Thor Medical Asa · OSL:TRMED
Thor Medical Asa — H1 2024 Earnings Presentation
28 slides from Thor Medical Asa's earnings presentation, 2024
Slide 1: 1H 2024 results
1H 2024 results Jasper C. Kurth, CEO Brede Ellingsæter, CFO
Slide 2: Becoming a world-leading supplier of alpha-emitters to cancer therapies
Becoming a world-leading supplier of alpha-emitters to cancer therapies creating a multi-billion USD market New cancer therapies create a Placeholder USD 1bn+ photo revenue opportunity for us Next industrial milestone Pilot opening Q3’24 [insert Herøya picture] Concept study for ‘Fast-track’ plant L
Slide 3: Enabling a transformation of cancer care with next-generation precision treatment
Enabling a transformation of cancer care with next-generation precision treatment Cancer is a leading cause of death worldwide, accounting for around 10 million deaths per year Radiotherapeutics represents one of the fastest growing cancer treatment options Thor Medical enables a transformation of c
Slide 4: 1H'24 highlights
1H’24 highlights • Pilot facilities at Herøya progressing on time and cost with completion targeted by end of Q3 2024 and delivery of customer samples by the end of the year • Received NOK 6m grant from Innovation Norway related to the pilot facilities • Received authorization from the Norwegian Rad
Slide 5: Market development
Market development oO thor & medical
Slide 6: Radiotherapeutics facing a sharp growth trajectory
Radiotherapeutics facing a sharp growth trajectory Global radiopharmaceutical market • New cancer radiotherapeutics have reached sales USD billion in the hundreds of millions USD • Radionuclides and their handling in hospitals are tried and tested in the diagnostic space (PET, SPECT, etc.) 27 • Unta
Slide 7: High deal activity in the radiopharmaceuticals market
High deal activity in the radiopharmaceuticals market All time high oncology trial starts and 22% increase since 2018 >USD 12bn radiopharmaceutical transactions LTM >USD 1bn raised in radiopharma financings LTM 7 Source: IQVIA Global Oncology Trends 2023/ Carnegie research
Slide 8: The future is alpha
The future is alpha Alpha-particles yield better therapeutic performance with fewer side effects ALPHA DOMINATES CLINICAL DEVELOPMENT Alpha (α) > Beta (β) • Higher linear energy transfer 40 → Greater therapeutic efficacy x2 • Direct cell death through DNA destruction 30 → Breaks both DNA strands • A
Slide 9: Battle of the alphas – Lead-212 rapidly catching up with Actinium-225
Battle of the alphas – Lead-212 rapidly catching up with Actinium-225 ASSETS IN PRECLINICAL DEVELOPMENT • Pb-212 is the ideal isotope in terms of 60 efficacy, off-target toxicity risk (safety), Pb-212 Ac-225 and post-treatment waste handling due to short half-life1 40 • Higher growth in Pb-212 clini
Slide 10: Extensive pipeline of assets using Pb-212/Ra-224 derived from Th-228
Extensive pipeline of assets using Pb-212/Ra-224 derived from Th-228 Company Program Indication(s) Preclinical Phase 1 Phase 2 Phase 3 AlphaMedix Neuroendocrine tumors RMX-VH-GBM Glioblastoma multiforme RMX-GPC3, RMX-PSMA Solid tumors, prostate cancer Radspherin Ovarian cancer Radspherin Colorectal
Slide 11: A rapidly growing Th-228 market with USD billion potential
A rapidly growing Th-228 market with USD billion potential CLINICAL COMMERCIAL STAGE 1 STAGE 2 STAGE 3 2024-2028 2028-2032 2032 and onwards • Market with significant growth potential as it Clinical trials Market penetration Market maturation matures • A single successful Th-228- Multi based product
Slide 12: Operational plans and development
Operational plans and development 12
Slide 13: Proprietary technology offering the world's purest radionuclides
Proprietary technology offering the world’s purest radionuclides from natural decay of thorium Thor Medical manufacturing process • Delivering high purity Th-228, parent Natural Th-232 isotope for Ra-224 and Pb-212, based 14.1b years thorium feedstock on natural decay requiring no irradiation Thor M
Slide 14: Building a value chain for next-generation cancer therapies
Building a value chain for next-generation cancer therapies Delivering alpha- Generating Distribution to Th-232 emitters from the Ra-224/Pb-212 and hospitals and cancer – a naturally natural decay of manufacture of clinics for patient occurring isotope Th-232 radiotherapeutics treatment Sourcing fro
Slide 15: Pilot facility on track for completion September 2024
Pilot facility on track for completion September 2024 • Pilot facility at Herøya, Norway to be completed in September 2024 with all relevant authorizations in place • Production start in Q4 2024 with target to deliver first product samples to strategic customers by end of the year • Facility of NOK
Slide 16: Production scale-up: 'Fast-track' commercial volumes
Production scale-up: ‘Fast-track’ commercial volumes • Ongoing clinical development of radiopharmaceuticals using Pb-212 require large volume of thorium-based radioisotopes • Targeting ‘fast track’ scale-up to commercial production at Herøya - feasibility study for 'fast-track' plant completed in Q2
Slide 17: Sharply growing market opportunity enables ambitious ramp-up plan
Sharply growing market opportunity enables ambitious ramp-up plan over the next decade > Production capacity # Patient doses PROOF OF CONCEPT PILOT FAST-TRACK INDUSTRIALIZATION GLOBAL EXPANSION (Complete) (Ongoing) (1-3 years) (3-5 years) (5-10 years) 17 Patient doses per annum based on Pb-212 equiv
Slide 18: Financials
Financials ¢& thor. & medical
Slide 19: Limited capital requirements until investment decision for commercial scale production
Limited capital requirements until investment decision for commercial scale production Financial key figures (in NOKm) 1H 2024 1H 2023 • Secured additional funding of NOK 6m from Innovation Norway for pilot facility Revenues 0.0 0.0 ‒ NOK 1.8m received in 1H 2024 EBITDA -12.7 0.0 ‒ Remainder will be
Slide 20: 'Fast-track' investment estimated to NOK 250m
‘Fast-track’ investment estimated to NOK 250m Sources of financing • Estimated capital requirements of NOK 250m based on feasibility study Equity • Small investment compared to biotech benchmarks new investors • Will generate a cash-positive operation with risk diversified across multiple customers
Slide 21: Outlook
Outlook ¢& thor. & medical
Slide 22: Outlook and priorities 2H 2024
Outlook and priorities 2H 2024 • Completing and ramping up production of the company’s “first-of-kind” pilot facilities at Herøya Industrial Park • Delivering of the first product samples to the company’s strategic customers • Advancing commercial discussions with leading radiopharmaceutical compani
Slide 23: Why invest in Thor Medical
Why invest in Thor Medical We are enabling next-generation precision cancer treatments Major market opportunity 1 The radiotherapeutics market is set to increase to USD 27bn by 2032, with alpha-emitting radioisotopes enabling next-generation precision cancer treatment. TRMED could generate annual re
Slide 24: thormedical.no
Thor Medical is an emerging supplier of radionuclides, primarily alpha particle emitters, for medical use in cancer therapy. Its proprietary production technology requires no irradiation, and provides reliable, environmentally friendly, cost-efficient supply of alpha-emitters for the radiopharmaceut
Slide 25: Strong team with solid track record
Strong team with solid track record Jasper Kurth Brede Ellingsæter Dr. Sindre Hassfjell Dr. Alf Bjørseth Astrid Liland Chief Executive Officer Chief Financial Officer Chief Technology Officer Senior VP and Strategic Advisor VP EHS • CEO of Thor Medical • CFO in Thor Medical • >30 years’ experience i
Slide 26: Battle of the alphas
Battle of the alphas Lead (Pb-212) Actinium (Ac-225) Emission profile Alpha Alpha Half life 10.6 hour 10 days Off target toxicity risk Low High Isotope supply Naturally abondant Scarse Cost of production Low High 26
Slide 27: Steenkampskraal feedstock supply and technology cooperation
Steenkampskraal feedstock supply and technology cooperation – the highest concentration Th mine worldwide • The Steenkampskraal Monazite Mine in South Africa considered to have the highest concentration of thorium globally • Signed a MOU for feedstock supply and technology cooperation in June 2024 •
Slide 28: Ongoing clinical trials alone require significant amount of Th-228
Ongoing clinical trials alone require significant amount of Th-228, calls for fast-track alternative Indicated demand for Th-228 from clinical trials alone (USDm) 10+ companies… are progressing with more than 15 clinical trials across Implied clinical trails various cancer treatments market size 202