Interim report
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Significant events Financialoverview 1 INTERIM REPORT Q2, 2026 Sustained commercial momentum with 62% sales increase year - over - year and EMA filing to potentially double addressable market Selected Key Indicators O N C O P E P T I D E S | I N T E R I M R E P O R T Q 2 2 0 2 6 This publication is a translation of the original Swedish text. In the event of inconsistency or discrepancy between the Swedish version and this publication, the Swedish language version shall prevail. APRIL-JUNE • Net sales amounted to SEK 31.1 (19.2) million • Operating profit amounted to SEK -48.7 (-56.2) million • Profit after tax amounted to SEK -54.7 (-62.8) million • Earnings per share, before and after dilution -0.14 (-0.30) SEK • Cash and cash equivalents at the end of the period amounted to SEK 157.6 (70.1) million Events after the period 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 • Oncopeptides receives list price for Pepaxti in Slovenia, marking first expansion milestone in Central and Eastern Europe * *
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2 CEO Statement In Germany, our sharpened business model moves us steadily toward country-level profitability for the full year. The German MARINA real-world evidence study recruited the first patient. The study is an important scientific collaboration to deepen our understanding of clinical experience with a focus on the office-based setting. Italy continues to perform well above initial expectations, and we have actively managed market dynamics in Spain to regain sales momentum, with June reaching all-time high. More than 1,000 patients have now been treated with Pepaxti since launch. In May, we signed an important distribution agreement with Salus Group, a leading pharmaceutical partner in Central and Eastern Europe (CEE). Covering 11 countries and addressing an estimated market potential of approx. SEK 150 million, this collaboration enables us to unlock regional demand significantly earlier than originally planned in a highly capital- efficient manner. Slovenia recently granted a list price, marking the first expansion milestone for the CEE region. Partnerships will continue to grow in importance as we expand our geographic footprint. Collaborating with partners provides a flexible and efficient way to broaden access to our drug, ensuring both patient and shareholder value. In Japan, we continue our active engagement with potential partners including remote and in-person meetings during Q2 and Q3. Another key milestone during the second quarter was the formal submission of our T ype II variation application to the European Medicines Agency (EMA) to expand Pepaxti’s indication into third-line multiple myeloma. Moving from our current fourth-line, triple-class refractory label into the third- line setting could create a powerful clinical and commercial multiplier effect for Oncopeptides, potentially doubling our addressable European patient population and the average number of treatment cycles per patient. We anticipate receiving a CHMP opinion between September-November 2026. In June we welcomed the global hematology community to Stockholm for the European Hematology Association (EHA) 2026 Congress. We presented five scientific abstracts showcasing new translational insights into Pepaxti's dual nuclear and mitochondrial DNA-damaging mechanism, biomarker predictive tools for immunocompromised patients, and real-world safety data. We also hosted a well-attended PDC symposium with seven top experts from our key markets speaking about the evolving multiple myeloma landscape, clinical experience and the positioning of Pepaxti. This scientific credibility was further reinforced by the peer- reviewed publication of our Phase 2 BRIDGE study in Clinical Lymphoma, Myeloma and Leukemia, validating the safe and effective use of an optimized 30 mg dose of Pepaxti in patients with moderate renal impairment—a fragile patient segment representing roughly 50 percent of all multiple myeloma diagnoses. Beyond multiple myeloma, our brain cancer program entered active clinical evaluation following swift Norwegian regulatory approval and the first patient enrolled in our glioblastoma "Window-of-Opportunity" study at Oslo University Hospital. Using an approved PDC probe in approximately 10 surgical patients, this lean study evaluates safety and blood-brain barrier penetration. The first patient in the study has been dosed and based on an assessment by the safety review committee recruitment of further patients has been initiated. The global glioblastoma market is expected to exceed USD 8 billion by 2035 and represents a profound unmet medical need. Oncopeptides’ PDC molecules are believed to be uniquely equipped to pass the blood-brain barrier due to their small size and lipophilicity, entering the target cancer cells freely to deliver their cytotoxic payload directly where it is needed. We enter the second half of 2026 with maintained focus on our commercialization, deepening clinical evidence, the potential for a transformative regulatory milestone in Europe, and progression of our pipeline. Oncopeptides continued its strong trajectory in Q2 2026, delivering net sales of SEK 31.1 million, a 62 percent increase compared to Q2 2025. Net sales for the first half of the year reached SEK 56.5 million, up 74 compared to the first half of 2025. Backed by a cash position of SEK 157.6 million, we remain on track toward achieving positive cash flow during 2027. Stockholm, August 27, 2026 Sofia Heigis CEO O N C O P E P T I D E S | I N T E R I M R E P O R T Q 2 2 0 2 6
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Financial Overview 3 REVENUE Net sales of Pepaxti during the quarter were SEK 31.1 (19.2) million and for the six-month period SEK 56.5 (32,5) million. The turnover for the period refers to Europe only. GROSS PROFIT Gross profit during the quarter were SEK 30.1 (18.8) million and for the six-month period SEK 55.2 (32.1) million. OPERATING EXPENSES Operating expenses during the quarter were SEK 78.8 (75.0) million and for the six-month period SEK 141.4 (148.2) million. RESEARCH AND DEVELOPMENT EXPENSES Research and development costs during the quarter were SEK 23.6 (21.0) million and for the six-month period SEK 45.0 (49.8) million Focus is on advancement of our pipeline with the window of opportunity study for Glioblastoma. MARKETING AND SALES EXPENSES Marketing and sales costs during the quarter were SEK 40.8 (36.6) million and for the six-month period SEK 71.9 (65.1) million. The increased costs relate to ongoing commercialization activities in Europe, focusing on Germany, Spain and Italy. GENERAL AND ADMINISTRATIVE EXPENSES Administrative costs during the quarter were SEK 16.7 (18.6) million and for the six-month period SEK 25.9 (35.4) million. EXPENSES FOR SHARE BASED INCENTIVE PROGRAMS For the six-month period, costs, including social security contributions, for share-related incentive programs amounted to SEK 2.8 (2.4) million. The cost does not affect cash flow in the period. See note 8. TAX AND EARNINGS Result during the quarter were SEK -54.7 (-62.8) million and for the six-month period SEK -87.0 (-123.5) million. This corresponds to earnings per share for the quarter of SEK -0.14 (-0.30) and for the six-month period SEK -0.27 (-0.58). CASH FLOW, INVESTMENTS AND FINANCIAL POSITION Cash flow from operating activities for the six- month period amounted to SEK -88.4 (-122.7) million. In March the company conducted a rights issue fueling liquidity with SEK 167 million after issue related cost. Equity in the group amounted to SEK 25.0 (-66.9) million at the end of the period. Equity for the parent company amounted to SEK 457.1 (386.9) million. RIGHTS ISSUE 2026 On February 19, the company announced that the board of directors had decided to carry out a guaranteed new share issue of approximately MSEK 200 (guaranteed up to MSEK 190 including subscription commitments from the company’s largest owner and its board and management) with preferential rights for the company's existing ordinary shareholders based on the authorization from the annual general meeting on May 22, 2025, with the support of the company's largest shareholder and management. The purpose of the rights issue is primarily to finance the ongoing commercialization of Pepaxti® in Europe until the commercial part of the company expects to have a positive cash flow in 2027, as well as a targeted development of the company's project for the indication Glioblastoma into clinical phase. The outcome of the rights issue was announced on March 17 resulting in a capital injection after issue related cost of SEK 167 million. EMPLOYEES At the end of the quarter, number of employees amounted to 69 (75). PARENT COMPANY The operations of the parent company correspond in all essential respects with the operations of the group, which is why the comments for the group also apply to the parent company. ONCOPEPTIDES SHARE At the end of the period, the number of registered shares eligible for trading and votes in Oncopeptides amounted to 395,287,003 inclusive of 14,138,885 C-shares held by the company. AUDITOR REVIEW This report has not been reviewed by the company’s auditors. O N C O P E P T I D E S | I N T E R I M R E P O R T Q 2 2 0 2 6
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Signatures 4 The Board and the CEO confirm that the interim report provides a true and fair reflection of the Group’s and the Parent Company’s operations, position and earnings and describes the material risks and uncertainty factors faced by the Parent Company and the companies within the Group. Stockholm, August 27, 2026 Per Wold-Olsen Sofia Heigis Chairman CEO Christine Rankin Board member Per Samuelsson Board member Brian Stuglik Board member O N C O P E P T I D E S | I N T E R I M R E P O R T Q 2 2 0 2 6
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Condensed consolidated statement of comprehensive income 5 Condensed consolidated statement of financial position O N C O P E P T I D E S | I N T E R I M R E P O R T Q 2 2 0 2 6
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Condensed consolidated statement of changes in equity Condensed consolidated statement of cash flow 6O N C O P E P T I D E S | I N T E R I M R E P O R T Q 2 2 0 2 6
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Condensed Parent Company income statement Condensed Parent Company balance sheet 7 Condensed Parent Company statement of comprehensive income O N C O P E P T I D E S | I N T E R I M R E P O R T Q 2 2 0 2 6
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NOTE 1 - GENERAL INFORMATION This interim report covers the Swedish parent company Oncopeptides AB (publ), registration number 556596 -6438, as well as the wholly owned subsidiaries Oncopeptides Incentive AB, Oncopeptides Innovation AB (with the wholly owned subsidiary Oncopeptides Innovation 1 AB), Oncopeptides GmbH and Oncopeptides Srl and Oncopeptides SL . The parent company is a public limited company based in Stockholm. The figures in brackets in the report refer to the corresponding period of the previous year. The interim report has been approved for publication on August 27, 2026. NOTE 2 - ACCOUNTING PRINCIPLES The group’s interim report is prepared in accordance with IAS 34. The parent company applies the Swedish Financial Reporting Council's recommendation RFR 2. Oncopeptides applies, other than what appears below, the same accounting principles as in the most recent annual report. Significant accounting and valuation principles can be found on pages 43-48 of the annual report for 2025. No new or changed standards have been introduced since 1 January 2026 that have had any significant impact on the company's financial reporting. Oncopeptides applies ESMA's (European Securities and Markets Authority) guidelines for alternative key figures. NOTE 3 - RISKS AND UNCERTAINTIES In its operations, Oncopeptides is exposed to a number of risks. The company continuously evaluates known and predictable risks and acts to minimize the effect of these risks within the framework of the company's business strategy and safeguarding the company's long -term interests, including its sustainability. The company assesses that the risks described in the annual report for 2025 remain during the period. NOTE 4 - ESTIMATES AND CONSIDERATIONS This report contains forward -looking statements. Actual results may differ from those stated. Internal factors such as successful management of research programs and intellectual property rights may affect future results. The interim report has been prepared with the assumption that the company has the ability to continue operations during the next 12 -month period, in line with the going concern principle. NOTE 5 - REVENUE RECOGNITION There has been no change in the principle of revenue recognition compared to the annual report 2025. Revenue is recognized at the transaction price for goods sold excluding value added tax, but including discounts. Revenue is recognized at the time of delivery when Oncopeptides has fulfilled its performance commitment and control of the goods passes to the customer. The customers are defined as hospitals and/or clinics and retailers who sell the goods to the final user of the goods. As the final price is related to the discount that applies in the respective local market the parent company and the group report a liability for a calculated discount based on the frameworks for discounts that apply in each market. The provision for estimated discounts is reported under the heading Other short -term liabilities in the balance sheet. NOTE 6 – LOANS FROM CREDIT INSTITUTIONS The liability relates to a loan from EIB in EURO. It will not be amortized until the 16th of June 2028, when it will be fully repaid. The interest is accumulated and capitalized during the term and paid in connection to the repayment of the loan. The contractual interest rate is 7% for the full term. The effective interest rate is estimated at 10.8%, including arrangement costs and the initial market value of the transferred warrants allocated during the term of the loan. In connection to the signing of the agreement , an issue of warrants was performed, whereof 3 383 326 warrants representing 1.26% of outstanding shares after dilution has been transferred to EIB without compensation. As of end year -end 2025 the company has no longer the ability draw additional tranches on the loan. EIB has the right to exercise the warrants and subscribe for shares at the quota value. The warrants may be exercised at any time for a period of 20 years, in full or in part, by the warrant holder. EIB has the right, under certain circumstances and in connection to the repayment of the loan, to demand that Oncopeptides acquire the warrants at fair value in a situation when it is not possible to transfer the warrants to a third party. NOTE 7 - RELATED PARTY TRANSACTIONS Remuneration to senior management has been paid in accordance with current policies. No other transactions with related parties, outside of the Oncopeptides Group, occurred during the period. Notes to the consolidated and Parent Company financial statements 8 O N C O P E P T I D E S | I N T E R I M R E P O R T Q 2 2 0 2 6
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NOTE 8 - SHARE BASED INCENTIVE PROGRAMS The purpose of share -based incentive programs is to promote the company’s long-term interests by motivating and rewarding the company’s senior management, founders, and other co -workers in line with the interest of the shareholders. Oncopeptides has currently ten programs that include the management team, certain Board members, founders and employees. Program • 2018; ”Co -worker LTIP 2018” • 2019; ”Co -worker LTIP 2019” • 2022; ”Co -worker LTIP 2022” and ”Board SHP 2022” • 2023; ”Board SHP 2023” • 2024; ” Co-worker LTIP 2024” and ”Board SHP 2024” • 2025; ”Board SHP 2025” • 2026; ”Co -worker LTIP 2026” and ”Board SHP 2026" For more information on the programs see Note 26 in the Annual report 2025 as well as Agendas and Minutes from the relevant Annual General Meetings on the company's website www.oncopeptides.com. At the end of the period, full utilization (including warrants for securing social security contributions but excluding warrants related to EIB), of • Options and share awards resolved by the AGM and awarded to named individuals corresponding to 14,188,892 shares, would result in a dilution of 5,1 percent (including hedge for social charges). • Options and share awards resolved by the AGM and awarded to named individuals as well as those not yet awarded to individuals, corresponding to 19,725,184 shares, would result in a dilution of 6.8 percent (including hedge for social charges). NOTE 9 - SIGNIFICANT EVENTS AFTER THE PERIOD No significant events occurred after the end of the period other than as mentioned in the report. Notes 9 O N C O P E P T I D E S | I N T E R I M R E P O R T Q 2 2 0 2 6
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10 Telephone conference Kontakt Key performance measures In this report, certain key performance measures are presented, including measures that are not defined under IFRS, • Research and development / operating expenses, %, • Gross margin, TSEK, %. The company believes that these measurements provides valuable additional information when evaluating the company’s economic trends. These financial performance measures should not be viewed in isolation, nor be considered in replacement of performance indicators that are prepared in accordance with IFRS. Further, such performance measures, as the company has defined them, should not be compared with other performance measures with similar names used by other companies since definitions and calculation methods may vary between companies. Oncopeptides AB Visiting address; Luntmakargatan 46, 111 37 Stockholm Domicile: Luntmakargatan 46, 111 37 Stockholm, Sweden Telephone: +46 8 615 20 40 E-mail: info@oncopeptides.com Website: oncopeptides.com Financial Calendar Thesaurus Contact The interim report for the period and an operational update will be presented by CEO Sofia Heigis and members of Oncopeptides Leadership team, Thursday August 27, 2026, at 09:00 (CET). If you wish to participate via webcast, please use the link below. Through the webcast you can ask written questions. https://oncopeptides.events.inderes.c om/q2-report-2026 If you wish to participate via telephone conference, please register on the link below. After registration you will be provided a phone numbers and a conference ID to access the conference. You can ask questions verbally via the telephone conference. https://events.inderes.com/oncopepti des/q2-report-2026/dial-in 1) Defined by subtracting cost of goods sold from total sales. The key figure shows gross profitability of cost of goods sold in absolute numbers. 2) Defined by dividing the sum of the company's gross profit by total sales. The key figure aims to clarify the relative profitability of goods sold. 3) For more information, please see the notice to the Annual General Meeting 2026. 4) Earnings per share before dilution are calculated by dividing earnings attributable to shareholders of the Parent Company by a weighted average number of outstanding shares during the period. There is no dilution effect driven by the employee stock option program, as earnings for the periods have been negative. 5) Defined by dividing the research and development costs with total operating expenses. The key performance measure provides an indication of the proportion of expenses that are attributable to the company’s core business. Report Date Interim report Q3 2026 5 November 2026 Thesaurus EMA European Medicines Agency Europeiska läkemedelsmyndigheten CHMP The European Medicines Agency‘s Committee for Medicinal Products for Human Use Europeiska läkemedelsmyndighetens kommitté för humanläkemedel This information is information that Oncopeptides is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 08:00 CET on August 27, 2026. O N C O P E P T I D E S | I N T E R I M R E P O R T Q 2 2 0 2 6