Slides
Page 1
Interim Report 2nd Quarter & First Half 2025 August 21, 2025
Page 2
2 Safe Harbour Statement Statements in the Investor Presentation, including those regarding the possible or assumed future or other performance of the Company or its industry or other trend projections, constitute forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors as they relate to events and depend on circumstances that will or may occur in the future, whether or not outside the control of the Company. No assurance is given that such forward- looking statements will prove to be correct. Prospective investors should not place undue reliance on forward- looking statements. They speak only as at the date of this Investor Presentation and the Company undertakes no obligation to update these forward-looking statements. Past performance does not guarantee or predict future performance. Moreover, the Company undertakes no obligation to review, update or confirm expectations or estimates or to release any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of the Investor Presentation.
Page 3
INTERIM REPORT JAN – JUN 2025 Damian Marron Interim Chief Executive Officer Patrik Renblad Chief Financial Officer Ton Berkien Chief Business Officer
Page 4
4 Events in the Second Quarter and After the Period Significant Events in the Second Quarter 2025 • Cantargia appointed Morten Lind Jensen as Chief Medical Officer. • Treatment resistant atopic dermatitis (AD) was selected as second indication for CAN10’s phase 2 program. • Pharmacokinetic modelling confirmed the choice of Q4W dosing in phase 2 for CAN10. • US FDA awarded nadunolimab Fast Track Designation in high-IL1RAP PDAC. • Cantargia signed a loan facility of MSEK 50. Significant Events After the Reporting Period • Otsuka Pharmaceuticals acquired CAN10 for an upfront of MUSD 33 plus an additional MUSD 580 in potential milestone payments and up to double digit earn-outs on future sales. The deal is expected to close in Q3 2025. • Preliminary results from the TRIFOUR phase 2 study in TNBC did not demonstrate a difference in overall response rate (ORR) between nadunolimab in combination with chemotherapy vs. chemotherapy alone. • Cantargia appointed Dr Hilde H. Steineger as new CEO, effective from September 1, 2025.
Page 5
CAN10
Page 6
6 CAN10 provides a unique opportunity to block IL-1 family signaling in multiple diseases and therapy areas • The IL-1 family of ligands and receptors is primarily associated with acute and chronic inflammation¹ • Strong evidence of IL-1 family cytokines (IL-1, IL-33, IL-36) is driving multiple inflammatory diseases • Individual blockade of IL-1 family members2 have not resulted in sufficient clinical efficacy in diverse diseases • CAN10 broader mechanism is highly relevant in dermatological, fibrotic and cardiovascular diseases Supported by CHBC/Lumanity Research IL-33 IL-1 IL-36 1. Interleukin-1 in the pathogenesis and treatment of inflammatory diseases - Charles A. Dinarello, Blood (2011) 117 (14): 3720–3732. 2. Canakinumab, spesolimab Skin • Hidradenitis Suppurativa (HS) • Atopic dermatitis • Psoriasis/GPP • Palmoplantar Pustulosis • Pyoderma Gangrenosum Joints • Osteoarthritis • Rheumatoid arthritis • Gout Intestine • Crohn's disease • Ulcerative colitis Respiratory • COPD • Asthma • Covid lung • IPF Other/multi/ systemic/acute • SSc • Lupus / SLE • ANCA • Myocardial infarction • CV disease • Endometriosis • Transplant rejection CAN10 opportunity
Page 7
7 • Q2 2025: Phase 1 • Next steps: CAN10 First-in-Human study (FIH) – SAD/MAD SAD (IV) • Healthy volunteers (N=76) • Placebo controlled • 10 dose cohorts • Finalized MAD – Healthy (SC) MAD – Psoriasis (SC) • Healthy volunteers • 2 dose cohorts, placebo controlled • SC Day 1, 7 followed by every 14 days • Phase 2 preparations • Mild-Moderate plaque psoriasis • Enable mechanistic studies FULL RECEPTOR OCCUPANCY , IL-1 FAMILY CYTOKINE BLOCKADE & NO SAFETY CONCERN DEMONSTRATED * * On 15th July 2025 Otsuka Pharmaceutical acquired CAN10 through an Asset Purchase Agreement with Cantargia AB. The transaction is expected to be closed in Q3 2025
Page 8
8 • Linear PK profile • High bioavailability • PK model development has been performed by Certara • Results from simulations support feasibility of Q4W dosing • Lowest estimated level for efficacy (C trough) has been set based on ex vivo inhibition assay results and RO Free CAN10 in serum Ctrough CAN10 FIH – PK results support Q4W dosing COMBINED RESULTS SO FAR SUGGEST EFFICACY , SAFETY AND CONVENIENCYFOR FUTURE APPLICATIONS
Page 9
OTSUKA TRANSACTION
Page 10
10 Otsuka Pharmaceutical transaction Otsuka Pharmaceutical: • Japanese pharmaceutical company mainly active in the field of neuroscience, oncology, nephrology and immunology • Promotion of innovation based on proprietary drug discovery technologies to make autoimmune space as next-gen's core area*** • Have applied an investment path through various partnerships to develop autoimmune business into the core area and to establish a global presence in immunology*** Summary: • Transaction structure: Asset Purchase Agreement (Otsuka acquires the all right to CAN10 and 3G5*) • Deal stage & territory: Phase 1; Global development, manufacturing & commercialization rights • Financial terms (total deal value USD 613 million): – Upfront payment at closing**: USD 33 million – Development, regulatory & commercial milestone payments: up to USD 580 million – Earn-out payment on net sales: double digits tiered * 3G5 is a pre-clinical IL1RAP targeting antibody, similar to CAN10 ** Subject to customary closing conditions and regulatory a pproval. Closing expected Q3 2025 *** Otsuka Holding - Briefing on Business Strategy for Autoimmune Space, 16th July 2025
Page 11
11 CAN10 deal rational • Otsuka’s differentiation and Specialty growth trajectory: Promotion of innovation based on proprietary drug discovery technologies to make specialty autoimmune space as our next-gen's core area* including connective tissue disorders** – JYNARQUE (Polycystic Kidney Disease) and sibeprenlimab (IgA Nephropathy) as immediate “Specialty” revenue generators – Early and mid-stage clinical development covering Rheumatoid Arthritis, Urticaria, Atopic Dermatitis, IBS, Sjögren's disease andother autoimmune diseases • Otsuka dealmaking: Strong acquisition focus on therapeutic development in immunology/autoimmune to expand beyond Oncology and CNS * FY2025Q2 Financial Results: Announcement July 31, 2025 – Transcript ** Rheumatoid arthritis, scleroderma, lupus, Sjögren's syndrome, polymyositis/dermatomyositis Immunology - Connective tissue disorder Growth trajectory 2018: Acquisition of Visterra Rationale: • Access to antibody platform, Antibody pipeline in autoimmune space and know-how • Late stage Sibeprenlimab in kidney disease 2024: Acquisition of Jnana Rationale: • Small molecule autoimmune pipeline • Small-molecule drug discovery technology 2025: Product Acquisition HBM7020 from Harbour BioMed 2025: Product Acquisition CAN10 from Cantargia Rationale: • Bispecific T-cell engager • Phase 1 – Multiple inidcations Rationale: • IL1RAP antibody • Future IL1RAP (mAb, BiSpecific) program options • Phase1 ongoing
Page 12
NADUNOLIMAB
Page 13
13 TRIFOUR Preliminary Results • In this first controlled data set, we see no clear signal of added toxicity when adding nadunolimab to chemotherapy. • Very similar ORR in both the arm with nadunolimab and the chemotherapy only arm, where both arms report somewhat higher than historical benchmarks for first- to third-line treated patients (~30%). • Sub-group analyses ongoing and we await the overall survival data and are cautious to not overinterpret these topline data. • Safety data in this first controlled study is supportive of development across indications. Fast Track Designation (FTD) in PDAC • FTD granted for the treatment of patients with metastatic PDAC with high IL1RAP expression levels. • Reflects high unmet medical need in metastatic PDAC. • Facilitates further development of nadunolimab with more frequent FDA interactions and eligibility for Accelerated Approval and Priority Review. Recent Clinical and Regulatory Highlights
Page 14
CANXX
Page 15
Multiple development opportunities ADC and BiSpecs • Cantargia has generated a library of ~200 anti- IL1RAP antibodies within the CANxx platform that serve as a source of new drug candidates • Both chemotherapy and ADCs induce IL1 in the tumors which can lead to chemoresistance. – Blocking IL1a and IL1b through targeting IL1RAP could thus result in better efficacy of chemotherapy agents and ADCs • CANxx contains several antibodies with full blocking ability as well as antibodies with the ability to block only some of the IL1RAP mediated pathways - deepening or widening IL1 family blocking in inflammation Source: IL1RAP-targeting antibody-drug conjugate: A novel therapeutic targeting both tumor cells and the tumor microenvironment. Poster: Abbvie/Cantargia, AACR 2025
Page 16
APPOINTMENT OF A NEW CEO
Page 17
Dr Hilde H. Steineger appointed new CEO • Dr Steineger’s appointment will be effective from September 1. • She brings extensive experience as a biotech executive, with a proven track record spanning financial analysis, venture capital, and business development. • Two-time CEO, joining Cantargia from NorthSea Therapeutics (NorthSea), where she has been Co- Founder and the Chief Operating Officer since 2017, as well as the CEO of Staten Biotechnology, since 2017, where she led a $480M deal with Novo Nordisk. • Damian Marron, current Interim CEO, will continue as a member of the Cantargia Board.
Page 18
MILESTONES
Page 19
19 Milestones 2025 2025 Q1 Q2 Q3 Q4 CAN10 Nadunolimab PDAC TNBC AML Other Additional new preclinical and translational results Study start with DoD/MD Anderson* Initial Phase 1 MAD results TRIFOUR recruitment completed PDAC: Pancreatic ductal adenocarcinoma; TBNC: Triple Negative Breast Cancer * US Department of Defense, The University of Texas MD Anderson Cancer Center EXTENSIVE NEWS FLOW EXPECTED DURING 2025 TRIFOUR initial results Fast Track Designation TRIFOUR OS Closing of Otsuka Transaction
Page 20
FINANCIAL RESULTS
Page 21
21 Operating Expenses in the Quarter and First Half Q2 2024 Q2 2025 Q2 R&D Admin&Other 43,8 39,5 39,8 4,0 34,7 4,8 2024 H1 2025 H1 R&D Admin&Other 85,5 84,5 78,2 7,2 75,4 9,2 H1
Page 22
22 Cash Flow and Cash Position • The proceeds from the rights issue in 2024 were known at year-end 2024 but not received until January 2025. MSEK 20 60 33 104 82 85 107 2024-06-30 2024-09-30 2024-12-31 2025-03-31 2025-06-30 105 60 140 104 0 0 0 Short-term investments Cash and bank balances Rights issue proceeds Operating Cash Outflow SEK 44.1m (Q2, 2024: SEK 37.2m) Available funds SEK 81.9m (June 30, 2024: SEK 104.7m) Rights Issue 2024 (virtual) • Upon receipt of the upfront proceeds (MUSD 33) from Otsuka, the intent is to repay the short-term loan (MSEK 25) obtained in the second quarter of 2025. Short-term loan & Otsuka proceeds
Page 23
CLOSING REMARKS AND Q&A
Page 24
THANK YOU!