Good afternoon, everybody. Thank you for everybody attending and listening to this discussion today with Gubra. My name is Cailin McGurk. I am a member of the investment banking team at Morgan Stanley. Just before we get started, for this and other sessions at our conference, there are some important disclosures for which you will need to refer to the Morgan Stanley Disclosure Research website, www.morganstanley.com/researchdisclosures. If you have any further questions, please reach out to your Morgan Stanley sales representative. I am not sure how much outreach we get on the disclosures, but just for good measure. Markus, it is a pleasure to have not Gubra for the first time, but you for the first time attending our conference in New York. We were just discussing, it is effectively your one-year anniversary at Gubra. We will talk a little bit about who Gubra is today, but maybe just one or two minutes on your background. What attracted you to join this company? We have got lots of interesting topics to cover. Well, thank you very much for inviting me, Cailin. It is a real pleasure to be here. I have a research background. I am a scientist, a structural biologist. I spent many years in pharmaceutical research and management, and more recently, more in the biotech environment before I joined Gubra. What attracted me to Gubra was essentially seeing a unique opportunity to grow a company forward. Gubra has tremendous potential, and it is about realizing this potential and also with a great team and a great board. I got immediately attracted to the opportunity, and after 12 months, I can really say Gubra is a unique place. It is a unique company. For those listening who may be a little bit less familiar, how would you describe Gubra today in terms of what the company, who you are, what your core competencies are, and as you joined and were excited about the opportunity, where you see the most potential for value creation going forward? Yeah. In simple concept, Gubra is a clinical-stage bioscience company with a unique business model. We have three units: a biotech unit, which discovers and develops novel peptide therapeutics to clinical proof of concept. At this stage, we would partner those assets with pharmaceutical companies. Our discovery platform is validated. We have multiple assets in the clinic. Our partnership and business model is validated based on the recent partnership deals the company has done. On top of this, we have a very successful CRO serving external customers, but being an integral part of our innovation platform. On top of that, we now have a new unit, Gubra Ventures, which enables us to invest our capabilities into high-quality science adjacent to our core therapeutic areas. Overall, I see the vast majority of value growth in the biotech pipeline, and that is also our focus. We've had a couple of your partners also attending our conference, and for those that are less familiar, you've been very successful in terms of the early developments and collaborations that you've struck on the obesity side. You now have two phase II assets with two very well-known and well-respected companies being AbbVie and obviously, Boehringer Ingelheim. What does that tell the audience and us about Gubra's competence and capabilities? We'll start in the obesity field because that's obviously very large and important, and certainly, you've seen two of these programs announced to progress in the very recent months. Yeah. I think I can talk a little bit about how the obesity market is developing and how this is reflected in our pipeline. The obesity market has grown tremendously, and the field has advanced tremendously. Initially, it was about demonstrating a clinically reasonable loss of weight. How much weight can you lose in a period of time? Now it's more about complementary and additional modes of action, which have the promise to deliver additional efficacy, tolerability, or also benefits to particular patient populations. There is additional focus on body composition and muscle health outcomes. We also believe that combination therapy will be very important to deliver specific to the needs of certain patient populations. If you look at those three areas, I think that is clearly reflected in our current pipeline, with the BI 3034701 partnered with Boehringer, with the amylin partnered with AbbVie, and also our own GUB-UCN2, the long-acting urocortin-2 agonist. We want to cover all three of those. Maybe we will start, because AbbVie recently announced their intention to progress. It is now called ABBV-295. It had a different name when I remember when you did the deal. They have signaled that they are moving that forward. It is an amylin, as you will go into. As you talked about your view on the evolution of the obesity treatment paradigm, what role do you foresee for amylin broadly, and then obviously ABBV-295? After that, we will talk about some of the next steps and updates from your partner on that program. Yeah. Great. I think for the class, the amylin class has already shown promising clinical efficacy, I would say it has a favorable tolerability and safety profile, and potentially also an opportunity for more longer treatment cycles. Right? I think if I look now at ABBV-295 particularly, we have seen great phase I data, top-line data this year, where the compound demonstrated about 10% weight loss in a period of 12- 13 weeks. Taking a look at the patient population, which was 88% male and also with a BMI on average around 30, this is actually very meaningful weight loss data, and I think that it is very promising. On top of that, the compound achieved a similar weight loss, this biweekly or monthly administration. So I think it is going to be a great profile. There are some important next steps there on ABBV-295. I think they have talked about presentation at EASD. Relative to the data that has been put out into the public domain, is there anything that you can share in terms of what that update may be, what that patient population may look like relative to the data from earlier this year? Yeah. I think we have seen the top-line data. There will be a fuller data set where we get nuances on efficacy and also on the safety and tolerability profile. So that will be important to understand the track and the full context of this trial. On top of that, there is a phase Ib trial— Yeah. That is running in the U.S. in a more representative study population with BMI between 30 and 45. There is also a much larger portion of female study participants, and this trial runs a little bit longer, 20 weeks. I think that one is going to be a very important data set to inform further development of the drug, on top of course, the ongoing phase II trial. But I think taking together those two trials, that will give us a good indication on how this particular compound will translate into clinical efficacy and safety. And maybe one more last question on ABBV-295. Obviously, with the very intriguing data that has come out in relation to the broader amylin class, there is some debate about DACRA versus selective. Where do you, based on the work that you had done at Gubra, think that the collaboration that you have with AbbVie has the potential to differentiate versus other approaches that are out there? Yeah. I think at the moment, that would be speculation. Okay. Right? I probably do not want to go there. What we know for sure is that we have a very long-acting molecule with proven efficacy, and I think the ongoing trials will definitely show what the profile of the drug will be. Yeah. Should we maybe change tack to the other phase II program that you have with one of your partners, Boehringer Ingelheim? In the era and with all of the excitement about triples, this is also a triple, but a slightly different triple. Maybe talk about the sort of target selection there and the NPY2 biology. Yeah. A different triple, but equally exciting. Yes. The concept behind this triple is basically to combine the well-established incretin biology with a central regulator of food intake, NPY2. Taken together, you double down on food intake, and that should provide the fundamental basis to demonstrate deeper and more durable weight loss. That basically is the concept behind it, and phase II has now started. Hopefully, this exciting complementary mechanism will show great clinical efficacy and safety and will give us an indication on the positioning of the drug. More importantly, or as importantly, moving on to your third, well, you probably have more, but at least the next most advanced obesity program at Gubra, which is, again, a very exciting new target and area of biology, which is UCN2. You've made great progress here. I think we've seen some transaction activity very recently in the UCN2 space. What makes you excited about the target, and maybe link that back to some of the trends that you foresee in obesity and where the remaining unmet need is? Yeah. Our long-acting urocortin- 2 agonism has exciting biology. Preservation of muscle and muscle health is becoming a more important topic. If you substantially lose weight, you not only lose fat mass, but you also lose lean mass, and a part of that is skeletal muscle. Skeletal muscle is very important, and it is a determinant of physical function, mobility, and metabolic health. Also, for the elderly population, the maintenance of muscle mass and function is super critical to live a healthy life. I think this is exactly where UCN2 comes in. In preclinical studies, we have demonstrated substantial additional reduction of fat mass, and at the same time, UCN2 prevents the loss of lean mass and even, to some extent, increases lean body mass. I think this is a very promising profile. In our ongoing phase I/IIa trial, we are really looking at this in a comprehensive way to explore the biology both as a mono- component but also in combination with incretin-based therapies for maximum impact for patients in different populations. The trial is quite exciting. It has three parts. We start with the classical SAD trial in a healthy population, followed by an MAD trial in overweight and obese patients for six weeks of treatment with multiple doses, and then the third part, where we have 16 weeks of treatment with multiple doses as a monotherapy and in combination. The overall package on the phase I/IIa study, plus our preclinical evidence in totality, will be a very rich data set. We are very excited about this compound. Now moving into obesity is sort of the clear first step, but we believe there is substantially more potential beyond obesity in the areas where muscle health and muscle function is important. It will also have substantial commercial potential. So that's an exciting area for us where we'll invest significantly going forward. I think you mentioned the recent deal between Genentech and Hanmi Pharmaceutical. Yeah. Obviously, that is very exciting to see because it validates the potential of the biology and that a first pharma company has made a strategic move into the field. We, of course, welcome additional science in the field. We are among the frontrunners on the UCN2 biology. We, as a company, we have made a deliberate decision not to partner UCN2 and to complete our phase I/IIa program to maximize the potential of the asset for Gubra when we partner. One last question, and we will move on to some of the other business areas outside of weight management and obesity. Perhaps it is still early days. As you say, you have seen validation of the approach there is a recent deal between Hanmi Pharmaceutical and Genentech. As you sort of scan the competitive landscape for urocortin-2, do you think there is likely to be differences as we have seen in the GLP-1 space or more similar than different, and it is going to boil down to the quality of the package and the quality of the development? Or possibly just too soon to tell? Yeah, it is a little bit too soon because there is no clinical data published on— Yeah. Any of those compounds. I think the field is getting more competitive as more people realize the value of the biology. I think we certainly have focused on the quality of our package. I think this is how, for Gubra at least, that is the best way to deliver high quality to a potential partner. Moving on, maybe to just sort of more broadly where Gubra sort of sees the opportunity from a development standpoint. Your legacy and sort of strength has clearly been in weight management, metabolic disease, clearly validated by the partners that you have attracted. I think you are increasingly talking about the potential and the interest of Gubra as being more agnostic around therapy area. How should we sort of think about your intention or ambitions to move out of obesity into other areas? Yeah, that's a good question. I think over almost 20 years, Gubra has built tremendous experience in metabolic diseases and obesity. There is no question that this is an important area for us and also will continue to be an important area for us. Having said this, our streamlined discovery platform, our translational capabilities, and clinical capabilities are relatively disease agnostic. We can enter in spaces where peptides have high value beyond obesity as well. Of course, we will look at this selectively, and it will be capability-led, right? We certainly have the capabilities to enter in other disease areas, and that is one aspect we'll also cover in our upcoming R&D day on October 27 in London. I'll come back to that just so that we can dig into, at the end, what the full agenda that we can expect at that event will be. Maybe moving on to the CRO business. This was part of the foundation of the company, has been an incredibly important and successful business for you historically. I guess in the context of today's environment, with some of the headwinds we had faced from a budgetary and sort of broader spend standpoint, what is your perspective on the environment in which your CRO business is operating today? Yeah. The CRO unit has been very successful. Over the last 10 years, the CRO has delivered about 14% average growth every year, which is quite impressive. We are very specialized in metabolic models where we have gold standards in different aspects of metabolic disease. In the last 12- 18 months, the CRO market was relatively challenging, and we have seen that directly in 2025, for example. Over the last six months, we have seen 11% revenue growth compared to the previous six months. I think I'm quite confident that revenue will continue to grow, profitability will stabilize, and our order book makes me confident about the overall aspiration for the year. Long term, I think this will remain a very attractive business part. The pharma companies tend to outsource early preclinical work substantially and focus on areas where they can deliver or focus on and deliver more value. I believe this will be a market which will continue to grow and where we can compete with our innovative in vivo models very well. Aside from the CRO being a successful commercial unit of Gubra, I really value the strategic aspect of the CRO as it relates to our innovation model and also into developing drugs, because only because the CRO has the relevant in vivo models today, we can develop drugs from sort of a peptide backbone towards a drug development candidate in approximately 18 months, which is very competitive. I see the combination of the CRO and the biotech business and the future ventures actually as very synergistic, and it is part of our unique model differentiating us from other biotech companies. That sort of largely answered my last question on CRO, which was, this is clearly a very different business from proprietary biotech or proprietary pipeline development. But I think what you were saying is the capabilities and the competency, and the expertise is both incredibly important, but also synergistic with the broader business. Yeah, absolutely. In the first couple of minutes, you sort of talked about the expansion into ventures and your ability to look externally as well as internally for future innovation. Talk a little bit for those less familiar about Gubra Ventures. What is the strategy? How do you look to create value? And what types of opportunities are going to be most relevant, most interesting for you going forward? Yeah. So again, at Gubra Ventures, there is an opportunity to invest our capabilities in assets adjacent to our core areas. I think this will give us additional opportunity to basically leverage what we have today as capabilities at a scale which, in the past, we were not able to do. We can use this in a collaboration model with strategic and financial investors to quickly advance assets into clinical proof of concept and then long-term share economics on those assets. We are particularly interested in assets with exciting translational biology, so we can design early clinical trials which are truly clinical proof of concept. That is important. It is also important that we, as Gubra, can add more than just capital to those ventures so that our preclinical and translation biology expertise can be fully leveraged. We will talk a little bit more about what we are currently focusing on and how the interaction between the units and the ventures will work at the R&D day. But essentially, at the moment, we are building an opportunity funnel. We have not necessarily set a specific point where we will do the first venture, but it is important that it is the right quality of venture and that we do the right first deal for Gubra, where we can add most value and also generate additional value for the company in the long run. Any hints or insights into when we might be able to hear some specific news or something more tangible in terms of what you have been up to at Gubra Ventures? Yeah. My lips are sealed. Okay. Yeah. Maybe October, we will come back to that. By next year, definitely. Perfect. I think we have covered the outlicensed programs with your partners, your key proprietary program, UCN2. We have not talked about everything there. Ventures, CRO. How do you think about the optimal configuration between clearly having the ability to secure very attractive partners with the financial and other expertise to drive development versus continuing on your own and developing your own pipeline further? You did allude to this when we were talking about UCN2 and the clear intention and desire to progress that forward. How far do you want to go? Is this UCN2- specific, case by case? How are you just thinking about that as you build your own pipeline going forward? Yeah, I think that is a very good question. The partnership model is working very well for Gubra, and we have been able to capture substantial value for our partners' programs, and that is the right business model for Gubra today. What has changed recently is that we have a better financial foundation that we have more expertise in early clinical development. So we can decide on how long or how far do we push our own development versus partnering early, and we will do that based on portfolio considerations, risk considerations, capital allocation, and also what a potential partner can bring in. Today, we have the option to be more driven towards keeping some of the high-value assets longer, and UCN2 is a great example because we are investing towards a phase IIb ready asset to be partnered, right? It is very different from other deals we have done, and I think it will probably not be for every asset, and for some assets it may be that it is actually good to partner a little bit early, but we will look at this in an asset-by-asset decision for sure. Yeah. But we will focus on what we are good at. We are good at discovering drugs, doing the translational biology, and moving assets towards clinical proof of concept. In our model, our partners bring in the late-stage development expertise, the commercial expertise, and we profit from those partnerships with long-term economics, which we are reinvesting into our portfolio. I think that is a model which is working for Gubra today and will also be working for Gubra in the coming years. The difference will be that we try to capture as much value as possible by keeping some assets a little bit longer. One last question on that. I do want to talk about what we are going to see over the next 12 - 18 months and maybe wrap up on your upcoming investor R&D event. I had the privilege of hosting another one of your collaboration partners yesterday, where you have done much earlier sort of scientific collaborations, which was with the team at Amylyx. I guess for these earlier- stage discovery- type collaborations, will those remain interesting more on a case-by-case basis, or how are you thinking about those going forward? Yeah. First, let me say that the Amylyx team are fantastic collaborators. We love to work with them, and they are great people, and the collaboration is spectacular, actually. So, in principle, the highest value which we can generate is to focus on proprietary assets. Yeah. Bring them forward. However, where there is a scientific synergy and where we believe we can add additional value and we can learn something, those types of scientific collaborations will always be an opportunity for Gubra. All sorts of interesting things develop out of those collaborations, so I think they have a place in our hearts. Yeah. I spoke equally highly of you as a collaboration partner during my session with them yesterday. Maybe just two topics in the last few minutes that we have. Over the next 12- 18 months, obviously, potentially plenty of news and updates from some of your partnered programs. What should investors be most focused on in terms of news flow? Yeah. I expect quite some news flow in that period. Of course, central to us is the GUB-UCN2 program. We will see the first data from the program, results from the SAD part of the trial, so safety, tolerability, some PK data. We will start the MAD trial. Maybe there is also some external data around the urocortin-2 agonist, so that will also be supportive for the class. Then on ABBV-295, certainly, the phase Ib top-line data, we would expect that within the first half of next year. That will be exciting. The fact that we now have two phase II programs partnered and, say successful continued development is already another validation that our compounds can reach late- stage development and hopefully soon commercialization. Overall, I think investors may have looked at us a year ago in terms of, oh, it is a promising company, a unique business model, really interesting early compounds, versus next year, hopefully we will see some exciting clinical evidence. Yeah. On our molecules. I think that will hopefully show the value of the company and what we can deliver, obviously only as a team across. I think Gubra has a great leadership team, and all of our 300 Gubies are fantastic. Yeah. Our secret sauce. Yeah. Very good. Maybe just one last one. Hopefully, investors will have the opportunity to attend in person. You are going to hold an investor R&D event in London, October 27th. I understand part of the agenda there will be to talk more specifically about your long-term strategy and ambitions towards the end of the decade in 2030. Clearly, you cannot pre-wire everything and give all the good stuff away at our conference, as much as we would love you to. But anything further to add in terms of what is going to be interesting and exciting in terms of the update you provide there? Yeah. It will be our first R&D day, and I hope for investors it will be exciting to hear some more tangible description of our long-term strategy. That is correct. We will describe our strategy towards 2030. We will talk a little bit about our discovery focus and elements of what we talked before, also beyond obesity. We will talk, of course, about our GUB-UCN2 program, the trial, and the potential we see on this biology. We will talk more about ventures and our CRO and our overall concept on capital allocation. It will be hopefully exciting and informative for investors. Very good. The Morgan Stanley team will certainly be there. Markus, with that, I will wrap up. We are bang on time. Thank you so much for attending. I appreciate you and the team making the trip across from Europe, as always, and very much looking forward to having you back next year. It is going to be an exciting 12-18 months and even more. Watch this space. Thank you very much. Yeah. Thank you, Cailin, for the invitation.