Slides
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TSX - HLS Q3 2025 Conference CallNovember 13, 2025Craig Millian, CEOJohn Hanna, CFOBrian Walsh, CCO
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Toronto Stock Exchange (TSX) - HLS Forward-Looking StatementsCertain statements in this presentation are “forward-looking statements”. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always using words or phrases such as “project”, “forecast”, “target”, “expect”, “seek”, “endeavour”, “anticipate”, “plan”, “estimate”, “believe”, “intend”, or stating that certain actions, events or results may, could, should, would, might or will occur or be taken, or achieved) are not statements of historical fact and may be “forward-looking statements”. Forward-looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of known and unknown risks and uncertainties which would cause actual results or events to differ materially from those presently anticipated. A number of factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking statements contained in this presentation. These factors should be considered carefully and prospective investors should not place undue reliance on these forward-looking statements. Although the forward-looking statements contained in this presentation are based upon what HLS currently believes to be reasonable assumptions, HLS cannot assure prospective investors that actual results, performance or achievements will be consistent with these forward-looking statements. Except as required by law, HLS does not have any obligation to advise any person if it becomes aware of any inaccuracy in or omission from any forward-looking statement, nor does it intend, or assume any obligation, to update or revise these forward-looking statements to reflect new events or circumstances.All figures in USD unless otherwise noted.Historical financial information in this presentation is derived from HLS filed quarterly and annual statementsForward-looking financial estimates are converted at an average exchange rate of 1 USD = 1.41 CADProvided as part of an oral presentation and qualified by such, contains forward-looking statements, actual results may vary materially; HLS disclaims any duty to updateHLS THERAPEUTICS INC.2Provided as part of an oral presentation and qualified by such, contains forward-looking statements, actual results may vary materially; HLS disclaims any duty to update
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Toronto Stock Exchange (TSX) - HLS Track Record of Growing Profitability and Cash Flow HLS THERAPEUTICS INC.3Provided as part of an oral presentation and qualified by such, contains forward-looking statements, actual results may vary materially; HLS disclaims any duty to update CDN Product Revenue2% YTD(in CAD)U.S. Product Revenue1% YTDOperating Expenses20% YTDAdjustedEBITDA25% YTDAdjustedEBITDA87% (since Q3’23*)Cash from Operations121% YTD*excluding royalties
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Toronto Stock Exchange (TSX) - HLS 2025 Guidance Update HLS THERAPEUTICS INC.4 Adj. EBITDA Clozaril CDA Provided as part of an oral presentation and qualified by such, contains forward-looking statements, actual results may vary materially; HLS disclaims any duty to update VascepaUnchanged(17-23% growth)Mid-teens % growth(in CAD) (vs 18-26% prior)4-5% decrease (in CAD) (vs flat estimate prior) Expect both top-line and Adj. EBITDA growth in 2026Clozaril U.S.Unchanged (2-4% decrease) Consolidated revenue estimate of $55-56M**USD. Includes royalty revenue estimate of $0.6-0.75M
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Toronto Stock Exchange (TSX) - HLS HLS THERAPEUTICS INC.5 Three products, one goal: reducing cardiovascular risk for more CanadiansProvided as part of an oral presentation and qualified by such, contains forward-looking statements, actual results may vary materially; HLS disclaims any duty to update Building a Cardiovascular Powerhouse
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Toronto Stock Exchange (TSX) - HLS Strengthening our Financial Foundation HLS THERAPEUTICS INC.6 Reduced bank debt by 41% since Q3 2023New credit agreement with improved termsStrong balance sheet and cash flow increases flexibility for strategic capital allocation
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Toronto Stock Exchange (TSX) - HLS Life-changing medicine for Treatment Resistant SchizophreniaProvided as part of an oral presentation and qualified by such, contains forward-looking statements, actual results may vary materially; HLS disclaims any duty to update
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Toronto Stock Exchange (TSX) - HLS Building a Canadian leader in oral cardiovascular risk reductionProvided as part of an oral presentation and qualified by such, contains forward-looking statements, actual results may vary materially; HLS disclaims any duty to update
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Toronto Stock Exchange (TSX) - HLS Continued Prescribing GrowthTRx Units Since Launch HLS THERAPEUTICS INC. 9Provided as part of an oral presentation and qualified by such, contains forward-looking statements, actual results may vary materially; HLS disclaims any duty to update 22% Q3 increase in unit demand*0200004000060000800001000001200001400001600001800002020 2021 2022 2023 2024 TTM Vascepa contributed $0.6M to Adj EBITDA in Q3*Compared to Q3 202429% Q3 increase in consistent prescribers*09-30-2025NRx grew each month in the quarter (yoy)
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Toronto Stock Exchange (TSX) - HLS Bempedoic Acid: Expanding our Cardiovascular Franchise HLS THERAPEUTICS INC.10 Overview Clinical Advantages Provided as part of an oral presentation and qualified by such, contains forward-looking statements, actual results may vary materially; HLS disclaims any duty to update Value PropositionOral CV medicinesFDA approved 2020 (lower LDL-C)Label expanded 2024 (reduce CV risk)Differentiated Mechanism of Action Sizable target patient populationLeverages existing infrastructureUse with or without a statinNot activated in skeletal muscleDoes not raise glucoseReduces hsCRP Successful launch will be mission-critical to driving next phase of growth
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Toronto Stock Exchange (TSX) - HLS Canadian Market Opportunity HLS THERAPEUTICS INC.11~200K Patients not at target LDL-C levels despite statin/ezetimibe therapy >500KCanadianpatientsProvided as part of an oral presentation and qualified by such, contains forward-looking statements, actual results may vary materially; HLS disclaims any duty to update>300KCanadians unable to take recommended statin therapy Source: IQVIA data and primary market research estimates 600-700K patients on statin/ezetimibe therapy of which 30-40% are not at LDL-C goal. (2) I. Bytyçi et al., European Heart Journal (2022) 43, 3213–3223
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Toronto Stock Exchange (TSX) - HLS Compelling Trial Data HLS THERAPEUTICS INC.12 CV Risk Reduction27%Nonfatal MI Coronary Revascularization19% Primary Prevention*32%MACE-4 (nonfatal MI, coronary revascularization, nonfatal stroke, or CV death) HR, 0.73 (95% CI: 0.62-0.87)HR, 0.81 (95% CI: 0.72-0.92)HR, 0.68 (95% CI: 0.53-0.87)RRR 30% of patients enrolled have not had their first event but are at high riskRRRRRR LDL-C Reduction 38%The primary endpoint was percent change from baseline to Week 12 in LDL-C. Results shown are based on a mean 38% placebo-corrected LDL-C reduction (-36% NEXLIZET vs +2% placebo) CLEAR OUTCOMES TRIAL RESULTS: © 2025 Esperion Therapeutics, Inc. All rights reserved.* As pre-specified exploratory analysisProvided as part of an oral presentation and qualified by such, contains forward-looking statements, actual results may vary materially; HLS disclaims any duty to update
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Toronto Stock Exchange (TSX) - HLS Launch will Leverage Current CV Infrastructure HLS THERAPEUTICS INC.13Provided as part of an oral presentation and qualified by such, contains forward-looking statements, actual results may vary materially; HLS disclaims any duty to update Long patent runway: Vascepa to 2039, NEXLETOL/NEXLIZET to 2040 Q4 2025 Health Canada approval expectedQ2 2026Commercial launch with meaningful private coverage2027Public listings Leverage current field footprintHigh overlap with Vascepa prescribersMinimal additional OpEx required
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Toronto Stock Exchange (TSX) - HLS Financial Review:Strengthening Foundation to Support Growth Provided as part of an oral presentation and qualified by such, contains forward-looking statements, actual results may vary materially; HLS disclaims any duty to update
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Toronto Stock Exchange (TSX) - HLS Revenue Growth from Marketed Products HLS THERAPEUTICS INC.1505,00010,00015,00020,00025,00030,00035,00040,00045,000YTD 2024 YTD 2025YTD Marketed Product Revenue (USD$000’s) Provided as part of an oral presentation and qualified by such, contains forward-looking statements, actual results may vary materially; HLS disclaims any duty to update2%YTD growth (in CAD) Canadian product sales of Vascepa and Clozaril1%YTD growth (in USD) US sales of Clozaril
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Toronto Stock Exchange (TSX) - HLS Reducing Expenses, Improving Margins & Generating Cash Flow 02,0004,0006,0008,00010,00012,00014,00016,00018,00020,00022,00024,000YTD 2024 YTD 2025HLS THERAPEUTICS INC.16 YTD Operating Expenses(excluding Cost of Sales) ($000’s)20%02,0004,0006,0008,00010,00012,00014,000YTD 2024 YTD 2025Provided as part of an oral presentation and qualified by such, contains forward-looking statements, actual results may vary materially; HLS disclaims any duty to update YTD Adj. EBITDA (excluding Royalties) ($000’s)02,0004,0006,0008,00010,000YTD 2024 YTD 2025121%YTD Cash from Operations($000’s)25%
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Toronto Stock Exchange (TSX) - HLS Operational Changes Delivering Improved Profitability HLS THERAPEUTICS INC.17Provided as part of an oral presentation and qualified by such, contains forward-looking statements, actual results may vary materially; HLS disclaims any duty to update $(000s)02000400060008000100001200014000160001800020000Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025Adj EBITDA ex Royalties(trailing twelve month basis)87%
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Toronto Stock Exchange (TSX) - HLS De-levering and Strengthening the Balance Sheet HLS THERAPEUTICS INC.181At Sept 30, 2025At Dec 31, 2024(US$ millions)10.817.5Cash and Cash Equivalents53.167.4Senior Secured Term Loan43.5 50.0Net Debt (Term Loan less Cash)At Sept 30, 2025At Dec 31, 202431,27531,793Shares Outstanding (‘000’s)Summary Balance Sheet & Capitalization Provided as part of an oral presentation and qualified by such, contains forward-looking statements, actual results may vary materially; HLS disclaims any duty to update 0102030405060708012-31-22 12-31-23 12-31-24 09-30-25Net Debt(US$ millions)42%
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Toronto Stock Exchange (TSX) - HLS YTD SummaryConsistent Profitability (Adj. EBITDA) Growth: 25% YTD, 87%* since Q3 2023 HLS THERAPEUTICS INC.19 123 Provided as part of an oral presentation and qualified by such, contains forward-looking statements, actual results may vary materially; HLS disclaims any duty to update Building a foundation for long-term value creation through profitable growth & portfolio expansionStrong Cash Generation: cash from operations up 121% YTDCV Salesforce Transition Complete: fully deployed team in placeGrowth Catalyst in Place: Q2 2026 target launch for Bempedoic AcidNew Credit Agreement: new syndicate, lower interest expense & greater flexibility45*excluding royalties
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TSX - HLS Q3 2025 Conference CallNovember 13, 2025Craig Millian, CEOJohn Hanna, CFOBrian Walsh, CCO