Gubra A/s · OMXCOP:GUBRA
Gubra A/s — Q2 2025 Earnings Presentation
41 slides from Gubra A/s's earnings presentation, Aug 21, 2025
Slide 1: First Half 2025 Investor Presentation
SHARE TICKER: GUBRA l NASDAQ COPENHAGEN FIRST HALF 2025 INVESTOR PRESENTATION 21 AUGUST 2025 Present from Gubra: Henrik Blou, CEO Louise S. Dalbøge, CSO Kristian Borbos, CFO INVESTOR CONFERENCE CALL DIAL-IN NUMBERS 21 August 2025, 10:00am CET DK: +45 32 74 07 10 l UK: +44 20 3481 4247 Follow live vi
Slide 2: Forward looking statements
Forward looking statements Matters discussed in this presentation may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and that can be identified by words such as “believe“, “expect“, “anticipate“, “intends“, “estimate“, “will“, “may“, “c
Slide 3: CRO services, discovery & partnerships
CRO SERVICES DISCOVERY & ~275 30% PARTNERSHIPS Specialized pre-clinical Discovery, design, and contract research and development of peptide- EMPLOYEES YEARLY development services based drug candidates JUNE 2025 REVENUE GROWTH* for the pharma and with the aim of entering biotech industry. partnership
Slide 4: History and growth journey
History and growth journey Revenue EUR million 36 Discovery & Partnerships 34 6 CRO services CAGR 28 27 13 27 +30% 23 5 20 9 11 3 6 15 30 3 11 23 20 21 3 6 7 16 18 15 3 12 3 3 4 8 1 2 1 1 2 4 2 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 4
Slide 5: Record first half of 2025
Record first half of 2025 Revenue EUR million 335 Discovery & Partnerships CRO services 320 34 28 36 27 23 27 6 7 11 15 20 13 6 2 3 3 6 11 3 9 5 1 1 4 3 8 3 12 3 15 16 20 21 18 23 30 14 2 1 2 4 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 H1 2025 5
Slide 6: Key operational highlights 2025
Key operational highlights 2025 DKK 1bn GUBamy UCN2 CRO CEO EXTRAORDINARY STRONG MAD HEALTHY SLIGHT DECLINE succession DIVIDEND PART A PHASE 1 WEIGHT LOSS VS H1 2024 RESULTS + Outlicensing GUBamy + Well tolerated + Results show prevention + Macroeconomic + Planned succession (Amylin) to AbbVie and r
Slide 7: Our Discovery & Partnerships business (D&P)
Our Discovery & Partnerships business (D&P) Discovery, design and development of peptide-based drug candidates + Through our streaMLine platform we can: + Accelerate clinical candidate identification + Enhance potential for stronger patent protection + Portfolio approach to partnering to balance ris
Slide 8: R&D Pipeline
R&D Pipeline Partnered and internal programs (Drug Discovery and onwards) 8
Slide 9: GUBamy
AMYLIN GUBAMY Once-weekly amylin analogue for the treatment of obesity 9
Slide 10: GUBamy holds potential to become the next generation weight management therapy
GUBamy holds potential to become the next generation weight management therapy GUBamy § Balanced Long half-life Body weight loss Physically and Very long receptor profile (T½) alone and in chemically stable patent exclusivity (AMYR and CTR) combination at neutral pH 10
Slide 11: GUBamy: Positive Phase 1 results
GUBamy: Positive Phase 1 results 11 DAYS Well tolerated. Adverse Favourable PK profile events being predominantly with a very long half-life GI related and mild of 11 days -3% vs. +1% SAD study: One dose → Reduced body-weight weight reduction of –3% dose dependently vs. placebo of +1% -8% vs. +2% NE
Slide 12: GUB-UCN2
UCN2 GUB-UCN2 High quality weight loss with once weekly UCN2 analogue 12
Slide 13: Time to focus on healthy weight loss
Time to focus on healthy weight loss Treatment paradigm for future obesity treatment TODAY: FUTURE: Loss of lean mass Healthy weight loss 100 100 90 Fat mass Fat mass 90 Lean mass Lean mass 80 80 70 Lost weight (%) Lost weight (%) 70 60 60 50 40 50 30 40 20 30 10 20 0 10 + Lean mass accounts for 0 2
Slide 14: GUB-UCN2 – a selective long-acting UCN2 analogue
GUB-UCN2 – a selective long-acting UCN2 analogue Pre-clinical data show potential to target obesity and its key comorbidities GUB-UCN2 + Potent and CRHR2-selective + Excellent physical and Improved Increased Reduced chemical stability body composition muscle mass fat mass Distribution shift toward R
Slide 15: GUB-UCN2 eliminates lean mass loss induced by other anti-obesity agents
GUB-UCN2 eliminates lean mass loss induced by other anti-obesity agents in DIO rats Sustained body weight Increased lean mass Decreased fat mass Relative body weight Lean mass change from baseline Fat mass change from baseline 110 Lean mass change from baseline (g) Fat mass change from baseline (g)
Slide 16: GUB-UCN2 improves body composition
GUB-UCN2 improves body composition Body weight (%) Increased lean mass Decreased fat mass 90 20 Lean mass change from baseline (g) 110 *** Fat mass change from baseline (g) 80 10 70 105 0 Body weight (%) 60 50 -10 100 40 -20 30 95 -30 20 10 -40 90 *** 0 -50 1 6 11 16 21 26 31 Study day Vehicle GUB-U
Slide 17: GUB-UCN2 Increases Skeletal Muscle Weight while Reducing unwanted Lipid Content
GUB-UCN2 Increases Skeletal Muscle Weight while Reducing unwanted Lipid Content M. Quadriceps M. Gastrocnemius M. Soleus 5.0 4.5 5.0 0.55 4.5 ** 0.50 4.0 4.0 0.45 * Weight (g) 3.5 Weight (g) 0.40 Weight (g) 3.5 3.0 0.35 3.0 2.5 2.5 0.30 2.0 2.0 0.25 1.5 1.5 0.20 1.0 1.0 0.15 0.5 0.5 0.10 0.0 0.05 0.
Slide 18: GUB-UCN2 Decreases Blood Glucose and Plasma Triglycerides
GUB-UCN2 Decreases Blood Glucose and Plasma Triglycerides without Effect on Plasma Cholesterol Blood glucose Plasma triglycerides Plasma total cholesterol 6 4.0 4.0 3.5 3.5 Fed blood glucose (mmol/L) 5 *** 3.0 3.0 Plasma TG (mmol/L) Plasma TC (mmol/L) 4 2.5 2.5 3 ** 2.0 2.0 1.5 1.5 2 1.0 1.0 1 0.5 0
Slide 19: Long acting UCN2 analogue Improves Cardiac Function
Long acting UCN2 analogue Improves Cardiac Function in a rat model of chronic Heart Failure Rat myocardial infarction Systolic function - Ejection fraction (EF) Cardiac output (MI) model after 8 weeks treatment after 8 weeks treatment *** 120 *** * ** 100 90 100 80 Cardiac output (ml/min) 70 EF (M-m
Slide 20: GUB-UCN2: Planning for clinical testing
GUB-UCN2: Planning for clinical testing • Non-clinical toxicity programme ongoing • Clinical Phase 1 expected to start early 2026 20
Slide 21: H1 2025 financial results – Discovery & Partnerships
DISCOVERY & PARTNERSHIPS H1 2025 financial results Total adjusted costs Revenue DKKm DKKm 118 2,387 Q2 13 + Record-high revenue in H1 2025 with 69 57 Q1 2,380 DKK 2.4 billion (H1 2024: DKK 13 million) 7 36 61 7 7 + Increase driven by upfront payment in 33 outlicensing deal with AbbVie H1 2024 H1 202
Slide 22: Our CRO business
Overview of Gubra’s disease areas and service offering Our CRO business Diabetes Liver (NASH/MASH) Lungs 3D Imaging + Specialised in the pre-clinical phase with a stronghold in metabolic and fibrotic diseases 2D Histology Obesity Kidney Brain + Highly ranked translatable rodent models (CKD) (CNS) +
Slide 23: H1 2025 financial results – CRO business
CRO BUSINESS CRO revenue (organic) DKKm H1 2025 financial results 107 106 Q2 49 55 Q1 Revenue 58 51 + Growth up 12% in Q2 y/y, but down 2% in H1 y/y H1 2024 H1 2025 + Macroeconomic uncertainty weigh on US market + Solid customer demand in Europe CRO adjusted EBIT* CRO adjusted EBIT-margin* DKKm 35 3
Slide 24: Financial outlook and guidance
Financial outlook and guidance New outlook Previous outlook Mid-term H1 2025 Guidance items 20252 20253 guidance results CRO segment Revenue to be Organic revenue growth 10-20% 10% annually -2% slightly below 2024 EBIT-margin Around 20% 25-31% n/a 23% Discovery & Partnership segment Total costs1 DKK
Slide 25: Appendix
ubr. Appendix
Slide 26: Strategic priorities and aspirations towards 2030
Strategic priorities and aspirations towards 2030 PIPELINE AND MODELS TECH INNOVATION CORE RESEARCH ENGINE ESG + Develop pipeline further, also + Accelerate innovation by + Excellence in operations – one fully + Serve as an inspiration for outside of obesity establishing “TechBio Lab” unit fully opt
Slide 27: GUB-UCN2 Restores GLP-1 induced Lean Mass Loss and Potentiates Fat Reduction
GUB-UCN2 Restores GLP-1 induced Lean Mass Loss and Potentiates Fat Reduction Body weight (%) Lean mass (% change) Fat mass (% change) 120 25 20 Lean mass change (%) 20 10 Fat mass change (%) Body weight (%) 110 15 0 10 -10 100 5 -20 0 -30 90 -5 -40 80 -10 -50 1 11 21 31 41 51 61 71 81 -1 1 2 3 4 5 6
Slide 28: GUBamy
GUBamy GUBamy Amylin analogue for the treatment of obesity 28
Slide 29: Amylin: An important player in appetite regulation
Amylin: An important player in appetite regulation Amylin From pancreas to the brain Decreases food intake Reduces blood glucose + Amylin is a 37 amino acid peptide Delays gastric emptying hormone. It is produced in the Decreases glucagon secretion pancreatic β-cells and co-secreted with insulin in
Slide 30: Phase 1a Study results
Phase 1a Study results
Slide 31: Phase 1 Single Ascending Dose (SAD) in healthy men
Phase 1 Single Ascending Dose (SAD) in healthy men NCT06144684 (Phase 1, Part 1) 6.0 mg + Randomized + Double-blind within cohorts 4.75 mg + Placebo-controlled 3.5 mg + Single subcutaneous administration + Single site (CRO in UK) 2.0 mg + 8 subj. per cohort 1.0 mg (2 placebo & 6 GUBamy) + 48 subject
Slide 32: Study population: Healthy males normal to overweight
Study population: Healthy males normal to overweight Baseline characteristics Placebo GUBamy GUBamy GUBamy GUBamy GUBamy GUBamy (all) 0.5 mg 1.0 mg 2.0 mg 3.5 mg 4.75 mg 6.0 mg n 12 6 6 6 6 6 6 Mean age, years (range) 35.7 34.8 38.0 43.5 48.8 40.2 32.0 (23-53) (22-51) (24-50) (28-53) (33-55) (34-46)
Slide 33: GUBamy Phase 1a SAD key study endpoints
GUBamy Phase 1a SAD key study endpoints Primary Endpoint Safety and tolerability incl. number of treatment-emergent adverse events (TEAEs) Secondary Endpoints (Pharmacokinetic) Pharmacokinetic (PK) evaluation incl. half-life (T½) Exploratory Endpoints (Pharmacodynamic) Change in body weight (%) 33
Slide 34: GUBamy was well tolerated
GUBamy was well tolerated Treatment Emergent Adverse Events (TEAEs) Treatment group Placebo GUBamy GUBamy GUBamy GUBamy GUBamy GUBamy Dose (volume mL) 0 mg 0.5 mg 1 mg 2.0 mg 3.5 mg 4.75 mg 6.0 mg (0.1-1.2 mL) (0.1 mL) (0.2 mL) (0.4 mL) (0.7 mL) (0.95 mL) (1.2 mL) n (%) E n (%) E n (%) E n (%) E n (
Slide 35: Dose dependent GI adverse events
Dose dependent GI adverse events Treatment Emergent Adverse Events (TEAEs) Treatment group Placebo GUBamy GUBamy GUBamy GUBamy GUBamy GUBamy Dose (volume) 0 mg 0.5 mg 1.0 mg 2.0 mg 3.5 mg 4.75 mg 6.0 mg (0.1-1.2 mL) (0.1 mL) (0.2 mL) (0.4 mL) (0.7 mL) (0.95 mL) (1.2 mL) n = 12 n=6 n=6 n=6 n=6 n=6 n=
Slide 36: GUBamy Phase 1a SAD key study endpoints
GUBamy Phase 1a SAD key study endpoints Primary Endpoint Safety and tolerability incl. number of treatment-emergent adverse events (TEAEs) Secondary Endpoints (Pharmacokinetic) Pharmacokinetic (PK) evaluation incl. half-life (T½) Exploratory Endpoints (Pharmacodynamic) Change in body weight (%) 36
Slide 37: Long half-life supports weekly dosing
Long half-life (11 days) supports weekly dosing GUBamy shows a favourable pharmacokinetic profile 1000 Plasma concentration (ng/mL) 100 T½ 0.5 mg 1.0 mg 2.0 mg 3.5 mg 10 4.75 mg ≈ 270 hours 6.0 mg (11 days) 1 0 72 144 216 288 360 432 504 576 648 720 792 864 936 1008 Time point (h) A long half-life o
Slide 38: GUBamy Phase 1a SAD key study endpoints
GUBamy Phase 1a SAD key study endpoints Primary Endpoint Safety and tolerability incl. number of treatment-emergent adverse events (TEAEs) Secondary Endpoints (Pharmacokinetic) Pharmacokinetic (PK) evaluation incl. half-life (T½) Exploratory Endpoints (Pharmacodynamic) Change in body weight (%) 38
Slide 39: SAD-study: Dose dependent body weight reduction
SAD-study: Dose dependent body weight reduction Relative weight change from baseline in percentage 4 3 Change from baseline in body weight (%) 2 1 PLACEBO Placebo 0.5 mg 0 1.0 mg 2.0 mg -1 3.5 mg 4.75 mg -2 6.0 mg -3 -4 Pre-dose Day 4 Day 8 Day 15 Day 22 Day 29 Follow-up (Day 43) Time since dosing (
Slide 40: Sustained body weight reduction for weeks
Sustained body weight reduction for 6 weeks Relative weight change from baseline in percentage (SD) 4 3 Change from baseline in body weight (%) 2 1 Placebo PLACEBO 0 3.5 mg -1 4.75 mg 6.0 mg -2 -3 -4 Pre-dose Day 4 Day 8 Day 15 Day 22 Day 29 Follow-up (Day 43) Time since dosing (day) 40
Slide 41: MAD part A Study conclusions
MAD part A Study conclusions + GUBamy was well tolerated with adverse events being predominantly GI related, mild and consistent with SAD study. + Study confirmed the favorable half-life of 11 days. + Mean BMI was 24.33 (2mg cohort) and 27.63 (placebo). + Doses of 1 mg and 2 mg led to a dose-depende