Oncoinvent Asa · OSL:ONCIN
Oncoinvent Asa — Investor Presentation (September 2026)
50 slides from Oncoinvent Asa's investor presentation, September 2026
Slide 1: Oncoinvent Company presentation
Oncoinvent Company presentation September 2026
Slide 2: Important information
DISCLAIMER Important information This presentation and its appendices (the "Presentation") has been produced by Oncoinvent ASA (the "Company") solely for information purposes. By attending a meeting where this Presentation is made, or by reading the Presentation slides or by otherwise receiving this
Slide 3: Contemplated transaction and use of proceeds
DEAL SUMMARY Contemplated transaction and use of proceeds ❑ Oncoinvent ASA has guided on a late H2 2026 interim read-out in its phase 2 study, evaluating Radspherin in patients with peritoneal metastases from ovarian cancer ❑ Recruitment has accelerated meaningfully in 2026, with more patients recru
Slide 4: Radspherin product profile
Oncoinvent Company Presentation Radspherin® product profile
Slide 5: Oncoinvent is a clinical-stage radiopharma company preventing cancer recurrence in the peritoneum
INTRODUCTION Oncoinvent is a clinical-stage radiopharma company preventing cancer recurrence in the peritoneum, where no approved therapy exists Oslo headquarters and GMP pilot plant Company profile Manufactures and supplies Radspherin® Origins Founded by the inventors of Xofigo®, the first FDA- app
Slide 6: Promising efficacy and safety signals, a platform mechanism, and a team that has done it before
EXECUTIVE SUMMARY Promising efficacy and safety signals, a platform mechanism, and a team that has done it before High unmet medical need from cancers in the peritoneum • • No approved drugs or product aimed specifically at prevention of local peritoneal disease recurrence beyond HIPEC Fast track
Slide 7: Radiopharmaceutical excellence: expertise across the spectrum
MANAGEMENT OVERVIEW Radiopharmaceutical excellence: expertise across the spectrum Scientific founders Roy Larsen Øyvind Bruland Team Oystein Soug Gro Hjellum Ramzi Amri Kari Myren Anne-Kirsti Aksnes Kristine Lofthus Sara Westrøm Chief Executive Officer Chief Operations Officer Chief Financial Office
Slide 8: Peritoneal metastases: urgent need for novel treatments
PRODUCT RATIONALE Peritoneal metastases: urgent need for novel treatments Surgery alone leaves micrometastases behind in a closed compartment • Peritoneal metastases arise from many different primary cancers, including ovarian, colorectal, gastric, and many other cancers, gastrointestinal and beyond
Slide 9: Radspherin, peritoneal-targeted alpha therapy
PRODUCT RATIONALE Radspherin®, peritoneal-targeted alpha therapy A single dose through an in-dwelling catheter kills metastases and spares normal tissue Radspherin® How does it work? • Combining alpha-emitting 224Ra with • Delivering a high dose of alpha- CaCO3 microparticles radiation directly to t
Slide 10: Systemic RLT must clear a six-link chain; Local route removes three
PRODUCT RATIONALE Systemic RLT must clear a six-link chain; Local route removes three 1 Sufficient target expression across relevant deposits Disseminated peritoneal disease is the hardest case 2 Blood-borne delivery reaches each microscopic deposit for a blood-borne therapy to check off all six lin
Slide 11: A fraction of systemic dose reaches target; Radspherin fills the peritoneum
PRODUCT RATIONALE A fraction of systemic dose reaches target; Radspherin fills the peritoneum Radiolabeled drugs given into the bloodstream are diluted across the whole body; Radspherin is delivered straight into the peritoneal cavity, so the dose stays on the disease, enabling far higher tumor abso
Slide 12: Compartment targeting: Radspherin can address any peritoneal cancer
PRODUCT RATIONALE Compartment targeting: Radspherin® can address any peritoneal cancer Receptor-independent, addressable across any cancer that seeds the Targeted therapy Compartment therapy: peritoneum: o Needs Radspherin® molecular o Needs only access Secondary extraperitoneal Secondary intraperit
Slide 13: In ovarian cancer, spread to the peritoneum is the norm, so is recurrence
PRODUCT RATIONALE In ovarian cancer, spread to the peritoneum is the norm, so is recurrence, with high mortality as a consequence Peritoneal relapse drives morbidity and mortality in ovarian cancer, local control is the lever 70% of ovarian cancer patients have Up to 85% relapse post Relapsed OC is
Slide 14: Clinical development
Oncoinvent Company Presentation Clinical development
Slide 15: Our current focus is on Ovarian Cancer, with pipeline opportunities in CRC and others
PIPELINE Our current focus is on Ovarian Cancer, with pipeline opportunities leveraging the same drug in CRC and several other malignancies 1H25 2H25 1H26 2H26 1H27 2H27 1H28 2H28 RAD-18-001 Ovarian, recurrent Phase 1 Platinum-sensitive recurrent patients after secondary debulking RAD-18-002 Colorec
Slide 16: Ovarian Phase 1: recurrence was rarely peritoneal at 24 months
PHASE 1 OC RESULTS Ovarian Phase 1: recurrence was rarely peritoneal at 24 months Final 24-month follow-up | 10 patients at the recommended 7 MBq dose Overall recurrence rate 10% Radspherin® (RAD-18-001, n=10) 30% + two lymph-node recurrences (typically better prognosis than peritoneal relapse) peri
Slide 17: Colorectal Phase 1/2a: the same compartment-level signal, a second tumor
PHASE 1/2A CRC RESULTS Colorectal Phase 1/2a: the same compartment-level signal, a second tumor Final 18-month follow-up | 36 patients at the recommended 7 MBq dose Peritoneal recurrence rate · Radspherin® vs a literature benchmark (same endpoint) Radspherin® (n=36, 7 MBq) Literature benchmark* 28%
Slide 18: Inherent edge in safety profile through self-contained nature within the peritoneal cavity
SAFETY PROFILE Through its design, Radspherin® has an inherent edge in its safety profile through its self-contained nature within the peritoneal cavity No dose-limiting toxicity across 68 patients • Ovarian Phase 1 (n=21) and colorectal Phase 1/2a (n=47) • No increase in event rates with increasing
Slide 19: Randomized Phase 2 study in first-line treatment of ovarian cancer
PHASE 2 OC Randomized Phase 2 study in first-line treatment of ovarian cancer Patient population • primary advanced ovarian cancer Imaging • undergoing neoadjuvant Safety Randomised SoC+ Radspherin Primary every 3 chemotherapy and run-in cohort endpoint: 2:1 months up interval debulking 6 ~110 ITT p
Slide 20: Patient recruitment momentum in the Ph2 accelerated substantially
RECRUITMENT MOMENTUM Patient recruitment momentum in the Ph2 accelerated substantially Patients recruited, as of September 21, 2026 Patients recruited 2026 YTD recruitment Q3 2026 recruitment Active sites 69 43 14 11 Close to 2/3 recruited Over 2x 2025 On track to match Q2 5 new sites this year 18 1
Slide 21: Rationale for current raise
Oncoinvent Company Presentation Rationale for current raise
Slide 22: We are raising towards a significant March/April 2027 readout
We are raising towards a significant March/April 2027 readout, and to enable a clinical strategy that allows us to “hit the ground running” in Phase 3
Slide 23: One raise with complementary value drivers
WHY WE ARE RAISING NOW One raise with complementary value drivers Due to a significant step up in recruitment, the March/April 2027 readout lands on up to twice the evidence, with Phase 3 already in motion A better signal of efficacy Seamless pivotal transition post-readout ○ Per-protocol patients w
Slide 24: Maturing ovarian interim data leads to a more meaningful signal
WHY WE ARE RAISING NOW Maturing ovarian interim data leads to a more meaningful signal A spring 2027 readout doubles evaluable patients, cuts false-negative risk by at least a third, and brings the readout and subsequent Phase 3 filing close to full recruitment of Phase 2 Estimated End 2026 April 20
Slide 25: Acceleration and value creations across multiple dimensions
USE OF PROCEEDS Acceleration and value creations across multiple dimensions The raise funds four parallel workstreams to a Phase 3 running at full speed by end 2027 Regulatory alignment ○ Use of proceeds ○ November 2026: FDA Type C meeting: design, endpoints, interim analysis plan, timing ○ H1 2027:
Slide 26: Newsflow through the financing period goes beyond interim
NEWSFLOW AND CATALYSTS Newsflow through the financing period goes beyond interim Dated catalysts through the financing period, with March/April 2027 efficacy readout as confirmatory trigger to start Phase 3 Nov–Dec 2026 Q2 2027 Late 2027/Early 2028 FDA Type C feedback; Phase Full recruitment of Ph2
Slide 27: New clinical strategy confirms pivotal design with FDA this year
CLINICAL STRATEGY Illustrative timeline - subject to change New clinical strategy confirms pivotal design with FDA this year for faster startup; aims for accelerated approval at first Phase 3 interim 2026 2027 2028 2029 2030 2031 Activity Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q
Slide 28: Phase 3 design as submitted to FDA
CLINICAL STRATEGY Phase 3 design as submitted to FDA Currently proposed approach, subject to FDA and EMA alignment Interim Analysis Eligible Experimental Arm Patients Randomize 7 MBq single dose plus standard IA #1: full population, Newly diagnosed 2:1 of care HRD-neg intent Final Analysis advanced
Slide 29: Appendix
Appendix
Slide 30: Backups
Backups Clinical Development Financials Financials Commercial potential Commercial potential Background Background Confidential 30
Slide 31: An accelerated pathway to Phase 3
CLINICAL STRATEGY An accelerated pathway to Phase 3 Run Phase 3 preparation in parallel with ongoing Phase 2, accelerating to the pivotal trial that marks the critical value inflection point Phase 2, ongoing Phase 3 preparation Pivotal Phase 3 trial Today Phase 3 preparation begins during ongoing Ph
Slide 32: Peritoneal metastases are shielded from systemic therapy
PRODUCT RATIONALE Peritoneal metastases are shielded from systemic therapy Unlike solid organ metastases, disease seeded across the peritoneal surface is physically and physiologically walled off from anything delivered through the bloodstream. Systemic drugs often struggle to reach it… …so it recur
Slide 33: PFS is a credible read on overall survival
ENDPOINT RATIONALE PFS is a credible read on overall survival • Recognized by the Gynecologic Cancer InterGroup and by An accepted regulators as a valid primary endpoint for first-line ovarian cancer 1 regulatory endpoint trials • Basis on which recent first-line agents were approved • At the patien
Slide 34: Where cancer comes back decides how long patients live
ENDPOINT RATIONALE Where cancer comes back decides how long patients live In OC, site of recurrence is determinant of Also evident in CRC: survival by site of first recurrence survival • In advanced disease, ~75% of recurrences Distant metastasis Peritoneal involve the peritoneum and ~40% are only m
Slide 35: HIPEC: positioning and optionality
CLINICAL STRATEGY HIPEC: positioning and optionality HIPEC use varies by center; the Phase 3 design does not mandate it in either arm, preserving both efficacy and adoption paths HIPEC is evolving in both efficacy and adoption Evidence and practice patterns for HIPEC continue to develop, and adoptio
Slide 36: Broadening of patient population for pivotal trial
PHASE 3 DESIGN Broadening of patient population for pivotal trial Widening the surgery and HRD criteria quadruples the recruitable pool Peritoneal metastases 39 000 Undergoing surgery 32 000 Expanded population B (4x) Complete resection 24 000 = A + HRD positive, any surgery route; much longer PFS E
Slide 37: Backups
Backups Clinical Development Clinical Development Financials Commercial potential Commercial potential Background Background Confidential 37
Slide 38: P&L, last three half years
FINANCIALS P&L, last three half years AMOUNTS IN NOK MILLION 1H 2025 2H 2025 1H 2026 Sales revenue 11.7 11.3 8.2 Backup: ○Other financials operating income 0.3 4.8 0.0 Total operating revenues 12.0 16.1 8.2 Payroll and related costs (27.8) (41.9) (41.1) Depreciation (7.8) (3.4) (5.1) Other operating
Slide 39: Summary of financials and runway as of 1H 2026
FINANCIALS Summary of financials and runway as of 1H 2026 CASH POSITION OPERATING RESULT OPERATING CASH BURN RUNWAY NOK 108.8m NOK (69.0)m NOK (69.3)m Into 2027 incl. restricted, 30 Jun 2026 vs NOK (52.0)m in 1H 2025 in line with Board budget past the interim readout NOK m 1H 25 2H 25 1H 26 Total op
Slide 40: Backups
Backups Clinical Development Clinical Development Financials Financials Commercial potential Background Background Confidential 40
Slide 41: Radspherin addresses a large high-risk patient population with no effective treatment option
VALUE PROPOSITION Radspherin® addresses a large high-risk patient population with no effective treatment option Radspherin Value Pillars Radspherin Benefits Targeting a High-Need Patient Population Patients with peritoneal metastases are at Ovarian cancer provides an high-risk of disease recurrence,
Slide 42: Radspherin in ovarian cancer alone has blockbuster potential in US+EU5
MARKET POTENTIAL Radspherin® in ovarian cancer alone has blockbuster potential in US+EU5 Incidence Peritoneal Eligible Addressable Treated at Price per Total peak sales metastasis peak treatment US + EU5, base case6 US list; EU5 at 40% of US6 ~57k ~40k ~32k ~24k ~8.4k US ~25k EU5 ~32k Predictions by
Slide 43: Radspherin in synchronous colorectal cancer PM adds ~$640m peak potential
MARKET POTENTIAL Radspherin® in synchronous colorectal cancer PM adds ~$640m peak potential in US+EU5 Incidence Peritoneal Eligible Addressable Treated at Peak sales Total peak sales metastasis peak split US + EU5, base case4 ~505k ~30k ~14k ~12.5k ~4.8k US ~$360m US ~195k EU5 ~310k ~6% Synchronous
Slide 44: Entry into China has the potential to add ~$540–600m across three indications
MARKET POTENTIAL Entry into China has the potential to add ~$540–600m across three indications Blended China peak annual sales estimate by pricing pathway: ovarian, gastric & colorectal Category C list price NRDL reimbursement Base case · target pathway Fallback · downside pathway ~$600m ~$540m blen
Slide 45: The radiopharma sector is concentrated in two indications; Oncoinvent pursues peritoneal metastases
MARKET POTENTIAL The radiopharma sector is largely concentrated in two indications, Oncoinvent pursues peritoneal metastases Snapshot of the Radiopharma Landscape Commentary 224Ra 212Pb 225Ac 177Lu Other • Harnessing the metastases Peritoneal advantages of radiopharmaceuticals with reduced complexit
Slide 46: Radspherin fills a unique pocket of value in a high-demand area
MARKET POTENTIAL Radspherin® fills a unique pocket of value in a high-demand area with equally high barriers to entry Procedure-based Biologics / SoC Radiopharmaceuticals locoregional chemo immunotherapies Farletuzumab Radspherin® KORJUNY® IMNN-001 Systemic chemo XLNT-1 HIPEC PIPAC ²¹¹At- Developmen
Slide 47: Backups
Backups Clinical Development Clinical Development Financials Financials Commercial potential Commercial potential Background Confidential 46
Slide 48: In-house GMP pilot plant with attractive capabilities
MANUFACTURING In-house GMP pilot plant with attractive capabilities Oncoinvent has in-house GMP 224Ra produced from 228Th, which Microparticles and finished goods production capability has multiple sources produced in-house • Unique expertise in the full end-to-end process to produce Radspherin® • I
Slide 49: Radspherin solid multilayer intellectual property protection
IP AND PATENT PROTECTION Radspherin® - solid multilayer intellectual property protection Four patent families protect Radspherin through 2041 and 2044, with 5-year extension options Radspherin® composition of matter & use • Granted in US, EU, China, Japan and additional countries • Patent expiry 203
Slide 50: Oncoinvent
ONCOrnvent