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EXTERNAL NON-CONFIDENTIAL 3Q FY2026 Results Briefing & R&D Day October 30, 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 Christopher Cargill, President and CEO RESULTS JP/APAC R&DHIGHLIGHTS OUTLOOK
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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 Profitable in Japan, discovering in the UK, partnered with the world 5 Q3 FY2026: three messages today, and how they lead to the road ahead RESULTS JP/APAC R&DHIGHLIGHTS OUTLOOK 1 PROFITABLE AND GROWING Lucerastat in-licensed: 4th product for Japan 2 SCIENCE THAT PARTNERS PAY FOR 3 ON TRACK FOR 2030 ONE MODEL Japan's profits fund UK discovery Partners fund Global development 2030 TARGETS Revenue > ¥50bn Operating margin > 30% Japan products > 5 PROFITABLE TODAY , AND BUILDING VALUE IN EVERY PART OF THE BUSINESS TO 2030. CORE OPERATING PROFIT (9M) ¥ 9.8Bn (+126% FY26 Guidance) REVENUE (9M) ¥ 27.7Bn (+27% YOY) DRIVEN BY JAPAN COMMERCIAL ¥ 7.1Bn ✓ PARTNER REVENUE (9M) PARTNERED MOLECULES VALUE OF PARTNERSHIPS ¥ 13.3Bn (+63% YoY) 7 IN CLINICAL TRIALS INCLUDING TWO IN PH 3 US$4.5Bn+ HEADLINE VALUE PLUS ROYALTIES
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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 Nine months FY2026: revenue up 27%, profitable in both businesses 6 FINANCIAL PERFORMANCE COMMERCIAL BUSINESS PLATFORM BUSINESS 21,848 27,742 9M FY2025 9M FY2026 REVENUE (JPY M) -5,907 3,175 9M FY2025 9M FY2026 OPERATING PROFIT (JPY M) CORE OPERATING PROFIT INCREASED FROM JPY -986M TO JPY 9,818M PIVLAZ® SALES ¥ 9.9Bn (+10.2% YOY) QUVIVIQ® SALES ¥ 4.5Bn (+43.2% YOY) LUCERASTAT IN-LICENSED MULTIPLE REVENUE-GENERATING MILESTONES ACHIEVED LILLY ACQUIRED CENTESSA’S OREXIN AGONIST PORTFOLIO X NEW COMPANY FOR A GPCR PROGRAM (H1) PARTNERED PROGRAM PROGRESS AND LILLY'S ACQUISITION OF CENTESSA HIGHLIGHT THE VALUE OF ASSETS DEVELOPED USING NxWAVE® $22.5M $1.8M $3.0M $20M Undisc. GPCR program: milestones + tiered royalties + equity stake Up to $7.8B* $8.6M ✓ ：Completed in Q3 ✓ $10.0M ✓ *Upfront plus potential CVR payments. Nxera earns milestones and royalties on the entire orexin portfolio globally. $275M RESULTS JP/APAC R&DHIGHLIGHTS OUTLOOK ✓ VAMOROLONE MARKETING AUTHORIZATION SUBMITTED IN SOUTH KOREA
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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 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 2026 priorities: what we promised, what we delivered ¥14.4Bn Progress: 74% Lucerastat in-licensed In progress NBI-’570 NBI-’567 ORX142 Profitable in 1–3Q ✓ ✓ ✓ ✓ RESULTS JP/APAC R&DHIGHLIGHTS OUTLOOK ✓
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Financial Results Hironoshin Nomura, CFO 02 RESULTS JP/APAC R&DHIGHLIGHTS OUTLOOK
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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 Revenue up 27% to ¥27.7bn, and profitable on both core and IFRS basis 9 Commercial ¥14.4bn, partner income ¥13.3bn; core OP excludes non-core costs Platform Commercial PROGRESS IN 1-3Q FY2026 ◼ Received multiple milestone payments from Neurocrine, Centessa, Lilly, AbbVie, and others ◼ Initiation of Ph2 trial of M1/M4 agonist NBI-570 ($22.5M) & IND acceptance of Ph2 trial of M1 agonist NBI-567 ($10.0M) ◼ Pivlaz®: +10% YoY ◼ Quviviq®: +43% YoY ◼ R&D expenses decreased due to more efficient investment and capital allocation (progress vs. full-year forecast: 75%) ◼ SG&A expenses is in line with initial forecasts (held constant at 73%) Cost / Profit (JPY million) 8,440 12,208 14,385 1,57110,557 6,464 11,8211,392 2,614 2,092 1,594 1,605 1,454 8,561 5,474 21,983 21,848 27,742 1,300 -3,919 4,425 -986 9,818 -615 -7,992 -2,846 -5,907 3,175 -10000 -5000 0 5000 10000 15000 20000 25000 30000 FY22Q1-3 FY23Q1-3 FY24Q1-3 FY25Q1-3 FY26Q1-3 Product Sales Other (Commercial) Milestone Upfront Other Core OP OP RESULTS JP/APAC R&DHIGHLIGHTS OUTLOOK
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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 (2,188) Breakdown of 1-3Q 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(1,035) (YoY) (YoY) (YoY) SG&A (YoY) B 13,326 498 1,171 14,416 3,743 6 27,742 4,241 1,177 7,093 835 7,928 2,685 7,133 Core OP 9,818 +63% -70% +165 -20% +8,052 +5% -16% +11 -22% +2,752 +27% -30% +176 -20% +10,804 4,221 2,711+6% -29% 6,932 -11% 27,742 4,269 8,963 (1,010) OP 3,175 10,325 +27% -31% -20% -10% -2,011 +9,082 ＋ Total: 6,643 *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 Both businesses profitable: commercial ¥7.1bn and platform ¥2.7bn core operating profit Other(2,079) (1,341) ＋ A B Amortization RESULTS JP/APAC R&DHIGHLIGHTS OUTLOOK
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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 (2,188) Breakdown of 1-3Q 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(1,035) (Progress rate) (Progress rate) SG&A (Progress rate) B 13,326 498 1,171 14,416 3,743 6 27,742 4,241 1,177 7,093 835 7,928 2,685 7,133 Core OP 9,818 93% 36% 117% 88% 2,685% 74% 66% - 35% 93% 60% 118% 76% 126% 4,221 2,71174% 73% 6,932 74% 27,742 4,269 8,963 (1,010) OP 3,175 10,325 82% 59% 75% 73% - 454% ＋ Total: 6,643 *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 Both sales and cost is inline with full-year forecast announced at the beginning of the fiscal year Other(2,079) B (1,341)Amortization (Progress rate) 82% ＋ A RESULTS JP/APAC R&DHIGHLIGHTS OUTLOOK
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Japan/APAC Commercial Toshi Maeda, COO and President of Nxera Pharma Japan 03 RESULTS JP/APAC R&DHIGHLIGHTS OUTLOOK
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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 Japan products: ¥14.4bn in nine months; PIVLAZ® +10%, QUVIVIQ® +43% Peak sales potential*: PIVLAZ® ¥15–16bn, QUVIVIQ® ¥15–20bn Commercial 34% 57% 69% 74% 80% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 2022 2023 2024 2025 2026e 12,651 11,126 6,254 13,511 13,800-14,200+47%* +14% +7% +5% 2024 2025 2026e 1,336 4,327 5,000-6,000+224% +30% PIVLAZ® QUVIVIQ® 9,876 4,510 (JPY M) (JPY M) ¥9.88Bn (YoY: +10.2%) ¥4.51Bn (YoY: +43.2%) RESULTS JP/APAC R&DHIGHLIGHTS OUTLOOK *Management estimates; QUVIVIQ® peak is Nxera revenues in Japan and Asia -Pacific. PIVLAZ® market share CLAZOSENTAN PRACTICAL DOSING GUIDE RELEASED IN MAR 2026 SHIONOGI REVISES FY26 FORECAST UPWARD FROM ¥6.7Bn to ¥8.9Bn LICENSED TO SYNMOSA FOR 8 APAC COUNTRIES IN OCT 2026 Progress vs. target: 71% Progress vs. target: 82%
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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 14 AGAMREE® (vamorolone): Japan filing 2027, launch 2028 Commercial Peak sales potential ¥10–20bn*; no extra trials needed in Japan or Korea PARTNERS' US/EU FORECAST 31 47 67 95 385 46 117 146 170 192 284 N. America (Angelini) Europe (Santhera) (USD M) 2024 2025 2026 2027 2028 2032 63 148 193 237 669 287 Jan in-licensed DEVELOPMENT TIMELINE (DMD)PRODUCT OVERVIEW Approved (DMD) • Regulators agreed no extra trials are needed in Japan/Korea Filing Approval/launch 2027 (E) 2028 (E) 2026 2028 (E) Japan Korea Australia/New Zealand (rights held) to be launched via partners • A first-in-class candidate for Duchenne muscular dystrophy (DMD), with a differentiated mechanism vs. corticosteroids • GUARDIAN trial topline results showed markedly improved safety vs. corticosteroids • Prescribed at large hospitals: ~70% facility- level sales synergy with PIVLAZ® • Exploring other diseases requiring long-term steroid use (e.g., Fukuyama congenital muscular dystrophy, nephrotic syndrome) Source: Evaluate Pharma. Partners' sales, not Nxera revenue RESULTS JP/APAC R&DHIGHLIGHTS OUTLOOK *Management estimates REVENUE EXPECTED FROM 2028 PARTNERS' SALES: ~US$670M BY 2032 ✓
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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 15 Lucerastat: Global Phase 3 oral Fabry therapy Commercial NDA is expected as early as 2029 globally, with a market launch in Japan planned for the early 2030s. Oct in-licensed RESULTS JP/APAC R&DHIGHLIGHTS OUTLOOK KEY DEAL TERMS Ph 3 Asset Lucerastat: oral glucosylceramide synthase (GCS) inhibitor Territories Exclusive rights in Japan, South Korea, Taiwan and select APAC markets* (excl. China) Upfront CHF 7M (~US$8.5M / ¥1.3bn) Pre-agreed when Nxera acquired Idorsia’s JP/KR businesses Development Nxera to co-fund the global Phase 3 trials and lead clinical development in Japan Royalties Payable to Idorsia on net sales in Nxera’s territories STRATEGIC RATIONALE Rare diseases in the specialty care field on which our focuses Late-stage and de-risked with over 6 years and about 400 patient-years of data Differentiated, oral therapy with orphan drug designation in the US and EU Modest upfront and shared Phase 3 costs; Japan joins the global program 4th product for Japan: alongside PIVLAZ® , QUVIVIQ® and AGAMREE® >¥15bn JAPAN PEAK SALES POTENTIAL (>US$100M) WE REMAIN COMMITTED TO BRINGING THE MOST INNOVATIVE NEW MEDICINES TO PATIENTS WITH RARE DISEASES IN JAPAN Lucerastat is investigational and not approved in any country. CHF/USD 1.2155 (23 Oct 2026). Peak sales potential is a management estimate, subject to Phase 3 results and approval. Yen figures at ¥157/US$. FURTHER UPSIDE FROM SOUTH KOREA, TAIWAN AND OTHER APAC MARKETS *Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Taiwan, Thailand and Vietnam
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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 16 Fabry disease: about half of diagnosed patients in Japan are untreated Commercial In addition to switching from ERT, widespread adoption among untreated patients is expected due to oral availability JAPAN TREATMENT MIXTREATMENT OPTIONSFABRY DISEASE 8% 42% 50% Galafold (migalastat) Enzyme Replacement Therapy (ERT) Diagnosed but Untreated FABRY DRUG MARKET ¥30.7BN (2025) RESULTS JP/APAC R&DHIGHLIGHTS OUTLOOK • Inherited disease: patients have a faulty gene which means they lack the enzyme α-Gal A that breaks down a fatty substance called Gb3 • Gb3 builds up: progressively damages the kidneys, heart and nervous system AN ORAL OPTION FOR EVERY GENOTYPE COULD REACH UNTREATED PATIENTS AND THOSE WHO WANT TO STOP INFUSIONS Sources: Idorsia Corporate Presentation; DelveInsight; Nxera management estimates GCS: glucosylceramide synthase. ERT: enzyme replacement therapy. Replace: ERT (Enzyme Replacement Therapy) Support: Chaperone Therapy Inhibit: Lucerastat CURRENT TREATMENTS • Temporarily replaces or supports α-Gal A • Requires IV infusions every two weeks, or Galafold (migalastat) tablets for select mutations DIAGNOSED PATIENTS (7 MAJOR MARKETS) 16,000 → 21,000 FROM 2020 TO 2034 GLOBAL FABRY MARKET US$ 4Bn EXPECTED BY 2034 Biosynthesis of Gb3 Degradation of Gb3 Biosynthesis of Gb3 Degradation of Gb3 LUCERASTAT • Works upstream - blocks the enzyme GCS • This reduces how much Gb3 the body makes, regardless of the mutation
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UK R&D 04 Patrik Foerch, CSO and President of Nxera Pharma UK RESULTS JP/APAC R&DHIGHLIGHTS OUTLOOK
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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 18 RESULTS JP/APAC R&DHIGHLIGHTS OUTLOOK Platform Our UK science in partners’ hands: seven molecules in the clinic, two in Phase 3 PARTNER NxWAVE® ORIGINATED PROGRAMS HEADLINE VALUE 2026 MILESTONES NEXT CATALYST Muscarinic agonists Phase 3: Direclidine, schizophrenia Phase 2: Direclidine, bipolar mania Phase 2: NBI-570, schizophrenia Phase 2: NBI-567, Alzheimer’s cognition Phase 1: NBI-569, Alzheimer’s psychosis US$2.6bn + tiered royalties US$32.5M Direclidine Phase 3 data (H2 2027) Orexin 2 agonists Phase 2/3: ORX750, narcolepsy and IH Phase 2: ORX142, neurology Phase 1: ORX489, neuropsychiatry Milestones + low single- digit royalties US$17M ORX750 Registrational study (2027) Multi-target collaboration Discovery: neuroscience US$1.2bn + tiered royalties US$20M Development milestone Multi-target collaboration Discovery: diabetes and metabolic disease US$700M + tiered royalties Undisclosed Development milestone 7 Partnered molecules in the clinic Including two in Phase 3 PARTNERS PAY FOR WHAT WE DISCOVER: MILESTONES TODAY , ROYALTIES AS MEDICINES REACH PATIENTS PARTNER REVENUE (9M FY2026) ¥ 13.3Bn PLATFORM CORE OP . PROFIT (9M FY2026) ¥ 2.7Bn
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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 Platform Orexin: a validated class, now with Lilly, and we share in all three molecules RESULTS JP/APAC R&DHIGHLIGHTS OUTLOOK LILLY’S COMMITMENTTHREE MOLECULES ADVANCING • Acquired Centessa for ~US$6.3bn plus up to US$1.5bn in additional payments tied to approvals beyond NT1. • Centessa’s estimated drug sales forecast was US$6.4bn by 2040 (pre-Lilly acquisition) • Lilly sees orexins as one of the most compelling mechanistic opportunities in neuroscience1 • As a master switch in sleep-wake cycle, there is significant opportunity beyond sleep into ADHD and other neurodegenerative / neuropsychiatric conditions1 ORX750 (cleminorexton) NT1, NT2, IH Phase 2/3 ORX142 Neurology and neurodegenerative Phase 2 ORX489 Neuropsychiatry Phase 1 NXERA ELIGIBLE FOR: Milestones and low-single digit royalties across the entire portfolio, globally A VALIDATED CLASS + LILLY’S RESOURCES AND THREE MOLECULES: NXERA SHARES IN ALL OF THEM 1. Source: Carole Ho, President, Lilly Neuroscience; Lilly press release, March 31, 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 20 Why it keeps happening: GPCR data no one else has, and discovery twice as fast Platform RESULTS JP/APAC R&DHIGHLIGHTS OUTLOOK 527 GPCR structures across 62 receptors 30K receptor-stabilizing mutations 5M test results on 150,000 compounds 31K synthesis routes from our labs Timeline reduction in early discovery stages Hit finding Hit to lead Before 2025 2026 69 new receptor structures in 2026, +50% vs 2025 11 stage transitions across the portfolio in 9 months Hit finding: the search for first active molecules. Hit to lead: turning them into promising families. MEASURABLY FASTERDATA NO ONE ELSE HAS ANYONE CAN RENT COMPUTE AND AI MODELS; NO ONE ELSE HAS OUR GPCR DATA GPCRs are still the most successful drug class, accounting for a third of approved medicines. We have mapped 527 GPCR structures over the past 20 years. 50% decrease 45% decrease
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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 NxAQ®: AI build on our data suggests, physics checks, chemists decide 21 RESULTS JP/APAC R&DHIGHLIGHTS OUTLOOK NXERA-OWNED DATA 527 GPCR structures 30,000 stabilizing mutations 5 million test results 31,000 synthesis routes Nearly 20 years of evidence 1 DATA PACKAGE Extensive dataset for each target, ready on day one 2 AI DESIGNS & RANKS Models tuned on our GPCR data; ultra-large virtual screens; each output with rationale and a route to make it 3 PHYSICS CHECKS Quantum mechanics and other physics methods, prioritized shortlist 4 CHEMIST DECIDES What to make, with the evidence attached 5 MAKE AND TEST Our NxWave labs in Cambridge: synthesis, assays and structures LEARNING RECORD: every prediction, result and decision feeds the next round MILESTONES H2 2026 First data packages live; workflow running on historical data H1 2027 First lab test of AI-designed molecules H2 2027 First lead series from the platform A CLOSED DESIGN LOOP THAT STARTS FROM OUR OWN GPCR DATA AND LEARNS FROM EVERY RESULT NxAQ®: Nxera Pharma AQ Limited. Platform FASTER DATA BETTER CHOICES
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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 22 Next wave: oral programs on proven targets Platform RESULTS JP/APAC R&DHIGHLIGHTS OUTLOOK CLINICAL-STAGE ASSETS FOR PARTNERING INFLAMMATORY BOWEL DISEASE EP4 agonist NXE’744 | Phase 2-ready Partnering process ongoing See Appendix (page 37) SOLID TUMORS EP4 antagonist NXE’732 | Phase 2a with CRUK Interim Phase 2a data expected by end of 2026 See Appendix (page 39) Source: EvaluatePharma. NAM: negative allosteric modulator. FEWER PROGRAMS, MOVING FASTER: THE NEXT WAVE OF OUR IN-HOUSE ORAL PIPELINE ARE ADVANCING SCHIZOPHRENIA GPR52 agonist NXE’149 | Phase 2-ready Partnering discussions continue See Appendix (page 38) OBESITY Amylin agonist | Market ~US$20bn (2030) Aimed at patients today’s GLP-1 medicines serve poorly GRAVES / THYROID EYE DISEASE TSHR NAM | Market ~US$5.5bn (2030) Mechanism already validated; a strong fit for Japan HYPOPARATHYROIDISM PTH1R agonist | Market ~US$4.4bn (2030) A proven receptor in rare endocrine disease ALSO PROGRESSING: Obesity and metabolic GLP-1 agonist and GIPR programs advancing toward a development candidate OBESITY (NEXT GENERATION) Multiple targets | Market ~US$200bn Addressing limitations of current treatments: side effects, muscle loss, stopping treatment
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The road ahead: building value to 2030 Christopher Cargill, President and CEO 05 RESULTS JP/APAC R&DHIGHLIGHTS OUTLOOK
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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 RESULTS JP/APAC R&DHIGHLIGHTS OUTLOOK How it fits: Japan's profits fund UK discovery; partners pay for what we discover Each business funds, de-risks and accelerates the others EACH BUSINESS FUNDS, DE-RISKS AND ACCELERATES THE OTHERS DISCOVER NxWave® + NxAQ®: our GPCR data, AI and physics DEVELOP Oral drugs on proven targets, designed to be best-in-class PARTNER · GLOBAL Global rights: upfronts, milestones and royalties COMMERCIALIZE · JAPAN / APAC Japan and Asia-Pacific, plus in-licensed medicines such as lucerastat DATA LOOP every program makes the next smarter and faster CASH LOOP product and partner cash funds discovery and development FIVE COMMITMENTS TO 2030 1 5+ products in Japan Japan: a lean specialty and rare-disease business Four products in the portfolio; specialist field force, partners for primary care 2 Direclidine Phase 3 data Fewer, larger partners Neurocrine, Lilly and AbbVie: >US$4.5bn in milestones plus royalties 3 Next oral wave in the clinic A focused, oral pipeline Oral drugs designed to be best- in-class: obesity, thyroid eye disease, hypoparathyroidism 4 AI-led projects A discovery engine that learns Our data plus AI and physics; early discovery time roughly halved 5 ¥50bn+ revenue, >30% margin Profitable growth Both businesses profitable; R&D funded by product and partner cash flows
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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 RESULTS JP/APAC R&DHIGHLIGHTS OUTLOOK Path to 2030: ¥50bn+ revenue and an operating margin above 30% From ¥28.8bn of revenue in FY2024, with four drivers of growth and four of margin REVENUE GROWTH ¥28.8bn FY2024 ¥50bn+ FY2030 REVENUE TARGETS Grow what we sell PIVLAZ® is standard of care; QUVIVIQ® +43% in 1-3Q; new Asia-Pacific markets Launch AGAMREE® Japan filing 2027; launch expected 2028 Add specialty and rare-disease products Lucerastat (Phase 3) starts the next wave Partner economics Milestones today; royalties as partnered drugs reach market MARGIN EXPANSION >30% 2030 ~40% 2035 OPERATING MARGIN TARGETS Lean commercial model Specialist field force; partners for primary care and smaller markets Shared hospital footprint New products reach the same specialist centers (~70% overlap for vamorolone and PIVLAZ®) Royalty income High-margin revenue as partnered programs launch Cheaper discovery Lower cost and time per development candidate; a stop rule for every program PROFITABLE TODAY , WITH CLEAR DRIVERS FOR GROWTH AND MARGIN TO 2030
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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 RESULTS JP/APAC R&DHIGHLIGHTS OUTLOOK What you can hold us to: catalysts to the end of 2027 The three events that matter most, and the full list we will report against H2 2027 Direclidine Phase 3 data Partnered with Neurocrine for Schizophrenia. H2 2027 ORX750 Phase2/3 data Partnered with Lilly for Narcolepsy/IH. H2 2027 AGAMREE® Japan filing Duchenne muscular dystrophy; Launch in Japan expected in 2028 ALSO ON OUR LIST H2 2026 New Partnership (Licensing agreement expected for NXE’744 or NXE’149) 2027 Lucerastat Phase 3 enrollment, including Japan H2 2026 NXE’732 interim Phase 2a data (Cancer Research UK) 2027 Cenerimod Phase 3 data 2027 Progress toward candidates: Amylin, TSHR, PTH1R, GLP-1R, GIPR 2027 QUVIVIQ® Korea decision; Synmosa launches H1 2027 First lab test of AI-designed molecules (NxAQ®) Anytime New out-licences, and late-stage medicines for Japan 2027 ORX750 registrational Phase 2/3 progress (Lilly) 2027 Muscarinic Phase 2 progress: NBI-’567, ’569, ’570 (Neurocrine) 2027 NXE’732 partnering discussions to commence WE WILL REPORT AGAINST EVERY ONE OF THESE, AS WE HAVE IN 2026 Platform Platform 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 27 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 BREAKTHROUGHS IN PROGRESS ● BREAKTHROUGHS IN PROGRESS ● BREAKTHROUGHS IN PROGRESS Thank you
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Appendix 29 APPENDIX
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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 Original FY2026 guidance (February 2026) As of the February 2026 announcement Consolidated P&L (Core)Platform*1 Consolidated P&L (IFRS)Non-core costs Commercial*2 Revenue Cost of Sales Other income R&D*3 OP/Core OP A ＋= = B SG&A*3 ＋(JPY million) *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 = We expect the effects of restructuring initiatives implemented since Nov 2025 to become more evident in the 2H 2026 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. （YoY） （YoY） （YoY）（YoY） 14,300 1,400 1,000 19,500 5,700 - 8,100 2,400 100 7,700 +40% -34% -615 -31% +6,999 +0% -5% +7 +78% +18% 5,700 3,700+15% -32% 33,800 7,100 1,000 10,500 Core OP 7,800 +14% -13% -608 -19% +8,152 9,400 -10% 33,800 7,200 12,000 300 OP 700 14,200 +14% -12% -17% -7% +489 +9,162 (1,500) (1,800) (3,100) A B B Total : 7,100 (700) Amortization Other Other 30 APPENDIX
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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 3131 GPR52 ag. NXE’149 Schizophrenia PIVLAZ® Cerebral vasospasm QUVIVIQ® Insomnia EP4 ant. NXE’732 Adv. solid tumors Respiratory portfolio COPD/Asthma OX2 ag. ORX750 Narcolepsy/IH M1 ag. NBI’567 AD*/LBD* M1M4 ag. NBI’569 AD* psychosis Discovery collaborations Diabetes/Metabolic Neurology Cenerimod SLE * AD: Alzheimer's disease; LBD: dementia with Lewy bodies *NXE0039732 (EP4 antagonist): Cancer Research UK is funding the Phase I/IIa clinical trial; Nxera retains the rights. M4 ag. NBI’568 Bipolar mania M4 ag. NBI’568 Schizophrenia OX2 ag. ORX142 Neurology Best-in-class obesity/metabolic M1M4 ag. NBI’570 Schizophrenia Vamorolone Duchenne muscular dystrophy Lucerastat Fabry disease Major pipeline overview Discovery – Preclinical Phase 2 FiledPhase 3 CommercialPhase 1 Commercial Platform Other Partnered In-house Develop in-house to a certain stage to build value, then out-license to partners, retaining Japan (and other) rights for selected indications OX2 ag. ORX489 Neurology 2026 progress to date EP4 ag. NXE’744 IBD In-licensed In-licensed Phase 2 start Phase 2 start Phase 2/3 start Phase 2 start Phase 1 start APPENDIX
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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 32 QUVIVIQ® in Japan, and options from global data Commercial Gaining share in Japan, with new options from global data NXERA ACTIVITIESGLOBAL EVIDENCEJAPAN MOMENTUM ¥83bn Japan DORA insomnia market (2025) 39% DORA share of insomnia tablets (2026) vs. 11% in 2019 ~9% QUVIVIQ® share within DORA (mid-2026), less than 2 years after launch +43% 9M FY2026 sales growth to ¥4.5Bn • Daytime functioning: improved IDSIQ sleepiness scores vs placebo in Phase 3 • Pediatric insomnia: positive Phase 2 dose- finding study, ages 10 to <18, including children with autism and ADHD • Comorbid insomnia: investigator-sponsored studies in depression, Alzheimer’s prevention, menopause and substance use • Japan: Shionogi leads commercialization of QUVIVIQ® in Japan • Development rights: Nxera can run further clinical development of daridorexant in Japan, e.g. in pediatric or comorbid insomnia • Asia-Pacific: ✓ Taiwan: approved ✓ South Korea: under review ✓ Signed license with Synmosa for eight markets (Oct 2026) Daridorexant is not approved in Japan for pediatric use or the indications above. Sources: Nxera analysis; Mignot E et al., Lancet Neurol 2022; Idorsia investor presentation, July 2026. QUVIVIQ® IS EARLY IN ITS JAPAN LIFE: SHARE GAINS TODAY , NEW OPTIONS TOMORROW APPENDIX
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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 33 Commercial Lucerastat six years of clinical data A randomized Phase 3 study and its extension: Gb3 lowered, and well tolerated over the long term MODIFY: RANDOMIZED PHASE 3, THEN OPEN-LABEL EXTENSION SCREENING 6-7 weeks DOUBLE-BLIND 6 months OPEN-LABEL EXTENSION: ALL PATIENTS ON LUCERASTAT up to 6+ years Lucerastat (n=80) vs placebo (n=37), 2:1 118 randomized 107 entered extension 84 at 24 months 55 at 42 months Gb3 lowered: • Plasma Gb3 down 874 ng/mL vs placebo at month 6; • Placebo patients fell after switching to Lucerastat; • About 51% lower on long-term treatment Study outcome: • Did not meet the primary endpoint, neuropathic pain • Pain has proved a hard endpoint in Fabry; • Reason the registration program is built on the kidney PLASMA GB3: LUCERASTAT VS PLACEBO Change from baseline in plasma Gb3 (ng/mL). Nordbeck P et al., Nat Commun 2026 LUCERASTAT LOWERS GB3, THE SUBSTANCE THAT DRIVES FABRY DISEASE, WITH SIX YEARS OF SAFETY EXPERIENCE AND NO SERIOUS ADVERSE EVENTS Lucerastat is investigational and not approved in any country. Sources: Nordbeck P et al., Nat Commun 2026; Idorsia (42 -month interim safety). APPENDIX
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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 Lucerastat kidney function and the path to registration Commercial Long-term data suggest kidney function loss slowed by about half KIDNEY FUNCTION (eGFR) DECLINE: 2 YEARS BEFORE MODIFY VS ON LUCERASTAT -3.50 -4.32 -6.18 -7.75 -1.64 -2.05 -2.49 -3.43 All patients (n=93) 53% slower Classic males (n=43) 53% slower eGFR <90 (n=30) 60% slower Anti-ERT antibodies (n=16) 56% slower 2 years before MODIFY On lucerastat eGFR slope, mL/min/1.73m²/year; open -label extension at 42 months vs each patient’s prior slope. KIDNEY BIOPSY SUB-STUDY 6 men with classic Fabry, a median of 56 months on lucerastat: • Low-to-no Gb3 deposits in the kidney; • 5 of 6 scored ‘no or trace’ FDA-ALIGNED REGISTRATION PROGRAM FAB-KLEAR Pivotal biopsy study, n≈16: kidney Gb3 at 18 months. Started Oct 2026 FAB-SWITCH n≈74: kidney function vs Enzyme Replacement Therapy (ERT) Filing As early as 2029 (Idorsia, US and Europe) Japan Nxera leads development; launch targeted early 2030s IF PHASE 3 CONFIRMS THE KIDNEY DATA, LUCERASTAT COULD BE THE FIRST ORAL THERAPY FOR ALL FABRY PATIENTS Lucerastat is investigational and not approved in any country. Sources: Wallace E et al., Mol Genet Metab 2026;147:109659; Germain DP et al., Mol Genet Metab 2026;147:109423; Idorsia. APPENDIX
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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 STAGE PARTNER MILESTONE EVENT VALUE TIMING DISCOVERY Multi-target collaboration in neurological diseases Third and Fourth development milestones US$10M + US$10M Apr & Jun ’26 Multi-target collaboration in diabetes and metabolic diseases Second development milestone Undisclosed Apr ’26 GPCR program licensed to a newly founded spin-out; Nxera joins its Series A Up to US$275M + Tiered Royalties Feb & May ’26 CLINICAL Research collaboration milestones (ORX489) US$1.8M + US$3M Feb & Mar ’26 Research collaboration milestone (ORX142) US$3.6M Jan ’26 Late-stage development progress milestone (ORX750) US$8.6M Sep ’26 First patient dosed in Ph 2 of NBI-’570 (schizophrenia); Ph 2 IND accepted for NBI-’567 (AD cognition) US$22.5M + US$10M Apr & Aug ’26 35 2026 milestones, from NxWave® generated molecules Platform ✓ ：Completed in Q3 ✓ ✓ APPENDIX NxWAVE® SBDD PLATFORM CONTINUES TO DELIVER PARTNERED MILESTONES FROM DISCOVERY THROUGH DEVELOPMENT
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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 36 Pre-acquisition, risk-adjusted forecast published in November 2025, before Lilly’s acquisition Platform CENTESSA’S PIPELINE (ORX750 / ORX142 / ORX489) PRE-ACQUISITION RISK-ADJUSTED LONG-TERM REVENUE Source: Centessa corporate presentation (November 2025) Orexin portfolio, what Centessa forecast on its own Positioned to be Potential Best-in-Class / First-in-Class in Emerging Category of OX2R Agonist Therapeutics • ORX750 for the treatment of NT1, NT2 and IH • ORX142 for the treatment of neurological and neurodegenerative disorders • ORX489 for the treatment of neuropsychiatric disorders • Earlier stage OX2R agonists and therapeutics for additional potential indications Molecule hOX2R EC50 (nM) Selectivity vs. hOX1R Native ligand orexin-A (OXA)1 0.035 n/a ORX7501 0.110 9,800x ORX1422 0.069 13,000x ORX4893 0.035 8,800x Fluorescent imaging plate reader (FLIPR) assay with Chinese hamster ovary (CHO) cells stably expressing human recombinant OX2R or OX1R. 1. Black et al., World Sleep 2023 Abstract; 2. Black et al., European Sleep Research Society 2024 Abstract; 3. Company data / presentations. - - - 155 557 1,084 1,651 2,288 2,880 3,764 4,415 5,051 5,524 5,969 6,395 6,8267,0487,265 - 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 Centessa’s Forecast (USD Million) APPENDIX CENTESSA’S PRE-ACQUISITION RISK-ADJUSTED LONG-TERM REVENUE FORECAST PROJECTED COMPANY-WIDE REVENUE TO EXCEED US$7BN BY 2043.
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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 A first-in-class GI-targeted agent to promote mucosal healing in IBD ALL ELEMENTS OF THE FIRST-IN-HUMAN STUDY HAVE NOW COMPLETED DOSING IN THE CLINIC ▪ SAD/MAD studies are complete with no concerning adverse events and no systemic exposure observed ▪ Gut restricted profile confirmed by high gut tissue concentrations measured following oral dosing ▪ UC patient cohort has completed dosing (n=6) with interim analysis confirming high gut tissue concentration. ▪ Indomethacin challenge cohort complete, interim analysis complete with no need to increase subjects ▪ Preliminary data analysis demonstrates a highly significant ~50% reduction in indomethacin induced permeability in the NXE’744 treatment group; these data confirm target engagement in the small intestine 37 NXE’744, an EP4 agonist for Inflammatory Bowel Disease Study Link: HERE Platform EP4 AGONIST OFFERS A DIFFERENTIATED MOA TO CURRENT SOC Modulation of barrier homeostasis and inflammatory axis positions EP4 as an attractive MOA for IBD therapy Adapted from (Weisshof et al 2018) 2 Immune cell Anti-TNFs, JAKi Steroids 1 Epithelial cell Anti- Integrins Current IBD therapies (SOC) EP4 Key: LUMENMUCOSALSYSTEMIC Luminally restrictedGut mucosa targetedSystemically absorbed APPENDIX EP4
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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 Cognition Cogstate assessment demonstrated improvements in cognitive performance across doses on day 10 of treatment NXE’149, a GPR52 agonist for schizophrenia 38 A novel first-in-class mechanism to treat positive, negative & cognitive domains of schizophrenia ✓ Safe and well tolerated ✓ Human PK showed low variability and consistent with once daily dosing ✓ High level of central penetration ✓ Pharmacodynamic measures provide evidence of engagement of brain circuitry relevant to the treatment of schizophrenia and related disorders • 3 month GLP toxicology in 2 species • 2 species EFD completed • Metabolite characterization complete • Drug substance and drug product available for phase 2 start Standardized differences between each dose of NXE’149 compared to placebo PHASE 1 HIGHLIGHTS PHASE 2 ENABLEMENT EEG and ERP measures • NXE’149 clearly engages frontotemporal circuitry underlying the MMN and ASSR responses, both of which are reproducible biomarkers in schizophrenia • Resting state EEG data suggest increased arousal on day 10 of treatment SAD PK data General cognitive composite Dose 1 Dose 2 Dose 3 Dose 4 Attention/Executive Function 0.89 1.5 0.69 0.64 General Cognition 1.1 0.84 0.77 0.55 Platform APPENDIX
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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 • When EP4 is activated, it dampens immune responses and promotes tumor growth • EP4 antagonism is a highly attractive mechanism supported by recent clinical data for ONO-4578 in gastric cancer • NXE-732 is designed to deliver high potency, selectivity, and safety Phase 2a expansion in process in combination with atezolizumab DISEASE RATIONALE Study Link: ClinicalTrials.gov 39 NXE’732, an EP4 antagonist is our novel immunotherapy for solid tumors Platform PHASE 1 TRIAL RESULTS Baseline 3 months • The emerging data for NXE-732 points to a potential best-in-class profile • Two partial responses were observed in MSS CRC and anti-PD-L1 resistant ccRCC in the combination arm, with meaningful tumor shrinkage of over 30% demonstrated • Target engagement confirmed and no dose-limiting toxicities APPENDIX PHASE 2A EXPANSION STUDY UNDERWAY IN MSS COLORECTAL (PIK3CA, HER2± OTHERS), GASTRIC/GOJ ADENOCARCINOMA, RENAL (CCRCC), PROSTATE (CRPC)
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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 2026 commitments and catalysts APPENDIX PROGRAM / COMMITMENT PARTNER TIMING STATUS AND DETAIL EVENT VALUE PLATFORM ORX142 (OX2 agonist) Jan 2026 Phase 2 study start US$3.6M ORX489 (OX2 agonist) Mar 2026 Phase 1 study start US$3M ORX750 (OX2 agonist) Sep 2026 Registrational Phase 2/3 start in NT1/NT2/IH US$8.6M ORX750 (OX2 agonist) 2026 Phase 2a data across NT1, NT2 and IH NBI’570 (M1/M4 agonist) Apr 2026 Phase 2 study start US$22.5M NBI’567 (M1 agonist) Aug 2026 Phase 2 IND accepted (Alzheimer’s cognition) US$10M NBI’567 (M1 agonist) Q4 2026 Phase 2 study start NBI’567 / ’569 / ’570 2026 Phase 1 data disclosure Discovery collaborations 1H 2026 Discovery progression (3 milestones in 2026) US$20M + undisclosed NXE’732 (EP4 antagonist) H2 2026 Interim Phase 2a data New global partnerships H2 2026 New partnership (licensing agreement expected for NXE’744 or NXE’149) NxAQ® first program H1 2027 First lab test of AI-designed molecules COMMERCIAL QUVIVIQ® out-license, APAC Oct 2026 License, supply and commercialization agreement for 8 APAC markets Undisclosed Japan / APAC in-license Oct 2026 Lucerastat: Phase 3 oral therapy for Fabry disease ~US$8.5M Cenerimod H1 2027 Phase 3 data readout (re-timed by partner) Vamorolone Anytime Australia / New Zealand out-licensing deals CORPORATE Full-year IFRS profitability FY2026 Ahead of plan: 1–3Q IFRS operating profit ¥3.2bn; core ¥9.8bn ✓ ✓ ✓ • ✓ ✓ • • ✓ → • ✓ ✓ • • → ✓ Delivered • In progress → Re-timed • 40
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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 41 Locations