Faron Pharmaceuticals Oy · LSE:FARN
Faron Pharmaceuticals Oy — Investor Presentation (February 2026)
34 slides from Faron Pharmaceuticals Oy's investor presentation, February 2026
Slide 1: Faron Pharmaceuticals Ltd Non-confidential corporate deck
FEB 2026 Faron Pharmaceuticals Ltd Non-confidential corporate deck 1 F AR O N PH A R M A C E U T I C AL S L T D | 2 0 2 6 N O N - C O N F I D E N T I A L C O R P O R A T E D E C K
Slide 2: Corporate Disclaimer
Corporate Disclaimer THIS DOC UMENT, ITS CONTENTS AND ANY INFORMATI ON PROV IDED AT THIS PRESENTATION AR E STRI CTLY CONFIDENTIAL AND AR E FOR DISCU SSION PU RPOSES ONLY AND MU ST NOT BE RELI ED UP ON FOR ANY PU RPOSE. THIS DOCUMENT IS NOT FOR RELEAS E, PU BLI CATI ON OR DISTRIB UTION, IN WHOLE OR I
Slide 3: Highlights
Highlights Higher risk myelodysplastic syndrome (HR MDS) is a deadly cancer with no new treatments for 20 1 years, high pricing and uptake potential, and 40k new patients per year in EU5 + US Bexmarilimab is an anti-CLEVER-1 monoclonal antibody that has recently completed BEXMAB 2 Phase I/II trials
Slide 4: Management Team
Management Team Dr. Juho Jalkanen Dr. Maija Hollmén MD, PhD, MSc PhD CEO and Founder Chief Scientific Officer Jurriaan Dekkers Vesa Karvonen MSc LLM CFO General Counsel Dr. Petri Bono Ralph Hughes MD, PhD MSc Chief Medical Officer Chief Business Officer 4 F AR O N PH A R M A C E U T I C AL S L T D |
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 A therapy targeting core disease biology in 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 infected
Slide 8: BEXMAB Phase II Data
BEXMAB PHASE II DATA F AR O N PH A R M A C E U T I C AL S L T D | 2 0 2 6 N O N - C O N F I D E N T I A L C O R P O R A T E D E C K
Slide 9: BEXMAB Highlights from ASH 2025
BEXMAB Highlights from American Society of Hematology annual conference, ASH 2025 Frontline HR MDS up-dates: Deep and durable complete remissions (CRs) Relapsed/refractory MDS up-date: • CR rate 45%* with median duration of CR over • Last line survival increased to 12 months and increasing (historic
Slide 10: Bexmarilimab has demonstrated promising outcomes in HR MDS, both in frontline and lastline patients
Bexmarilimab has demonstrated promising outcomes in HR MDS, both in frontline and lastline patients As a frontline combination therapy for treatment-naive 1st line HR MDS CR rate HR MDS patients, CR is doubled compared to azacitidine monotherapy Bexmarilimab + Azacitidine 45% In 21 treatment-naive h
Slide 11: Bexmarilimab + Azacitidine has demonstrated improved tolerability compared to Azacitidine alone
Bexmarilimab + Azacitidine has demonstrated improved tolerability compared to Azacitidine alone Phase I/II key hematological indicators compared with azacitidine monotherapy, and historical data of other MDS drugs under development Bcl2:19%-71% CD47: 30%-79% Bcl2:19%-71% Bcl2: 10-65% CD47: 30%-79% C
Slide 12: 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-Mas t Precursor CXCL8hi Erythroid Precursor TG FB1hi MPP-MkEry/MEP PPARG+ LGALS2+ S100A12hi Increase in progenitor cells of erythocytes, leucocytes
Slide 13: Frontline HR MDS patients showed a strong response to bexmarilimab
Frontline HR MDS patients showed a strong response to bexmarilimab even in a severity-enriched population Total n=20a IWG2006b IWG2023c 55% of patients show full clearence of BM blasts, CR 9 (45) 5 (29) including mTP53 patients. CReq - 2 (12) 0 Best % change in BM blasts mTP53 CRL - 2 (12) wt TP53 m
Slide 14: The complex and hard to treat r/r MDS patients showed a strong response
The complex and hard to treat r/r MDS patients showed a strong response to bexmarilimab Total n=33a IWG2006b At least 50% reduction in BM blasts in 52% of r/r MDS patients, predominantly in wt TP53. CR 2 (6) CReq - CRL - Best % change in BM blasts 200 mCR 14 (42) mTP53 wt TP53 PR 2 (6) 100 HI 3 (9)
Slide 15: r/r MDS patients experienced an estimated mOS of 14.5 months
r/r MDS patients experienced an estimated mOS of 14.5 months compared to the historical 5–6 months survival r/r HR MDS (n=34) ▪ mOS estimate: 14.5 months ▪ Median duration of response (SCT censored) 6.9 months; 95% CI 3.3-17.2 ▪ Progression to alloHSCT : 6/33 (18%) mTP53 (41%) ▪ mOS estimate: 7.5 mo
Slide 16: Development Plan
DEVELOPMENT PLAN 16 F AR O N PH A R M A C E U T I C AL S L T D | 2 0 2 6 N O N - C O N F I D E N T I A L C O R P O R A T E D E C K
Slide 17: Frontline Phase II/III Development Plan per FDA Advice
Frontline Phase II/III Development Plan per FDA Advice 2026 2027 2028 2029 2030 2031 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 Ph2 N ~ 350 total (Ph2 + Ph 3) ~256 patients needed for the Phase 3 if CR N ~90 (30 per arm) alone is the endpoint – with confirmatory OS follow-up Bexmarilimab 3mg/kg + Follow-up
Slide 18: Value proposition – strong fundamentals to become the new standard of care for HR MDS
Value proposition – strong fundamentals to become the new standard of care for HR MDS Higher-risk myelodysplastic Phase I/II completed with some of One of the best safety profiles syndrome (HR MDS) the best efficacy ever seen in ever reported for a HR MDS drug frontline and lastline HR MDS candidate
Slide 19: Between 2026 and 2028, there are multiple value inflection points for Bexmarilimab
Between 2026 and 2028, there are multiple value inflection points for Bexmarilimab to prove itself in haem and solids Haem Solid Phase IIb BEXMAB-2 trial FPI Phase IIb BEXMAB-2 trial readout Phase III BEXMAB-3 trial FPI 2026 2027 2028 BLAZE Gilead + ICR PD-1 combo FPI BLAZE first data readout BLAZE
Slide 20: Bexmarilimab in Solid Tumors
BEXMARILIMAB IN SOLID TUMORS 20 F AR O N PH A R M A C E U T I C AL S L T D | 2 0 2 6 N O N - C O N F I D E N T I A L C O R P O R A T E D E C K
Slide 21: Bex – a drug for cold (IFNg low, Clever-1 high) tumors
Bex – a drug for cold (IFNg low, Clever-1 high) tumors Single agent Bex treated melanoma Anti-PD1 treated melanoma patients according to patients according to IFN gamma status3 IFN gamma status1,2 Pts achieving disease control Pts not achieving disease control Faron’s bexmarilimab aims to tackle the
Slide 22: 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 23: HR MDS Market Landscape
HR MDS MARKET LANDSCAPE 23 F AR O N PH A R M A C E U T I C AL S L T D | 2 0 2 6 N O N - C O N F I D E N T I A L C O R P O R A T E D E C K
Slide 24: Apart from Hypomethylating agents or stem cell transplant, there are no treatments for HR-MDS
Apart from Hypomethelating agents or stem cell transplant, there are no treatments for HR-MDS HR-MDS patient journey1 270 k MDS Patients in the US & EU3 50% 50% Low-risk MDS High-risk MDS 85% 15% 30-40% progress to Not eligible for Eligible for intensive High-risk MDS 4 intensive therapy therapy No
Slide 25: Quantitative research shows strong uptake potential for bexmarilimab in HR-MDS
Quantitative research shows strong uptake potential for bexmarilimab in HR-MDS NB: This research was conducted pre-Verona failure. Management believes uptake will be significant and rapid. 25 F AR O N PH A R M A C E U T I C AL S L T D | 2 0 2 6 N O N - C O N F I D E N T I A L C O R P O R A T E D E C
Slide 26: According to pricing research $18-25k per month is realistic in HR MDS
According to pricing research $18-25k per month is realistic and in HR MDS 26 F AR O N PH A R M A C E U T I C AL S L T D | 2 0 2 6 N O N - C O N F I D E N T I A L C O R P O R A T E D E C K
Slide 27: Appendix
APPENDIX 27 F AR O N PH A R M A C E U T I C AL S L T D | 2 0 2 6 N O N - C O N F I D E N T I A L C O R P O R A T E D E C K
Slide 28: High severity population in BEXMAB highlighted by study demographics
High severity population in BEXMAB highlighted by study Demographics Treatment-naïve HR-MDS (n=21) r/r HR-MDS (n=34) Age, median (range) 72 (53-81) 74 (52-87) ECOG PS, n (%) 0 4 (19.0) 9 (25.6) 1 15 (71.4) 21 (61.8) 2 2 (9.5) 4 (11.8) IPSS-R, n (%) Intermediate (>3– ≤4.5 points) 7 (33.3) 7 (20.6) Hi
Slide 29: Severity confirmed in BEXMAB Frontline HR-MDS demographics per IPSS-R to IPSS-M
Severity confirmed in BEXMAB Frontline HR-MDS Demographics per IPSSR to IPSS-M central review Following central review with KOL input, patients have been classified according to the newer IPSS-M* criteria revealing an even more significant skew towards highly aggressive disease than previously ident
Slide 30: Blast reductions by dose and 100% ORR in low blast count ESMO 2025
Blast reductions by dose and 100% ORR in low blast count ESMO 2025 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 -25 PR 1 (5) HI 2 (10) -50 SD 2 (10) NR/PD
Slide 31: Increased toxicity seen with 6 mg/kg
Increased toxicity seen with 6 mg/kg Total 1mg/kg Doublet 3mg/kg Doublet 6mg/kg Doublet Adverse Events (N=55), n (%) (N=4), n (%) (N=25), n (%) (N=26), n (%) Total AEs 55 (100) 4 (100) 25 (100) 26 (100) TEAEs 55 (100) 4 (100) 25 (100) 26 (100) ≥ Grade 3 TEAEs 48 (87) 3 (75) 21 (84) 24 (92) Serious T
Slide 32: In relapsed refractory patients we saw that the 3mg mOS was significant
In relapsed refractory patients we saw that the 3mg mOS was significant r/r MDS OS data: 1. The overall mOS in this population was 14.5 months: 1. 3mg/kg: 440 days – 14.7 months 2. 6mg/kg: 282 days – 9.4 months 3. Expected survival is 4-6 months in this population The data in mOS in r/r makes two po
Slide 33: Why do frontline phase 3 HR MDS studies fail?
Why do frontline phase 3 HR MDS studies fail? Phase 3 frontline HR MDS studies categorically fail due to: • Different cytogenetic abnormalities (Bex clears complex cytogenetic abnormalities, ESMO & ASH 2025) • Variable blast percentages (Bex works across blast counts, even in low blast counts, ESMO
Slide 34: 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
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