Mauna Kea Technologies Sa Class O · EURONEXT:ALMKT
Mauna Kea Technologies Sa Class O — Investor Presentation (June 2026)
45 slides from Mauna Kea Technologies Sa Class O's investor presentation, June 2026
Slide 1: See Cells. Change Lives.
CORPORATE PRESENTATION · JUNE 2026 See Cells. Change Lives. PARIS · BOSTON 1
Slide 2: Disclaimer
FRONT MATTER LEGAL DISCLAIMER Important information regarding the use, scope, and limitations of this document. This document has been prepared by Mauna Kea Technologies The information has not been independently verified. No This document contains information on the Company's markets (the "Company"
Slide 3: From benchtop to bedside
CHAPTER I THE OPPORTUNITY FROM BENCHTOP TO BEDSIDE From innovation to standard of care . How Cellvizio is impacting patient ® care — now. See Cells. Change Lives. 3
Slide 4: From macroscopic guesswork to cellular certainty
CHAPTER I THE OPPORTUNITY CELLVIZIO® — A NEW IMAGING MODALITY BECOMING A STANDARD OF CARE From macroscopic guesswork to cellular certainty. Cellvizio provides physicians with the super-power to visualize tissues at the cellular level — in real time, during standard procedures. BEFORE STANDARD EUS AF
Slide 5: Two decades of evidence. One operating system for cellular imaging
CHAPTER I THE OPPORTUNITY A MATURE PLATFORM WITH A STRUCTURAL MOAT Two decades of evidence. One operating system for cellular imaging. A proprietary opto-mechatronic platform paired with a portfolio of reposable ultra-miniaturized fiber-optic miniprobes — protected, validated, and ready to scale. RE
Slide 6: After 20 years of building, four forces converge
CHAPTER I THE OPPORTUNITY WHY NOW — THE 2026 INFLECTION POINT After 20 years of building, four forces converge. FORCE 01 — CLINICAL STANDARD OF CARE FORCE 02 — A NEW $6B MARKET OPENED Cellvizio crosses the adoption threshold CellTolerance addresses an untapped IBS market ‣ Cellvizio establishes a ne
Slide 7: A flexible model built for recurring, high-margin revenue
CHAPTER I THE OPPORTUNITY 08 / 48 BUSINESS MODEL A flexible model built for recurring, high-margin revenue. 03 · PAY-PER-USE 01 · CAPITAL SALES ONE-TIME 02 · PROBE SALES RECURRING RECURRING RENTAL High-value upfront revenue. Systems 10 miniprobe models, reusable for 10– Free system placement with pa
Slide 8: Growth fueled by three high-value clinical pillars
CHAPTER II CLINICAL PILLARS Growth fueled by three high-value clinical pillars. ● PILLAR 01 ● PILLAR 02 ● PILLAR 03 Pancreatic cysts CellTolerance / IBS Barrett's esophagus Establishing a new diagnostic standard in Addressing a massive unmet need in food Transforming dysplasia detection — earlier EU
Slide 9: A diagnostic impasse — until now
CHAPTER II · PILLAR 01 PANCREATIC CYSTS PANCREATIC CYSTS — ESTABLISHING A NEW DIAGNOSTIC STANDARD A diagnostic impasse — until now. THE DIAGNOSTIC IMPASSE ● THE CELLVIZIO BREAKTHROUGH Cellular certainty, at the tip of the needle. Indeterminate EUS cases 30-50% A significant portion of pancreatic cys
Slide 10: Three key assets, now converging
CHAPTER II · PILLAR 01 PANCREATIC CYSTS MULTIPLE CATALYSTS FOR WIDESPREAD COMMERCIAL ADOPTION Three key assets, now converging. 01 · REIMBURSEMENT 02 · CLINICAL VALIDATION 03 · MARKET MOMENTUM Reimbursement, unlocked. Definitive evidence. Global momentum. ‣ Specific Cat I CPT code more than doubles
Slide 11: A peer-driven forum, 7× larger in four years
CHAPTER II · PILLAR 01 PANCREATIC CYSTS FAST GROWING ATTENDANCE AT THE DDW PANCREATIC CYST CONSORTIUM A peer-driven forum, 7× larger in four years. Annual Meeting at DDW · Chaired by Dr. Som Krishna (The Ohio State University) confirming the clinical value of Cellvizio in pancreatic cyst management.
Slide 12: The first fully integrated imaging-to-therapy solution for EUS-guided pancreatic care
CHAPTER II · PILLAR 01 PANCREATIC CYSTS ACCELERATING U.S. ADOPTION · TAEWOONG MEDICAL USA The first fully integrated imaging-to-therapy solution for EUS-guided pancreatic care. Mauna Kea Technologies ● VISUALIZE TaeWoong Medical USA ● TREAT + Cellvizio TaeWoong EUS-RFA Live cellular imaging — diagno
Slide 13: A highly compelling $300M opportunity
CHAPTER II · PILLAR 01 PANCREATIC CYSTS SHORT-TERM U.S. REVENUE OPPORTUNITY · PANCREATIC CYSTS A highly compelling $300M opportunity. Sizing the U.S. EUS-FNA population reachable with Cellvizio nCLE today. ADDRESSABLE MARKET AVG. SYSTEM PRICE ● CAPITAL OPPORTUNITY ~1,000 × $215K = $200M U.S. hospita
Slide 14: The standard of care is shifting, Cellvizio is the standard
CHAPTER II · PILLAR 01 PANCREATIC CYSTS WHY PANCREATIC CYSTS — WHY NOW The standard of care is shifting, Cellvizio is the standard. FORCE 01 — DEFINITIVE CLINICAL EVIDENCE FORCE 02 — ECONOMIC ALIGNMENT The largest study ever in the field closes the debate A clear financial incentive for every hospit
Slide 15: One billion people suffering in silence
CHAPTER II · PILLAR 02 CELLTOLERANCE / IBS CELLTOLERANCE — ADDRESSING A MASSIVE UNMET NEED IN IBS / FUNCTIONAL GI DIAGNOSTICS One billion people suffering in silence . One diagnosis with no objective test. I've stopped eating out. I can't trust my body anymore — and no test has ever told me why. GLO
Slide 16: Food intolerance is a barrier problem — invisible until now
CHAPTER II · PILLAR 02 CELLTOLERANCE / IBS THE SCIENCE — A 2014-2019 BREAKTHROUGH Food intolerance is a barrier problem — and it’s been invisible until now Tight junctions seal the healthy mucosa Cell-to-cell barriers protect the body from food antigens entering the bloodstream. In food-sensitive IB
Slide 17: A binary readout, in real time
CHAPTER II · PILLAR 02 CELLTOLERANCE / IBS THE PROCEDURE — FROM CHALLENGE TO DIAGNOSIS A binary readout, in real time. STEP 01 · THE CHALLENGE STEP 02 · THE READOUT A food spray, applied live during endoscopy. Gut barrier visualization. One immediate diagnosis • Hypoallergenic preparation isolates t
Slide 18: Finding pleasure in food. Again.
CHAPTER II · PILLAR 02 CELLTOLERANCE / IBS SEE CELLS. CHANGE LIVES. Finding pleasure in food. Again. CellTolerance™ is not a test — it's a path back to eating without fear. To family dinners. To travel. To trusting your body again. 70% 96% > FODMAP had food- symptom superior to low- induced barrier
Slide 19: The only modality that visualizes gut function in real time
CHAPTER II · PILLAR 02 CELLTOLERANCE / IBS CELLTOLERANCE — SUPERIOR TO ALL CURRENT DIAGNOSTIC APPROACHES The only modality that visualizes gut function in real time. CellTolerance CAPABILITY IgG Blood Test Skin Test Low-FODMAP Diet MAUNA KEA Measures IgG antibodies to various Detects IgE-mediated al
Slide 20: A new clinical category — endorsed by top KOLs
CHAPTER II · PILLAR 02 CELLTOLERANCE / IBS BUILDING PROMISING CELLTOLERANCE MOMENTUM AT DDW 2026 A new clinical category — endorsed by top KOLs. Educational Dinner at DDW 2026 — U.S. and European KOLs gathered around food-related GI disorders. 01 · MASSIVE UNMET NEED Clear consensus among attendees
Slide 21: 25 paying centers across 9 countries — +50% YTD
CHAPTER II · PILLAR 02 CELLTOLERANCE / IBS CELLTOLERANCE — RAPID GLOBAL EXPANSION 25 paying centers across 9 countries — +50% YTD and accelerating. ACADEMIC - LED · GERMANY POST-LAUNCH 01 — ACADEMIC FOUNDATION 30 25 Build on German academic foundation Pre-launch usage by founding KOLs in Bamberg, He
Slide 22: A $6B market with no incumbent — and we hold the only tool
CHAPTER II · PILLAR 02 CELLTOLERANCE / IBS WHY CELLTOLERANCE — WHY NOW A $6B market with no incumbent — and we hold the only tool FORCE 01 · MASSIVE UNMET NEED FORCE 02 · NO REIMBURSEMENT BOTTLENECK The #1 GI diagnosis, with no objective test today Premium self-pay model unlocks immediate access ‣ 1
Slide 23: Esophageal cancer — a deadly disease driven by missed diagnosis
CHAPTER II · PILLAR 03 BARRETT'S ESOPHAGUS BARRETT'S ESOPHAGUS — THE MISSED-DIAGNOSIS PROBLEM Esophageal cancer — a deadly disease driven by missed diagnosis of a curable precursor. 50M U.S. patients at risk. Barrett's is curable — when caught in time. ● DISEASE PROGRESSION ● A MAJOR CANCER DUE TO M
Slide 24: +243% more dysplasia detected vs. random biopsies
CHAPTER II · PILLAR 03 BARRETT'S ESOPHAGUS CELLVIZIO TRANSFORMS BARRETT'S DETECTION — HIGHER ACCURACY, EARLIER INTERVENTION +243% more dysplasia detected vs. random biopsies. Cellvizio evaluated as adjunct to standard biopsy during upper GI endoscopy — proven superior detection of dysplasia and earl
Slide 25: Cellvizio meaningfully increases hospital reimbursement
CHAPTER II · PILLAR 03 BARRETT'S ESOPHAGUS CMS REIMBURSEMENT — A STRUCTURAL INCENTIVE FOR ADOPTION Cellvizio meaningfully increases hospital reimbursement. CPT 43252 covers Cellvizio in addition to standard EGD codes — pure margin uplift per procedure. CMS COVERAGE · BARRETT'S EGD 01 · A DEDICATED B
Slide 26: From technology to traction
CHAPTER III THE INFLECTION THE INFLECTION IN NUMBERS From technology to traction See Cells. Change Lives. 26
Slide 27: The 2025 reset, in three numbers
CHAPTER III THE INFLECTION COMMERCIAL TRACTION FINANCIAL SNAPSHOT — WHERE WE STAND The 2025 reset, in three numbers. 01 — CORE SALES ACCELERATION 02 — CLEAR PATH TO PROFITABILITY 03 — STRENGTHENED BALANCE SHEET Strong commercial momentum Disciplined cost base Restored equity, lower risk Sustained tr
Slide 28: A decisive turning point in Cellvizio adoption
CHAPTER III THE INFLECTION COMMERCIAL TRACTION A Q1 2026 THAT READS WELL A decisive turning point in Cellvizio adoption. Q1 core product sales 2023 → 2026 (€K, excluding Asia). Unique clinical value, fully supported 1 600 1,527 Strong health economics and established reimbursement turn clinical supe
Slide 29: ~70% of sales now flow from the United States
CHAPTER III THE INFLECTION COMMERCIAL TRACTION U.S. MARKET DRIVING CONSECUTIVE QUARTERS OF GROWTH ~70% of sales now flow from the United States, driving margin expansion. U.S. reported sales (USD thousands) — prior year vs. current year. 1 800 1,742 CAPITAL ADOPTION 1 350 1,293 1,184 1,202 Strong ca
Slide 30: Higher prices. Tighter discounts.
CHAPTER III THE INFLECTION COMMERCIAL TRACTION STRONG U.S. PRICING POWER DRIVING MARGIN EXPANSION Higher prices. Tighter discounts. Three-year evolution of average selling price and discount discipline on the U.S. platform. CELLVIZIO SYSTEM · CAPITAL CELLVIZIO MINIPROBES · CONSUMABLE YEAR AVG. PRICE
Slide 31: +326% in Q1 — a structural rebound
CHAPTER III THE INFLECTION COMMERCIAL TRACTION INTERNATIONAL SALES — STRONG REBOUND DRIVEN BY CELLTOLERANCE +326% in Q1 — a structural rebound, not a one-off. International sales excluding China and J&J clinical (€ thousands). 700 H1 2025 613 Temporary inventory effect driven by the phase-out of 525
Slide 32: Successful execution of a major financial restructuring, November 2025
CHAPTER III THE INFLECTION COMMERCIAL TRACTION A STRENGTHENED BALANCE SHEET — FLEXIBILITY & VISIBILITY TO DRIVE COMMERCIAL GROWTH Successful execution of a major financial restructuring, November 2025. 01 · MASSIVE DEBT REDUCTION 02 · EXTENDED REPAYMENT RUNWAY 03 · SECURED CASH HORIZON −69% 10 years
Slide 33: −70% operating losses since 2020
CHAPTER III THE INFLECTION COMMERCIAL TRACTION EXECUTING OUR PATH TO PROFITABILITY −70% operating losses since 2020. Adjusted EBITDA¹ (€K) 0 TOP-LINE ACCELERATION Driven by rapid U.S. adoption and high-margin product mix shift toward probes and recurring -2 750 revenue. −3,044 −3,974 −3,986 STRICT F
Slide 34: Less burn. More runway.
CHAPTER III THE INFLECTION COMMERCIAL TRACTION OPERATING CASH BURN HALVED SINCE 2022 Less burn. More runway. Operating cash flow (€K) excluding licensing. 0 EBITDA-TO-CASH TRANSLATION Reduction in operating losses immediately reflected in cash preservation — a clean -2 500 conversion. WORKING CAPITA
Slide 35: 3-year development plan
CHAPTER IV FORWARD PLAN A NEW AND ATTRACTIVE EQUITY STORY 3-year development plan. From a single proven indication to a diversified growth platform — across three commercial vectors and three geographies. ● U.S. DIRECT SALES — 30% CAGR ● STRATEGIC PARTNERSHIP MULTIPLIER ● ROW — 60% CAGR See Cells. C
Slide 36: Three engines. One compounding outcome.
CHAPTER IV FORWARD PLAN 2028 COMMERCIAL VISION — MULTI-VECTOR EXPONENTIAL GROWTH Three engines. One compounding outcome. VECTOR 01 · U.S. DIRECT SALES VECTOR 02 · PARTNERSHIP VECTOR 03 · REST OF WORLD > $10M Multiplier > €4M ≈ 30% CAGR STRATEGIC ACCELERATION ≈ 60% CAGR A solid, high-recurring founda
Slide 37: Doubling sales from $5M to >$10M by 2028
CHAPTER IV FORWARD PLAN U.S. DIRECT SALES U.S. DIRECT SALES — LEVERAGING CLINICAL MOMENTUM TO DOUBLE SALES BY 2028 Doubling sales from $5M to >$10M by 2028 with the same structure 12 000 > $10M ESTABLISHED FOUNDATION ‣ Market presence — 200+ installed sites with 70–100 active accounts. 9 000 ‣ Speci
Slide 38: A second engine, multiplying our commercial reach
CHAPTER IV FORWARD PLAN U.S. PARTNERSHIP SALES STRATEGIC PARTNERSHIPS — SCALING U.S. REVENUE BEYOND DIRECT SALES A second engine, multiplying our commercial reach LEVERAGE TAEWOONG PARTNERSHIP 16 000 Securing additional new system placements annually through immediate access to an expanding 100+ sit
Slide 39: From €1M to >€4M. A new engine in OUS.
CHAPTER IV FORWARD PLAN OUTSIDE U.S. SALES OUS SALES — A 4× GROWTH BY 2028 FUELED BY CELLTOLERANCE From €1M to >€4M. A new engine in OUS. 5 000 > €4M CELLTOLERANCE AS THE GROWTH ENGINE ‣ Targeted capital sales — capitalize on direct footprint in Germany and expand into DACH markets. 3 750 ‣ Internat
Slide 40: A roadmap built on three horizons
CHAPTER IV R&D ROADMAP R&D INNOVATION — ADVANCING OUR TECHNOLOGICAL LEADERSHIP FURTHER A roadmap built on three horizons. 01 · PRODUCT INNOVATION 02 · DIGITAL TRANSFORMATION 03 · COMBINATION WITH AI Ultra-thin probe for pancreatic cysts Cellvizio Link & Gen 4 AI-augmented Cellvizio A new generation
Slide 41: From inflection to value creation
CLOSING THE INVESTMENT THESIS EQUITY STORY - THE VALUE CREATION RUNWAY From inflection to value creation 2026 2026-2027 End-2027 2027+ 1 2 3 4 Commercial inflection Market re-rating Profitable platform Strategic optionality Q1'26 set the first signal at +68% Crossing €100M market cap Profitability b
Slide 42: Now is the entry point
CLOSING THE INVESTMENT THESIS CLOSING — THE INVESTMENT THESIS Now is the entry point. 01 02 03 Platform Markets Moment Twenty years to build the science. ALMKT · EURONEXT GROWTH PARIS PARIS · BOSTON Now is the window to capture the value. See Cells. Change Lives. 42
Slide 43: Capital structure
APPENDIX CAPITAL STRUCTURE SHAREHOLDING Capital structure. Individual investors 44% Long-standing retail base on Euronext Growth. Institutional investors 26% Includes new long-term shareholders via the 2025 restructuring raise. Management + ESOP / Free Shares1 12% Strong management alignment. 194 M
Slide 44: Listing & analyst coverage
APPENDIX STOCK INFORMATION STOCK INFORMATION Listing & analyst coverage. LISTING ANALYST COVERAGE TICKER ALMKT TICKER ALMKT ISIN FR0010609263 COVERED BY Euroland Finance · Allinvest MARKET Euronext Growth Paris AVG. TARGET PRICE €0.35 SHARES OUTSTANDING 194,405,221 See Cells. Change Lives. 44
Slide 45: Thank you for your attention
THANK YOU FOR YOUR ATTENTION Endomicroscopy is here to stay: Let’s make this revolution happen — together. A de-risked platform entering a phase of accelerated growth. We welcome your questions. ● PARIS · HEADQUARTERS ● BOSTON · U.S. OPERATIONS 9 rue d'Enghien 75010 Paris France 24 Denby Road, Suite
Mauna Kea Technologies — Investor Presentation (June 2026) on 6ix