Akili : Market Update Analyst Call Presentation

Business Update

September 14, 2023

Safe Harbor Statement regarding Forward-Looking Statements

Forward-Looking Statements

This presentation and conference call contain forward-looking statements ("FLS") within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These FLS generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. FLS are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. These FLS include, without limitation, statements in this presentation and conference call related to: the Company's strategic business shift and related restructuring; the Company's plans to transition to a non-prescription model and to pursue regulatory approval for over-the-counter labeling for its products on certain timelines; that the consumer demand and engagement for EndeavorOTC in its initial three months on the market will continue in the future; the Company's plans to invest in activities to drive consumer awareness and capital-efficient expansion of the business; the Company's expectations regarding its ability to increase patient access to its treatments and to reduce its reliance on intermediaries; the Company's expectations regarding its ability to reduce operating expenses and improve the gross margin profile of its business, including the Company's expectations that by late 2025, its non-prescription model can operate at 60-70% gross margins; the Company's expectation that its existing cash, cash equivalents, and short-term investments will be sufficient to fund the Company's current and planned operations into the second half of 2025; the Company's projections for 2023 and 2024 non-GAAP total operating expenses; the Company's expectations regarding the revenue recognition policy that will be applicable to EndeavorOTC; and the Company's expectations that EndeavorOTC and EndeavorRx will remain on the market while the Company pursues regulatory approval from FDA for EndeavorOTC and conversion of its pediatric prescription product, EndeavorRx, to an over-the-counter product. Any FLS in this presentation or conference call are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any FLS contained in this presentation or conference call, including, without limitation, risks and uncertainties related to: the Company's ability to successfully further commercialize and obtain approval from FDA for EndeavorOTC; the Company's ability to successfully create, and navigate, a new category of medicine and to achieve broad adoption of digital therapeutics among healthcare providers, caregivers, and patients; the Company's ability to successfully commercialize and support its EndeavorRx prescription product and to obtain further FDA approval to successfully convert its EndeavorRx product to an over-the-counter product; the Company's ability to defend its intellectual property and satisfy various FDA and other regulatory requirements in and outside of the United States; the risk of downturns and a changing regulatory landscape in the highly competitive industry in which the Company operates; the timing and results expected from the Company's and its partners' clinical trials and its reliance on third parties for certain aspects of its business; the Company's ability to accurately estimate expenses, capital requirements, and needs for additional financing; and other risks identified in the Company's current filings and any subsequent filings made with the Securities and Exchange Commission (SEC). The Company cautions you not to place undue reliance on any FLS, which speak only as of the date hereof and should not be relied upon as representing the Company's views as of any subsequent date. The Company disclaims any obligation to publicly update or revise any such statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the FLS.

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Revenue Recognition, Preliminary and Unaudited Information & Non-GAAP Measures

Note Regarding Revenue Recognition Policy

The Company generates EndeavorRx revenue from contracts with caregivers and patients who purchase subscriptions to the video game product. Along with the subscription to the video game product, the caregivers and patients also receive reporting metrics (through the Insight App) and technical support services. The subscription to the video game product, reporting metrics and technical support services are combined as a single stand-ready performance obligation and recognized ratably on an over time basis over the subscription period which begins once the access code is inputted into the game by the caregivers and patients and game play has started. The Company released the EndeavorOTC product on June 6, 2023 and reported revenue through June 30, 2023 using the same over time revenue recognition pattern as that used for Endeavor Rx, noting that total revenue and billings for EndeavorOTC were de minimis during the period. The Company is currently working to determine the revenue recognition policy for its direct-to-consumer EndeavorOTC product. As the EndeavorOTC product currently does not include the companion Insight App for caregivers (or similar services) during the subscription term, the Company believes that revenue for EndeavorOTC will be recognized at the time of download and payment since control of the product has been transferred to the customers and the underlying performance obligations have been satisfied. EndeavorOTC revenue figures in this presentation and conference call have been presented with that expectation. The Company's independent registered public accounting firm has not conducted an audit or review of, and does not express any opinion or any other form of assurance with respect to, the anticipated, updated revenue recognition policy and there can be no assurance that such revenue recognition policy will be confirmed.

Note Regarding Preliminary and Unaudited Interim-Period Financial Results and Projections

The Company's estimates of EndeavorOTC GAAP revenues and EndeavorOTC billings for the period from June 6, 2023 to September 5, 2023, the Company's estimates of its ability to fund its current and planned operations into the second half of 2025 and future non-prescription business model margins are preliminary and unaudited, represent management estimates as of the date hereof and are subject to completion of and confirmation through the Company's future financial closing procedures. As a result, the Company's actual financial results may differ materially from the preliminary and unaudited estimated financial information and any projections set forth herein. The Company's independent registered public accounting firm has not conducted an audit or review of, and does not express any opinion or any other form of assurance with respect to, any of these estimates or projections or any of the other figures or information in this presentation and conference call.

Non-GAAP Financial Measures
In addition to financial information prepared and presented in accordance with generally accepted accounting principles in the United States (GAAP), this presentation and
discussions during this conference call will include the following non-GAAP financial measures: billings for EndeavorOTC on a historical basis and non-GAAP total operating expenses
on a projected basis. Akili derives these non-GAAP financial measures by excluding certain expenses and other items from the respective GAAP financial measure that is most
directly comparable to each non-GAAP financial measure. Specifically, EndeavorOTC billings is defined as revenue plus the change in deferred revenue during the period; 2023
non-GAAP total operating expenses on a projected basis exclude stock-based compensation expense, an impairment loss on certain assets associated with our sublease and
severance and termination-related costs associated with the workforce reductions during the year; and 2024 non-GAAP total operating expenses on a projected basis exclude
stock-based compensation expense. Akili's management believes that these non-GAAP financial measures are useful to both management and investors in analyzing its ongoing
business and operating performance. Management does not intend the presentation of these non-GAAP financial measures to be considered in isolation or as a substitute for results
prepared in accordance with GAAP, but as a complement to provide greater transparency. In addition, these non-GAAP financial measures may differ from similarly-named
measures used by other companies. A reconciliation of the historical non-GAAP financial measures to GAAP financial measures is included in this presentation. However, a
quantitative reconciliation of projected non-GAAP total operating expenses to projected GAAP operating expenses is not available, nor is the probable significance of such	3
reconciling information, due to Akili's inability to predict with reasonable certainty the amount of future stock-based compensation expense at this time.

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Apple AppStore Data as of September 12, 2023 at 4pm ET

Adult ADHD Market

~11 million people in the US1

June 6 2023 to September 5 2023…

126K >15K 4,170

Downloads on the App Store

Trial Subscriptions

Active Subscribers

$341K $81.88

Billings

Average Revenue per Paying User

1 ADHD Adult - Kessler et al 2006; American Journal of Psychiatry. 2006 Apr;163(4):716-23; Target population with Inattention challenges assumes full ADHD population as no reliable estimate available

EndeavorOTC is currently available on the Apple App Store and was released under the U.S. Food and Drug Administration (FDA) guidance entitled "Enforcement Policy for Digital Health Devices for Treating Psychiatric Disorders During the Coronavirus Disease 2019 Public Health Emergency." EndeavorOTC has not been cleared or authorized by the FDA for any indications.

Active Subscribers = Total active paying users in the period; Billings for EndeavorOTC = GAAP EndeavorOTC Revenues plus the change in deferred revenues in that period; Average Revenue Per Paying User = Billings for EndeavorOTC divided5 by users who paid within the period; See slide 3 Note Regarding Revenue Recognition Policy and see slide 12 GAAP to Non-GAAP reconciliation