Orexo Ab · OMXSTO:ORX
Orexo Ab — Q1 2026 Earnings Presentation
13 slides from Orexo Ab's earnings presentation, Apr 28, 2026
Slide 1: Q1 2026 Interim report
Q1 2026 Interim report April 28, 2026 Well positioned to advance pipeline to value inflection points
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: Well positioned to advance pipeline to value inflection points
3 Well positioned to advance pipeline to value inflection points The sale of Zubsolv® US continues to impact Comments Q2 the balance sheet and P&L • Redemption of the corporate bond • Payment of rebates and returns related to 2025 and earlier sale of Zubsolv • Restructuring of the organization • Tra
Slide 4: 3 strategic focus areas to maximize value of the AmorphOX technology
4 3 strategic focus areas to maximize value of the AmorphOX technology New applications of the AmorphOX® technology EXPLORE are key to unlocking substantial future value creation and partnership generation Proprietary projects drive greater value capture DEVELOP and renewed commercialization opportu
Slide 5: Explore: Expanding the nasal semaglutide program to include oral delivery
EXPLORE 5 Preclinical PK study: Intranasal semaglutide Expanding the nasal semaglutide formulated by AmorphOX vs oral formulation program to incl. oral delivery AmorphOX formulations Oral tablet1 • GLP-1 semaglutide (nasal delivery): Exploratory formulation work progressed to improve bioavailablilty
Slide 6: Proprietary programs advanced to potential inflection points
DEVELOP 6 Proprietary programs advanced to potential IZIPRY approaching inflection points FDA resubmission in Q3 2026 ▪ Izipry continued to progress stability and reliability studies. NDA resubmission to the FDA is planned for Q3 2026. ▪ OX640 accelerated its commercial-scale manufacturing readiness
Slide 7: Scale and commercialize through strategic collaborations
PARTNER 7 Scale and commercialize through strategic collaborations • The AmorphOX technology has applications beyond what Orexo can pursue independently. • Significant opportunities exist in development- stage products facing challenges with stability and/or bioavailability. • Orexo collaborates wit
Slide 8: Income statement
8 Income statement Jan - Dec Income statement SEK m Q1 2026 Q1 2025 2025 Comments Q1 Net revenues 5.0 13.2 26.0 Net revenues SEK 5 m (13.2) • Lower Abstral ROW royalties due to expiring markets in line with the license agreement Cost of goods sold (COGS) -0.5 -4.7 -14.5 • Higher Edluar royalties mai
Slide 9: Cash position
9 Cash position Cash flow SEK m Q1 2026 Q1 2025 Jan - Dec Comments Q1 2025 Cash flow from operating activities -33.3 -41.6 -195.4 Cash and cash equivalents decreased with SEK 526 m from Q4 2025 (SEK 912 m) to SEK 386 m Investment activities -0.2 -19.2 -19.2 SEK 490 m negative impact on financing act
Slide 10: Legal update
10 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 • Based on communications from the US authorities, the company believes it refers to certain historic marketing messaging campaigns • Orexo,
Slide 11: Value opportunities short, medium and long term
11 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 refiling • Q1 FDA approval IzipryTM • Partnering OX640 • Q4 pivotal trial start • H1 trial results • Outcome final pivotal trials • 2
Slide 12: Q&A, Financial Calendar, BD & Scientific Conferences
12 Q&A Financial Calendar BD & Scientific Conferences • May 7, 2026, 4 pm Annual General Meeting • May 10, 2026 D. RDD 2026, Phoenix, AZ • July 16, 2026, 7 am Interim Report Q2 2026 • June 22-25, 2026 BIO International San Diego, CA • Oct. 22, 2026, 7 am Interim Report Q3 2026 • Sep. 16 -17, 2026 IP
Slide 13: 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).