Thor Medical Asa · OSL:TRMED
Thor Medical Asa — H1 2025 Earnings Presentation
24 slides from Thor Medical Asa's earnings presentation, 2025
Slide 1: Interim 1H 2025 Presentation
Interim 1H 2025 Presentation Jasper C. Kurth, CEO Brede H. Ellingsæter, CFO & COO
Slide 2: Disclaimer
Disclaimer The following presentation is being made only to, and is only directed at, persons to whom such presentation may lawfully be communicated (“relevant persons”). Any person who is not a relevant person should not act or rely on this presentation or any of its contents. This presentation doe
Slide 3: Becoming a world-leading supplier of alpha-emitters to cancer therapies
Becoming a world-leading supplier of alpha-emitters to cancer therapies creating a multi-billion USD market New cancer therapies create a USD 1bn+ revenue opportunity Commercial Success Order Backlog of NOK 700m Expanding Capacity AlphaOne Commercial Scale Plant being built Listed on Oslo Stock Exch
Slide 4: Highlights of the period
Highlights of the period • Final investment decision for AlphaOne taken; the Company’s first commercial scale manufacturing facility • Strategic sourcing agreement for feedstock of thorium-232 entered with European chemical group • First batch of ultra-high purity Pb-212 shipped for preclinical use
Slide 5: On track towards commercial-scale production – AlphaOne
On track towards commercial-scale production – AlphaOne Herøya, Norway 21,000 patient doses Location Capacity 15-20 FTEs Q3 2026 Employment Production start Final investment decision taken in March 2025
Slide 6: Market View
Market View ge thor © medical
Slide 7: Radiotherapeutics expected to dominate the broader radiopharmaceutical market
Radiotherapeutics expected to dominate the broader radiopharmaceutical market Radiopharmaceuticals market size, USDbn Key Industry Drivers Radiotherapeutics Radiodiagnostics 1. Blockbuster drugs paving way Radiotherapeutics reaching Novartis’s success with Pluvicto and USD 27 billion, with Lutathera
Slide 8: Growing universe of clinical assets in targeted therapies
Growing universe of clinical assets in targeted therapies • Surging demand for alpha emitters • Thor Medical customers well represented • Number of Pb-212 assets in pre- clinical more than doubled • Increasing footprint of Big Pharma • Diversification of modalities • Initial high focus on establishe
Slide 9: Lead-212 labeled assets entering late-stage clinical development
Lead-212 labeled assets entering late-stage clinical development Company Preclinical Phase 1 Phase 2 Phase 3 Recent highlights • EUR 300m investment to develop next-gen. radioligands • Starting Phase 3 in 2025 • Released promising data for key asset VMT-α-NET • Listed on New York Stock Exchange • Ra
Slide 10: Order backlog totaling NOK 700m from a broadening customer portfolio
Order backlog totaling NOK 700m from a broadening customer portfolio • Signed strategic sales agreements with five leading companies in targeted alpha therapy • 5-year agreements, and one 3-year agreement + Undisclosed global leader in TAT + Undisclosed Big Pharma Player for supply of lead-212 in pr
Slide 11: Operational development
Operational development ge thor © medical
Slide 12: Scalable, cost-efficient, and sustainable production of high-purity isotopes
Scalable, cost-efficient, and sustainable production of high-purity isotopes Sourcing from mining operations Natural • Delivering high purity Th-228, Ra-224, and Th-232 thorium 14.1b years feedstock preclinical volumes Pb-212 based on natural thorium requiring no irradiation Ra-228 Intermediate prod
Slide 13: AlphaOne – our first commercial scale plant
Production scale-up AlphaOne – our first commercial scale plant AlphaOne AlphaCycle production 60,000 • Th-228 and Ra-224 production to meet early market demand Th-228 Ra-224 • Self-scaling production capacity with no additional No. patient doses capex ‒ Increasing to 21,000 doses after 3 years with
Slide 14: AlphaOne on track for commercial scale production
Production scale-up AlphaOne on track for commercial scale production KPI Status Comment HSE No incidents Cost & Time On budget and on time for production start Q3 2026 Delivering high-purity Thorium-228, Radium-224, Quality and Pb-212 Capacity Increased by 40% to 21 000 patient doses Secured Thoriu
Slide 15: Commercial scale development and execution roadmap
Commercial scale development and execution roadmap 2025 2026 Activity Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Final AlphaOne decision Investment Decision • Continuing to fill key positions to be able to Entered contracts for start AlphaOne long-lead items operations with fully staffed and fully Detailed engineering
Slide 16: Financials
Financials ge thor © medical
Slide 17: Efficient capital utilization for organization and pilot while building AlphaOne
Efficient capital utilization for organization and pilot while building AlphaOne • First revenue from pilot sales of preclinical grade Financial key figures (in NOKm) 1H 2025 1H 2024 2024 Pb-212 • Payroll and related expenses of NOK 13.1 million Revenues 0.1 0.0 0.0 • Other expenses of NOK 10.0 mill
Slide 18: Profitable expansion of AlphaOne completed in June
Profitable expansion of AlphaOne completed in June Capital employed Revenue capacity year 3 NOK 415m NOK 330m • Expansion of AlphaOne capacity driven by demand from new and existing customers • HIghly value accretive: Increasing investment by NOK 85m or ~25% to realize capacity increase of at least
Slide 19: Outlook
Outlook ge thor © medical
Slide 20: Recapping our journey so far
Recapping our journey so far • Successfully validated and de-risked the production technology, with multiple customers confirming product quality and effectiveness in their production processes • Secured major sales agreements, building a NOK 700m order backlog • Increased AlphaOne capacity by 40%+
Slide 21: Sharply growing market opportunity requires ambitious ramp-up plan over the next decade
Sharply growing market opportunity requires ambitious ramp-up plan over the next decade Nameplate production capacity #patient doses >1,000,000 Key Development Tracks Now: Finalize AlphaOne and ramp up production in Q3 2026 Next: Evaluate geographic footprint 2026 plant completion • Partnerships in
Slide 22: Outlook
Outlook Further Continue Diligently Strengthen building capturing executing strategic world-class the market, AlphaOne partnerships & operational focusing on project supply chain Team USA 22
Slide 23: Why invest in Thor Medical
Why invest in Thor Medical We are enabling next-generation precision cancer treatments Major market opportunity 1 The radiotherapeutics market is set to increase to USD 27bn by 2032, with alpha-emitting radioisotopes enabling next-generation precision cancer treatment. Thor Medical has an opportunit
Slide 24: thormedical.com
Thor Medical is an emerging supplier of radionuclides, primarily alpha particle emitters, for medical use in cancer therapy. Its proprietary production technology requires no irradiation, and provides reliable, environmentally friendly, cost-efficient supply of alpha-emitters for the radiopharmaceut