Nanoform Finland Oyj · OMXHEX:NANOFH
Nanoform Finland Oyj — Q3 2025 Earnings Presentation
55 slides from Nanoform Finland Oyj's earnings presentation, Nov 12, 2025
Slide 1: Nanoform – Q3 Interim Report 2025
Nanoform – Q3 Interim Report 2025 Conference call and webcast for investors and analysts November 12th, 2025
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation contains forward-looking statements, including, without limitation, statements regarding Nanoform’s strategy, business plans and focus. The words may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” believe,” “est
Slide 3: Nanoform Breaker Slide
COMMERCIALLY LICENCED MANUFACTURING FACTORY Nanoform Breaker Slide Q & A2 Option www.nanoform.com San Diego - New York - Lisbon - Oxford – London - Cambridge - Bordeaux - Stockholm – Budapest - Helsinki 3 Nanoform Finland Plc, Helsinki Nanoform.com | @nanoform
Slide 4: Introduction: Key Business Highlights
Introduction Nanoform Breaker Slide & Option Key Business 2 Highlights CEO Edward Hæggström Nanoform.com | @nanoform 4
Slide 5: Nanoform key strategy
Nanoform key strategy Nanoform work with In parallel, to show a All customers/partners to conservative industry the active pharmaceutical enable novel & existing power of nanoforming, we ingredients (API’s) molecules to become new create up to a dozen should be Starmapped (AI) and improved medicines
Slide 6: Technology – route to market
Nanoform Technology – route to market Customers: 1. Global large pharma Originators Drugs to market 2. Mid-sized and specialty pharma 3. Biotech Development partners Commercial partners Product Targeted first Product Originator Originator Kernel drug on market Kernels or or R&D Supergeneric / High v
Slide 7: Proprietary technology platforms
Proprietary technology platforms Small Large Formulation AI molecules molecules Highly differentiated STARMAP® 2.0 online Proven CESS®* Unique novel formulations and picks best candidates nanotechnology enables BIO nanoparticles unique drug delivery and accelerates new medicines through enable impro
Slide 8: Simplified value chain
Simplified value chain High level overview of Nanoform’s value chain and business model Bulk API* Launch of new drugs, improving existing drugs & reducing clinical attrition Clients Nanoformed Revenue • Global large pharma API* • Fixed fee per project • Mid-sized and specialty • Royalty as a % based
Slide 9: Nanoform in brief 2012-2028
Nanoform in brief 2012-2028 2012 2015 2020 2025 2028 European Targeted first Discovery of Clinical GMP commercial Nanoformed ® Nanoform the CESS manufacturer cGMP medicine at founded process license manufacturing market in license Europe Page 15 Nanoform.com | @nanoform 9
Slide 10: Nanoform key business highlights
Nanoform key business highlights I Nanoform granted European commercial cGMP manufacturing license II Nancoencorafenib licensing and development agreement signed with A.forall (Riverside) and IMGA A new kernel, a nanoformulated combination of olaparib (Lynparza® by AstraZeneca Plc) and III temozolom
Slide 11: Granted European commercial cGMP manufacturing license
Nanoform granted European commercial cGMP manufacturing license ▪ European commercial cGMP manufacturing license ▪ For the production and quality control of nanoformed small molecule APIs (Active Pharmaceutical Ingredients) ▪ Authorizes Nanoform to manufacture nanoformed APIs for the European market
Slide 12: Financials
Nanoform Breaker Slide Financials Option 2 CFO Albert Hæggström Nanoform.com | @nanoform 12
Slide 13: Nr of proposals sent has jumped this year, projects signed stable
Nr of proposals sent has jumped this year, projects signed stable despite difficult industry conditions for 4th year in a row Nanoform.com | @nanoform 13 13
Slide 14: Revenue and other income continues to grow
Revenue and other income continues to grow Nanoform.com | @nanoform 14 14
Slide 15: Customer payments ytd exceed last year’s payments and revenues recognized
Customer payments ytd exceed last year’s payments and revenues recognized Nanoform.com | @nanoform 15
Slide 16: Improvement in cash burn continues, target for 2026 < EUR 10m
Improvement in cash burn continues, target for 2026 < EUR 10m ▪ At the end of 3Q25, Nanoform had EUR 29.5m in cash ▪ Target for 2026: cash burn < EUR 10m Nanoform.com | @nanoform 16
Slide 17: Near-term business targets 2025 – all on track
Nanoform near-term business targets 2025 – all on track To sign several license/commercial supply agreements on several product I kernels during 2025 II First pivotal bioequivalence clinical study with a nanoformed medicine III Increased number of non-GMP and GMP projects signed in 2025 vs 2024 IV I
Slide 18: Near-term business targets 2026
Nanoform near-term business targets 2026 I First target for 2026 announced: Cash burn below EUR 10m II III Nanoform.com | @nanoform 18
Slide 19: Commercial Breaker Slide
Nanoform Commercial Breaker Slide CCOOption Christian Jones2 CDO Peter Hänninen Nanoform.com | @nanoform 19
Slide 20: Nanoform commercial highlights
Nanoform commercial highlights I Commercial manufacturing license - taking nanoformed medicines to market II Great progress with our Product Kernels - several deals signed III Strong market pull for Nanoform's biologics technology IV Takeda & Nanoform - Continued publicity at conferences (high conc.
Slide 21: Nanoform partners with two specialist healthcare investors
Nanoform partners with two specialist healthcare investors – October 14, 2025 ▪ Nanoencorafenib is a patient-centric nanoformulation of encorafenib for melanoma and colorectal cancer ▪ Outlicensing, development and commercialisation agreement signed with A.forall (The Riverside Company) and IMGA Fut
Slide 22: Nanoform partners with Revio Therapeutics
Nanoform partners with Revio Therapeutics – October 27th, 2025 ▪ Develop and commercialize GLIORA - a locally-administered, long-acting, thermo-responsive hydrogel, for the treatment of high-grade glioma, a fast-growing and aggressive type of brain tumor ▪ GLIORA is a nano-formulated combination of
Slide 23: Product Kernel overview
Nanoform Product Kernel overview* Nanoform at Nanoform Product Kernels Nanoform Pre-Clinical (non-GMP) Nanoform Clinical (GMP) Market Expected Nanoform Development Targeted Pre- Dosage form PoP* / Delivery route / Phase 1 / Pilot Pivotal - final - Earliest possible Originator Indication originator N
Slide 24: Industry shift and momentum in biologics delivery
Industry shift and momentum in biologics delivery Nanoform high drug load suspension in a prefilled Recent industry news: syringe (400-500mg/ml) Halozyme acquires Elektrofi for up to $900m, including $750m upfront (subject to regulatory approval) ▪ The transaction sends a strong signal that the valu
Slide 25: News from the pharma market
News from the pharma market ‘Significant interest in high concentration biologics from major pharma and leading Biotechs – Nanoform seen as a positive alternative’ PODD 2025, Boston ‘Major CDMO peers confirm low project numbers in small molecule early development outsourcing’ ‘Biosimilar regulatory
Slide 26: Nanoform expands into Asia
Nanoform expands into Asia Japan South Korea ▪ April 2024 ▪ September 2025 ▪ Exclusive partnership with CBC to bring best-in- ▪ Nanoform expands commercial class nanomedicine technology to Japan presence in Asia with A&LS Pharma ▪ Shinya Miyairi, Managing Executive Officer at CBC: in South Korea “CB
Slide 27: Capital Markets Day (CMD)
Nanoform Capital Markets Day (CMD) December 16th, 2025, 09.00-13.00 EEST @ Nanoform headquarter and commercial cGMP manufacturing site in Helsinki Nanoform’s leadership presents Nanoform’s key priorities for its next strategy period together with new mid-term targets for 2030 Invitation to CMD will
Slide 28: Q&A
Q&A 28 Nanoform.com | @nanoform
Slide 29: Appendix
Nanoform Breaker Slide Q & A2 Option APPENDIX www.nanoform.com San Diego - New York - Lisbon - Oxford – London - Cambridge - Bordeaux - Stockholm – Budapest - Helsinki 29 Nanoform.com | @nanoform
Slide 30: Selection of upcoming events
23.-26.03.2026 DCAT. New York 23.-26.03.2026 DCAT. New York 23.-26.03.2026 DCAT. New York Selection of upcoming events 23.-26.03.2026 DCAT. New York November 12 Nanoform Q3 2025 report November 13 SEB Healthcare Seminar, Stockholm November 18-20 Jefferies Global Healthcare Conference, London Novembe
Slide 31: Interesting short videos
Interesting short videos: Drug Delivery Leader Chief Editor Tom von Gunden sits down with Christian Jones, FRSC, Chief Commercial Officer at Nanoform, to discuss how nanoparticle technology is driving innovation in drug and biologics delivery: https://www.drugdeliveryleader.com/doc/leveraging-nanopa
Slide 32: The structural pharma R&D problem in the pharma industry
The structural pharma R&D problem in the pharma industry Fewer than 50 drugs approved in the US annually on average… …while the global pharma industry R&D expenditure exceeds $300B Annual number of novel drug approvals by FDA 2010-2024 Global pharmaceutical R&D spending 2014-2030E (USDbn) Chemical B
Slide 33: Low bioavailability is the key issue
Low bioavailability is the key issue Poor bioavailability and low efficacy most common reasons for drug failure Majority of new drugs suffer from poor solubility Solubility Reasons for drug failure in pre-clinical trials (share of molecules) High Low 45% 40% 35% Class I1 Class II1 On market: 35% On
Slide 34: Revenue drivers & industry attrition rates
Revenue drivers & industry attrition rates Nanoform pre-clinical and clinical revenue drivers Global Pharmaceutical industry’s pre-clinical and clinical success rates Non-GMP GMP ➢ Attrition between previous and current phase ➢ Price per phase per API ➢ # of active customers Phase I, ➢ Time lag betw
Slide 35: Particle size is key
Particle size is key Smaller particle size can improve a drug’s bioavailability Pre-nanoforming Post-nanoforming • Smaller particles have a larger surface area • Larger surface area of particles enables improved bioavailability of a drug • The surface area increases 30-fold from a 10 micron sized pa
Slide 36: Nanoform is here to fill the gap
Nanoform is here to fill the gap Giving Enabling Improving unsuccessful new drugs existing drug candidates a drugs second chance > 20,000 drugs in > 5,800 > 58,000 development* existing drugs* failed drugs in the last 40 years* * Source: Nanoform and Pharmaprojects® | Informa, 2022 Nanoform.com | @n
Slide 37: Small molecules - Small is powerful®
Small molecules - Small is powerful® Nanoform.com | @nanoform 37
Slide 38: Substantial progress in Nanoforming solutions with in-vitro, in-vivo, and clinical results
Nanoform has made substantial progress in Nanoforming solutions with in-vitro, in-vivo, and clinical study results Oncology: Replaced amorphous solid dispersion (ASD) formulations with nanocrystalline high drug load formulations, matching bioequivalence for Enzalutamide and Apalutamide where life cy
Slide 39: Nanoform customer projects – therapy area overview
Nanoform customer projects – therapy area overview* Pre-Clinical Phase I Phase II & III Marketed/505b2 Cardiology Immunology/Inflammation Metabolism and Endocrinology Infectious Disease (e.g. Anemia) (e.g. Cystic Fibrosis) (e.g. Adrenal Hyperplasia) (e.g. HIV) Gastroenterology Dermatology/Oncology N
Slide 40: Small Molecules - Proprietary technology
Small Molecules - Proprietary technology Green technology Controlled Expansion of Supercritical Solutions - CESS® Contro lled ➢ Relatively simple process developed through combining deep knowledge in physics, chemistry, and pharma The CESS® technology platform was described in detail in the IPO pros
Slide 41: CESS® Superior to Existing Technologies
CESS® Superior to Existing Technologies Controlled Expansion of Solid dispersion Supercritical Solutions Jet milling Nanomilling (e.g. spray drying) (CESS®) Extracts API from API is dispersed into a solid Application of energy to supercritical CO2 by applying material, which dissolves API particle s
Slide 42: Large molecules - Proprietary technology
Large molecules - Proprietary technology Green technology Nanoforming process for biologics API = active pharmaceutical ingredient Nebulization = turns liquid into mist Ionization = particles electrically charged Nanoform.com | @nanoform 42
Slide 43: Nanoform enables small/single pill strategy
Small molecules – Nanoform enables small/single pill strategy Nanoenzalutamide Existing drug Nanoformed version 40mg x 4 XTANDI® Nanoenzalutamide Formulation ASD Crystalline Nanoparticle XTANDI® Drug load 160mg (x1) - 40 % 40mg x 4 Nanoenzalutamide Drug load 40mg (x4) 12 % 40 % 160mg x 1 Size 160mg
Slide 44: Biologics - high drug load subcutaneous delivery
Biologics - Game changing high drug load subcutaneous delivery (400-500 mg/ml) High drug load Nanoformed high drug load monoclonal antibody Nanoformed monoclonal antibody in dry powder suspension in a prefilled in non-aqueous suspension syringe (400-500mg/ml) Nanoforming enables IV to SubQ switches
Slide 45: Nanoform Product Kernels
Nanoform Product Kernels Nanoform internal Development partners Commercial partners Product Kernel work Originator Originator 1. Value proposition around a medicine or or candidate, called ‘Product Kernel’ Supergeneric / High value medicine Supergeneric / High value medicine company company 1. Upfro
Slide 46: Attractive revenue model with pharma and biotech customers
Attractive revenue model with pharma and biotech customers Proof of Concept / Phase Phase I – III clinical trials Drugs on the market Proof of Process Certification Non-GMP GMP GMP • Proof of concept study - assessment of • API for clinical trials are manufactured in • Drugs that have passed the tri
Slide 47: Business case Amorphous Solid Dispersions (ASDs)
Business case Amorphous Solid Dispersions (ASDs) Amorphous solid dispersion (ASD) medicines are currently the leading formulation strategy for poorly soluble APIs and there are ~50 marketed medicines globally that are ASDs and sell for ~$50bln annually Nanoformed and nanocrystalline medicines (e.g.
Slide 48: Comparison of Nanoform’s biologics technology vs existing technologies
Comparison of Nanoform’s proprietary biologics technology vs existing technologies Nanoformed Spray dried Lyophilized / freeze dried Perfect spheres, highly flowable and aerodynamic, Sticky, poor flowability, raisin shaped Flaky morphology, dry cake, no flowability great packing and injection proper
Slide 49: Nanotrastuzumab press release June 3, 2025
Nanotrastuzumab press release June 3, 2025 Trastuzumab (Herceptin®) Nanotrastuzumab Nanoform HC-SubQ benefits ▪ Genentech/Roche ▪ Nanoform Finland Plc ▪ Potential to transform the industry of ▪ Monoclonal antibody (mAb) administration of biologic medicines ▪ A high concentration (HC) ▪ Breast and st
Slide 50: Nanoformed Trastuzumab SubQ Suspension Formulation
Nanoformed Trastuzumab SubQ Suspension Formulation • No significant changes can be detected in Trastuzumab primary or higher order structures and nanoformed mAb remains fully functional • Up to 650 mg/ml of dry mass was reached with an injection force of below 10N * • Particles remain intact in the
Slide 51: Customer Takeda
Customer Takeda June 2024 August 2024 June 2025 Sep & Oct 2025 Nanoformed high- Nanoform and Positive Nanoform Takeda to present on concentration Takeda initiates biologics respiratory both high biologics collaboration on data presented by concentration formulation for Takeda’s plasma- Takeda at Dru
Slide 52: Project Glioblastoma (hydrogel for central nervous system cancer)
Project Glioblastoma (hydrogel for central nervous system cancer) Nanoform customer TargTex S.A. was granted Orphan Drug Designation by FDA for its nanoformed drug candidate TTX101 to be used in patients with malignant gliomas (October 2023). The orphan drug designation follows the generation of a p
Slide 53: Management team: Multi-disciplinary with international merits
Management team: Multi-disciplinary with international merits CEO & Co-founder; Ph.D. (Applied physics), MBA CFO and member of the Board; B.Sc. (Economics) Edward Hæggström • Professor at the University of Helsinki, Head of Electronics Research Lab. Albert Hæggström • 20 years of finance and investi
Slide 54: Board of directors: Top executives from leading industry positions
Board of directors: Top executives from leading industry positions Miguel Calado Albert Hæggström Chairman of the Board CFO and Board Member • Previously CFO at international particle engineering CDMO • 20 years of finance and investing experience company Hovione Group • Prior roles include position
Slide 55: Contact
CEO Edward Hæggström edward.haeggstrom@nanoform.com +358 50 317 54 93 CFO Albert Hæggström albert.haeggstrom@nanoform.com +358 40 161 4191 DIR Henri von Haartman hvh@nanoform.com +46 76866 50 11 Nanoform.com | @nanoform