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Corporate Presentation NASDAQ: THTX TSX: TH April 17th, 2025
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2THERATECHNOLOGIES I Corporate Presentation Forward-Looking Information Notes: EGRIFTA SV is a registered trademarks of Theratechnologies Inc.; TROGARZO is a registered trademark of TaiMed Biologics, Inc. under license to Theratechnologies Inc.; SORT1+ Technology is a trademark of Theratechnologies Inc. The following presentation contains statements that are considered forward-looking information within the meaning of securities regulation. The FLI in this presentation relates to future events or our future performance. The FLI is based on a number of assumptions and is associated with a number of risks, uncertainties and other unknown factors that may cause our actual results, levels of activity, performance or achievements to be materially different from those implied by the FLI. Readers are cautioned that using FLI contained herein for purposes other than for which it is disclosed herein may be inappropriate. Such FLI reflects our current views with respect to future events and is given as of April 17, 2025. We undertake no obligation and do not intend to update or revise the FLI contained in this presentation, except as required by law. All amounts in this document are in United States Dollars, unless otherwise stated. Certain assumptions made in preparing the FLI include, but are not limited to, the following: (1) sales of EGRIFTA SV® and Trogarzo® will continue to grow entitling us to meet our revenue guidance and we will control our expenses in order to meet our Adjusted EBITDA guidance; (2) the timelines referred to in this presentation are accurate, including with respect to the commercial availability of EGRIFTA WRTM and the filing of the dossier seeking the approval of olezarsen with Health Canada; (3) EGRIFTA WRTM will be accepted by the marketplace and reimbursed by private and public payors; (4) we will be able to identify assets to acquire and to enter into agreements for those assets on terms satisfactory to us; (5) we will not default under the terms of our credit agreements with TD Bank and Investissement Québec; and (6) no event will occur that would prevent us from executing the business plan set forth in this presentation. The FLI in our presentation may not materialize; accordingly, investors should not place undue reliance on it. We refer you to the “Risk Factors” section of our Form 20- F dated February 26, 2025, for a description of certain of the risks and uncertainties that could cause FLI to differ. These documents are available on SEDAR+ at www.sedarplus.ca, and on Edgar at www.sec.gov for a description of the risks related to the conduct of our business.
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3THERATECHNOLOGIES I Corporate Presentation Non-IFRS and Non-US GAAP Measure The information contained in this presentation includes a measure that is not determined in accordance with International Financial Reporting Standards (“IFRS”) or U.S. generally accepted accounting principles (“U.S. GAAP”), including the financial measure “Adjusted EBITDA” that is used by Theratechnologies as an indicator of financial performance. “Adjusted EBITDA” is obtained by adding to net profit or loss, finance income and costs, depreciation and amortization, income taxes, share-based compensation from stock options, and certain restructuring costs and certain write-downs (or related reversals) of inventories. “Adjusted EBITDA” excludes the effects of items that primarily reflects the impact of long- term investment and financing decisions rather than the results of day-to-day operations. Theratechnologies believes that this measure can be a useful indicator of its operational performance and financial condition from one period to another. Theratechnologies uses this non-IFRS measure to make financial, strategic and operating decisions. “Adjusted EBITDA” is not a standardized financial measure under the financial reporting framework used to prepare the financial statements of Theratechnologies to which the measure relates to and might not be comparable to similar financial measures disclosed by other issuers.
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4THERATECHNOLOGIES I Corporate Presentation Theratechnologies (NASDAQ:THTX; TSX:TH) We are a specialty biopharmaceutical company focused on the commercialization of innovative therapies that have the potential to redefine standards of care Capital allocation focused on delivering top- and bottom-line growth through expansion of product portfolio Strong cash flow generated by optimized operating structure to support long-term growth and sustainability Growing profitability by leveraging existing infrastructure and expertise to scale commercial business Stable legacy business with additional levers to drive growth for years to come
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5THERATECHNOLOGIES I Corporate Presentation Who We Are Experienced medical, regulatory, and commercial presence to effectively address and grow small specialty markets Proven track record of commercial success across markets, therapeutic areas, and product life cycles Infrastructure, expertise, and footprint readily scalable to support and effectively commercialize additional assets directly in the US and Canada, and globally through established strategic partnerships Sales & Operations Marketing, Market Research & Analytics Market Access, Reimbursement, Distribution/ Trade Medical Comms/ External Affairs Forecasting/ Finance Regulatory Compliance Platform built to support current and future products
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PRODUCTS
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7THERATECHNOLOGIES I Corporate Presentation 1.2M People Living With HIV ~840,000 Patients >90,000 Patients >$300M* per year EGRIFTA WRTM Patient Flow* *Company internal research and data. *$300M per year represents ~4,000 patients HIV Total Prevalent Cases in U.S Diagnosed and Drug-treated Prevalent Cases ~70% % Fitting the Description of Excess Visceral Abdominal Fat >11% Addressable Market Current diagnostic and treatment rates are very low representing a meaningful opportunity to grow the patient base
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8THERATECHNOLOGIES I Corporate Presentation EGRIFTA Evolution Bio-equivalency demonstrated Bio-equivalency demonstrated HFS study completed EGRIFTA SV ® (F4) • 4mg/mL • 2 mg/vial • 1- single dose vial • Daily reconstitution • 1.4mg dose = 0.35mL of reconstituted solution • Storage - Room temp • Approved: 2018 EGRIFTA WRTM (F8) • 8mg/ml • 11.6 mg/vial • 7 doses - multiple dose vial • Weekly reconstitution • 1.28mg dose = 0.16mL of reconstituted solution • Storage - Room temp (incl. reconstituted vial) • Approved: March 2025 EGRIFTA® (F1) • 1 mg/mL • 1 mg/vial • 2- single dose vials • Daily reconstitution • 2mg dose = 2mL of reconstituted solution • Storage - Refrigerated • Approved: 2010 Improving reconstitution, storage, injection volume and ultimately, patient experience
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9THERATECHNOLOGIES I Corporate Presentation EGRIFTA WRTM Notes: Most commonly reported adverse reactions (>5%): Arthralgia, injection site erythema, injection site pruritus, pain in extremity, peripheral edema, and myalgia. For more information visit www.egriftasv.com. 1 - EGRIFTA SV® ATU, September 2022 Evolving market dynamics and brand lifecycle management present opportunities for growth Only FDA approved treatment available for adults with HIV and lipodystrophy that reduces excess visceral abdominal fat • Unique mechanism of action that regulates growth hormone (GH) secretion • Well-established safety profile with a high degree of tolerability • FDA Approved March 2025, Commercial Launch planned July 2025 • Patented until 2033 Growing market demand as HCPs recognize central adiposity as a medical condition • Differentiated from weight loss drugs where the focus is on BMI and shown to induce reduction in muscle mass • Overall, ~40% of HCPs expect to see an increase in patients with central adiposity over the next 1-2 years1
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10THERATECHNOLOGIES I Corporate Presentation Patient demand toward long-acting and improved formulation fuels growth For heavily treatment-experienced HIV patients facing multi-drug resistance who fail their current antiretroviral regimen • Potency: novel mechanism of action that is fully active with no expected cross- resistance • Durability: powerful and durable virologic response • Simplicity: no drug-drug interactions with ibalizumab, well-established safety profile • New 30-second IV Push simplifies administration for HCPs and patients Increased patient demand and HCP adoption of long-acting modalities • Can be paired with long-acting agent creating pill-free regimen • Ability to attain a pill-free complete regimen in heavily treatment experienced patients with ibalizumab in combination with other agents1 TROGARZO® (ibalizumab-uiyk) injection Notes: Most common drug-related adverse reactions include diarrhea, dizziness, nausea and rash; For more information visit www.trogarzo.com. 1 - TROGARZO® Lifecycle Management Strategy report, Internal Company report, Oct 2022
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11THERATECHNOLOGIES I Corporate Presentation Patient demand toward long-acting and improved formulation fuels growth OLEZARSEN (Investigational Product in Canada) Potential to become standard-of-care for people with severely elevated triglycerides1-3 in two planned indications First and only FDA-approved therapy for adults with FCS Scheduled Filing in Canada in July 2025 >300 untreated patient population Significant risk for acute, potentially fatal pancreatitis 1. Based on data generated by Ionis to date 2. Timing based on current estimates and subject to change 3. Due to statistical hie rarchy, reductions in apoC-III and acute pancreatitis are considered exploratory 4. Commercialized by Ionis Pharmaceuticals in the United States under TryngolzaTM 4 Exclusive license agreement with Ionis Pharmaceuticals to commercialize Olezarsen in Canada Familial Chylomicronemia Syndrome (FCS) Severe Hypertriglyceridemia (sHTG) Large addressable market, cardiology and primary care focused Limited benefit from current standard of care Treatment guidelines recommend preventative treatment Phase 3 data expected 2H’2025
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12THERATECHNOLOGIES I Corporate Presentation Patient demand toward long-acting and improved formulation fuels growth Notes: Most common drug-related adverse reactions include diarrhea, dizziness, nausea and rash; For more information visit www.trogarzo.com. 1 - TROGARZO® Lifecycle Management Strategy report, Internal Company report, Oct 2022 DONIDALORSEN (Investigational Product) Potential first-in-class, investigational RNA-targeted medicine for the treatment of hereditary angioedema (HAE). Hereditary Angioedema (HAE) HAE types 1/2 are autosomal dominant conditions with a combined estimated prevalence of approximately <1,000 patient population in Canada Donidalorsen’s clinical results include1: • Improved QoL measures • High levels of disease control • >80% preference for donidalorsen over other prophylactic treatments2 • Favorable safety and tolerability • Patient-friendly monthly or every two-month self-administration with an autoinjector Potential preferred treatment in development for hereditary angioedema (HAE) 1. Based on data generated by Ionis to date including Phase 2, Phase 2 OLE, Phase 3 and Phase 3 OLE + Switch data. 2. Switch preference data generated by Ionis represents percentage of switch patients surveyed with total n=55 assessed at week 17 and as of February 28, 2024 who indicated donidalorsen preference over their prior prophylactic treatment. Exclusive license agreement with Ionis Pharmaceuticals to commercialize Donidalorsen in Canada
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13THERATECHNOLOGIES I Corporate Presentation Business Development Areas of Focus Therapeutics Areas Transaction Type Stage of Development ▪ NDA, ready-to-file ▪ Late Phase 3 ▪ Nearing commercialization or already on the market (immediately accretive) We are looking for additional opportunities that could benefit from our strong presence, diversified expertise and established infrastructure in the United States, Canada, and globally, to address and grow specialty markets ▪ Specialty, niche, rare or rare-like, orphan indications challenging current standard of care ▪ Outpatient focused infectious disease assets ▪ Partnerships for further development of oncology program ▪ Acquisition ▪ In-license or out-licensing opportunities ▪ Alternative partnership models ▪ Rare disease ▪ Immunology ▪ Infectious disease ▪ Cardiovascular
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14THERATECHNOLOGIES I Corporate Presentation Business Development: for Illustrative Purposes Only 2024 2025 2026 20292027 2028 2030 Organic growth Incremental growth through in-licensed/acquired assets Adjusted EBITDA Potential incremental growth to be realized through additional product in-licenses and acquisitions
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BUSINESS REVIEW
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16THERATECHNOLOGIES I Corporate Presentation Financial Information (1) Adjusted EBITDA is a non-IFRS and a non-GAAP measure. See “Non-IFRS and Non-US GAAP Measure” above. 2024 Revenues Revenue Guidance for FY2025 $86M $10-$12M*$80M-$83M* Adjusted EBITDA1 Guidance for 2025 Revenue and Adjusted EBITDA1 *We estimate that we lost up to six or 7 weeks of unit sales due to the shortage, which translates into approximately $10M in sales lost. We also believe the shortage could have a small impact on our patient base which could have an additional $1M to $2M impact on sales this year.
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17THERATECHNOLOGIES I Corporate Presentation 2024 Business Highlights Strong Financial Performance New Credit Agreement Business Development • Significant turnaround in adjusted EBITDA • Strong revenue growth from HIV business +15% 5-year CAGR • Optimized operating structure to support long-term top- and bottom-line growth • $75 million in facilities with TD Bank and Investissement Québec • Net debt position of approx. $25 million at Nov. 30 2024 • Debt refinancing frees up close to $20 million in cash in 2025 • Entered into licensing agreement with Ionis Pharmaceuticals • Diversify business through strategic product in-licenses and acquisitions • Diversify top-line and add new capabilities *Notes : Adjusted EBITDA is a non-IFRS and non-GAAP measure. See “Non-IFRS and Non-US GAAP Measure” above.
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18THERATECHNOLOGIES I Corporate Presentation *Notes : Adjusted EBITDA is a non-IFRS and non-GAAP measure. See “Non-IFRS and Non-US GAAP Measure above” LTM: latest 12 months Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 -17 -26 -25 -22 -22 -16 -10 -3 1 12 17 20 Q1 2025 23 Significant Turnaround in L12M Adj. EBITDA Q1 LTM 2025 Adj. EBITDA ($23M)
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19THERATECHNOLOGIES I Corporate Presentation Capital Structure As of Feb 28, 2025 • Cash & Cash Equivalents $4.340M • Toronto-Dominion Bank Term Loan @ 7.17% Due 2027 (SOFR +2.75%) $25M • Toronto-Dominion Bank Term Loan Revolver @ 7.17% Due 2027 (SOFR +2.75%) $5M • Investissement Québec Term Loan @ 11.45% Due 2028 (Fixed) $15M • Common Shares Outstanding 45,980,019 • Subscription Receipts 3,381,816 • Stock Appreciation Rights 16,875(1) • Deferred Share Units 16,443(1) • Marathon Warrants ($2.30 exercise price) 1,250,000 • CAD Options Outstanding (CAD$4.98 WASP) 5,026,208 • US Options Outstanding ($3.35 WASP) 661,978 Notes 1: As of 2/28/25 filings. 1. Per Form 20-F as of 11/30/24; payable in cash.
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ONCOLOGY SORT1+ Technology
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21THERATECHNOLOGIES I Corporate Presentation SORT1+ Technology Notes: 1 - Currie JC et al., AACR 2020, Abstract #4472. 2 - Fenghua, H et al., Neuron 68 (2010). 3 - Theratechnologies, Data on File. 4 - Demeule M et al., AACR 2020, Abstract #4335. 5 - Marsolais, C et al., AACR 2022, Poster #4564 . 6 - Demeule, M et al., AACR 2023, Poster #4499 First-in-Class Peptide Drug Conjugate (PDC) Platform Targeting Sortilin (SORT1) Receptors for Cancer, unique mechanism of action Targets SORT1 a novel receptor that is highly expressed in many types of cancer and is associated with poor prognosis and decreased survival.1 Trafficking anti-cancer drugs with rapid internalization leading to high cytotoxic concentration specifically inside the cancer cells for improved anti-tumour activity, tolerability, and durable response in pre-clinical studies.2 Overcomes three key resistance mechanisms: bypasses the MDR1 efflux pump3, inhibits vasculogenic mimicry (VM) formation4, as well as replication of cancer stem cells5, in pre-clinical studies. Induces immune cell infiltration and potentiates the anti- tumoral activity of anti- programmed death ligand-1 (PD-L1) therapy in a melanoma mouse model6 Sudocetaxel zendusortide (TH1902) is the lead PDC. FDA has granted fast track designation for sudocetaxel zendusortide to be developed as a single agent for treatment of patients with SORT1+ recurrent advanced solid tumors that are refractory to standard therapy.
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22THERATECHNOLOGIES I Corporate Presentation Sudocetaxel Zendusortide (TH1902) Notes: 1 - Annabi B et al., AACR 2020, Abstract #4386. 2 - Hoppenz P et al., Front Chem. 2020; 8: 571. 3 - Currie JC et al., AACR 2020, Abstract #4472. 4 - Zhang E et al., Expert Opin Drug Deliv. 2019 Mar;16(3):301-31. Lead Investigational PDC Using Theratechnologies’ Exclusive SORT1+ Technology Peptide1,2 • TargetsSORT1 receptor, expressed in multiple cancers • Can be conjugated to variety of anti- cancer agents with consistent number of payload molecules • Provides rapid internalization and trafficking the payload inside the cell, limiting degradation in the circulation and off target toxicity Cytotoxic payload2-4 • For sudocetaxel zendusortide is docetaxel (2:1 ratio), a well-established agent for a variety of cancers with known safety profile • Increases therapeutic window of docetaxel − Use smaller dose to get greater efficacy and less toxicity (neutropenia) Cleavable linker2,3 • Links the SORT1-targeting peptide to the cytotoxic docetaxel • Increased stability in plasma with improved distribution into targeted cancer cells • Enables rapid release of docetaxel inside the cancer cell
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23THERATECHNOLOGIES I Corporate Presentation Target TH1902 targets and interacts with sortilin receptors. Sortilin-targeting peptide with cytotoxic docetaxel (sudocetaxel zendusortide) Entry Via receptor-mediated internalization (endocytosis) 2 Cell membrane Cleavage Lysosomal degradation results in enzymatic cleavage of the linker and release of docetaxel 3 Cancer cell death Stabilization of microtubules inhibits cell division and other cellular functions leading to apoptosis and cell death 4 Released docetaxel Endosome Recycled sortilin Sudocetaxel Zendusortide (TH1902) Notes: Demeule M et al., AACR 2020, Abstract #4335. Taxotere (Docetaxel Prescribing Information. Bridgewater, NJ: Sanofi-Aventis U.S. LLC.; May 2020). Delivering Cancer-Killing Docetaxel Directly Into Cancer Cells Target Sudocetaxel zendusortide targets and interacts with sortilin receptors 1
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24THERATECHNOLOGIES I Corporate Presentation TH1902: Phase 1 First-in-Human Study Multi-Center, Open Label Under a Fast-Track Designation From the FDA Part 1: Dose escalation (18 patients dosed) Part 2: Expansion phase (basket trial) (36 patients dosed) Advanced solid tumors relapsed/ refractory to standard therapy/no known effective therapies exist (all comers) (n=15-25) 30 mg/m2 Q3W TH1902 starting dose Dose escalated to 420 mg/m2 Q3W (n=18) MTD~360mg/m2 SORT1+ patients with: HR+ BC TNBC Endometrial cancer Ovarian cancer Melanoma Thyroid SCLC Prostate Others Recommended dose from Part 1 300 mg/m2 Q3W • Safety • Tolerability • Preliminary anti-tumor activity • PK Part 3: Dose optimization (48 patients dosed) High Grade Serous Ovarian Cancer Up to 8 previous lines of therapy Not platinum sensitive ≤1 previous taxane failure ARM A: 1.75 mg/kg/dose (n=6) Minimal efficacy No DLTs COMPLETED ARM B: 2.50 mg/kg/dose (n=6) Tumor shrinkage Biomarker reduction No DLTs COMPLETED ARM C: 3.33 mg/kg/dose Protocol amendment submitted to FDA on Nov 21, 2024 ARM D: 3.9 mg/kg/dose Same schedule as Arm C May be explored if no DLT’s in Arm C (n=18) (completed) (n=6+6)(n=18) (completed)
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25THERATECHNOLOGIES I Corporate Presentation • Weekly administration is better tolerated than an administration every 3 weeks with good signs of efficacy at a dose lower than the MTD • 1.75 mg/kg/dose has some CA125 response • 2.50 mg/kg/dose has definitive tumor shrinkage and CA125 biomarker reduction suggesting biological activity and a dose response • No DLT’s observed at either 1.75 mg/kg or 2.50 mg/kg doses • Part 3 results indicate an improved therapeutic window when compared to patients in Part 2, warranting higher doses of 3.33 and 3.9 mg/kg Dosing Efficacy Safety Conclusion TH1902: Phase 1 Clinical Trial Update Theratechnologies is currently evaluating potential partnerships for the further development of TH1902
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26THERATECHNOLOGIES I Corporate Presentation THERA’s SORT1+ Technology A highly versatile sortilin receptor (SORT1) mediated peptide drug conjugate (PDC) based approach to cancer allowing for “a very rapid targeted delivery, internalization & release” of a variety of therapeutic agents Several SORT1 targeting PDCs are advancing pre-clinically & clinically
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