Faron Pharmaceuticals Oy · LSE:FARN
Faron Pharmaceuticals Oy — Investor Presentation (November 2025)
30 slides from Faron Pharmaceuticals Oy's investor presentation, November 2025
Slide 1: Faron Pharmaceuticals Ltd Non-confidential corporate deck
November 2025 Faron Pharmaceuticals Ltd Non-confidential corporate deck 1 FARON PHARMACEUTICALS LTD | 2025 NON-CONFIDENTIAL CORPORATE DECK
Slide 2: Corporate Disclaimer
Corporate Disclaimer The contents of this presentation have not been approved by an authorized person within the meaning of Section 21 of the Financial Services and Markets Act 2000 (as amended) ("FSMA"). Reliance on the contents of this presentation for the purpose of engaging in any investment act
Slide 3: Investment Highlights
Investment Highlights 1 High risk myelodysplastic syndrome (HR MDS) • One of the deadliest of all cancers, with no new treatments for 20 years and 40 000 new cases each year in the US and EU5 2 Lead asset bexmarilimab • A first-in-class anti-CLEVER-1, a master immunosuppressive receptor on myeloid c
Slide 4: Strengthened Management Team
Strengthened Management Team Dr. Juho Jalkanen Dr. Maija Hollmén MSc, MD, PhD PhD CEO and Founder Chief Scientific Officer Yrjö Wichmann Vesa Karvonen MSc LLM CFO General Counsel Dr. Petri Bono Ralph Hughes MD, PhD MSc, BSc Chief Medical Officer Chief Business Officer 4 FARON PHARMACEUTICALS LTD | 2
Slide 5: Scientific Advisory Board
Scientific Advisory Board Our Scientific Advisory Board is comprised of world leading immunologists and oncologists as well as industry professionals that have led significant R&D programs to successful commercialization of products. Toni Choueiri, MD, FASCO Naval G. Daver, MD Professor Professor Ha
Slide 6: Clever-1 is highly expressed in myelodysplastic syndrome and other hematological malignancies
Clever-1 is highly expressed in myelodysplastic syndrome and other hematological malignancies Clever-1 Clever-1 expression in Finnish biobank samples from patients with HaemOnc malignancies ▪ A scavenger receptor expressed by leukemic myeloid cells and immunosuppressive macrophage B-ALL BCL/TCL popu
Slide 7: Bexmarilimab – Mode of Action
Bexmarilimab – Mode of Action The first drug to tackle the core biology of HR MDS 1 Bexmarilimab deactivates the energy production of CLEVER-1 is an immunosuppressive receptor on macrophages immune cells, responsible for 3 the cancer cells, enabling existing therapies. (ie. AZA), eliminating infecte
Slide 8: Bexmarilimab pipeline
Bexmarilimab pipeline Bexmarilimab is primarily being developed for high-risk myelodysplastic syndrome (HR MDS) while also showing significant potential in multiple other indications and settings Phase of development Treatment Indication(s) Anticipate key milestones Preclinical Phase I Phase II Phas
Slide 9: BEXMAB PHASE II DATA
BEXMAB PHASE II DATA FARON PHARMACEUTICALS LTD | 2025 NON-CONFIDENTIAL CORPORATE DECK
Slide 10: BEXMAB study design
BEXMAB study design Study population Phase I dose escalation based on BOIN design, 1.0, 3.0 ▪ MDS: treatment naive intermediate, high/very high –risk and 6.0mg/kg bexmarilimab. ▪ MDS: failure to HMA (r/r) Phase II initiated in r/r (HMA-failed) HR MDS, at dose ▪ Relapsed/refractory (r/r) AML optimiza
Slide 11: The complex and hard to treat r/r MDS patients showed a strong response to bexmarilimab
The complex and hard to treat r/r MDS patients showed a strong response to bexmarilimab June ’25 Data-cut n (%) Total Pt N = 32 IWG2006 CR 2 (6) PR 2 (6) Best change in bone marrow blast count by patient mCR 13 (41) HI 3 (9) SD 8 (25) Pending 4 (13) ORR (% of evaluable, n=32) 63% ★ Early evaluation!
Slide 12: r/r MDS patients experienced an estimated mOS of 13.4 months
r/r MDS patients experienced an estimated mOS of 13.4 months compared to the historical 5–6 months survival r/r HR MDS (n=32) ▪ Median follow-up: 6.9 months; 95% CI 4.8-15.2 months ▪ mOS estimate: 13.4 months; 95% CI 4.8 months-not reached ▪ Median duration of treatment: 5.6 months; 95% CI 2.8- 11.8
Slide 13: Frontline HR MDS patients showed a very strong response to bexmarilimab
Frontline HR MDS patients showed a very strong response to bexmarilimab even in a severity-enriched population Treatment-naïve HR MDS Treatment-naïve (TN) Pre-treatment n, (%) HR-MDS (n=20) 4 5 10 15 5 12 3 4 18 15 12 17 10 3 13 1 1 13 5 3 BM blast % 0 CR 9 (45) mCR 5 (25) Best % change in BM blasts
Slide 14: Why give another myelosuppressive and toxic drug to already frail and deeply cytopenic patients?
Why give another myelosuppressive and toxic drug to already frail and deeply cytopenic patients? Bex has an improved safety profile with potential for hematological recovery Bcl2: 43%-88% CD47: 36% Failed Assets TIM3: 62% Bcl2: 19%-71% CD47: 30%-79% Bexmarilimab Bcl2: 19%-65% Bcl2: 10%-65% CD47: 46%
Slide 15: Induction of hematopoiesis in the bone marrow of deeply cytopenic HR MDS patients
Induction of hematopoiesis in the bone marrow of deeply cytopenic HR MDS patients after Bex & Aza After 3 cycles At entering trial of treatment Eo-Baso-Mast Precursor CXCL8hi Erythroid Precursor TGFB1hi MPP-MkEry/MEP PPARG+ LGALS2+ S100A12hi Increase in progenitor cells of erythocytes, leucocytes an
Slide 16: Positive BEXMAB end of Phase II meeting with FDA
Positive BEXMAB end of Phase II meeting with FDA 1. Clear Path to Registration FDA supports moving into a seamless Phase 2/3 trial design, enabling dose optimization (comparing 1 & 3 mg/kg to placebo) and registrational study start in frontline HR MDS in Q2 2026. 2. Frontline accelerated approval po
Slide 17: Registrational study plan for HR MDS per FDA
Registrational study plan for HR MDS per FDA Seamless adaptive phase II/III with accelerated approval and re-sizing improves likelihood of success 2026 2027 2028 2029 2030 2031 H1 PHASE H2 II/III H1 H2 H1 H2 H1 PHASE H2 III & BLA H1 H2 H1 H2 Bexmarilimab 3mg/kg + azacitidine (n=40) FRONTLINE HR MDS
Slide 18: Major up-coming clinical milestones & value inflections
Major up-coming clinical milestones & value inflections On a mission to establish bexmarilimab as a cornerstone drug for cancer in indications where Clever-1 macrophages are a source of treatment resistance and cancer progression 2025 2026 2027 • ESMO25 BEXMAB oral presentation • Phase II/III BEXMAB
Slide 19: HR MDS MARKET LANDSCAPE
HR MDS MARKET LANDSCAPE FARON PHARMACEUTICALS LTD | 2025 NON-CONFIDENTIAL CORPORATE DECK
Slide 20: MDS is a fast-growing market with limited competition
MDS is a fast-growing market with limited competition MDS market growth1 MDS patient journey1 180-510k MDS Patients in the US & EU3 CAGR 26% $4,5 bn 2023–2028E 50% 50% Low-risk MDS High-risk MDS As a new, well tolerated effective 85% 15% treatment, bexmarilimab has the opportunity to 30-40% progress
Slide 21: Based on US payer insights, a price of $18-25k per month is realistic
Based on US payer insights, a price of $18-25k per month is realistic and achievable in HR MDS 21 FARON PHARMACEUTICALS LTD | 2025 NON-CONFIDENTIAL CORPORATE DECK
Slide 22: HR MDS represents a significant untapped market with high up-take potential
HR MDS represents a significant untapped market with high up-take potential 18000 16000 14000 Number of Patients Treated EU5 12000 10000 USA 8000 6000 4000 2000 0 1. PharmaVentures market access report 22 FARON PHARMACEUTICALS LTD | 2025 NON-CONFIDENTIAL CORPORATE DECK
Slide 23: BEXMARILIMAB IN SOLID TUMORS
BEXMARILIMAB IN SOLID TUMORS FARON PHARMACEUTICALS LTD | 2025 NON-CONFIDENTIAL CORPORATE DECK
Slide 24: Bexmarilimab – a drug for cold (IFNg low) tumors
Bexmarilimab – a drug for cold (IFNg low) tumors As single agents bexmarilimab and anti-PD-1s benefit opposite melanoma populations Bex treated melanoma patients according Anti-PD1 treated melanoma patients according to to IFN gamma status3 IFN gamma status1,2 Pts achieving disease control Pts not a
Slide 25: Proof of principle of modulating the tumor microenvironment (TME)
Proof of principle of modulating the tumor microenvironment (TME) Phase 1/2 First-in-Human MATINS Trial Highlights • 216 patients treated across 10 different cancer types • Targeting Clever-1 with bexmarilimab is well tolerated, RP2D 1mg/kg Q3W supported by the FDA • Bex converts intratumoral macrop
Slide 26: APPENDIX
APPENDIX FARON PHARMACEUTICALS LTD | 2025 NON-CONFIDENTIAL CORPORATE DECK
Slide 27: Demographics – frontline MDS
Demographics – frontline MDS Patient baseline characteristics Total (N=21) Age (years); median (range) 72 (53-81) ECOG PS, n (%) 0 4 (19) 1 15 (71.4) 2 2 (9.5) IPSS-R Intermediate (>3– ≤4.5 points) 7 (33.3) High (>4.5 - ≤6 points) 6 (28.6) Very high (> 6 points) 8 (38.1) Baseline blast percentage <5
Slide 28: Demographics – r/r MDS
Demographics – r/r MDS Patient baseline characteristics Total (N=32) Age (years); median (range) 74 (52-87) ECOG PS, n (%) 0 9 (28.1) 1 20 (62.5) 2 3 (9.4) IPSS-R Intermediate (>3– ≤4.5 points) 6 (18.8) High (>4.5 - ≤6 points) 11 (34.4) Very high (> 6 points) 15 (46.9) Mutations, n (%) TP53 13 (40.6
Slide 29: 3 mg/kg offers the optimal efficacy and safety profile
3 mg/kg offers the optimal efficacy and safety profile 1mg/kg Doublet 3mg/kg Doublet (N=25), 6mg/kg Doublet (N=24), n Adverse Events Total (N=53), n (%) (N=4), n (%) n (%) (%) • Good safety profile Total AEs 53 (100) 4 (100) 25 (100) 24 (100) maintained 52 (98) 4 (100) 24 (96) 24 (100) • No G5 Bex-R
Slide 30: CLEVER-1 is a Master Regulator of Immunosuppression
CLEVER-1 is a Master Regulator of Immunosuppression Highly differentiated biology from the CD47-SIRPa pathway Expression of CD47 on immune cells Nanostring analyses illustrating downregulated genes in the TME of breast cancer explants when treated with Bex, Magro or LPS: many genes downregulated by
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