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Investor Presentation February 2026 TSXV: ASG OTCQB: ASAPF Aurora Spine, Inc.
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Forward Looking Disclaimer This presentation contains certain statements that may be deemed "forward-looking statements." All statements in this document, other than statements of historical fact, that address events or developments that the Company expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward looking statements include, failure to successfully negotiate or subsequently close such transactions, inability to obtain required shareholder or regulatory approvals, uncertainty with respect to findings under exploration programs and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward- looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change. 2Aurora Spine, Inc.
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Company Overview Aurora Spine has developed a portfolio of solutions for the spinal implant market through a series of innovative, minimally invasive, regenerative spinal implant technologies, making procedures easier and more effective for doctors and patients. • Headquartered in Carlsbad, CA • Employees: 32 Full Time 3 Spine Market • Legacy business • Target market is spine and neurosurgeons Pain/Interventional Market • Entered mid-2020 • Target market is pain interventionalists • Larger market, ratio of pain interventionalists to neurosurgeons is 6:1 3Aurora Spine, Inc.
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Mission & Philosophy Aurora began with a vision to develop high-quality, less invasive implants that prioritize the patient's health. Our philosophy is to make our implants match the patient's anatomy, not to make their anatomy fit our implants. Today, we take pride in fulfilling this mission and positively impacting many patients through our line of products. Aurora offers a new beginning to patients suffering from spinal or SI joint conditions. 4 Innovation targeted at each patient’s well-being Aurora’s mission is to be the leader in advanced minimally invasive technologies, which will positively impact lives worldwide. We are committed to making our implants better, less invasive, and, most importantly, something that truly helps patients and improves their quality of life. A leader in advanced minimally invasive technologies 4Aurora Spine, Inc.
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Recent Accomplishments • Record Revenues: Company reported record revenues for first 9M of fiscal 2025 due to strong sales of ZIP® and SiLO products. • Strong Gross Margins: Gross profit margins of ~61% for 9M:25, due to increased sales of proprietary products and internal sales team. • Continued EBITDAC improvement: 9M:25 was EBITDAC positive and improved when compared to FY24. • Launch of the Hydra AiRO Facet Fusion System: Cleared in March 2025 for use from spinal levels C2 to S1 (inclusive); Initial surgeries commenced in early Q3:25. • Ramp up of internal sales team: Company embarked on internal sales team in 2024 and continues to add salespeople to further reach into key markets. • Improved DEXA-C sales and launch of DEXA-L: Renewed focus on DEXA Technology, with 70% increase in sales of DEXA-C in 1H:25 compared to 1H:24. Launching DEXA-L in Q3:25 as new stand- alone lumbar cage offered by Aurora. • Launched Branded Line of Biologics: New division launched in Q4:25 to offer Aurora-branded line of biologics, which includes a complete suite of allograft solutions usable for all of Aurora’s implants. 5Aurora Spine, Inc. Operational Financial
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Back Pain Market And Patient Options Treatment Intensity Non-Surgical Management Minimally Invasive Surgery Back Pain Market 30M+ in the U.S. suffer from lower back pain 13M+ go to the doctor each year for chronic back pain 8 out 10 adults in the U.S. will experience some form of back pain One of the main reasons for employee absenteeism and major cost to the economy (loss of productivity) Open Spine Surgery • Medications • Physical Therapy • Acupuncture • Chiropractor • External Support • Epidurals • Therapeutics • SI Joint Injections (anesthetic & steroids) • Radiofrequency Ablation • Facet • Injections • SI Joint Fusion • Lumbar Fusion • Cervical Fusion • Laminectomy • Decompression • Deformity • Scoliosis • Trauma Pain Interventionalists Spine Surgeons / Neurologists 6Aurora Spine, Inc.
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Emerging Market – Pain Management The global pain management devices market size is expected to reach USD $20 billion by 2034 registering a CAGR of 10%. Aurora entered market in November 2020 • Introduced two key products for the pain market: ZIP® & SiLO and a third, Hydra AiRO , was FDA cleared in March 2025. Pain Management Physicians have reduced use of opioids and are increasingly adopting mechanical devices such as the ZIP® & SiLO that can help patients with a minimally invasive procedure. North America is the largest regional market and held around half of the global revenue share owing to the increased number of people affiliated with pain requiring management devices. Number of Pain Interventionalists vs. Spine Surgeons Pain Interventionalists Spine Surgeons 7Aurora Spine, Inc.
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Growth Initiatives 8 Internal Sales & Marketing 1 CEO, 1 CCO & 1 EVP of Sales 4 Divisional VPs 8 Regional Sales Directors 3 Territory Managers ~50 active distributors Aurora's Quality Management System is ISO 13485 MDSAP certified that allows the company to sell its products in Japan, Australia, Brazil, Canada and the USA. In - house Capabilities Engineering Team New In - house manufacturing Prototyping Capabilities 8Aurora Spine, Inc.
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KEY VALUE CREATION DRIVER: Proprietary Products Aurora Spine, Inc.
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Proprietary Product Platforms Aurora Spine currently has several proprietary product platforms, created to add significant value to the company. zip Launched 2014 Patented Technology FDA 510K Cleared. Lumbar SiLO / TFX Launched 2020 / 2023 Patented Technology FDA 510K Cleared. SI Joint Hydra Launched 2024 Patented Technology FDA 510K Cleared. Scoli/Deformity DEXA -C Launched 2023 Patented Technology FDA 510K Cleared. Cervical & Lumbar HYDRA AiRO Launched 2H:2025 Patent Pending FDA 510K Cleared Cervical & Lumbar 10Aurora Spine, Inc. DEXA -L Launched 2H:2025 Patent Pending FDA 510K Cleared Lumbar
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Proprietary Product: zip Series The zip is Aurora Spine’s minimally invasive interspinous fixation implant for spinal fusion (screwless procedure). It was developed as an alternative to pedicle screw fixation. • Over 10,000 procedures performed to date • Reduces OR time by 36%: 98 minutes vs. 153 minutes ISP vs. pedicle screws. • 40% less hospital stay: 0.1 days vs. 3.1 days ISP vs pedicle screws. • 69% less blood loss vs. pedicle screws 11Aurora Spine, Inc.
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Proprietary Product: SiLO SiLO Posterior Si Joint Fusion System • Addresses new market opportunity for Aurora Spine -- Joint Pain • Sacroiliac joint (Si Joint) fusion is a surgical procedure which fuses the iliac bone (pelvis) to the spine (sacrum) for stabilization. • The Global MIS Sacroiliac Joint Fusion market was valued at US $292 million in 2024 and will reach $850 million by 2032, growing at a CAGR of 17% during 2025-2032. • A Crossover product: Ortho, Neuro, and Pain Physician can all use this product. • Launched Q4 2020 12Aurora Spine, Inc.
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SiLO TFX is Aurora Spine's MIS Transfixing Si Joint Fusion System. • A Crossover product: Ortho, Neuro, and Pain Physicians can all use this product. • Commercially Launched: Q2:23 • Fastest growing product for Aurora $3.2 $3.9 $7.7 $8.2 $0 $2 $4 $6 $8 $10 2022 2023 2024 TTM SiLO Revenues by Year Proprietary Product: SiLO TFX 13Aurora Spine, Inc. $USD in Millions
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Proprietary Product: DEXA Technology & apollo • The apollo is part of the DEXA Technology family of products. • The system is comprised of cervical plates and bone screws constructed of titanium alloy. • A wide array of implant length options to match a variety of patient anatomies and to facilitate maximizing the distance from the adjacent levels. • A range of advanced screw offerings with fixed and variable angles to enable better screw placement and locking accuracy. 14Aurora Spine, Inc. DEXA-C Implant
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Having low bone density or osteoporosis affects 54 million Americans. The DEXA-C Cervical Interbody Cage can match the bone density of the patient, promote bone growth, and provide better implantation. • Implant stiffness correlates to Bone Quality • Acts and looks like bone • DEXA-C tunes its stiffness to match the patients’ bone stiffness closely • Minimizes risk of subsidence • Supports osteo integration • implant has an open, porous structure that supports osseointegration and vascularization Proprietary Product: DEXA-C 15Aurora Spine, Inc.
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A Lumbar Interbody Fusion System The DEXA-L Stand-Alone ALIF System can match the bone density of the patient, promote bone growth, and provide better implantation. • Implant stiffness correlates to Bone Quality • Acts and looks like bone • DEXA-L tunes its stiffness to match the patients’ bone stiffness closely • Minimizes risk of subsidence • Supports osteo integration • implant has an open, porous structure that supports osseointegration and vascularization Proprietary Product: DEXA-L 16Aurora Spine, Inc.
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Proprietary Product: HYDRA AiRO Facet Fusion System • FDA 510(k) cleared March 2025 • Novel device designed to provide minimally invasive solution for patients suffering from facet joint-related pain or instability • Cleared for spinal levels C2 to S1 (inclusive) • Can be used in Lumbar and Cervical • Initial surgeries commenced in early Q3:25 • Patent-pending 17Aurora Spine, Inc.
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New Product Offerings: Aurora Branded Line of Biologics • Launched Q4:25 • Every procedure using an Aurora product requires biologics • New biologics to increase offerings and lead to margin improvement 18Aurora Spine, Inc. • Offering a complete suite of allograft solutions: • TURBO FUSE Fiber Putty • OSTEO GRAFT DBM Putty • OSTEO BRIDGE Sponge Strips
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Proprietary Product: HYDRA Osteo-Onyx Pioneering Roughened Surface Technology in Spinal Screw Systems • Pioneering roughened surface technology • Complex spine, and minimally invasive spine procedures • Elevate stability, micromotion, and loosening 19Aurora Spine, Inc. Take out?? Or put in back?
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FINANCIALS Aurora Spine, Inc.
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Income Statement Highlights – Annual $11.2 $8.6 $10.5 $14.8 $14.3 $17.6 $4 $6 $8 $10 $12 $14 $16 $18 2019 2020 2021 2022 2023 2024 31.8% 40.1% 45.8% 52.5% 56.5% 60.5% 0% 10% 20% 30% 40% 50% 60% 70% 2019 2020 2021 2022 2023 2024 ($0.6) ($0.5) ($1.4) ($0.3) ($0.3) $0.3 ($2) ($1) ($1) ($1) ($1) ($1) ($0) ($0) $0 $0 $0 2019 2020 2021 2022 2023 2024 Revenue Gross Profit Margins Adjusted EBITDA $USD in Millions $ in USD Company’s successful deployment of key investments during 2021-2022 to shift to sales of more proprietary products and focus on pain market has caused sales and gross margins to improve and moving towards a return to Adjusted EBITDA profitability. 21Aurora Spine, Inc.
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Income Statement Highlights - Quarterly $3.0 $3.6 $3.9$3.9$4.0$4.1 $4.8$4.7 $4.4$4.5$4.4 $2 $3 $3 $4 $4 $5 $5 51.7% 56.9% 59.7% 56.7% 61.9% 62.4% 60.5% 57.8% 58.0% 62.2% 60.9% 40% 45% 50% 55% 60% 65% ($0.4) ($0.2) $0.1 $0.1 $0.1 $0.1 $0.4 ($0.3) ($0.0) $0.1 $0.2 ($1) ($0) ($0) ($0) ($0) $0 $0 $0 $0 $0 $1 Revenue Gross Profit Margins Adjusted EBITDAC Successful execution of selling more proprietary products strategy and focus on pain market has caused sales to reach record levels and improvements in gross margins and moving to a return to sustained Adjusted EBITDAC profitability. $ in USD 22Aurora Spine, Inc. $USD in Millions
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Balance Sheet Highlights $ in USD 9/30/2025 6/30/2025 12/31/2024 Cash and cash equivalents $665,757 $580,978 $825,621 Accounts receivable, net $4,208,468 $4,089,212 $3,784,858 Inventory $3,818,985 $3,831,694 $3,613,557 Total current assets $8,874,876 $8,694,620 $8,500,120 Property, plant and equipment $1,856,881 $1,852,650 $2,047,989 Intangible assets $701,485 $745,020 $801,625 Total Assets $11,687,135 $11,567,657 $11,673,387 Current liabilities $4,575,707 $4,290,155 $3,884,234 Long-term debt (due to related parties)$2,813,500 $2,777,500 $2,705,500 Lease liabilities $467,020 $551,279 $686,392 Shareholders’ equity $3,830,908 $3,948,723 $4,397,261 Shares Outstanding 78,054,949 78,054,949 77,592,449 23Aurora Spine, Inc.
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Capitalization Summary Stock Details Stock price: $0.21 52 - week range: $0.17 - $0.34 Shares outstanding: 78.1 million Market capitalization: $16.4 million Warrants: 6.45m @ C$0.50/sh. Expire 10/20/26 Options: 4.338 million @ Avg. price: $0.39 per share and 4.59 weighted avg remaining life in years. Fully Diluted Share Count assuming all warrants and options: 88.8 million Key Shareholders 25.2% - All Insiders (Board of Directors and Management) 16.1% - David Rosenkrantz, Chairman 6.9% - Trent Northcutt, CEO 2.2% - Other insiders 24Aurora Spine, Inc.
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Milestones And Objectives Proprietary product platforms to drive revenue growth and profitability • ZIPTM Interspinous Fixation Device – screwless procedure • SiLO-TFXTM – novel solution for SI Joint pain; growing rapidly in expanding market • DEXATM products: DEXA-C and recent launch of DEXA-L for lumbar procedures; • Hydra AiROTM FDA Cleared March 2025; Initial product sales commenced in Q3:25 Continue Multicenter Studies • Studies approved and launched for ZIP, SiLO-TFX and DEXA-C • Studies to investigate efficacy and produce published clinical outcomes Expansion of internal sales team • Expand sales to focus into fast growing pain Interventionalist market • Continued outreach to educate and train surgeons • Tap into rapidly growing segment of spinal healthcare market Improve capital structure and investor communications • Continued profitability to lead to improved capital structure • Focus on reinvesting in business – more sales personnel and new product development • Expand investor relations efforts 25Aurora Spine, Inc.
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APPENDIX Aurora Spine, Inc.
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Management Team Trent Northcutt Chief Executive Officer • 20+ years experience in medical device market • VP of Sales and Business Development for Alphatec Spine, Inc. • VP of Spineart USA, Inc. • VP Sales and Operations at Lanx, LLC – responsible for launching Aspen ISP fusion device Laszlo Garamszegi Chief Technology Officer • 20+ years experience in medical device market • Co-inventor of the ZIP ISP • Co-founder of several successful medical start-ups • Co-inventor of 4Closure Laparoscopic Fascia Closure Device; subsequently sold to Baxter Int’l (NYSE: BAX) • Holds 11 patents in US for spinal implant designs Dave Meyer VP & Chief Legal Officer • 25+ years of legal experience and 30+ business experience • COO of Anthony Robbins Companies • Represented clients including Pulte Homes, Chevy’s, Ross Dress for Less, Gymboree, Oakland Alameda County Coliseum and Carruth Cellars Chad Clouse Chief Financial Officer • 15+ years of corporate accounting experience with small and medium- sized companies • CPA licensed in California • Served in U.S. Army with the 1st Armored Division 27Aurora Spine, Inc. Matthew Goldstone Chief Commercial Officer • 17+ years of experiences in business development and sales with medical devices • Prior positions with Boston Scientific, Nevro, Vertiflex (acquired by Boston Scientific) and VIVEX Biologics.
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Board Of Directors Trent Northcutt CEO • 20+ years experience in medical device market • VP of Sales and Business Development for Alphatec Spine, Inc. • VP of Spineart USA, Inc. • VP Sales and Operations at Lanx, LLC – responsible for launching Aspen ISP fusion device David Rosenkrantz Chairman • 18+ years experience in investment banking • Co-founded Patica Corporation in 1993 • Focus on financing equity needs for small-cap, high growth companies. Mike Seid Board Member • 17+ years of investment, finance, management and operations experience • President and managing partner of Axxcess Wealth Management • Director of Axxcess Healthcare Group, LLC, focus on early stage life science and medical device companies Daryl Maclellan Board Member • President of Desante Financial Services, Inc. and Managing Director of Maximum Financial Services Inc. • Was President of CIT Canada and President of CIT Group Securities (Canada) Inc. • Board member of the Canadian Financing Lease Association Tracy Graf Board Member • President of Carfinco Financial Group Inc. (TSX: CFN) since 1998 • Was General Manager of Graf Management and Cattle Co. Ltd. • Board position with Canadian Simmental Association and director of Casablance Capital Corp. 28Aurora Spine, Inc.
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Strong Patent Portfolio Aurora Spine’s Intellectual Property • Company has built upon IP and has been issued several key patents proving strength in its R&D and proprietary technology. • 12 Patents Issued • 10 US Patents Issued • 2 Patents Pending Title Ser. or Pat. No Filing Date Issue Date Continuity Data Status Dynamic and Non-Dynamic Interspinous Fusion Implant and Bone Growth Stimulation System 9,364,267 4-17-13 6-14-16 Granted 7.5 Year MF Open 6-14-23 Dynamic and Non-Dynamic Interspinous Fusion Implant and Bone Growth Stimulation System 10,213,233 6-7-16 2-26-19 Continuation of 001US05 Granted 3.5 Year MF Open 2-26-22 Dynamic and Non-Dynamic Interspinous Fusion Implant and Bone Growth Stimulation System 10,786,286 12-28-17 9-29-20 Continuation of 001US06 Granted 3.5 Year MF Open 9-29-23 Dynamic and Non-Dynamic Interspinous Fusion Implant and Bone Growth Stimulation System 2013249305 4-17-13 8-24-17 Granted Renewal Due 4-17-21 Dynamic and Non-Dynamic Interspinous Fusion Implant and Bone Growth Stimulation System 2838453 4-17-13 10-12-17 Granted Renewal Due 4-17-21 Polyaxial Interspinous Fusion Implant And Bone Growth Stimulation System 9,603,637 6-5-15 3-28-17 Granted 7.5 Year MF Due 3-28-24 Expandable Interspinous Device 9,387,016 2-6-13 7-12-16 Granted 7.5 Year MF Due 7-12-23 Expandable Interspinous Device 10,143,501 5-10-16 12-4-18 Continuation of 005US01 Granted 3.5 Year MF Due 12-4-21 Body Density Scan Result- Matched Orthopedic Implants and Methods of Use 10,779,954 12-13-17 9-22-20 Granted 3.5 Year MF Open 9-22-23 Spinal Implant for Motion Preservation of Fusion 11,331,199 4-29-20 5-17-22 Granted Spinal Implant for Motion Preservation of Fusion 12,478,411 B2 5-30-24 11-25-25 Granted Body Density Scan Result- Matched Orthopedic Implants and Methods of Use 12,478,482 B2 11-17-23 11-25-25 Granted 29Aurora Spine, Inc.
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Spine Surgery Market Overview • Majority of spine surgery is targeted at relieving pain caused by disc injury or disease • Most surgeries involve damaged disc remediation or removal • Removal necessitates fusing together of the vertebrae above and below the damaged area • Vertebrae must be held in place to ensure bone growth (fusion) between the vertebrae Cages Lumbar ScrewsStand-AlonePlatesFusion Devices 30Aurora Spine, Inc.