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1 Global Investor Call EXACT Therapeutics 11 February 2026
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This presentation (the "Presentation") has been prepared by EXACT Therapeutics AS (the "Company") exclusively for information purposes. The Presentation is being made only to, and is only directed at, persons to whom such presentation may lawfully be communicat ed (’relevant persons’). Any person who is not a relevant person should not act or rely on the Presentation or any of its contents. The Presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any per son to underwrite, subscribe for or otherwise acquire securities in the Company. The release, publication or distribution of the Presentation in certain jurisdictions may be restricted by law, and therefore persons in such jurisdictions into which this Presentation is released, published or distributed should inform themselves about, and observe, such restrictions. The Presentation contains certain forward-looking statements relating to the business, products, financial performance and results of the Company and its subsidiaries and/or the industry in which they operates. Forward-looking statements concern future circumstances and results and other statements th at are not historical facts, sometimes identified by the words “believes”, expects”, "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "a nticipates", "targets", and similar expressions. The forward- looking statements contained in the Presentation, including assumptions, opinions and views of the Company or cited from thir d party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any antici pated development. Neither the Company nor its employees provides any assurance that the assumptions underlying such forward -looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in the Presentation or the actual occurrence of the forecasted developments. The Co mpany assumes no obligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to its actual results. The Presentation contains information obtained from third parties. You are advised that such third party information has not been prepared specifically for inclusion in the Presentation and the Company has not undertaken any independent investigation to confirm the accuracy or completeness of such information. Several factors could cause the actual results, performance or achievements of the Company to be materially different from an y future results, performance or achievements that may be expressed or implied by statements and information in the Presentation, including, among others, the risk factors described in the Company's annual reports. Should any risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the Presentati on. No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, inclu ding projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, neither the Company, its subsidiaries, nor their directors or employees accepts any liability whatsoever arising directly or indirectly from the use of the Presentation. By attending or receiving the Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future perfo rmance of the Company’s business. The Presentation speaks as of February 2026. Neither the delivery of this Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. Important notice and disclaimer
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Today’s presenters from Management 3 John M. Edminson, CFO • Former CFO Questback. Experience from various CFO/FM roles including PatientSky, KPMG, Kistefos, AC Nielsen • MFin Caspar Foghsgaard, CBO • Former Sr. Dir. Special Projects at Nykode Therapeutics, and Head of Nykode’s BD activities. • BD & strategy roles incl. Elopak & Novozymes • BSc & MSc Dr Per Walday, CEO • 30+ years in biotech/ pharma • Former CEO, PCI Biotech; Global Head, Proj. Mgmt pharma GEHC • PhD
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Mission to change Global Standard of Care for patients with locally advanced pancreatic cancer 4 Strategic focus on high unmet need cancers, pancreatic first Clinical PoC Ph 1: 4x increased tumour shrinkage & excellent safety; Ph2 trial with encouraging early responses IP broad IP across all major markets including U.S. Runway well into 2027 and beyond key readouts from Ph2 trial Vision: We are building a leading biotech company, utilising the power of ultrasound to unlock targeted oncology treatments and improve the lives of cancer patients Source: Company information
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PS101 pipeline Focus on high unmet medical need cancers – pancreatic first Source: Company information Notes: 1) Phase 2 trial in 1L locally advanced pancreatic cancer (NCT06850623) 2) Phase 1 trial in liver metastases of colorectal cancer origin (NCT04021277) 3) CNS – Central Nervous System 5 Area / Disease Preclinical Phase I Phase II Oncology Pancreatic cancer (ENACT1 trial) Liver metastases (ACTIVATE2 trial) Glioblastoma Immunotherapy Other CNS3 diseases Gene therapy 1st priority Clinical PoC
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PS101 opens biological barriers that hamper drug delivery Source: Company information • Non-invasive treatment enabling targeted delivery • Treatment is given concomitantly with standard of care 6 • PS101 – an ultrasound- activated prodrug • PS101: microclusters of gas bubbles and oil droplets → free-flowing in the blood and can reach any organ ● PFMCP µ-droplet● PFB µ-bubble i.v. injection of PS101 Standard of care therapy
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PS101 is activated through a 2-step ultrasound process › Formation of large bubbles trapped in capillaries HF ultrasound for activation of PS101 in capillaries Oscillation provides prolonged targeted drug delivery LF ultrasound for oscillation of bubbles Step 2: Enhancement with low frequency (LF) Step 1: Activation with high frequency (HF) A simple and non-invasive treatment process Source: Company information › › Release of bubbles within 10 min, and exhalation through the lungs › 7
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Clinical
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ACTIVATE Phase 1 trial with PS101 – clinical proof of concept – Innovative assessment of anticancer activity – Patients with liver metastases of colorectal origin Comparing % change between baseline and Week 8 for insonated vs. control lesions 9 • All patients received standard of care • One liver tumour treated with PS101 • Intra-patient comparison of response • Assessment of central reviewer Clinicaltrials.gov: NCT04021277 • 4x greater tumour shrinkage in high dose PS101 group (p>0.05) • Excellent safety profile • Presented at ESMO 2025 Source: Company information
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Pancreatic cancer – high unmet medical need Pancreatic cancer is one of the most lethal cancers and has seen few advances in treatment >67 000 new diagnoses every year in the US alone – potential orphan designation 142 die every day in the US1 13% 5-year relative survival1 1 National Cancer Institute 2 PDAC: Pancreatic Ductal AdenoCarcinoma No new drugs have given a major increase in survival1 10
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PS101 – Strong rationale for use in pancreatic cancer Success in LAPC development Clinical and pre-clinical data Demonstrated convincing responses in clinic and in pancreatic animal models Technical feasibility Good access to pancreas with existing ultrasound devices PS101 in locally advanced pancreatic cancer (LAPC) ➢ Large unmet need: 30-40% of pancreatic cancer patients are LAPC and inoperable ➢ Delivery of therapies into dense, pancreatic tumours is challenging ➢ Aim to convert inoperable patients to resection Source: NCI and Company information 11
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Borderline resectable Locally advanced unresectable PS101 + SoC2 Tumour resection 30-40% of pancreatic cancer patients PS101 – aim to increase conversion to resectability in LAPC Substantial tumour shrinkage may permit conversion to surgical resectability 1 Gemenetzis et al, Ann Surg 2019, 270(2) 2 SoC: Standard of Care is a chemotherapy combination (FOLFIRINOX) 12 Conversion to resection approximately doubles the median overall survival compared with unresected patients1
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13 High unmet medical need and large commercial opportunity Total addressable patient population of ~35,000 in USA and EU5 Newly diagnosed pancreatic cancer patients / year Locally advanced unresectable and border line resectable (35%) FOLFIRINOX Treatment (70%) EU52USA1 67 440 23 604 25 909 74 025 16 523 18 136 Addressable patient population: ~35 000 Sources: 1USA – National Cancer Institute Pancreatic Cancer — Cancer Stat Facts 2EU5 – Germany (22 942), Italy (15 964), France (15 250), UK (10 811), Spain (9 058) - ECIS, Cancer Research UK
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Safety review Interim analysis - 25 patients with locally advanced pancreatic cancer - Planned geographies - U.S. - Europe Staggered dosing for the first three participants 22 participants on PS101 + mFOLFIRINOX2 Final analysis Participant 1 Participant 2 Participant 3 Days 14 21 40µl/kg Notes: 1Pancreatic ductal adenocarcinoma (PDAC) is the most common form of pancreatic cancer (accounting for 85% of cases). Tonini V, et al. 2021; 2Modified FOLFIRINOX (FOL = FOLinic acid (also called leucovorin), F = Fluorouracil (also called 5-FU), IRIN = IRINotecan, OX = Oxaliplatin) Source: company information ENACT Phase 2 trial PS101 in first line borderline resectable and locally advanced PDAC1 Mid-2026 1H 2027 Clinicaltrials.gov: NCT06850623 60µl/kg 1H 2026 Safety review Jan. 2026 14 ✓
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ENACT: Safety summary and TMC1 recommendations Safety summary • Overall, early safety results support continued dosing and trial as planned • Adding PS101 to standard chemotherapy has shown no added safety concerns TMC recommendations ✓ Study can proceed in accordance with the current protocol ✓ The PS101 dose should be increased to 60 µl/kg ✓ Patients with borderline resectable disease can be enrolled 15 Scheduled safety review after three patients had gone through 28 days of treatment Source: Company information 1TMC: Trial Monitoring Committee
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16 ENACT: Encouraging response to PS101 + standard of care Promising start of ENACT on tumour response • The first two ENACT patients had ≥85% reduction in CA 19-9 • Tumour shrinkage at 16 weeks was 46% and 19% in patient 1 and 2, respectively Notes: - Data are preliminary, unaudited, and based on the first two treated patients only - Tumour shrinkage is by local hospital radiology assessment, while interim & final results will be based on central radiology - Results are early and subject to change as additional patients are enrolled and follow-up continues Early and substantial CA 19-9 decline is strongly associated with improved survival in locally advanced pancreatic cancer1 1Dekker et al, BJS, Volume 111, Issue 10, October 2024 0 25 50 75 100 Screening 8W 16W CA 19-9 in % of screening value Time from start of treatment Treatment induced decrease in CA 19-9 Patient 1 Patient 2 CA 19-9 is the only FDA approved pancreatic cancer biomarker >50% reduction is considered a strong and meaningful response Patient 1 was converted to surgical tumour resection Successful resection with clear lymph nodes and surgical margins Strong response
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Preclinical
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Preclinical evidence and ongoing activities 18 1SNMMI: Society of Nuclear Medicine and Molecular Imaging 2CICON: Cancer Immunotherapy Conference Source: Company information Between 200-300% increase in tumour specific uptake with PS101 Control PS101 Gene therapy: Nonviral gene delivery → Exploratory work CNS cancers and blood-brain barrier: Glioblastoma (GBM) → Encouraging data in GBM presented at SNMMI1 2025 Immuno-oncology: Combining PS101 with checkpoint inhibitors → Early signals for further evaluation presented at CICON2 2025 PS101 - potential preclinical pipeline expansions
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Financing and Use of Proceeds
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Warrant exercise of up to ~6m USD1; >75% secured so far Initial safety read-out Jan 2026 Interim read-out Mid 2026 Key Results H1 2027 Use of proceeds from warrants: • Secure ENACT trial through major read-outs of interim- and key results • Non-clinical research activities supporting our pancreatic cancer focus and further expansion • Continued expansion of IP across applications 2027 Warrants exercise Q1 2026 Today Continued strong support from major shareholders: >75% of amount has been secured so far 2026 20 162m NOK Source: Company information
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Strong execution - major milestones since Dec’ 2024 financing Milestone category Description Oncology (clinical) Phase 1 ACTIVATE trial Final study results – presented at ESMO* 2025 Phase 2 ENACT trial Approval of US IND by the FDA First patient dosed Approval of CTA in the UK by the MHRA Initial safety read-out (3 patients) Technology Expansion (pre-clinical) Updates on immuno-oncology Presented at CICON* 2025 Updates on CNS/Blood-Brain Barrier Glioblastoma results presented at SNMMI* 2025 Updates on IP Grant of key patents in major markets * ESMO: European Society for Medical Oncology; CICON: Cancer Immunotherapy Conference; SNMMI: Society of Nuclear Medicine and Molecular Imaging 21
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Strong potential news flow in 2026 Milestone category Description Oncology (clinical) Phase 1 ACTIVATE trial Publication of final study results from ACTIVATE trial in patients with liver metastases of colorectal cancer origin in scientific journal Phase 2 ENACT trial Safety read-out for 60µl/kg dose from ENACT Phase 2 trial (3 patients) First patient dosed in Europe in ENACT Phase 2 trial Interim read-out from ENACT Phase 2 trial Enrollment completed in ENACT Phase 2 trial Technology Expansion (pre-clinical) Updates on pre-clinical work Updates on IP 22Source: Company information
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23 Long-term strategic ambition – win in LAPC and beyond LAPC: PS101 + mFOLFIRINOX LAPC: PS101 + other SoC / + Oligometastatic Oncology: GBM / IO Platform: Genetherapy & CNS Time 1. Continuing the pancreatic cancer focus I. LAPC: expanding to cover remaining SoC outside mFOLFIRINOX II. Oligometatstatic LAPC 2. Oncology • Expansions into GBM / Immuno-oncology 3. Platform expansion • Gene therapy • CNS Source: Company information
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Key take-aways Strong clinical proof-of-concept: 4 x increase in tumour shrinkage Encouraging early tumour responses in the ENACT trial in LAPC #1 medical equipment company as vested device and supply partner Broad granted IP coverage across major markets, including US Strong execution in 2025 and rich news flow in the coming year Financial runway through major read-outs of interim- & key results 24 Source: Company information
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Q&A
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Caspar Foghsgaard CBO M: +47 454 89 233 E: caspar.foghsgaard@exact-tx.com Dr Per Walday CEO M: +47 917 93 429 E: per.walday@exact-tx.com Contacts John M. Edminson CFO M: +47 952 16 162 E: john.edminson@exact-tx.com Contacts