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Transforming cancer care through direct alpha therapy First Half-Year Presentation 27 August 2026 · Euronext Oslo: ONCIN
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Today’s presenters Oystein Soug Chief Executive Officer Ramzi Amri Chief Financial Officer 2
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Disclaimer and important information 3 This presentation (the “Presentation”) has been prepared by Oncoinvent ASA (the “Company”) for information purposes only and does not constitute, and should not be construed as, an offer to sell, or a solicitation of an offer to buy, any securities of the Company in any jurisdiction. Any securities of the Compa ny may not be offered or sold except pursuant to applicable law and in accordance with applicable registration requirements or exemptions therefrom. This Presentation is not intended to be, and should not be construed as, legal, tax, investment or other advice. Recipients s hould consult their own advisers as to the legal, tax, financial, investment and other matters contained herein. By attending a meeting where this Presentation is made and/or by reading these materials, you acknowledge that you are solely responsible for your own assessment of the Company and the information contained in this Presentation. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy , completeness or correctness of the information contained in this Presentation. Certain information in this Presentation has not been independently verified. The information contained herein is subject to change without notice and the Company does not undertake any obligation to update or revise this Presentation, whether as a result of new information, future events or othe rwise, except as required by applicable law. This Presentation contains forward-looking statements, including, without limitation, statements regarding the Company’s strateg y, plans, objectives, milestones, clinical development activities, timelines, trial design and outcomes, regulatory interactions, manufacturing and supply chain readiness, partneri ng intentions, market opportunity, and expected financial performance and cash runway. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, a mong others: the inherent uncertainty in drug development; the ability to initiate, conduct and complete preclinical and clinical studies and obtain expected data within anticipated timeli nes; patient recruitment and retention; clinical trial site activation and operational execution; safety, tolerability and efficacy outcomes; regulatory review, communications and approvals; changes i n applicable laws, regulations and regulatory guidance; manufacturing, quality and supply chain risks (including availability of radionuclides, production capacity, validation and c ompliance with GMP requirements); reliance on third parties and suppliers; intellectual property protection and freedom to operate; competitive developments; the ability to obtain, maintain and enforce patents and other rights; the ability to enter into and maintain collaborations and partnerships on acceptable terms; pricing, reimbursement and market adoption; and the Company’s a bility to raise additional financing when needed. Additional risks and uncertainties are described in the Company’s publicly available disclosures from time to time. Nothing in this Presentation is intended to be, or should be construed as, medical advice, a diagnosis, or a recommendation r egarding any treatment. Any product candidates referenced are investigational and have not been approved for marketing by any regulatory authority, and their safety and efficacy have not been established. Certain financial and other measures included in this Presentation may not be prepared in accordance with IFRS and may be alt ernative performance measures (“APMs”). Such measures may not be comparable to similarly titled measures presented by other companies. Definitions and reconciliations, if any, should be read together with the Company’s financial reporting. The distribution of this Presentation may be restricted by law in certain jurisdictions, and persons into whose possession it comes should inform themselves about, and observe, any such restrictions. Any failure to comply with such restrictions may constitute a violation of the laws of any such jurisdiction. This Presentation speaks as of 27 August 2026. The Company undertakes no obligation to update it except as required by applic able law.
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1 Highlights Delivering against our 2026 priorities CEO 2 Radspherin and the opportunity Value proposition, pipeline and indications CEO 3 Clinical progress Phase 2 ovarian recruitment CEO 4 Financials 1H 2026 result, cash position and runway CFO 5 Outlook Phase 3 preparation and upcoming catalysts CFO What we will cover today 4
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Strong momentum and operational execution Radspherin® Corporate o Included four additional sites in Oncoinvent’s Phase 2 trial o Recruited a total of 55 patients into the ovarian Phase 2 trial, passing the half-way mark of trial recruitment o Secured new patent expanding protection for Radspherin® o Presented positive final data from Phase 1 trial of Radspherin® to treat ovarian cancer at ESGO (European Gynaecological Oncology Congress) in February 2026 o Published normal tissue dosimetry results in Journal of Nuclear Medicine o Abstract accepted at two major scientific conferences: – ESMO (European Society for Medical Oncology) Congress 2026, 23-27 October – EANM (European Association of Nuclear Medicine) Congress 2026, 17-21 October o Appointed Dr Ramzi Amri as CFO * ITT - intention to treat, including 6 patients safety run-in 5
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Delivering against our 2026 priorities ✓ Expand the trial site network Four sites added in 1H26: Italy, UK and Spain (2). Ten now active, more to come DELIVERED ✓ Build momentum in Phase 2 recruitment Crossed halfway mark,Q2 was the best quarter to date DELIVERED ✓ Clear protocol amendments All selected amendments approved and showing effect on recruitment DELIVERED ✓ Disciplined cash burn NOK 69m in 1H26 DELIVERED Prepare the ground for Phase 3 See Outlook section ON TRACK 6
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1 Highlights Delivering against our 2026 priorities CEO 2 Radspherin and the opportunity Value proposition, pipeline and indications CEO 3 Clinical progress Phase 2 ovarian recruitment CEO 4 Financials 1H 2026 result, cash position and runway CFO 5 Outlook Phase 3 preparation and upcoming catalysts CFO What we will cover today 7
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Oncoinvent: aiming to transform cancer care for patients through direct alpha therapy Cancer in the abdominal cavity is an area with high unmet need and few good treatment options Oncoinvent develops Radspherin® , a receptor- independent alpha radiopharmaceutical that eradicates cancer cells in the abdominal cavity after surgery with a single, targeted dose. 9
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search 2025 Source: External market research 2025 Radspherin Benefits One-and-Done Treatment Single inpatient dose reduces treatment burden and simplifies care Favorable Risk-Benefit Profile Direct alpha therapy aims to maximize efficacy while limiting off-target toxicity Targeting a High-Need Patient Population Patients with peritoneal metastases are at high-risk of disease recurrence, even after complete resection Fits seamlessly into existing care pathways with minimal patient burden Strong safety profile and supports broad use in patients at high risk of recurrence Ovarian cancer provides an attractive initial market with FDA fast track designation 10 Radspherin Value Pillars Radspherin® addresses a large high-risk patient population with no effective treatment option
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Ovarian cancer focus, same drug leveraged into CRC RAD-18-001 phase 1 1H25 2H25 1H26 1H27 Ovarian, primary Ovarian, recurrent Colorectal 2H26 2H27 2H281H28 RAD-18-002 phase 1/2a RAD-18-003 phase 2 RAD-18-004 phase 21 Colorectal RAD-18-005 phase 3 Ovarian, primary HIPEC: Hyperthermic intraperitoneal chemotherapy HRD: homologous recombinant deficiency 1. Open IND and CTA, study not activated FinalInterim Submission target: 2030 Interim (>9mth FU) 11
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Recruitment momentum improved in 2026 o In addition to the original six, in 1H26 four new hospitals were added 10 hospitals active 55 patients end June Effective amendments o Selected protocol amendments are showing effect o Best quarter to date o Despite two weeks scheduled manufacturing halt for maintenance during summer, Q3 started well Momentum remains strong Additional hospitals o More sites will be added during 2H26 12
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Patient recruitment momentum continues to accelerate Patients recruited, incl. safety run-in Patients recruited 55 To date, crossed halfway point Active sites 10 Four new sites added in 1H26 H1 2026 recruitment 29 More than full year 2025 Q2 2026 recruitment 18 Best quarter to date 1 7 8 4 11 18 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 13
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1 Highlights Delivering against our 2026 priorities CEO 2 Radspherin and the opportunity Value proposition, pipeline and indications CEO 3 Clinical progress Phase 2 ovarian recruitment CEO 4 Financials 1H 2026 result, cash position and runway CFO 5 Outlook Phase 3 preparation and upcoming catalysts CFO What we will cover today 14
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Cash position NOK 108.8m incl. restricted, 30 Jun 2026 Operating result NOK (69.0)m vs NOK (52.0)m in 1H 2025 Operating cash burn NOK (69.3)m in line with Board budget Runway Into 2027 past the interim readout 1 Unaudited, all periods. 2H 25 other opex includes ~NOK 22m non-cash merger charge. 2 Cash EOP includes ~NOK 2m restricted cash 15 Summary of financials Stable cost discipline, expenses on par with H1 25 despite higher activity levels Scaled with Phase 2 recruitment, with effects on manufacturing, and effect of reverse merger and main listing NOK m 1H 25 2H 25 1H 26 Total operating revenues 12 16 8 Payroll and related costs (28) (42) (41) Other operating expenses (28) (77) (31) Depreciation (8) (3) (5) Total operating expenses (64) (122) (77) Operating loss (52) (106) (69) Net change in cash (58) 51 (71) Net cash EOP 77 180 109
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1 Highlights Delivering against our 2026 priorities CEO 2 Radspherin and the opportunity Value proposition, pipeline and indications CEO 3 Clinical progress Phase 2 ovarian recruitment CEO 4 Financials 1H 2026 result, cash position and runway CFO 5 Outlook Phase 3 preparation and upcoming catalysts CFO What we will cover today 16
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Looking ahead: preparing for Phase 3 18 We are encouraged by the safety profile and clinical signals observed in our early phase studies, and are confident these signals will be confirmed to date in the randomized, controlled Phase 2 ovarian cancer trial, which continues to recruit. Interim analyses will inform the decision to advance Radspherin into Phase 3, but preparations are already underway so a positive readout can convert quickly into a Phase 3 start. Regulatory dialogue Early engagement with regulators, making full use of the fast-track designation Study design Phase 3 study design and protocol validation in progress Manufacturing readiness Scaling production capacity and progressing CDMO selection and tech transfer readiness Partnering Preparing for partnerships and strategic collaborations
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Upcoming events: meet the team 20 8-9 September NLSD: Nordic Life Science Days, Stockholm 17 September Oppenheimer Targeted Radiopharmaceutical therapies summit, NYC 30 September CF&B Communication's European Midcap Event, Paris 17-21 October EANM (European Association of Nuclear Medicine) Congress, Vienna 23-27 October ESMO (European Society for Medical Oncology) Congress, Madrid 28 October Q3 update and presentation 9-11 November BioEurope, Cologne 16-19 November Jefferies week, London 23 November DNB Healthcare conference, Oslo 2-4 December TRP: 8th Targeted Radiopharmaceuticals Summit Europe, London 11-14 January JPM week, San Francisco