Slides
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1 Q3 2026 report November 5, 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 Swedish biotech company focusing on research, development and commercialization of targeted therapies for difficult-to-treat cancers. The company uses its proprietary Peptide Drug Conjugate platform (PDC) to develop compounds that rapidly and selectively deliver cytotoxic agents into cancer cells. Its flagship drug is currently being commercialized in Europe with partnership agreements for South Korea, the Middle East and Africa and elsewhere. Oncopeptides is also developing several new compounds based on its two proprietary technology platforms PDC and SPiKE. 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 adult patients with multiple myeloma who have received at least three prior lines of therapy and whose disease is refractory to a proteasome inhibitor, an immunomodulatory agent, and an anti-CD38 monoclonal antibody, and who have progressed on or after their last therapy. For patients with a prior autologous stem cell transplantation, the time to progression 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 28.5m in Q3 2026 (SEK 20.2m in Q3 2025) • Cash position of SEK 116.8m • Further strengthened after the period by ~SEK 100m in gross proceeds from the October directed share issue • On track to reach positive cash flow for our commercialization of Pepaxti in 2027, supported by potential third-line label expansion Events July-September • CHMP issues positive opinion of label expansion of Pepaxti to third-line treatment in myeloma • Oncopeptides highlights clinical progress and presents new data at the IMS Annual Meeting • Preclinical and translational data presented at EANO 2026 • Oncopeptides receives list price for Pepaxti in Slovenia, first expansion milestone in Central and Eastern Europe Events after the period • Oncopeptides confirms blood-brain-barrier penetration based on data from first patients in glioblastoma WoO study • Oncopeptides completes a directed share issue of approx. SEK 100 million • Two independent European real-world studies (in total 82 patients in Italy and Spain) accepted for presentation at ASH 2026
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5 Financial update Henrik Bergentoft, CFO
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6 Financial summary MSEK Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Net sales 28.5 20.2 84.9 52.6 COGS -0.5 -0.3 -1.8 -0.6 Gross profit 28.0 19.9 83.2 52.0 Expenses -66.1 -68.2 -213.0 -218.5 Other operating income/expense 1.7 1.2 7.2 3.4 EBIT -36.5 -47.1 -122.7 -163.1 Net financial items -7.1 -13.7 -7.5 -21.1 Tax -0.4 -0.1 -0.7 -0.2 Net profit -44.0 -60.9 -130.9 -184.4 Revenue in the quarter grew by 41% and by 62% for the nine-month period Gross margin remained strong at 98% for the nine- month period Operating expenses decreased by 3% for both the quarter and the nine- month period
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7 Operating expenses trending down 0 20 40 60 80 100 120 • S&M costs for the quarter were 36.5 (31.9) MSEK, reflecting continued commercialization activities in Europe, with focus on Germany, Spain and Italy • G&A costs for the quarter were 11.7 (19.0) MSEK, a clear decrease driven by cost control • R&D costs for the quarter were 17.9 (17.3) MSEK • Focus remains on advancing the pipeline, including the glioblastoma Window-of- Opportunity study 68 MSEK MSEK * Excluding refund for clinical studies of 43 MSEK 66 MSEK
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8 Liquidity position 0 50 100 150 200 250 300 350 • Cash and cash equivalents were 116.8 MSEK at quarter end • The liquidity position was strengthened after the period by a directed share issue of approximately 100 MSEK before issue-related costs 117 MSEK MSEK ~217 MSEK Directed share issue
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9 Business update Sofia Heigis, CEO
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10 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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11 *Overall European number of patients is an estimated number based on insights and sales data. European sales 1200+ patients treated since EMA approval in 2022 Positive clinical experience triggers RWD publications to support peer-to-peer recommendations • Latest validation: Two multicenter RWD studies from Spain and Italy accepted at ASH 2026 If approved, indication expansion into third-line treatment would provide potential for 2x addressable patient population and 2x treatment cycle length in third-line. Q3 2026 Q3 2025 Q3 2023 Q3 2024
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12 CURRENT (4L+): 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 immune system 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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13 IF APPROVED (3L+): Clinical positioning: where Pepaxti fits Unable to receive Immunotherapy In-between immunotherapy Strategic option for patients unable to receive immunotherapy due to comorbidities, infections, frailty, suppressed immune system or QoL limitations. Ideal "bridge" between immune-based therapies to allow for T-cell recovery or antigen reset. *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. • Strong, consistent KOL feedback confirms high unmet need in third-line for a non- immunotherapy mechanism complementing modern 1L/2L regimens • Further validated by independent Spanish and Italian RWE accepted for ASH 2026 confirming efficacy post-BCMA/GPRC5D and as bridging therapy.
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1414 Germany 14 • Sharpened business model and commercial discipline steadily steering operations toward country-level profitability • Immediate third-line launch preparation: Access dossier to be submitted within ~1 month of potential EC approval, enabling immediate commercial sales during price negotiations • Modern German 'basket' pricing framework may protect Pepaxti's innovative price anchor • Continued increase in number of prescribers • Prospective MARINA real-world study advancing physician engagement in the office- based setting, amendment to include third-line patients following EC decision Q3 2026 Q3 2025 Q3 2023 Q3 2024
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15 Pepaxti experience continues to grow Number of prescribers are estimates based on ordering pharmacy, order dates and field insights. Continuous growth validates scale-up potential 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 Q3-26 Cumulative number of unique Pepaxti prescribers
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1616 Italy 16 • Continues to outperform initial expectations as a primary growth contributor • Established market access down to hospital level, driving accurate patient identification and sustained demand • Pre-launch activities underway to submit third-line market access dossier as soon as local processes allow • ASH 2026: 48% ORR across a median of 5 cycles in heavily pretreated RRMM, enabling 67% of patients to proceed to subsequent therapies (including BsAbs and CAR-T). Q3 2026 Q3 2025
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1717 Spain • Sales in Q3 continued at a higher level than the previous quarter, despite seasonal summer vacation effects • Preparations underway to initiate the third-line market access process and dossier submission as soon as local procedures permit • ASH 2026: 32.5% ORR (8.3m mDoR) and 15.7-month mOS in heavily pretreated RRMM, with active efficacy and 23.2-month mOS in patients previously exposed to anti-BCMA/GPRC5D therapies Q3 2026 Q3 2025 Q3 2024
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18 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 Evaluating strategic options, including new partnerships, to capture full potential in European markets
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19 Expanding Pepaxti into third-line multiple myeloma • Current indication • Fourth-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 • New potential indication • Third-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 would facilitate earlier and more frequent patient identification Rapid regulatory execution: EC decision expected in Q4 2026; German third-line commercial launch imminent following approval
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20 • 2x addressable patients Removes triple-class refractory barrier across Europe. • 2x treatment cycles Earlier intervention doubles average treatment duration (OCEAN data) in 3L. • Unlocks baseline growth Expands potential significantly beyond current SEK 1.5B 4L European estimate. • Preserves value 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 Preparations underway for third-line dossiers in Italy and Spain. Exploring partnerships to capture the full European potential. Commercial and financial multiplier Market access and pricing Unmet medical need and scalability Expanding Pepaxti into third-line multiple myeloma Rapid regulatory execution: EC decision expected in Q4 2026; German third-line commercial launch imminent following approval
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21 May-July 2026 Type II Variation Submission to EMA September 2026 CHMP opinion Q4 2026 European Commission final decision + 1 month from EC decision Reimbursement dossier Immediate launch in Germany Expanding Pepaxti into third-line multiple myeloma Rapid regulatory execution: EC decision expected in Q4 2026; German third-line commercial launch imminent following approval
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22 Potential expanded Pepaxti indication Tumor burden 1st line therapy 3rd line therapy >4th line therapy + Triple Class Refractory therapy Maintenance 2nd line therapy Initial therapy +/- Autologous Stem Cell Therapy Symptomatic Multiple Myeloma Newly diagnosed Multiple Myeloma Early relapse 1st relapse 2nd relapse Rapid acceleration of disease burden Late relapse Advanced disease Adapted from Borrello, Leuk Res, 2012; Richardson et al., Blood Cancer J, 2018 Multiple Myeloma treatment course – a marathon, not a sprint
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23 Multiple Myeloma treatment landscape Conventional therapy Immuno- therapy PDC Other *In combination with bortezomib **In combination, teclistamab+daratumumab (approved by FDA, filed with EMA Q3 2026 and approved Q4 2026) ***In combination with bortezomib or pomalidomide 1st line 3rd line 4th line and beyond Immunomodula tors (IMIDs) Anti CD38 monoclonal antibodies Proteasome inhibitors Bispecific antibodies** CAR T ADC*** Bispecific antibodies Nuclear export inhibitor* Nuclear export inhibitor 2nd line Rechallenge Panobinostat*
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24 Partnerships
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25 Pepaxti commercialization and partnership landscape Reimbursed Available via partner Market access pending Regulatory process ongoing by partner Partnership discussions ongoing CEE Slovenia list price approved in August (€3,528.31/vial), acting as reference price anchor for CEE reimbursement submissions Japan Active engagement both remotely and in- person with multiple potential partners during Q3 Europe third-line expansion Exploring partnership opportunities to unlock the full third- line potential across the European region
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26 Pipeline
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27 The Glioblastoma "Window of Opportunity” Solving the #1 Challenge >90% of systemic cancer drugs fail due to the BBB, and our PDCs have now proven this ability in humans, not just preclinical models. A Smarter Way to Test Ongoing INSULA study (~10 patients) at Oslo University Hospital has already delivered positive human proof-of- concept from the first 3 patients. Low Cost, Massive Impact With a lean clinical investment, we have generated the 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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28 What was announced? Confirmed Blood-Brain Barrier (BBB) penetration Initial patient data from the ongoing OP-701 (INSULA) Window-of-Opportunity study demonstrates that Oncopeptides' proprietary PDC platform successfully crosses the human blood-brain barrier in glioblastoma patients. Pharmacological concentrations in patient tissue Biopsies from resected tumor tissue showed consistent presence of the active compound, reaching concentrations aligned with preclinical models and expectations. Consistent safety profile Well tolerated with no major drug-related toxicity; first patient has received 5 monthly cycles in the open-label extension without new tumor-related neurological symptoms. Platform validation in CNS tumors Marks a critical clinical proof-of-concept for PDCs to be developed for patients with CNS tumors, establishing a path for the PDCs beyond hematology with the opportunity to support patients and address a global glioblastoma market, estimated to grow into an 8 billion USD market by 2035.
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29 Next steps and future milestones Complete analysis of cohort 1 and open cohort 2 Final results from cohort 1 and open cohort 2 to recruit the full study of approximately 10 glioblastoma patients at Oslo University Hospital. Full data readout Complete pharmacokinetic (PK) and pharmacodynamic analyses to gain further scientific insights that can inform next steps. Advance the PDC pipeline Utilize the human mechanistic proof-of-concept to inform the regulatory pathway and clinical development for PDCs in neuro-oncology. Fully funded next phase (SEK 100m directed share issue) Proceeds secure required CMC manufacturing activities, clinical study preparations, and execution of the next clinical phase in glioblastoma without burdening commercial operations
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30 In summary Commercial acceleration (Multiple Myeloma) • CHMP third-line recommendation: Potential to double the addressable European patient population and double average treatment cycles per patient upon EC approval. • Immediate German rollout: Access dossier submission within ~1 month of potential EC approval enables immediate commercial third-line sales under a favorable "basket" pricing model. • Broadening European reach: 41% YoY Q3 sales growth (SEK 28.5m); third-line access preparations underway in Italy and Spain alongside CEE expansion via Salus (Slovenia list price secured). Clinically validated pipeline (Glioblastoma) • Human proof-of-concept achieved: OP-701 (INSULA) data confirms PDC penetration across the human blood-brain barrier with pharmacologically relevant tumor concentrations. • Promising tolerability: First patient has completed 5 monthly cycles in the open-label extension without major drug-related toxicity. • External scientific recognition: Encouraging data presented at EANO 2026 and nominated for the EANO Poster Award. Financial discipline and upcoming catalysts • Dedicated pipeline funding: SEK 100m directed share issue (supported by HealthCap) fully funds glioblastoma CMC activities and next clinical phase preparations. • Strategic partnering: Active discussions with multiple potential partners in Japan, plus evaluation of partnerships to capture the full potential across Europe. • Clear profitability target: Commercial infrastructure in place for cost-efficient scaling, keeping Pepaxti commercialization on track for positive cash flow in 2027. With a potentially expanded European myeloma market, landmark clinical proof-of-concept in brain cancer, and dedicated financing secured, Oncopeptides holds powerful catalysts to drive long-term growth and achieve commercial cash-flow positivity in 2027.
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Q&A
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