Kuros Biosciences Ltd. · SIX:KURN
Kuros Biosciences — Piper Sandler Annual Healthcare Conference 2025
21 slides from Kuros Biosciences's conference presentation, Dec 3, 2025
Slide 1: Growing with Kuros
Growing with Kuros Piper Sandler Annual Healthcare Conference 3 December 2025 Ticker: KURN SIX Swiss Stock Exchange 1
Slide 2: Disclaimer
Disclaimer – This presentation is private and confidential, has been furnished to you solely for your information and may not be reproduced, redistributed or disclosed in any way, in whole or in part, directly or indirectly, in or into the United States or the United Kingdom, Canada, Australia, Japa
Slide 3: Kuros - High Growth MedTech Company
Kuros - High Growth MedTech Company Recently positioned as pure MedTech company • Focus in the field of biologics for spine and extremities bony fusion • De-risked profile with a proven scientific track record • Clear focus on commercial execution, operational enablement, and robust product pipeline
Slide 4: What is MagnetOs and how is it different?
What is MagnetOs and how is it different? • A Biphasic Calcium Phosphate (BCP) containing 65%-75% Tricalcium Phosphate (TCP) and 25%-35% Hydroxyapatite (HA), MagnetOs has a porous trabecular structure that resembles the interconnected porosity of human trabecular bone.3-6 • MagnetOs grows bone on it
Slide 5: Spine & extremities market set to surge from $5.2B to $7.7B by 2031
Spine & extremities market set to surge from $5.2B to $7.7B by 2031 $7.7B 1 7.72 Spine Extremities, CMF $0.6 $0.5 $3.9B & Oncology $1.3B $1.5 MagnetOs is indicated for all Three MagnetOs formulations indicated $5.2B spinal procedures providing outside of spine providing increased market $5.2 increas
Slide 6: Kuros is building for success in the extremities market
Kuros is building for success in the extremities market $440M U.S. foot & ankle segment1 $475M U.S. trauma $474market 2 PRIMARY $440 SECONDARY $160M “The foot bone graft Hindfoot Hindfoot $160M substitute segment is experiencing rapid $187M growth, fueled by a surge Fracture in diabetic foot $342M $
Slide 7: We're developing the formulations that surgeons need
We’re developing the formulations that surgeons need ― Pre-filled syringe ― Putty ― Ready-to-use ― Ready-to-use ― Easy-to-mold ― Easy-to-mold ― Strips with collagen ― Granules ― Flexible ― Strong, proven foundation ― High wickability 7 MagnetOs Easypack Putty and MagnetOs Flex Matrix are available f
Slide 8: MagnetOs now supports improved surgical precision for Minimally Invasive Surgery (MIS) procedures
MagnetOs now supports improved surgical precision for Minimally Invasive Surgery (MIS) procedures What is MIS – and why does it matter? Open Transforaminal Lumbar Interbody Fusion (TLIF)1 MIS TLIF1 Engineered for MIS Potential Benefits2: Introducing the precise delivery & − Better cosmetic results p
Slide 9: New product launch revolutionizes MIS: A smarter way to deliver bone graft
New product launch revolutionizes MIS: A smarter way to deliver bone graft MagnetOs MIS is the only MIS bone graft delivery system that is: − Sterile1 − Prefilled1 − Contains no human tissue1 − Containing a bone graft whose mechanism of action (MOA) is supported by Level I clinical evidence2 All whi
Slide 10: MagnetOs outperformance versus autograft published in Spine
MagnetOs outperformance versus autograft published in Spine1 Compared 10ccs of MagnetOs Granules 74% • (standalone, not mixed) to autograft (at least 50% bone harvested from the iliac crest) for posterolateral fusion (PLF)* • 91-patient (128 segment), randomized, intra- fusion rate in smokers ‡2 pat
Slide 11: Market-leading evidence generation sets Kuros apart competitively
Market-leading evidence generation sets Kuros apart competitively Redefining the standard: providing the data that surgeons and hospitals need Biologic Type Highest Level of Evidence Allografts Level IV–V1 CBAs Mostly Level III–IV1 DBMs Mostly Level III–IV (Except Grafton LI)2 Synthetics Mostly Leve
Slide 12: Stable growth & key milestones in Q3 2025 fuel mid-term outlook
Stable growth & key milestones in Q3 2025 fuel mid-term outlook +77% Key achievements support growth trajectory $101 – MagnetOs MIS First Cases – U.S. FDA 510(k) clearance and first cases with MagnetOs MIS Delivery System 70 – Extremities Momentum – Volume growth and sales performance on target 60 –
Slide 13: Transforming into a sustainable growth engine
Transforming into a sustainable growth engine – Strong market share & brand recognition growth over past 3 years MagnetOs market share1 – Increased independent sales agents and distributors by 65% YoY 2.0% – Increased hospital penetration by 85% YoY – Medtronic agreement expands opportunity in key s
Slide 14: International expansion continues to deliver high-profit growth in focus markets
International expansion continues to deliver high-profit growth in focus markets Regulatory registrations 2025 - Lebanon - Brazil On-going registrations 2025 - Saudi Arabia - Jordan - Oman - Kuwait - Qatar Markets under consideration - Canada - Singapore - Japan - LATAM Blue: Registration completed
Slide 15: Our strategic alliance with Medtronic expands access & accelerates adoption
Our strategic alliance with Medtronic expands access & accelerates adoption ▪ Medtronic serves as exclusive sales agent for MagnetOs in select, mutually agreed spine surgery territories ▪ Kuros works collaboratively to sell, market and provide support services to Medtronic’s sales force ▪ Kuros reta
Slide 16: Operationally, turning economies of scale into profitability
Operationally, turning economies of scale into profitability Operating Leverage ➢ Exceptional Growth Trajectory: Achieved ~900% growth in sales and volumes from H1 2022 to H1 2025, while fixed costs rose by 150% 70’000 G&A R&D* S&M excl. Comm Revenue Fixed costs as % revenue ~300% over the same peri
Slide 17: Resulting in an adjusted EBITDA margin of 12.1%
Resulting in an adjusted EBITDA margin of 12.1% Group EBITDA* Adjusted EBITDA** 6’000 20% 14,000 EBITDA as % of revenue -10% 12,000 3’000 10,000 4,750 -40% Axis Title USD ‘000 - 8,000 -70% USD ‘000 6,000 12,185 (3’000) -100% 4,000 7,435 (6’000) -130% 2,000 ,0 (9’000) -160% Share-based H1 H2 H1 H2 H1
Slide 18: Geographic expansion, diversification & redesign of supply chain to de-risk the business
Geographic expansion, diversification & redesign of supply chain to de-risk the business and optimize tariffs & tax Diversify, de-risk & prepare for further organic growth ✓ Doubling capacity in NL, again ✓ New production facility in U.S. – production go live H2 2026 Bilthoven Zurich Levers to modif
Slide 19: Driving milestones to transform and optimize the business model
Driving milestones to transform and optimize the business model STRATEGY Sales & Marketing Functional expansion and extension ✓ Reporting currency changed to USD SALES FRONT END ✓ Increased visibility through a capital market day and 2 new analysts Powers the ✓ FX mechanism implemented to hedge ✓ En
Slide 20: Strategic growth funnel to $250M: 2025 momentum powers 2027 ambition
Strategic growth funnel to $250M: 2025 momentum powers 2027 ambition Commercial Growth Drivers • Spine & extremity segments driving growth → Continued expansion in foot & ankle, trauma (2026) 2027 • Market share gains in U.S., EU, RoW USD 220-250 million sales* → Targeting ~20 new registrations (202
Slide 21: Thank you
Thank you 21
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