Slides
Page 1
Oncolytic Molecules that Kill Cancer with Direct and Systemic Effects Neoadjuvant Immunotherapy with Durable Responses Approaching Registrational Trials Q2 Earnings Presentation 27 August 2026
Page 2
2 Non-confidential Disclaimer This presentation (the "Presentation") has been prepared by Lytix Biopharma ASA ("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 communicated (’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 person 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/or the industry in which it operates. Forward- looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words “believes”, expects”, "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements contained in the Presentation, including assumptions, opinions and views of the Company or cited from third 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 anticipated 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 Company 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. Lytix Biopharma relies on publicly available information from Verrica Pharmaceuticals for some of the information shared in this material. The Company uses certain financial information calculated on a basis other than in accordance with International Financial Reporting Standards (IFRS), as supplemental financial measures in this presentation. These non-IFRS financial measures are provided as additional insight into the Company’s ongoing financial performance and to enhance the user’s overall understanding of the Company’s financial results and the potential impact of any corporate development activities. An investment in the Company involves risk, and several factors could cause the actual results, performance or achievements of the Company to be materially different from any 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 most recently published prospectus dated January 2026, available on the Company’s website. Should any risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the Presentation. No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including 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 nor its 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 performance of the Company’s business. The Presentation speaks as of August 27, 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.
Page 3
3 Non-confidential Øystein Rekdal, CEO Founder and scientist-CEO with over two decades in immuno- oncology, leading the discovery and development of Lytix’s innovative peptide-based cancer immunotherapies. Gjest Breistein, CFO Finance leader with strong track record in listed companies, ensuring disciplined financial management and capital market engagement. Timothy Herpin, CBO Biotech and pharmaceutical business development leader with over 20 years of strategic partnering and transactions across oncology and infectious disease. Karim Benhadji, CMO Dr. Benhadji is an accomplished oncology drug development leader with more than 20 years of experience advancing cancer therapies.
Page 4
4 Non-confidential Company introduction Company Overview
Page 5
5 Non-confidential Lytix’s Oncolytic Molecule Platform T=5 minutes Lactoferrin (689 amino acids) Lactoferricin (25 amino acids) LTX-315 • Small peptide (9 amino acids chemically modified) • Phase I/II study completed • Phase II studies competed / ongoing Ruxotemitide: Lead product candidate LTX-401 • Small molecule (β- disubstituted amino acid derivative) • Early preclinical completed • Late stage preclinical ongoing Preclinical asset Oncolytic Molecule Platform Derived from Host-Defense Peptides Pipeline Chemistry undisclosed Discovery phase
Page 6
6 Lytix’s Therapies Work Through a Two-Phase Mechanism; Killing Tumors Locally & Activating Broad Systemic Immune Response 6
Page 7
7 Non-confidential • Complete regression of injected tumors • Abscopal effect in distant metastases • Responses were durable (up to over 24 months) • Safety profile was consistent with known effects of IT immunotherapy and pembrolizumab. • Manageable safety in heavily pretreated patients Complete regression in injected tumors Complete regression in non-injected tumors Key Findings Before treatment Day 43 Day 547 scan No lesion in left gluteus muscle Baseline scan 28 mm lesion in left gluteus muscle Ruxotemitide (LTX-315) Delivers Anti-tumor Activity & Favorable Safety in Advanced and Heavily Pretreated Melanoma in Combination with Pembrolizumab
Page 8
8 Non-confidential Clinical Activity of Ruxotemitide in Phase II Neoadjuvant Melanoma (N=9) Interim data presented at Nordic Melanoma Meeting – November 2025, by Dr. Henrik Jespersen and team NeoLIPA Interim Results Demonstrate Strong Anti-Tumor Activity in Resectable Stage III–IV Melanoma SWOG S1801 study with pembrolizumab alone: Pathological Complete Response (pCR): 21% 55% MAJOR PATHOLOGICAL REPSONSE 88% OVERALL PATHOLOGICAL RESPONSE PATHOLOGICAL COMPLETE RESPONSE 100% tumor elimination 44% Top-line results expected H2 2026
Page 9
9 Non-confidential Ruxotemitide in Combination with Standard of Care has Potential to Improve Clinical Outcome in Neoadjuvant (Pre-surgery) Melanoma Adapted and modified from Saad & Tarhini, Current Oncology Reports 2023 Standard of Care NCCN Recommended NOT FDA Approved Ruxotemitide
Page 10
10 Non-confidential Population Pre-clinical Phase I Phase II Phase III Partner Ruxotemitide (LTX-315) ATLAS-IT -05 Combination with pembrolizumab PD-1/PD-L1 refractory melanoma patients Monotherapy Basal cell carcinoma NeoLIPA Neoadjuvant resectable melanoma patients ALETTA Neoadjuvant resectable melanoma patients LTX-401 Mono-and combination therapy Solid tumors (deep seated lesions) Pipeline Ongoing & Preparing for Registrational Study Completed Completed Lytix holds an extensive patent estate protecting its proprietary anti-tumor molecules and their application in immunotherapy across major pharmaceutical markets. Preparing for Phase I Study Initiation Q127
Page 11
11 • In patients with surgically removed melanoma, a patient-specific cancer vaccine + standard immunotherapy reduced risk of cancer returning or spreading • Results not yet disclosed; overall survival follow-up continues What This Means for Lytix - Validation, with Clear Differentiation • Large-scale proof that teaching the immune system to recognize a tumor improves outcomes • Merck/Moderna vaccine built for each individual patient using a selection of predicted tumor antigens. Ruxotemitide is one product for all patients. Releases patient's whole tumor-antigen repertoire from inside the tumor • Merck/Moderna vaccine given after surgery (adjuvant). Ruxotemitide treats before surgery (neoadjuvant), while the tumor is still present to act as the antigen source Recent Phase III Milestones Validate Immune Priming as the Next Standard of Care for Melanoma Merck & Moderna: First Positive Phase III Data for Personalized Cancer Vaccine
Page 12
Highlights for the Second Quarter & Post Quarter End
Page 13
13 FDA Feedback Clears Path to Registrational Phase III Trial for Ruxotemitide (LTX-315) in Patients with Resectable High-Risk Melanoma • The FDA raised no objection to Lytix’s proposed randomized Phase III trial of neoadjuvant ruxotemitide plus pembrolizumab versus pembrolizumab alone, with event-free survival (EFS) as the primary endpoint • FDA also confirmed that a single well-controlled trial may support a New Drug Application, depending on the totality of the data generated • Study to be conducted in high-risk resectable melanoma • Registrational-enabling work is advancing on plan, including protocol finalization, CRO evaluation and site selection • Current cash runway supports planned Phase III preparation • Lytix actively pursues partnerships to fund and execute the study and evaluates alternative options to advance the program. Single Well-defined Registrational Path to Full Approval
Page 14
14 Lytix Partnering With Leading Investigator to Test Ruxotemitide in Combination with Ipilimumab and Nivolumab in Melanoma – ALETTA Study • Multi-arm Phase II study in resectable stage III melanoma, conducted independently by the Netherlands Cancer Institute (NKI) and the European Institute of Oncology (IEO) across European melanoma expert centers, with limited cost to Lytix. • Led by Prof. Christian Blank, a pioneer of neoadjuvant immunotherapy in melanoma and leader of the landmark OpACIN, OpACIN-neo and NADINA trials, which established ipilimumab and nivolumab as one of the standards of care in neoadjuvant melanoma. • Randomized comparison of ipilimumab and nivolumab with and without ruxotemitide in IFN-γ-low patients (47 patients in the Lytix-relevant arm) • Trial to start in early 2027 Investigator-led Study Could Deliver Clinical Validation of Ruxotemitide Beyond Pembrolizumab
Page 15
15 Non-confidential Highlights for the Second Quarter & Post Quarter End • 85% of patients now enrolled • Top-line results provide additional Phase II data to support partnering discussions NeoLIPA On Track to Deliver Top-Line Results H2 2026 • Final results from ATLAS-IT-05 presented on April 20 at the American Association for Cancer Research (AACR) in San Diego • Safety and Efficacy results with ruxotemitide and pembrolizumab in melanoma and triple negative breast cancer presented on May 30 at the American Society of Clinical Oncology (ASCO) in Chicago ATLAS-IT-03/05 – Clinical Data Presentations at Two Major International Conferences
Page 16
16 Non-confidential Highlights for the Second Quarter & Post Quarter End • New Phase 2 data presented on May 15 at the Society for Investigative Dermatology (SID) • 67% overall reduction in untreated, non-target BCC lesions • complete histologic clearance in 21% of these lesions following treatment of the injected lesion • These findings provide further evidence of a potential abscopal effect, consistent with the data from our ATLAS-IT-05 study Verrica Partnership – Continues CRO Selection and Drug Manufacturing for Phase III • Strengthened leadership team with two key hires: Renee Christine Amundsen appointed COO (April 2026) and Timothy Herpin, Ph.D. appointed Chief Business Officer (August 2026) • Cash and short-term investments on NOK 91.4 million at the end of Q2 2026, supporting continued execution of key-value driving activites Business and Financial
Page 17
Introduction of our new CBO Timothy Herpin
Page 18
18 Non-confidential Financials & Outlook
Page 19
19 Non-confidential Key Figures – Profit & Loss Amounts in NOK ‘000 Q2 2026 Q2 2025 FY 2025 Total operating income - - - Total operating expenses (26,826) (5,157) (64,028) Loss from operations (26,826) (5,157) (64,028) Loss for the period (26,672) (5,051) (59,982) • Total operating expenses of NOK 26.8 million in Q2 2026, in line with Q1 2026 • Direct R&D of NOK 15.9 million remains the largest component, reflecting ATLAS-IT-05 close-out and preparation for the planned registrational study • The Q2 2025 comparative was reduced by a NOK 10.2 million reversal of ATLAS-IT-05 accruals following the correction of the Keytruda pricing assumption
Page 20
20 Non-confidential Lean Cost Base and Solid Runway into 2027 Total operating expenses • Cash and short-term financial investments of NOK 91.4 million at 30 June 2026 • Operating cash outflow of approximately NOK 29 million in each of the first two quarters of 2026 Cash and short-term financial investments 16,315 22,894 6,266 (3,209) 4,825 5,905 14,245 15,904 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 21,162 26,828 23,280 32,998 13,439 5,157 Depreciation and amortisation Other expenses Payroll and related Direct R&D Q2 26 24,258 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 72,358 120,174 91,387 43,539 130,791 117,903 100,263 90,005 26,802
Page 21
21 Non-confidential Key Figures – Balance Sheet Amounts in NOK ‘000 30.06.2026 30.06.2025 31.12.2025 Assets Property, plant and equipment 5 18 5 Right-of-use assets 1,644 2,565 2,082 Trade and other receivables 7,296 7,281 7,078 Short-term financial investments 62,385 60,072 61,756 Cash and cash equivalents 29,003 40,191 10,602 Total assets 100,332 110,127 81,524 Shareholder’s equity and liabilities Total equity 86,618 90,024 61,750 Total liabilities 13,715 20,103 19,744 Total equity and liabilities 100,332 110,127 81,524 • Total assets of NOK 100.3 million; equity ratio of 86.3 percent • Liquid assets of NOK 91.4 million, of which NOK 62.4 million held in short-term financial investments • Total liabilities reduced to NOK 13.7 million from NOK 19.8 million at year-end 2025, following settlement of ATLAS-IT-05 obligations
Page 22
22 Non-confidential Multiple Paths to Creating Shareholder Value Ruxotemitide - Melanoma • FDA raised no objection to the Phase III design with event-free survival as primary endpoint; a single registrational study may support an NDA • NeoLIPA topline results on track for 2H 2026 • ALETTA study to start early 2027 Ruxotemitide – BCC (Verrica Pharmaceuticals) • Verrica conducting CRO selection and drug manufacturing for Phase III trial LTX-401 • In preparation for Phase I Lytix is actively seeking partnership opportunities across the pipeline
Page 23
23 Non-confidential Q & A
Page 24
24 Non-confidential Interim Financial Statements
Page 25
25 Non-confidential Condensed Interim Statement of Profit & Loss Amounts in NOK thousands Unaudited Q2 2026 Unaudited Q2 2025 FY 2025 Revenue - - - Other operating income - - - Total operating income - - - Payroll and related expenses (5,637) (3,456) (32,622) Depreciation and amortization expenses (249) (249) (1,004) Direct R&D expenses (15,904) (3,209) (13,798) Other expenses (5,037) (4,571) (16,604) Total operating expenses (26,826) (5,157) (64,028) Loss from operations (26,826) (5,157) (64,028) Net financial items 154 107 4,046 Loss before tax (26,672) (5,051) (59,982) Tax expense - Loss for the period (26,672) (5,051) (59,982)
Page 26
26 Non-confidential Condensed Interim Statement of Financial Position Amounts in NOK thousands Unaudited 30.06.2026 Unaudited 30.06.2025 31.12.2025 Assets Non-current assets Property, plant and equipment 5 18 5 Right-of-use assets 1,644 2,565 2,082 Total non-current assets 1,649 2,583 2,087 Current assets Trade and other receivables 7,296 7,281 7,078 Short-term financial investments 62,385 60,072 61,756 Cash and cash equivalents 29,003 40,191 10,602 Total current assets 98,683 107,544 79,436 Total assets 100,332 110,127 81,524 Shareholder's equity and liabilities Issued capital and reserves Share capital 7,690 6,826 6,826 Share premium reserve 78,928 83,198 54,923 Total equity 86,618 90,024 61,750 Liabilities Non-current liabilities Lease liabilities 723 1,720 1,222 Total current liabilities 723 1,720 1,222 Current liabilities Trade payables 7,218 2,715 6,377 Other current liabilities 4,730 14,730 11,198 Lease liabilities 1,044 938 977 Total current liabilities 12,991 18,383 18,522 Total liabilities 13,715 20,103 19,774 Total equity and liabilities 100,332 110,127 81,524
Page 27
27 Non-confidential Condensed Interim Statement of Cash Flows Amounts in NOK thousands Unaudited Q2 2026 Unaudited Q2 2025 FY 2025 Cash flows from operating activities Loss for the period (26,672) (5,051) (59,982) Adjustments for: Depreciation of property, plant and equipment - 8 37 Depreciation of right-of-use assets 249 242 967 Interest income/(expense), net (248) (108) (2,318) Share-based payment expense (1,165) (86) 13,838 Increased/decreased in trade and other receivables (568) 2,075 6,034 Increased/decreased in trade and other payables (382) (14,604) (18,427) Cash generated from operations (28,787) (17,526) (59,851) Income tax paid - - - Net cash flows from operations (28,787) (17,526) (59,851) Investing activities Investments in tangible assets - - - Interest received 250 112 2,325 Increase/decrease in other investments - (60,072) (61,756) Net cash from/(used in) investing activities 250 (59,960) (59,431) Financing activities Interest paid (2) (3) (7) Proceeds from share issue - - - Transaction cost - - - Payment of principal portion of lease liabilities (248) (223) (900) Net cash from/(used in) financing activities (250) (221) (908) Net increase/(decrease) in cash and cash equivalents (28,787) (77,712) (120,189) Cash and cash equivalents at the beginning of the period 57,789 117,903 130,791 Cash and cash equivalents at the end of the period 29,003 40,191 10,602