Gubra A/s · OMXCOP:GUBRA
Gubra A/s — Investor Presentation (December 2025)
41 slides from Gubra A/s's investor presentation, December 2025
Slide 1: Gubra Investor Presentation December 2025
SHARE TICKER: GUBRA l NASDAQ COPENHAGEN GUBRA Investor Presentation December 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: Key highlights in 2025
Key highlights in 2025 Amylin ABBV-295* deal UCN2 preclinical evidence Camurus PTH collaboration Out-licensing ABBV-295 (Amylin) Data on preservation of lean Combining Gubra’s AI platform in USD 2.2bn deal incl. USD mass and cardiac benefits. UCN2 and peptide expertise with 350m in upfront. to enter
Slide 6: Our AI-accelerated peptide discovery-to-clinical platform StreaMLine
Our AI-accelerated 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 + P
Slide 7: Our R&D Pipeline comprises both partnered and internal programs
Our R&D Pipeline comprises both partnered and internal programs Mid-Dec: Gubra signed a collaboration agreement with Camurus to develop long-acting PTH therapy Mid-Dec: BI decided to advance BI 3034701 into mid- stage clinical development 7
Slide 8: Obesity: Differentiation that matters
OBESITY Differentiation that matters 8
Slide 9: 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 10: 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 partnered GUB-UCN2 internal Development stage: Development stage: Development stage: Clinical Phase 1 (MAD) Mid-stage cli
Slide 11: 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 12: 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 13: 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 13
Slide 14: 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 15: 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 16: 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 17: 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 18: 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 18
Slide 19: 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 20: Gubra CRO
CRO SERVICES GUBRA CRO Specialized preclinical CRO with strongholds in metabolic and fibrotic diseases 20
Slide 21: 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… ... serving Disease areas Diabetes Liver (MASH) Lungs Heart (CVD) Obesity Kidney (CKD) Brain (CNS) Women’s Health 16/20 of the large
Slide 22: 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 23: 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 24: 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 25: Appendix
ubr. Appendix
Slide 26: 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 27: ABBV-295
ABBV-295 ABBV-295 Amylin analogue for the treatment of obesity 27
Slide 28: 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 29: 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 30: Phase 1a Study results
PHASE 1A Study results
Slide 31: 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 32: 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 33: 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 (%) 33
Slide 34: 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 35: 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 36: 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 (%) 36
Slide 37: 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 38: 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 (%) 38
Slide 39: 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 40: 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) 40
Slide 41: 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