Slide 1: Broadening our portfolio with new projects and partnerships
Broadening our portfolio with new projects and partnerships Third quarter 2025 business and financial update 1
Slide 2: Disclaimer
Disclaimer • This presentation has been prepared and produced by BioArctic AB (publ) (“BioArctic”) solely for the benefit of investment analysis of BioArctic and may not be used for any other purpose. Unless otherwise stated, BioArctic is the source for all data contained in this presentation. Such
Slide 3: Presenters and IR contact
Gunilla Osswald Anders Martin-Löf Johanna Fälting Anna-Kaija Grönblad Chief Executive Officer Chief Financial Officer Chief R&D Officer Chief Commercial Officer IR contact: Oskar Bosson, VP IR & Communications Next Report: Q4&FY 2025 To subscribe to financial reports/press releases and +46 704 10 71
Slide 4: Key highlights
Key highlights Gunilla Osswald Chief Executive Officer 4
Slide 5: World-leading innovators in precision neurology
World-leading innovators in precision neurology Highly selective antibodies BrainTransporter platform targeting aggregated forms delivers biotherapeutics to the brain of toxic proteins 5
Slide 6: 2030 ambitions – on our way towards becoming Sweden's next major biopharma company
2030 ambitions – on our way towards becoming Sweden’s next major biopharma company 1 Leqembi® – an established treatment in Alzheimer’s disease 2 Balanced and broader pipeline with projects in all stages of development 3 partnerships Additional successful global 4 Profitable with recurring dividends
Slide 7: Delivering on our 2030 ambitions
Delivering on our 2030 ambitions • Approved in 51 countries (IV), IQLIK approved for maintenance in the US • Eisai initiated EU launch in Austria and in Germany Leqembi • First patient treated in the Nordic region at a private clinic in Finland • Long-term, real-world and subcutaneous treatment data
Slide 8: Continued development for better patient outcomes in Alzheimer's disease
Continued development for better patient outcomes in Alzheimer’s disease Easier Earlier Long-term Convenient diagnosis by Combination treatment start treatment for dosing with blood-based treatments for best effect best effect subcutaneous biomarkers 8
Slide 9: R&D update
R&D update Johanna Fälting Chief R&D Officer 9
Slide 10: World-leading innovators in precision neurology
World-leading innovators in precision neurology Highly selective antibodies targeting aggregated forms BrainTransporter platform Modality BrainTransporter of toxic proteins delivers biotherapeutics to the brain Accommodate a variety of drug modalities BT Modalities Antibodies Enzymes Proteins Geneti
Slide 11: Two world-leading platforms with cross-program synergies
Two world-leading platforms with cross-program synergies Alzheimer’s disease Partner Research Preclinical Phase 1 Phase 2 Phase 3 Regulatory Market Lecanemab (infusion) Eisai Lecanemab (subcutaneous) Eisai Lecanemab (presymptomatic treatment) Eisai Antibody Lecanemab back-up Eisai projects BAN1503 (
Slide 12: EXIST Phase 2a study with exidavnemab ongoing
EXIST Phase 2a study with exidavnemab ongoing Exidavnemab development Exidavnemab offers opportunities in several • 2nd part (high dose) of phase 2a study in neuronal synucleinopathies Parkinson’s disease (PD) and Multiple System Atrophy (MSA) ongoing • Orphan Drug Designation in the US and Orphan M
Slide 13: Huntington's disease
Huntington’s disease caused by toxic mutant huntingtin protein in CNS • Huntington's disease is an inherited, progressive neurological and neuropsychiatric • Mutations in the Huntingtin gene cause Huntington's disease, and leads to a combination of neurological, motor, cognitive and psychiatric symp
Slide 14: HD-BT4801: Targeting Huntingtin in Huntington's disease
HD-BT4801: Targeting Huntingtin in Huntington’s disease Therapeutic strategies targeting Huntingtin (HTT) • Disease modifying treatment for Huntington’s disease • Built on BioArctic's extensive experience on antibodies and BrainTransporter platform • Several modalities being explored in parallel inc
Slide 15: Leqembi update
Leqembi update Anna-Kaija Grönblad Chief Commercial Officer 15
Slide 16: Leqembi now launched in the EU
Leqembi now launched in the EU Regulatory update • Additional approvals for intravenous (IV) treatment; ⎻ India, Australia and Canada • IV maintenance treatment once every 4 weeks; ⎻ approved in China and several other countries Commercial update • Recent launches in Austria, Germany, Mexico and Sau
Slide 17: Leqembi Iqlik – simplifying treatment for patients and doctors
Leqembi Iqlik – simplifying treatment for patients and doctors • Weekly 360 mg maintenance dosing approved in the US in August and launched on October 6 ⎻ Reimbursement currently granted via the Medical Exception Process ⎻ Reimbursement expected to be included on formulary, Q1 2027 • Rolling sBLA in
Slide 18: Diagnostic blood tests and Leqembi Iqlik have the potential to create a new treatment paradigm
Diagnostic blood tests and Leqembi Iqlik have the potential to create a new treatment paradigm in Alzheimer´s disease Proofpoints From To • Leqembi Iqlik approved and launched for maintenance treatment in the US Intravenous treatment Subcutaneous • Approval in the US for initiation treatment (time c
Slide 19: Financial summary
Financial summary Anders Martin-Löf Chief Financial Officer 19
Slide 20: Leqembi underlying growth continues
Leqembi underlying growth continues Royalty figure affected by one-time stockpiling effect in China in Q2 BioArctic royalty • Global Q3-25 sales were ¥ 18.0 B ($ ~121 M), 180.0 22% decrease from Q2-25, ~80% increase from Q3-24 162.5 − Global QoQ growth would have been ~14% based on demand 160.0 − Q3
Slide 21: Leqembi on track to reach forecast of ¥76.5 B in Eisai's FY 2025
Leqembi on track to reach forecast of ¥ 76.5 B in Eisai’s FY 2025 Leqembi Global Sales Forecast ¥ 76.5 B Share 90 (SEK ~5.1 B) Achieved 80 in Q2+Q3 70 +73% 9.5 83% 60 ¥ 44.3 B (SEK ~3.0 B) 24.0 49% 50 ¥B 40 4.7 30 12.7 20 40.0 48% 10 26.1 0 US Japan China Other FY 2024 FY 2025 E (Q2-24 to Q1-25) (Q2
Slide 22: Small operating loss with increasing recurring revenues
Small operating loss with increasing recurring revenues Net Revenues (SEK M) OPEX by function (SEK M) Operating Profit/Loss (SEK M) • Q3 net revenues SEK 133 M (77) • Operating expenses increased to • Operating loss was SEK 150 M (95) in Q3 SEK 29 M (26) for Q3 • Recurring revenue continues to • Und
Slide 23: Upfront and milestone payments on top of royalties have created very solid position
Upfront and milestone payments on top of royalties have created very solid position Net Result (SEK M) Cash Flow From Operating Cash Balance (SEK M) Activities (SEK M) Net loss for Q3 was Operating cash flow was Cash, cash equivalents and SEK 87 M (20) SEK -41 M (-80) in Q3 short-term investments wa
Slide 24: Upcoming news flow and closing remarks
Upcoming news flow and closing remarks 24
Slide 25: Recent and upcoming news flow
Recent and upcoming news flow Q3 2025 Q4 2025 H1 2026 H2 2026 Congresses AAIC, Jul 27 - Jul 31 CTAD, Dec 1 - 4 AD/PD, Mar 17-21 AAIC and CTAD Launch of Leqembi in First patients Further Leqembi launches in the EU Germany and Austria treated in Finland US approval of Submission Potential US approval
Slide 26: Key takeaways
Key takeaways 1 Leqembi sales continue to show good underlying growth 2 Initiated multimodality project in Huntington's disease 3 Third BrainTransporter collaboration initiated 4 Record royalties, growing ~180% y-o-y 26
Slide 27: A world where science defeats severe brain diseases
With patients in mind we are committed to our vision: A world where science defeats severe brain diseases 27