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Year-End Report 4th Quarter & Full Year 2025 February 20, 2026 NASDAQ STOCKHOLM MAIN LIST (CANTA.ST)
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2 Safe Harbor Statement i 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.
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YEAR-END REPORT 2025 Hilde Steineger Chief Executive Officer Patrik Renblad Chief Financial Officer
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4 Events in the Fourth Quarter and After the Period Significant Events in the Fourth Quarter 2025 • Dr. Wolfram Dempke was appointed Chief Medical Officer. • The analysis of overall survival results from the Phase 1b/2 TRIFOUR study evaluating nadunolimab in triple-negative breast cancer (TNBC), showed no difference in median overall survival (mOS) between the group treated with nadunolimab plus gemcitabine/carboplatin (GC) and the GC control group. Significant events after the end of the period • The first patient was dosed in an externally funded investigator-initiated study at Mount Sinai Hospital in New York. The study will evaluate nadunolimab in combination with a checkpoint inhibitor in up to 24 patients with colorectal cancer (CRC).
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STRATEGIC FOCUS & PIPELINE
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6 Strong Corporate Position Otsuka deal: → Otsuka to develop and commercialize CAN10 following acquisition with upfront of $33 million and total deal value of $613 million → Validation of target & technology Key Financials: → Cash position: SEK 282m (end 2025) → Runway into 2028, with current commitments Cantargia: Redefining Cancer & Inflammation Therapy Global Leader in IL1RAP Targeting CURRENT DEVELOPMENT FOCUSES ON NADUNOLIMAB IN 1L METASTATIC PDACAND NEXT GENERATION IL1RAP ANTIBODIES Nadunolimab Oncology CAN10 Inflammatory diseases Pivotal trial ready in PDAC FDA Fast Track Designation Target validated by Otsuka CAN14 & CANxx ~200 mAB ILRAP library A Unique platform of IL1RAP mAbs
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7 IL1RAP Pipeline supported by Unique Platform Asset Target Indication Discovery IND Enabling Phase 1 Phase 2 Phase 3 Partner Proprietary Pipeline Nadunolimab IL1RAP PDAC* NSCLC CAN14 IL1RAP BsAb** Autoimmune diseases CANxx New development programs*** through unique IL1RAP platform Strategic Partnership CAN10 IL1RAP Autoimmune diseases PDAC – pancreatic ductal adenocarcinoma; NSCLC – non-small cell lung cancer *) FDA Fast Track Designation & Orphan Drug Designation; EU Orphan Drug Designation **) IL1RAP Bispecific Antibody, 2nd target undisclosed ***) E.g. IL1RAP mAbs, IL1RAP BsAbs, IL1RAP ADCs
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KEY HIGHLIGHTS FROM 2025
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9 → A major strategic validation through the Otsuka acquisition of CAN10 → Significantly improved financial position → Continued development of nadunolimab, with FDA Fast Track Designation in PDAC patients with high IL1RAP expression → Strengthening of our IL1RAP technology platform with both bi-specific and ADC initiatives → Meaningful leadership changes and organizational strengthening → Active engagement with capital markets in a challenging biotech environment Overall Conclusions for 2025 A BREAKTHROUGH YEAR FOR CANTARGIA
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NADUNOLIMAB IIT STUDIES
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11 Ongoing Investigator-Initiated Trials with nadunolimab Study Disease Combination therapy Number of patients Status NCT-number Leukemia* AML/MDS Azacitidine and/or venetoclax 40 Recruiting NCT06548230 Colorectal** MSS CRC Toripalimab (anti-PD-1) 24 Recruiting NCT07281716 AML - Acute Myeloid Leukemia; MDS - Myelodysplastic Syndrome; MSS CRC - Metastatic microsatellite stable colorectal cancer *) Investigator-led study conducted by Texas MD Anderson Cancer Center with funding from the US Department of Defense. **) Investigator-led study conducted by Mount Sinai Tisch Cancer Center, NY .
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12 Combining nadunolimab with Immunotherapy in Patients with metastatic MSS CRC → The clinical study at Mount Sinai aims to investigate the combination of nadunolimab and immune checkpoint inhibitor (ICI) therapy in up to 24 patients with chemotherapy-refractory metastatic microsatellite stable (MSS) colorectal cancer (CRC) → T cell infiltration in MSS CRC is strongly correlated with improved disease outcomes, but tumor immune suppression is strong and MSS CRC is one of the most challenging solid tumors to treat with ICI → Immune suppressive mechanisms in CRC involve IL1RAP-dependent cytokines and IL1RAP-expressing cell types in the tumor microenvironment (TME), such as cancer-associated fibroblasts (CAFs), macrophages and eosinophils → Preclinical data indicate that IL1RAP-blockade with nadunolimab can make this tumor microenvironment susceptible to ICI treatment by counteracting the immunosuppressive TME Clinical and preclinical studies performed in collaboration with Mount Sinai Tisch Cancer Center, NY
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FINANCIAL RESULTS
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14 Summary of Fourth Quarter Profit & Loss Quarter 4 2025MSEK 8.0 Revenues Operating Expenses Operating Results Net Financial Items Loss of the Period -36.4 -28.4 -4.0 -32.3 Earnings per share: -0.13 SEK
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15 Full Year Profit of 147 MSEK Full Year 2025MSEK -162.6 316.7 Revenues Operating Expenses 154.1 Operating Result -7.1 Net Financial Items 147.0 Profit for the Period Earnings per share: 0.59 SEK
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16 Operating Expenses in the Quarter and Year-to-Date Q4 4.1 3.8 36.6 32.6 2024 Q4 2025 Q4 R&D Admin&Other 40.7 36.4 14.8 29.8 153.8 132.8 2024 2025 R&D Admin&Other 168.6 162.6 2025
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17 Cash Flow and Cash Position Current available funds are expected to fund… • Ongoing commitments on nadunolimab (but not a pivotal program) • Investments into the next generation of anti- IL1RAP antibodies (CAN14/CANxx) … and keep the company funded into 2028 NB! The Cash Runway estimate excludes potential milestones payable to Cantargia from Otsuka MSEK 33 104 82 339 282 107 2024-12-31 2025-03-31 2025-06-30 2025-09-30 2025-12-31 140 Cash and bank balances Rights issue proceeds Operating Cash Flow SEK -53m (Q4, 2024: SEK -26.3m) Available funds SEK 282m (December 31, 2024: SEK 33m + SEK 107m in proceeds) Cash Runway (virtual)
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CLOSING REMARKS AND Q&A
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19 A Global Leader in IL1RAP Antibody Development Unique Next-Gen IL1RAP Platform: proprietary modular antibody platform enabling precision IL1RAP inhibition, a well- defined mechanism of action with potential across oncology and immunology, and expansion into next-gen therapeutics (bispecifics and ADCs) Potential to become best-in-class in 1L PDAC: Lead Candidate Nadunolimab ready to start pivotal trials on the back of outstanding efficacy and safety POC results, especially in high IL1RAP-expressing tumors; FDA Fast Track and Orphan Drug designations supporting accelerated path Clear Biomarker Strategy: IL1RAP-based Companion Diagnostic Test in development to identify high- expression PDAC patients, enabling targeted treatment and patient stratification Key External Validation: 2025 transformational deal with Otsuka for CAN10 in immunology indications, validating IL1RAP biology and Cantargia's antibody platform : $613m total deal value of which $33m upfront payment Several Near-Term Milestones: i) Nadunolimab FDA pivotal trial initiation during 2026 - interim data with Accelerated Approval window in 2028 (pending regulatory approvals & funding) ii) CAN14 Candidate Selection year-end 2026
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QUESTIONS!