Gubra A/s · OMXCOP:GUBRA
Gubra A/s — Investor Presentation (January 2026)
42 slides from Gubra A/s's investor presentation, January 2026
Slide 1: Gubra Investor Presentation
SHARE TICKER: GUBRA l NASDAQ COPENHAGEN GUBRA Investor Presentation January 2025 1
Slide 2: Forward looking statements
Forward looking statements Matters discussed in this presentation may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and that can be identified by words such as “believe“, “expect“, “anticipate“, “intends“, “estimate“, “will“, “may“, “c
Slide 3: Gubra: A disease-agnostic techbio with deep peptide and preclinical expertise
Gubra: A disease-agnostic techbio with deep peptide and preclinical expertise 2008 ~300 year of inception employees Gubra Biotech Gubra CRO Our value driver Our value enabler Disease-agnostic AI platform World-class preclinical services Peptide-based drug discovery to clinical PoC Deep scientific ex
Slide 4: Record first nine months of 2025
Record first nine months of 2025 Revenue EUR million 348 Discovery & Partnerships CRO services 327 34 28 36 15 20 27 23 27 6 3 6 7 11 3 13 5 1 1 2 3 3 3 3 6 11 9 30 1 4 12 15 16 20 21 18 23 21 2 2 4 8 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 9M 2025 4
Slide 5: We will leverage our record year to grow
We will leverage our record year to grow Building on our strong foundation of AI-driven drug discovery and preclinical expertise Our promise to partners... ...will be fully unlocked through key growth levers Pipeline expansion Develop and capitalize beyond obesity on mega-programs1 A strong foundati
Slide 6: Key highlights in 2025 and strong outlook on 2026
Key highlights in 2025 and strong outlook on 2026 Amylin ABBV-295* deal UCN2 preclinical evidence Camurus PTH collaboration UCN2 to enter clinic H1’26 Out-licensing ABBV-295 Data on preservation of Combining Gubra’s Non-clinical toxicity (Amylin) in USD 2.2bn deal lean mass and cardiac parathyroid h
Slide 7: AI-driven peptide discovery-to-clinical platform StreaMLine
Our AI-driven peptide discovery-to-clinical platform StreaMLine rapidly identifies novel peptide candidates Key advantages + AI-driven design combined with high-throughput wet lab screening + Hit to Development Candidate < 1.5 years + High novelty and patentability of Development Candidates + Peptid
Slide 8: Our R&D Pipeline of partnered and internal programs
Our R&D Pipeline of partnered and internal programs reflects our disease-agnostic nature and deep obesity expertise 8
Slide 9: Obesity: Differentiation that matters
OBESITY Differentiation that matters 9
Slide 10: Paradigm shift in obesity treatment toward high quality weight loss
There is a paradigm shift in obesity treatment to focus on high quality weight loss and improved patient experience Obesity continues to grow at a striking pace However, there is a paradigm shift in treatment Key trends will dominate future treatment Obese and overweight people globally (bn) Fat mas
Slide 11: Deep domain expertise delivers clinical-stage differentiated obesity assets
Our deep domain expertise enables us to deliver clinical-stage differentiated obesity assets with high value potential AMYLIN TRIPLE AGONIST UCN2 ABBV-295 out-licensed BI 3034701 out-licensed GUB-UCN2 internal Development stage: Development stage: Development stage: Clinical Phase 1 (MAD) Mid-stage
Slide 12: Our landmark deal with AbbVie sets the stage for future partnering
AMYLIN Our landmark deal with AbbVie sets the stage for future partnering USD 350M USD 2.2 bn Upfront payment Deal + royalties Features of ABBV-295 -8% vs. +2% NEXT STEP MAD study A: MAD study of ABBV-295 Multiple doses for six weeks ongoing with longer weight reduction treatment period, led by –7
Slide 13: Advancement of first-in-class triple agonist BI 3034701
TRIPLE AGONIST Advancement of first-in-class triple agonist BI 3034701 validates our strength in scientific innovation and partnering PROJECT DISEASE AREA PARTNER DRUG DISCOVERY PRE-CLINICAL PHASE 1 Boehringer Triple agonist Obesity Ingelheim Scientific innovation Clinical progression + First-in-cla
Slide 14: Features of GUB-UCN2
Features of GUB-UCN2 UCN2 GUB-UCN2 Supports once- weekly s.c. dosing Reduces fat mass, including plasma in humans lipids Gubra’s next mega-program focuses on high quality weight loss Increases muscle Cardiorenal mass, restoring loss benefits, e.g. from obesity drugs cardiac function 14
Slide 15: GUB-UCN2 selectively decreases fat mass while protecting lean mass
Preclinically, GUB-UCN2 selectively decreases fat mass while simultaneously protecting loss of lean mass GUB-UCN2 increases fat mass loss while rescuing loss in lean mass in diet-induced obese rats co-treated with semaglutide GUB-UCN2 has a neutral effect on body GUB-UCN2 prevents lean mass loss and
Slide 16: GUB-UCN2 decreases fat mass as monotherapy and with semaglutide
GUB-UCN2 decreases fat mass both as monotherapy and in combination with semaglutide GUB-UCN2 significantly lowers obesity biomarkers plasma leptin and triglycerides in diet-induced obese rats with no increase in cholesterol GUB-UCN2 decreases leptin levels, indicating GUB-UCN2 reduces triglycerides
Slide 17: Advanced 3D imaging confirms UCN2-driven muscle growth
Our advanced 3D imaging confirms direct beneficial UCN2- driven muscle growth Gubra’s 3D imaging technology for skeletal muscle analysis GUB-UCN2 increases total muscle volume in hindleg from aged diet-induced obese rats both as monotherapy and in combination with semaglutide 3D Total Muscle volume
Slide 18: UCN2 demonstrates cardiac benefits in preclinical models
In addition to improving body composition, UCN2 demonstrates clear cardiac benefits in preclinical models Long-acting UCN2 significantly improves cardiac function in rats with myocardial infarction after 8 weeks of treatment Rat model of Myocardial Infarction (MI) UCN2 significantly improves cardiac
Slide 19: GUB-UCN2: Planning for clinical testing
GUB-UCN2: Planning for clinical testing Non-clinical toxicity programme ongoing Clinical Phase 1 expected to start H1 2026 19
Slide 20: 9M 2025 financial results: Biotech business
BIOTECH BUSINESS Total adjusted costs* Revenue 9M 2025 financial results DKKm 182 DKKm 2,437 64 Q3 50 + Record-high revenue in 9M 2025 with 112 Q2 DKK 2.4 billion (9M 2024: DKK 41 million) 42 57 Q1 41 37 2,380 61 28 + Increase driven by upfront payment in 33 7 7 7 outlicensing deal with AbbVie 9M 20
Slide 21: Gubra CRO
CRO SERVICES GUBRA CRO Specialized preclinical CRO with strongholds in metabolic and fibrotic diseases 21
Slide 22: Our CRO business is Gubra's foundation
Our CRO business is Gubra’s foundation, specializing in high-growth markets since inception in 2008 We have strongholds across several disease and technological areas Gubra serves 16/20 Disease areas Diabetes Liver (MASH) Lungs Heart (CVD) of the largest pharma companies globally Obesity Kidney (CKD
Slide 23: 9M 2025 financial results: CRO business
CRO BUSINESS CRO revenue (organic) DKKm 9M 2025 financial results 162 55 155 Q3 49 Q2 Revenue 49 55 Q1 + Growth down 5% in 9M y/y (2024 was a record-year) 58 51 + Macroeconomic uncertainty and subdued funding 9M 2024 9M 2025 conditions weigh on biotech customers + Looking ahead, we see signs of impr
Slide 24: Financial outlook and guidance
Financial outlook and guidance Outlook Mid-term 9M 2025 Guidance items 2025 guidance Results CRO segment Revenue to be Organic revenue growth 10% annually -5% 5-10% below 2024 EBIT-margin Around 20% n/a 21% Discovery & Partnership segment Total costs (adj. for special items)1 DKK 230-250 million n/a
Slide 25: What to watch: next wave of growth
What to watch: Gubra is preparing for the next wave of growth through expansion of our pipeline and internal R&D UCN2 program momentum Expansion beyond obesity Expand partnerships TechBio innovation With first-in-human to start in By tapping into new therapeutic By building on our ABBV-295 To focus
Slide 26: Appendix
ubr. Appendix
Slide 27: Strategic priorities and aspirations towards 2030
Strategic priorities and aspirations towards 2030 PIPELINE AND MODELS TECH INNOVATION CORE RESEARCH ENGINE ESG + Develop pipeline further, also + Accelerate innovation by + Excellence in operations – one fully + Serve as an inspiration for outside of obesity establishing “TechBio Lab” unit fully opt
Slide 28: ABBV-295
ABBV-295 ABBV-295 Amylin analogue for the treatment of obesity 28
Slide 29: ABBV-295 Phase I results
ABBV-295 Phase I results 11 DAYS Well tolerated. Adverse Favourable PK profile events being predominantly with a very long half-life GI related and mild of 11 days -3% vs. +1% SAD study: One dose Reduced body-weight weight reduction of –3% dose dependently vs. placebo of +1% -8% vs. +2% NEXT STEP
Slide 30: Amylin: An important player in appetite regulation
Amylin: An important player in appetite regulation Amylin From pancreas to the brain Decreases food intake Reduces blood glucose + Amylin is a 37 amino acid peptide Delays gastric emptying hormone. It is produced in the Decreases glucagon secretion pancreatic β-cells and co-secreted with insulin in
Slide 31: Phase 1a Study results
PHASE 1A Study results
Slide 32: Phase 1 Single Ascending Dose (SAD) in healthy men
Phase 1 Single Ascending Dose (SAD) in healthy men NCT06144684 (Phase 1, Part 1) + Randomized 6.0 mg + Double-blind within cohorts 4.75 mg + Placebo-controlled 3.5 mg + Single subcutaneous administration + Single site (CRO in UK) 2.0 mg + 8 subj. per cohort (2 placebo & 6 ABBV-295) 1.0 mg + 48 subje
Slide 33: Study population: Healthy males normal to overweight
Study population: Healthy males normal to overweight Baseline characteristics Placebo ABBV-295 ABBV-295 ABBV-295 ABBV-295 ABBV-295 ABBV-295 (all) 0.5 mg 1.0 mg 2.0 mg 3.5 mg 4.75 mg 6.0 mg n 12 6 6 6 6 6 6 Mean age, years (range) 35.7 34.8 38.0 43.5 48.8 40.2 32.0 (23-53) (22-51) (24-50) (28-53) (33
Slide 34: ABBV-295 Phase 1a SAD key study endpoints
ABBV-295 Phase 1a SAD key study endpoints Primary Endpoint Safety and tolerability incl. number of treatment-emergent adverse events (TEAEs) Secondary Endpoints (Pharmacokinetic) Pharmacokinetic (PK) evaluation incl. half-life (T½) Exploratory Endpoints (Pharmacodynamic) Change in body weight (%) 34
Slide 35: ABBV-295 was well tolerated
ABBV-295 was well tolerated Treatment Emergent Adverse Events (TEAEs) Treatment group Placebo ABBV-295 ABBV-295 ABBV-295 ABBV-295 ABBV-295 ABBV-295 Dose (volume mL) 0 mg 0.5 mg 1 mg 2.0 mg 3.5 mg 4.75 mg 6.0 mg (0.1-1.2 mL) (0.1 mL) (0.2 mL) (0.4 mL) (0.7 mL) (0.95 mL) (1.2 mL) n (%) E n (%) E n (%)
Slide 36: Dose dependent GI adverse events
Dose dependent GI adverse events Treatment Emergent Adverse Events (TEAEs) Treatment group Placebo ABBV-295 ABBV-295 ABBV-295 ABBV-295 ABBV-295 ABBV-295 Dose (volume) 0 mg 0.5 mg 1.0 mg 2.0 mg 3.5 mg 4.75 mg 6.0 mg (0.1-1.2 mL) (0.1 mL) (0.2 mL) (0.4 mL) (0.7 mL) (0.95 mL) (1.2 mL) n = 12 n=6 n=6 n=
Slide 37: ABBV-295 Phase 1a SAD key study endpoints
ABBV-295 Phase 1a SAD key study endpoints Primary Endpoint Safety and tolerability incl. number of treatment-emergent adverse events (TEAEs) Secondary Endpoints (Pharmacokinetic) Pharmacokinetic (PK) evaluation incl. half-life (T½) Exploratory Endpoints (Pharmacodynamic) Change in body weight (%) 37
Slide 38: Long half-life (11 days) supports weekly dosing
Long half-life (11 days) supports weekly dosing ABBV-295 shows a favourable pharmacokinetic profile 1000 Plasma concentration (ng/mL) 100 0.5 mg T½ 1.0 mg 2.0 mg 3.5 mg 10 4.75 mg 6.0 mg ≈ 270 hours (11 days) 1 0 72 144 216 288 360 432 504 576 648 720 792 864 936 1008 Time point (h) A long half-life
Slide 39: ABBV-295 Phase 1a SAD key study endpoints
ABBV-295 Phase 1a SAD key study endpoints Primary Endpoint Safety and tolerability incl. number of treatment-emergent adverse events (TEAEs) Secondary Endpoints (Pharmacokinetic) Pharmacokinetic (PK) evaluation incl. half-life (T½) Exploratory Endpoints (Pharmacodynamic) Change in body weight (%) 39
Slide 40: SAD-study: Dose dependent body weight reduction
SAD-study: Dose dependent body weight reduction Relative weight change from baseline in percentage 4 3 Change from baseline in body weight (%) 2 1 PLACEBO Placebo 0.5 mg 0 1.0 mg 2.0 mg -1 3.5 mg 4.75 mg -2 6.0 mg -3 -4 Pre-dose Day 4 Day 8 Day 15 Day 22 Day 29 Follow-up (Day 43) Time since dosing (
Slide 41: Sustained body weight reduction for weeks
Sustained body weight reduction for 6 weeks Relative weight change from baseline in percentage (SD) 4 3 Change from baseline in body weight (%) 2 1 Placebo PLACEBO 0 3.5 mg -1 4.75 mg 6.0 mg -2 -3 -4 Pre-dose Day 4 Day 8 Day 15 Day 22 Day 29 Follow-up (Day 43) Time since dosing (day) 41
Slide 42: MAD part A Study conclusions
MAD part A Study conclusions + ABBV-295 was well tolerated with adverse events being predominantly GI related, mild and consistent with SAD study. + Study confirmed the favorable half-life of 11 days. + Mean BMI was 24.33 (2mg cohort) and 27.63 (placebo). + Doses of 1 mg and 2 mg led to a dose-depen