Slides
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Disclaimer • Certain statements made during the course of this presentation are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the company, or industry results, to differ materially from any future results, performance or achievement implied by such forward-looking statements. • Statements made during the course of this presentation that are forward-looking are based on the company’s current beliefs regarding a large number of factors affecting its business. There can be no assurance that (i) the company has correctly measured or identified all of the factors affecting its business or the extent of their likely impact, (ii) the available information with respect to these factors on which the Company’s analysis is based is complete or accurate, (iii) the company’s analysis is correct or (iv) the Company’s strategy, which is based in part on this analysis, will be successful. • All forward-looking statements speak only as of the date of this presentation or, in the case of any document incorporated by reference, the date of that document. All subsequent written and oral forward-looking statements attributable to the company or any person acting on the company's behalf are qualified by this cautionary statement. The company does not undertake any obligation to update or publicly release any revisions to forward-looking statements to reflect events, circumstances or changes in expectations after the date of this presentation. 2
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Note(s): 1) As of 05 Nov 2025. Active Biotech in brief Refocused development in specialist disease areas • Large unmet medical need and value potential • Tasquinimod - Haematological malignancies ( Ph I/II studies ongoing) • Laquinimod - Inflammatory eye disorders (Ph I program concluded) • Opportunity to leverage prior generated data to accelerate development • Key focus on the clinical programs of tasquinimod in myelofibrosis • Continued development of laquinimod with partner • Granted Orphan Drug Designation (ODD) by FDA in core focus programme myelofibrosis 2022 Experienced leadership • Senior organization and Board with complementary skills • Broad international network of KOLs and experts Finance & Corporate • Listed on Nasdaq Stockholm Small Cap (ticker: ACTI) • Market cap SEK 99.3 M, USD 10.4 M1 • 5 employees (FTE) • Strong shareholder base, including MGA Holding, Sjuenda Holding and SEB Foundation • Founded in 1998 as spin-off from Pharmacia, based in Lund, Sweden 3
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Targeting cancer and inflammation through immunomodulation Antibody based immunotherapy Tumour targeting superantigen Tasquinimod Helping the body fight back against myelofibrosis: • Restored anti-tumour immunity • Decreased angiogenesis • Decreased fibrosis • Restored haematopoiesis Small molecules Myeloid cell modulation Laquinimod Note(s): Abbrev: MDSC – Myeloid derived suppressor cell, HDAC4 – Histone deacetylase; APC - Antigen Presenting Cell, T reg -Regulatory T cell, Th 1 -T helper cell 1, Th17 -T helper cell 17; CTL – Cytotoxic T lymphocyte; TNF – Tumour necrosis factor; IFN – interferon; TCR – T cell receptor. Deliberately reducing harmful immune responses Naptumomab Immune response activated by superantigens to recognize and kill the tumour 4
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Valuable pipeline in cancer and eye disorders Disease Area Discovery Preclinical Phase I Phase II Phase III Partner LICENSED PROJECTS Disease Area Discovery Preclinical Phase I Phase II Phase III Partner WHOLLY OWNED PORJECTS Haematological malignancies Inflammatory eye disorders Solid tumours Tasquinimod Myelofibrosis Tasquinimod Myelofibrosis Laquinimod Eye drops, safety and tolerability Naptumomab Combination with docetaxel in non-small cell lung cancer Laquinimod Eye drops, ocular biodistribution Naptumomab Combination with anti-PDL 1 (durvalumab) in solid tumours Tasquinimod Multiple myeloma1 Study ongoing Note(s): 1) In an academic partnership with Abramson Cancer Center, Philadelphia, University of Pennsylvania. 5 The University of Texas MD Anderson Cancer Center Hovon
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Tasquinimod
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Tasquinimod: ODD focus in rare haematological malignancies A novel oral immunomodulatory therapy ✓ Significant PFS benefit in Ph -II/III in advanced prostate cancer patients and well -known safety ✓ Potential to leverage established regulatory package of preclinical, clinical safety (> 650 pts-years of exposure) and full commercial scale CMC documentation ✓ Orphan Drug Designation granted in the U.S. for multiple myeloma and myelofibrosis, supported by patent protection extending to at least 2044 ✓ API available and established CDMO for drug product Complement to existing treatments • A USD 21bn market opportunity (2022)2 • Clinical Ph Ib/IIa combination with IRd completed • Patients heavily pre -treated and triple class refractory • In the total combination cohort a clinical benefit rate of 47% was reached Disease modifying potential • Market size 2.3bn (2021) 1 • Clinical PoC studies ongoing at MD Anderson, US and in the HOVON network in Europe • Current treatments focused on symptoms rather than curation • Interim result 2026 and final result 2027 • Preclinical experiments indicate: • Works synergistically with JAK - or BET inhibitors • Results demonstrated tasquinimod efficiency as monotherapy and in combination Restoration of haematopoiesis • Preclinical PoC established 3 • A USD 2.8bn market opportunity (2024)4 Concluded study Multiple myeloma (MM) Core focus Myelofibrosis (MF) High value opportunity Myelodysplastic syndrome (MDS) 7 Note(s): Abbrev: PFS – Progression Free Survival, CMC - Chemistry, Manufacturing and Controls, IRd – Ixazomib Revlimide dexamethazone . Source(s): 1) Global Data Report July 2023, Myelofibrosis, 2) Global Data Report July 2024, Multiple Myeloma 3) Wobus et al. Posters presented at ASH 2021, 2022, 2023, 4) Global Market Insight, Myelodysplastic Syndrome (MDS) Drugs Market, 2024.
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Tasquinimod in Myelofibrosis
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Myelofibrosis: A rare chronic blood cancer 9 • Myelofibrosis is a rare blood cancer with an incidence of approximately 1.5 cases per 100,000 people and with an estimated prevalence of more than 100,000 patients with myelofibrosis in the EU, US, UK and Japan1 • The disease is driven by the abnormal production of blood-forming cells, which gradually replace healthy bone marrow with scar tissue (fibrosis) • This process leads to bone marrow failure and in many cases, progression to acute leukaemia, contributing to shortened survival • Current treatment options include bone marrow transplantation, JAK inhibitors and supportive therapies to manage anaemia, but none offer a cure or modify the course of the disease Strong unmet need is driving the demand for transformative therapies • Enlarged spleen and liver • Reduced blood cell production • Bone marrow fibrosis • Persistent symptoms affecting the whole body • Significant impact on life quality and daily activities Myelofibrosis in brief Key characteristics of myelofibrosis Source(s): 1) Slowley et al., 2024.
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Myelofibrosis: A major unmet medical need T otal prevalent cases for myelofibrosis (primary and secondary MF) T otal treated patients 67,200 people 85,000 people A USD 2.9 billion revenue potential in top eight global markets by 2031 • Despite four JAK inhibitors approved there is still: • A clear unmet need for disease-modifying therapies • A strong demand for effective second-line options post-JAK inhibitor failure Key market insights Source(s): Global Data Report March 2023, 8 Major Markets (US, EU5, Japan and China). Presented data are based on 2031 foreca st numbers 10
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Tasquinimod improves hallmarks of myelofibrosis and boosts effects of other therapies Tasquinimod improves core symptoms of myelofibrosis… …and enhances BET and JAK inhibitor efficacy in advanced myelofibrosis 1 Reduced spleen size Control Tasquinimod Normalization of leucocytosis 11 Note(s):1) PDX model of post -MPN sAML, 2) Abbrev: JAK inhibitor - Janus kinase inhibitors, TQ – tasquinimod, RUX – ruxolitinib, BET inhibitor - bromodomain and extra -terminal dom ain inhibitor (e.g. OTX015). Source(s): Leimkühler et al., Cell Stem Cell. 2021 Apr 1;28(4):637 -652.e8, Fiskus W.C., et al. Blood (2023) 142 (Supplement 1): 741, Fiskus W.C., et al Blood (2024) 144 (Supplement 1): 3142. 0 10 0 25 50 75 100 30 40 50 60 70 80 90 100 110 120 mtCALR + mtTERT sAML PDX Days, post cell infusion % Survival Vehicle 30 mg/kg TQ 30 mg/kg RUX 30 mg/kg OTX015 10 weeks of treatment ✱✱✱ ✱✱✱✱ TQ + RUX TQ + OTX015 ✱ ✱✱✱✱ ✱✱✱✱ Reduced spleen size 2 Prolonged survival 2 Reduced fibrosis
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Tasquinimod: Two clinical trials in myelofibrosis 12 Primary endpoint • Spleen volume reduction of >35% at week 24 Key secondary endpoints • Reduction in MF Symptom Score • Safety and tolerability • Fibrosis grade Status: Study ongoing • Interim result: 2026 • Result: 2027 Tasquinimod monotherapy in JAKi ineligible/intolerant TasqForce1 Phase Ib/II trial (N=20) Ph-Ib/II studies in patients with primary or secondary myelofibrosis Primary endpoint • Objective response rate at week 24 3 Key secondary endpoints • Spleen Volume Reduction >35% at week 24 • Reduction in MF Symptom Score • Safety and tolerability • Fibrosis grade Status: Study ongoing • Interim result: 2026 • Result: 2027 Tasquinimod monotherapy in JAKi ineligible/intolerant Tasquinimod + ruxolitinib in suboptimal responders MD Anderson2 Phase II trial(N=33) Principal Investigator: MD Peter te Boekhorst, Erasmus MC, HOVON, NL Principal Investigator: MD Lucia Masarova, MD Anderson Cancer Centre, TX, USA Note(s): 1) HOVON -172, NCT06605586, 2) NCT06327100, 3) International Working Group -Myeloproliferative Neoplasms Research and Tr eatment (IWG -MRT).
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Tasquinimod in Multiple Myeloma
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• Multiple myeloma originates in the bone marrow, characterized by the uncontrolled growth of plasma cells • This disrupts normal haematopoiesis, preventing the production of healthy blood cells • Clinical symptoms include bone pain, fragility fractures, anaemia, renal impairment and increased vulnerability to infections • Advances in treatment has improved survival rate, with median life expectancy now estimated at 8–10 years post-diagnosis • However, most patients eventually relapse due to the development of resistance to current therapies, emphasizing the need for novel treatment strategies Multiple Myeloma: An incurable blood cancer Urgent need persists for therapies that overcome resistance and improve long-term outcomes Multiple Myeloma in brief 14
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15 Tasquinimod shows synergistic efficacy with IRd in heavily pretreated multiple myeloma patients • 17 patients received tasquinimod in combination with ixazomib (PI), lenalidomide (Imid) and dexamethasone (IRd) • Median of 7 prior lines of therapy (range 4-19), all triple-class refractory • One partial response and 7 minimal responses - Clinical Benefit Rate (CBR) – 47% • 12 patients were refractory to their most recent Imid/PI combination • One partial response and three minimal responses (lasting 1.2, 1.5 and 6.7 months) - CBR 33% • Patients were unlikely to respond to IRd and suggests synergistic efficacy of tasquinimod with IRd • Tasquinimod was well tolerated with IRd Source(s): 1) Dan T. Vogl et al. Clinical Activity of Novel Targeting of S100A9 with Tasquinimod for Relapsed and Refractory Multiple Myeloma (RRMM), ASCO 2025 Clinical trial. gov: NCT04405167. Minimal responses lasting 1.2, 1.5 and 6.7 months Response lasting 19.8 months Stable disease lasting 7 monthsPreliminary efficacy and tolerability of tasquinimod
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Laquinimod
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Laquinimod: First in class treatment for eye disorders with unmet medical need High value indicationsCore focus Laquinimod helps train the immune system to be less reactive by targeting key immune cells and boosting anti-inflammatory cells that help control harmful immune responses • Market of USD 500m (2023) 1 • Clinical Ph I ocular biodistribution of an eye drop formulation completed Non-anterior non-infectious uveitis Eye disorders with excessive neovascularization Laquinimod helps lower inflammation and blood vessel growth by acting on specific immune cells in the body and brain • Pre-clinical PoC established • Available in two pharmaceutical -grade formats: oral and an innovative hydrogel eye drop • Eye drop formulation has demonstrated safety, tolerability and effective distribution within the eye in Phase I clinical trials • Robust preclinical data supports therapeutic potential via both oral and topical administration • Patent protection for medical use, manufacturing and formulation extends through 2042, ensuring long -term exclusivity • Clinical proof of concept shown through significant effects on relapse related endpoints in MS • Regulatory package includes preclinical and clinical safety data (>14,000 patient-years) and full-scale commercial CMC documentation with pharmaceutical -grade drug substance • Strong scientific relevance with novel mode of action targeting the Aryl hydrocarbon receptor in antigen presenting cells Notes(s): Abbrev: PoC – Proof of Concept; MS – Multiple sclerosis; CMC - Chemistry, Manufacturing and Controls. Source(s): 1) Gl obal Data Report March 2025, Uveitis. 17 Dual formulation opportunity Clear evidence and strong foundation for development
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Non-infectious uveitis: A significant unmet medical need • Corticosteroids: remain the first -line treatment, administered both locally (topical or intravitreal) and systemically • Immunosuppressants: are often used as steroid -sparing agents, especially in chronic or vision-threatening cases • Monoclonal antibodies: offer more targeted treatment but are costly and not universally effective • Urgent need for innovative therapies that deliver better results with fewer side effects • Safe alternatives to long -term steroid use are essential to avoid serious complications • New solutions are needed for patients who do not respond to existing treatments • No approved eye drop formulations currently exist for non -anterior uveitis, limiting local treatment options 1st line of treatment • Corticosteroids, topical, oral, intravitreal or periocular injection 2nd and 3rd line of treatment • Immunosuppressants, oral • Biologics – anti-TNFα antibodies (Humira ®), subcutaneous Current treatment of non -infectious uveitis Laquinimod Non-infectious uveitis can have painful symptoms and lead to blindness if left untreated Standard treatments available today Key gaps in current uveitis treatment 18
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Projected sales in seven key markets to reach USD 1.5 billion by 2033 • Significant opportunity in segment of non- infectious non-anterior uveitis in 7MM, forecasts for 2033 • Corticosteroids are only effective in about 60% of patients, leaving many without adequate control • Serious clinical consequences can result from untreated or poorly managed disease • Major unmet medical need remains for safer and more effective therapies Uveitis: A significant opportunity ~240,000 people ~180,000 people ~72,000 people Corticosteroid failed patients, 2LoT+ treatments Total treated cases (1LoT : corticosteroids) Total diagnosed prevalent cases Key market insights Notes(s): Abbrev: LoT – Line of treatment. Source(s): Global Data Report March 2025, Uveitis -opportunity Assessment and Forecast . 19
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Laquinimod works both topically and orally Vehicle 1% laq, topical 5% laq, topical CSP A, oral 0 2 4 6Posterior histological scores Histological ocular evaluation ✱✱✱ ✱✱✱ Topical laquinimod Study design: EAU in Lewis rats, antigen - S-antigen, treatment days 7-16 Oral laquinimod Study design: EAU in B10.RIII mice, antigen – IRBP 161–180, treatment days 0-20 0 5 10 15 20 0 10 20 30 Days after immunisation Posterior clinical scores Vehicle (oral) Laquinimod (oral - 25 mg/kg) Topical endoscopic fundus imaging (TEFI) Laquinimod reduces inflammation in experimental uveitis by modulating the immune response: • It lowers levels of pro- inflammatory T cells and cytokines, which are key drivers of tissue damage and inflammation • It boosts anti-inflammatory regulatory T cells, helping to restore immune balance and control disease progression Notes(s): Laq – laquinimod, EAU - Experimental Autoimmune Uveitis, IRBP – Interphotoreceptor Retinoid Binding Protein. Source(s): Rachel Caspi et al. J Immunol May 1, 2020, 204 (1 Supplement) 150.18. 20
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The LION study: Delivery of laquinimod to the posterior parts of the eye • Principal investigator: MD, Professor Quan Dong Nguyen • Patients undergoing vitrectomy treated with laquinimod eye drops at 3 different dose levels (3 pts/dose level) for 14 days before surgery • Samples from vitreous and anterior chamber collected during surgery for analysis of laquinimod • Dose related and therapeutically relevant concentrations of laquinimod determined in anterior chamber and vitreous • The topical treatment for 14 days was safe and well tolerated • Presentation at International Ocular Inflammation Society (IOIS), 27 June 2025 and American Academy of Ophthalmology (Aao), 18 -20 October 2025 Laquinimod penetrates cornea and sclera and therapeutic concentrations are reached both in the anterior and posterior parts of the eye within 14 days of treatment Innovative hydrogel eye drop optimized to reach the back of the eye Collaboration with Byers Eye Institute, Stanford University School of Medicine Results 21 Continued clinical development together with partner for a registrational phase II/III
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Naptumomab
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Naptumomab: Targeted immunotherapy for tumours Global licensing agreement with NeoTX LTD (2016) ✓ Exclusive license for worldwide development and commercialization of Naptumomab ✓ Total deal value of USD 71 million, contingent upon the achievement of specified clinical and regulatory milestones ✓ Includes progressive, double-digit royalties on future net sales, applicable over a 15-year royalty period Market opportunity in immuno-oncology ✓ Significant potential underscored by global checkpoint inhibitor sales of USD 31 billion in 2021, with continued strong growth anticipated1 Intellectual property protection ✓ Robust patent and patent application coverage for medical use, manufacturing and formulation—secured through at least 2042 Pre-clinical data suggest synergy with checkpoint inhibitors • Ph-Ib/IIa combination with anti- PDL-1 durvalumab after Obi pre- treatment in selected tumours Pre-clinical data suggest synergy with chemotherapy • Ph-IIa combination with docetaxel after Obi pretreatment in non-small cell lung cancer completed Combination with checkpoint inhibition Combination with chemotherapy Notes(s): Obi -Obinutuzumab (anti B -cell antibody). Source(s): 1) Global Data report 2022, Global Data Immuno -oncology products D rugs database 2022. 23
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Conclusion
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Transforming unmet needs into a market opportunity 25 PLACEHOLDER PICTURE Focused pipeline A portfolio of immunomodulating assets within oncology and inflammation with significant unmet needs Regulatory advantage Orphan Drug Designation for tasquinimod in myelofibrosis and multiple myeloma, securing e.g. 7 years of market exclusivity, waived fees and tax credits, as well as regulatory guidance Strategic partnerships Collaborations with MD Anderson Cancer Center and Hovon and the license deal with NeoTX Therapeutics enhance clinical execution in a cost-efficient manner Strong intellectual property position Recent patents for tasquinimod and laquinimod secures immaterial rights until into the 2040’s Clinical momentum Two ongoing clinical trials with tasquinimod in myelofibrosis with results in 2026 and 2027 and two finalized studies in 2025 with tasquinimod in multiple myeloma and laquinimod in ocular distribution Attractive market opportunity Target markets in myelofibrosis and NIU are projected to grow at high CAGR, offering significant upside potential
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APPENDIX
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Financials for the period January – September 2025 Liquidity (MSEK) Cash position as of Sept. 30, 2025: Available cash amounted to MSEK 9.1 Operating costs by quarter 2024 - 2025 MSEK Operating costs YTD Q3 2025 totalled MSEK 28,5, down 3% from MSEK 29.5 YTD Q3 2024. Operating costs include the initiation of two myelofibrosis (MF) clinical studies and related preclinical activities for tasquinimod 27 25.3 13.9 6.2 27.4 26.2 16.8 9.1 MAR 31 2024 JUNE 30 2024 SEPT 30 2024 DEC 31 2024 MAR 31 2025 JUNE 30 2025 SEPT 30 2025 3.6 3.6 2.7 3.3 3.0 3.7 2.7 7.1 7.1 5.4 7.0 8.2 7.6 3.3 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Adm. exp. R&D costs
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Meet the management team Hans Kolam CFO Born: 1951 CFO since 2000 Education: B.Sc in Business Administration from Uppsala University. Shares in the company: 862,131 shares (of which 29,700 shares via related parties). Erik Vahtola CMO Born: 1976 CMO since 2022 Education: Medical Doctor (MD) and PhD in Pharmacology from University of Helsinki and MSc in Cell biology from Åbo Akademi. Shares in the company: 452,229 shares. 28 Helén Tuvesson President & CEO Born: 1962 CEO since 2017 Education: MSc, PhD in cell and molecular biology in medical science from Lund University. Other current assignments: Board member of Mendus AB. Shares in the company: 1,206,801 shares.
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Board of Directors 29 MICHAEL SHALMI Chairman of the Board Born 1965 Chairman of the board since 2019 Education: Physician from University of Copenhagen and MBA from Scandinavian International Management Institute in Copenhagen, Denmark. Other current assignments: CEO and owner of Aligned Clinical & Management Services, Shalmi Consulting ApS, Shalmi Invest ApS and Shalmi Holding ApS. CEO of P/S Momentum Energy Jutlandia, K/S Momentum Energy Jutlandia Development, K/S Momentum Energy Hanstholm, Momentum Energy Karrebæk Holding, Momentum Energy Karrebæk ApS and Momentum Energy Selandia ApS. Chairman of the board of Momentum Gruppen A/S, Momentum Energy Holding A/S and Curexsys GmbH. Board member of Momentum Energy Group A/S. Chairman of the Board, Curexsys GmbH, Germany. Shareholding in the company: 20,601,283 shares. AXEL GLASMACHER Board member Born 1960 Board member since 2020 Education: Physician, Medical School, Doctor of Medicine and Adjunct professor of medicine, University of Bonn, Germany. Other current assignments: General Director of AGLS Life Science Consulting GmbH & Co., KG and Glasmacher Verwaltungs -GmbH. Member of the Supervisory board of Ryvu Therapeutics S.A. Board member and treasurer of the non -profit association Cancer Drug Development Forum asbl in Belgium. Shareholding in the company: 540,000 shares. PETER THELIN Board member Born 1956 Board member since 2011 Education: Graduate of Stockholm School of Economics . Other current assignments: Chairman of the board of Brummer Investor Relations AB. Board member of B & P Fund services Aktiebolag, Brummer & Partners AB, Brummer Multi -Strategy AB, ELC Fastigheter AB, East Bay AB, Sjunda Gård AB, Sjuenda Holding AB, Sjunda Jordbruk AB, Sjunda Persbo Holding AB and S:ta Ragnhildgymnasiet AB. Shareholding in the company: 193 339 963 shares (privately and through companies). ALEXANDER DANILOVSKI Board member Born 1974 Board member since 2020 Education: Ph.D. in Chemistry (summa cum laude) from Cambridge University, United Kingdom and University of Zagreb, Croatia. Other current assignments: Founder and Managing Partner of Dalisco d.o.o., Senior Business Advisor of InterPharmaLink AG, Member of the Scientific Advisory Board (SAB) of Bugworks Research Inc., of Centauri Therapeutics Ltd. and of Belupo d.d., Member of the Scientific Selection Board (SSB) of Novo Holdings REPAIR Impact Fund. Shareholding in the company: 571,539 shares. ULI HACKSELL Board member Born 1950 Board member since 2019 Education: Pharmacist, Doctor of Pharmaceutical Science and as- sociate Professor at Uppsala University. Other current assignments: Chairman of Medivir AB. Shareholding in the company: 63,000 shares.