Slide 1: Report on 1st half of 2025
Oncoinvent Report on 1st half of 2025 Transforming cancer care through direct alpha therapy Targeting by proximity, brilliant in its simplicity 1
Slide 2: Disclaimer and important information
Disclaimer and important information This presentation, together with its enclosures and appendices (collectively, the “Presentation”), has been prepared by Oncoinvent ASA solely for the purpose of providing existing investors and other stakeholders in the Companies with an update on the company as
Slide 3: Highlights
Highlights Clinical Update Merger with BerGenBio Financials Upcoming Milestones 3
Slide 4: A unique radiopharmaceutical opportunity
SUMMARY A unique radiopharmaceutical opportunity 1 Targeted, non-biological, receptor independent mode of action with alpha emitter 1 2 Signals of efficacy: potential game changer in ovarian and colorectal cancers 2 3 In Phase 2 in ovarian cancer 3 4 High unmet need and limited competition 4 5 Compa
Slide 5: Highlights
Highlights Clinical Update Merger with BerGenBio Financials Upcoming Milestones 5
Slide 6: Recent Highlights
Recent Highlights Phase 1 Confirmed durable benefit in an interim 18-months data read-out Phase 2 Ovarian Cancer Read out positive data of the safety lead-in cohort Opened the randomized part Secured regulatory approvals for additional sites: onboarding successively during 2H 2025 Colorectal Cancer
Slide 7: Clinical Update
Highlights Clinical Update Merger with BerGenBio Financials Upcoming Milestones 7
Slide 8: Ongoing clinical development
Ongoing clinical development 1H25 2H25 1H26 2H26 1H27 2H27 1H28 2H28 Ovarian Ph 1/2a Colorectal Ph 2 Ovarian N = 96 = Interim read-out = Final results 8
Slide 9: Ongoing clinical development
Ongoing clinical development 1H25 2H25 1H26 2H26 1H27 2H27 1H28 2H28 Ovarian Ph 1/2a Colorectal Ph 2 Ovarian N = 96 = Interim read-out = Final results 9
Slide 10: Colorectal cancer: Topline Phase 1/2a data to be presented at PSOGI
Colorectal cancer: Topline Phase 1/2a data to be presented at PSOGI in October 2025 18-months data of 36 patients receiving 7 MBq dose • Only 27.8% (10 of 36) patients experienced peritoneal "It’s highly encouraging to see patients treated disease recurrence vs approx. 50% in SoC historical with Rad
Slide 11: Controlling peritoneal disease may significantly improve survival in colorectal cancer
Controlling peritoneal disease may significantly improve survival in colorectal cancer Disease recurrence after treatment Impact of site of recurrence after treatment 1/3 peritoneal only Median overall survival - from the time of recurrence: 1/3 combined • After distant metastasis only: 44 months pe
Slide 12: Ongoing clinical development
Ongoing clinical development 1H25 2H25 1H26 2H26 1H27 2H27 1H28 2H28 Ovarian Ph 1/2a Colorectal Ph 2 Ovarian N = 96 = Interim read-out = Final results 12
Slide 13: Results consistent across indications – supporting signal of efficacy
Results consistent across indications – supporting signal of efficacy 18-months data of 10 patients receiving 7 MBq dose Ovarian cancer ‘ideal indication’ for Radspherin Peritoneal control is key for survival in ovarian • Only 10 % (1 of 10) patients experienced peritoneal cancer disease recurrence
Slide 14: Near-term significant milestones
Near-term significant milestones Final 18 months data Phase 1/2a 36 patients 7 MBq colorectal cancer 1H25 Interim 18 months data Phase 1 ovarian cancer 10 patients 7 MBq 1H25 Final 24 months data Phase 1 ovarian cancer 10 patients 7 MBq 2H25 Interim 9 months data Phase 2 Based on analysis of patient
Slide 15: Patient recruitment update end Q2
Patient recruitment update end Q2 Patient recruitment is on track All six hospitals are actively recruiting patients Number of hospitals will increase after summer, which will speed up Recruitment into randomized trial has recruitment rate progressed at a steady rate since May, with approx. one pati
Slide 16: Merger with BerGenBio
Highlights Clinical Update Merger with BerGenBio Financials Upcoming Milestones 16
Slide 17: Merger with BerGenBio
Merger with BerGenBio o The transaction leverages BerGenBio’s listing and capital thereby enhancing Oncoinvent’s ability to execute our clinical strategy Rationale o The merger will be followed by a financing that together secures additional funding of NOK 175 million for Oncoinvent, providing cash
Slide 18: Transaction timeline for merger with BerGenBio and rights issue
Transaction timeline for merger with BerGenBio and rights issue Timeline subject to first day of trading for the combined company: expected on or about Approval of merger by BoD (subject to merger conditions fulfilled) 25 September 2025 First day of trading combined company 29 September 2025 Record
Slide 19: Financials
Highlights Clinical Update Merger with BerGenBio Financials Upcoming Milestones 19
Slide 20: Financials
Financials 2025 2024 2024 AMOUNTS IN 1 000 NOK NOTE H1 H1 01.01.-31.12 o Sales revenue of mNOK 11,7 (0,07) in (unaudited) (unaudited) (audited) the first half of 2025: Operating revenues Sales Revenue 3 11 690 67 2 729 • mNOK 2,5 services Other operating income 3 271 - 5 374 • mNOK 9,2 lease of lab
Slide 21: Guiding
Guiding As of June 30, 2025, cash and cash equivalents totalled NOK 77,4 Cash position million Considering the merger with BerGenBio, followed by the rights issue the current operating plan, including the continued development of Cash runway Radspherin® in the ongoing Phase 2 trial, Oncoinvent expec
Slide 22: Upcoming Milestones
Highlights Clinical Update Merger with BerGenBio Financials Upcoming Milestones 22
Slide 23: Upcoming milestones
Upcoming milestones 1H25 2H25 1H26 2H26 1H27 2H27 1H28 2H28 Ovarian Ph 1/2a Colorectal Ph 2 Ovarian N = 96 = Interim read-out = Final results 23
Slide 24: Questions
Questions OnNCO invent
Slide 25: Appendix
Appendix OnNCO invent
Slide 26: Financials
Financials 2025 2024 2024 AMOUNTS IN 1 000 NOK NOTE H1 H1 01.01.-31.12 o Sales revenue of mNOK 11,7 (0,07) in the Operating revenues (unaudited) (unaudited) (audited) first half of 2025: Sales Revenue 3 11 690 67 2 729 Other operating income 3 271 - 5 374 • mNOK 2,5 are services Total operating reve
Slide 27: Statement of financial position
Statement of financial position AMOUNTS IN 1 000 NOK NOTE 30.06.2025 30.06.2024 31.12.2024 AMOUNTS IN 1 000 NOK NOTE 30.06.2025 30.06.2024 31.12.2024 (unaudited) (unaudited) (audited) (unaudited) (unaudited) (audited) ASSETS EQUITY AND LIABILITIES NON-CURRENT ASSETS EQUITY Land, Buildings and other
Slide 28: Financial Calendar
Financial Calendar today Company update Q1-25 14 May Annual General Meeting 27 August Half-year report Q2-25 20 November Company update Q2-25 28
Slide 29: Peritoneal metastases - urgent need for novel treatments
Peritoneal metastases - urgent need for novel treatments • Peritoneal metastases arise from many different primary cancers • The only treatment option with curative intent is surgery, effect of systemic therapy limited • Surgery leaves behind micro-metastases giving rise to new metastases and diseas
Slide 30: Radspherin® - innovative alpha emitting therapy targeted to and retained in the peritoneum
UNMET MEDICAL NEED AND TREATMENT CONCEPT Radspherin® - innovative alpha emitting therapy targeted to and retained in the peritoneum Radspherin® How does it work? • Combining alpha-emitting 224Ra with • Administration 1-3 days post-surgery CaCO3 microparticles • Therapy with depot effect - 75% of • H
Slide 31: Radiopharmaceutical expertise at all levels
MANAGEMENT & BOARD Radiopharmaceutical expertise at all levels Management Øystein Soug Gro Hjellum Anne-Kirsti Aksnes Kari Myren Tore Kvam Kristine Lofthus Stian Brekke Chief Executive Officer Chief Operations Officer Chief Clinical Officer Chief Medical Officer Chief Financial Officer Chief Product
Slide 32: While the radiopharma sector is largely concentrated in two indications, Oncoinvent pursues peritoneal metastases
EXECUTIVE SUMMARY While the radiopharma sector is largely concentrated in two indications, Oncoinvent pursues peritoneal metastases Snapshot of the Radiopharma Landscape 224Ra 212Pb 225Ac 177Lu Other Commentary metastases Peritoneal • Harnessing the advantages of radiopharmaceuticals with reduced co
Slide 33: Pipeline in one product - broad clinical application
UNMET MEDICAL NEED AND TREATMENT CONCEPT Pipeline in one product - broad clinical application Extraperitoneal Intraperitoneal origin origin Lung cancer Cholangiocarcinoma Breast cancer Gastric cancer • Peritoneal metastases arise from many Malignant melanoma Pancreatic cancer different cancers Kidne
Slide 34: Radspherin® - solid multilayer intellectual property protection
INTELLECTUAL PROPERTY Radspherin® - solid multilayer intellectual property protection Radspherin® composition of matter & use • Granted in US, EU, China, Japan and additional countries • Patent expiry 2035 (2036 in some countries) with an option for 5 years extension Radspherin® formulation • Filed
Slide 35: In-house GMP pilot plant with attractive capabilities
In-house GMP pilot plant with attractive capabilities Oncoinvent has in-house GMP 224Ra produced from 228Th, which Microparticles and finished goods production capability has multiple sources produced in-house Capacity of ~200 doses Radspherin annually, outsourcing and scale-up required for phase 3
Slide 36: Near-term significant milestones
Near-term significant milestones Final 18 months data Phase 1/2a 36 patients 7 MBq colorectal cancer H25 Final 24 months data Phase 1 10 patients 7 MBq ovarian cancer 2H25 Interim 9 months data Phase 2 Based on analysis of patients recruited by early 2026 ovarian cancer Late 2H26 37