Slide 1: Unlocking the potential of the AmorphOX technology
Unlocking the potential of the AmorphOX® technology Interim Report Q3 2025, October 23, 2025
Slide 2: Legal disclaimer
2 Legal disclaimer • This presentation, which is personal to the recipient, has been prepared and produced by Orexo AB (publ) (“Orexo”) solely for the benefit of investment analysis and may not be used for any purpose other than assessment of investments concerning Orexo. Unless otherwise stated, Or
Slide 3: Agenda & presenters
Q 3 2 0 2 5 P R E S E N TAT I O N 3 Agenda & presenters 1 Q3 in brief 2 Business update • US Commercial • Products under Development 3 Financial & legal overview • Financial development • Legal update 4 Approach for expansion Nikolaj Sørensen President and CEO Fredrik Järrsten EVP and Chief Financia
Slide 4: The quarter in brief
Q 3 2 0 2 5 P R E S E N TAT I O N 4 The quarter in brief
Slide 5: Leveraging the AmorphOX technology in new high-growth pharmaceutical areas
Q 3 2 0 2 5 P R E S E N TAT I O N 5 Leveraging the AmorphOX® technology in new high-growth pharmaceutical areas Net Revenue 119 Promising progress in AmorphOX with GLP-1 in-vivo study and SEK M BARDA funding valued up to USD 51 m for OX390 Izipry (OX124) – commercial manufacturing initiated in Q3 an
Slide 6: US Commercial
Q 3 2 0 2 5 P R E S E N TAT I O N 6 Business update US Commercial 6
Slide 7: Improved growth in the bup/nal market
Q 3 2 0 2 5 P R E S E N TAT I O N 7 Improved growth in the bup/nal market Buprenorphine/naloxone market development1 Market development by payer segment YoY NTRx Commercial segment leads 2025 growth (+10% YTD) and is on 6 000 000 track to surpass Medicaid by 2026 at the current pace Q3 YoY +4% Q3 Qo
Slide 8: Stable Zubsolv sales to pharmacies, but gross sales more volatile
Q 3 2 0 2 5 P R E S E N TAT I O N 8 Stable Zubsolv® sales to pharmacies, but gross sales more volatile 4W rolling gross sales to wholesalers and pharmacies (KUSD) Continued stable sales to pharmacies YoY YTD (-1.1%) Gross sales1 is stable with (-0.9%) YoY YTD despite wholesaler destocking in Q1 and
Slide 9: Significant seasonality in wholesalers inventory impacting gross sales in Q3
Q 3 2 0 2 5 P R E S E N TAT I O N 9 Significant seasonality in wholesalers inventory impacting gross sales in Q3 Wholesaler inventory KUSD / weeks 4,50 4,00 Wholesaler inventory end of Q4 2024 ~60% 3,50 above inventory end of Q3 2025 3,00 Wholesaler inventory end of Q2 2025 ~30% 2,50 above inventory
Slide 10: Products under development
Q 3 2 0 2 5 P R E S E N TAT I O N 10 Business update Products under development 10
Slide 11: Entering one of the fastest growing areas in anti-obesity medication
Q 3 2 0 2 5 P R E S E N TAT I O N – O X 4 7 2 11 Entering one of the fastest growing and largest growth areas in anti-obesity medication (AOM) • Over 100 million Americans are classified as medically overweight, making obesity one of the fastest growing public health issues in the US • The anti-obes
Slide 12: OX472 (semaglutide): Pave the way for intranasal GLP-1 medication
Q 3 2 0 2 5 P R E S E N TAT I O N – O X 4 7 2 12 OX472 (semaglutide)1: Pave the way for intranasal GLP-1 medication An AmorphOX-formulated intranasal semaglutide and/or other GLP-1 medications could potentially provide the following: • Easy to self-administer medication • Needle-free/non-invasive ro
Slide 13: Promising data in GLP-1 development utilizing AmorphOX technology
Q 3 2 0 2 5 P R E S E N TAT I O N – O X 4 7 2 13 Promising data in GLP-1 development utilizing AmorphOX® technology • With A pre-clinical in-vivo study Abera Bioscience was performed an in-vivo comparing proof-of-concept three study In-vivo proof-of-concept study of intranasal formulations based on
Slide 14: Xylazine detection in illicit opioid samples has increased
Q 3 2 0 2 5 P R E S E N TAT I O N – O X 3 9 0 14 Over the past 3 years, xylazine detection in illicit opioid samples has increased by FOUR TIMES DEA National Drug Threat Assessment 2025, Friedman 2025
Slide 15: Deaths due to xylazine-fentanyl overdoses continue to rise
Q 3 2 0 2 5 P R E S E N TAT I O N – O X 3 9 0 15 Deaths due to xylazine-fentanyl overdoses continue to rise despite drop in overall deaths
Slide 16: Animal data suggest xylazine increases opioid-induced respiratory depression
Q 3 2 0 2 5 P R E S E N TAT I O N – O X 3 9 0 16 Animal data suggest xylazine increases opioid- induced respiratory depression and lethality
Slide 17: BARDA partnership to develop OX390
Q 3 2 0 2 5 P R E S E N TAT I O N – O X 3 9 0 17 BARDA partnership to develop OX390 Five Stages planned: BARDA to provide funding and technical expertise for all stages USD 50.9 million USD 8.5 million TBD TBD TBD TBD Base Period Option Period 1 Option Period 2 Option Period 3 Option Period 4 • IND-
Slide 18: IZIPRY (OX124) batches ready for stability and reliability studies
Q 3 2 0 2 5 P R E S E N TAT I O N – I z i p r y 18 IZIPRY (OX124) batches ready for stability and reliability studies Manufacturing of required batches at commercial scale initiated in Q3 and completed - a scalable in Q4 drug delivery platform • Process initiated to complete the FDA required testing
Slide 19: OX640: First steps in upscaling completed
Q 3 2 0 2 5 P R E S E N TAT I O N – O X 6 4 0 19 OX640: First steps in upscaling completed OX640 – transition to commercial-scale production commenced • First batches of powder manufactured and being analyzed Dose & Tech Manufacture clinical Stability, reliability, process formulation transfer trial
Slide 20: OX640: Promising market, but some increased uncertainty
Q 3 2 0 2 5 P R E S E N TAT I O N – O X 6 4 0 20 OX640: Promising market, but some increased uncertainty First product on the market with strong growth first Orexo maintains a strong confidence in the market quarters, but below some stakeholders’ expectations potential of OX640 • Physician hesitance
Slide 21: Financial & legal
Q 3 2 0 2 5 P R E S E N TAT I O N 21 Financial & legal
Slide 22: Zubsolv US net revenue affected by negative FX impact & lower demand
Q 3 2 0 2 5 P R E S E N TAT I O N 22 Zubsolv® US net revenue affected by negative FX impact & lower demand, primarily explained by lower demand within UHG and Humana Net revenue per segment Jan - Sep Jan - Sep Jan - Dec Q3 2025 Q3 2024 Comments Q3 SEK m 2025 2024 2024 Zubsolv US 113.9 131.0 360.4 40
Slide 23: Operating expenses reduced 13% excluding increased LTIP expenses
Q 3 2 0 2 5 P R E S E N TAT I O N 23 Operating expenses reduced 13% when excluding increased expenses for LTIP program Jan - Sep Jan - Sep Jan - Dec Income statement SEK m Q3 2025 Q3 2024 2025 2024 2024 Comments Q3 Net revenues 118.7 136.5 383.2 429.7 590.0 OPEX SEK -132.7 m (-138.1): • Lower expens
Slide 24: Cash position
Q 3 2 0 2 5 P R E S E N TAT I O N 24 Cash position Jan - Sep Jan - Sep Jan - Dec Comments Q3 Cash flow SEK m Q3 2025 Q3 2024 2025 2024 2024 Cash flow from operating Cash and cash equivalents (SEK 106 m) decreased with SEK 16 m from -10.3 -13.4 21.9 -38.8 -32.6 activities Q2 2025 (SEK 121 m) SEK 10.3
Slide 25: Financial outlook reiterated
Q 3 2 0 2 5 P R E S E N TAT I O N 25 Financial Metric Outlook 2025 Reaffirmed/ revised outlook Key market The buprenorphine/naloxone Reaffirmed 2025 development market will grow 2-5 percent, based on current growth reiterated trajectory Lead product net Zubsolv® net sales in USD in the Reaffirmed sa
Slide 26: Legal update
Q 3 2 0 2 5 P R E S E N TAT I O N 26 Legal Subpoena issued by the US authorities in 2020 update • On July 14, 2020, Orexo became aware of an investigation by the US authorities which is ongoing • Based on communications from the US authorities, the company believes it refers to certain historic mark
Slide 27: Future value drivers
Q 3 2 0 2 5 P R E S E N TAT I O N 27 Future value drivers
Slide 28: Approach for expansion
Q 2 2 0 2 5 P R E S E N TAT I O N 28 Approach for expansion Optimize value contribution from Zubsolv® Advance value Obtain FDA approval of Izipry and adapt go-to-market strategy to market potential creation from commercial products OX390 development in partnership with BARDA to address growing
Slide 29: Thanks
id in X 2 Phe > > www.oyglecom You can also follow/Orexo on Linkedin, X and YouTube a -