Cantargia Ab · OMXSTO:CANTA
Cantargia Ab — Investor Presentation (November 2025)
53 slides from Cantargia Ab's investor presentation, November 2025
Slide 1: Blocking the RIGHT signals to improve treatment options
Blocking the RIGHT signals to improve treatment options Corporate Presentation November 2025 NASDAQ STOCKHOLM MAIN LIST (CANTA.ST)
Slide 2: Safe Harbor Statement
Safe Harbor Statement Statements in the Investor Presentation, including those regarding the possible or assumed future or other performance of the Company or its industry or other trend projections, constitute forward-looking statements. By their nature, forward-looking statements involve known and
Slide 3: Cantargia: Redefining Cancer & Inflammation Therapy
Cantargia: Redefining Cancer & Inflammation Therapy Global Leader in IL1RAP Targeting Nadunolimab Pivotal trial ready in PDAC Strong Corporate Position Oncology FDA Fast Track Designation Otsuka deal: → Otsuka to develop and commercialize CAN10 following acquisition with upfront of $33 million and C
Slide 4: IL1RAP – Target with Numerous Opportunities
IL1RAP – Target with Numerous Opportunities IL1RAP IL1RAP IL1RAP IL33R IL36R IL1R1 → Opportunity to target three signaling systems, IL-1, IL-33 and IL-36, counteracting redundancy and increasing efficacy → Distinct activity in several hard-to-treat models of inflammation and cancer → Cantargia antib
Slide 5: IL1RAP Pipeline supported by Unique Platform
IL1RAP Pipeline supported by Unique Platform IND Asset Target Indication Discovery Phase 1 Phase 2 Phase 3 Partner Enabling Proprietary Pipeline PDAC* Nadunolimab IL1RAP NSCLC TNBC** CAN14 IL1RAP BsAb*** Autoimmune diseases New development programs**** through CANxx unique IL1RAP platform Strategic
Slide 6: Executive Management Team with Proven and Relevant Expertise
Executive Management Team with Proven and Relevant Expertise Hilde Steineger Patrik Renblad David Liberg Ton Berkien Wolfram Dempke CEO CFO CSO CBO CMO AN EXECUTIVE TEAM WITH COMPREHENSIVE INDUSTRY INSIGHT 6
Slide 7: Nadunolimab
Nadunolimab Combat cancer and enhance the immune system's ability to destroy cancer cells Nadunolimab (CAN04) is an Anti-IL1RAP antibody for treatment of various cancer types. Nadunolimab binds strongly to its target molecule IL1RAP, expressed on tumor cells from many types of cancer. Nadunolimab bl
Slide 8: IL1RAP Overexpressed in Most Solid Tumors
IL1RAP Overexpressed in Most Solid Tumors IL1RAP IS EXPRESSED TUMOR-PROMOTING CELLS IL1RAP IS A PROGNOSTIC ACROSS SOLID TUMOR EXPRESS IL1RAP IN THE TUMOR MARKER IN SEVERAL CANCER TYPES MICROENVIRONMENT INDICATIONS Pancreatic Cancer 100% IL1RAP-expressing tumors 75% 50% 25% Lung Cancer 0% l C C st al
Slide 9: Nadunolimab mAb Properties
Nadunolimab mAb Properties • Nadunolimab is a humanized anti-IL1RAP monoclonal immunoglobulin G1 (IgG1) antibody with a molecular weight of 144 kDa (non-glycolylated) • It has 2 glycan moieties deficient of fucose in the Fc- region for enhanced antibody-dependent cellular Fields et al Front. Immunol
Slide 10: Nadunolimab Provides Unique Opportunities to Treat Cancer by IL-1α/β Blockade and ADCC
Nadunolimab Provides Unique Opportunities to Treat Cancer by IL-1α/β Blockade and ADCC Nadunolimab NADUNOLIMAB ATTACKS TUMOR CELLS AND DISRUPTS TUMOR PROMOTING CIRCUITRY ADCC – Antibody-Dependent Cellular Cytotoxicity; NK – Natural Killer; TIR – Toll-Interleukin-1 Receptor 10
Slide 11: Overview of Clinical Studies with nadunolimab
Overview of Clinical Studies with nadunolimab Study (mITT) NCT Design Status number CANFOUR NCT03267316 Nadunolimab in combination with Completed (n=113 in gemcitabine/nab-paclitaxel in 1L PDAC and PDAC manuscript published combination) gemcitabine/cisplatin or carboplatin/pemetrexed CCR in NSCLC NS
Slide 12: Pancreatic Ductal Adenocarcinoma – PDAC
PANCREATIC DUCTAL ADENOCARCINOMA – PDAC
Slide 13: High IL1RAP Expression Linked to Poor Outcome in Patients with Pancreatic Tumors
High IL1RAP Expression Linked to Poor Outcome in Patients with Pancreatic Tumors TCGA RNA data* Know Your Tumor RNA data** BIOPAC biopsy protein stainings*** PDAC patients all stages PDAC patients stage III/IV PDAC patients stage IV Analysis of RNA-data by AI-company show two subnetworks enriched fo
Slide 14: IL1RAP – a Fundamental Driver in the PDAC TME
IL1RAP – a Fundamental Driver in the PDAC TME → IL1RAP is expressed as a signaling receptor on tumor cells, myeloid cells and cancer-associated fibroblasts (CAFs) → IL-1 cytokines are induced in tumor cells Onco-immune network and activate myeloid cells and CAFs in mediates: the TME, feedforward sig
Slide 15: IL1RAP Signaling Acts in Parallel to KRAS to Shape the Phenotype of PDAC
IL1RAP Signaling Acts in Parallel to KRAS to Shape the Phenotype of PDAC → KRAS fuels IL-1 dependent tumor inflammation, autocrine IL-1 activates IL1RAP and triggers tumor cell intrinsic IRAK-dependent signaling → IL-1 signaling shapes the TME by activating IL1RAP on myeloid cells and CAFs, leading
Slide 16: PDAC: A Deadly Cancer with Limited Treatment Options
PDAC: A Deadly Cancer with Limited Treatment Options LOCALLY ADVANCED OR METASTATIC DISEASE Median survival: Stage III → 8.5 – 11.7 mo Treatments: → Gemcitabine + nab-paclitaxel → Gemcitabine if poorer performance → FOLFIRINOX only if good patient condition status → Jan 2023: 1st line NALIRIFOX Stag
Slide 17: Positive Nadunolimab Efficacy Signals in 1st Line PDAC
Positive Nadunolimab Efficacy Signals in 1st Line PDAC OS and iPFS for mITT patients Best responses according to iRECIST 100% Best Change in Tumor Size 50% 0% -50% -100% iCPD iUPD iSD iPR Nadunolimab combination with gemcitabine/nab-paclitaxel in 1st line PDAC (n=73): → 32% response rate with long O
Slide 18: IL1RAP Expression in Tumor Biopsies from PDAC Patients
IL1RAP Expression in Tumor Biopsies from PDAC Patients IL1RAP expression in patient biopsies 300 200 H-score 100 0 gh w Hi 29 Lo P =20 P = A RA n R n IL1 IL1 Differential expression of IL1RAP on tumor cells at baseline in PDAC patients: → IL1RAP expression on tumor cells analyzed by IHC on baseline
Slide 19: Efficacy and IL1RAP Levels on Tumor Cells in PDAC
Van Cutsem et al, Clinical Cancer Research 2024 Efficacy and IL1RAP Levels on Tumor Cells in PDAC Efficacy analysis for IL1RAP High (n=29) vs IL1RAP Low (n=20) PDAC patients → Individual assessment of patients in the IL1RAP high and IL1RAP low groups → Prolonged survival in the IL1RAP high group → 1
Slide 20: Stronger OS Benefits in High IL1RAP-Expressing Patients (14.2 vs 10.6 months)
Van Cutsem et al, Clinical Cancer Research 2024 Stronger OS Benefits in High IL1RAP-Expressing Patients (14.2 vs 10.6 months ) OS by IL1RAP subgroup OS by IL1RAP subgroup Efficacy analysis for IL1RAP High (n=29, 60%) vs IL1RAP Low (n=20, 40%) PDAC patients → High IL1RAP expression is a marker for po
Slide 21: PDAC – Next steps
PDAC – Next steps IL1RAP Assay Feasibility Proposed PDAC clinical study design Assay development; selection of one clone, one platform and one protocol • Metastatic PDAC patients selected for high IL1RAP expression • Treatment naive patients • Combination with gemcitabine/nab- Validation paclitaxel
Slide 22: Safety Profile is Manageable and Supports MOA in PDAC
Safety Profile is Manageable and Supports MOA in PDAC → Neutropenia manageable through G-CSF prophylaxis → In 6 patients given G-CSF prophylaxis, none developed grade 3-4 neutropenia → Only 1 % peripheral neuropathy grade 3-4 observed (17% in historical controls) Gem/Abraxane Nadunolimab+Gem/Abraxan
Slide 23: IL1RAP and Alleviation of Neuropathy
IL1RAP and Alleviation of Neuropathy → Chemotherapy and ADCs induce neuropathy by several pathways including IL-1 (neuroinflammation) → High levels of inflammatory cytokines such as IL1 have been shown to correlate with higher risk of chemotherapy induced neuropathy1 → Preclinically, anti-IL1RAP mA
Slide 24: Neuropathy Clinical Data with nadunolimab
Neuropathy Clinical Data with nadunolimab Gemcitabine/nab-paclitaxel → Ph2 study data from CANFOUR in 1L PDAC patients Any grade neuropathy 1 mg/kg 2.5 mg/kg and above treated with nadunolimab and gemcitabine/nab- 80% 1 mg/kg Grade 1 Percent of patients 2.5 to 7.5 mg/kg Grade 1 15% paclitaxel 60% in
Slide 25: Nadunolimab – A Leading Candidate in the 1L PDAC Race
Nadunolimab – A Leading Candidate in the 1L PDAC Race mOS PFS 6m OS 12m OS 24m OS Phase N (months) (months) ORR (%) (%) 9m OS (%) (%) (%) SOC GN (NAPOLI 31) 3 387 9.2 5.6 36.2 68.4 - 39.5 . FOLFIRINOX2 (AVENGER500) 3 262 11.7 8.0 21 - - - - NALIRIFOX (NAPOLI 31) 3 383 11.1 7.4 41.8 72.4 - 45.6 . In
Slide 26: Non-Small Cell Lung Cancer – NSCLC
NON-SMALL CELL LUNG CANCER – NSCLC
Slide 27: Tumor IL1RAP Expression in NSCLC
Tumor IL1RAP Expression in NSCLC Protein Atlas RNA Lung Cancer • High IL1RAP RNA expression is a prognostic marker for poor survival in lung cancer, as in PDAC • CANFOUR NSCLC patients do not show a correlation between high IL1RAP on tumor cells and improved response, which may be due to an upregula
Slide 28: Promising Efficacy with nadunolimab plus Platinum Doublets: Longer Survival in Post-Pembrolizumab 2L
Paulus et al, Lung Cancer 2025 Promising Efficacy with nadunolimab plus Platinum Doublets: Longer Survival in Post-Pembrolizumab 2L Efficacy Total 1L 2L parameter (n=40) (n=23) (n=17) (95% CI) OS; median, 13.7 (11.1-18.3) 11.5 (8.9-19.4) 15.7 (11.1-28.8) months PFS; median, 7.2 (5.6-9.2) 7.2 (4.4-9.
Slide 29: Best Efficacy in Non-Squamous NSCLC Patients Receiving nadunolimab plus Platinum doublets Post-Pembrolizumab
Paulus et al, Lung Cancer 2025 Best Efficacy in Non-Squamous NSCLC Patients Receiving nadunolimab plus Platinum doublets Post-Pembrolizumab Non-Squamous Reference** Efficacy parameter 1L 2L 2L (95% CI) (n=15) (n=11) (n=118) OS; median, months 11.6 (5.8-22.0) 26.7 (6.2-NE) PFS; median, months 6.3 (2.
Slide 30: NSCLC Biomarkers: Patients receiving pembrolizumab have Altered TME as compared to Naïve
Paulus et al, Lung Cancer 2025 NSCLC Biomarkers: Patients receiving pembrolizumab have Altered TME as compared to Naïve • Screening biopsies were stained for the presence of IL1RAP+ immune cells, CD8+ T cells, NK cells and CD163+ macrophages • Patients previously treated with pembrolizumab appear to
Slide 31: NSCLC – 2nd Line Non-Squamous
NSCLC – 2nd Line Non-Squamous 2L treatment for stage IV NSCLC (ASCO) Diagnosed NSCLC Incident Cases* 640 000* Diagnosed Incident Cases of NSCLC – stage IIIB/IV Non- 300 000 (~47%) squamous NSCLC – stage IIIB/IV Non- squamous Patients without any 190 000 (~60%) AGAs or not tested for biomarkers NSCLC
Slide 32: Triple-Negative Breast Cancer – TNBC
TRIPLE-NEGATIVE BREAST CANCER – TNBC
Slide 33: TRIFOUR Preliminary Results
TRIFOUR Preliminary Results Very similar ORR in both the arm with nadunolimab and the chemotherapy only arm, where both arms report somewhat higher than historical benchmarks for first- to third-line treated patients (~30%). Sub-group analyses ongoing and we await the overall survival data and are c
Slide 34: Tumor Pathology in PDAC vs TNBC Overlaps & Differences
Tumor Pathology in PDAC vs TNBC Overlaps & Differences IL1RAP on CAF/myeloid IL1RAP levels stromal/ dependent IL-1 involved in Defined Nadunolimab correlate to KRAS IL1RAP on immune desmoplastic chemotherapy responder safety & survival driven tumor cells cells stroma resistance subgroup tolerability
Slide 35: Nadunolimab – Key Takeaways
Nadunolimab – Key Takeaways → Nadunolimab, investigated in more than 300 pts, shows promising safety & efficacy. → The mechanism of nadunolimab includes ADCC and blocking of both IL- α I - β g g g I A . → Clinical results strongly support potential unique first-in-class opportunities in PDAC and NSC
Slide 36: CAN14 and CANXX
CAN14 and CANXX Next generation IL1RAP therapeutics CANXX is a program for new therapeutics and reagents comprising unique antibodies, reagents and knowledge around IL1RAP as a drug target. CAN10 was the first program originating from the CANXX platform, CAN14 is the second that adds new features to
Slide 37: CANxx – a Generator for New Drugs and Reagents
CANxx – a Generator for New Drugs and Reagents • Knowledge of IL1RAP and its role in disease • A library of ~200 anti-IL1RAP antibodies within the CANxx platform • CANxx antibodies bind to different domains of IL1RAP and have different functional properties CANXX – A COMPREHENSIVE SOURCE FOR NEW DR
Slide 38: Next Generation IL1RAP Therapeutics
Next Generation IL1RAP Therapeutics Anti-IL1RAP IL1RAP blockade is a potent way to block inflammation in preclinical and translational ex vivo models Bispecific mAbs Add new functionalities to IL1RAP blockade for stronger efficacy – tailor for specific diseases Second target IL1RAP is expressed in a
Slide 39: CAN14 and IL1RAP-based Bispecific Antibodies
CAN14 and IL1RAP-based Bispecific Antibodies Anti-IL1RAP as a framework for efficacious treatments tailored for specific diseases Joints • Osteoarthritis • Rheumatoid arthritis Anti-IL1RAP • Gout Skin Intestine • Hidradenitis • Crohn's disease Suppurativa (HS) • Ulcerative colitis • Atopic dermatiti
Slide 40: CAN10
CAN10 Opportunities in autoimmune/inflammatory diseases CAN10 is an Anti-IL1RAP antibody for treatment of autoimmune and inflammatory disease. By its binding to IL1RAP, CAN10 can block IL-1, IL-33 and IL-36 signaling pathways simultaneously. This unique function provides CAN10 with great potential f
Slide 41: Transformational CAN10 Deal with Otsuka
Transformational CAN10 Deal with Otsuka • Marks a transformative milestone for Cantargia – providing external validation of its antibody platform and CAN10 target mechanism • Demonstrates the scientific and commercial value of g ’ technology in autoimmune and inflammatory diseases • Enables long-ter
Slide 42: CAN10 Provides a Unique Opportunity to Block IL-1 Super-family Signaling
CAN10 Provides a Unique Opportunity to Block IL-1 Super- family Signaling Joints • Osteoarthritis • Rheumatoid arthritis • Gout • The IL-1superfamily of ligands and receptors is primarily associated with acute and chronic inflammation¹ Skin Intestine • Hidradenitis • Crohn's disease Suppurativa (HS)
Slide 43: CAN10 is Developed to Block IL-1 Family with Precision
CAN10 is Developed to Block IL-1 Family with Precision • CAN10 blocks multiple IL-1 family signaling by targeting a single receptor – Binds crucial epitope on common accessory protein (IL1RAP) – Prevents signaling from IL- α/β, I -33 and IL- α/β/γ IL-1/33/36 cytokine mix • CAN10 has shown robust eff
Slide 44: CAN10 First-in-Human study (FIH) – SAD/MAD
CAN10 First-in-Human study (FIH) – SAD/MAD MAD – Healthy (SC) • Healthy volunteers • 2 dose cohorts, placebo controlled • SC Day 1, 7 followed by every 14 days SAD (IV) • Healthy volunteers (N=76) • Placebo controlled MAD – Psoriasis (SC) • 10 dose cohorts • Finalized • Mild-Moderate plaque psoriasi
Slide 45: CAN10 FIH – Full blockade of both IL-36 and IL-1 Signaling
CAN10 FIH – Full blockade of both IL-36 and IL-1 Signaling • Inhibition of IL-36 and IL-1 signaling documented at Cmax (SAD and MAD) and day 8 (SAD) or 14 days after 3rd dose (MAD) → long lasting effect IL-36 inhibition IL-1 inhibition IL-36 induced IL-6 release IL-36 induced IL-6 release Cmax (S
Slide 46: Intellectual Property & Regulatory
INTELLECTUAL PROPERTY & REGULATORY
Slide 47: Cantargia IP
Cantargia IP Proprietary Pipeline • Lead candidate anti-IL1RAP antibody CAN04 Expiry year 2035 Granted patents (e.g. Europe, USA, China, Japan) • Anti-IL1RAP for treatment of solid tumors Expiry year 2032 Granted patents (e.g. Europe, USA, China, Japan) • Anti-IL1RAP for treatment of hematological d
Slide 48: US Designation & Protections in Addition to Patents
US Designation & Protections in Addition to Patents • Fast Track Designation Benefits – Granted in 2025 for nadunolimab in high-level IL1RAP PDAC • Provides sponsors with frequent communication and meetings with the FDA, which can help clarify requirements and resolve issues quickly during drug deve
Slide 49: EU Designations & Protections in Addition to Patents
EU Designations & Protections in Addition to Patents • Orphan Drug designation in EU – Granted in 2021 for nadunolimab in pancreatic cancer • Grants market exclusivity period of 10 years from the date of marketing authorization during which no similar medicinal product can be placed on the market fo
Slide 50: Key Financials & Investment Highlights
KEY FINANCIALS & INVESTMENT HIGHLIGHTS
Slide 51: Key Financial and Share Information
Key Financial and Share Information Financials Cantargia’s Cap Table, September 30 → Cash position: SEK 339m (September 30, 2025) # Owner Number of Shares % → Runway: Into 2028 (with current commitments) 1 Fjärde AP-fonden 24 800 000 10% 2 Första AP-fonden 16 493 130 7% The Cantargia Share 3 Avanza
Slide 52: A Global Leader in IL1RAP Antibody Development
A Global Leader in IL1RAP Antibody Development Potential to become best-in-class in 1L PDAC: Lead Candidate nadunolimab ready to start pivotal trials on the back of outstanding efficacy and safety POC results, especially in high IL1RAP-expressing tumors; FDA Fast Track and Orphan Drug designations s
Slide 53: Thank you
Thank you Contact details: Hilde H. Steineger Chief Executive Officer hilde.steineger@cantargia.com Patrik Renblad Chief Financial Officer patrik.renblad@cantargia.com