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Investor Webcast Q1 2025 Results June 17, 2025
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Forward Looking Statements This Presentation may include statements, including the Company’s financial and operational medium-term objectives, that may be deemed to be “forward-looking statements”. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms “believes”, “aims”, “forecasts”, “continues”, “estimates”, “plans”, “projects”, “anticipates”, “expects”, “intends”, “may”, or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. 2June 2025 Webcast Forward-looking statements may and often do differ materially from actual results. Any forward- looking statements reflect the Company’s current view concerning future events and are subject to risks relating to future events and other risks, uncertainties, and assumptions relating to the Company’s business, results of operations, financial position, liquidity, prospects, growth, or strategies. Forward-looking statements speak only as of the date they are made.
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Amori Fraser Senior Finance Director Dave Marver CEO Speaking Today 3June 2025 Webcast
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Introduction June 2025 Webcast 4
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June 2025 Webcast 5 Note: 1 EUR = 1.1 USD; FTE and patent figures as of end of Q4 2024 1 NSCISC Traumatic Spinal Cord Injury Facts and Figures at a Glance (2023 SCI Data Sheet); estimated lifetime costs for a person aged 25 at the time of injury with injury severity AIS ABC; costs for a tetraplegic person calculated as the average cost for a person with high tetraplegia and a person with low tetraplegia 2 Number excludes EP country validations; company has 290+ issued patents including EP country validations 3 purpose-built neuromodulation platforms o ARCEX® delivers ARC Therapy externally through the skin o ARCIM® delivers ARC Therapy via a fully implanted system o ARCBCI pairs ARCIM with an implanted brain-computer interface to restore thought-driven movement via our wireless ONWARD DigitalBridge Company Overview Pioneering therapies to restore movement, function, and independence in people with spinal cord injuries and other movement disabilities o Problem: ~9M people worldwide living with SCI; large unmet need with ~$5.1M / €4.6M lifetime cost of care1 o Opportunity: $17B+ / €15B+ addressable market with limited competition; o Innovation: 10 FDA Breakthrough Device Designations; 150+ issued patents2 o Commercialization: ARCEX System available in the US, with excellent initial demand and market uptake o Future: Robust pipeline that includes implantable and brain-computer interface technologies, including for Parkinson’s disease and stroke
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Highlights June 2025 Webcast 6
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7June 2025 Webcast Commercial traction Met Q1 objectives for initial phase of US launch of ARCEX, including: o Training and deploying field organization o Establishing sales and service process o Building a roster of reference clinics o Selling 10 units Financial highlights Established a sponsored Level 1 American Depositary Receipt ("ADR") program to facilitate US investor trading Scientific leadership Pathfinder2 study results published in Neuromodulation: Technology at Neural Interface showed that sustained access to ARC-EX Therapy can continue to drive functional improvements; participants continued to make gains after one year of treatment Q1 HighlightsStrong early US commercial traction and science/technology pipeline advancement Technology advancement New milestones o 4th and 5th successful BCI implants to restore thought-driven movement o First human implant of ARCIM Lumbar Lead designed to help restore mobility Demand indications are also very strong
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ARCEX Launch and Commercial Traction June 2025 Webcast 8
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June 2025 Webcast 9 3,000+ Global leads collected1 2,100+ US leads collected1 ~300 US clinic leads collected Demand IndicationsStrong demand since FDA authorization with many inbound requests for information and engagement Figures from December 19, 2024 – May 31, 2025 Note: Leads defined as unsolicited inbound requests 1 Lead figures include persons with SCI, family and friends, and medical professionals
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10 Phased Launch Tracking to Plan Strong demand and early traction build momentum for 1H 2025 and full year Q1: Phase 0 Limited US clinic launch Up to 10 units 1H: Phase I US clinic launch Up to 30 units 2025: Phase II Broad US clinic launch Add home use Open to all US accounts Add Europe & ROW New markets Add distribution June 2025 Webcast Q1 2025 Q2 2025 2H 2025 & beyond 2H 2025 & beyond - done - on track
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June 2025 Webcast 11 Illustrative Clinic Dynamics Pipeline for future ARC-EX System sales grows with start-up of each clinic 15-20 Patients supported once an ARCEX system is in place in a clinic 20-30 Patients in treatment queue (waitlist) Source: Company research
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June 2025 Webcast 12 Customer and Community Response Social media posts by US clinics convey enthusiasm and strong positive feedback Today was a monumental day for Motion Project Foundation. From as far away as Switzerland, we welcomed the team from @onwdempowered to receive critical training on the brand new ARC EX device acquired by our facility! Motion Project Team ”
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June 2025 Webcast 13 US Sales Team Buildout 2025 US field organization expected to be at full strength by early Q3 North East North Central Red River Four Corners Mid Atlantic South West Sales territories Clinical staff 8 3 Sales leader1 Government specialist1 Ohio Valley
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Q1 2025 & YTD Business Update June 2025 Webcast 14
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Q1 2025 & YTD Business Update Continued leadership in BCI technology, important ARC-EX publication, and start of US ADR program January Commercial Announced first commercial sales of ARCEX system from end of 2024 Clinical Awarded grants from Michael J. Fox Foundation and US Department of Defense to advance Parkinson’s disease pipeline March Clinical Announced publication of Pathfinder2 one-year study showing benefits of sustained access to ARCEX Therapy February Details to follow Commercial ARCEX System now available on US Veterans Affairs online procurement platforms January Clinical Announced enrollment of first participant for early feasibility study to address mobility challenges in Parkinson’s March March Clinical Announced first-in-human use of ARCIM Lumbar Lead designed to restore standing, stepping, and lower limb mobility 15June 2025 Webcast April Corporate Established US ADR Program and began trading its ADRs on OTCQX Best Market Details to follow May Clinical Announced 4th and 5th patients implanted with ARCBCI, advancing BCI leadership position Details to follow
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Pathfinder2 Study Results One-year study shows benefits and importance of sustained access to ARCEX Therapy Suggitt J, et al. “Safety and Effectiveness of Multisite Transcutaneous Spinal Cord Stimulation Combined With Activity-Based Therapy When Delivered in a Community Rehabilitation Setting: A Real-World Pilot Study.” Neuromodulation. 2025. The ONWARD® Medical ARCEX® System is cleared for use only in the United States. Study details o Multi-center clinical trial o 10 participants with a chronic (>1 year) spinal cord injury o 120 sessions of activity-based therapy combined with ARCEX Therapy Key takeaways o Significant functional improvements after one year of ARC EX Therapy o Improvements observed throughout one-year treatment period with no plateau o Three individuals improved their AIS classification o One individual switched from a “complete” to an “incomplete” injury classification (A to C) 16June 2025 Webcast
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US ADR ProgramEnhances US investor access to broaden shareholder base and increase stock liquidity 17June 2025 Webcast As a market leader in the Depositary Receipts market, having delivered customized and market- driven solutions for issuers, brokers and investors for decades, BNY is pleased to work with ONWARD Medical on the important step to expand its presence in the US market,” Christopher Kearns, Global Head of Depositary Receipts at BNY ” Ticker: ONWRY American Depositary Receipts (ADRs) o Designed to make it easier for American investors to purchase, hold and sell an US instrument representing non-US securities o Offer several benefits including - Convenience: ADRs trade in US dollars - Accessibility: Investors can gain exposure to international companies without opening a foreign brokerage account
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Additional BCI Implants Advanced BCI leadership with fourth and fifth successful ARCBCI implants 18June 2025 Webcast We continue to have excellent experience with ONWARD ARC- BCI Therapy, which provides the data and resolution we need with a less invasive surgery than is required with other BCI platforms,” Jocelyne Bloch, MD ” Two additional BCI implants for two different indications i.e. upper limb and lower limb movement Planning additional implants in the future, including for stroke Advancing BCI technology that was exclusively in-licensed in Oct 2024
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US Media CoverageHigh profile US media coverage creates additional visibility for the company and our technology 19June 2025 Webcast & See on CBS News Website here & here 2025 World Changing Ideas, see article here
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Q1 2025 Results June 2025 Webcast 20
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Q1 2025 Cash Update Ending Balance €50.5M net cash1 as of 31 Mar 2025 Revenue €0.4M in Q1 2025 1 Net cash is defined as the sum of cash and cash equivalents and fixed term deposits included in the current assets as included in consolidated statement of financial position in the Financial Statements. Strong cash position of €50.5M as of March 31, 2025, reflecting focus and careful expense management June 2025 Webcast 21 Burn €9.5M used during Q1 2025
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2025 Outlook June 2025 Webcast 22
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Upcoming Milestones and News Flow 1 Funded by Michael J. Fox Foundation for Parkinson’s Research grant 2 Funded by Christopher & Dana Reeve Foundation grant 3 Funded by European Innovation Council, Christopher & Dana Reeve Foundation, UNIL Foundation grants and ONWARD contributions ARCEX ARCIM ARCBCI Several important catalysts expected in the next 12 months ARCEX CE mark (EU) Hand sensation & strength ARCEX First commercial sale (OUS) Hand sensation & strength ARCIM Interim results publication Blood pressure ARCIM First participant enrollment Empower BP pivotal study Blood pressure ARCEX Home use authorization (US) Hand sensation & strength ARCBCI Additional implants3 SCI upper limb ARCIM IDE approval Empower BP pivotal study Blood pressure ARCEX FDA authorization (US) Hand sensation & strength Completed ARCEX First commercial sale (US) Hand sensation & strength Completed ARCIM First participant enrollment1 Early feasibility study Parkinson’s mobility GRANT FUNDED ARCIM First-in-human2 Bladder GRANT FUNDED ARCBCI Additional implants3 SCI mobility ARCBCI First implant3 Stroke upper limb GRANT FUNDED Completed GRANT FUNDEDGRANT FUNDED CompletedCompleted Note: ARCIM and ARCBCI are investigational devices, not available for commercial use. The ARCEX System is intended to deliver programmed, transcutaneous electrical spinal cord stimulation in conjunction with functional task practice in the clinic to improve hand sensation and strength in individuals between 18 and 75 years old that present with a chronic, non-progressive neurological deficit resulting from an incomplete spinal cord injury (C2-C8 inclusive) 23June 2025 Webcast
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Q&A June 2025 Webcast 24
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Thank you! June 2025 Webcast 25