Arecor Therapeutics Plc · LSE:AREC
Arecor Therapeutics — FY2025 Earnings Presentation
34 slides from Arecor Therapeutics's earnings presentation, Apr 13, 2026
Slide 1: Full Year Results 2025
Full Year Results 2025 April, 13 2026
Slide 2: Legal notice
Legal notice This Presentation does not constitute, or form part of, nor is it intended to communicate, any offer, invitation, inducement or recommendation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares in the Company in any jurisdiction nor shall it, or
Slide 3: Introduction to Arecor
Arecor Introduction to Are ct
Slide 4: Arecor is a clinical-stage biotech company
Arecor is a clinical-stage biotech company, developing superior therapeutics that can reduce treatment burden and improve outcomes for people living with diabetes, obesity and other cardiometabolic diseases.
Slide 5: High-Value, De-Risked Internal Pipeline Addressing Multi-Billion $ Markets
High-Value, De-Risked Internal Pipeline Addressing Multi-Billion $ Markets Multiple programs partnered with pharma RESEARCH PRECLINICAL PHASE 1 PHASE 2 PHASE 3 STATUS PARTNER Phase 2 CMC AT278 Diabetes in progress Obesity Non-clinical PK Oral GLP-1 studies on-going Plus partnered programs with leadi
Slide 6: FY25 Results Highlights
Arecor FY25 Results Highlic
Slide 7: Operational Highlights
Operational Highlights Transforming the Treatment of Diabetes, Obesity, and Other Cardiometabolic Diseases Advanced development and commercial partnering of lead product, AT278 • Best-in-class, ultra-concentrated, ultra-rapid-acting insulin • Designed to transform AID systems, lowering burden and im
Slide 8: FY25 Financial Highlights - Income
FY25 Financial Highlights - Income Income from royalty rights and cessation of Tetris Pharma £m 2025 2024 Revenue 1.7 1.6 • Revenue from formulation partnering revenue plus 6 Gross profit 1.3 0.9 months’ royalties Other income 5.5 0.3 • Other income: £5 million gain on sale of royalty rights R&D exp
Slide 9: FY25 Financial Highlights – Financial Position
FY25 Financial Highlights – Financial Position Strengthened balance sheet with non-dilutive funding, extending cash runway to 2Q 2027 £m 2025 2024 • Year end cash and short-term investments of £6.1m – Sale of royalty rights to Ligand totalled $11m, with $7.0m (£5.2m) Non-current assets 0.4 0.5 upfro
Slide 10: AT278: A Disruptor Insulin
AT278: A Disruptor Insulin Driving the next generation of AID systems to reduce patient burden and improve outcomes Page 10 10
Slide 11: AT278: Transforming Patient Care for People Living with Diabetes
AT278: Transforming Patient Care for People Living with Diabetes The only insulin that can enable pump use for high insulin users and catalyse next generation of Algorithm Calculates insulin longer wear smaller AID systems dose based on CGM CGM reading Measures blood glucose levels in AT278: The fir
Slide 12: What Will Drive Growth in the Adoption of AID Systems?
What Will Drive Growth in the Adoption of AID Systems? A highly concentrated insulin, like AT278, in combination with an innovative AID partner can More Cost deliver on all key patient needs Effective Improved Outcomes For patients PWD + and payer Reduced High TDD Faster insulins enable more aggress
Slide 13: Longer 7-day+ Wear Not Currently Achievable for Almost All T2Ds and >50% T1Ds
Longer 7-day+ Wear Not Currently Achievable for Almost All T2Ds and > 50% T1Ds AT278 can achieve 7-day wear for almost all T2Ds and T1Ds across all existing insulin pumps % of US IIT T2Ds and T1Ds who CANNOT reach wear-time with the largest 3mL insulin pump cartridge vs insulin concentration IIT T2D
Slide 14: US Patients with Greatest Unmet Need Represent $3B+ AT278 Market
US Patients with Greatest Unmet Need Represent $3B+ AT278 Market Initial TAM: Open up access $3B+ otal Addressab and AID adoption to T US tes Patients o le drive AT278 growth iabe B TAM n II T D ($5 ) 1 million PWDs on >100U/day cannot achieve 3-day 2 million 4 wear in current AID Additional growth
Slide 15: Significant AID Growth Projected in the US and Globally
Significant AID Growth Projected in the US and Globally US AID market still significantly underpenetrated • Total U.S. AID market opportunity Global AID Market Sales ~$20B (based on ~4M PWD on IIT) 1 $5.7B • US AID market remains underpenetrated: $4.7B $4.0B 40% 5% $3.5B $3.3B $2.9B T1D penetration
Slide 16: Arecor and Sequel Partnership
Arecor and Sequel Partnership A commitment to innovation and improved patient care Developing the next generation of longer wear, smaller AID systems to lower burden whilst improving outcomes for PWDs Sequel Med Tech LLC Co-development deal to fund all • Founded in 2023 – Board includes Pablo trial-
Slide 17: Pathway to FDA Regulatory Approval for AT278-AID System
Pathway to FDA Regulatory Approval for AT278-AID System Positive Type C meeting with the FDA confirming innovative Phase 2 clinical study design 2025 2026 2027 2028 2029 2030 CMC &Regs CMC Manufacturing Ph 3 Ph 2 (ongoing) scale-up PV & CTM PDUFA Type C IND IND BLA MA Phase 2 6-week Cross-over Pivot
Slide 18: Next Steps for AT278
Next Steps for AT278 Non-dilutive funding has strengthened balance sheet to support strategic deal- making Status Key 2026 Value Drivers 1 Phase 2 enabling studies on 1 Finalise partnership terms for Phase 2 and track beyond Partnering discussions with 2 insulin pump device 2 Initiate Phase 2 clinic
Slide 19: Oral Delivery of Peptides
Page 19 Oral Delivery of Peptides Large market opportunity starting with oral GLP-1 19
Slide 20: Overcoming the Challenge of Oral Peptide Delivery
Overcoming the Challenge of Oral Peptide Delivery Peptides and Permeation Enhancers Do Not Survive the Digestive System Leading to Low Oral Bioavailability permeation The Challenge enhancers Harsh pH & digestive enzymes Poor peptide stability due to Arecor Proprietary degradation by digestive proces
Slide 21: Oral Delivery Proof of Concept GLP-1
Oral Delivery Proof of Concept GLP-1 Over 800 peptides in development, but a limited number are delivered orally due to very low bioavailability (<1%) Status Next Steps 1 Positive results stabilising Non-clinical PK studies to inform optimum semaglutide in the Arecor approach to improve bioavailabil
Slide 22: Extensive Deal Making in Oral Delivery Space
Extensive Deal Making in Oral Delivery Space Large pharma & investor interest presents major opportunity for Arecor to create transformational value Significant acceleration in deal-making spanning in-licensing products & technology, M&A and investment 2020 2024 2025 $100M Series A $1.8B Over subscr
Slide 23: Summary & Outlook
Arecor Summary & Outlook
Slide 24: Summary & Outlook
AT278 addresses a significant unmet need in a large value market Summary & • The only ultra-concentrated and ultra-rapid-acting insulin in development, Outlook with demonstrated superior PK/PD compared to gold standard non- concentrated insulins available • US initial TAM $3B+, growing to ~$5B; addi
Slide 25: Appendices
Arecor Appendices
Slide 26: AT278 500 U/mL: Positive Results from 1st Phase 1 Study (AT278-102)
AT278 500 U/mL: Positive Results from 1st Phase 1 Study (AT278-102); Significantly Accelerated PK/PD Compared to 100 U/mL NovoRapid® Potential to be the first concentrated ultra-rapid-acting insulin product available to patients Study Design Topline Results • Double-blind, randomized, two-way cross
Slide 27: AT278 500 U/mL: Met All Primary and Secondary Endpoints (PK)
AT278 500 U/mL: Met All Primary and Secondary Endpoints in Phase 1 Clinical Study (AT278-102) in T1D Best-in-class PK profile compared with 100 U/mL NovoRapid® Phase 1 clinical study1 results AT278 vs NovoRapid® (p<0.05) 4 -fold increase in exposure in first 30 mins 1.5 -fold increase in exposure in
Slide 28: AT278 500 U/mL: Met All Primary and Secondary Endpoints (PD)
AT278 500 U/mL: Met All Primary and Secondary Endpoints in Phase 1 Clinical Study (AT278-102) in T1D Best-in-class PD profile compared with100 U/mL NovoRapid® Phase 1 clinical study1 results AT278 vs NovoRapid® (p<0.05) 9.5 mins faster onset of action 9-fold increase in glucose lowering action in fi
Slide 29: AT278 Phase 1 Clinical Trial (AT278-104) Study Overview
AT278 Phase 1 Clinical Trial (AT278-104) in Overweight and Obese T2D Study Overview Treatment Treatment Treatment period 1 period 2 period 3 AT278 AT278 Single s.c. dose of 0.5 U/kg Single s.c. dose of 0.5 U/kg Humulin® R U-500 Follow-up Single s.c. dose of 0.5 U/kg NovoRapid® NovoRapid® Single s.c.
Slide 30: AT278-104 Demonstrated PK Superiority Compared with NovoRapid & Humulin-R U500
AT278-104 (500U/mL) Demonstrated PK Superiority Compared with NovoRapid® (100U/mL) & Humulin-R U500 in T2D Patients with High BMI Potential to be insulin of choice for high insulin users and catalyse next generation of smaller, longer wear pumps Baseline Corrected Serum Insulin Aspart and Baseline C
Slide 31: AT278-104 Demonstrated PD Superiority Compared with NovoRapid & Humulin-R U500
AT278-104 (500U/mL) Demonstrated PD Superiority Compared with NovoRapid® (100U/mL) & Humulin-R U500 in T2D Patients with High BMI AT278 AT278 NovoRapid NovoRapid Humulin R U500 Humulin R U500 Glucose 20% (mg/kg/min) Glucose 20% (mg/kg/min) AT278 showed superiority for early insulin action with accel
Slide 32: AT278-104 Demonstrated Superior PK/PD Compared with NovoRapid
AT278-104 Demonstrated Superior PK/PD Compared with NovoRapid® with Clear Potential to Be the Only Insulin to Catalyse Development of Next-Generation Insulin Pump Therapy PK PD -24 min C 1/2max -25 min -5 min, appearance -5 min Insulin exposure Treatment ratio (95% CI) Glucose lowering effect Treatm
Slide 33: Summary of AT278-102 and -104 Phase 1 Clinical Results
Summary of AT278-102 and -104 Phase 1 Clinical Results Demonstrating superiority compared with NovoRapid® and Humulin-R U500® • AT278 demonstrates significantly superior accelerated PK/PD profile compared to NovoRapid® and Humulin® R U-500 in people with Type 2 diabetes and high BMI • Confirms previ
Slide 34: Thank You
Thank You Sarah Howell, CEO David Ellam, CFO Chesterford Research Park Little Chesterford CB10 1XL +44 1223 426 060 info@arecor.com www.arecor.com