Bellerophon Therapeutics : Conference Call Presentation

Forward Looking Statements

This presentation contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, contained in this presentation, including statements regarding our strategy, future operations, future financial position, future revenues, projected costs, prospects, plans and objectives of management, are forward-looking statements. The words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "target," "potential," "will," "would," "could," "should," "continue," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make due to a number of important factors, including risks and uncertainties relating to: INOpulse® not proving to be an effective treatment or approved for marketing by the FDA, the timing and outcomes of our ongoing and expected clinical trials for our product candidates; our ability to successfully develop, commercialize and market any of our product candidates; our ability to obtain, maintain and enforce intellectual property rights; competition; our reliance on third parties; our ability to obtain necessary financing; and those risk factors discussed in the "Risk Factors" section and elsewhere in our most recent Form 10-K and other periodic filings we make with the SEC.

All forward-looking statements contained in this presentation reflect our current views with respect to future events. We assume no obligation, except as required by applicable law, to update any forward-looking statements publicly, or to update the reasons why actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

Pivotal Phase 3 Trial Design

REBUILD Primary Endpoint (MVPA)

Trial did not meet its primary endpoint of change in MVPA (moderate to vigorous physical activity)

(p=0.2646*)

Analysis based on all randomized subjects who received at least one dose of study treatment (defined as minimum use of 12 hours); Statistical analysis are calculated from MMRM (mixed model repeat measures) including the treatment group, visit, treatment-by-visit interaction, stratification factors (PH, CTD, PDE5) and baseline as fixed effects.

*p-value calculated based MMRM analysis of log-transformed MVPA as specified in statistical analysis plan