Slide 1: Q2 2026 Interim Report
OrexnOd Q2 2026 Interim Report July 16, 2026 Building momentum for the next chapter amorphOx’
Slide 2: Legal disclaimer
2 Legal disclaimer • This presentation, which is personal to the recipient, has been prepared and produced by Orexo AB (publ) (“Orexo”) solely for the benefit of investment analysis and may not be used for any purpose other than assessment of investments concerning Orexo. Unless otherwise stated, Or
Slide 3: Building momentum for the next chapter
3 Building momentum for the next chapter Good progress in the R&D projects • OX390 with positive in vivo data for nasal absorption Comments Q2 • Izipry is on track for FDA filing Q3 • OX640 on track to start clinical trial in Q4 Early stage scientific collaboration testing AmorphOX® for GLP-1 agonis
Slide 4: Good momentum across the projects all building on the core AmorphOX technology
4 Good momentum across the project all building on the core AmorphOX® technology Explore Develop GLP1 & New Alpha-2 agonist Infectious diseases Anaphylaxis Opioid overdose opportunities intoxication Early stage scientific Advancing discussion On track to start nasal In-vivo study completed Studies t
Slide 5: OX640 is the main cost driver in R&D 2026-2028 aiming to enter a BUSD market
5 OX640 is the main cost driver in R&D 2026-2028 aiming to enter a BUSD market • 200M+ people globally have life-threatening food allergies1 • Global epinephrine market to reach ~USD 6 b by 2033, up from ~USD 3 b in 20253 • Epinephrine market dominated by autoinjectors; cumbersome to carry; painful
Slide 6: OX640 aiming for best-in-class nasal epinephrine emergency treatment of severe allergic reactions
6 OX640 aiming for best-in-class nasal epinephrine emergency treatment of severe allergic reactions Differentiated OX640 target product profile vis-à-vis nasal competitors1: • Highly stable: Maintains potency at very low and high temperatures and does not freeze when exposed to freezing temperatures
Slide 7: With AmorphOX Orexo aims to solve key challenges in drug development and distribution
7 With AmorphOX® Orexo aims to solve key challenges in drug development and distribution Stability of bio- Cold chain Limited drug delivery New patient interaction Short IP molecules requirements options model Protein, peptide, and Bio-molecules often Cold chain is a growing Patients are increasingl
Slide 8: AmorphOX formulated thermostable vaccines for nasal delivery
8 AmorphOX – formulated thermostable vaccines for nasal delivery creates opportunities to transform care Thermostable Nasal Vaccine AmorphOX vaccines: Nasal Powder or powder for reconstitution Enables delivery as a nasal powder or powder for reconstitution. Antigen Carrier Materials Cold Chain Elimi
Slide 9: AmorphOX business model to offer technology and IP to other pharma companies
9 AmorphOX business model to offer technology to enhance product value proposition and IP to other pharma companies Strategic Value Creation Your Molecule Differentiated Medicine • Differentiated • Next-generation therapies’ products • Commercial opportunities AmorphOX® Platform • Thermostability •
Slide 10: Strengthening business development and increased activities
10 Strengthening business development and increased activities ▪ Appointment of Raheleh Nassaji as SVP Business Development to strengthening focus on new partnerships ▪ Increased interest in AmorphOX® and additional collaborations started ▪ Early-stage scientific collaboration in GLP-1 agonist ▪ Int
Slide 11: Why invest in Orexo?
11 Why invest in Orexo? Over 30 years of experience Comments Q2 with successful development Net Revenue LTM 1 and launch of four products addressing unmet needs in >25 markets with multiple international partnerships Key value drivers Lead development assets technology Upcoming catalysts • Different
Slide 12: Financial & legal
Q 2 2 0 2 6 P R E S E N TAT I O N 12 Financial & legal
Slide 13: Income statement
13 Income statement Jan - Q2 Q2 H1 H1 Income statement SEK m Dec Comments Q2 2026 2025 2026 2025 2025 Net revenues SEK 3.5 m (4.8) Net revenues 3.5 4.8 8.5 17.9 26.0 • Lower Abstral and Edluar royalties due to expiring markets and launch of generic Edluar Cost of goods sold in Canada -0.1 -0.1 -0.6
Slide 14: Cash position
14 Cash position Jan - Cash flow SEK m Q2 Q2 H1 H1 Dec Comments Q2 2026 2025 2026 2025 2025 Cash flow from operating activities -93.3 -53.4 -126.8 -95.0 -195.4 Cash and cash equivalents SEK 277 m decreased with SEK 109 m from Q1 2026 to SEK 277 m Investment activities -1.2 0.0 -1.4 -19.2 -19.2 SEK 9
Slide 15: Legal update
15 Legal Subpoena issued by the US authorities in 2020 update • On July 14, 2020, Orexo became aware of an investigation by the US authorities which is ongoing • Settlement negotiations with the DOJ are on-going. • Settlement amount is likely to be payable over several years, • Parts of the settleme
Slide 16: Value opportunities short, medium and long term
16 Value opportunities short, medium and long term 2026 2027 2028 2029 and beyond Launched • Zubsolv® EU • Zubsolv US earn-out • Zubsolv US earn-out products • Q3 FDA filing • Q1 FDA approval IzipryTM • Partnering OX640 • Q4 pivotal trial start • H1 trial results • Outcome final pivotal trials • 202
Slide 17: Q&A, Financial Calendar, BD & Scientific Conferences
17 Q&A Financial Calendar BD & Scientific Conferences • Oct. 22, 2026, 7 am Interim Report Q3 2026 • Sep. 8-9, 2026 NLS Days, Stockholm • Feb. 4, 2027, 7 am Interim Report Q4 2026, • Sep. 16 -17, 2026 IPAC-RS 2026 Nasal Innovation incl. Full Year Report Forum
Slide 18: Thanks
Thanks www.orexo.com www.orexo.com Orexo is headquartered in Uppsala, Sweden, with a US subsidiary in New Jersey. The company has been listed on Nasdaq Stockholm’s IR@orexo.com main market since 2005 (STO: ORX) and trades as ADRs on the OTCQX market in the US (OTCQX: ORXOY).