Metavia Inc. · NASDAQ:MTVA
Metavia — IPO Roadshow (January 2026)
52 slides from Metavia's IPO roadshow presentation, Jan 6, 2026
Slide 1: MetaVia Inc. Issuer Free Writing Prospectus
December 2023 NASDAQ: NRBO 1 January 2026 MetaVia Inc. NASDAQ: MTVA Issuer Free Writing Prospectus Filed Pursuant to Rule 433 Relating to Form S-1 dated January 5, 2026 Registration Statement No. 333-292581 January 5, 2026
Slide 2: Forward-Looking Statements
2 Forward-Looking Statements MetaVia Inc. (the “Company,” “we,” or “us” or “our”) is offering Class A Units, with each Class A Unit consisting of (i) one share of our common stock, par value $0.001 per share and (ii) one Series C common warrant to purchase one share of common stock, and Class B Unit
Slide 3: Free Writing Prospectus
3 Free Writing Prospectus The Company has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. The registration statement can be accessed here https://www.sec.gov/ix?doc=/Archives/edgar/data/1638287/000110465926000695/mtva-2025093
Slide 4: Risk Factors
4 Risk Factors Investing in our securities includes a high degree of risk. You should consider carefully the risk factors described in our Annual Report on Form 10-K for the year ended December 31, 2024, including specific factors discussed below, together with all of the other risk factors and info
Slide 5: Clinical Stage Biotech Focused on Cardiometabolic Diseases
5 Clinical Stage Biotech Focused on Cardiometabolic Diseases Targeting Obesity and MASH with a Pipeline of Next Generation Therapeutics A Novel GLP1R/GCGR Dual Agonist with a differentiated GLP1R:GCGR Ratio 3:1 No treatment-related discontinuations with mild to moderate GI related events Safety and
Slide 6: DA-1726 Phase 1 Clinical Program
6 DA-1726: Phase 1 Clinical Program Carefully planned to evaluate safety and efficacy of DA-1726 and dosing strategy to inform Phase 2 design Main Optional Extension for 48mg Cohort Part 3 Titration Dosing Strategy (16-week Duration) 48 mg 48 mg Q1 2026 Initiation Additional 4 weeks 16 mg 4 mg 8 mg
Slide 7: Multiple Near-Term Milestones
7 Multiple Near-Term Milestones: Targeting to Increase Shareholder Value 2026 Vanoglipel (DA-1241) H1 2026 Meeting with FDA DA-1726 *These milestones assume regulatory and clinical success, which is not guaranteed *Gray boxes are prospective future studies, the timing and occurrence of which are sub
Slide 8: DA-1726: A Novel GLP1R/GCGR Dual Agonist for Obesity
December 2023 NASDAQ: NRBO 8 DA -1726 A Novel GLP1R/GCGR Dual Agonist for the Treatment of Obesity
Slide 9: DA-1726: Mechanism of Action
9 DA-1726 is a novel oxyntomodulin analogue functioning as a GLP1R/GCGR (3:1) dual agonist for the treatment of obesity GLP1R/GCGR: glucagon-like peptide 1 receptor/glucagon receptor); GLP-1:glucagon-like peptide 1 1. Pocai A. Mol Metab.2014;3:241-51. Oxyntomodulin: a gut hormone released from intes
Slide 10: DA-1726 Target Product Profile
10 DA-1726 Target Product Profile DA-1726 • DA-1726 is a novel oxyntomodulin analogue functioning as a GLP1R/GCGR (3:1) dual agonist for the treatment of obese patients with/without T2D and/or MASH Description Indication • Second-line treatment for obese patients with/without T2D and/or MASH • DA-17
Slide 11: DA-1726 Phase 1 Study: Part 2 Multiple Ascending Dose
11 DA-1726 Phase 1 Study: Part 2 Multiple Ascending Dose up to 48 mg Without Titration Main Optional Extension for 48mg Cohort Part 3 Titration Dosing Strategy (16-week Duration) 48 mg 48 mg Q1 2026 Initiation Additional 4 weeks 16 mg 4 mg 8 mg Multiple Ascending Dose (MAD) with No Titration Weekly
Slide 12: Subject Disposition
12 DA-1726 48 mg Main† (N=6) Extension† (N’=4) DA-1726 32 mg (N=6) DA-1726 16 mg (N=6) DA-1726 8 mg (N=6) DA-1726 4 mg (N=6) Pooled Placebo Main† (N=15) Extension† (N’=2) Number of subjects, n (%) Subject Disposition Main† : 6 (100%) Extension† : 4 (100%) 6 (100%) 5 (83.3%) 6 (100%) 6 (100%) Main† :
Slide 13: DA-1726 Phase 1 MAD Study: Baseline Characteristics
13 DA-1726 48 mg (N=6) DA-1726 32 mg (N=6) DA-1726 16 mg (N=6) DA-1726 8 mg (N=6) DA-1726 4 mg (N=6) Pooled Placebo (N=15) Number of subjects, n (%) Weight (kg) Mean 99.13 84.35 89.32 95.95 90.43 110.42 Min, Max 72.7, 128.7 71.2, 97.0 74.7, 105.9 84.3, 111.0 75.5, 109.3 94.0, 129.3 Body Mass Index (
Slide 14: Gastrointestinal Adverse Events
14 DA-1726 48 mg (N=6) DA-1726 32 mg (N=6) DA-1726 16 mg (N=6) DA-1726 8 mg (N=6) DA-1726 4 mg (N=6) Pooled Placebo (N=15) Number of subjects, n (%) Gastrointestinal Disorders 2 (13.3%) 1 (16.7%) 0 1 (16.7%) 4 (66.7%) 5 (83.3%) Mild 1 (6.7%) 1 (16.7%) 0 0 4 (66.7%) 2 (33.3%) Moderate 1 (6.7%) 0 0 1
Slide 15: DA-1726 Phase 1 MAD Study: Body Weight Loss on Day 26
15 -0.9% -3.2% -1.7% -3.0% -4.3% -6.1% -7% -6% -5% -4% -3% -2% -1% 0% Change fro m Baseline (Day 2 6) Baseline body weight (kg) 96.7 84.4 89.3 96.0 90.4 110.4 Compelling, dose-dependent body weight loss seen in doses > 8 mg 48 mg (n=6) 32 mg (n=6) 16 mg (n=6) 8 mg (n=5) 4 mg (n=6) Pooled Placebo (n=
Slide 16: DA-1726 Phase 1 MAD Study: Body Weight Loss in 48 mg Cohort
16 Mean Body Weight Mean Body Weight Change from Baseline Baseline Day 26 Day 54 DA-1726 48 mg 110.4 kg -6.1% (-6.6 kg) -9.1% (-9.6 kg) Placebo 109.0 kg -0.2% (-0.3 kg) -2.8% (-3.1 kg)* Placebo adjusted -5.9% -6.3% -5.1% -7.7% Placebo adjusted excluding outlier* *One placebo subject in the extension
Slide 17: DA-1726 Phase 1 MAD Study: Waist Circumference Change in 48 mg Cohort
17 -5.8 cm -9.8 cm -12 -10 -8 -6 -4 -2 0 Mean Waist Circumference (cm) Change from Baseline in 48 mg DA-1726 †* †* Day 26 Day 54 †p<0.05 from Baseline; *p<0.05 vs. placebo Mean Waist Circumference Change from Baseline Mean Waist Circumference Baseline Day 26 Day 54 DA-1726 48 mg 118.7 cm -5.0% (-5.8
Slide 18: DA-1726 Phase 1 MAD Study: Glucose Control in 48 mg Cohort
18 Baseline Day 54 DA-1726 48 mg 105.3 mg/dL 93 mg/dL Placebo 91.3 mg/dL 83 mg/dL 70 80 90 100 110 Day 1 Predose Day 54 Mean Fasting Glucose (mg/dL) in 48 mg DA-1726 mean Mean Fasting Glucose Baseline Day 54 DA-1726 48 mg 5.6% 5.4% Placebo 5.4% 5.3% Mean HbA1c 5.0 5.2 5.4 5.6 5.8 Day 1 Predose Day 5
Slide 19: DA-1726 Phase 1 MAD Study: VCTE in 48 mg Cohort
19 Baseline Day 54 DA-1726 48 mg 5.9 kPa 4.5 kPa Placebo 5.1 kPa 6 kPa 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 Day -1 Day 54 Mean VCTE (kPa) in 48 mg DA-1726 mean DA-1726 Phase 1 MAD Study: VCTE in 48 mg Cohort (Day 54) Mean VCTE VCTE=vibration controlled transient elastography VCTE (FibroScan®) is the most
Slide 20: DA-1726: Comparative Study with Survodutide on Fat Mass Loss
20 DA-1726: Comparative Study with Survodutide on Fat Mass Loss • DA-1726 demonstrated superior weight loss efficacy compared to Survodutide in HF-DIO mice under similar dietary intake conditions • DA-1726 demonstrated superior body fat mass reduction and lean body mass relative preservation compare
Slide 21: DA-1726 vs Semaglutide in DIO-NASH Mice
21 6.75 5* 3.88* 3.63* 0 1 2 3 4 5 6 7 NASH Control Semaglutide 250 nmol/kg* DA-1726 100 nmol/kg* DA-1726 200 nmol/kg* Score DA-1726 further improved hepatic steatosis, inflammation, and fibrosis compared to semaglutide Animals: male DIO-NASH mice Regimen: Every three days S.C. injection Dose: 100 &
Slide 22: Recent Obesity Drug Transactions
22 Recent Obesity Drug Transactions Companies Date Stage Description Drug Deal Structure Deal Terms M&A ~$7 billion MET-097i MET-233i MET-224o MET-097o GLP-1, Amylin analog, Oral peptide GLP-1 Phase 3 Ready (Lead asset) Pfizer / Metsera November 2025 $200 million up front and near-term milestone pay
Slide 23: Vanoglipel (DA-1241) for MASH
December 2023 NASDAQ: NRBO 23 Vanoglipel (D A -1241) Orally Available, Potential Firs t -in -Class GPR119 Agonist for the Treatment of Metabolic Dysfunction -associated Steatohepatitis (MASH)
Slide 24: Vanoglipel Is a Novel GPR119 Agonist
24 GPR119: Expressed on the cells involved in pathogenesis of MASH (hepatocytes, immune cells such as Kupfer cells, macrophages, and monocytes, and hepatic stellate cells; See 1, 2, and 3 in the figure) Vanoglipel (DA-1241): Expected to have multiple, direct effects (anti-steatosis, anti-inflammatio
Slide 25: Phase 2a Study Design in Presumed MASH
25 Phase 2a, 16-week, Randomized Double-blind, Placebo-controlled in Patients with Presumed MASH Primary Endpoint: Change from baseline in ALT level at Week 16 50 mg Vanoglipel (n=12) 100 mg Vanoglipel (n=25) Placebo (n=12) P art 1 Placebo (n=12) P 100 mg Vanoglipel + 100 mg Sitagliptin (n=25) art 2
Slide 26: Vanoglipel Demonstrated Hepatoprotective and Glucose-regulating Effects
26 Vanoglipel (DA-1241) Demonstrated Both Hepatoprotective and Glucose-regulating Effects in Patients with Presumed MASH significantly decreased plasma ALT levels, with a mean reduction of 22.8 U/L after 16 week-treatment improved systemic inflammatory and fibrosis biomarkers, suggesting beneficial
Slide 27: Vanoglipel Reductions in ALT and Liver Chemistry
27 Vanoglipel Monotherapy vs. Placebo Vanoglipel 100mg Showed Significant, Dose Dependent Reductions in ALT and Improved Liver Chemistry at Week 16 -6.7 -21.5 -22.8 Placebo DA-1241 50 mg DA-1241 100 mg LSM of CFB ALT (U/L) at W16 †* † † BL: 72.1 75.2 66.9 -5.1 -2.4 2.5 -14.1 -10.6 -3.2 AST (U/L) GGT
Slide 28: Vanoglipel Reduced CAP, FAST and NIS-4 Scores
28 Vanoglipel Monotherapy vs. Placebo Vanoglipel Reduced CAP Indicating Liver Fat Reduction and Improved At-risk MASH Biomarkers Including FAST and NIS-4 Scores -1.4 -16.9 -23.0 Placebo DA-1241 50 mg DA-1241 100 mg LSM of CFB CAP (dB/m) at W16 † † -0.082 -0.216 -0.196 Placebo DA-1241 50 mg DA-1241 1
Slide 29: Vanoglipel Monotherapy: Reduction in HbA1c
29 †* †* †* †* -0.6 -0.4 -0.2 0 0.2 W0 W4 W8 W16 LSM of CFB: HbA1c (%p) Over Time Placebo DA-1241 50 mg DA-1241 100 mg 0.1 -0.55 -0.54 Placebo DA-1241 50 mg DA-1241 100 mg LSM of CFB: HbA1c (%p) at W16 †* †* BL (%):6.74 6.36 6.99 Vanoglipel Monotherapy vs. Placebo Significant, Rapid Reduction in HbA
Slide 30: Vanoglipel plus Sitagliptin Combination: HbA1c
30 0.1 -0.55 -0.54 -0.66 Placebo DA-1241 50 mg DA-1241 100 mg Combo LSM of CFB: HbA1c (%p) at W16 †* †* BL (%): 6.74 6.36 6.99 6.61 Vanoglipel 100 mg + Sitagliptin 100 mg Combination vs. Placebo Enhanced Incretin Action With the Combination Therapy Augmented Glucose Control Leading to a Significant
Slide 31: Glucose Control in Diabetic Subjects With Presumed MASH
31 †* †* Vanoglipel 100 mg + Sitagliptin 100 mg Combination vs. Placebo Vanoglipel Efficiently Controlled Plasma Glucose in Diabetic Subjects With Presumed MASH CFB=change from baseline; LSM=least square mean Loomba R, et al. EASL 2025. †* Greater Improvement of Glucose Control was Observed in Patie
Slide 32: Vanoglipel Safety & Tolerability Profile
32 Vanoglipel Showed a Favorable Safety & Tolerability Profile With No TEAE Leading to IP Discontinuation in Patients w/Presumed MASH Vanoglipel 100 mg + Sitagliptin 100 mg (N=36) Vanoglipel 100 mg (N=26) Vanoglipel 50 mg (N=14) Placebo n (%) (N=32) 10 (27.8%) 9 (25.0%) 1 (2.8%) 0 9 ( 34.6%) 8 (30.8
Slide 33: Vanoglipel Combinations in GAN DIO-MASH Mouse Model
33 Vanoglipel+SEMA (GLP-1 RA) or Vanoglipel+EFX (FGF-21 Analog) Showed Additive Benefits in the GAN DIO-MASH Mouse Model Support the therapeutic potential of combining GPR119 agonists with GLP-1 RAs or FGF-21 analogues for the treatment of MASH: The combination improved plasma ALT, liver cholesterol
Slide 34: Vanoglipel: Combination Therapy Opportunity
34 Vanoglipel: Safety Data Provides Combination Therapy Opportunity for Patients with Large Unmet Need Vanoglipel has the unique advantage of clinical safety data in combination use that may lead to an improved treatment option of combination therapy By providing another MoA treatment option for MAS
Slide 35: Summary & Next Steps
35 Summary & Next Steps: Clinical Data Supports Development as Monotherapy or in Combination Opportunity in MASH and Metabolic Diseases MASH: Attractive area of large unmet need with ~$20B market by 2032 • Recent commercial success of Madrigal highlights large and growing untreated population Madrig
Slide 36: Financials and Capitalization
December 2023 NASDAQ: NRBO 36 Financials and Capitalization
Slide 37: Cash Balance and Capitalization Table
37 Cash Balance and Capitalization Table(1) Financial Snapshot As of September 30, 2025 Cash $14.3 million Debt None Capitalization Table as of September 30, 2025 Common Stock Equivalents Common Stock 2,201,344 Warrants (WAEP $63.13) 722,644 (2) Options (WAEP $4,240.22) 420 Restricted Stock Units 29
Slide 38: Compelling Investment Opportunity
38 Compelling Investment Opportunity Targeting Obesity and MASH with a Pipeline of Next Generation Therapeutics Aiming to increase Shareholder Value through Multiple, Near-Term, Value Creating Milestones • DA-1726 Potential for best-in-class weight loss, glucose control, and direct hepatic effect Me
Slide 39: Thank You! Investor Contacts
December 2023 NASDAQ: NRBO 39 Thank You! Investor Contacts: Rx Communications Group Michael Miller +1 917.633.6086 mmiller@rxir.com MetaVia Marshall Woodworth +1 919.749.8748 marshall.woodworth@metaviatx.com
Slide 40: Appendix
December 2023 NASDAQ: NRBO 40 Appendix
Slide 41: DA-1726 Activated Human GLP-1 and Glucagon Receptors
41 DA-1726 activated human GLP-1 and glucagon receptors and showed full efficacy compared to endogenous ligands DA-1726: 82nd ADA Poster 1403-P on Metabolism – Semaglutide comparison
Slide 42: DA-1726 Body Weight Loss Mechanism
42 The body weight loss effect of DA-1726 is caused by not only a decrease in food intake but also an increase in energy metabolism Night Night Night “Glucagon receptor activation” “GLP-1 receptor activation” DA-1726: 82nd ADA Poster 1403-P on Metabolism – Semaglutide comparison
Slide 43: DA-1726 Glycemic Control vs GLP-1 Agonist
43 DA-1726 represented effective glycemic control similar to the GLP-1 receptor single agonist DA-1726 significantly reduced fasting insulin and glucose levels, thereby effectively improving insulin resistance (HOMA-IR) DA-1726: 82nd ADA Poster 1403-P on Metabolism – Semaglutide comparison • Abbrevi
Slide 44: DA-1726 Increased Brown Adipose-like Cells
44 DA-1726 increased brown adipose-like cells in perirenal white adipose tissue DA-1726 reduced lipid droplet formation in human mesenchymal stem cells Test article conc. = 10 µM DA-1726: 82nd ADA Poster 1403-P on Metabolism – Semaglutide comparison
Slide 45: 83rd ADA Poster on Energy Expenditure and White Adipose Tissue
45 DA-1726: 83rd ADA Poster 1676-P on Energy Expenditure and White Adipose Tissue Assessment of gene expression changes after a single dose to investigate direct and indirect effects between increased gene changes and weight loss DA-1726 induced a small but significant weight loss 3 days, and the ge
Slide 46: DA-1726 Reduced Adipogenesis
46 DA-1726: 83rd ADA Poster 1676-P on Energy Expenditure and White Adipose Tissue The DA-1726-treated group showed a lower level of adipogenesis compared to the control group. However, this effect of DA-1726 was attenuated when co-administered with glucagon receptor antagonist These data suggest tha
Slide 47: 83rd ADA Poster on Tirzepatide Comparison
47 DA-1726: 83rd ADA Poster 1668-P on Tirzepatide Comparison • DA-1726 shows similar efficacy while consuming more food compared to Tirzepatide (Mounjaro ) in mouse models of obesity and more effective in improving plasma metabolic parameters in glucose Cumulative Food intake in HF-DIO Obese Mice DA
Slide 48: 82nd ADA Poster on MASH: Semaglutide Comparison
48 DA-1726: 82nd ADA Poster 1333-P on MASH – Semaglutide comparison DA-1726 further improved hepatic steatosis, inflammation, and fibrosis compared to semaglutide Magnification: × 200; Arrow: Inflammation DIO-NASH control Semaglutide, 250 nmol/kg DA-1726, 100 nmol/kg DA-1726, 200 nmol/kg DIO-NASH co
Slide 49: Inflammation and Fibrosis Gene Expression Decreased by DA-1726
49 The expression of inflammation (Il-1β, Tnfa, and Ccl2) and fibrosis (Col1a1, Col3a1, Acta2, Timp1, and Mmp9) related genes was significantly decreased by DA-1726 treatment DA-1726: 82nd ADA Poster 1333-P on MASH – Semaglutide comparison • Abbreviation: SEMA, Semaglutide
Slide 50: DA-1726 Decreased Plasma Clinical Chemistry Parameters
50 DA-1726 significantly decreased the plasma clinical chemistry parameters and reduced hepatic TG accumulation • Abbreviation: SEMA, Semaglutide DA-1726: 82nd ADA Poster 1333-P on MASH – Semaglutide comparison
Slide 51: Competitive Landscape – Efficacy
51 Competitive Landscape – Efficacy Tirzepatide4 Retatrutide5 Survodutide Mazdutide2 3 Pemvidutide1 Developer Altimmune Innovent/Lilly Boehringer Ingelheim/Zealand Lilly Lilly Status Phase 3 ready Phase 2 in US Phase 3 Phase 3 Marketed (Obesity/Zepbound®) GLP-1R/GIPR GLP-1/GCGR/GIP (1.3:1:29.7) GLP-
Slide 52: Competitive Landscape – Adverse Events
52 Competitive Landscape – Adverse Events Tirzepatide4 Retatrutide5 Survodutide Mazdutide2 3 Pemvidutide1 Developer Altimmune Innovent/Lilly Boehringer Ingelheim/Zealand Lilly Lilly Status Phase 3 ready Phase 2/3 Phase 3 Phase 3 Marketed (Obesity/Zepbound®) GLP-1R/GIPR GLP-1R/GCGR/GIP (1.3:1:29.7) G