Interim report
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Note : This document has been translated from the Japanese original for reference purposes only . In the event of any discrepancy between this translated document and the Japanese original , the original shall prevail . Consolidated Financial Results for the Six Months Ended June 30 , 2026 [ IFRS ] August 12 , 2026 Company name : Stock code : PeptiDream Inc. 4587 Representative : Inquiries : Tokyo Stock Exchange Patrick C. Reid , President & Chief Executive Officer Yuko Okimoto , Head of Investor Relations URL https://www.peptidream.com/ TEL : + 81-44-223-6612 Scheduled date to file semi - annual securities report : Aug 12 , 2026 Scheduled starting date of dividend payments : Supplementary briefing materials on quarterly financial results : Explanatory meeting on quarterly financial results : No No ( Amounts of less than one million yen are rounded down ) 1. Consolidated Financial Results for the Six Months Ended June 30 , 2026 ( January 1 , 2026 to June 30 , 2026 ) ( 1 ) Consolidated operating results ( % indicates changes from the previous corresponding period ) Core operating profit Profit before tax % Operating profit Million yen % Million yen ( 2,534 ) ( 2,659 ) ( 2,625 ) ( 2,862 ) Revenue Million yen % Million yen Six Months Ended June 30 , 2026 9,226 8.0 ( 2,463 ) Six Months Ended June 30 , 2025 8,543 ( 76.4 ) ( 2,607 ) Six Months Ended June 30 , 2026 Six Months Ended June 30 , 2025 Profit attributable to owners of parent Million yen ( 1,999 ) % Total comprehensive income Million yen % - ( 2,005 ) ( 2,122 ) - ( 2,122 ) Basic earnings per share Diluted earnings per share Yen Yen Six Months Ended June 30 , 2026 Six Months Ended June 30 , 2025 ( 15.51 ) ( 15.51 ) ( 16.40 ) ( 16.40 ) ( 2 ) Consolidated financial position As of June 30 , 2026 As of December 31 , 2025 2. Payment of Dividends Total assets Net assets Million yen Million yen 72,225 77,033 48,555 51,528 Equity attributable to owners of parent Million yen 48,555 51,528 Annual dividends per share % Ratio of equity attributable to owners of parent to total assets % 67.2 66.9 1st quarter - end 2nd quarter - end 3rd quarter - end Year - end Total Yen Yen 0.00 Yen Yen Yen 0.00 0.00 0.00 Fiscal Year Ended December 31 , 2025 Fiscal Year Ending December 31 , 2026 Fiscal Year Ending December 31 , 2026 ( Forecast ) ( Note ) Revisions to the dividend forecast announced most recently : No 0.00 0.00
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3. Consolidated Financial Forecasts for the Fiscal Year Ending December 31, 2026 (January 1, 2026 to December 31, 2026) (% indicates year-on-year changes) Revenue Core operating profit Operating profit Profit before tax Profit attributable to owners of parent Million yen / % Million yen / % Million yen / % Million yen / % Million yen / % Fiscal Year Ending December 31, 2026 32,000 / 72.8 4,600 / － 4,600 / － 4,300 / － 3,000 / － (Note) Revisions to the consolidated financial forecast announced most recently: No Items that are excluded from operating profit to calculate core operating profit include accounting effects of business acquisitions and acquisition- related costs, impairment loss on property, plant and equipment, intangible assets and goodwill, gains or losses on compensation, settlements, non- recurring and significant gains and losses, and amortization of intangible assets from introduction of individual products or developments. [Notes] (1) Significant changes in the scope of consolidation during the period: None (2) Changes in accounting policies and changes in accounting estimates 1) Changes in accounting policies required by IFRS : None 2) Changes in accounting policies due to other reasons : None 3) Changes in accounting estimates : None (3) Number of shares issued (common stock) 1) Number of shares issued at the end of the period (including treasury stock) As of June 30, 2026 130,010,400 shares As of December 31, 2025 130,010,400 shares 2) Number of treasury stock at the end of the period As of June 30, 2026 1,442,676 shares As of December 31, 2025 796,435 shares 3) Average number of shares during the period Six Months ended June 30, 2026 128,873,989 shares Six Months ended June 30, 2025 129,399,042 shares (Note) The number of treasury shares at the end of the period includes shares in the Company held by the Custody Bank of Japan, Ltd. (Trust Account E) (796,100 shares as of December 31, 2025 and 1,442,300 shares as of June 30, 2026). In addition, the shares in the Company held by the Custody Bank of Japan, Ltd. (Trust Account E) are included in treasury shares excluded from calculating the average number of shares during the period (608,666 shares for the six months ended June 30, 2025 and 1,136,063 shares for the six months ended June 30, 2026). * Semi-annual financial results reports are exempt from review conducted by certified public accountants or an audit firm. * Explanation on the appropriate use of operating forecasts and other special instructions (Caution regarding forward-looking statements) Financial forecasts and other statements regarding the future presented in these materials are based on information currently available and certain assumptions deemed to be reasonable and are not meant to be taken as commitment of the Company to achieve such results. Actual performance may differ substantially due to various factors.
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1 Index of Appendix 1. Qualitative Information on Quarterly Financial Results for the Period under Review ................................................................. 2 (1) Explanation of Operating Results ........................................................................................................................................... 2 (2) Explanation of Financial Position ..........................................................................................................................................23 (3) Explanation of Consolidated Financial Forecasts and Other Forward-looking Information ..................................................25 (4) Significant Events ..................................................................................................................................................................25 2. Condensed Semi-annual Consolidated Financial Statements and Primary Notes ........................................................................25 (1) Condensed Semi-annual Consolidated Statements of Financial Position...............................................................................25 (2) Condensed Semi-annual Consolidated Statements of Profit or Loss .....................................................................................27 (3) Condensed Semi-annual Consolidated Statements of Comprehensive Profit or Loss ............................................................28 (4) Condensed Semi-annual Consolidated Statements of Changes in Equity ..............................................................................29 (5) Condensed Semi-annual Consolidated Statements of Cash Flows .........................................................................................31 (6) Notes to Condensed Semi-annual Consolidated Financial Statements ..................................................................................32 (Notes regarding going concern assumption) ..........................................................................................................................32 (Notes in case of significant changes in equity) ......................................................................................................................32 (Segment information) .............................................................................................................................................................32 (Revenue) ................................................................................................................................................................................34 (Subsequent events) .................................................................................................................................................................35
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2 1. Qualitative Information on Quarterly Financial Results for the Period under Review (1) Explanation of Operating Results During the six (6) months ended June 30, 2026 (from January 1, 2026 to June 30, 2026), PeptiDream (“the Company”) continued to make excellent progress in both its Radiopharmaceuticals and Non-Radiopharmaceutical Drug Discovery Businesses. (A) Radiopharmaceuticals Business: PeptiDream operates a fully integrated Radiopharmaceutical Business, from discovery and development to commercialization, marketing, and sales in Japan. PeptiDream’s wholly-owned subsidiary PDRadiopharma currently markets and sells a number of approved radiotherapeutics and radiodiagnostics in Japan (Section A-1), as well as providing certain medical devices and digital solution products (including both software and hardware products) and other services (Section A-2) supporting the radiopharmaceutical market in Japan. Additionally, PeptiDream and PDRadiopharma have a growing discovery and development pipeline of innovative radiotherapeutic and radiodiagnostic programs (Section A-3), consisting of both fully owned internal programs as well as partnered programs, currently in development. As macrocyclic peptides are increasingly proving ideal for the targeted delivery of tumor killing radioisotope payloads, integrating the technologies, know-how and networks of PeptiDream with PDRadiopharma, PeptiDream aims to expand its radiopharmaceuticals business by developing and commercializing novel high- value radiopharmaceuticals, in addition to in-licensing promising radiopharmaceuticals from Companies overseas that are interested in bringing their products into the Japan market. (A)-1: Currently Marketed Radiotherapeutic and Radiodiagnostic Products Below is a brief description of the radiotherapeutic and radiodiagnostic products currently marketed and sold by PeptiDream’s wholly-owned subsidiary PDRadiopharma, in Japan. All products originally developed by PDRadiopharma unless otherwise noted. Sodium Iodide-131I Capsules: Product used for the treatment of patients with hyperthyroidism, thyroid cancer and its metastases, as well as the diagnosis of metastasis of thyroid cancer by scintigraphy. Product is available in different strengths ranging from 37 MBq to 1.85 GBq. Raiatt MIBG-I131 Injection: Product consists of the small molecule compound 3-iodobenzylguanidine radiolabeled with 131I used for the treatment of patients with MIBG-avid, unresectable pheochromocytoma and paraganglioma. As announced in September 2025, PDRadiopharma received approval in Japan for an additional indication for the treatment of MIBG-avid Neuroblastoma. Zevalin® Indium Injection: Product consists of a CD20-targeting antibody, ibritumomab tiuxetan, radiolabeled with 111In and used to confirm the accumulation sites of ibritumomab tiuxetan. Japan Marketing Authorization holder is Mundipharma and product is sold by PDRadiopharma. Zevalin® Yttrium Injection: Product consists of a CD20-targeting antibody, ibritumomab tiuxetan, radiolabeled with 90Y and used for the treatment of patients with low-grade B-cell non-Hodgkin’s lymphoma or mantle cell lymphoma. Japan Marketing Authorization holder is Mundipharma and product is sold by PDRadiopharma Octreoscan® Injection: Product consists of the somatostatin receptor targeting peptide, pentetreotide, radiolabeled with 111In, used for the diagnosis of patients with somatostatin receptor-positive neuroendocrine tumors by scintigraphy. Product licensed from Curium Pharma. Techne® DTPA Kit: Kit for the preparation of technetium (99mTc) diethylenetriamine pentaacetatic acid injection used for
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3 the diagnosis of renal diseases by renal scintigraphy. Techne® MAA® Kit: Kit for the preparation of technetium (99mTc) macroaggregated human serum albumin injection for use in lung perfusion scintigraphy Techne® MAG3 Injection: Imaging agent containing technetium (99mTc) mercaptoacetyltriglycine used for the diagnosis of renal and urinary tract diseases by renal scintigraphy and renography. Also available in kit form. Techne® MDP Injection: Imaging agent containing technetium (99mTc) methylenediphosphonate injection used for the diagnosis of skeletal diseases by bone scintigraphy and cerebral tumor or cerebral vessel disorders by cerebral scintigraphy. Also available in kit form. Techne® Pyrophosphate Injection: Imaging agent containing technetium (99mTc) pyrophosphate injection used for the diagnosis of bone diseases by bone scintigraphy Techne® Pyrophosphate Kit: Kit for the preparation of technetium (99mTc) pyrophosphate injection for use in cardiac or bone scintigraphy to diagnose cardiac or skeletal diseases. In August 2024 PDRadiopharma received approval for a new formulation of the Techne® Pyrophosphate Kit. Techne® Phytate Kit: Kit for the preparation of technetium (99mTc) phytate used to diagnose liver and spleen diseases by hepatosplenic scintigraphy, and to identify sentinel lymph nodes and for lymphoscintigraphy in patients with breast cancer or malignant melanoma. In March 2023, PDRadiopharma received approval for label expansion of Techne® Phytate Kit for the identification of sentinel lymph node and lymphoscintigraphy in cervical cancer, corpus uteri cancer, vulvar cancer and head and neck cancer. Neurolite® Injection Daiichi: Imaging agent containing N, N'-ethylenedi-L-cysteinate(3-)] oxotechnetium (99mTc)-diethyl ester used for regional cerebral blood perfusion scintigraphy. Also available in kit form. Product licensed from Lantheus Holdings, Inc. Cardiolite® Injection Daiichi: Imaging agent containing technetium (99mTc) hexakis(2-methoxy-isobutyl isonitrile) used in the diagnosis of heart disorders by myocardial perfusion scintigraphy, assessment of ventricular function by first pass technique, and localization of hyperparathyroidism by parathyroid scintigraphy. Also available in kit form. Product licensed from Lantheus Holdings, Inc. MyoMIBG®-I123 Injection: Product consists of 3-iodobenzylguanidine radiolabeled with 123I used for the evaluation of cardiac sympathetic nerve function by scintigraphy and for patients with neuroblastoma and pheochromocytoma by tumor scintigraphy. In December 2023, the MyoMIBG-I123 label was expanded to include the diagnosis of Parkinson’s disease and dementia with Lewy bodies by cardiac scintigraphy. Thallium Chloride-Tl201 Injection: Imaging agent used for the diagnosis of cardiac diseases by myocardial scintigraphy, cerebral, thyroid, pulmonary, bone, soft tissue and mediastinal tumors by tumor scintigraphy and parathyroid diseases by parathyroid scintigraphy. Ultra-Techne Kow®: Generator to extract 99mTc from 99Mo. Extracted 99mTc in the form of sodium pertechnetate (99mTc) is used for the diagnosis of brain tumors, cerebrovascular disorders, thyroid diseases, salivary gland diseases and ectopic gastric mucosa. Also used to assess regional pulmonary ventilation function in combination with Techne Gas Generator.
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4 Fludeoxyglucose (18F) Injection FRI: PET (Positron Emission Tomography) imaging agent used for the diagnosis of patients with malignant tumors, heart disease, intractable partial epilepsy, and large-vessel vasculitis. Sales continued to grow during the first half of 2026, supported by the product’s flexible dosing options and broader utilization of PET imaging across diagnostic applications. Iofetamine (123I) Injection Daiichi: Product consists of the small molecule N-isopropyl-4-iodoamphetamine radiolabeled with 123I, used for regional cerebral blood perfusion scintigraphy. AMYViD® Injection: PET imaging product that consists of the small molecule florbetapir radiolabeled with 18F and indicated for the visualization of beta amyloid plaques in the brain of patients with suspected mild cognitive impairment or patients with cognitive impairment with suspected Alzheimer’s type dementia and for the visualization of beta amyloid plaques in the brain of patients administered monoclonal antibodies directed against beta amyloid. In May 2024, AMYViD ® was listed in the National Health Insurance Drug Price List. In September 2024, PDRadiopharma received approval for a partial change to the Indication of AMYViD ®. In November 2024, AMYViD ® have been updated, resulting in an expanded scope of insurance coverage. AMYViD® sales continued to grow strongly during the first half of 2026, supported by increasing utilization of amyloid PET imaging for patient assessment and monitoring in connection with the expanding use of amyloid-beta-targeting therapies in Japan. Product licensed from Eli Lilly and Company. TauvidTM Injection: PET imaging agent that contains radioactive fluorine (18F) to label florotauhipir and indicated for " To support proper use of donanemab (genetical recombination) in patients with mild cognitive impairment and mild dementia due to Alzheimer’s disease". PDRadiopharma signed a co-development deal with Eli Lilly in November, and received approval from the Ministry of Health, Labour and Welfare for the regulatory approval of TauvidTM in Japan in December 2024. Product licensed from Eli Lilly and Company. (A)-2: Current Medical Device and Digital Solution Product Offerings Below is a brief description of the main medical device and digital solution product offerings (including both software and hardware products) currently sold and provided by PDRadiopharma. PDRadiopharma provides many of the software solutions free of charge to medical centers and clinics selling our radiotherapeutic and radiodiagnostic products. Bridgea INJECTOR: An automated device for administration of PET radiopharmaceuticals. The INJECTOR can accommodate both 5mL and 10mL vials. The entire device is shielded with lead which contributes to reducing exposure to operating personnel. Sold in Japan through PDRadiopharma. Bridgea DISPENSER: An automated device that collects from multiple vials and aliquots desired volume into vials/syringes for patient administration. In September 2025, this device was enhanced with a new feature to reduce the workload and radiation exposure for healthcare professionals when preparing doses from multiple vials. Sold in Japan through PDRadiopharma. Bridgea GATEWAY: Software system that converts the administration results from the Bridgea INJECTOR into a data standard that follows the international standard data flow for nuclear medicine exposure dose management. Accurate data is sent to the hospital data management system alleviating the need for manual input and associated errors. Sold in Japan through PDRadiopharma. ・ Bridgea TIMER: Software system that allows healthcare professionals to share PETscan time management information,
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5 enabling real-time monitoring of patient status throughout the examination. Utilizes data from Bridgea GATEWAY. Sold in Japan through PDRadiopharma. Bridgea TIMER Guide: Provides patients with step-by-step instructions through audio and visual displays, guiding them from preparation and administration to imaging and the completion of the examination. This system offers remote patient guidance, improving operational efficiency for healthcare professionals and helping reduce radiation exposure. Sold in Japan through PDRadiopharma. onti®: An advanced information sharing platform designed to support the electronic recording, management, and optimization of radiation exposure doses, which includes operational support features such as patient information acquisition, prevention of administration errors, automatic calculation of administered doses, and the creation of radiopharmaceutical usage records. The onti system complies with international standard flow, including radiation dose management for X-ray diagnostic equipment as well as nuclear medicine examination support functions and is a Connectathon approved product. Sold in Japan through PDRadiopharma. In September 2025, PDRadiopharma announced the launch of “onti dandori”, a nuclear medicine examination scheduling software, as an optional module for its nuclear medicine exposure dose management system, “onti”. This software serves as a support tool designed to enhance both the quality and safety of medical care. It organizes and visualizes the complex scheduling involved in nuclear medicine examinations, making the workflow easy to understand and execute for all users. ankan®: A medical safety management system. It automatically records and manages medical radiation exposure dose information that complies with international standards. Sold in Japan through PDRadiopharma. AMYclz Neuro: A specialized medical imaging software that assists healthcare professionals in analyzing amyloid PET images. It provides objective information on amyloid-β accumulation, helping clinicians assess patients with cognitive impairment who may be at risk for Alzheimer's disease. The program overlays the patient's amyloid PET and MRI images, calculates quantitative indicators like the SUVr and centiloid scale, and compares patient images against a reference database to visualize distribution and statistical information on amyloid-β accumulation. Provided in Japan through PDRadiopharma. BONENAVI BSI: A computer-aided diagnostic (CAD) system developed to perform bone scintigraphy image analysis allowing for the quantification of bone scintigraphy images generated from diagnostic imaging instruments in clinical practice. BONENAVI allows for the automated calculation of artificial neural networks (ANN), bone scan index (BSI), and hot-spot values from bone scintigraphy data, allowing for the diagnosis of bone metastasis accurately. Provided in Japan through PDRadiopharma. CardioREPO: A specialized medical software for analyzing myocardial perfusion and cardiac function using SPECT (Single Photon Emission Computed Tomography) imaging. It’s primarily used to assist in diagnosing ischemic heart disease and evaluating cardiac performance. Provided in Japan through PDRadiopharma. AMYfollow®: A specialized medical software for report creation that provides a time-course report that displays images (before and after treatment) obtained from diagnostic amyloid PET scans (such as AMYViD) in a side-by-side easy to compare format. The reports are designed to be visually clear, making it easier for medical professionals to explain findings to patients and collaborate with colleagues. Provided in Japan through PDRadiopharma. eZISNeuro®: A brain image statistical analysis software that performs anatomical standardization of cerebral blood flow images and provides information on cerebral blood flow. Provided in Japan through PDRadiopharma.
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6 (A)-3: Radiopharmaceutical Development Programs & Pipeline Below is a table of PeptiDream/ PDRadiopharma’s current clinical-stage radiopharmaceutical pipeline. Disease Area, Pipeline, Clinical-stage (Investigational New Drug enabling studies “IND-enabling”/ human imaging Phase 0 studies “Ph 0”; Phase 1 “Ph 1”; Phase 2 “Ph 2”; Phase 3 “Ph 3”, Partner are listed. Following the table is a brief description of each program. 64Cu-ATSM Program: Indication: Gliomas and other malignant brain cancers; Modality: LinqMed discovered small molecule diacetyl-bis(N4-methylthiosemicarbazone) conjugated to a chelator radiolabeled with 64Cu (64Cu-ATSM); Partner: LinqMed Current Status: 64Cu-ATSM is currently being tested in a Phase 3 randomized, comparative, investigator-initiated clinical trial (STEP- 64 study, study number NCCH2301; jRCT2031240090) to verify whether 64Cu-ATSM treatment extends survival time compared to conventional standard treatment in patients with recurrent and refractory malignant gliomas, the most difficult to treat types of malignant brain tumors. The STEP-64 study is aimed at seeking accelerated approval of 64Cu-ATSM as a radiotherapeutic for severe brain tumors. LinqMed announced the completion of the Phase 1 investigator-initiated clinical trial (STAR-64 study; study identifier NCCH1711) of 64Cu-ATSM in patients with malignant brain tumors, including malignant gliomas, central nervous system malignant lymphomas, and metastatic brain tumors, representing rare and refractory brain cancers, in June 2024, and the study results were presented at the American Society of Clinical Oncology (ASCO2024). Results of the Phase 1 showed a favorable safety profile, and that 64Cu-ATSM was well tolerated, and that the recommended dosing of 64Cu-ATSM for patients with malignant brain tumors is 99 MBq/kg, administered four times every seven days. In terms of efficacy, while overall survival was only a secondary readout, 14 out of 18 patients (77.8%) who received 64Cu-ATSM survived for more than 6 months, and 12 (66.7%) survived for more than 1 year. Specifically, in patients with glioblastoma, 5 out of 9 patients (55.6%) survived for more than 1 year. In general, only 30-40% of patients survive for more than 1 year after the recurrence of glioblastoma, with these highly promising early results serving as the basis for moving 64Cu-ATSM directly from Ph1 into
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7 a Ph3/registrational study. The studies are supported by the Clinical Research Support Department of the National Cancer Center Hospital and is the first investigator-initiated clinical trial to progress from Phase 1 to Phase 3 with research funding from the Japan Agency for Medical Research and Development (AMED). Additional program details: Most tumors are known to create a hypoxic microenvironment within and around the tumor, due to increased oxygen consumption by rapidly proliferating tumor cells and an inadequate oxygen supply due to abnormal tumor angiogenesis, and 64Cu-ATSM localizes to these hypoxic tumor microenvironments, delivering the therapeutic 64Cu payload, which induces irreversible DNA damage and results in tumor cell death. In Japan, there are approximately 4,000 – 5,000 new cases of gliomas reported each year, with the 5-year overall survival (OS) rate at 15.5%, a median OS of 18 months, and a recurrence rate of 51%. There are currently no effective or established treatments for patients with these recurrent malignant brain tumors to which standard treatments, surgical excision, stereotactic irradiation, or chemotherapy, proved ineffective. In December 2023, PeptiDream entered into a strategic partnership and license agreement with Japan-based LinqMed, under which the companies will share costs and profits for the development and commercialization of 64Cu-ATSM in Japan. LinqMed will continue to lead development activities of 64Cu-ATSM and PDRadiopharma will lead regulatory filing and commercialization activities in Japan. In November 2025, LinqMed completed construction of a new state-of-the-art manufacturing facility in Chiba City, Japan, for the large-scale production of 64Cu-based radiopharmaceuticals. 177Lu/64Cu-PSMA I&T Program: Indication: Prostate Cancer (metastatic castration-resistant prostate cancer); Modality: Curium discovered small molecule (PSMA I&T) targeting prostate specific membrane antigen (PSMA) conjugated to a chelator radiolabeled with 177Lu (for the therapeutic 177Lu-PSMA-I&T) or 64Cu (for the diagnostic 64Cu- PSMA-I&T); Partner: Curium Pharma; Curium holds worldwide (ex-Japan) commercialization rights, with Curium and PeptiDream/PDRadiopharma sharing Japan commercialization rights. Current Status: 177Lu-PSMA-I&T and 64Cu-PSMA-I&T are currently being evaluated in registrational clinical studies in Japan. In June 2026, PeptiDream/PDRadiopharma announced the completion of patient dosing in the clinical trial of 64Cu-PSMA-I&T for prostate cancer in Japan. As announced in February 2026, the first patient had been dosed in the registrational clinical trial of 177Lu-PSMA-I&T in Japan. The clinical trial for 177Lu-PSMA-I&T (jRCT2011250026) will evaluate its efficacy and safety in patients with metastatic castration-resistant prostate cancer (“mCRPC”). The trial for 64Cu-PSMA-I&T (jRCT2031250225) will evaluate its diagnostic performance using PET/CT in patients with newly diagnosed prostate cancer. 177Lu-PSMA-I&T completed the global pivotal Phase 3 ECLIPSE trial in 2024. (ClinicalTrials.gov identifier; NCT05204927). The ECLIPSE trial, run by Curium, was a multi-center, open-label, randomized clinical trial comparing the safety and efficacy of 177Lu-PSMA-I&T versus hormone therapy in patients with metastatic castration-resistant prostate cancer. The ECLIPSE trial enrolled over 400 patients, across 51 trial sites in the United States and Europe. Curium reported in November 2024 the global pivotal Phase 3 ECLIPSE Trial had met its primary endpoint, demonstrating a statistically significant and clinically meaningful benefit for patients with PSMA-positive metastatic castration resistant prostate cancer. 64Cu-PSMA-I&T PET is currently being investigated in 2 multicenter Phase 3 trials; SOLAR RECUR testing the diagnostic performance in men with biochemical recurrence of prostate cancer (ClinicalTrials.gov identifier NCT06235099) and SOLAR STAGE testing the diagnostic performance in men with newly diagnosed unfavorable intermediate- to high-risk prostate cancer (ClinicalTrials.gov identifier; NCT06235151). Curium reported the completion of enrollment of SOLAR- RECUR clinical trial in November 2024. The first in human Phase 1/2 SOLAR trial met the co-primary endpoints of region- level correct localization rate and patient-level correct detection rate in patients with histologically proven metastatic prostate cancer. In October 2024, PeptiDream announced a strategic partnership between its wholly-owned subsidiary PDRadiopharma and Curium for the clinical development, regulatory filing, and commercialization of Curium’s 177Lu-PSMA-I&T and 64Cu-
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8 PSMA-I&T products in Japan. Under the terms of the partnership, Curium and PDRadiopharma will jointly collaborate on clinical development activities of 177Lu-PSMA-I&T and 64Cu-PSMA-I&T in Japan, with PDRadiopharma leading regulatory filing, manufacturing, commercialization, and distribution activities in Japan. Curium will continue to lead global development of the two agents and support PDRadiopharma through technology transfer to support the set-up of manufacturing lines in Japan – including a high throughput Copper 64 manufacturing line based on Curium’s proprietary technology. The partners will share costs of development of the two products and share profits upon Japan commercialization. Additional program details: Prostate cancer continues to be widely prevalent in Japan. Annually, there are approximately 90,000 - 100,000 new cases, with patients with metastatic castration resistant prostate cancer having an overall survival rate of approximately three years in clinical trial settings, and even shorter in the real-world, and there remains a significant unmet medical need for therapies. The diagnostic agent 64Cu-PSMA-I&T developed with the Copper 64 isotope with its longer radionuclide half- life (12.7 hours) compared to other commercially available solutions based on Gallium 68 (68 minutes) and/or Fluorine 18 (110 minutes) and is expected to offer logistics and patient workflow management flexibility to clinicians across Japan. 225Ac/68Ga-GPC3 (RYZ-801/RYZ-811) Program: Indication: Hepatocellular Carcinoma (“HCC”); Modality: PDPS®-originating macrocyclic peptide targeting glypican-3 (GPC3) conjugated to a chelator radiolabeled with 225Ac (for the therapeutic; RYZ-801) or 68Ga (for the diagnostic; RYZ-811); Partner: RayzeBio, a Bristol Myers Squibb (“BMS”) company (RayzeBio was acquired by BMS in 2024); RayzeBio/BMS holds worldwide (ex-Japan) commercialization rights, with PeptiDream holding an option to attain Japan commercialization rights. Current Status: RYZ-801 and RYZ-811 are currently being tested in a Phase 1/2, randomized, controlled, open-label, multi-center study to investigate the safety, tolerability, dosimetry and preliminary efficacy of RYZ-801 and the safety, tolerability, and biodistribution of RYZ-811 in HCC patients (ClinicalTrials.gov identifier; NCT06726161). Additional program details: The Phase 1/2 study will be conducted in two parts. The first part is called "escalation" and the second part is called "expansion". In both parts of the study, patients will initially be imaged with a 68Ga-RYZ811 positron emission tomography (PET)/ computed tomography (CT) or PET/magnetic resonance imaging (MRI) scans and will be evaluated for eligibility for 225Ac-RYZ801 treatment. In the escalation part, different doses of 225Ac-RYZ801 will then be tested to identify recommended dose(s) (RD(s)) for further evaluation. The expansion part of the study will examine the safety and preliminary efficacy of 225Ac-RYZ801 at the RD(s) determined during the escalation part. Liver cancer is the sixth most common cause of cancer death in United States, with an estimated 29,380 deaths per year. The five-year survival rate for all liver cancer patients is approximately 20% and the survival rate of patients with advanced stage liver cancer is significantly lower. GPC3 is an oncofetal protein that is overexpressed in up to 75% of hepatocellular tumors, with minimal to no expression in normal tissues. RYZ-801, the therapeutic development candidate, is a novel proprietary peptide which targets GPC3 for delivery of 225Ac for the treatment of hepatocellular carcinoma “HCC”. As a diagnostic imaging agent, RYZ-811 is designed to enable us to screen and identify patients, both in clinical trials and commercially, who have GPC3 expressing HCC tumors that are most likely to have a favorable clinical response from treatment with RYZ-801. 177Lu/68Ga-FAP (FXX489) Program: Indication: Solid Tumors (Locally Advanced or Metastatic Pancreatic Ductal Adenocarcinoma, Non-small Cell Lung Cancer, Hr+/HER2- Breast Cancer, Triple Negative Breast Cancer, Colorectal Cancer); Modality: PDPS®-originating macrocyclic peptide (NNS309) targeting fibroblast activation protein (FAP) conjugated to a
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9 chelator radiolabeled with 177Lu (for the therapeutic; 177Lu-NNS309 ) or 68Ga (for the diagnostic; 68Ga-NNS309); Partner: Novartis, with Novartis holding worldwide commercialization rights to the program. Current Status: 177Lu-NNS309 and 68Ga-NNS309 are currently being tested in a Phase 1, open-label, multi-center study to evaluate the safety, tolerability, dosimetry and preliminary efficacy of 177Lu-NNS309 and the safety and imaging properties of 68Ga- NNS309 in patients with selected solid tumors (ClinicalTrials.gov identifier; NCT06562192). The best-in-class potential of the FXX489 program was recently presented by Novartis at the American Association for Cancer Research (AACR) Annual Meeting on April 27,2025. Additional program details: The Phase 1 study will be conducted in two parts. The first part is called "escalation" and the second part is called "expansion". In both parts of the study, patients will initially be imaged with a 68Ga-NNS309 positron emission tomography (PET)/ computed tomography (CT) or PET/magnetic resonance imaging (MRI) scans and will be evaluated for eligibility for 177Lu-NNS309 treatment. In the escalation part, different doses of 177Lu-NNS309 will then be tested to identify recommended dose(s) (RD(s)) for further evaluation. The expansion part of the study will examine the safety and preliminary efficacy of 177Lu-NNS309 at the RD(s) determined during the escalation part. The end of study will occur when all patients per disease group in the expansion part have completed the follow-up for disease progression or discontinued from the study for any reason, and all patients have completed treatment and the 36-month long-term follow-up period. 225Ac/64Cu-CA9 (PD-32766T/PD-32766D) Program: Indication: Clear Cell Renal Cell Carcinoma (“ccRCC”) and other cancers; Modality: PDPS®-originating macrocyclic peptide (PD-32766) targeting Carbonic Anhydrase IX (“CAIX”) conjugated to a chelator radiolabeled with 225Ac (for the therapeutic; PD-32766T) or 64Cu (for the diagnostic; PD-32766D); Partner: PeptiDream holds worldwide commercialization rights to the program. Current Status: In July 2026, PeptiDream announced the first patient was dosed in the Phase1 clinical trial of 225Ac-PD-32766 and 64Cu-PD-32766 being conducted in the US. The Phase 1 will consist of an open-label, multi-center study to evaluate the safety, tolerability, dosimetry and preliminary efficacy of 225Ac-PD-32766 and the safety and imaging properties of 64Cu-PD- 32766 in patients with ccRCC (ClinicalTrials.gov identifier; in registration). A Phase 0 first-in-human imaging study of 64Cu-PD-32766D in patients with ccRCC was previously conducted at the National Cancer Center Japan (NCC). The Phase 0 Study enrolled a total of five ccRCC patients, that were each administered 64Cu-PD-32766D followed by imaging by PET/CT. Administration of 64Cu-PD32766D was safe and well tolerated, with no observed safety/adverse events, and showed clear accumulation in the tumors of all five patients, supporting continued development of the program. The results of the Ph0 study were presented at the American Society of Clinical Oncology’s (ASCO) Genitourinary Cancers Symposium (ASCO-GU 2025) in February 2025. Additionally, PeptiDream presented preclinical results for the PD-32766 CAIX Program at the 2025 Society of Nuclear Medicine and Molecular Imaging (SNMMI) Annual Meeting as well as the 2025 Annual Congress of the European Association of Nuclear Medicine (EANM). Additional program details: CAIX is a member of the carbonic anhydrase enzyme family, expressed in a variety of solid tumors, including renal cell carcinoma (“RCC”), glioblastoma, triple negative breast cancer, ovarian cancer, colorectal cancer, and others. RCC is the 9th most common cancer in the United States, representing 2% of all global cancer diagnoses and death, with 5-year survival rates at 12% (worldwide an estimated 431,288 people were diagnosed with kidney cancer in 2020, with roughly 9 out of 10 kidney cancers being renal cell carcinomas). There are largely three main types of RCC, clear cell (“ccRCC”), papillary (“pRCC-type 1 and type 2”), and chromophobe (“chRCC”), with ccRCC representing roughly 70% of RCC cases. CAIX is a highly expressed, specific surface antigen in the majority of ccRCC tumors (>95%), with minimal expression in normal tissues, making it a potentially ideal target for the diagnosis and treatment of ccRCC. In preclinical studies of RCC xenograft
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10 models, the CAIX binding peptide showed specific tumor uptake, and significant tumor growth inhibition including regression with single dose administrations. The paired diagnostic imaging agent, which consists of the same peptide and chelator as the therapeutic, will enable us to screen and identify patients, both in clinical trials and in clinical practice, who have CAIX expressing tumors that are most likely to have a favorable clinical response from PD-32766T treatment. A key advantage in the development of targeted radiopharmaceuticals over conventional cancer drugs, is the ability to generate early human imaging data (referred to as a Phase 0 study) using the paired diagnostic agent directly in the target patient population, thereby obtaining an early look at the biodistribution, pharmacokinetics, and tumor targeting ability of the agent, thus providing an early look at the diagnostic usefulness of the agent, the likelihood of therapeutic benefit when labeled with a therapeutic radioisotope, and additional critical information that can be used in designing subsequent Phase 1 and 2 studies, thereby significantly accelerating clinical development. 177Lu/68Ga-HER2 (DWJ155) Program: Indication: Solid Tumors (Breast Cancer, Lung Cancer, Gastric/Gastroesophageal Cancer, and Bladder Cancer); Modality: PDPS®-originating macrocyclic peptide targeting HER2 conjugated to a chelator radiolabeled with 177Lu (for the therapeutic) or 68Ga (for the diagnostic); Partner: Novartis, with Novartis holding worldwide commercialization rights to the program. Current Status: On August 12, 2026, PeptiDream announced that the initiation of phase 1 clinical trial by Novartis marked a development milestone for PeptiDream. The Phase 1 study is being conducted to evaluate the safety, tolerability, dosimetry, and preliminary anti-tumor activity of 177Lu-DWJ155 and the safety and imaging properties of 68Ga-DWJ155 in patients with histologically or cytologically confirmed advanced HER2+, HR+/HER2-negative, or triple negative breast cancer (“TNBC”), non-small cell lung cancer (“NSCLC”), HER2-3+ or 2+ (ISH positive or negative) gastric/gastroesophageal junction (“GEJ”) cancer, and bladder cancer. (ClinicalTrials.gov Identifier; NCT07660055). The study will be done in two parts. The first part is called "escalation" and the second part is called "expansion". In both parts of the study, patients will initially be imaged with a 68Ga-DWJ155 positron emission tomography (PET)/computed tomography (CT) or PET/magnetic resonance imaging (MRI) scan. In the escalation part, different doses of 177Lu-DWJ155 will then be tested to identify recommended dose(s) (RD(s)) for further evaluation. The expansion part of the study will examine the safety and preliminary efficacy of 177Lu-DWJ155 at the RD(s) determined during the escalation part. In both parts, there will be a safety follow-up period after the last 177Lu-DWJ155 administration. 225Ac/64Cu-CLDN18.2 (PD-29875T/PD-29875D) Program: Indication: Solid Tumors (Gastric Cancer, Pancreatic Cancer, Biliary Cancer, Genitourinary Tract Cancers, Colorectal Cancer, and other cancers); Modality: PDPS®-originating macrocyclic peptide (PD-29875) targeting Claudin 18.2 (“CLDN18.2”) conjugated to a chelator radiolabeled with 225Ac (for the therapeutic; PD-29875T) or 64Cu (for the diagnostic; PD-29875D); Partner: PeptiDream holds worldwide commercialization rights to the program. Current Status: PD-29875T and PD-29875D are currently undergoing IND-enabling studies in preparation for Phase 1 safety, tolerability, and dosimetry studies. Additionally, PeptiDream announced that dosing of the first patient and subsequent post-dose analysis have been conducted in a first-in-human imaging study of 64Cu-PD-29875, a 64Cu-labeled radiopharmaceutical candidate targeting CLDN18.2, in patients with gastric cancer in July 2026 (jRCTs031250563). The objective of the research is to evaluate the efficacy, safety, pharmacokinetics and dosimetry of PET/ CT imaging using 64Cu-PD-29875D in patients with gastric cancer including esophagogastric junction cancer. PeptiDream presented preclinical results for the PD-29875 CLDN18.2 Program at the 2025 American Association for Cancer Research (AACR) Annual Meeting and the 2025 Society of Nuclear Medicine and Molecular Imaging (SNMMI) Annual Meeting.
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11 Additional program details: CLDN18.2 is a member of the claudin family of proteins that are integral components of tight junctions found in epithelial tissues. CLDN18.2 is expressed in a variety of solid tumors, including gastric cancer, pancreatic cancer, biliary cancer, genitourinary tract cancers, colorectal cancer, as well as other cancers. PD-29875 was discovered using PeptiDream’s proprietary PDPS® technology and further optimized at PeptiDream with in vivo imaging and efficacy studies conducted at PDRadiopharma. PeptiDream intends to initially develop the therapeutic (225Ac-PD-29875) and paired diagnostic imaging agent (64Cu-PD-29875) for the diagnosis and treatment of gastric cancer. The paired diagnostic imaging agent, which consists of the same peptide and chelator as the therapeutic, will enable us to screen and identify patients, both in clinical trials and in clinical practice, who have CLDN18.2 expressing tumors that are most likely to have a favorable clinical response from PD29875 treatment. Gastric cancer is the 5th most common cancer in and the 4th leading cause of cancer death worldwide in 2020, representing 7% of all global cancer diagnoses, with an approximate 5-year survival rate of 32% (worldwide an estimated 1.1 million people were diagnosed with gastric cancer in 2020, with 770,000 deaths), with the incidence expected to increase to ~1.8 million new cases per year by 2040. Cadherin-3 (CDH3) Program: Indication: Solid tumors (Head and Neck Squamous Cell carcinoma, Triple Negative Breast Cancer, and other cancers); Modality: PDPS®-originating macrocyclic peptide targeting Cadherin 3 (“CDH3”) conjugated to a chelator radiolabeled with 225Ac/ 177Lu (for the therapeutic) or 64Cu/ 68Ga (for the diagnostic); Partner: PeptiDream holds worldwide commercialization rights to the program. Current Status: PeptiDream announced the CDH3 program as its third wholly-owned radiopharmaceutical program on December 23, 2025. In addition to IND-enabling efforts, PeptiDream is investigating the possibility of conducting human Phase 0 imaging studies, prior to the start of any Phase 1 study. Additional program details: Cadherin-3 (“CDH3”), also known as P-cadherin, a member of the cadherin family of cell – cell adhesion proteins essential for tissue architecture, morphogenesis, and signal transduction, and normally expressed in basal or progenitor epithelial layers. In cancer, CDH3 overexpression is strongly linked to tumor progression, invasiveness, and partial Epithelial-Mesenchymal Transition (EMT) phenotypes. EMT is a tumor biology paradigm where epithelial cells lose their structured characteristics and adopt a mesenchymal, motile phenotype thereby driving invasion, metastasis, and potential resistance to therapy. The development candidate was discovered using PeptiDream’s proprietary PDPS® technology and optimized with in vivo imaging and efficacy studies conducted at PDRadiopharma, its wholly-owned subsidiary. PeptiDream intends to initially develop the therapeutic (225Ac/ 177Lu-CDH3) and paired diagnostic imaging agent (64Cu/ 68Ga-CDH3) for the treatment and diagnosis of Head & Neck Squamous Cell Carcinoma (“HNSCC”) and other solid tumors. The paired diagnostic imaging agent, which consists of the same peptide and chelator as the therapeutic, will enable us to screen and identify patients, both in clinical trials and in clinical practice, who have CDH3 expressing tumors that are most likely to have a favorable clinical response from treatment. HNSCC comprises malignancies of the lip, oral cavity, pharynx, larynx and salivary glands that can profoundly affect speech, swallowing, and appearance. Globally, HNSCC accounts for ~890,000 new cases and ~450,000 deaths each year and is the 7th most commonly diagnosed cancer worldwide. Despite advances in surgery, radiotherapy, and immuno-oncology, outcomes remain suboptimal for many patients with advanced, recurrent, or treatment-resistant disease— underscoring a persistent unmet medical need. Undisclosed RayzeBio/BMS Program: Indication: Solid Tumors;
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12 Modality: PDPS®-originating macrocyclic peptide targeting undisclosed target conjugated to a chelator radiolabeled with 225Ac (for the therapeutic) or 68Ga (for the diagnostic); Partner: RayzeBio, a Bristol Myers Squibb (“BMS”) company; RayzeBio/BMS holds worldwide (ex-Japan) commercialization rights, with PeptiDream holding an option to attain Japan commercialization rights. Current Status: The program is continuing IND-enabling efforts. Additional program details: Program has certain partner limitations on disclosable information. 18F-PD-L1 (18F-BMS-986229) Program: Indication: Oncology Imaging; Modality: PDPS®-originating macrocyclic peptide targeting PD-L1 (programmed death ligand-1) radiolabeled with 18F for PET imaging (18F-BMS-986229); Partner: BMS. Current Status: 18F-BMS-986229 (ClinicalTrials.gov Identifier: NCT04161781) completed a Phase 1 observation study, conducted at Memorial Sloan Kettering Cancer Center, in which it was being investigated as a radioactive tracer to determine if positron emission tomography (PET) imaging is a practical and safe way to both diagnose and track the status of gastroesophageal cancers (“GEC”) in patients. The Phase 1 study met both its primary safety and feasibility endpoints, and the results were published in the Journal of Nuclear Medicine (May 2024: Volume 65:5: Cytryn et al., 18F-BMS-986229 PET to Assess Programmed-Death Ligand 1 Status in Gastroesophageal Cancer). The results showed that PET imaging with 18F-BMS- 986229 is a safe and feasible noninvasive tool for assessing PD-L1 expression in patients with GEC and may provide a more comprehensive picture of PD-L1 expression, capturing spatial heterogeneity that single-site biopsies may miss. Patients who showed 18F-BMS-986229 accumulation in any lesions by PET imaging had longer progression-free survival (“PFS”)(any accumulation; median PFS 28.4 months vs no accumulation; median PFS 9.9 months) when treated with frontline PD-1 inhibitors, suggesting that PET imaging with 18F-BMS-986229 has the potential to improve patient selection and predict outcomes for anti-PD-1 therapy, which could ultimately lead to better treatment decisions and improved clinical outcomes for patients with GEC. Additional program details: Program has certain partner limitations on disclosable information. Merck Undisclosed Program: Indication: Immune Function Imaging; Modality: PDPS®-originating macrocyclic peptide targeting undisclosed target conjugated to a chelator radiolabeled with undisclosed radioisotope; Partner: Merck & Co., Inc., Rahway, NJ, USA, (“MSD”). Current Status: In August 2026, PeptiDream announced the initiation of a Phase 1 clinical study for a PDPS®-derived PET imaging agent. Additional program details: Program has certain partner limitations on disclosable information. (A)-4: Preclinical Discovery & Development Radiopharmaceutical Programs: In addition to the clinical-stage programs described above, PeptiDream has an extensive targeted peptide-RI conjugate discovery pipeline, with multi-program peptide-RI conjugate discovery collaborations with Novartis (2019 & 2024), RayzeBio (2020; now a BMS company), and Genentech (2023), in addition to a growing number of wholly-owned internal peptide-RI conjugate programs. As programs arising from these efforts reach the clinical candidate selection/initiation of IND-enabling
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13 studies stage, they will be added to the above pipeline table/list. PeptiDream holds options to Japan commercialization rights for all peptide-RI collaboration programs with RayzeBio/BMS and Genentech. (A)-5: In-licensed Clinical Stage Radiopharmaceutical Programs: PeptiDream/PDRadiopharma are actively searching for attractive high-value radiotherapeutic and radiodiagnostic programs to in-license/partner to develop and commercialize in Japan. Since PeptiDream’s 2022 acquisition of PDRadiopharma, the companies have now executed three partnering/in-licensing deals; in 2022 with Eli Lilly for the development and commercialization of the radiotracer 18F-Flortaucipir in Japan, in 2023 with LinqMed for the development and commercialization of the radiotherapeutic 64Cu-ATSM in Japan, and in 2024 with Curium for the development and commercialization of 177Lu-PSMA- I&T and 64Cu-PSMA-I&T in Japan. As the number of global companies developing targeted radiopharmaceuticals continues to grow rapidly, with the vast majority of those companies focused on the US market, PeptiDream’s PDRadiopharma is uniquely positioned to be the partner of choice for those companies wishing to commercialize their products in Japan. The strategic partnering/ in-licensing of high-value programs represents an important complementary strategy to PeptiDream’s own internal and partnered discovery efforts. (A)-6: Other Notable Items in the Radiopharmaceutical Business: No additional notable items in the current reporting quarter. (B) Non-Radiopharmaceuticals Drug Discovery Business: In addition to PeptiDream’s radiopharmaceutical business, with our proprietary Peptide Discovery Platform System (PDPS®) at its core, PeptiDream operates as one of the leading companies in the discovery of (1) peptide-based therapeutics, (2) peptide- oligo drug conjugates (“Oligo-PDCs”), (3) peptide- cytotoxic drug conjugates (“Cytotoxic-PDCs”), and (4) multi-functional peptide conjugates (“MPCs”), through collaboration and license agreements with a large network of global pharmaceutical and strategic partners, in addition to a growing internal pipeline of programs, with the aim of discovery and developing the next- generation of innovative peptide-based therapeutics. B)-1: Non-Radiopharmaceutical Development Programs & Pipeline
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14 Below is a table of PeptiDream’s current clinical-stage Non-Radiopharmaceutical pipeline. Disease Area, Pipeline, Clinical-stage (Investigational New Drug enabling studies “IND-enabling”; Phase 1 “Ph 1”; Phase 2 “Ph 2”; Phase 3 “Ph 3”), Partner are listed. Following the table is a brief description of each program. GhR antagonist Program (ALXN2420): Indication: Acromegaly; Modality: ALXN2420 is a PDPS®-originating macrocyclic peptide growth hormone receptor antagonist (“GHRA”); Partner: Alexion/AstraZeneca (Amolyt Pharma was acquired by AstraZeneca in July 2024). Current Status: ALXN2420 is currently being tested in a global Phase 2 randomized, double-blinded, placebo-controlled, dose range- finding, multicenter trial designed to evaluate the efficacy, safety, and pharmacokinetics of ALXN2420 administered subcutaneously in combination with somatostatin analogs (SSAs) in adult participants with acromegaly (ClinicalTrials.gov Identifier: NCT07037420). ALXN2420 completed a Phase 1 study in May 2024 investigating the safety, tolerability, pharmacokinetics, and pharmacodynamics of ALXN2420 in a randomized double-blind placebo-controlled single and multiple ascending dose studies (SAD and MAD, respectively). In the SAD study, 5 subjects received a single subcutaneous administration of 3 mg ALXN2420 or placebo (3:2) and 8 subjects received 10, 20, 40, 60, 90, 120 mg AZP-3813 or placebo (6:2). In the MAD study, 8 subjects received 10, 20, 40, 60, 90, 120 mg AZP-3813 or placebo (6:2) QD for 14 consecutive days. Treatment was well tolerated in all subjects with no safety concerns. Cmax and AUC increased in a dose-proportional manner. The half-life of ALXN2420 was estimated to be 20-22 hours. In the SAD study, AZP-3813 induced a dose-related decrease in circulating IGF-1 levels at doses of 10 mg and above with a more prolonged reduction up to 72 hours at higher doses. In the MAD study, ALXN2420 induced a gradual and sustained dose-related decrease in circulating IGF-1 levels, with a larger effect after 2 weeks of dosing as compared to single administration at the same dose, consistent with a cumulative effect of repeated administration. Amolyt Pharma reported that these data clearly demonstrate that the novel GHRA, ALXN2420, substantially decreases circulating IGF-1 levels in healthy individuals, thereby supporting further testing in patients with acromegaly. Additional program details: PeptiDream and Amolyt (now a subsidiary of AstraZeneca) entered into a strategic partnership and license option
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15 agreement in December 2020, to which Amolyt exercised its option to globally license a portfolio of macrocyclic peptide GHRA in September 2021. The results of the Phase 1 safety study were reported by Amolyt Pharma at the 26th European Congress of Endocrinology (ECE; May 11-14, 2024, Stockholm, Sweden) and at the 2024 Endocrine Society Meeting (ENDO; June 1-4, 2024, Boston, USA). Acromegaly is a rare, chronic endocrine disorder typically caused by a benign growth hormone (GH)-secreting pituitary adenoma that stimulates over-production of insulin-like growth factor-1 (IGF1) from the liver. The goal in treating acromegaly is to normalize IGF-1 levels to alleviate the symptoms and manage the potential medical complications caused by its excess. Treatment with somatostatin analog (SSA) monotherapy does not provide optimal control of circulating IGF-1 levels in the majority of patients. AZP-3813 is a 16-amino acid, bicyclic peptide that binds to the Growth Hormone (“GH”) Receptor and prevents circulating GH from stimulating the production of IGF1. Studies have shown that ALXN2420 potently decreases circulating levels of IGF-1 and further suppressive effects are observed when combined with the SSA, octreotide, with results published in the European Journal of Endocrinology in March 2025). Therefore, ALXN2420 is being developed as an add-on therapy for the treatment of acromegaly in patients insufficiently controlled with SSAs. CD38-ARM™ (BHV-1100) Program: Indication: Multiple Myeloma; Modality: BHV-1100 (CD38-ARMTM) is a heterodimeric peptide conjugate composed of a PDPS®-originating macrocyclic peptide targeting CD38 conjugated to a macrocyclic peptide targeting IgG; Partner: Biohaven, LTD. (“Biohaven”). Current Status: BHV-1100 completed an open-label single center interventional Phase 1a/1b study in 2025 (ClinicalTrials.gov Identifier: NCT04634435) with the primary objective of establishing the safety and exploring the efficacy of infusing the ex-vivo combination product of cytokine induced memory-like (CIML) natural killer (NK) cells with BHV-1100 and immunoglobulin (IVIG) followed by low dose IL-2 to target and kill multiple myeloma cells expressing the cell surface protein CD38 in minimal residual disease positive (MRD+) multiple myeloma (MM) patients in first or second remission. A total of 7 MM patients were enrolled in the Phase 1 study. Biohaven is considering next steps for the program. Additional program details: Program has certain partner limitations on disclosable information. Merck Undisclosed Program: Indication: Undisclosed; Modality: PDPS®-originating macrocyclic peptide targeting an undisclosed target (Program Identifier not disclosed); Partner: Merck & Co., Inc., Rahway, NJ, USA, (“MSD”). Current Status: The undisclosed therapeutic macrocyclic peptide, discovered using PeptiDream’s PDPS® technology by MSD under the companies’ 2018 PDPS® technology licensing agreement, is currently being tested in a Phase 1 study to investigate the safety, tolerability, and pharmacokinetics in healthy volunteers (initiated in July 2023, Identifier: no clinical trial identifier obtained due to the fact that the study is being conducted in healthy volunteers). The details of the ongoing Phase 1 study have not been released. Additional program details: Program has certain partner limitations on disclosable information. Merck Undisclosed Program: Indication: Inflammatory Disease; Modality: PDPS®-originating macrocyclic peptide targeting an undisclosed target (Program Identifier not disclosed); Partner: Merck & Co., Inc., Rahway, NJ, USA, (“MSD”). Current Status: The undisclosed therapeutic macrocyclic peptide, discovered using PeptiDream’s PDPS® technology by MSD under the
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16 companies’ 2018 PDPS® technology licensing agreement, is currently being tested in a Phase 1 study to investigate the safety, tolerability, and pharmacokinetics in healthy volunteers (initiated in June 2024, Identifier: no clinical trial identifier obtained due to the fact that the study is being conducted in healthy volunteers). The details of the ongoing Phase 1 study have not been released. Additional program details: Program has certain partner limitations on disclosable information. S2-Protein Inhibitor (PA-001) Program: Indication: COVID-19; Modality: PA-001 is a PDPS®-originating macrocyclic peptide inhibitor of the S2-protein expressed on the surface of the COVID-19 virus; Partner: PeptiAID. Current Status: PeptiAID completed a Phase 1 randomized double-blind placebo-controlled study designed to evaluate the safety, tolerability, and pharmacokinetics of single and multiple intravenous doses of PA-001 in healthy adults and elderly subjects in September 2025. The clinical trial found PA-001 to be safe and well-tolerated, with no serious adverse events or discontinuations at any dose level (single dose: 18-128mg, multiple doses: 64mg/ 128mg for 5 days). Plasma concentrations of PA-001 increased in a dose-dependent manner, with no evidence of drug accumulation. Pharmacokinetic profiles in elderly subjects were comparable to those in non-elderly subjects. No clinical trial identifier was obtained due to the study being conducted in healthy volunteers. PeptiAID is considering its future development strategy for PA-001. Additional program details: PA-001 was adopted by the Japan Agency for Medical Research and Development (AMED) as part of the “Research Program on Emerging and Re-emerging Infectious Diseases” (Project Name: Pre-clinical and Phase 1 studies of PA-001 to pursue treatment agent for COVID-19) and received funding support from AMED to conduct clinical development activities. PeptiAID previously conducted Specified Clinical Research of PA-001 in accordance with the Clinical Trials Act in Japan in 30 healthy Japanese adult male volunteers and confirmed that PA-001 was safe and well tolerated and demonstrated a clear dose-dependent pharmacokinetics profile, as reported August 10, 2022. Selective TNF Receptor 1 Inhibitor (AK1940) Program: Indication: Inflammatory Disease; Modality: PDPS®-originating macrocyclic peptide selective TNF receptor 1 inhibitor (“TNFR1”); Partner: Asahi Kasei Therapeutics Corporation (“Asahi Kasei Therapeutics”). Current Status: On April 20, 2026, PeptiDream announced that Asahi Kasei Therapeutics has initiated a Phase 1 clinical trial of “AK1940”, a selective inhibitor of TNF receptor 1 (“TNFR1”) (jRCT2071250141). AK1940 is a macrocyclic peptide discovered through a research collaboration between the two companies using PeptiDream’s proprietary Peptide Discovery Platform System (PDPS®). AK1940 showed potent inhibitory activity and high selectivity for TNFR1 and exhibited efficacy in animal models of inflammatory disease, supporting its potential for the treatment of a broad range of autoimmune diseases. Asahi Kasei Therapeutics is responsible for all clinical development of the program. Additional program details: Program has certain partner limitations on disclosable information. Myostatin Inhibitor Program: Indication: Obesity, DMD, SMA, and other muscular diseases; Modality: PDPS®-originating macrocyclic peptide inhibitor of Myostatin; Partner: PeptiDream wholly owned program
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17 Current Status: PeptiDream remains actively engaged in partnering discussions for its Myostatin program in both the obesity indication and rare muscle disease indications such as DMD, SMA, and FSHD. In parallel to partnering efforts, additional preclinical activities and IND-enabling activities continue to strengthen the program’s robust data package. Recent reports from Regeneron, Lilly, and Scholar Rock have demonstrated the muscle preservation effects of myostatin pathway inhibitors in humans, further enhancing the value of the program as PeptiDream has the only Myostatin inhibitor that can be orally administered. Additional program details: PeptiDream has discovered a series of potent macrocyclic and bridged-macrocyclic peptide inhibitors of Myostatin. Myostatin (also known as growth differentiation factor 8, or GDF8), along with GDF11 and Activin, are members of the transforming growth factor-beta (TGFbeta) superfamily, and function in a complex process that regulates muscle growth and function. Numerous preclinical and clinical studies have now shown that myostatin inhibitors can increase lean muscle mass, improve physical strength, reduce visceral fat, and improve metabolic dysfunction, such as insulin-mediated glucose disposal, providing growing evidence that myostatin may be an important therapeutic target for the treatment of a variety of muscular dystrophies, such as Spinal muscular atrophy “SMA”, Facioscapulohumeral muscular dystrophy “FSHD”, Duchene muscular dystrophy “DMD” and other muscle wasting diseases, as well as more recently the potential treatment for obesity, metabolic syndrome, and type 2 diabetes mellitus. In preclinical DMD mice models, PeptiDream previously reported weekly administration of its peptide myostatin inhibitors, via subcutaneous or oral administration, resulted in both strong suppression of myostatin signaling and high exposure in muscle, yielding significant improvements in four-limb grip strength in treated animals. Additionally, PeptiDream initiated additional studies to investigate the use of its oral myostatin peptide inhibitors in obesity, where there is growing evidence that myostatin inhibitors can preserve lean body mass in individuals living with obesity and taking a GLP-1 receptor agonist (such as semaglutide). To this end, peptides from this series were tested in a diet-induced obesity (“DIO”) model where mice were given either a high-fat (60%) diet plus semaglutide (0.12 mg/kg, daily injection), or a high-fat diet (60%) plus semaglutide (0.12 mg/kg, daily injection) in combination with PeptiDream’s peptides orally administered (0.5, 1.5, 4.5 mg/kg; daily dose or 3, 10, 30 mg/kg; weekly dose). Body weight of the animals was measured every 2 days and Echo MRI was utilized to analyze changes in both Fat Mass and Lean Body Mass at 14 and 28 days of treatment. Key findings of the studies: Significant weight loss: Mice receiving the combination of oral peptide myostatin inhibitor with semaglutide showed a significant reduction in body weight compared to controls, with weight loss maintained over the study period. Lean mass preservation: Unlike many traditional weight-loss therapies that lead to a loss of both fat and lean muscle mass, both daily and weekly administration of PeptiDream’s oral peptide myostatin inhibitor successfully preserved lean body mass when administered in combination with semaglutide, highlighting its potential for improving body composition. Enhanced therapeutic potential: The results suggest that the synergistic effects of myostatin inhibition and semaglutide could be an effective strategy for patients with obesity, offering a novel approach to weight management that avoids muscle loss, a common drawback of many current obesity treatments. IL-17A/IL-17F Dual Inhibitor Program: Indication: Psoriasis (with potential in other interleukin (IL)-17–mediated autoimmune diseases such as psoriatic arthritis and ankylosing spondylitis); Modality: PDPS®-originating macrocyclic peptide inhibitor of IL-17A/A, IL-17A/F and IL-17F/F; Partner: PeptiDream wholly owned program Current Status: PeptiDream is continuing preclinical activities studies toward IND-enabling studies, while in parallel, exploring a variety of potential strategic partnership options to accelerate global clinical development and deliver a best-in-class oral therapy for autoimmune disease patients worldwide. PeptiDream’s IL17 development candidate demonstrated biologic-like efficacy across the three major isoforms in preclinical models when orally administered, aiming to deliver a deeper and more durable response across skin and musculoskeletal manifestations, improving patient quality of life.
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18 Additional program details: The IL-17 pathway is a clinically validated therapeutic target across several major autoimmune diseases, including psoriasis, psoriatic arthritis, and ankylosing spondylitis. Although today’s approved IL-17 inhibitors deliver excellent clinical outcomes, all are injectable biologics, which can limit convenience and long-term accessibility. PeptiDream’s oral IL-17 macrocyclic peptide, discovered using its proprietary PDPS® technology, is designed to change this paradigm— offering the potential for biologic like efficacy with the benefits of oral administration, as well as the versatility for monotherapy or combination therapy with TNF or JAK inhibitors, providing new options for patients with difficult to treat disease. J&J Undisclosed Program: Indication: Inflammatory Disease; Modality: PDPS®-originating macrocyclic peptide targeting an undisclosed target (Program Identifier not disclosed); Partner: Johnson & Johnson, (“J&J”). Current Status: On January 13, 2026, PeptiDream announced the first clinical development candidate arising from the research and development collaboration with J&J, originally initiated in 2017. The undisclosed therapeutic macrocyclic peptide, discovered using PeptiDream’s PDPS® technology and optimized and developed in collaboration with J&J, is a novel potentially first-in-class best-in-class treatment for inflammatory disease. J&J is responsible for all clinical development of the program. Additional program details: Program has certain partner limitations on disclosable information. cKIT Inhibitor (MOD-B) Program: Indication: Mast-cell driven immune-inflammatory and allergic diseases; Modality: Small molecule inhibitor of KIT whose discovery was enabled by a PDPS®-originating macrocyclic peptide targeting KIT; Partner: Alivexis (previously known as Modulus Discovery). Current Status: The nominated clinical development candidate is a novel, potent and selective small molecule inhibitor of KIT, a key signaling kinase involved in the Mast cell response pathway, for the potential treatment of Mast-cell driven immuno- inflammatory diseases, including allergic disease. Alivexis is actively engaged in partnering/out-licensing activities for the MOD-B program. (B)-2: Preclinical Discovery & Development Non-Radiopharmaceutical Programs: In addition to the clinical-stage programs described above, PeptiDream also has an extensive preclinical pipeline of programs, both partnered and wholly owned, across the following four (4) modalities: (1) peptide-based therapeutics, (2) peptide- oligo drug conjugates (“Oligo-PDCs”), (3) peptide- cytotoxic drug conjugates (“Cytotoxic-PDCs”), and (4) multi-functional peptide conjugates (“MPCs”), providing PeptiDream with an exceptionally robust and highly diverse preclinical pipeline from which to generate clinical development candidates to advance into the clinical-stage, which will undoubtedly serve as an important engine for growth for the company. As programs arising from these efforts reach the clinical candidate selection/initiation of IND-enabling studies stage, they will be added to the above pipeline table. In the peptide-based therapeutics space; as one of the leading peptide discovery companies in the world, PeptiDream has announced a number of collaborations with large global pharmaceutical companies and a diverse array of strategic partners, with a multitude of programs spanning a wide variety of disease areas, therapeutic mechanisms, and administration routes including oral peptide delivery, an area of significant market interest. In the Oligo-PDC and Cytotoxic-PDC space; with macrocyclic peptides increasingly proving to be the ideal agents for the targeted delivery of a wide variety of therapeutic payloads, from tumor killing radioisotopes (programs and partnerships described
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19 in the Radiopharmaceutical section above) to tissue modifying oligonucleotide drugs and cytotoxic payloads, PeptiDream has established a strong leading position in the field, with a broad array of preclinical programs across announced collaborations with Shionogi (2019; tissue targeting PDCs), Takeda (2020/2021; muscle and CNS targeting PDCs incorporating PeptiDream’s Transferrin Receptor targeting peptides discovered with JCR Pharma), Alnylam Pharmaceuticals, Inc. (2021; tissue targeting PDCs, “Alnylam”), Lilly (2022; tissue targeting PDCs ), Merck (2022; tumor targeting PDCs) and Novartis (2024; tissue targeting PDCs). In 2025, PeptiDream announced the achievement of a key milestone in its peptide-siRNA conjugate discovery collaboration with Alnylam demonstrating peptide-ligand mediated targeted siRNA delivery to a specific extrahepatic tissue. This achievement underscores the transformative potential of PeptiDream’s proprietary PDPS® in enabling receptor-mediated uptake of siRNA therapeutics into organs beyond the liver— a long-standing challenge in the field of RNA interference (RNAi). The peptide-siRNA conjugate demonstrated robust and specific uptake with deep target gene knockdown in wild-type animal models via subcutaneous administration, with negligible activity in receptor knockout models, confirming the specificity of the targeting mechanism. In the MPC space; the past decade has seen a number of bispecific antibodies therapeutics approved, and more recently, the advent of newer trispecific/ multispecific antibodies, capable of binding multiple antigens simultaneously, providing for a spectacular array of potential formats and thus exciting new ways to treat disease never before possible. Macrocyclic peptides can also be combined into such multifunctional molecules through the simple conjugation of two or more peptides. PeptiDream has a growing preclinical pipeline of highly promising internal MPC programs. PeptiDream is also active in investigating the use of macrocyclic peptides as targeted degraders, in part through a collaboration with Astellas (2023). (B)-3: Select Highlights from the Non-Radiopharmaceutical Business in FY2026: (Please see the relevant Press Releases for additional information on each highlight) April 2026: PeptiDream and Asahi Kasei Therapeutics announced that Asahi Kasei Therapeutics has initiated a Phase 1 clinical trial of “AK1940”, a selective inhibitor of TNF receptor 1 (“TNFR1”). (B)-4: PDPS® Technology Transfer Business: PeptiDream has non-exclusively licensed its PDPS® technology to 11 companies: BMS (2013), Novartis (2015), Lilly (2016), Genentech (2016), Shionogi and Co. ("Shionogi”) (2017), MSD (2018), MiraBiologics (2018), Taiho Pharmaceutical (2020), Janssen (2020), Ono Pharmaceutical (2021) and Fujirebio (2022). PeptiDream continues to receive various technology license and management payments from the licensee companies, in addition to potential preclinical and clinical milestone payments as programs advance. In accordance with all PDPS® technology license agreements, PeptiDream is not informed as to what specific discovery and development programs are being prosecuted by the licensee company until certain initial pre-clinical milestones are achieved. In addition, PeptiDream continues to receive interest from multiple companies interested in licensing the PDPS® technology. (B)-5: Other Notable Items in the Non-Radiopharmaceutical Business: No additional notable items in the current reporting quarter. (C) PeptiDream Equity Shareholdings: Below is a brief description of PeptiDream Equity Shareholdings as of June 30, 2026. PeptiGrowth: At the time of reporting, PeptiDream holds an approximately 39.5% equity stake in PeptiGrowth. PeptiGrowth (Tokyo, Japan) was established in 2020 as a joint venture between PeptiDream and Mitsubishi Corporation, with the aim to develop, produce and sell peptide alternatives to growth factors, key ingredients of cell culture, used in the manufacturing of cell therapies, regenerative medicines and other biopharmaceutical areas, including the growing market of lab- grown meat and other products. Growth factors are a class of proteins that are widely present in humans and other animals. In addition to playing important roles in cell growth and proliferation, they are crucially involved in induction of differentiation of
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20 stem cells (iPS cells, ES cells, etc.) into nerve, blood, and other types of cells. Currently, growth factors are mainly extracted from animal serum or produced by recombination technology, however, their production presents a number of challenges to the pharmaceutical industry, including safety risks due to contamination with impurities, variation in quality among production lots, and high production costs. PeptiDream has been using its proprietary PDPS® technology, to identify alternative peptides that perform the equivalent function as protein growth factors and utilize chemical synthetic routes that do not use animal serum or recombination technology, and by establishing a commercial manufacturing process, PeptiGrowth can produce homogenous products of high purity, ensuring less lot-to-lot variation, at lower costs. Mitsubishi Corporation is actively involved in the sales and marketing of PeptiGrowth’s growing lineup of products. PeptiGrowth has launched thirteen (14) products to date; PG-001 (a peptide alternative to hepatocyte growth factor (HGF)), PG-002 (a peptide inhibitor of TGFβ1) in 2021, PG-003 (a peptide alternative to brain derived neurotropic factor (BDNF)), PG- 004 (a peptide alternative to Noggin), PG-005 (a BMP7 selective inhibitor) , PG-006 (a BMP4 selective inhibitor) in 2022, PG- 007 (a VEGFR2 agonist as an alternative to VEGF ), PG-008 (aβ-catenin pathway agonist as an alternative to Wnt3a), PG-009 (a synthetic version of EGF) in 2023, PG-010 (TPOR agonist as an alternative to TPO) and PG-011 (FGFR1c agonist as an alternative to FGF2) in 2024, PG-012 (FGFR2b agonist as an alternative for KGF), PG-013 (IL-15 alternative peptide) in 2025, and PG-014 (PDGF-AA alternative peptide (PDGFRα agonist)) in 2026. The companies aim to continue to launch additional products in the future. PeptiAID: At the time of reporting, PeptiDream holds an approximately 39.4% equity stake in PeptiAID. PeptiAID (Kanagawa, Japan) was established in 2020 as a joint venture between PeptiDream, Fujitsu, Mizuho Capital, Takenaka Corporation, and Kishida Chemical, with the aim to discover and develop a peptide therapeutic for the treatment of COVID-19. PeptiDream applied its proprietary PDPS® technology toward identifying peptide candidates targeting the COVID-19 viral “spike“ protein, which is essential for coronavirus to enter human cells, leading to the discovery of PA-001. A Phase 1 safety study of PA-001 in the United States was completed in 2025. PeptiAID continues to consider options for the PA-001 program. PeptiStar: At the time of reporting, PeptiDream holds less than a 20% equity stake in PeptiStar. PeptiStar (Osaka, Japan) was established in 2017 as a joint venture between PeptiDream, Shionogi, and Sekisui Chemical Co., Ltd, with the aim to create a Contract Development and Manufacturing Organization (“CDMO”) for the research and commercial manufacture of peptide therapeutics. PeptiStar brings together the most cutting-edge technologies and innovations in large-scale peptide production from various companies throughout Japan in order to manufacture peptides of the highest quality and purity, while simultaneously driving down the cost of production. PeptiStar’s CDMO manufacturing facility is located in Osaka, Japan. LinqMed: At the time of reporting, PeptiDream holds less than a 15% equity stake in LinqMed. LinqMed (Chiba, Japan) was established in 2022, as a bioventure arising from the National Institutes for Quantum Sciences and Technology (“QST”), with the aim to bring innovative “visible” anti-cancer drugs to patients. PeptiDream participated in LinqMed’s Series A equity financing (December 2023) and again in LinqMed’s recent Series B equity financing (January & April 2025). In November 2025, LinqMed completed construction of a new facility in Chiba Prefecture capable of manufacturing ⁶⁴Cu and ⁶⁴Cu-based radiopharmaceuticals. Alivexis: At the time of reporting, PeptiDream holds less than a 5% equity stake in Modulus Discovery. Alivexis, originally Modulus Discovery (Tokyo, Japan & Boston, USA), was established in 2016 with the aim of pursuing a technology and computational-driven approach to drug discovery. (D) PeptiDream and PDRadiopharma Locations, Facilities, and Employee Headcount:
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21 PeptiDream’s corporate offices and state-of the-art research labs (~7,950 sqm2 of office and lab space) are located in (Tonomachi) Kawasaki, Japan. PDRadiopharma’s corporate, sales, and marketing offices are located in Tokyo, Japan with 8 branch offices, PDRadiopharma’s main manufacturing site located in (Sanmu City) Chiba, Japan (~25,200 sqm2 of research and manufacturing facilities), and PET laboratories located in (Ibaraki City) Osaka, Japan and (Tonomachi) Kawasaki, Japan (each with ~2,200 sqm2of office and lab space). In December 2024, PeptiDream/PDRadiopharma announced plans to construct a new state-of the-art manufacturing facility at Kazusa Akademia Park in Chiba, Japan, for the clinical supply and commercial production of the company’s next generation targeted radiopharmaceuticals (utilizing the radionuclides Lu-177, Ac-225, Cu-64). The new to-be-built manufacturing facility will sit on a 14-acre (57,000 sqm2) site within Kazusa Akademia Park, an industrial park located in central Chiba (~45min drive west to PeptiDream/Kawasaki PET lab/ Haneda Airport and ~1hr drive north to Chiba Sanmu site/Narita Airport) and will focus on manufacturing the Group’s growing pipeline of targeted radiotherapeutic and theranostic product offerings. Additionally, its proximal location to both Haneda and Narita Airports, will allow the Group to potentially export products out of Japan to other markets within the Asia-Pacific region as the radiopharmaceutical field continues to grow. The new facility is currently expected in the 2027-2028 timeframe. The Kazusa project construction costs are expected to cost approximately 10 - 12 billion JPY and will be completely funded through a combination of cash on hand and long-term low-interest loans. More details will be disclosed as they become available. In March 2025, PeptiDream announced plans to construct new state-of-the-art research building next to its current location in Tonomachi (the land between PeptiDream and the recently completed Tama River Sky Bridge was acquired by PeptiDream in 2021 with a view toward future expansion). The new facility will expand office space as well as lab space to host additional pre-clinical POC and CMC/formulation functions and capabilities. The new facility is currently expected in the 2027-2029 timeframe. The Tonomachi project construction costs are expected to cost approximately 12 - 15 billion JPY. More details will be disclosed as they become available. As of June 30, 2026, the PeptiDream and its subsidiary PDRadiopharma had a total headcount of 763 employees (773 when including its 10 board members), (PeptiDream Inc; 232 employees, PDRadiopharma Inc., 531 employees). (E) ESG (Environmental, Social, and Governance) Initiatives and Goals: PeptiDream continues its commitment to promoting ESG (Environmental, Social, and Governance) initiatives as well as its sustainability efforts, with the Company’s focus areas, top material issues, relevant policies and data proactively disclosed on the corporate website in the Company’s Sustainability Report. In addition, in order to further promote Company-wide sustainability initiatives , PDRadiopharma established a new "Sustainability Promotion Committee" to review and promote sustainability initiatives at PDRadiopharma. As GHG (greenhouse gas) emissions (Scope 1+2) produced by our business operations mainly derive from electric power consumption, PeptiDream utilizes an electricity supplier which proactively promotes a shift towards renewable energy. Additionally, PeptiDream has introduced CO2 (carbon dioxide)-free power from its supplier to power both PeptiDream’s head office and R&D facilities. These efforts should allow PeptiDream to realize its medium-term goal of “carbon-neutral” operations. PeptiDream believes as a R&D-driven innovative company that ensuring diversity is important in gaining a competitive advantage and nurturing innovation in order to fulfill its mission. In particular, PeptiDream values the diversity of expertise and scientific sense of each individual employee, and believes it is important to ensure a framework which allows the managers and senior scientists who play key roles in R&D and management to engage in science-based discussions and decision-making regardless of their age, gender or cultural background. Toward that end, PeptiDream has set four metrics as quantitative indicators of a diverse human workforce (*1). The current status of these indicators and PeptiDream's 2030 targets are as follows; (1) Ratio of doctorate (Ph.D.) holders (end of December 2025: 42.4%, target for 2030: Maintain 50% or more); (2) Female manager ratio (end of December 2025: 16.7%, target for 2030: 30% or more); (3) Ratio of foreign employees or employees with overseas work experience (*2) (end of December 2025: 34.8%, target for 2030: Maintain 30% or more); and (4) Ratio of young employees (in
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22 20s/30s) (end of December 2025: 18.2%, target for 2030: 30% or more). *1: Managers and senior-ranking specialists (excludes officers) *2: Employees with overseas research or work experience (excludes periods of less than one year and periods as a student studying abroad). PeptiDream has received high evaluations for its continuous efforts toward sustainability and its ESG policies and practices. In 2026, PeptiDream was selected to remain a constituent of the FTSE JPX Blossom Japan Index for the sixth consecutive year and to remain a constituent of the FTSE JPX Blossom Japan Sector Relative Index for the fifth consecutive year. These indices are constructed by global index provider FTSE Russell. In addition, the FTSE JPX Blossom Japan Index and FTSE JPX Blossom Japan Sector Relative Index are both broad ESG indices and are adopted by the Government Pension Investment Fund (GPIF) of Japan as a core ESG benchmark for its passive investments. In 2022, PeptiDream was awarded a "Top-Rated ESG Performer” for 2022 by Sustainalytics, a global ESG rating agency, and has been identified as top performer within the industry (rated No.2 among the 439 global biotech companies being evaluated). In December 2025, PeptiDream has been selected for the first time as an “A List” company, the highest rating by CDP, an internationally recognized environmental rating organization, for its outstanding efforts and disclosure on climate change. In July 2025, PeptiDream announced that it had been selected a CDP 2024 Supplier Engagement Leader, the highest rating in the Supplier Engagement Assessment by CDP, for the first time. The CDP Supplier Engagement Rating assesses how effectively companies engage with their suppliers to address climate change challenges. It assesses four perspectives in the CDP Climate Change Questionnaire: Governance, Targets, Scope 3 emissions, and Value chain engagement. The companies that receive the highest rating are selected as Supplier Engagement Leaders. As a result of the above, for the six months ended June 30, 2026, the Drug Discovery and Development Business recorded revenue of 1,201,136 thousand yen (a 440,401 thousand yen increase year on year), segment loss of 2,731,999 thousand yen (a 284,610 thousand yen decrease year on year), the Radiopharmaceutical Business recorded revenue of 8,025,834 thousand yen (a 242,781 thousand yen increase year on year), segment profit of 242,216 thousand yen (a 193,549 thousand yen decrease year on year), and the Group recorded revenue of 9,226,971 thousand yen (a 683,182 thousand yen increase year on year), core operating loss of 2,463,913 thousand yen (a 143,584 thousand yen decrease year on year), operating loss of 2,534,782 thousand yen (a 91,060 thousand yen decrease year on year),loss before tax of 2,659,790 thousand yen (a 202,723 thousand yen decrease year on year), and loss attributable to owners parent of 1,999,424 thousand yen (a 123,065 thousand yen decrease year on year).
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23 In addition to IFRS-based results, the Company discloses financial results on a core basis as an indicator of its recurring profitability. Certain items reported in financial results on a IFRS basis that are deemed to be non-recurring items by the Company are excluded as non-core items from these financial results on a core basis. Items that are excluded from operating profit to calculate core operating profit include accounting effects of business acquisitions and acquisition-related costs, impairment loss on property, plant and equipment, intangible assets and goodwill, gains or losses on compensation, settlements, non-recurring and significant gains and losses, and amortization of intangible assets from introduction of individual products or developments. A reconciliation of core operating profit to operating profit is as follows: (Thousands of yen) Results for the six months ended June 30, 2025 Results for the six months ended June 30, 2026 Change % Core operating profit (loss) (2,607,497) (2,463,913) 143,584 － Accounting effects of business acquisitions and acquisition- related costs 18,344 70,868 52,523 286.3 Impairment loss on property, plant and equipment, intangible assets and goodwill － － － － Gains or losses on compensation, settlements － － － － Non-recurring and significant gains and losses － － － － Amortization of intangible assets from introduction of individual products or developments － － － － Operating profit (loss) (2,625,842) (2,534,782) 91,060 － (2) Explanation of Financial Position 1) Analysis of financial position Total assets at the end of the six months ended June 30, 2026 decreased by 4,807,262 thousand yen from the end of the previous fiscal year to 72,225,925 thousand yen. This was mainly because of a decrease of 5,080,112 thousand yen in cash and cash equivalents. Liabilities decreased by 1,834,146 thousand yen from the end of the previous fiscal year to 23,670,778 thousand yen. This was mainly because of decreases of 1,352,582 thousand yen in borrowings, 771,007 thousand yen in trade and other payables, and 401,004 thousand yen in contract liabilities, despite an increase of 673,824 thousand yen in other financial liabilities. Equity decreased by 2,973,116 thousand yen from the end of the previous fiscal year to 48,555,147 thousand yen. This was mainly because of a decrease of 1,999,424 thousand yen in retained earnings due to the recording of loss and an increase of 818,093 thousand yen in treasury shares due to repurchases. 2) Analysis of status of cash flows Cash and cash equivalents for the six months ended June 30, 2026 decreased by 5,080,112 thousand yen from the end of the previous fiscal year to 23,602,821 thousand yen. Status of cash flows and related factors during the six months ended June 30, 2026 are described below.
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24 (Cash flows from operating activities) Cash flows from operating activities resulted in a cash outflow of 1,820,465 thousand yen (a 9,132,103 thousand yen decrease in outflow year on year). This was mainly due to the recording of loss before tax of 2,659,790 thousand yen and a decrease in trade and other receivables of 1,370,113 thousand yen. (Cash flows from investing activities) Cash flows from investing activities resulted in a cash outflow of 613,871 thousand yen (a 673,649 thousand yen decrease in outflow year on year). This was mainly due to payments for purchase of property, plant and equipment of 516,604 thousand yen and payments for purchase of intangible assets of 122,903 thousand yen. (Cash flows from financing activities) Cash flows from financing activities resulted in a cash outflow of 2,709,586 thousand yen (a 230,369 thousand yen increase in outflow year on year). This was mainly due to proceeds of 16,440,000 thousand yen from long-term borrowings, repayments of 17,760,000 thousand yen for long-term borrowings, an outflow of 997,795 thousand yen for purchase of treasury shares, and repayments of 185,362 thousand yen for lease liabilities .
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25 (3) Explanation of Consolidated Financial Forecasts and Other Forward-looking Information The Company’s key indices are as shown in the table below. 【Key indices】 Results for the full year ended December 31, 2024 Results for the six months ended June 30, 2025 Results for the full year ended December 31, 2025 Results for the six months ended June 30, 2026 Forecasts for the full year ending December 31, 2026 2024/Jan ~ 2024/Dec 2025/Jan ~ 2025/Jun 2025/Jan ~ 2025/Dec 2026/Jan ~ 2026/Jun 2026/Jan ~ 2026/Dec Capital Expenditures (JPY millions) 2,618 1,146 3,428 1,387 5,449 Depreciation Expense (JPY millions) 2,248 1,075 2,126 998 1,922 Research and Development Expenses (JPY millions) 4,002 2,135 5,022 2,642 6,445 Year-end headcount (people) 743 767 761 773 810 (Note) The amount that will actually be paid is shown for capital expenditures. (4) Significant Events The Group recorded an operating loss for the six months ended June 30, 2026, after posting an operating loss for the previous fiscal year. However, the Group refinanced the existing syndicated loan agreements on March 31, 2026 and secured sufficient liquidity on hand. The Group determined, therefore, that no material uncertainty exists regarding the going concern assumption. The Group expects to record revenue from upfront payments and R&D milestone payments, as well as other income, in the Drug Discovery and Development Business for the second half of the fiscal year ending December 31, 2026 and record an operating profit for the full fiscal year. 2. Condensed Semi-annual Consolidated Financial Statements and Primary Notes (1) Condensed Semi-annual Consolidated Statements of Financial Position (Thousands of yen) As of December 31, 2025 As of June 30, 2026 Assets Current assets Cash and cash equivalents 28,682,933 23,602,821 Trade and other receivables 5,867,315 4,497,202 Other financial assets 6,247 6,248 Inventories 3,190,567 3,677,096 Income taxes receivable 22,909 10,545 Other current assets 1,149,851 1,278,867 Total current assets 38,919,826 33,072,781
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25 As of December 31, 2025 As of June 30, 2026 Non-current assets Property, plant and equipment 18,929,282 19,344,417 Goodwill 8,370,677 8,370,677 Intangible assets 2,016,747 1,955,087 Investments accounted for using equity method 23,567 22,243 Other financial assets 2,108,710 2,094,669 Deferred tax assets 6,571,301 7,285,413 Other non-current assets 93,075 80,634 Total non-current assets 38,113,361 39,153,143 Total assets 77,033,187 72,225,925
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26 As of December 31, 2025 As of June 30, 2026 Liabilities and equity Liabilities Current liabilities Trade and other payables 4,253,389 3,482,382 Borrowings 17,041,512 2,612,678 Other financial liabilities 461,542 591,342 Income taxes payable － 40,458 Provisions 37,635 29,867 Contract liabilities 994,972 593,967 Other current liabilities 629,489 622,510 Total current liabilities 23,418,542 7,973,207 Non-current liabilities Borrowings － 13,076,251 Other financial liabilities 1,949,893 2,493,917 Retirement benefit liability 76,136 69,682 Provisions 59,692 57,058 Other non-current liabilities 660 660 Total non-current liabilities 2,086,382 15,697,570 Total liabilities 25,504,924 23,670,778 Equity Share capital 3,956,738 3,956,738 Capital surplus 4,653,758 4,504,429 Treasury shares (1,897,778) (2,715,872) Retained earnings 45,586,799 43,587,375 Other components of equity (771,254) (777,523) Total equity attributable to owners of parent 51,528,263 48,555,147 Total equity 51,528,263 48,555,147 Total liabilities and equity 77,033,187 72,225,925
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27 (2) Condensed Semi-annual Consolidated Statements of Profit or Loss Six months ended June 30, 2025 and June 30, 2026 (Thousands of yen, unless otherwise stated) Six months ended June 30, 2025 Six months ended June 30, 2026 Revenue 8,543,788 9,226,971 Cost of sales 5,378,208 5,258,941 Gross profit (loss) 3,165,579 3,968,029 Selling, general and administrative expenses 3,651,641 3,838,863 Research and development expenses 2,135,722 2,642,767 Other income 1,385 906 Other expenses 5,444 22,087 Operating profit (loss) (2,625,842) (2,534,782) Finance income 162,294 135,053 Finance costs 367,059 258,737 Share of profit (loss) of investments accounted for using equity method (31,905) (1,323) Profit (loss) before tax (2,862,513) (2,659,790) Income tax expense (740,023) (660,365) Profit (loss) (2,122,490) (1,999,424) Profit (loss) attributable to: Owners of parent (2,122,490) (1,999,424) Earnings (loss) per share Basic earnings (loss) per share (Yen) (16.40) (15.51) Diluted earnings (loss) per share (Yen) (16.40) (15.51)
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28 (3) Condensed Semi-annual Consolidated Statements of Comprehensive Profit or Loss Six Months Ended June 30, 2025 and June 30, 2026 (Thousands of yen) Six months ended June 30, 2025 Six months ended June 30, 2026 Profit (loss) (2,122,490) (1,999,424) Other comprehensive income Items that will not be reclassified to profit or loss: Remeasurements of defined benefit plans － (6,268) Total of items that will not be reclassified to profit or loss － (6,268) Other comprehensive income － (6,268) Comprehensive income (2,122,490) (2,005,693) Comprehensive income attributable to: Owners of parent (2,122,490) (2,005,693)
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29 (4) Condensed Semi-annual Consolidated Statements of Changes in Equity Six months ended June 30, 2025 (Thousands of yen) Equity attributable to owners of parent Total equity Share capital Capital surplus Treasury shares Retained earnings Other components of equity Total equity attributable to owners of parent Balance at January 1, 2025 3,956,738 4,736,195 (1,075,148) 49,393,469 (248,956) 56,762,298 56,762,298 Profit (loss) － － － (2,122,490) － (2,122,490) (2,122,490) Other comprehensive income － － － － － － － Total comprehensive income － － － (2,122,490) － (2,122,490) (2,122,490) Purchase of treasury shares － － (960,908) － － (960,908) (960,908) Disposal of treasury shares － － 138,278 － － 138,278 138,278 Share-based payment transactions － (143,485) － － － (143,485) (143,485) Total transactions with owners － (143,485) (822,630) － － (966,115) (966,115) Balance at June 30, 2025 3,956,738 4,592,710 (1,897,778) 47,270,979 (248,956) 53,673,692 53,673,692
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30 Six Months Ended June 30, 2026 (Thousands of yen) Equity attributable to owners of parent Total equity Share capital Capital surplus Treasury shares Retained earnings Other components of equity Total equity attributable to owners of parent Balance at January 1, 2026 3,956,738 4,653,758 (1,897,778) 45,586,799 (771,254) 51,528,263 51,528,263 Profit (loss) － － － (1,999,424) － (1,999,424) (1,999,424) Other comprehensive income － － － － (6,268) (6,268) (6,268) Total comprehensive income － － － (1,999,424) (6,268) (2,005,693) (2,005,693) Purchase of treasury shares － － (997,795) － － (997,795) (997,795) Disposal of treasury shares － － 179,701 － － 179,701 179,701 Share-based payment transactions － (149,329) － － － (149,329) (149,329) Total transactions with owners － (149,329) (818,093) － － (967,422) (967,422) Balance at June 30, 2026 3,956,738 4,504,429 (2,715,872) 43,587,375 (777,523) 48,555,147 48,555,147
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31 (5) Condensed Semi-annual Consolidated Statements of Cash Flows (Thousands of yen) Six months ended June 30, 2025 Six months ended June 30, 2026 Cash flows from operating activities Profit (loss) before tax (2,862,513) (2,659,790) Depreciation and amortization 1,075,367 998,839 Interest and dividend income (162,294) (69,574) Interest expenses 177,520 251,597 Foreign exchange loss (gain) 70,404 (63,810) Share of loss (profit) of investments accounted for using equity method 31,905 1,323 Decrease (increase) in trade and other receivables 787,096 1,370,113 Decrease (increase) in inventories (395,085) (486,528) Increase (decrease) in trade and other payables (1,799,410) (736,544) Increase (decrease) in defined benefit asset and liability (21,502) (6,454) Other 199,038 (302,883) Subtotal (2,899,473) (1,703,712) Interest and dividends received 162,294 69,574 Interest paid (153,366) (185,539) Income taxes paid (8,062,023) (787) Net cash provided by (used in) operating activities (10,952,568) (1,820,465) Cash flows from investing activities Payments for purchase of investment securities (300,000) － Collection of loans receivable 3,123 3,123 Purchase of property, plant and equipment (912,673) (516,604) Purchase of intangible assets (82,220) (122,903) Other 4,249 22,513 Net cash provided by (used in) investing activities (1,287,521) (613,871) Cash flows from financing activities Proceeds from long-term borrowings － 16,440,000 Repayments of long-term borrowings (1,320,000) (17,760,000) Repayments of installment payables － (107,788) Payments of borrowing fee － (98,640) Repayments of lease liabilities (198,307) (185,362) Purchase of treasury shares (960,908) (997,795) Net cash provided by (used in) financing activities (2,479,216) (2,709,586) Effect of exchange rate change on cash and cash equivalents (70,404) 63,810 Net increase (decrease) in cash and cash equivalents (14,789,711) (5,080,112) Cash and cash equivalents at beginning of period 48,117,933 28,682,933 Cash and cash equivalents at end of period 33,328,222 23,602,821
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32 (6) Notes to Condensed Semi-annual Consolidated Financial Statements (Notes regarding going concern assumption) Not applicable. (Notes in case of significant changes in equity) Not applicable. (Segment information) (1) Outline of reportable segments [Description of reportable segments] Reportable segment Business description Drug Discovery and Development Business Segment (Collaboration, PDPS® Licensing, In-House/Strategic) The Drug Discovery and Development Business centers around the use of PDPS®, the Company’s proprietary drug discovery platform system. This segment engages primarily in the discovery, research and development of new therapeutics and diagnostics through collaborative research and development with pharmaceutical companies in Japan and overseas, PDPS® technology licensing, and in-house/strategic partnering and compound licensing. Radiopharmaceutical Business Segment The Radiopharmaceutical Business engages in the research and development, manufacturing, and sale of: diagnostic radiopharmaceuticals (diagnostic agents for SPECT and PET), used to examine blood flow of the heart and brain and bone metastasis of cancers; and therapeutic radiopharmaceuticals that address unmet medical needs, such as pheochromocytoma.
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33 (2) Segment revenues and performance Revenues and performance for each of the Company reportable segments were as follows. Inter－segment revenues are based on prevailing market prices. Six months ended June 30, 2025 (January 1, 2025 to June 30, 2025) (Thousands of yen) Reportable Segment Adjustment Consolidated Statement Drug Discovery and Development Business Segment Radiopharmaceutical Business Segment Total Revenue External revenue 760,735 7,783,052 8,543,788 － 8,543,788 Inter-segment revenue － 453,484 453,484 (453,484) － Total 760,735 8,236,536 8,997,272 (453,484) 8,543,788 Segment profit (loss) (3,016,609) 435,766 (2,580,842) － (2,580,842) (Adjustments) Business combination-related expenses (Note) 45,000 Operating profit (loss) (2,625,842) Finance income 162,294 Finance costs 367,059 Share of profit (loss) of associates accounted for using the equity method (31,905) Profit (loss) before income taxes (2,862,513) (Note) Amortization expenses for intangible assets newly acquired through the business combination. Six months ended June 30, 2026 (January 1, 2026 to June 30, 2026) (Thousands of yen) Reportable Segment Adjustment Consolidated Statement Drug Discovery and Development Business Segment Radiopharmaceutical Business Segment Total Revenue External revenue 1,201,136 8,025,834 9,226,971 － 9,226,971 Inter-segment revenue － 511,788 511,788 (511,788) － Total 1,201,136 8,537,622 9,738,759 (511,788) 9,226,971 Segment profit (loss) (2,731,999) 242,216 (2,489,782) － (2,489,782) (Adjustments) Business combination-related expenses (Note) 45,000 Operating profit (loss) (2,534,782) Finance income 135,053 Finance costs 258,737 Share of profit (loss) of associates accounted for using the equity method (1,323) Profit (loss) before income taxes (2,659,790) (Note) Amortization expenses for intangible assets newly acquired through the business combination.
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34 (Revenue) In the Drug Discovery and Development Business Segment, the Company has traditionally used PDPS®, its proprietary drug discovery and development platform system, and is pursuing a three-pronged business strategy: 1) the discovery, research and development of new therapeutics and diagnostics through collaborative research and development with pharmaceutical companies in Japan and overseas, 2) PDPS® technology licensing, and 3) strategic partnering/in-house drug discovery. The three-pronged business strategy uses the PDPS® licensing. The main sources of revenue for the Drug Discovery and Development Business Segment are upfront payments, milestone payments and royalties related to the PDPS® licensing, and R&D support payments for the provision of R&D services. In the Radiopharmaceutical Business Segment, the Company main source of revenue is from the sale of products such as diagnostic radiopharmaceuticals (diagnostic agents for SPECT and PET) and therapeutic radiopharmaceuticals through its subsidiary PDRadiopharma. Based on the above, the table below discloses revenue for each of the reportable segments and revenue disaggregated by source of revenue. Six months ended June 30, 2025 (January 1, 2025 to June 30, 2025) (Thousands of yen) Drug Discovery and Development Business Segment Radiopharmaceutical Business Segment Total Adjustment Consolidated Statement Disaggregation of revenue Manufacturing, sale and distribution of products 80,662 7,689,453 7,770,115 － 7,770,115 Upfront payments, milestone payments and royalties － 5,744 5,744 － 5,744 R&D support payments 507,131 541,339 1,048,471 (453,484) 594,987 Other 172,941 － 172,941 － 172,941 Total 760,735 8,236,536 8,997,272 (453,484) 8,543,788 Timing of revenue recognition Goods and services transferred at a point in time 118,833 7,381,643 7,500,476 (453,484) 7,046,992 Services transferred over time 641,901 854,893 1,496,795 － 1,496,795 Total 760,735 8,236,536 8,997,272 (453,484) 8,543,788 (Note) “Other” includes a technology update fee and other fees.
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35 Six months ended June 30, 2026 (January 1, 2026 to June 30, 2026) (Thousands of yen) Drug Discovery and Development Business Segment Radiopharmaceutical Business Segment Total Adjustment Consolidated Statement Disaggregation of revenue Manufacturing, sale and distribution of products 299,919 8,017,912 8,317,832 － 8,317,832 Upfront payments, milestone payments and royalties 200,000 7,921 207,921 － 207,921 R&D support payments 565,227 511,788 1,077,015 (511,788) 565,227 Other 135,989 － 135,989 － 135,989 Total 1,201,136 8,537,622 9,738,759 (511,788) 9,226,971 Timing of revenue recognition Goods and services transferred at a point in time 503,274 7,716,729 8,220,004 (511,788) 7,708,216 Services transferred over time 697,861 820,893 1,518,754 － 1,518,754 Total 1,201,136 8,537,622 9,738,759 (511,788) 9,226,971 (Note) “Other” includes a technology update fee and other fees. (Subsequent events) Not applicable.