Hbm Healthcare Investments Ag Temp · SIX:HBMNE
Hbm Healthcare Investments Ag Temp — HBM Healthcare Investments — Investor Presentation (January 2026)
56 slides from Hbm Healthcare Investments Ag Temp's investor presentation, January 2026
Slide 1: HBM Healthcare Investments
HBM Healthcare Investments U N IQUE IN VE ST M E NTS IN P RIVA T E A N D L ISTED L IF E SCIENCES COM PA NIES J A N U ARY 2 0 2 6
Slide 2: About HBM Healthcare Investments
About HBM Healthcare Investments 2
Slide 3: Profile
HBM Healthcare Investments Profile Swiss investment company with $2.5 billion assets holding a global portfolio of emerging life sciences companies Unique Investments Portfolio Expertise Swiss-based, permanent Focusing on growth companies Dedicated investment capital, healthcare- companies in the bi
Slide 4: At a Glance
HBM Healthcare Investments At a Glance Registered Shares (CHF) Performance (CHF) 5Y 10Y Total assets 1’992 million Net return Return Return (including Net assets (NAV) 1’864 million distribution) 2025 2024 2023 2022 p.a. p.a. Market capitalisation 1’527 million NAV 14.8% 15.0% -8.3% -21.7% 2.1% 9.5%
Slide 5: Indexed Performance Over 10 Years
HBM Healthcare Investments Indexed Performance Over 10 Years 550 10Y Performance* 500 198.7%, 11.6% p.a. 450 150.3%, 9.6% p.a. 400 148.8%, 9.5% p.a. 73.5%, 5.7% p.a. 350 36.5%, 3.2% p.a. * Total return, distributions reinvested 300 250 200 150 100 50 0 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-2
Slide 6: Portfolio Highlights Over the last Years
HBM Healthcare Investments Portfolio Highlights Over the last Years Mineralys Therapeutics Closes $40 Million Series A Funding > 25 new private investments >20 IPOs / Listings >15 Trade & Asset Sales Positive clinical data 8 market approvals Upcoming catalysts in 2026 Data as of December 2025 6
Slide 7: Proven Track Record of more than 70 Trade Sales and IPOs in 10 Years
HBM Healthcare Proven Track Record Investments of more than 70 Trade Sales and IPOs in 10 Years €1.5bn INR 9.5bn $820m $8.0bn HKD 783m $1.9 bn $290m HKD 195m $210m Majority Listing on IPO on Acquisition Acquisition IPO on Acquisition IPO on IPO on IPO on Sale to NSE (India) NSE / BSE by Mirum by Gen
Slide 8: Investment Strategy
HBM Healthcare Investments Investment Strategy − Investment focus on companies with innovative platforms and drug Innovation candidates Private and − Portfolio of private and small-cap public companies (generally market Public capitalisation below USD 2 bn) − Investments typically first made in a ve
Slide 9: Investment Approach
HBM Healthcare Investments Investment Approach Investment Approach − Fundamental long with private and public healthcare Bellwethers investments − Bottom-up selection of investments with solid long- Emerging Leaders term growth potential Investments in Listed − Diversified portfolio approach Potenti
Slide 10: Private Equity Investment Process
HBM Healthcare Investments Private Equity Investment Process # companies >700* ~200 ~25 10-15 per annum Investment Comprehensive Investment Deal Sourcing Initial Due Diligence Recommendation / Due Diligence Monitoring / Exit Decision • Appraisal of scientific, Monitoring activities • Company and • D
Slide 11: Public Equity Investment Process
HBM Healthcare Investments Public Equity Investment Process Idea Generation − Appraisal of scientific, technological, regulatory and political trends Due Diligence − Universe of >1,500 healthcare companies (approx. 15% are − Scientific and clinical review: Survey of scientific Idea covered by stock
Slide 12: Deal Sourcing of Private Equity Investments
HBM Healthcare Investments Deal Sourcing of Private Equity Investments HBM as Lead Investor Mineralys Therapeutics Closes $40 Million Series A Funding Backed team Other VCs or BoD relationship Relationship with Direct sourcing / Strategic fund previously founder/ HNWI / Family investments management
Slide 13: Healthcare Sector
Healthcare Sector 13
Slide 14: Attractive Growth Sector with Strong Fundamentals and Drivers
HBM Healthcare Attractive Growth Sector Investments with Strong Fundamentals and Drivers Biotech Outperformed the Market Over Short & Long Term − Healthcare sector’s fundamentals remain intact and are 6400 NASDAQ Biotechnology Index: +3300% (12% p.a.) supportive for further outperformance S&P 500 In
Slide 15: Emerging Biotech Companies as the Backbone of Innovation
HBM Healthcare Emerging Biotech Companies as the Investments Backbone of Innovation Source of Origination for Share of R&D Pipeline by Company Type Novel Active Substances (NAS) Launched Number of NASs 100% 90% 80 80% 70 2019: Overall 70% 56% EBP 60 2024: 60% 63% 50 50% 40 40% 30 30% 20 68% 62% 85%
Slide 16: Large Pharma Loosing Weight: Opportunities in Small Caps and Biopharma VC
HBM Healthcare Large Pharma Loosing Weight: Investments Opportunities in Small Caps and Biopharma VC Healthcare Sector Looks a Lot Different Today 2001 2011 2025 Market cap: $2’022 billion Market cap: $2’351 billion Market cap: $8’167 billion 3% 1% 9% 8% 12% 7% 11% 5% 12% 44% 8% 20% 65% 79% 16% Phar
Slide 17: New and Changing Treatment Modalities - Today and Tomorrow
HBM Healthcare New and Changing Treatment Modalities - Investments Today and Tomorrow «Advanced cell therapies» (CAR-Ts, TILs; stem cells; various other cell types) Gene therapy «RNA therapeutics» (ASOs, RNAi, mRNA, Gene editing rSMs) Next-generation Small Molecules binders: bispecifics, ADCs, fragm
Slide 18: Medical Breakthroughs and Approvals in 2025
HBM Healthcare Investments Medical Breakthroughs and Approvals in 2025 Company Indication Product (MOA) Highlights Ulcerative Colitis Obefazimod (miR-124 Demonstrated 13.4% and 19.3% placebo-adjusted remission enhancer) in two ulcerative colitis trials with a novel mechanism 67 70 59 59 Metabolic Dy
Slide 19: Vivid Environment with High M&A Premiums
HBM Healthcare Investments Vivid Environment with High M&A Premiums 2023-25 Acquisitions 2022 Acquisitions Company Date Acquirer Price Premium* acquired 14.11.25 $9’200m 109% 12.12.22 $27,800m 20% 7.11.25 $10’000m 97% 21.11.22 $1,350m 107% 26.10.25 $12’000m 46% 24.10.22 $1,700m 10% 22.9.25 $8’000m 4
Slide 20: Notable Biopharma LOEs of >$400bn from 2025-2033
HBM Healthcare Notable Biopharma LOEs Investments (“Loss of Exclusivity”) of >$400bn from 2025-2033 $90bn Otezla; $3bn $80bn Lynparza; $3bn Takhzyro; $2bn Tepezza; $3bn Dolutegravir; $3bn Imbruvica; $3bn Vyndaquel Calquence $70bn $6bn $5bn Trodelvy; $3bn Evenity; $2bn Reblozyl; $3bn Venclexta; $3bn
Slide 21: Pharma Favors Currently Privately Held & Smaller Cap Companies for M&As
HBM Healthcare Pharma Favors Currently Privately Held & Investments Smaller Cap Companies for M&As Biotech acquisitions, by year & Biotech acquisitions, by year & Biotech acquisitions, by year & total value paid upfront percentage premium paid therapeutics category 45 30 45 40 40 25 35 35 30 20 30 2
Slide 22: Investment Portfolio
Investment Portfolio 22
Slide 23: A Global Portfolio
HBM Healthcare Investments A Global Portfolio Vicore Fore Bio ArriVent Zymeworks Valo Health Biohaven Abivax Immuneering Argenx Merus River Renal Curevo TernsMineralys Upstream Bio Numab Swixx BioPharma / Swixx Healthcare Shape Memory Electra NiKang Harmony Biosciences DrenBio Travere Axsome Therape
Slide 24: Asset Allocation
HBM Healthcare Investments Asset Allocation in CHF million Cash, net 6%; 124 Public Equity 30%; 595 Public from Private Equity 21%; 415 Private Equity 32%; 639 Private Equity Funds 8%; 149 Other Assets 3%; 70 Other Liabilites -1%; -29 Financial Debt -5%; -99 -400 -200 0 200 400 600 800 Data as of 31
Slide 25: Diversified Investment Portfolio
HBM Healthcare Investments Diversified Investment Portfolio Cure Everlife Holdings 0.4% Dren Bio 0.5% Bluejay had been acquired and Bluejay Therapeutics 0.5% transaction will be completed in the first Asset Allocation Curevo 0.5% quarter of 2026. in % total assets Shape Memory Medical 0.7% Fore Biot
Slide 26: Portfolio Breakdown by Market Cap, Geography and Currency
HBM Healthcare Portfolio Breakdown Investments by Market Cap, Geography and Currency Market Capitalisation Geography Currency > CHF 10 billion 6% CHF * Others 3% 3% INR Asia 5% 23% CHF 2-10 Europe CNY billion 32% 10% 23% USD** < CHF 2 EUR 20% 59% billion 71% America 45% Data as of 31 December 2025,
Slide 27: Portfolio Breakdown by Sector, Therapy and Development Stage
HBM Healthcare Portfolio Breakdown Investments by Sector, Therapy and Development Stage Sector Breakdown Therapeutic Area Development Stage Digital Health Pre-Clinical Medical Devices & Medtech / 3% 1% Diagnostics 4% Diagnostics 4% Phase I 8% Central Nervous System 10% Phase II Others 35% 14% Digita
Slide 28: Development of Asset Allocation
HBM Healthcare Investments Development of Asset Allocation 3’200 Public Equity Public from Private Equity Private companies Private Funds 2’800 Other assets Cash Financial Liabilities Other liabilities 332.2 CHFm 2’400 Cum. Dividend Cum. Share Buy-Back 2’000 623.6 CHFm 4% 2% 1’600 10% 1’200 35% 800
Slide 29: Development Stage of Lead Product
HBM Healthcare Investments Development Stage of Lead Product 100% 2% 5% 21% 80% 9% 60% 40% 63% 20% 0% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Product(s) on the market and/or profitable Phase III Phase II Phase I Preclinical Data as of the end of
Slide 30: Portfolio by Development Stage of Lead Asset
HBM Healthcare Investments Portfolio by Development Stage of Lead Asset Well balanced portfolio from a risk perspective HBM book value in CHF m 110 260 Public Equity 100 250 Public from Private Equity 90 Private Equity 210 80 200 70 60 50 40 30 20 10 0 Phase I / Preclinical Phase II Phase III Market
Slide 31: Largest Investments (1/2)
HBM Healthcare Investments Largest Investments (1/2) Market Book % of Company Capitalisation Owner- Value Total Company Core Business Stage Ticker (CHF m) ship (%) (CHF m) Assets Full representation of biopharma Profitable Private 1’249* 25.1 313.1 15.7 companies in CEE, CIS, Latam (majority sale to
Slide 32: Largest Investments (2/2)
HBM Healthcare Investments Largest Investments (2/2) Market Book % of Company Capitalisation Owner- Value Total Company Core Business Stage Ticker (CHF m) ship (%) (CHF m) Assets Developing small molecule Phase I/II TERN 3’474 1.1% 36.8 1.8% drugs for treatment of cancer Developing pharmaceutical Ph
Slide 33: Selection of Largest Private Company Holdings
HBM Healthcare Investments Selection of Largest Private Company Holdings 313 Swixx BioPharma 17 Nuance Biotech − Full representation of biopharma companies in CEE, CIS, Latam − Leading China-based specialty pharmaceutical company and recently entered MENAT focused on commercial, regulatory and devel
Slide 34: Selection of Largest Public Equity Investments
HBM Healthcare Investments Selection of Largest Public Equity Investments 198 Cathay Biotech 35 ArriVent BioPharma − Synthetic biology company: long-chain dicarboxylic acids / bio- − Lead development candidate, Furmonertinib, and pipeline of based diamine 5 & bio-based polyamide / polyesteramide nov
Slide 35: Strategic Fund Investments
HBM Healthcare Investments Strategic Fund Investments Sector Focus (Early Stage Genomics and Medical Devices) Geographic Focus (China and India) HBM Genomics 6 Dimension Capital Vintage: 2018 | Commitment: $25 m | TVPI 2.0x | Ownership: 5% Vintage: 2015 | Commitment: $22 m | TVPI 1.5x | Ownership: 1
Slide 36: Contribution to Net Asset Value
HBM Healthcare Investments Contribution to Net Asset Value Private and Ex Private Equity Positions Account for a Majority of Contribution NAV change per year 70% 60% 50% 40% 30% 20% 10% 1.5% 4.0% 0% -1.0% -1.6% -10% -20% 13/14 14/15 15/16 16/17 17/18 18/19 19/20 20/21 21/22 22/23 23/24 24/25 Private
Slide 37: Case Studies HBM Portfolio Companies
Case Studies HBM Portfolio Companies 37
Slide 38: Swixx BioPharma: Company Profile and Investment Rationale
Company Profile − Swixx BioPharma is the commercialization partner of choice for innovative pharma and biotech in those regions and countries they choose to exit or not to enter. Swixx Biopharma is the largest platform of scale with unrivalled market access capabilities, across CEE, CIS and Latam an
Slide 39: Financing History and Valuation
HBM Healthcare Investments Financing History and Valuation First investment: 2017 Total invested: EUR 34.8m Realized (dividends): EUR 32.4m Book value*: EUR 371.0m EUR million Multiple: 11.6x 400 Invested December 2024: 35 350 Spin-off Swixx Healthcare Book Value Swixx Biopharma (Russia and Belarus
Slide 40: Dren Bio: Company Profile and Investment Rationale
Company Profile − Discovery and development platform company for antibody-based therapies eliminating disease- causing cells in cancer and immunology/inflammation − Based in Foster City, California, USA − Founded and led by a team of experienced executives who previously worked at biotech companies
Slide 41: Merus: Company Profile and Investment Rationale
Company Profile − Merus is a public, clinical-stage biopharmaceutical company developing novel therapies for the treatment of cancer Investment Rationale - Company had been acquired for approx. $8 − Lead program petosemtamab is a bispecific targeting EGFR and LGR5 in 1L and 2L head & billion or $97.
Slide 42: Mineralys Therapeutics: Company Profile and Investment Rationale
Company Profile − Mineralys Therapeutics is a publicly listed, late-stage biopharmaceutical company developing novel therapies for the treatment of hypertension and related diseases such as chronic kidney disease and obstructive sleep apnea Investment Rationale − Lack of innovation in the area of hy
Slide 43: ArriVent: Company Profile and Investment Rationale
Company Profile − Arrivent Bio is a public, clinical-stage biopharmaceutical company developing novel therapies for the treatment of lung cancer Investment Rationale - Invested before IPO: USD 12.0 million for 3.0% − Exon 20 and atypical mutation EGFR mutated NSCLC patients comprise an estimated 22%
Slide 44: Positions in Emerging Category Leaders (public)
HBM Healthcare Investments Positions in Emerging Category Leaders (public) (ex private) Book value: CHF 63.7m, shareholding: 3.7% Book value: CHF 52.7m, shareholding: 3.4% Book value: CHF 36.8m, shareholding: 1.1% ▪ Commercial stage biopharma company ▪ Late-stage drug Zanidatamab - a bispecific ▪ Le
Slide 45: Healthcare & Biopharma Market Outlook
HBM Healthcare Investments Healthcare & Biopharma Market Outlook The latest MFN deals with the US administration are more constructive than initially thought. Tariff discussions have alleviated the very bearish overhang in the life sciences sector. Coupled with numerous positive read-outs, lively M&
Slide 46: Main Catalysts for HBM Public Portfolio Co’s
HBM Healthcare Investments Main Catalysts for HBM Public Portfolio Co’s Company Therapeutic area Phase Description of catalyst Immunology III Obefazimod, ulcerative colitis (UC), phase III ABTECT maintenance data Immunology II Topline data from phase II VARVARA study of empasiprubart in delayed graf
Slide 47: Expected Catalysts of Public Companies
HBM Healthcare Investments Expected Catalysts of Public Companies Phase I Phase II Phase III Approval Firmonertinib, proof-of- ESK-001, phase IIb Obefazimod, ulcerative EPX-100, Dravet AXS-05, concept data in PACC Atebimetinib+mGnP, topline results in colitis (UC), phase III Syndrome (DS), phase III
Slide 48: Reasons to Invest
HBM Healthcare Investments Reasons to Invest − Access to a well-diversified portfolio of private and listed healthcare companies with value increasing potential − Experienced investment team with specialized sector expertise and proven 1. Investment in the track record innovation and the growth of t
Slide 49: Appendix
Appendix 49
Slide 50: Investor Informationen
HBM Healthcare Investments Investor Informationen Share Information Largest shareholders Swiss security number 1.262.725 % Shareholder Notification German security number 984345 15-20 Nogra Pharma Invest S.à.r.l. / GG 18.12.2025 1978 SICAF SIF S.A. "GG ISIN CH0012627250 Strategic" / MGG STRATEGIC SI
Slide 51: Board of Directors
HBM Healthcare Investments Board of Directors Hans Peter Hasler (2009) Mario G. Giuliani (2012) Dr Elaine V. Jones (2021) Chairman Member Member Swiss Federal Commercial Diploma. Economist. Executive positions and Ph.D. in Microbiology. Formerly various Various international management directorships
Slide 52: Management
HBM Healthcare Investments Management Dr Andreas Wicki (2001) Erwin Troxler (2005) Jean-Marc Lesieur (2001) CEO CFO Managing Director HBM Cayman Economist and Swiss Certified Associate of the Chartered Institute of Doctorate in chemistry and Accountant. Bankers (ACIB trustee), a member of the bioche
Slide 53: Private Equity Team
HBM Healthcare Investments Private Equity Team Dr Alexander Asam, MBA (2007) Dr Priyanka Belawat (2007) Dr Emil Bujak, CFA (2015) Investment Advisor Investment Advisor Advisor to HBM Partners MBA from ASTON Business School, PhD in molecular biology and genetics from PhD and MSc in Medicinal and Indu
Slide 54: Public Equity Team
HBM Healthcare Investments Public Equity Team Miranda Guo (2020) Mirjam Heeb (2019) Thomas Heimann (2010) Investment Advisor (Hong Kong) Investment Advisor Head Operations & Investment MSc in Biomedical Engineering from the MSc in Molecular Biology from the Solutions Chinese University of HongKong.
Slide 55: Disclaimer
HBM Healthcare Investments Disclaimer Marketing Material - for information purposes only For the avoidance of doubt, an investment in the investment vehicle concerns the acquisition of shares in the investment vehicle and not direct ownership of any underlying assets. This document constitutes marke
Slide 56: Contact Information
HBM Healthcare Investments Contact Information HBM Healthcare Investments Ltd Bundesplatz 1 6301 Zug Switzerland Phone +41 41 710 75 77 Fax +41 41 710 75 78 investor.relations@hbmhealthcare.com www.hbmhealthcare.com 56
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