 Primary market research with physicians and CRPS experts conducted by Aquest Ambros post-hoc analysis of pooled baseline assessments of warm symptoms against time since CRPS onset across the four Grünenthal and two Abiogen studies (n = 189) Wertli et al. Usefulness of bone scintigraphy for the diagnosis of Complex Regional Pain Syndrome 1: A systematic review and Bayesian meta-analysis. PLoS One 2017. Harvard Medical School, Complex regional pain syndrome (CRPS). March 11, 2026.

12 CRPS treatment in the US largely focuses on pain management, but most treatments have little efficacy Srinivasa N Raja, Asokumar Buvanendran & Lizandra Marcondes (2021) Complex Regional Pain Syndrome: A Comprehensive Qualitative Research Study on Unmet Needs in the “Patient Journey”, Journal of Pain Research, , 2391-2401, DOI: 10.2147/ JPR.S317648 Angelo Fassio et al (2022) Pharmacological treatment in adult patients with CRPS-1: a systematic review and meta-analysis of randomized controlled trials. Rheumatology 61:3534-3546 Nerve Blocks *Some HCPs choose Nerve blocks as a first line treatment with PT *Used as a diagnostic tool OTC Topical & Oral (NSAIDs, Analgesics, Lidocaine) Steroids *Used temporarily in conjunction with PT if CRPS is caught early Anti-depressants (SNRIs, TCAs, SSRIs) *HCPs note that duloxetine is useful for patients experiencing problems with sleep Anticonvulsants (Gabapentin, Pregabalin, Topiramate)*Insurance companies require HCPs to try Gabapentin before moving to Pregabalin Combinations of Anti-depressants and anticonvulsants Acupuncture, Hyperbaric Chamber, Combination Topicals, Calcitonin, Lidocaine Infusions Narcotics & Intrathecal Pump Spinal Cord Stimulator (SCS) Ketamine infusions Physical Therapy Cognitive Behavioral & Occupational Therapy Narcotics Nerve Blocks Steroids improved pain by 3.84 mm NSAIDs improved pain by 0.47 mm Anti-epileptics worsened pain by 8.00 mm Ketamineimproved pain by 8.27 mm First LineTreatments Last LineTreatments In a 2022 systematic review of clinical trials for CRPS A 10 mm difference on a 100 mm visual analogue scale is generally considered clinically relevant

13 Neridronate: mechanism and clinical evidence to date

Neridronate is a differentiated bisphosphonate approved in Italy for the treatment of several bone disorders including CRPS1 Originally developed by Abiogen Pharma S.p.A. under the trade name NERIXIA® Approved in Italy for the treatment of Osteogenesis Imperfecta, Paget’s Disease, and CRPS1 We have licensed commercialization rights in the United States, Canada, and Mexico from Abiogen Cumulative estimated patient exposure of approximately 600,000 to date (all indications) in Italy2 Neridronate (6-Amino-1-hydroxyhexane-1, 1-diphosphonic acid monosodium salt hemihydrate) 14 NERIXIA Italian approval label. Italian commercialization rights are not held by Ambros. Neridronate 2025 Periodic Safety Update Report (Internal).

Derived from: Varenna M. Bisphosphonates beyond their anti-osteoclastic properties The lesson of complex regional pain syndrome. Rheumatology 2014;53:965-7, Tzschentke TM. Pharmacology of bisphosphonates in pain. Br J Pharmacol. 2021; 178: 1973–1994. https://doi.org/10.1111/bph.14799, Maksymowych WP. Bisphosphonates. Anti-inflammatory properties. Curr Med Chem Anti Inflamm Anti Allergy Agents 2002;1:1528, Jena, L.N., Bennie, L.A., McErlean, E.M. et al. Exploiting the anticancer effects of a nitrogen bisphosphonate nanomedicine for glioblastoma multiforme. J Nanobiotechnol 19, 127 (2021). https://doi.org/10.1186/s12951-021-00856-x, Leitha T, Korpan M, Staudenherz A et al. Five phase bone scintigraphy supports the pathophysiological concept of a subclinical inflammatory process in reflex sympathetic dystrophy. Q J Nucl Med 1996;40:18893.Slide represents proposed disease processes and mechanism of action of neridronate. IL-6: Interleukin 6. TNF: Tumor necrosis factor. NGF: Nerve growth factor. Anticipated action is beyond an osteoporosis or an analgesic effect 15 Neridronate is expected to focus on the underlying disease drivers when used in the right CRPS-1 patients at the right disease stage Trauma leads to local tissue hostile environment Positive TPBS supports neridronate will concentrate in the target limb Release and activation of monocytes, macrophages and keratinocytes NERIDRONATE Inhibits monocyte, macrophage and keratinocyte production and activation Hydroxyapatite crystal dissolution NERIDRONATE Decreased osteoblast and osteocyte apoptosis Inhibits farnesyl pyrophosphate synthase, GTPase post-translational modifications Increased Release of Substance P and CGRP NERIDRONATE Inhibits farnesyl pyrophosphate synthase and GTPase post-translational modifications Inhibits local calcium influx Inhibits gliosis associated with neuropathic pain UNTREATED Release of pro-inflammatory mediators (IL-6, TNF, NGF) UNTREATED Local Inflammation: Red, Warm, Swollen, Painful UNTREATED Local Osteoporosis UNTREATED Local Swelling, Pain CRPS-1 Disease State TREATED Neridronate activity in CRPS-1 Who are the right patients? CRPS-1: bone-focused disease Positive TPBS: right treatment in the right limb Warm phase: Inflammatory signs and symptoms Generally, these occur within 6-12 months of onset

100 mg neridronate or placebo administered intravenously (IV) on days 1, 4, 7, and 10* Primary endpoint of pain intensity assessed by visual analog scale (VAS, range 0-100 mm) at day 40 Open-label placebo cross-over phase after 10-day washout Key inclusion criteria: Confirmed diagnosis of CRPS-1 No longer than 4 months since onset of symptoms Positive TPBS Successful Abiogen Phase 3 study in warm CRPS-1 patients with confirmed bone involvement supported Italian approval of neridronate Neridronate achieved the primary endpoint of ≥50% reduction in pain intensity score vs. placebo (p=0.0003) and reduced pain intensity score vs. placebo‡ (p<0.0001) in Abiogen's NERIAS Phase 3 study Significant improvements observed across secondary endpoints of pain and quality of life (McGill Pain Questionnaire and SF-36), edema, allodynia, hyperalgesia, and pain at motion vs. placebo Responses similar whether treated initially or after day 40+ washout Successful results replicated in Abiogen’s subsequent NAIMES Phase 3 study in CRPS-1 with intramuscular (IM) neridronate in Italy 16 Placebo Cross-over Pain VAS Days Double-blind n= 82 D D D D D D D D D: IV study treatment dosed. IV: Intravenous. IM: Intramuscular. *Varenna M et al. Treatment of complex regional pain syndrome type 1 with neridronate: a randomized, double-blind, placebo-controlled study. Rheumatology (Oxford). 2013 Mar;52(3):534-42 ‡ This is the primary endpoint in CRPS-RISE

NAIMES achieved primary endpoint measured at Day 30: 65.9% of neridronate-treated versus 29.7% on placebo achieved at least a 50% improvement in pain (p=0.0017) Following completion of the double-blind portion of the Phase 3 IM study, placebo participants were treated with 400 mg IV neridronate (4 doses of 100 mg) Benefits on pain reduction, clinical and functional measures were maintained and further improved over 12 months in most patients treated with neridronate administered either IM or IV ≥88% of subjects in both groups were defined as responders (≥50% improvement in pain) at 12 months Durable, potentially disease-modifying effects observed in long-term studies: clinical trial and real-world data D: IV study treatment dosed. IV: Intravenous. IM: Intramuscular. Varenna M et al. Intramuscular neridronate for the treatment of complex regional pain syndrome type 1: a randomized, double -blind, placebo -controlled study. Ther Adv Musculoskelet Dis. 2021 Jun 11;13:1759720X211014020. G. Adami et al. Long-term effectiveness and predictors of bisphosphonate treatment in type 1 complex regional pain syndrome. Clinical and Experimental Rheumatology 2024; 42: 961 -966 Phase 3 NAIMES Study in CRPS-1 with IM / IV Neridronate (n = 78)1 Real-world longitudinal study conducted by Italian investigators with 400 mg IV neridronate 78% reduction in pain over 12 months, with improvements sustained up to 3+ years; early VAS pain intensity reduction was significantly and strongly associated to lower loss of motion at month 12 >84% of patients achieved resolution of key symptoms such as hyperalgesia and allodynia by month 12 17 **** DDDD Longitudinal, observational real-world study in CRPS-1 (n=103)2 DDDD Double-blind IM Tx Phase (to Day 30) Off treatment follow up (Days 60 to 360) Wash out(Days 30-40) Placebo IV Tx Phase (day 40-60)

In 2013, Grünenthal licensed rights to neridronate and ran two global Phase 3 clinical trials1 Positive Grünenthal study was driven by subset of participants with CRPS-1 and warm subtype findings at baseline 18 Ambros is building on the successful Abiogen studies in warm phase CRPS-1 Also conducted dose-ranging studies (supporting existing dose/regimen) and large 1-year safety study Enrolled all CRPS types (1, 2) No TPBS required for inclusion; majority beyond warm phase Terminated trials early due to interim futility analysis and then returned rights to Abiogen Final analysis of trials showed one positive study (p=0.0111) and one negative study (p=0.2522) Protocol Element Grünenthal Abiogen Ambros Positive TPBS No Yes Yes CRPS -1 Subtype 75% 100% 100% Phase of Disease Warm/Cold Early/Warm Early/Warm Symptom Duration < 24 Months < 4 Months < 6 Months Grünenthal GmbH. Phase 3 trials of intravenous neridronic acid in CRPS: KF7013-02 (ClinicalTrials.gov NCT03530345; EudraCT 2016-003833-91) and KF7013-04 (ClinicalTrials.gov NCT03560986; EudraCT 2017-004244-37). Both trials discontinued following a pre-planned interim futility analysis; company clinical study reports. Neridronate has also been evaluated in a broader, “all-comers” CRPS population

19 Neridronate efficacy in CRPS aligns with mechanism of action:Better response in bone-focused type, with warm phase signs Participants with CRPS-1 improved by 1.6 points on a scale where a 1-pt improvement is relevant Those with CRPS-2 had ~ no response in this Grünenthal study (post hoc analysis) Analysis including those not warm, no TPBS and adjusts for baseline pain Week 12 Pain (0-10 NRS) Improvement Adjusted for baseline pain, placebo-subtracted 0 2 0.4 0.8 1.2 1.6 CRPS-1 CRPS-2 Better responses in the more bone-focused CRPS-1 than 2 Better responses in with warm-phase than without Baseline swelling, degree of swelling associated with a bigger effect size on pain at the end of the trial across 3 studies in this post hoc analysis (adjusted for baseline pain) Baseline Limb Redness and/or ~ Warmth Doubles the Mean Pain Difference Trial KF7013-02 (11-point NRS) Subgroup Treatment Arm Mean Change at 12 Weeks Mean Diff (+) Red and/or warm affected limb at baseline Neridronate (n=7) -1.75 -2.11 Placebo (n=5) +0.36 (-) Red and/or warm affected limb at baseline Neridronate (n=8) -1.21 -1.14 Placebo (n=11) -0.07 Data on file Adami G, et al. (2025, Nov 13-15). A precision medicine approach to identifying patients with complex regional pain syndrome type 1 who may benefit from neridronate [Poster presentation]. American Society of Regional Anesthesia and Pain Medicine, 24th Annual Pain Medicine Meeting, Austin, TX. NRS, numeric rating scale. Based on Post Hoc analyses of Phase 3 trials

20 Neridronate efficacy in CRPS aligns with mechanism of action:Better responses with warm, inflammatory disease stage Adami G, et al. (2025, Nov 13-15). A precision medicine approach to identifying patients with complex regional pain syndrome type 1 who may benefit from neridronate [Poster presentation]. American Society of Regional Anesthesia and Pain Medicine, 24th Annual Pain Medicine Meeting, Austin, TX. NRS, numeric rating scale. Post-hoc analyses across three Phase 3 trials1 Baseline swelling and the degree of swelling associated with a bigger effect size on pain at the end of the trial across 3 studies (adjusted for baseline pain) Across 3 Phase 3 Trials, Baseline Edema is Associated with a Greater Response Mild Edema Mod Edema Mild Edema Mod Edema Severe Edema No Edema Yes Edema -15.40 -28.60 -6.71 -24.30 -37.60 -0.91 -2.11 p=0.068 p=0.004 p=0.576 p=0.003 p=0.005 p=0.096 p=0.001 NERIAS Trial Day 40 NAIMES Trial Day 30 KF7013-02 Trial Week 12 Baseline

Ongoing pivotal Phase 3 study (CRPS-RISE) builds on successful Abiogen program Key Eligibility CRPS-1 diagnosed per clinical Budapest criteria A known precipitating event (e.g., sprain, fracture, contusion) CRPS duration ≤6 months Moderate-severe pain >4 on 11-point NRS (average weekly) Precision medicine criteria Positive TPBS Warm CRPS-1 subtype, defined as: Moderate to severe edema, or At least mild edema + obvious redness, or At least mild edema + increase in temperature Primary Endpoint Change from baseline to Week 12 in pain intensity (11-point NRS) Key Secondary Endpoints: ≥50% reduction in pain intensity at Week 12 Change from baseline in CRPS Severity Score (CSS) at Week 12 Patient Global Impression of Change (PGIC) in CRPS-related health at Week 12 Change from baseline in SF-36: Physical Functioning Domain at Week 12 Screening 2 to ≤6 weeks Clinical program includes: Registry for long-term outcomes and Open-label extension to support RCT retention, provide data on a 2nd course of treatment in some patients after Week 12 Randomize 1:1 N= ~135 IV neridronate 100 mg+ Days 1, 4, 7, and 10 Followed by off-treatment follow-up N= ~135 IV placebo Days 1, 4, 7, and 10 Followed by off-treatment follow-up + Neridronate dose adjusted in patients with renal impairment WEEK 3 WEEK 6 WEEK 9 WEEK 12 Clinic Study Visit Clinic Study Visit Clinic Study Visit PhoneCall 21 NRS: Numerical Rating Scale ClinicalTrials.gov ID: NCT07210515 Interim Analysis: FDA indicated that incorporating an interim analysis with a group sequential design is acceptable; the trial could stop early for efficacy if the prespecified statistical threshold is met.

Neridronate has been generally well-tolerated across all clinical trials and in post-marketing experience The tolerability profile of neridronate in CRPS is consistent with the tolerability profiles of other IV bisphosphonates given over a short term; however, no meaningful changes in renal function have been observed in neridronate CRPS trials Acute Phase Reactions (and associated events) were the most commonly reported treatment emergent adverse events in participants receiving neridronate in CRPS clinical trials Potential risk of developing osteonecrosis of the jaw (ONJ) with high-dose bisphosphonates has not been observed in neridronate CRPS-1 clinical trials1 Post-marketing experience with neridronate in Italy indicates a favorable benefit/risk profile for its approved indications (Paget’s disease, osteogenesis imperfecta, and CRPS-1), with an estimated 600,000+ patients receiving treatment since 20022 ONJ has been very rarely reported in post-marketing data in Italy Neridronate 2025 Periodic Safety Update Report (Internal). 22 Well-established anticipated tolerability profile

Neridronate is Differentiated from other BisphosphonatesIndividual bisphosphonates differ meaningfully in their pharmacological properties Oral bisphosphonates have single-digit bioavailability which is unlikely to be sufficient for CRPS where a short time to a high exposure is felt to be important. Bisphosphonates have different binding characteristics which may have a meaningful impact on efficacy and safety in CRPS. For example:1 Neridronate is ~ 100x more potent than etidronate Neridronate is ~ 100x less potent than zoledronate2 23 Fleisch H 1997 Bisphosphonates in bone disease; data based on rodent studies and inhibition of bone resorption The clinical data presented is not based on any head-to-head clinical trials. Differences exist between trial designs, patient characteristics and other factors, and caution should be exercised in drawing any conclusions from a comparison of the data across studies as cross-study comparisons are inherently limited and such data may not be directly comparable. Iolascon, G.; Moretti, A. The Rationale for Using Neridronate in Musculoskeletal Disorders: From Metabolic Bone Diseases to Musculoskeletal Pain. Int. J. Mol. Sci. 2022. Large therapeutic window allows for IV dosing and high exposure without dose limiting adverse events Specific binding characteristics have been described in literature as unique from other bisphosphonates, leading to enhanced tolerability profile3 The only bisphosphonate supported by multiple positive, randomized, double-blind, placebo-controlled Phase 3 trials and approved in Italy for CRPS-1 No history of meaningful change in renal function in CRPS clinical trials Neridronate Other Bisphosphonates

24 Market Opportunity and Lifecycle

Neridronate is a potentially first-in-class therapy for CRPS-1 with a large U.S. market opportunity 25 1 Opportunity to establish standard of care No FDA-approved pharmacological therapies; current options limited, lack efficacy, costly, and complex Potentially disease-modifying mechanism Addresses a population with opioid use disorder present in ~15% of patients in the first year of opioid use.1 2 Well-defined population & call points ~65,000 newly diagnosed individuals in the U.S. per year1 Short in-office IV course of treatment We believe the majority of treating physicians are reachable with a focused sales force 3 Strong market research support Favorable reimbursement environment supported by significant unmet medical need, the absence of FDA-approved pharmacologic therapies for CRPS-1, and market research ~95% of physicians would prescribe neridronate if approved2 Potential pricing comparable to other rare disease therapies with similarly sized patient populations Ambros analysis of incident CRPS‑1 patients from the Komodo Healthcare Map claims (n = 189,483). Primary market research with physicians and CRPS experts conducted by Aquest.

Initial addressable market considerations ~65,000 newly diagnosed CRPS-1 patients annually in the U.S.1 Implied annual U.S. addressable population: 30,000+ patients Estimated % of patients with warm-phase CRPS-1 ~80% to 90%+ first 6 months from onset2 ~70 to 75% months 6 – 12 from onset2 × ~85% of these patients expected to be TPBS-positive2 3 6 9 12 Months from CRPS-1 symptom onset Estimated % of patients diagnoses ~50% diagnosed within the first 6 months3 ~80% diagnosed by 12 months, cumulative3 Ambros analysis of incident CRPS‑1 patients from the Komodo Healthcare Map claims (n = 189,483). Ambros post‑hoc analysis of pooled baseline warm‑phase symptoms across four Grünenthal and two Abiogen studies (n = 189); TPBS positivity per Wüppenhorst N, et al. Clin J Pain 2010 and Wertli MM, et al. PLoS One 2017. Primary market research with physicians and CRPS experts conducted by Aquest. 26

Pain specialists are the primary prescribers, supported by a referral network with hand and foot specialists 27 We plan to establish a targeted specialty sales force to reach the majority of U.S. CRPS-1 patients ~65% of CRPS-1 diagnoses come from four specialties1 Key prescribers concentrated in pain (~6,000 U.S. specialists2) and hand/foot (~12,500 U.S. specialists3) Prioritized using claims data on high-frequency CRPS-1 diagnosers (Komodo) Initial focus: high-volume pain clinics, hand/foot specialists, orthopedists (education/awareness), KOLs Ambros analysis of incident CRPS‑1 patients from the Komodo Healthcare Map claims (n = 189,483); diagnosing-specialty distribution. 2026 AMA Physician Professional Data; U.S. Physician Workforce Data Dashboard. Excludes non-practicing pain physicians. 2024 Occupational Outlook Handbook and Patel R et al. Where Are the Hand Surgeons? J Hand Surg Glob Online. 2025 Dec 5. doi: 10.1016/j.jhsg.2025.100898.

28 IP, regulatory exclusivity, CMC readiness, and Abiogen license

Neridronate protected through IP and high barrier to entry U.S. market exclusivity Methods for patient selection patent granted (exp. 2045) 7-year Orphan exclusivity; potential 6-month pediatric exclusivity Limitations of other bisphosphonates Differentiated from other branded/generic bisphosphonates IV formulation addresses limited bioavailability of oral bisphosphonates Efficacy and safety of other injectable bisphosphonates have not been established in CRPS-1 trials Existing and future treatment options Expensive procedures such as sympathetic nerve blocks, sympathectomies, and spinal cord stimulation are used in patients despite limited efficacy Opioids may help manage acute pain to limited extent, but tolerance, long-term toxicity, and addiction pose serious risks Lack of late-stage (Phase 2 or beyond) CRPS assets in the clinic 29

30 Abiogen License Agreement Owns >5% of Ambros post merger closure Manages all manufacturing of commercial product Established manufacturing capabilities that support their owned products, and partnered products >1 million square foot manufacturing plant that meets the strict Good Manufacturing Practice rules set by the EMA Clinical drug product (sterile IV) manufactured by Alcami; supply in place through CRPS-RISE topline Abiogen Exclusive, sublicensable license to develop and commercialize neridronate in the U.S., Canada and Mexico (along with options to expand into other territories) Leads U.S. clinical development, FDA regulatory process and commercialization Ambros pays Abiogen a transfer price equal to the cost of goods plus a low double-digit markup and a separate mid-single-digit royalty on aggregate annual net sales; no milestones Typical partnership governance and committees in place with Abiogen Ambros

31 Pro forma financial position, cash runway, key milestones and expected newsflow

Strong Capital Position ~$103.2M in cash, cash equivalents, and short-term investments as of 6/30/20261 FDA engagement on incorporating interim analysis in CRPS-RISE First Patient Enrolled in Pivotal CRPS-RISE Trial (June 2026) 2028 Pivotal CRPS-RISE Topline Data Readout Neridronate NDA Submission 1H26 2H26 + ~6 months Unaudited and prepared only by the Company's management, subject to change as of June 30, 2026. 32 Key Value-Inflection Milestones Through 2028 4Q26 Expected close of pending reverse merger with Werewolf Therapeutics

Appendix 33

Abiogen NAIMES Phase 3 study with neridronate administered IM D: IM study treatment dosed. IM: Intramuscular. Varenna M et al. Intramuscular neridronate for the treatment of complex regional pain syndrome type 1: a randomized, double-blind, placebo-controlled study. Ther Adv Musculoskelet Dis. 2021 Jun 11;13:1759720X211014020. Randomized, double-blind, placebo-controlled study in CRPS-1 (n=78) TPBS confirmed CRPS-1 with symptoms <4 months 25 mg neridronate (n=41) or placebo (n=37) on days 1-16* Primary endpoint of pain intensity assessed by visual analog scale (VAS, range 0-100mm) at day 30 Neridronate significantly reduced VAS pain intensity score vs. placebo (p=0.0003) Significant improvements observed across secondary endpoints of pain and quality of life (McGill Pain Questionnaire) Significant improvements in edema (p=0.03), allodynia (p=0.0004), hyperalgesia (p=0.0023), pain at motion (p=0.0009) vs. placebo Double-blind 34

Utility of triple-phase bone scan (TPBS) as a “precision medicine” tool in CRPS-1 TPBS is an imaging procedure that uses a radiolabeled bisphosphonate (BP) and specialized camera to assess bone involvement BPs bind to hydroxyapatite, a calcium mineral exposed during the warm phase of CRPS-11 Qualitative comparison vs. patient’s own unaffected limb Increased radiolabeled BP uptake (positive TPBS reading) indicates high bone turnover and exposed bone tissue2  increases likelihood of response to neridronate by confirming BP penetrance at site of injury1 Positive TPBS readings have been shown to correlate with CRPS-1 disease duration and are typically seen within the first 5-6 months of symptoms (“warm” phase)3 “Cold” CRPS-1 usually correlates with negative TPBS readings, indicating decreased BP uptake3 35 Wong KK, Piert M. "Dynamic bone imaging with 99mTc-labeled diphosphonates and 18F-NaF: mechanisms and applications." J Nucl Med. 2013;54(4):590-599. PMID 23482667 Varenna M, Crotti C. Bisphosphonates in the treatment of complex regional pain syndrome: is bone the main player at early stage of the disease? Rheumatol Int 2018;38(11):1959-1962. Varenna M. Bisphosphonates beyond their anti-osteoclastic properties. The lesson of complex regional pain syndrome. Rheumatology (Oxford) 2014;53(6):965-967. Wüppenhorst N, et al. Sensitivity and specificity of 3‑phase bone scintigraphy in the diagnosis of CRPS of the upper extremity. Clin J Pain 2010; Wertli MM, et al. Usefulness of bone scintigraphy for the diagnosis of CRPS 1: a systematic review and Bayesian meta‑analysis. PLoS One 2017.

Abiogen IV NERIAS Study Demonstrated Responses Similar Whether Treated Initially or in the Cross-Over Phase, After Day 40 + Washout Period Draft - Confidentail - Preliminary for Discussion 36 Placebo in double-blind phase Neridronate in cross over phase following placebo in double-blind phase Neridronate in double- blind phase Days