Oncopeptides AB · OMXSTO:ONCO
Oncopeptides AB — Q3 2026 Earnings Presentation
32 slides from Oncopeptides AB's earnings presentation, Nov 5, 2026
Slide 1: Q3 2026 report
Q3 2026 report November 5, 2026 1
Slide 2: Disclaimer
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
Slide 3: Presenters
Presenters Sofia Heigis Henrik Bergentoft Chief Executive Officer Chief Financial Officer 3
Slide 4: Where we are right now
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
Slide 5: Financial update
Financial update Henrik Bergentoft, CFO 5
Slide 6: Financial summary
Financial summary MSEK Jul-Sep Jul-Sep Jan-Sep Jan-Sep 2026 2025 2026 2025 Revenue in the quarter grew Net sales 28.5 20.2 84.9 52.6 by 41% and by 62% for the COGS -0.5 -0.3 -1.8 -0.6 nine-month period Gross profit 28.0 19.9 83.2 52.0 Gross margin remained Expenses -66.1 -68.2 -213.0 -218.5 strong a
Slide 7: Operating expenses trending down
Operating expenses trending down MSEK 120 • S&M costs for the quarter were 36.5 (31.9) MSEK, reflecting continued 100 commercialization activities in Europe, with focus on Germany, Spain and Italy 68 MSEK • G&A costs for the quarter were 11.7 (19.0) 80 66 MSEK, a clear decrease driven by cost MSEK c
Slide 8: Liquidity position
Liquidity position MSEK 350 300 • Cash and cash equivalents 250 were 116.8 MSEK at quarter ~217 MSEK end 200 • The liquidity position was Directed strengthened after the period 150 share by a directed share issue of issue approximately 100 MSEK 100 before issue-related costs 117 MSEK 50 0 8
Slide 9: Business update
Business update Sofia Heigis, CEO 9
Slide 10: European sales trajectory
European sales trajectory 35 80 30 70 60 25 50 Quarterly Full year 20 40 15 30 10 20 5 10 0 0 Full year Quarter over quarter Revenue, European sales, million SEK 10
Slide 11: European sales
European sales Q3 2023 Q3 2024 Q3 2025 Q3 2026 1200+ patients treated since EMA If approved, indication expansion Positive clinical experience approval in 2022 into third-line treatment would triggers RWD publications to provide potential for 2x support peer-to-peer addressable patient population re
Slide 12: CURRENT (4L+): Clinical positioning: where Pepaxti fits
CURRENT (4L+): Clinical positioning: where Pepaxti fits Unable to receive In-between Post-immunotherapy Immunotherapy immunotherapy failure Strategic option for patients Ideal "bridge" between RWD demonstrates Pepaxti can unable to receive immune-based therapies to be an alternative for patients imm
Slide 13: IF APPROVED (3L+): Clinical positioning: where Pepaxti fits
IF APPROVED (3L+): Clinical positioning: where Pepaxti fits Unable to receive In-between Immunotherapy immunotherapy Strategic option for patients Ideal "bridge" between unable to receive immune-based therapies to immunotherapy due to allow for T-cell recovery or comorbidities, infections, frailty,
Slide 14: Germany
Germany • 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 negotiatio
Slide 15: Pepaxti experience continues to grow
Pepaxti experience continues to grow Continuous growth validates scale-up potential Cumulative number of unique Pepaxti prescribers 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 15 Number of prescribers are estimates based on ordering pharmacy, order
Slide 16: Italy
Italy • 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
Slide 17: Spain
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
Slide 18: European commercialization
Evaluating strategic options, including new partnerships, to capture full potential in European markets European commercialization Phase I – completed ≈55% Phase II – completed Market exclusivity until Phase II – pending 2037 ≈35% Phase III Partnership with SALUS ≈10% Phase IV announced during Q2 20
Slide 19: Expanding Pepaxti into third-line multiple myeloma
Expanding Pepaxti into third-line multiple myeloma Rapid regulatory execution: EC decision expected in Q4 2026; German third-line commercial launch imminent following approval • Current indication • New potential indication • Fourth-line+ treatment • Third-line+ treatment • Adult patients with RRMM
Slide 20: Expanding Pepaxti into third-line multiple myeloma
Expanding Pepaxti into third-line multiple myeloma Rapid regulatory execution: EC decision expected in Q4 2026; German third-line commercial launch imminent following approval Commercial and financial multiplier Market access and pricing Unmet medical need and scalability • 2x addressable patients •
Slide 21: Expanding Pepaxti into third-line multiple myeloma
Expanding Pepaxti into third-line multiple myeloma Rapid regulatory execution: EC decision expected in Q4 2026; German third-line commercial launch imminent following approval May-July 2026 September 2026 Q4 2026 + 1 month from EC decision Type II Variation Submission to EMA CHMP opinion European Co
Slide 22: Multiple Myeloma treatment course – a marathon, not a sprint
Multiple Myeloma treatment course – a marathon, not a sprint Newly diagnosed Early relapse Late relapse Advanced disease Multiple Myeloma burden Tumor 2nd relapse Symptomatic Multiple Myeloma Potential 1st relapse Rapid expanded Initial therapy acceleration Pepaxti +/- Autologous of disease Stem Cel
Slide 23: Multiple Myeloma treatment landscape
Multiple Myeloma treatment landscape 4th line and 1st line 2nd line 3rd line beyond Anti CD38 Proteasome monoclonal inhibitors Conventional Rechallenge antibodies therapy Immunomodula tors (IMIDs) Bispecific CAR T ADC*** Immuno- antibodies therapy Bispecific antibodies** PDC Nuclear export Nuclear e
Slide 24: Partnerships
Partnerships © oncopeptides
Slide 25: Pepaxti commercialization and partnership landscape
Pepaxti commercialization and partnership landscape Japan Active engagement CEE both remotely and in- Slovenia list price person with multiple approved in August potential partners (€3,528.31/vial), during Q3 acting as reference price anchor for CEE reimbursement submissions Europe third-line expans
Slide 26: Pipeline
»~ ~ > ‘‘ Pipeline © oncopeptides
Slide 27: The Glioblastoma "Window of Opportunity" a high reward leap
The Glioblastoma "Window of Opportunity” a high reward leap Solving the #1 A Smarter Way to Low Cost, Massive Company Challenge Test Impact Transformation >90% of systemic Ongoing INSULA With a lean clinical Our glioblastoma cancer drugs fail study (~10 patients) investment, we have program drives P
Slide 28: What was announced?
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
Slide 29: Next steps and future milestones
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
Slide 30: In summary
In summary 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. Commercial acceleration (Multiple
Slide 31: Q&A
Q&A
Slide 32: Bringing hope through science
Bringing hope through science © oncopeptides