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1 Q2 2026 report August 27, 2026
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2 Disclaimer IMPORTANT: You must read the following before continuing. The following applies to this document, the oral presentation of the information in this document by Oncopeptides AB (the “Company”) or any person on behalf of the Company, and any question-and-answer session that follows the oral presentation (collectively, the “Information”). Oncopeptides is a global biotech company focused on research and development of therapies for difficult-to-treat hematological diseases. The company uses its proprietary Peptide Drug Candidate platform, PDC, to develop compounds that rapidly and selectively deliver cytotoxic agents into cancer cells. Pepaxti® (melphalan flufenamide, also called melflufen) has been granted Marketing Authorization, in the European Union, the EEA-countries Iceland, Lichtenstein and Norway, as well as the UK. Pepaxti is indicated in combination with dexamethasone for the treatment of adult patients with multiple myeloma who have received at least three prior lines of therapies, whose disease is refractory to at least one proteasome inhibitor, one immunomodulatory agent, and one anti-CD38 monoclonal antibody, and who have demonstrated disease progression on or after the last therapy. For patients with a prior autologous stem cell transplantation, the time toprogression should be at least 3 years from transplantation. Melflufen was granted an accelerated approval in the US in February 2021, under the trade name Pepaxto®. The product is currently not marketed in the US. The Information contains forward-looking statements. All statements other than statements of historical fact included in the Information are forward-looking statements. Forward-looking statements give the Company’s current expectations and projections relating to its financial condition, results of operations, plans, objectives, future performance and business. These statements may include, without limitation, any statements preceded by, followed by or including words such as “target,” “believe,” “expect,” “aim,” “intend,” “may,” “anticipate,” “estimate,” “plan,” “project,” “will,” “can have,” “likely,” “should,” “would,” “could” and other words and terms of similar meaning or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company’s control that could cause the Company’s actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which it will operate in the future. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the Information or the opinions contained therein. The Information has not been independently verified and will not be updated. The Information, including but not limited to forward-looking statements, applies only as of the date of this document and is not intended to give any assurances as to future results. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to the Information, including any financial data or forward-looking statements, and will not publicly release any revisions it may make to the Information that may result from any change in the Company’s expectations, any change in events, conditions or circumstances on which these forward-looking statements are based, or other events or circumstances arising after the date of this document. Market data used in the Information not attributed to a specific source are estimates of the Company and have not been independently verified.
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3 Presenters Sofia Heigis Chief Executive Officer Henrik Bergentoft Chief Financial Officer
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4 Where we are right now • Net sales of SEK 31.1m in Q2 2026 (SEK 19.2m in Q2 2025) • Cash position of SEK 157.6m • On track to positive cash-flow by 2027 Events April-June • Preclinical data on novel NK-Cell engager presented at the AACR Annual Meeting 2026 • Oncopeptides intends to submit type II variation to expand Pepaxti label to include third line treatment • COMy: New clinical and real-world evidence for Pepaxti • Oncopeptides receives formal approval from Norwegian authorities to initiate Window-of-Opportunity study in glioblastoma • Study confirms use of Pepaxti for patients with reduced kidney function • Oncopeptides signs agreement with Salus for Pepaxti in Central and Eastern Europe • Oncopeptides presented clinical and translational data at EHA 2026 in Stockholm • First patient recruited in Oncopeptides real-world-evidence study MARINA in Germany • Oncopeptides submits Type II variation application to EMA • First patient recruited in Oncopeptides’ glioblastoma study Events after the period • Oncopeptides receives list price for Pepaxti in Slovenia, marking first expansion milestone in Central and Eastern Europe
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5 Financial update Henrik Bergentoft, CFO
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6 Financial summary MSEK Apr-Jun 2026 Apr-Jun 2025 Jan-Jun 2026 Jan-Jun 2025 Net sales 31.1 19.2 56.5 32.5 COGS -1.0 -0.4 -1.3 -0.3 Gross profit 30.1 18.8 55.2 32.1 Expenses -81.1 -76.3 -146.9 -150.3 Other operating income/expense 2.2 1.2 5.5 2.1 EBIT -48.7 -56.2 -86.2 -116.1 Net financial items -5.9 -6.6 -0.5 -7.4 Tax -0.1 0.0 -0.2 -0.1 Net profit -54.7 -62.8 -86.9 -123.5 • Revenue in the quarter grew with 62% and 74% for the six-month period • Gross margin at 98% for the six-month period confirms the strength in the scalable business model • Operating expenses decreased with 2% for the six-month period compared to last year
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7 Operating expenses trending down 0 20 40 60 80 100 120 Q2 Q3 Q4 Q1 2023 Q2 Q3* Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2 • S&M cost for the quarter year was 40.8 (36.6) MSEK, costs relate to ongoing commercialization activities in Europe, generating revenue growth in Germany, Spain and Italy • G&A cost for the quarter was 16.7 (18.6) MSEK,a decreas due to cost control • R&D cost for the quarter was 23.5 (21.0) MSEK • Advancements in our pipeline focusing on moving the indication Glioblastoma into clinic, where a window of opportunity study is currently being conducted 76 MSEK MSEK * Excluding refund for clinical studies of 43 MSEK 81 MSEK
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8 Liquidity position 0 50 100 150 200 250 300 350 • Cash was 158 MSEK at quarter end • Liquidity position was strengthened by the rights issue completed in March, fuelling the company with 167 MSEK after issue related costs 158 MSEK MSEK
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9 Business update Sofia Heigis, CEO
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10 Why invest in Oncopeptides? Pipeline assets in multiple potential indications Strategic expansion through partnerships Growth momentum in Europe Pipeline potential in $8B+ Glioblastoma global market SEK ≈1.5B European market potential with fully approved product
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11 Q2 announcements strengthening our investment case Pipeline assets in multiple potential indications Strategic expansion through partnerships Growth momentum in Europe Pipeline potential in $8B+ Glioblastoma global market SEK ≈1.5B European market potential with fully approved product 62 % growth in Q2 YoY Application to enter third line submitted Window-of-opportunity study to launched, first patient treated Partnership with SALUS for CEE Other partnership discussions ongoing
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13 European sales trajectory 0 10 20 30 40 50 60 70 80 0 5 10 15 20 25 30 35 Full year Quarterly Full year Quarter over quarter Revenue, European sales, million SEK
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14 *Overall European number of patients is an estimated number based on insights and sales data. European sales 1000+ patients treated since EMA approval in 2022 Positive clinical experience triggers RWD publication to support peer-to-peer recommendations Inclusion in updated EHA/EMN guidelines, in our wanted position with 1B recommendation, is driving awareness, advocacy and clarifying the Pepaxti position which all are key success factors for the launch Q2 2026 Q2 2025 Q2 2023 Q2 2024
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15 Clinical positioning: where Pepaxti fits Unable to receive Immunotherapy In-between immunotherapy Post-immunotherapy failure Strategic option for patients unable to receive immunotherapy due to comorbidities, infections, frailty, suppressed immunesystem or QoL limitations. Ideal "bridge" between immune-based therapies to allow for T-cell recovery or antigen reset. RWD demonstrates Pepaxti can be an alternative for patients who have relapsed or become refractory after BCMA/CAR-T therapies. *References: Richardson et al., Blood Cancer J 2018; Sonneveld et al., Clin Lymphoma Myeloma Leuk 2023; Schjesvold et al., Lancet Haematol 2022. For full citation list see SmPC.
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16 EHA 2026 Symposium Beyond immunotherapy: Exploring the treatment class of PDC and clinical realities Physical presence Oncopeptides booth allowed interactons with healthcare professionals from around the world Digital presence Social media and web efforts to amplify our visibility and messaging – beyond the booth
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1717 Germany 17 • Step up during the quarter in number of new patients per month • Potential to increase use in 4L and increase number of treatment cycles • Continued increase in number of prescribers Q2 2026 Q2 2025 Q2 2023 Q2 2024
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18 Pepaxti experience continues to grow Number of prescribers are estimates based on ordering pharmacy, order dates and field insights. Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Cumulative number of unique Pepaxti prescribers Continuous growth validates scale-up potential
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1919 Italy 19 • Continues to be a strong growth contributor • Most mature market in experience and 4L usage with estimated highest number of treatment cycles per patient based on sales data • Continued broadening of prescriber base Q2 2026 Q2 2025
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2020 Spain • Sales clear step up in June with sales level at all-time-high • Strike ongoing during the quarter, still no resolution Q2 2026 Q2 2025 Q2 2024
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21 European commercialization ≈55% Phase I – completed Phase II – completed Phase II – pending Phase III Phase IV ≈35% ≈10% % of market potential per phase out of SEK ≈1.5 billion estimated annual market potential. Market exclusivity until 2037 Partnership with SALUS announced during Q2 2026, impacting timeline
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22 Expanding Pepaxti into third-line multiple myeloma • Current indication • 4th Line+ treatment • Adult patients with RRMM who have received at least 3 prior lines of therapies • Refractory to at least 1 PI, 1 IMiD, and 1 anti-CD38 mAb • Future potential indication • 3rd line+ treatment • Adult patients with RRMM who have received at least 2 prior lines of therapies • Refractory to Lenalidomide and the last line of therapy Removal of the "Triple Class Refractory" requirement facilitates earlier and more frequent patient identification Type II variation application validated by EMA | CHMP opinion expected Sep-Nov
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23 Expanding Pepaxti into third-line multiple myeloma • 2x addressable patients Removes triple-class refractory barrier across Europe. • 2x treatment cycles Earlier intervention doubles average treatment duration (OCEAN data). • Unlocks baseline growth Expands potential significantly beyond current SEK 1.5B 4L European estimate. • Preserves value Evolved German "basket approach" supports innovative price level. • High operational leverage Scaled cost-efficiently via existing commercial infrastructure. • Immediate German launch Dossier submission post-EC approval allows sales prior to concluded price negotiation. • Complementary MoA Fills growing need for non- immunotherapy mechanisms post- 1L/2L relapse. • Scalable reach Enhances direct presence in core markets (DE, IT, ES) and expands partner value (Salus in CEE). Commercial and financial multiplier Market access and pricing Unmet medical need and scalability Type II variation application validated by EMA | CHMP opinion expected Sep-Nov
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24 May-July 2026 Type II Variation Submission to EMA Sep-Nov 2026 CHMP opinion +30-60 days post opinion (if positive) European Commission final decision + 1 month from EC decision Reimbursement dossier sum Immediate launch in Germany Expanding Pepaxti into third-line multiple myeloma Type II variation application validated by EMA | CHMP opinion expected Sep-Nov
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25 Partnerships
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26 Pepaxti commercialization and partnership landscape Reimbursed Available via partner Market access pending Regulatory process ongoing by partner Partnership discussions ongoing Grow geographically, partner smartly, and innovate purposefully
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27 Salus partnership Enables unlocking CEE regional demand significantly earlier than planned, in a capital-efficient manner • Agreement covers 11 countries in CEE: Slovenia, Croatia, Hungary, Slovakia, the Czech Republic, Poland, Bulgaria, Romania, Lithuania, Latvia, and Estonia. • The launch sequence across countries/waves is determined by market access strategy, pricing mechanisms (e.g., “Slovenia first” as the regional reference country), likelihood of success, and associated costs. • Slovenia is prioritized in the region for market access reasons, with pricing established in 2027. Croatia and Czechia expected to follow.
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28 Pipeline
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29 Pipeline assets PDC: A global, multi-indication opportunity building onto our existing innovation SPiKE: A platform with exciting potential globally and in multiple disease areas OPD5 – Global opportunity with potential for additional indications OPDC3 – Designed for enhanced selectivity, global opportunity with potential in solid tumors OPSP1 - A differentiated innovative immunotherapy
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30 The Glioblastoma "Window of Opportunity” Solving the #1 Challenge The "blood-brain barrier" prevents most drugs from reaching brain tumors; our PDCs have shown a unique ability to cross this barrier in preclinical models A Smarter Way to Test Launching a focused study of approx. 10 patients using our approved drug as a "clinical probe" to prove human brain penetration quickly and efficiently Low Cost, Massive Impact For a relatively low investment, we expect to generate human proof-of-concept data needed to validate our next- generation assets for an $8B market Company Transformation Our glioblastoma program drives PDC platform expansion, transforming Oncopeptides into a multi- indication global player a high reward leap
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31 The Glioblastoma "Window of Opportunity” During Q2 Status Assessment of first patient by Safety Review Committee completed Next steps Additional patient recruitment and data analysis
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32 BARRIERCLINICAL GAP Most agents exhibit no anti-tumor activity at pharmacological concentrations Limited drug distribution from plasma (CNS bioavailability) Reduction of therapeutic effect e.g., MGMT Limited anti-tumor activity from immune dependent strategies Sturdy Tumour Therapy Resistance Blood Brain Barrier Cold Tumour TMZ Low glioblastoma cytotoxicity ~30% CNS bioavailability (CNS/plasma ratio) Monofunctional alkylator; highly sensitive to DNA repair upregulation (MGMT) TMZ does not have immune- dependent activity OPD5 High glioblastoma cytotoxicity 100% CNS bioavailability (CNS/plasma ratio) Bifunctional alkylator with low sensitivity to DNA repair upregulation (MGMT) Alkylating PDCs do not have immune-dependent activity Preclinically, PDCs succeeds where TMZ fails, and is designed to overcome key barriers that have limited the success of other drugs
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In closing
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Q&A
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