Medivir Ab · OMXSTO:MVIR
Medivir Ab — Q1 2026 Earnings Presentation
25 slides from Medivir Ab's earnings presentation, May 5, 2026
Slide 1: Medivir Q1 2026 Report
MEDIVIR Q1 2026 REPORT MAY 5, 2026
Slide 2: Q1 Highlights
Q1 Highlights 4 hospitals added to FLEX-HCC study, the first 2 sites just now open to enroll patients, and highly successful visits performed by Medivir team at 8 out of 12 hospitals Scientific Expert Council with world-leading experts established in Osteogenesis Imperfecta (OI) as preparations for
Slide 3: A pipeline of first-in-class programs targeting patient populations without approved treatment options
A pipeline of first-in-class programs targeting patient populations without approved treatment options DISEASE PRE- ON POTENTIAL NEXT PROJECT PARTNER PH 1 PH 2 PH 3 FINANCIALS AREA CLINICAL MARKET EVENT(S) IN-HOUSE PROGRAMS Fostroxacitabine In-house HCC (mono) 100% Medivir Phase 2 start bralpamide
Slide 4: Important notice
Important notice You must read the following before continuing. The following applies to this document and the information provided in this presentation by Medivir AB (publ) (the “Company”) or any person on behalf of the Company and any other material distributed or statements made in connection wit
Slide 5: Today's presenters
Today’s presenters CEO CMO CFO CSO Jens Lindberg Pia Baumann Patrik Norgren Fredrik Öberg Slide 5
Slide 6: Fostrox
Fostrox 4 hospitals added to FLEX-HCC study, the first 2 sites just now open to enroll patients, and highly successful visits performed by Medivir team at 8 out of 12 hospitals Slide 6
Slide 7: FLEX-HCC: randomized 2L study in liver cancer to strengthen evidence of fostrox + Lenvima
FLEX-HCC: randomized 2L study in liver cancer to strengthen evidence of fostrox + Lenvima superiority over Lenvima alone 2026 2027 Study design: • 80 pts randomized to fostrox + Lenvima or Inclusion criteria Primary endpoint: Lenvima alone Fostrox 30 mg + Lenvima SD* • ORR (BICR) • 12 sites in Korea
Slide 8: FLEX-HCC: Fostrox + Lenvatinib Combination for Advanced HCC
FLEX-HCC: Fostrox + Lenvatinib Combination for Advanced HCC Yonsei University College of Seoul National University Medicine Severance Medical Center Asan Medical Hospital Center Primary Investigator Dr. Hong Jae Chon CHA Bundang Hospital CHA Bundang Hospital Samsung Medical Center Gachon Unive
Slide 9: Summary site visits
Summary site visits • Liver cancer continue to be very common in Korea and there is a high unmet need when progressed on 1L treatment • Sites are fully committed to the FLEX-HCC study with limited treatment options in 2L liver cancer • Standard 1L treatment: 80% Tecentriq/Avastin + 20% Imfinzi/Imjud
Slide 10: Fostrox (fostroxacitabine bralpamide) The first oral, liver-targeted treatment tailored for HCC
Fostrox (fostroxacitabine bralpamide) The first oral, liver-targeted treatment tailored for HCC Oral, liver-activated small molecule Promising efficacy in 2nd line HCC in First-to-market opportunity in patient selectively targeting tumor cells3 combination with lenvatinib1,2 population worth >$2.5bn
Slide 11: MIV-711
MIV-711 Scientific Expert Council with world-leading experts established in Osteogenesis Imperfecta as preparations for phase 2 PoC study continues Slide 11
Slide 12: Highly experienced scientific expert council to support design of clinical development program
Highly experienced scientific expert council to support design of clinical development program Dr. Andreas Kindmark • Associate Professor in Endocrinology at Uppsala University Hospital, Sweden • Head of the National Highly Specialized care for OI and for Dr. Bente Lomholt Langdahl Skeletal Dysplasi
Slide 13: Draft design of phase 2 randomized POC study with MIV-711 in OI
Draft design of phase 2 randomized POC study with MIV-711 in OI to inform next pivotal development phase • Patients with MIV-711 Endpoints: Osteogenesis Imperfecta High dose • Change in Biomarkers including • Fractures within the N~10 BMD previous 2 yr 1:1 • PK • N ~20 • Safety MIV-711 • Number of f
Slide 14: Clinical, regulatory and patient organization input on MIV-711 in Osteogenesis Imperfecta
Clinical, regulatory and patient organization input on MIV-711 in Osteogenesis Imperfecta External engagements and interactions Take aways to shape PoC study design • Scientific Expert Council: study design in the context of • Strong engagement from external experts with current/ future management o
Slide 15: Significant market opportunity with no approved treatment options for patients with Osteogenesis Imperfecta
Significant market opportunity with no approved treatment options for patients with Osteogenesis Imperfecta1,2 Estimated prevalent OI population Sizeable market opportunity – MIV-711 40 000 • Significant unmet medical need, across all subtypes, with no 35 000 approved treatment options 30 000 • Anti
Slide 16: MIV-711 – Highly selective cathepsin K inhibitor in development for patients with Osteogenesis Imperfecta
MIV-711 – Highly selective cathepsin K inhibitor in development for patients with Osteogenesis Imperfecta (OI) 3rd generation, highly selective Proven ability to prevent bone First-to-market opportunity in rare cathepsin K inhibitor degradation & improve bone quality1,2 disease worth >$2.5bn annuall
Slide 17: VBX-1000 (MIV-701)
VBX-1000 (MIV-701) Vetbiolix has already enrolled 22 of 51 dogs in the randomized, placebo-controlled study with VBX-1000 (MIV-701), results expected Q4 2026 Slide 17
Slide 18: VBX-1000 (MIV-701) – Potential game changer for the treatment of periodontitis in animal health
VBX-1000 (MIV-701) – Potential game changer for the treatment of periodontitis in animal health VBX-1000 (MIV-701) • 80% of all dogs and cats over 3 years suffer from periodontal disease (PD), causing pain, tooth loss & infections • No therapeutic treatments available to stop/reduce bone resorption
Slide 19: Randomized, placebo-controlled pilot study with VBX-1000 (MIV-701) rapidly recruiting dogs
Randomized, placebo-controlled pilot study with VBX-1000 (MIV- 701) rapidly recruiting dogs in the study Inclusion criteria High dose Endpoints: Updated study progress and timelines: VBX-1000 (MIV-701) • Client-owned dogs • 22 out of 51 dogs enrolled to date (End of April) • Plasma CTX1 with alveola
Slide 20: Significant financial upside potential through royalty revenues & share of potential Vetbiolix partnership payments
Significant financial upside potential through royalty revenues & share of potential Vetbiolix partnership payments Estimated total dog population Share of dogs >3 years with PD Sizeable market opportunity – MIV-701 100 • Significant unmet medical need with 90 no approved treatment options 90 80 • B
Slide 21: Financial highlights Q1
Financial highlights Q1 Slide 21
Slide 22: Financial summary Q1, 2026
Financial summary Q1, 2026 Consolidated Income Statement, summary Q1 Full year (SEK m) 2026 2025 2025 Net turnover 1,0 0,6 8,5 Other operating income 0,2 0,2 0,4 Total income 1,3 0,8 8,9 Other external expenses -4,5 -6,1 -41,4 Personnel costs -5,5 -7,0 -27,1 Depreciations and write-downs -0,7 -0,7 -
Slide 23: Q/A
Q/A Slide 23
Slide 24: Q1 Highlights
Q1 Highlights 4 hospitals added to FLEX-HCC study, the first 2 sites just now open to enroll patients, and highly successful visits performed by Medivir team at 8 out of 12 hospitals Scientific Expert Council with world-leading experts established in Osteogenesis Imperfecta (OI) as preparations for
Slide 25: Thank You!
Thank You! Slide 25