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Extending the Boundaries of Targeted Cancer Therapies Company Presentation & H1 Financials Patrick Amstutz, CEO August 25, 2026 Nasdaq, SIX Swiss Exchange: MOLN
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Disclaimer This presentation contains forward looking statements. Any statements contained in this presentation that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995, as amended, including without limitation: implied and express statements regarding the clinical development of Molecular Partners’ current or future product candidates; expectations regarding timing for reporting data from ongoing clinical trials or the initiation of future clinical trials; the potential therapeutic and clinical benefits of Molecular Partners’ product candidates and its RDT and Switch-DARPin platforms; the selection and development of future programs; Molecular Partners’ collaboration with Orano Med including the benefits and results that may be achieved through the collaboration; and Molecular Partners’ expected business and financial outlook, including anticipated expenses and cash utilization for 2026 and its expectation of its current cash runway. These statements may be identified by words such as “aim”, "anticipate", “expect”, “guidance”, “intend”, “outlook”, “plan”, “potential”, “will” and similar expressions, and are based on Molecular Partners’ current beliefs and expectations. These statements involve risks and uncertainties that could cause actual results to differ materially from those reflected in such statements. Some of the key factors that could cause actual results to differ from Molecular Partners’ expectations include, but are not limited to, those set forth in under the heading “Risk Factors” in Molecular Partners’ Annual Report on Form 20-F for the year ended December 31, 2025 and other filings Molecular Partners makes with the SEC from time to time. These documents are available on the Investors page of Molecular Partners’ website at www.molecularpartners.com. In addition, this presentation contains information relating to interim data as of the relevant data cutoff date, results of which may differ from topline results that may be obtained in the future. Any forward-looking statements speak only as of the date of this presentation and are based on information available to Molecular Partners as of the date of this release, and Molecular Partners assumes no obligation to, and does not intend to, update any forward- looking statements, whether as a result of new information, future events or otherwise. 2
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Extending the Boundaries of Targeted Cancer Therapies DARPin Designed Ankyrin Repeat Protein Target Our Pipeline • Radio-DARPins as isotope-agnostic vector for targeted alpha therapeutics • Switch-DARPins for logic-gated, next-gen immune cell engagers • Early clinical readouts for patient value across indications with high unmet need Our Company • Clinical-stage biotech company, founded 2004 • Operations & listing in Switzerland (SIX, 2014) and US (Nasdaq, 2021) • Financed (USD ~84 M / CHF ~68 M*) to capture upcoming catalysts into late 2027 Our Capabilities • DARPin therapeutics: novel class of medicines, proprietary & clinically-validated • Strong team to innovate and execute up to clinical POC • Partnerships with world-class experts to maximize patient value *Financials as of June 30, 2026. POC, proof of concept. 3
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r/r AML & AML/MDS CD33 x CD123 x CD70 x CD3 Cholangiocarcinoma & other Solid Tumors FAP x CD40 Ovarian Cancer MSLN SCLC & NECs 212Pb x DLL3 Our Pipeline & Upcoming Catalysts RESEARCH PRE-CLINICAL PHASE 1 PHASE 2 PHASE 3CANDIDATEPLATFORM MP0712 MP0726 Additional Programs (Solid Tumors) CD3 x CD2 x MSLN x EpCAM *The co-development agreement with Orano Med includes up to 10 targeted radiotherapy programs, including MP0712 and MP0726. AML, acute myeloid leukemia; DLL3, Delta-like ligand 3; EpCAM, epithelial cell adhesion molecule; FIH, first in human; IIT, investigator-initiated trial; IND, investigational new drug; MDS, myelodysplastic syndrome; MSLN, mesothelin; NEC, neuroendocrine cancer; r/r, relapsed/refractory; SCLC, small cell lung cancer; TIP, trial in progress. Next-Gen Immune Cell Engagers “Mono”-specific (incl. CD70) “Multi”-specific 4 MP0632 (Switch-DARPin) Radio-DARPin Therapy (RDT) Co-development* 225Ac x DLL3MP0714 Initial clinical data 2026 Safety and efficacy 2027 Initial clinical data 2026 Safety and efficacy 2027 Progress to FIH imaging Nominate new targets Progress to FIH imaging Nominate new targets Poster at SITC 2026 Progress to IND Poster at SITC 2026 Progress to IND Evaluate combo IIT optionsEvaluate combo IIT options 225Ac 212Pb or Synergies MP0533 MP0317 Programs with up-side potential & minimal MP investment TIP poster ESMO 2026 Initial Ph2 update 2027 TIP poster ESMO 2026 Initial Ph2 update 2027
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Corporate Highlights H1 2026 MP0533 • NuMeRI initiated early-access clinical program with MP0714 (DLL3 DARPin x 225Ac) in South Africa • CD70 selected as new RDT target • Isotope-agnostic DARPins support interchangeability of therapeutic payloads (RDS 2026) • Development and supply agreements signed with Eckert & Ziegler and PanTera, respectively • Initiated US Phase 1/2a study of MP0712, 212Pb-based DLL3-targeting Radio-DARPin candidate for SCLC and other neuroendocrine cancers; dose level (DL1) fully recruited, DL2 now open • Precise targeting of tumor lesions in patients shown with 203Pb-labeled MP0712 (TWC 2026) *Financials as per June 30, 2026. FIH, first in human; TWC, Theranostics World Congress. MP0317 MP0712 • Started Phase 2 randomized IIT of tumor-localized CD40 agonist MP0317 for cholangiocarcinoma Radio-DARPin Therapy (RDT) • Mutation-agnostic clinical benefit of novel TCE MP0533 for AML presented at ASH 2025 5 Switch-DARPin • MP0632 selected as lead candidate, pre-clinical logic-gated T cell activation presented at AACR 2026 Operations • Cash position of USD ~84 M / CHF ~68 M* funds operations into late 2027 • Clare Fisher elected as new member of the Board of Directors
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Financial overview & Team update
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H1 2026 Financial Highlights • Strong financial position with CHF 68 million in cash (incl. short term deposits) as of June 30, 2026 • Net cash used in operating activities of CHF 25.0 million for the six months ended June 30, 2026 • Operating loss of CHF 27.0 million for the six months ended June 30, 2026 • Company expects to be funded into late 2027 7
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Key Figures first half year 2026 8 (CHF million, except per share and FTE data) H1 2026 H1 2025 Change Revenues - - - Total operating expenses (27.0) (33.5) 6.5 Operating result (27.0) (33.5) 6.5 Net financial result 0.3 (3.7) 4.0 Net result (26.7) (37.2) 10.5 Basic net result per share (in CHF) (0.70) (1.00) 0.30 Net cash from / (used in) operations (25.0) (30.2) 5.2 Cash balance (incl. s.t. deposits) as of June 30 67.9 114.5 (46.6) Number of FTEs as of June 30 116.7 153.0 (36.3)
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Clare Fisher – New BoD Member • Elected as new member of the Board of Directors of Molecular Partners in April 2026 • SVP for Global BD and M&A at BeOne Medicines • >20 years healthcare experience in leadership roles, incl. corporate and business development, mergers and acquisitions, strategy: • CBO, Kaleido • Group VP, Global Head of Transactions and BD, Interim Head Corp Dev, Shire (now Takeda) • B.S. Biochemistry, University of Bath, UK • M.B.A Henley Management College, UK 9
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Radio-DARPins ➢ Isotope-agnostic vectors for precise delivery of potent radio-isotopes ➢ Potential to unlock broad target space across solid tumor indications
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Targeted Alpha Radiotherapeutics – Clinical Benefit Proven, Rising Opportunity IMAGE THERAPY IMAGE July 2017, PSA = 782 ng/ml PET/CT, 68Ga-PSMA-11 May 2018, PSA = 0.04 ng/ml PET/CT, 68Ga-PSMA-11 3 cycles of 225Ac-PSMA-617 ✓ Precise delivery of potent radioisotopes to tumor lesions ➢ Spare healthy tissues ✓ Irreversible killing of cancer cells ➢ Independent from immune cells or chemo resistance ✓ Patient benefit demonstrated ➢ Survival and quality of life “See what you treat and treat what you see” DARPin Potential Large untapped potential DARPins are small binding proteins derived from natural ankyrin repeat proteins ~15 kDa DARPin Peptide ~2 kDa 150 kDa Antibody ? PSMA SSTR 11 SSTR; somatostatin receptor; PSMA, prostate-specific membrane antigen. PET/CT scan pictures adapted from Sathekge M, et al. 225Ac-PSMA-617 in chemotherapy-naive patients with advanced prostate cancer: a pilot study. Eur J Nucl Med Mol Imaging 46, 129–138 (2019). https://doi.org/10.1007/s00259-018-4167-0.
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DARPin: ISOTOPE-AGNOSTIC VECTOR FOR RADIOPHARMACEUTICALS • Proven selective targeting • High affinity, tumor retention • Broad target space • Small size Radio-DARPins for Next-Gen Targeted Alpha Therapy ALPHA-EMITTING THERAPEUTIC ISOTOPES • Proven clinical efficacy • High energy deposition • Lead-212 (212Pb) • Actinium-225 (225Ac) LINKER & CHELATOR SURFACE ENGINEERING • Enabled by high stability • Reduce kidney accumulation HALF-LIFE EXTENDER • Tailored systemic exposure • Promote tumor uptake HLE 12
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DARPins to Expand Target and Indication Space 13 Low density – rapid internalization & replenishment antigens Bi-specific DARPins – cover 2 antigens with 1 DARPin (2-in-1 DuoDARPin) Tumor cell A Tumor cell B MP0726 (MSLN)MP0712 (DLL3) Showcased at GRC in July 2026 Shedding of Targets GRC, Gordon Research Conference.
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Radio-DARPins Enable Chelator and Isotope Flexibility DARPIN CHELATOR Examples DOTAM DOTA … 212Pb 225Ac … 203Pb 177Lu … ISOTOPE Therapeutic Imaging Pick and choose chelator/isotope to achieve the desired drug profile 14
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Radio-DARPins Enable Chelator and Isotope Flexibility Radio-DARPin against Target A Radio-DARPin against Target B ➢ Comparable BioD profile using 203Pb-DOTAM and 177Lu-DOTA with similar uptake and washout rates ➢ Assumption: 203Pb-DOTAM and 177Lu-DOTA can be used as surrogates for the therapeutic candidates (212Pb / 225Ac) ➢ Flexibility to select therapeutic isotope based on pre-clinical and/or early human imaging data 15 Blood Liver Kidneys Spleen Tumor 0 10 20 30 40 50 % ID/g Biodistribution (BioD) studies done in different mouse models expressing respective tumor target. Target A: 203Pb-DOTAM-DARPin injected 1 x 20mCi at 0.01mg/kg and 177Lu-DOTA-DARPin injected 1 x 50μCi at 0.01mg/kg. Target B: 203Pb-DOTAM-DARPin injected 1 x 4mCi at 0.01mg/kg and 177Lu-DOTA-DARPin injected 1 x 4μCi at 0.01mg/kg. Blood Liver Kidneys Spleen Tumor 0 10 20 30 40 50 % ID/g 177Lu-DOTA - 4h 177Lu-DOTA - 24h 177Lu-DOTA - 72h 177Lu-DOTA - 168h 203Pb-DOTAM - 4h 203Pb-DOTAM - 24h 203Pb-DOTAM - 72h 203Pb-DOTAM - 168h Blood Liver Kidneys Spleen Tumor 0 10 20 30 40 50 % ID/g 177Lu-DOTA - 4h 177Lu-DOTA - 24h 177Lu-DOTA - 72h 177Lu-DOTA - 168h 203Pb-DOTAM - 4h 203Pb-DOTAM - 24h 203Pb-DOTAM - 72h 203Pb-DOTAM - 168h Dani Steiner, RDS 2026.
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MP0712 (DLL3 x 212Pb) Targeted Alpha Radiotherapy for Lung Cancer ➢ Specific tumor uptake reported in initial human images ➢ Phase 1/2a in US dosing patients, early data in 2026
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MP0712: DLL3 Targeted Radiotherapy for SCLC and other NECs 17 DLL3 – Validated Target with Large Addressable Patient Population *Figures depict incidence of US patients (in 1000s) in the year 2004, which express DLL3 as assessed by RNA expression and other methods (see Cantor 2025). 1. Mountzios et al., NEJM 2025; 2. SEER; 3. American Cancer Society. 2L, 2nd line; ADC, antibody-drug conjugate; DoR, duration of response; MoA, mode of action; mPFS, median progression-free survival; NEC, neuroendocrine cancer; NSCLC, non-small call lung cancer; OS, overall survival; RCC, renal cell carcinoma; RR, response rate; SCLC, small cell lung cancer; TCE, T cell engager. 33 13 2243 19 6 7 SCLC NECs NSCLC Melanoma Glioma RCC Thyroid > 100k US Patients* SCLC – Critical Unmet Need • mPFS: ~4 months1 (2L); 5-year OS: ~7–9%2,3 RADIOACTIVITY- MEDIATED DNA DAMAGE SOLID TUMOR CELLS HLE 212Pb DLL3-specific DARPin MP0712 ✓ SCLC highly radio-sensitive ✓ DLL3 internalization to drive activity ✓ Combinable with other MoAs • Tarlatamab (TCE) approved: 35% RR; ~7 months DoR; risk of substantial side effects • ADCs in Phase 1/2: 50-70% RR; 5–6 months DoR; manageable side effects
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MP0712: High Tumor Uptake via DLL3 Replenishment and Half-Life Engineering Immunofluorescence co-staining of anti-DARPin antibody, an early endosomal marker (EEA1) and cell nucleus marker (DAPI) after 3 h incubation. Schematic for uptake in blood and tumors with and without HLE in mice – data presented at multiple conferences in 2024. DARPin half-life optimization allows to leverage rapid internalization & replenishment of DLL3 for high MP0712 accumulation in tumors 18 • DARPin • Nucleus • Endosome Optimal half-life for tumor uptake of MP0712 No HLE 10x tumor uptake With HLE % injected dose / gram Riesenberg et al., AACR 2026.
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SPECT/CT Imaging with 203Pb-MP0712 in a Patient with Metastatic Small Cell Lung Cancer (mSCLC) Patient characteristics • 69-year-old male (smoker) • Small cell neuroendocrine carcinoma of the lung • Stage III at referral (mediastinal lesion) Treatment history • Radio- & chemotherapy Dosing • 185 MBq of 203Pb-MP0712 Result • Stage IV by MP0712 - SPECT with 4 liver mets Primary lesion Liver mets Initial high blood pool, followed by specific uptake in primary & metastatic lesions over time in line with MP0712 MoA 116 h post injection4 h post injection 24 h post injection 19 Patient imaged as part of a Named Patient Access Program at NuMeRI, Pretoria, South Africa. Example of patient case series presented with courtesy of Prof. Dr. M. Sathekge, NuMeRI. Complete SPECT/CT imaging data set presented at TWC 2026 (Kabunda et al.).
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• Continued tumor uptake during imaging period (up to 116 h) • Higher uptake in liver metastases as compared to primary lesion • Washout from healthy organs visible from 24 h onwards • Healthy organ profile consistent with profile observed in other patients Biodistribution Profile of 203Pb-MP0712 in a Patient with mSCLC 20 Lizak et al. TWC 2026. Quantitative image analysis performed by RAPID, LLC. mSCLC, metastatic small cell lung cancer.
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MP0712 Organ Dosimetry and Projection to Phase 1 21 Kidneys Red Marrow 203Pb Time-Activity Curves 0 0.004 0.008 0.012 0 50 100 150 %IA/g Patients Mean 0 0.002 0.004 0.006 0 50 100 150 %IA/g Time [hours] Patients Mean Dosimetry calculations for 212Pb performed by RAPID, LLC on 5 evaluable patients; RBE = 5. Complete dosimetry dataset presented at TWC 2026 (NuMeRI / Ramonaheng et al.). EBRT, external beam radiation therapy; RBE, relative biologic effectiveness. Starting Dose 1x 75 MBq 212Pb Top Dose 1x 200 MBq 212Pb 2.1 0.8 0 2 4 6 Kidneys Red Marrow Absorbed Dose 212Pb (Gy) 5.7 2.2 0 2 4 6 Kidneys Red Marrow Absorbed Dose 212Pb (Gy) External Beam Radiation (EBRT) limit: • Kidney 23 Gy – cumulative • Red Marrow 2 Gy – non-cumulative Dosimetry extrapolations ➢ All healthy organs within EBRT limits for Phase 1 starting and top single doses ➢ Kidneys & red marrow potentially dose-limiting → Monitor hematologic recovery to guide repeated dosing strategies
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MP0712 Preclinical Safety Data Support Heme Recovery Hypothesis MP0712 dose-range finding (DRF) study done in wild-type mice. 212Pb-DOTAM-DARPin injected once from 10 to 60 μCi. 22 Croset et al. AACR 2025. Preclinical Data • Recovery of hematologic profile after 28 days • MP0712 treatment up to 30 µCi well tolerated • 10 µCi corresponds to ~75 MBq in human • 30 µCi corresponds to ~225 MBq in human
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Phase 2a: Dose Expansion and PoC Main objectives: efficacy signals, confirm safety and RP2D N = up to 5 x 20-30 patients Phase 1: Dose Escalation Main objectives: safety, RP2D N =15–39 patients SCLC and lung LC NEC; N = 9–39 patients epNEC MP0712 Phase 1/2a Study for SCLC and other NECs 1/2/3L, 1st/2nd/3rd line; DL, dose level; epNEC, extrapulmonary NEC; LC NEC, large cell NEC; PoC, proof-of-concept; RP2D, recommended phase 2 dose. 23 203Pb- MP0712 Imaging / dosimetry (SPECT) DL 1 75 MBq n=3* DL 2 105 MBq n=3–12* DL 3 150 MBq n=3–12* RP2D DL 4 200 MBq n=6–12* 212Pb-MP0712 (treatment) * Evaluable patients (Bayesian Logistic Regression Model guided dose escalation) **epNEC to start at a dose level previously tested in SCLC or LC NEC of lung at which a first signal of pharmacological activity is detected. RP2D for epNEC is anticipated to be same as RP2D for SCLC/LC NEC of lung. Pre-selection on DLL3 expression foreseen. Dose Y** n=6–12* Dose X** n=3–12* … Repeat dosing ongoing 1) 3L SCLC post tarlatamab 2) 2L SCLC tarlatamab-naive 3) 2L+ epNEC 4) Combo with TCE in R/R SCLC 5) Combo with TCE in R/R epNEC Registration studies 2L & 1L • First-in-human, US multicenter, Phase 1/2a study of MP0712 monotherapy (NCT07278479) − SCLC patients after ≥2 prior systemic therapies or not eligible for standard 2L therapy; lung LC NEC patients after ≥1 prior systemic therapy − 5 of 9 centers currently open Recruiting Confirmatory signals C1 C2 C3 C4 C5 C6 W1 W5 W9 W13 W17 W21 Each cycle (C): 28 days; Cycle 1 (C1) = DLT evaluation period; Each patient may receive 4–6 cycles Scans every 6 weeks (W)
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MP0712 Phase 1 Early Safety Signals Provide Confidence for Therapeutic Window ➢ No dose-limiting toxicity (DLT) reported in fully recruited dose level 1 (75 MBq / dose) ➢ Emerging blood counts show mild, transient mid-cycle decreases with full recovery by cycle end to-date 24Data cut-off: August 22, 2026 BLOOD markers 1 15 29 43 57 71 0 3 4 5 6 7 White Blood Cell Count Day White Blood Cells (G/L) 105-001 101-001 G3 (<2 G/L) G4 (<1 G/L) 105-003 1 15 29 43 57 71 0 100 200 300 Platelets Day Thrombocytes (G/L) 101-001 105-001 G3 (<50 G/L) G4 (<25 G/L) 105-003 1 15 29 43 57 71 60 100 120 140 Hemoglobin Day Hemoglobin (g/L) 101-001 105-001 G3 (<80 g/L) 105-003 1 15 29 43 57 71 0 2 4 6 Absolute Neutrophil Count Day Neutrophils (G/L) 101-001 105-001 G3 (<1.0 G/L) G4 (<0.5 G/L) 105-003 1 15 29 43 57 71 0.0 1.0 1.5 Absolute Lymphocyte Count Day Lymphocytes (G/L) 101-001 105-001 G3 (<0.5 G/L) G4 (<0.2 G/L) 105-003 1 15 29 43 57 71 0 3 4 5 6 7 White Blood Cell Count Day White Blood Cells (G/L) 105-001 101-001 G3 (<2 G/L) G4 (<1 G/L) 105-003 1 15 29 43 57 71 0 100 200 300 Platelets Day Thrombocytes (G/L) 101-001 105-001 G3 (<50 G/L) G4 (<25 G/L) 105-003 1 15 29 43 57 71 60 100 120 140 Hemoglobin Day Hemoglobin (g/L) 101-001 105-001 G3 (<80 g/L) 105-003 1 15 29 43 57 71 0 2 4 6 Absolute Neutrophil Count Day Neutrophils (G/L) 101-001 105-001 G3 (<1.0 G/L) G4 (<0.5 G/L) 105-003 1 15 29 43 57 71 0.0 1.0 1.5 Absolute Lymphocyte Count Day Lymphocytes (G/L) 101-001 105-001 G3 (<0.5 G/L) G4 (<0.2 G/L) 105-003 Patient 1 Patient 2 Patient 3 Patient 1 Patient 2 Patient 3 Patient 1 Patient 2 Patient 3 Patient 1 Patient 2 Patient 3 Patient 1 Patient 2 Patient 3 G3/4; threshold for Grade 3/4 adverse event.
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MP0712 Phase 1 Early Safety Signals Provide Confidence for Therapeutic Window 25Data cut-off: August 22, 2026 ➢ No dose-limiting toxicity (DLT) reported in fully recruited dose level 1 (75 MBq / dose) ➢ No evidence of hepatic or renal toxicity to-date LIVER markers KIDNEY markers 1 15 29 43 57 71 0 20 40 60 80 Aspartate Transaminase Study Day Aspartate Transaminase (U/L) 101-001 105-001 105-003 1 15 29 43 57 71 0 20 40 60 80 Alanine Transaminase Study Day Alanine Transaminase (U/L) 101-001 105-001 105-003 1 15 29 43 57 71 0 1 2 Total Bilirubin Study Day Total Bilirubin (mg/dL) 101-001 105-001 105-003 1 15 29 43 57 71 0 1 2 Serum Creatinine Study Day Serum Creatinine (mg/dL) 101-001 105-001 105-003 1 15 29 43 57 71 40 60 80 100 120 Calculated GFR Study Day Calculated GFR (mL/min) 101-001 105-001 105-003 1 15 29 43 57 71 0 20 40 60 80 Aspartate Transaminase Study Day Aspartate Transaminase (U/L) 101-001 105-001 105-003 1 15 29 43 57 71 0 20 40 60 80 Alanine Transaminase Study Day Alanine Transaminase (U/L) 101-001 105-001 105-003 1 15 29 43 57 71 0 1 2 Total Bilirubin Study Day Total Bilirubin (mg/dL) 101-001 105-001 105-003 1 15 29 43 57 71 0 1 2 Serum Creatinine Study Day Serum Creatinine (mg/dL) 101-001 105-001 105-003 1 15 29 43 57 71 40 60 80 100 120 Calculated GFR Study Day Calculated GFR (mL/min) 101-001 105-001 105-003 Patient 1 Patient 2 Patient 3 Patient 1 Patient 2 Patient 3 Patient 1 Patient 2 Patient 3 Patient 1 Patient 2 Patient 3 Patient 1 Patient 2 Patient 3
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MP0712 Conclusions and Outlook Summary • Patients continuing treatment per protocol at dose level 1 (75 MBq / dose) ✓ Cohort fully recruited at first dose level ✓ No dose-limiting toxicity (DLT) reported ✓ All organs of concern well within safety parameters (blood, kidneys, liver) ✓ All 3 patients all having received multiple doses of MP0712 • DERC approval granted to initiate enrollment for dose level 2 (105 MBq / dose) • Treatment initiation expected in September 2026 Outlook • Initial data expected before year end 2026 • Comprehensive safety and efficacy data in 2027 26DERC, dose escalation review committee.
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MP0714 (DLL3 x 225Ac) Targeted Alpha Radiotherapy for Lung Cancer ➢ Compassionate care just initiated in South Africa ➢ Request by Dr. Mike Sathekge of NuMeRI
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MP0714: DLL3 Targeted Radiotherapy for SCLC and epNECs MP0714 • Same DLL3-specific DARPin as in MP0712 • DOTA as chelator • 225Ac as therapeutic isotope – 177Lu used for imaging Compassionate care initiated • Request by Dr. Mike Sathekge of NuMeRI • Patient treatment ongoing • For patients with SCLC and epNECs SOLID TUMOR CELLS HLE 225Ac DLL3-specific DARPin MP0714 RADIOACTIVITY- MEDIATED DNA DAMAGE ✓ SCLC highly radio-sensitive ✓ DLL3 internalization to drive activity 28
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MP0726 Targeted Alpha Radiotherapy for Ovarian Cancer ➢ Targeting membrane-bound MSLN ➢ Progress to FIH imaging in 2026
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MP0726: Targeted Alpha Radiotherapy for Ovarian and Other Cancers MSLN – highly expressed target across multiple solid cancers 1. Awuah et al. Mol Cancer Ther 2016; 2. Zhang et al. Cancer Sci 2011; 3. Smith et al. ASCO 2024; 4. Liu et al. PNAS 2024. FRɑ, folate receptor alpha; MSLN, mesothelin; NSCLC, non-small cell lung cancer; Tx, treatment. 30 MP0726 αMSLN DARPin Tumor cell Shed MSLN Membrane-proximal epitope Full-length MSLN cleavage HLE MSLN DARPin targets membrane-proximal epitope (and not shed MSLN) 26.8 57.1 75.1 57.9 22.7 11.8 Ovarian Pancreatic Mesothelioma NSCLC Colon Esophageal Endometrial Gastric Breast Cervical • >80% prevalence in ovarian cancer • Maintained in metastases • Shed MSLN in patient serum, might limit efficacy of MSLN-targeted therapies1-4 Ovarian Cancer – high medical need, marginal progress • > 50% patients die within 5 years post-diagnosis • Poor treatment options: ~80% recurrence rate post 1L chemo, limited 2L options (FRɑ-targeted Tx relevant for only 40% patients) > 250 K US Patients Alpha emitting therapeutic isotope
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MP0726: MSLN-Targeting Radio-DARPin for Ovarian Cancer Wullschleger, et al., AACR 2025. OVCAR-8 Cell binding competition assay (100nM DARPin with increasing concentration of shed MSLN). Mice xenografted s.c. with hMSLN-MC38 (Biocytogen). Dose: 10 µCi of 212Pb at 0.01 mg/kg of MSLN DARPin. FIH, first in human. Outlook: Progressing MP0726 to FIH imaging in 2026 Tumor cell shed MSLN Membrane-proximal epitope Full-length MSLN “Distal” DARPin “Proximal” DARPin Binding maintained in presence of shed MSLN Binding inhibited in presence of shed MSLN Blood Small intestine Colon Kidneys Liver Lung Heart Tail hMSLN-MC38 0 20 40 60 6.5 1.7 1.5 7.8 7.3 2.6 1.8 1.0 32.2 25.8 3.4 1.6 8.1 7.0 10.1 6.5 4.2 16.9 Proximal MSLN DARPin-1 x HLE %ID/g 4h 24h Favorable biodistribution in hMSLN-MC38 tumor model Cell binding maintained despite shed MSLN 10-1 101 102 103 104 0 20 40 60 80 100 OVCAR-8 Cell binding competition assay 100nM DARPin with increasing concentration of shed MSLN shed MSLN [nM] Normalized binding (%) 0 Proximal DARPin Distal DARPin 31
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CD70 x RDT Targeted Alpha Radiotherapy for kidney cancer and beyond ➢ Lead candidate nomination H2 2026 ➢ Clinical program start expected 2027
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CD70-Targeting Alpha Radiotherapy for RCC & Beyond 33 CD70 – Validated Target with Broad Expression • >80% in kidney cancer (ccRCC), NHL, MM patients4,5 • Limited / no expression in healthy tissues; transient on activated immune cells & regenerating epithelia6,7 • Tumor-targeting shown with CD70 radio-diagnostics8-12 • Clinical validation through CAR-T responses13,14 CD70 TCE (Ph1, Incyte): no data CD70 CAR-T/NK: 25–50% ORR13,14 (Ph1, Allogene), CGC729 (Curegenetics) CD70 ADC (Ph1, J&J): 26–23% ORR15 TUMOR CAIX, carbonic anhydrase IX; CAR-T, chimeric antigen receptor T cell; (cc)RCC, (clear cell) renal cell carcinoma; GI, gastro-intestinal; HIF-2ɑ, hypoxia-inducible factor 2 alpha; HNSCC, head and neck squamous cell cancer; IO, immuno-oncology; MM, multiple myeloma; MoA, mechanism of action; NHL, non-Hodgkin lymphoma; NK, natural killer cell; SBRT, stereotactic body radiotherapy; TKI, tyrosine kinase inhibitor. References: see slide notes. Other RLTs (CAIX): Ph3 Telix (heme tox); Ph1/2 ITM, Peptidream; high GI uptake Alpha emitting therapeutic isotope HLE HLE CD70 DARPin 55.1 11.5 17.1 24.6 40.4 13.2 Renal Nasopharyngeal Esophageal Mesothelioma HNSCC Multiple Myeloma NHL AML RCC: Critical Unmet Need (2/3L) • mPFS: ~5–7 months1-3 ; 5-year OS: ~18–25%2 > 150k US Patients ✓ RCC sensitive to high-dose SBRT ✓ Avoids GI tox. from CAIX targeting ✓ Differentiation in RCC beyond HIF-2α / TKI / IO
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Concluding Remarks & Outlook
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Our Radio-DARPin Pipeline – News Flow in 2026 Radio-Therapeutics Vector Isotope Target & Disease Patient 225Ac 212Pb The co-development agreement with Orano Med includes up to 10 targeted radiotherapy programs, including MP0712 and MP0726. DLL3, Delta-like ligand 3; FIH, first-in-human; MSLN, mesothelin; NEC, neuroendocrine cancer; RDT, Radio-DARPin Therapeutic; SCLC, small cell lung cancer. Initial data 2026 Efficacy 2027 Initial data 2026 Efficacy 2027 Nominate new RDT targets Evaluate candidates in alpha-agnostic manner Nominate new RDT targets Evaluate candidates in alpha-agnostic manner Progress to FIH imaging Progress to FIH imaging 35
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Outlook and Milestones in 2026 Switch-DARPin • Progress next RDT candidates, including MP0726, to FIH imaging • Nomination of new RDT targets: CD70 for kidney cancer and other indications; candidate selection in H2 2026 • First-in-human (FIH) Phase 1/2a study in US, dosing ongoing and now recruiting at dose level 2 • Full imaging and dosimetry data from South Africa presented at TWC in January 2026 • Initial data from Phase 1 anticipated in 2026, efficacy in 2027 Cash USD ~84 M (CHF 68 M*, incl. short-term time deposits) ensures funding into late 2027 *Financials as per June 30, 2026. IND, investigational new drug. MP0712 Radio-DARPin Therapy (RDT) • MP0632 selected as lead candidate in H1 2026, moving to IND-enabling studies; poster at SITC 2026 36 MP0317 • Phase 1 results just published in Nature Cancer (Steeghs et al. 2026), strong on-target activity • Phase 2 combo study dosing patients: front-line cholangiocarcinoma, up to 75 patients; poster at ESMO 2026 MP0533 • Conclusion of Phase 1/2a dose escalation • Investigator-initiated combo trials under discussion
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Twenty Years of Pioneering DARPin Therapeutics for Patients Thank You Our Team, Summer 2025
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MP0317 A FAP-localized CD40 agonist for local immune cell activation and tumor microenvironment modulation ➢ Phase 2 combo IIT in advanced biliary tract cancer (cholangiocarcinoma), dosing patients ➢ Trial-in-progress poster at ESMO 2026 TUMOR-ASSOCIATED CELLTUMOR-ASSOCIATED CELL IMMUNE CELLIMMUNE CELL
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MP0317 Ph1: Biological PoC of Tumor Microenvironment Remodeling Tumor biopsy of a patient with GIST in Cohort 5b (Q1W); biopsy location: peritoneum. DC, dendritic cell; FAP, fibroblast activation protein; GIST, gastrointestinal stromal tumor. PRIOR TO TREATMENT CYCLE 2 DAY 8 High DC infiltration in FAP-positive tumor area in presence of MP0317 DC infiltration MP0317 Steeghs et al. Nat Cancer 2026. • 46 patients treated in 9 cohorts • Favorable safety profile across all tested dose cohorts up to highest planned dose (10 mg/kg) • Clinical evidence of tumor- localized CD40 pathway and immune cell activation, leading to tumor microenvironment remodeling 39
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MP0317 Phase 2 Trial in Cholangiocarcinoma, IIT in France Study Overview • 1st line adv. biliary tract cancer (cholangiocarcinoma) • Investigator-initiated, randomized, PoC • MP0317 combined with SoC: durvalumab & chemo • Why cholangiocarcioma: – High FAP expression – Immune suppressive TME Cis, cisplatin; CPI, check-point inhibitor; Gem, gemcitabine; PFS, progression-free survival; SoC, standard of care; TME, tumor microenvironment. 40 Status • 9 sites actively recruiting • Patient treatment ongoing • Trial-in-progress poster at ESMO 2026 • Data update expected in 2027, trial completion in 2028 Study Design MP0317 + SoC SoC 2:1Patient Randomization N=50 N=25 0.0 0.2 0.4 0.6 0.8 1.0 0 3 6 9 12 15 18 21 24 Probability of PFS* Time (months) MP0317 + CPI + Gem + Cis CPI + Gem + Cis1,2 Objective: 12-month PFS improvement of ~50% *Probability of PFS figure is a conceptual overview/estimation based on data from 1. TOPAZ-1 study (Oh et al., NEJM Evid 2022) and 2. KEYNOTE 996 study (Kelley et al., Lancet 2023). Expected 12-month PFS with SoC < 24%, MP0317 phase 2 hypothesis to improve by ~50%.