Thor Medical Asa · OSL:TRMED
Thor Medical Asa — H2 2023 Earnings Presentation
19 slides from Thor Medical Asa's earnings presentation, 2024
Slide 1: 2H 2023 and full year 2023 results
2H 2023 and full year 2023 results Alf Bjørseth, CEO Brede Ellingsæter, CFO
Slide 2: Becoming a world-leading supplier of alpha-emitters for cancer therapy
Becoming a world-leading supplier of alpha-emitters for cancer therapy ▪ Addressing a high-growth market for cancer therapy ▪ Innovative emerging supplier of alpha-emitters based on naturally occurring thorium ▪ Pilot plant set to qualify product and process in 2024 ▪ Investment decision for industr
Slide 3: Highlights
Highlights • Signed three LOIs with radiopharmaceutical companies for future supply of alpha emitters • Completed pre-engineering and placed orders for long lead items for the pilot facility • Signed agreement to transfer Nordic Nanovector patents to NucliThera • Expanded team with experienced chemi
Slide 4: Welcoming Mr Jasper Kurth as new CEO from September 2024
Welcoming Mr Jasper Kurth as new CEO from September 2024 • Mr. Kurth joins Thor Medical from Bayer Pharmaceuticals, where he has spent his entire professional career • He is currently General Manager Radiology Nordics in Stockholm • Previously held positions as: “ Joining Thor Medical fills me with
Slide 5: Enabling next-generation precision cancer therapy
Enabling next-generation precision cancer therapy 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 cancer care with alpha-emitters f
Slide 6: Radiotherapeutics represent a large market opportunity
Radiotherapeutics represent a large market opportunity Global radiopharmaceutical market USDbn • New cancer radiotherapeutics have reached sales in the USD hundreds of millions • Several hundred radiopharmaceuticals in development, creating strong future demand 27 for radioactive compounds • Next-ge
Slide 7: The future is alpha
The future is alpha Alpha-particles yield better therapeutic performance with less side effects Alpha (α) > Beta (β) • Higher linear energy transfers → Greater therapeutic efficacy • Shorter path ranges → less off-target toxicity damaging healthy cells in surrounding tissue • Direct cell death throu
Slide 8: Strong interest in Pb-212 as alpha-emitter
Strong interest in Pb-212 as alpha-emitter >10 companies working with >20 radiotherapeutic candidates Publications on Pb-212 “212Pb: Production approaches and Targeted Therapy Applications”* • 9 cancer therapy candidates in clinical development with Pb-212 or Ra-224, with the 3 most advanced already
Slide 9: Proprietary and verified technology offering the world’s purest radionuclides
Proprietary and verified technology offering the world’s purest radionuclides Thor Medical manufacturing process Leading product properties • The world’s purest radioisotopic Thorium 228 Th-232 Natural thorium as feedstock • Natural thorium as feedstock • Independent of nuclear reactors/accelerators
Slide 10: Turning waste into next-generation cancer therapies
Turning waste into next-generation cancer therapies Proprietary process Generating Ra- Distribution to Thorium-232 for separation of 224/Pb-212 and hospitals and cancer – a naturally Th-232 into the linking to targeting clinics for patient occurring isotope world’s purest molecule to create treatmen
Slide 11: Building pilot facilities at Herøya to prepare for industrialization
Building pilot facilities at Herøya to prepare for industrialization Pilot completion provides basis for: • Verification of production process and technology • Producing customer samples from H2 2024 • Scale-up to industrial manufacturing Herøya Industrial Park 11
Slide 12: Key milestones from pilot to FID on industrial-scale production
Key milestones from pilot to FID on industrial-scale production 2024- 2025 FID 2025 - 2027 2027- 2030 Establish Pilot plant at Herøya for product and process verification • Verify process and production technology • Produce customer samples • Case-study for scale-up to industrial-scale manufacturing
Slide 13: Indicated demand is 4-5x the planned industrial scale
Indicated demand is 4-5x the planned Companies focusing on >300 GBq Pb-212 and Ra-224 industrial scale plant capacity Additional indicated demand Three LOIs signed for volumes from ongoing equal to the industrial scale dialogues plant capacity of ~70 GBq or ~250k user doses ~70 GBq Industrial scale
Slide 14: Clear milestone roadmap set to de-risk investment and build substantial shareholder value
Clear milestone roadmap set to de-risk investment and build substantial shareholder value Establish industrial-scale production Enable FID with profitable business case Reliable and diversified supply of thorium Secure customer qualifications and offtake agreements Verify products and process in pil
Slide 15: Goals for first phase of industrialisation
Goals for first phase of industrialisation 2024 2025 2030 2030 FID Pilot Final investment decision >400 >50% Industrial verification, for industrial-scale plant NOK million EBITDA upon customer sampling and (start 2027) with capex revenues industrial ramp-up qualification requirement up to NOK 500m
Slide 16: Limited capital requirements through to FID
Limited capital requirements through to FID Final investment decision (FID) for industrial scale plant in 2025 Financial key figures (in NOKm) 2H 2023 2023 • Monthly burn reduced to NOK 1.5m per month Revenues 0 0 • Applied for NOK 10 million in soft funding EBITDA -6.8 -6.8 • Limited pre-FID capita
Slide 17: Strong team with solid track record
Strong team with solid track record Dr. Alf Bjørseth* Brede Ellingsæter Dr. Sindre Hassfjell Astrid Liland Chief Executive Officer Chief Financial Officer Chief Technology Officer VP EHS • Current CEO of Thor Medical • Current CFO in Scatec Innovation • >30 years’ experience in nuclear • >20 years e
Slide 18: We are enabling next-generation precision cancer treatments
Why invest in Thor Medical We are enabling next-generation precision cancer treatments 1 Major market opportunity The radiotherapeutics market is set to increase to USD 27bn by 2032, with alpha-emitting radioisotopes enabling next-generation precision cancer treatment 2 Unique, verified and scalable
Slide 19: 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