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1 EXTERNAL NON - CONFIDENTIAL Nxeгa Pharma H1 FY2026 Financial Results 6 - month period ended June 30 , 2026 7 August 2026 | Nxera Pharma Co. , Ltd. ( TSE : 4565 )
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 The material that follows is a presentation of general background information about Nxera Pharma Co., Ltd and its subsidiaries (collectively, the “Company”) as of the date of this presentation. This material has been prepared solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities and should not be treated as giving investment advice to recipients. It is not targeted to the specific investment objectives, financial situation or particular needs of any recipient. It is not intended to provide the basis for any third-party evaluation of any securities or any offering of them and should not be considered as a recommendation that any recipient should subscribe for or purchase any securities. The information contained herein is in summary form and does not purport to be complete. Certain information has been obtained from public sources. No representation or warranty, either express or implied, by the Company is made as to the accuracy, fairness, or completeness of the information presented herein and no reliance should be placed on the accuracy, fairness, or completeness of such information. The Company takes no responsibility or liability to update the contents of this presentation in the light of new information and/or future events In addition, the Company may alter, modify or otherwise change in any manner the contents of this presentation, in its own discretion without the obligation to notify any person of such revision or changes. This presentation contains “forward looking statements, ”as that term is defined in Section 27 A of the U S Securities Act of 1933 as amended, and Section 21 E of the U S Securities Exchange Act of 1934 as amended. The words “ believe” , “expect” , “anticipate” , “intend” , “plan” , “seeks” , “estimates” , “and “ and similar expressions identify forward looking statements. All statements other than statements of historical facts included in this presentation, including, without limitation, those regarding our financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to our products), are forward looking statements. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Such forward looking statements are based on numerous assumptions regarding our present and future business strategies and the environment in which we will operate in the future The important factors that could cause our actual results, performance or achievements to differ materially from those in the forward looking statements include, among others, risks associated with product discovery and development, uncertainties related to the outcome of clinical trials, slower than expected rates of patient recruitment, unforeseen safety issues resulting from the administration of our products in patients, uncertainties related to product manufacturing, the lack of market acceptance of our products, our inability to manage growth, the competitive environment in relation to our business area and markets, our inability to attract and retain suitably qualified personnel, the unenforceability or lack of protection of our patents and proprietary rights, our relationships with affiliated entities, changes and developments in technology which may render our products obsolete, and other factors. These factors include, without limitation, those discussed in our public reports filed with the Tokyo Stock Exchange and the Financial Services Agency of Japan. Although the Company believes that the expectations and assumptions reflected in the forward-looking statements are reasonably based on information currently available to the Company’s management, certain forward-looking statements are based upon assumptions of future events which may not prove to be accurate. The forward-looking statements in this document speak only as at the date of this presentation and the company does not assume any obligations to update or revise any of these forward statements, even if new information becomes available in the future. This presentation does not constitute an offer, or invitation, or solicitation of an offer, to subscribe for or purchase any securities. Neither this presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. Recipients of this presentation are not to construe the contents of this summary as legal, tax or investment advice and recipients should consult their own advisors in this regard. This presentation and its contents are proprietary information and may not be reproduced, published or otherwise disseminated in whole or in part without the Company’s prior written consent. These materials are not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. This presentation contains non-GAAP financial measures. The non‐GAAP financial measures contained in this presentation are not measures of financial performance calculated in accordance with IFRS and should not be considered as replacements or alternatives profit, or operating profit, as an indicator of operating performance or as replacements or alternatives to cash flow provided by operating activities or as a measure of liquidity (in each case, as determined in accordance with IFRS). Non-GAAP financial measures should be viewed in addition to, and not as a substitute for, analysis of the Company’s results reported in accordance with IFRS. (c) Nxera Pharma Co, Ltd, 2026. Nxera, NxAQ and the Nxera logos are registered trademarks of Nxera Pharma Co. Ltd. NxWave® is a registered trademark of Nxera Pharma UK Limited. 2 Disclaimer
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 Operational Highlights Financial Results Japan / AP AC Commercial UK R&D The Road Ahead Q&A 3 Agenda 01 02 03 04 05 06
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Operational Highlights 01 Chris Cargill, President and CEO
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 H1 Operational Progress – moving rapidly from investment to delivery 5 FINANCIAL PERFORMANCE COMMERCIAL BUSINESS PLATFORM BUSINESS 15,094 18,910 H1 2025 H1 2026 REVENUE (JPY M) -2,756 1,881 H1 2025 H1 2026 OPERATING PROFIT (JPY M) CORE OPERATING PROFIT INCREASED FROM JPY 364M TO JPY 6,494M ¥ 6,334M (+9.1% YOY) PIVLAZ® SALES ¥ 3,598M (+126.9% YOY) QUVIVIQ® SALES VAMOROLONE RECEIVED KEY REGULATORY DESIGNATIONS IN KOREA MULTIPLE REVENUE-GENERATING MILESTONES ACHIEVED LILLY ACQUIRED CENTESSA’S OREXIN AGONIST PORTFOLIO X CREATION OF NEWCO FOR A GPCR-TARGETED PROGRAM PARTNERED PROGRESS AND CENTESSA ACQUISITION HIGHLIGHT THE VALUE AND POTENTIAL OF ASSETS DEVELOPED USING NxWAVE® $23M $2M $3M $4M $20M Undisc. $275M POTENTIAL MILESTONES + TIERED ROYALTIES + EQUITY STAKE Up to $7.8B
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 6 JPY 19.5 billion+ Net product sales (PIVLAZ® plus QUVIVIQ®) Get one or more late-stage assets for Japan and APAC (excl. China) Sign one or more high-value partnership deals Initiate at least one partner-sponsored phase 2 trial Reduce total costs by >10% and achieve full-year profitability on IFRS basis 01 02 03 04 05 Platform Commercial Commercial Corporate Platform Priority objectives for FY2026 JPY 9.9 billion Progress: 51% Multiple ongoing discussions Active term sheet discussions NBI-’570 achieved Achieved profitability in 1H following Q1
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Financial Results Hironoshin Nomura, CFO 02
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 Key financial results (H1 FY2026) 8 Achieved profitability in both core OP and OP Platform Commercial PROGRESS IN H1 FY2026 ◼ Received multiple milestone payments from Neurocrine, Centessa, Lilly, AbbVie, and others ◼ Initiation of Phase 2 trial of M1/M4 agonist NBI-570 (received US $22.5 million) ◼ Pivlaz®: +9% YoY ◼ Quviviq®: +127% YoY ◼ R&D expenses decreased due to more efficient investment and capital allocation (progress vs. full-year forecast: 50%) ◼ SG&A expenses increased in line with initial forecasts (held constant at 49%) Cost / Profit (JPY million) 5,425 7,456 9,934 4,872 5,014 7,973 1,392 1,571 1,376 1,252 1,031 1,053 921 2,457 2,146 12,720 15,094 18,910 -1,240 -1,465 1,176 364 6,494 -2,206 -1,964 -3,654 -2,756 1,881 -10,000 -5,000 0 5,000 10,000 15,000 20,000 25,000 FY22H1 FY23H1 FY24H1 FY25H1 FY26H1 Product Sales Other (Commercial) Milestone Upfront Other Core OP OP
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 (1,681) Breakdown of H1 financial results (FY2026) (JPY million) Consolidated P&L (Core)Platform*1 Consolidated P&L (IFRS)Non-core costsCommercial*2 Revenue Cost of Sales Other income R&D OP/Core OP A Amortization of intangible assets (currently relates to PIVLAZ® and QUVIVIQ®). = = Amortization of other intangible assets (e.g. IP), depreciation (e.g. laboratory equipment), share-based payments and other restructuring costs.B Other(694) (YoY) (YoY) (YoY) SG&A (YoY) B 8,945 297 881 9,965 2,966 5 18,910 3,263 886 4,721 585 5,306 1,906 4,588 Core OP 6,494 +46% -72% +213 -22% +4,874 +11% +25% +10 -15% +1,256 (+38.4%) +25% -5% +223 -22% +6,130 2,902 1,831+12% -29% 4,733 -8% 18,910 3,281 6,000 (795) OP 1,881 6,953 +25% -6% -20% -8% -1,458 +4,636 ＋ Total: 4,613 *1 = Nxera Pharma Co. Ltd. (formerly Sosei Group Corporation) + Nxera Pharma UK Ltd (formerly Heptares Therapeutics Ltd.) + Sosei K.K (ex -Nxera Pharma Basel branch) *2 = Nxera Pharma Japan (formerly Idorsia Pharmaceuticals Japan) + Nxera Pharma Korea (formerly Idorsia Pharmaceuticals Korea)+ Nxera Pharma Basel branch *3 = The benefits of the business restructuring implemented since November 2025 are expected to become more evident in the latter half of 2026 Both our commercial and platform businesses are now profitable Other(1,344) Amortization(894) ＋ A B
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Japan/APAC Commercial Toshi Maeda, COO and President of Nxera Pharma Japan 03
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 34% 57% 69% 74% ~75% 0% 20% 40% 60% 80% 100% 120% 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 2022 2023 2024 2025 2026e Net Sales Market Share(patient base) Our first commercially available product for the prevention of cerebral vasospasm in patients with Aneurysmal Subarachnoid Haemorrhage (aSAH) Source: MDV DPC hospital data Comparison of Q2–Q4 (2022 vs. 2023) **Estimates 11 1,532 1,962 2,760 1,927 2,885 2,549 3,765 2,283 3,109 2,977 4,282 2,409 3,396 3,160 4,545 2,921 3,413 13% 39%42% 51%53% 61%65%63% 69%71%74%75%72%75%77% 75% 77%* 10% 20% 30% 40% 50% 60% 70% 80% 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Net Sales Market Share(patient base) PIVLAZ® quarterly sales PIVLAZ ® Annual Sales and Growth Rate 2022 2023 2025 12,651 11,126 6,254 +47%* +14% Million JPY PIVLAZ® is rapidly gaining adoption and is becoming the standard of care for the prevention of cerebral vasospasm. 13,800 – 14,200 +7% Million JPY PIVLAZ® (clazosentan, an endothelin A antagonist) 2024 13,511 6,334 2026 Commercial
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 11% 13% 16% 21% 26% 31% 35% 39% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 0 10 20 30 40 50 60 70 80 90 2019 2020 2021 2022 2023 2024 2025 2026 QUVIVIQ® (daridorexant, dual orexin antagonist “DORA”) 12 DORA is rapidly establishing its position in the treatment paradigm for insomnia Source: Prepared by the Company based on each company’s earnings presentation materials (Bn JPY) Commercial 79 billion yen 83 billion yen Daridorexant (Quviviq) Lemborexant (Dayvigo) Suvorexant (Belsomra) DORA share (#of tablets) Domestic Market Size for DORA QUVIVIQ® Annual Sales and Growth Rate +30% 2024 2025 2026e 1,336 4,327 +224% (million JPY) 5.0 – 6.0 Bn JPY +30% 5,000-6,000 44 billion yen Share within DORA low 9%(June 2026) 3,598
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 13 Commercial V amorolone (AGAMREE®) addresses the need for a tolerable steroid 31 47 67 95 134 191 271 385 46 117 146 170 192 211 232 251 284 2024 2025 2026 2027 2028 2029 2030 2031 2032 North America (by Catalyst) Europe (by Santhera) (Sales mUSD) 63 148 193 236 287 346 420 523 670 Analyst consensus forecast of vamorolone in other countries Compared with conventional corticosteroid therapy, the risk of treatment-related adverse events is reduced • Vamorolone confronts the limitations of standard corticosteroid therapy • Topline data from the recent GUARDIAN clinical study showed durable efficacy and markedly improved safety of vamorolone vs. standard corticosteroids • Study demonstrated reduction of steroid-associated adverse events related to: ▪ Growth – normal growth maintained (p<0.0001) (Mean height difference after 5 years: +12.17 cm) ▪ Bone health – lower vertebral fracture rate (p=0.0061) (vamorolone 8.1% vs deflazacort 41.9%) ▪ Eye health – lower incidence of cataracts (p<0.015) and no cases of glaucoma (vamorolone 5.3% vs deflazacort 37.8%) • Reduction of side effects allows patients to maintain treatment *Source: Evaluate Pharma, June 2026
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UK R&D 04 Patrik Foerch, CSO and President of Nxera Pharma UK
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 US$3.6M milestone payment received under research collaboration (ORX142) with Centessa. PR LINK 15 1 NME = New Molecular Entity NxWave® SBDD PLATFORM CONTINUES TO DELIVER PARTNERED MILESTONES FROM DISCOVERY THROUGH DEVELOPMENT US$1.8M & US$3M milestone payment received under research collaboration (ORX489) with Centessa. PR LINK1,2 US$20M development milestone payment received under multi- target collaboration targeting neurological diseases. PR LINK1,2 Apr ‘26 Feb & Mar ‘26 DISCOVERY PHASE 1 & PHASE 2 Jan ‘26 Achieved multiple milestones from discovery stage through to regulatory progress PHASE 3 & REGULATORY MILESTONE Nxera in-licenses Japan and select APAC rights (South Korea, Australia, New Zealand) to vamorolone for DMD from Santhera. PR LINK Jan ‘26 Neurocrine doses first patient in Phase 2 trial of NBI-1117570 for Adults with Schizophrenia. US$22.5M milestone payment received. PR LINK Apr ‘26 Nxera licenses GPCR- targeted program to newly founded Spin-out Company(up to US$275M in milestones) and participates in Series A financing. PR LINK1,2 Feb & May ‘26 Platform Positive results from Phase 3 trial of daridorexant in South Korea. Submits Marketing Authorization Application for daridorexant in SK. PR LINK1,2 Jan & Mar ‘26 QUVIVIQ® (daridorexant) 25mg and 50mg receives approval in Taiwan for the treatment of insomnia, with launch planned in 2026. PR LINK Apr ‘26 Vamorolone granted key regulatory designations (ODD and GIFT) supporting faster access for DMD patients in South Korea. PR LINK Apr ‘26 $ Undisclosed development milestone payment received under multi-target collaboration targeting diabetes and metabolic diseases. PR LINK Apr ‘26
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 Three clinical-stage programs, with a plan to transition to new partners 16 Platform EP4 ag. Inflammatory Bowel Disease Phase 2-readyNXE’744 ✓ Phase1 completed ✓ Phase 2 ready Strong target engagement in an indomethacin challenge study Competitive process ongoing for a 2026 licence deal GPR52 ag. Schizophrenia Phase 2-readyNXE’149 ✓ Phase1 completed ✓ Phase 2 ready Brain imaging suggest effect in brain regions similar to other antipsychotic drugs Competitive process ongoing for a 2026 licence deal EP4 ant. Cancer immunotherapy Phase 2a ongoingNXE’732 ✓ Mechanistic proof-of-concept with 2 partial responses Interim Ph 2a data expected H2 2026. Mechanism confirmed by ONO-4578 meeting primary endpoint in Ph 2 trial. Cancer Research UK managing ongoing Phase 2a clinical trial KEY UPDATES ON PARTNERING STATUS AND CLINICAL DATA EXPECTED IN H2 2026.
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 Developing next-generation therapies for obesity, metabolic disorders, and endocrine diseases 17 • Moving beyond maximum weight loss alone: small molecules with unique efficacy, tolerability, weight loss quality, access and durable co-morbidity outcomes. • Uniquely differentiated chemotypes discovered and progressed for GLP-1 agonist and Amylin agonists. • On track for four IND enabling studies in 2027 and multiple clinical trials planned to be initiated in 2028 REDEFINING OBESITY , WEIGHT MANAGEMENT AND RELATED CO-MORBIDITIES BY DELIVERING POTENT, WELL TOLERATED, ORAL SMALL MOLECULES TO MEET A CRITICAL GLOBAL NEED AT SCALE. Obesity Market Opportunity and Our Development Program Mechanism Target Market($) GLP-1 ag. Obesity / Metabolic $141Bn GIP ant. $10Bn GIP ag. $40Bn Amylin ag. $20Bn TSHR NAM Thyroid eye disease $5.5Bn PTH ag. Hypoparathyr oidism $4.4Bn Platform Differentiation & Development Schedule 179 3,287 8,232 14,062 19,660 25,532 29,295 32,692 30,034 37,867 45,685 52,960 60,176 68,324 74,746 78,907 0 20,000 40,000 60,000 80,000 100,000 2025 2026e 2027e 2028e 2029e 2030e 2031e 2032e Oral Injectable (mUSD) Differentiation through an oral formulation and a novel binding mode in an obesity market dominated by injectables
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The road ahead – moving from investment to delivery Chris Cargill, President and CEO 05
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 19 PARTNERS PRODUCTSPLATFORM PIPELINE Four value engines, each independently substantial, compounding together at pace PROPRIETARY GPCR DATA CAPTURE NxWave® (StaR® SBDD) NxAQ® (AI/ML/QM) EACH ENGINE FUELS, DE-RISKS, FUNDS AND ACCELERATES THE OTHER PRODUCTS Profitable and growing commercial platform in Japan 2030 TARGET: JPY40-50bn sales, >30% OP margin, 5 products NxAQ® & NxWave® PLATFORMS AI & quantum-level simulation from proprietary GPCR dataset 2028 TARGET: 5 AI-led discovery projects StaR®: Stabilised Receptor; SBDD: Structure-based Drug Design; AI: Artificial Intelligence; ML: Machine Learning; QM: Quantitative M echanics PIPELINE 2026 TARGET: new >US$1bn+ partnership 2028 TARGET: 4 clinical stage programs for the U.S. market PARTNERS >US$4.5bn partner-funded milestone and royalty book 2027 TARGET: Direclidine Phase 3 data
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 ¥7,540 ¥19,500 FY2022A (AT ACQUISITION) FY2026E FY2030E 20 Specialty and rare disease commercial platform – more than doubled top-line sales since 2023 PRODUCTS EVERY WELL-CHOSEN MEDICINE WE ADD LANDS ON A LEAN, HIGHLY FOCUSED COMMERCIAL INFRASTRUCTURE PIVLAZ® – market leader at ~74% share, the SoC for prevention of cerebral vasospasm. QUVIVIQ® – triple-digit growth with Shionogi; Taiwan launch secured for 2H 2026. VAMOROLONE – Approved for Duchenne Muscular Dystrophy in US, EU, UK, China. NEW PRODUCTS – Multiple discussions ongoing to add new products to the portfolio. REVENUE TRAJECTORY (JPY M) SINCE ACQUISITION (JULY 2023) Revenue scaled 2.6x Costs removed 20% Profitable and cash generative PEAK SALES (JPY B) PIVLAZ ¥15–16 QUVIVIQ* ¥15–20 VAMOROLONE ¥10–20 * Nxera’s revenues (Japan+APAC) ¥40,000-50,000 SoC: Standard of Care
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 21 Plan to extend AGAMREE® (vamorolone) beyond DMD to three additional rare diseases INDICATION OVERVIEW PATIENT POPULATION CURRENT STANDARD THERAPY FUKUYAMA CONGENITAL MUSCULAR DYSTROPHY (FCMD) Rare inherited muscle-wasting disease, almost only in Japan • 1,000–2,000 patients • Symptomatic treatment only PEDIATRIC NEPHROTIC SYNDROME (SRNS, FRNS, SDNS) Kidney condition in children where the kidneys leak protein, causing swelling • Incidence: 6.5 per 100,000 children • Glucocorticoids JUVENILE DERMATOMYOSITIS (JDM) Rare childhood autoimmune disease that inflames muscles and skin, causing weakness and a distinctive rash • ~ 400 patients in Japan • Incidence: 1.74 per 100,000 children • Glucocorticoids PRODUCTS HIGHLY FOCUSED ON SERVING MORE RARE DISEASE PATIENT POPULATIONS Sources: Japanese College of Rheumatology, Japan Information Center of Chronic Pediatric Diseases, Ishikura (2020)
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 PROVEN DRUG HUNTERS, UNLOCKING FIFTEEN YEARS OF PROPRIETARY GPCR SCIENCE BEN TEHAN Computational Sciences ANNA GAULTON Data Science ŽYGIMANTAS JOČYS AI/ML Research PETER IBRAHIM Platform Engineering 22 NxAQ® PLATFORM NxAQ®: Nxera Pharma AQ Limited; AI: Artificial Intelligence WANLING SONG Computational Engineering Meet the starting five building Japan’s global AI drug-discovery champion
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 23 NxAQ® turns a compounding proprietary data asset into faster, higher-quality programmes NxAQ® PLATFORM THE CLOUD-BASED PLATFORM IS BUILT EXCLUSIVELY ON AWS, ENABLING COMPUTE ON AN UNPRECEDENTED SCALE, TO DRASTICALLY REDUCE THE TIMELINES TO DEVELOPMENT CANDIDATE A COMPOUNDING ASSET 15 years of proprietary StaR® data: 493 GPCR structures, 59 receptors, 30,000 mutation datapoints, 400+ entities across 100+ projects. AI AND QUANTUM SIMULATION Fine-tuned AI models, ultra-large virtual screening and quantum-level molecular simulation driving proprietary predictions and applying those insights to the selection of molecules, experiments and program priorities. FASTER, BETTER DECISIONS The platform will materially accelerate the timelines to development candidate and scale drug discovery. NxAQ®: Nxera Pharma AQ Limited; GPCR: G Protein-Coupled Receptor; AI: Artificial Intelligence PROPRIETARY GPCR DATA Structures Chemistry Pharmacology Mutations 15 years of evidence NxAQ® DISCOVERY PLATFORM AI MODELS QUANTUM SIMULATION DATA PLATFORM WORKFLOWS + AGENTIC ORCHESTRATION PROGRAMME DECISIONS What to progress What to make What to test What to stop Faster and better decisions MEASURED EXPERIMENTAL OUTCOMES
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 24 NxAQ® compresses timelines and costs to enable scalable GPCR drug design NxAQ® PLATFORM SPEED TO DEVELOPMENT CANDIDATE IS THE CORE KPI. SCALING TO FIVE RESEARCH PROGRAMMES BY 2028 TRADITIONAL NxAQ® AVERAGE TIME TO DC 4–5 YRS 1–1.5 YRS AVERAGE R&D COST TO DC $10-15M <$5M IND-ENABLING STUDIES PHASE I PHASE II PHASE III SUBMISSION TO LAUNCH REGULATED TIMELINES DEVELOPMENT CANDIDATE (DC) TARGET-TO-HIT HIT-TO-LEAD LEAD OPTIMIZATION ~70% FRONT-END TIME COMPRESSION > 50% COST REDUCTION EVERY PROGRAM FEEDS THE DATASET
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 25 Future obesity therapies will compete on more than weight loss PIPELINE HEALTHY BODY WEIGHT REDUCTION + IMPROVED OUTCOMES, RESTORE APPETITE CONTROL, PROTECT MUSCLE AND ORGANS, IMPROVE DURABILITY 1. GREATER EFFICACY APPETITE + ENERGY BURN Triple+ pharmacology, APCs Activin & FDC Maximal sustainable weight loss 2. BETTER LOSS QUALITY Cut fat & inflammation PRESERVE LEAN MASS AMYLIN, LEPTIN; NO REBOUND Healthier body composition 3. ACCESS & ADHERENCE ORAL SMALL MOLECULES Fixed-dose combinations Quarterly / annual dosing Scalable, durable treatment 4. GREATER TOLERABILITY GENTLER LOSS GRADIENT SELECTIVE AMYLIN / DACRA Long-acting GIP/GLP-1 Better adherence & compliance DACRA: dual amylin & calcitonin receptor agonist; APC: antibody –peptide conjugate; FDC: fixed dose combinations
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 26 Building a next-gen metabolic/rare disease biotech pipeline powered by NxAQ® and NxWave® 2026 DISCOVERY PIPELINE 2028 CLINICAL PIPELINE Phase 2Phase 1 Phase 1 Phase 1 New Targets New Targets New Targets New Targets New Targets New Targets PIPELINE GLP-1 ag. GIPR Undisclosed TSH NAM PTH ag. CLINICAL PROGRAMS FOR THE U.S. MARKET TO TREAT CHRONIC WEIGHT MANAGEMENT, MUSCLE PRESERVATION IN WEIGHT LOSS, AND RARE ENDOCRINE DISEASES DISCOVERY ASSETS Amylin ag.
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 27 Three principal partnerships carry over US$4.5bn of headline economics plus royalties HEADLINE ECONOMICS PARTNERS Muscarinic agonists Neuropsychiatry Orexin 2 agonists Sleep disorders + Cognition/Fatigue/Mood Multi-target Diabetes & Metabolic Multi-target Neuroscience Ph 3 Ph2/3 DISCOVERY DISCOVERY $2.6B + Tiered Royalties $700M + Tiered Royalties $1.2B + Tiered Royalties Milestones + Royalties Direclidine (Schizophrenia) Cleminorexton/ ORX750 (NTI, NT2, IH) PROGRAMS Ph 2Direclidine (Bipolar), NBI-570 (Schiz.) Ph 1NBI-569 (Alz. Psyc), NBI-567 (Alz. Cog) Ph 2ORX142 (Neurological and Neurodegenerative) OVERVIEW PARTNER ECONOMICS TURN OUR SCIENCE INTO FUNDED DEVELOPMENT AND CASH. OVER US$4.5BN OF HEADLINE ECONOMICS ACROSS THREE PARTNERS. NEW PARTNERS EXPECTED H2 2026. H2’27 M4 Phase 3 data readout H2’26 Lilly’s strategic plans for ORX Ph 1ORX489 (Neuropsychiatric)
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 28 Four value engines, each independently substantial, compounding together at pace NEXT MAJOR MILESTONE EXPECTED H2 2026: New in-licensed product(s) for Japan H2 2027: Filing for approval of vamorolone in Japan H2 2026: Initial data read out from first program H2 2027: NxAQ® pipeline scaling via automation and agents H2 2026: New global out-license transaction(s) H1 2028: First metabolic disease program entry to clinic H2 2026: Lilly orexin portfolio expansion (ORX750/142/489) H2 2027: Neurocrine’s M4 Phase 3 readout EACH ENGINE FUELS, DE-RISKS, FUNDS AND ACCELERATES THE OTHER PRODUCTS Profitable and growing commercial platform in Japan 2030 TARGET: JPY40-50bn sales, >30% OP margin, 5 products NxAQ® & NxWave® PLATFORMS AI & quantum-level simulation from proprietary GPCR dataset 2028 TARGET: 5 AI-led discovery projects PIPELINE 2026 TARGET: new >US$1bn+ partnership 2028 TARGET: 4 clinical stage programs for the U.S. market PARTNERS >US$4.5bn partner-funded milestone and royalty book 2027 TARGET: Direclidine Phase 3 data
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 29 Q＆A
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 30 2030 Vision Best-in-class, highest-potential opportunities At least 5 products* launched in Japan At least JPY50 billion in annual revenues 28.8 50.0 FY24 FY30 Revenue targets (JPY billion) Operating profit margin >30% Operating profit margin targets (%) Opportunistic TAs (Rare/Immunology/ Neurology) 20% Obesity, Metabolism, Endocrinology 80% 30% 40% 2030 2035 *Including PIVLAZ® and QUVIVIQ® and AGAMREE® ACHIEVING OUR 2030 VISION WILL REQUIRE CONSISTENT EXECUTION OF ORGANIC AND STRATEGIC GROWTH BD actively hunting new opportunities
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 31 Multiple potential catalysts ahead in 2026* PROGRAM PARTNER TIMING EVENT ORX142 (OX2 agonist) Feb 2026 Phase 2 study start ORX489 (OX2 agonist) Mar 2026 Phase 1 study start NBI’570 (M1/M4 ago) April 2026 Phase 2 study start Multiple discovery collaboration progress 1H 2026 Progression through discovery stage ORX750 (OX2 agonist) 2026 Phase 2a data across NT1, NT2, and IH ORX750 (OX2 agonist) 2026 Registrational program start in NT1/NT2/IH Cenerimod Q4 2026 Phase 3 data readout NBI’567 (M1 ago) / NBI’569 (M1/M4 ago) 2H 2026 Clinical progression NBI’567 (M1 ago) / NBI’569 (M1/M4 ago) / NBI’570 (M1/M4 ago) 2026 Phase 1 data disclosure New global out-licenses Anytime Out licensing and/or discovery collabs New Japan / APAC in-licenses Anytime Acquire/in-license late-stage medicines QUVIVIQ® / Vamorolone Anytime APAC out-licensing deals ✓ ✓ ✓ ✓ * Partnered product progress is as already signaled or disclosed by partner ✓ ：Completed
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 Midtown East, 9-7-2 Akasaka Minato-ku Tokyo 107-0052 Japan F17, 410 Teheran- Ro GangNam-Gu Seoul 06192 South Korea Steinmetz Building Granta Park, Cambridge CB21 6DG United Kingdom Office 26.01 Flexoffice Messeturm 26th Floor Messeplatz 10 CH-4058 Basel Switzerland Burleigh-on-the-Strand 355-359 Strand London WC2R 0HS United Kingdom 32 Locations
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 BREAKTHROUGHS IN PROGRESS ● BREAKTHROUGHS IN PROGRESS ● BREAKTHROUGHS IN PROGRESS Thank you