Slides
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New approvals for Leqembi® and additional strategic partnerships Second quarter 2026 business and financial update 1
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• This presentation has been prepared and produced by BioArctic AB (publ) (“BioArctic”) solely for the benefit of investment analysis of BioArctic and may not be used for any other purpose. Unless otherwise stated, BioArctic is the source for all data contained in this presentation. Such data is provided as at the date of this presentation and is subject to change without notice. • This presentation includes forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause BioArctic’s actual results, performance, achievements or industry results to be materially different from those expressed or implied by these forward-looking statements. Forward-looking statements speak only as of the date of this presentation and BioArctic expressly disclaims any obligation or undertaking to release any update of, or revisions to, any forward-looking statement in this presentation, as a result of any change in BioArctic’s expectations or any change in events, conditions or circumstances on which these forward-looking statements are based. • This presentation does not constitute or form part of, and should not be construed as, an offer or invitation for the sale ofor the subscription of, or a solicitation of any offer to buy or subscribe for, any securities, nor shall it or any part of it or the fact of its distribution form, or be relied on in connection with, any offer, contract, commitment or investment decision relating thereto, nor does it constitute a recommendation regarding the securities of BioArctic. • The information in this presentation has not been independently verified. • No regulatory body in Sweden or elsewhere has examined, approved or registered this presentation. Disclaimer 2
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3 Johanna Fälting Chief R&D Officer Anders Martin-Löf Chief Financial Officer Anna-Kaija Grönblad Chief Commercial Officer Gunilla Osswald Chief Executive Officer Next Report: Q3 2026 November 25, 2026 To subscribe to financial reports/press releases and for more information, please visit www.bioarctic.com IR contact: Oskar Bosson, Chief IR & Communications Officer +46 704 10 71 80 ir@bioarctic.se
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Key highlights 4 Gunilla Osswald Chief Executive Officer
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5 World-leading innovators in precision neurology Highly selective antibodies targeting aggregated forms of toxic proteins Modality BrainTransporter accommodate a variety of drug modalities BrainTransporter platform delivers biotherapeutics to the brain BT Modalities Antibodies Peptides Enzymes Proteins Small molecules Genetic Medicine
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6 Broader pipeline 3 Partnerships 4 Strong financials • Iqlik sc autoinjector launched also as initiation treatment in the US • Steady growth in Q2 and sales progressing in line with Eisai’s FY2026 guidance • Exidavnemab phase 2a safety review supports further progression into phase 2b in H1 2027 • IND-enabling activities well underway for BAN2238 • Project portfolio expanded • SEK 2 B in cash at the end of Q2 1 Leqembi 2 • New partnership with Lilly in neurodegeneration • New collaboration with Mesenkia in oncology • Partnerships with Bristol Myers Squibb and Novartis progressing well • Continued strong interest in BrainTransporter platform Delivering on our 2030 ambitions On the path to becoming Sweden’s next major biopharma company
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7 Partnerships – a key component behind our success EUR 222 M + 9% royalties (EUR 34 M milestones remaining) 2005 – USD 1.35 B + potential royalites (USD 1.25 B milestones remaining) 2024 – USD 802 M + potential royalties (USD 772 M milestones remaining) 2025 – USD 130 M received 2016 – 2022 USD 800 M + potential royalties (USD 770 M milestones remaining) 2026 –
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R&D update 8 Johanna Fälting Chief R&D Officer
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Two world-leading platforms with cross-program synergies Indication Partner Research Preclinical Phase 1 Phase 2 Phase 3 Regulatory phase Market Antibodies targeting amyloid-beta Lecanemab (IV)1 Alzheimer’s disease Eisai Lecanemab (s.c.)2 Alzheimer’s disease Eisai Lecanemab (presymptomatic treatment) Alzheimer’s disease Eisai Lecanemab back-up Alzheimer’s disease Eisai BAN1503 (PyroGlu Aβ) Alzheimer’s disease BMS3 BAN2803 (PyroGlu Aβ with BT5) Alzheimer’s disease BMS3 BAN2802 Alzheimer’s disease Eisai4 Antibodies targeting alpha-synuclein Exidavnemab (α-synuclein) Parkinson’s disease, MSA BAN2238 (α-synuclein with BT) Parkinson’s disease, MSA PD-BT2278 (α-synuclein with BT+) Parkinson’s disease, MSA Antibodies targeting TDP-43 BAN3014 (TDP-43) ALS ND-BT3814 (TDP-43 with BT) ALS Other HD-BT4801 Huntington’s disease GD-BT6822 (GCase with BT) Gaucher’s disease ND-BT8825 Neurodegeneration Novartis ND-BT8226 Neurodegeneration Eli Lilly ONC-BT8026 Oncology Mesenkia Technology- and modality development 1) Intravenous treatment 2) Subcutaneous treatment 3) Bristol Myers Squibb 4) Research evaluation agreements with Eisai 5) BrainTransporter Antibody project BrainTransporter project
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10 Exidavnemab (α-synuclein antibody) • Safety data from phase 2a study EXIST in Parkinson’s disease (PD) and Multiple System Atrophy (MSA) evaluated, confirming the drug candidate’s favorable safety profile • These results provide a solid foundation for planning the phase 2b studies in MSA and PD-related dementia, which we expect to initiate in the first half of 2027 BAN2238 (BrainTransporter-coupled α-synuclein antibody) • IND-enabling activities ongoing • Plan to initiate clinical development in 2027 α-synuclein portfolio moving forward and expanding Offers opportunities in several synucleinopathies α-syn antibodies targeting aggregated misfolded α-synuclein
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11 • Strong external platform validation • Highlights active blood-brain barrier transport as a critical enabler for future CNS therapies • BioArctic will generate a new drug candidate, combining BrainTransporter with a Lilly molecule in neurodegeneration • Lilly will have full responsibility for global development and commercialization of the drug candidate • Expanding pipeline outside neurodegeneration • First oncology program (glioblastoma) • BioArctic will produce a novel BrainTransporter-based drug candidate and perform subsequent preclinical proof-of-concept studies to assess the potential for further development • The Mesenkia compound has a unique target – HVEM, a protein found on the surface of certain glioblastoma tumor cells, including tumor stem cells. Validation of BrainTransporter through recent strategic collaborations
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Leqembi update 12 Anna-Kaija Grönblad Chief Commercial Officer
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13 • Global roll-out of subcutaneous initiation treatment starting H2 2026: ⎻ FDA approval July 13, 2026 – launched in August ⎻ Japan: expected approval in Q3 2026, with reimbursement expected in Q4 2026 ⎻ China (priority review): expected approval in H1 2027 ⎻ Data from AAIC show efficacy and safety for subcutaneous administration comparable to IV • Launched in Australia, Belgium, Brazil and India in Q2 • Continued patient access discussions ongoing across the EU and the UK ⎻ In the UK, commercial discussions continue with the NHS ⎻ Less frequent IV maintenance dosing under regulatory review in EU ⎻ Several private clinics interested in starting treatment in the Nordic countries Leqembi: New approvals and continued growth
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14 AAIC 2026: Real-world evidence from LEADER study underlines clinical efficacy and safety profile Clear clinical benefit Patients stay on treatment Safety data in line with label Among patients treated for more than 18 months, 78.9% transitioned to maintenance treatment with Leqembi IV or Leqembi Iqlik and remained on treatment Severe ARIA-E was 0.2% Total ARIA 12.3% ARIA-E 6.3% ARIA-H 7.9% 82.5% patients were stable or improved Interim data from the LEADER study from 432 patients with Early Alzheimer’s disease across 13 clinical practices in the U.S.
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Financial summary 15 Anders Martin-Löf Chief Financial Officer
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Leqembi underlying growth continues 16 • Global Q2-26 sales were ¥ 29.3 B ($ ~184 M), 12% increase from Q1-26 or 27% increase from Q2-25 − Q2 royalty grew by 12% QoQ to SEK 179,4 M − YoY royalty growth was 10%, would have been 43% excluding onetime stockpiling effect in China Q2-25 • US growth driven by simplified diagnosis − ¥ 15.5 B ($ ~97 M), +13% from Q1-26 − Iqlik launched for maintenance Oct-25 and for initiation Aug-26 • China sales increasing fast − ¥ 4.8 B ($ ~30 M), +17% from Q1-26 − Filing for subcutaneous version in Jan-26, approval expected H1-27 − Broader insurance coverage expected from Q4-26 and onward • Japan flat quarter over quarter − ¥ 6.1 B ($ ~38 M), -6% from Q1-26 − Filing for subcutaneous version in Nov-25, approval expected Q3-26 • EU launch initiated − Reimbursement discussions in multiple markets progressing slowly 162.5 117.2 127.0 160.8 179.4 0 20 40 60 80 100 120 140 160 180 200 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 SEK M BioArctic royalty Royalty (excluding fx)
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Leqembi on track to reach 2026 forecast of ¥ 143.5 B 17 44.6 77.5 24.4 33.0 12.4 19.0 6.6 14.0 0 20 40 60 80 100 120 140 160¥ B Other China Japan North America FY 2026 E (Q2-26 to Q1-27) Leqembi Global Sales - Actuals & forecast ¥ 143.5 B ($ ~910 M) FY 2025 (Q2-25 to Q1-26) ¥ 88.0 B ($ ~580 M) +63% Assuming 2026 USD/yen rate of 157 and SEK/yen rate of 16.80 Forecast corresponds to royalty of SEK~880 M Q2-2026 to Q1-2027
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Small operating loss - no revenues from Lilly agreement recorded in Q2 18 • Q2 net revenues SEK 248 M (392) • No milestones in the quarter vs. SEK 223 M payment from Eisai in 2025 • Recurring revenue continues to increase • Royalty SEK 179 M (162) • Co-promotion SEK 8 M (4) • Upfronts recognized over initial collaborations • SEK 51 M (0) in Q2 from Novartis only • Lilly USD 30 M upfront recognized from Q3-26 • Operating profit was SEK -6 M (179) for Q2 • Operating expenses increased to SEK 232 M (193) in Q2 • Underlying operating costs of SEK 228 M (161), R&D 75% • Underlying cost expected to increase • Progression of project portfolio Net Revenues (SEK M) Operating Profit/Loss (SEK M)OPEX by function (SEK M)
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Very solid financial position with SEK 2 B in cash end of Q2 USD 30 M received from Lilly after the end of the period 19 Cash, cash equivalents and short-term investments was SEK 1,990 M at the end of Q2 • Dividend of SEK 177 M paid in June • Lilly USD 30 M upfront payment received after the end of the period Operating cash flow was SEK 138 M (1,147) in Q2 • Eisai EUR 20 M Q1 sales milestone payment received in May Net profit for Q2 was SEK -11 M (97) • Financial net of SEK 13 M (-8) • Accrued tax of SEK -18 M (-75) Cash Balance (SEK M)Net Result (SEK M) Cash Flow From Operating Activities (SEK M)
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Upcoming news flow and closing remarks 20
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Recent and upcoming news flow 21 Q2 2027 Q3 2026 Q1 2027 Congresses Q4 2026 Further regulatory responses and launches for Leqembi AD/PDCTAD Exidavnemab Ph2a-study read-out Start of exidavnemab Ph2b Further potential partnership milestones Potential Japanese approval Leqembi SC-AI initiation treatment Collaboration with Mesenkia AAIC Potential Japanese SC-AI reimbursement approval US approval & launch of Leqembi Iqlik initiation treatment Potential Chinese approval Leqembi SC-AI initiation treatment
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Key takeaways 1 Continued progress for Leqembi: Iqlik launched in the US for initiation treatment Landmark deal with Eli Lilly Project portfolio expanded into new therapeutic area Strong financial position: SEK 2 billion in cash 2 3 4 22
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With patients in mind we are committed to our vision: A world where science defeats severe brain diseases 23