Thor Medical Asa · OSL:TRMED
Thor Medical Asa — FY2024 Earnings Presentation
26 slides from Thor Medical Asa's earnings presentation, 2025
Slide 1: 2024 Second Half and Full-Year Results
2024 Second Half and Full-Year Results Our Path Toward Enabling Next- Generation Cancer Therapy Jasper C. Kurth, CEO Brede Ellingsæter, CFOO
Slide 2: Disclaimer
Disclaimer The following presentation is being made only to, and is only directed at, persons to whom such presentation may lawfully be communicated (“relevant persons”). Any person who is not a relevant person should not act or rely on this presentation or any of its contents. This presentation doe
Slide 3: Becoming a world-leading supplier of alpha-emitters to cancer therapies
Becoming a world-leading supplier of alpha-emitters to cancer therapies creating a multi-billion USD market New cancer therapies create a USD 1bn+ revenue opportunity Industrial milestone First production run Q4 2024 Successfully raised capital for AlphaOne plant Listed on Oslo Stock Exchange NOK ~8
Slide 4: Enabling a transformation of cancer care with next-generation precision treatment
Enabling a transformation of cancer care with next-generation precision treatment Cancer is a leading cause of death worldwide, accounting for around 10 million deaths per year Radiotherapeutics represents one of the fastest growing cancer treatment options Thor Medical enables a transformation of c
Slide 5: 2024 highlights
2024 highlights • Successfully completed and commissioned pilot facilities at Herøya, delivering on time and within budget • Delivered first Thorium-228 product samples to customers with verified confirmation of performance • Secured strategic sales agreements with ARTBIO and AdvanCell, and with a l
Slide 6: On track towards commercial-scale production – AlphaOne
On track towards commercial-scale production – AlphaOne Herøya, Norway 15,000 patient doses Location Capacity 15-20 FTEs 2026 Employment Production start Final investment decision March 2025
Slide 7: Market View
Market View oO thor. S medical
Slide 8: Radiotherapeutics expected to dominate the broader radiopharmaceutical market
Radiotherapeutics expected to dominate the broader radiopharmaceutical market Radiopharmaceuticals market size, USDbn Key growth drivers 1. Technological advancements Radiotherapeutics reaching USD 27 billion, with Next-gen alpha-emitters deliver better diagnostics at USD 12bn efficacy with fewer si
Slide 9: Radiopharmaceutical deals doubling in 2024
Radiopharmaceutical deals doubling in 2024 USD 10bn radiopharma deals in 2024 vs. USD 5.5bn in 2023 All time high oncology trials starts and 22% increase since 2018 USD 1.4bn radiopharma financings in 2024 vs. USD 1.2bn in 2023 10 Source: IQVIA Global Oncology Trends 2023/ Carnegie and Thor Medical
Slide 10: Alpha particles improving therapy with fewer side effects
Alpha particles improving therapy with fewer side effects Th-228 derived Pb-212 in pole position as ideal alpha isotope ALPHA DOMINATING NUMBER OF CLINICAL TRIALS • High energy transfer – better efficacy than beta particle 40 • DNA destruction – breaks both stands for direct cell death 30 x2 • Short
Slide 11: Rapidly growing radioisotope market with billion-dollar potential
Rapidly growing radioisotope market with billion-dollar potential CLINICAL COMMERCIAL STAGE 1 STAGE 2 STAGE 3 • A single successful Pb-212 2024-2028 2028-2032 2032 and onwards product can create a market Clinical trials Market penetration Market maturation worth several hundred million USD • 15+ ass
Slide 12: Rapidly developing clinical pipeline of assets using Pb-212/Ra-224
Rapidly developing clinical pipeline of assets using Pb-212/Ra-224 derived from Th-228 Company Preclinical Phase 1 Phase 2 Phase 3 Recent highlights • EUR 300m investment to develop next-gen. radioligands • Starting Phase 3 in 2025 • Listed on New York Stoch Exchange Customer • Licensing agreement w
Slide 13: Indicated demand exceeds AlphaOne capacity
Indicated demand exceeds AlphaOne capacity • Current contracts already fill ~75% of AlphaOne capacity first 4-5 years - ARTBIO, AdvanCell, and undisclosed customers • Combined contracted revenues of NOK 300-500m AlphaOne with ramp-up roughly following production volumes capacity year 3 • Indicated d
Slide 14: Operational development
Operational development oO thor S medical
Slide 15: Scalable, cost-efficient, and sustainable production of high-purity isotopes
Scalable, cost-efficient, and sustainable production of high-purity isotopes Sourcing from mining operations • Delivering high purity Th-228 and Ra-224, Th-232 AlphaCycle 14.1b years parent isotopes for Pb-212, based on natural decay requiring no irradiation Ra-228 • Natural decay chain avoids radio
Slide 16: Pilot as a launchpad for growth
Operations since October 2024 Pilot as a launchpad for growth • Doubling production capacity from 100 to 200 patient doses to support initial clinical volumes of Th-228 in 2025, with only minor investments • Seeking to bridge the supply gap until AlphaOne starts commercial production • Also producin
Slide 17: AlphaOne – first commercial scale plant
Production scale-up AlphaOne – first commercial scale plant AlphaOne AlphaCycle production 40,000 • Th-228 and Ra-224 production to meet early market demand Th-228 Ra-224 • Expanding existing pilot facilities to commercial scale No. patient doses capacity 15,000 • Self-scaling production capacity in
Slide 18: Commercial scale development and execution roadmap
Commercial scale development and execution roadmap • Ongoing pre-project to finalize contractor tendering process before FID in March • Subject to FID, build the Herøya on-site team with management and technicians for AlphaOne • Strenghten key support functions to drive growth and innovation over th
Slide 19: Sharply growing market opportunity enables ambitious ramp-up plan
Sharply growing market opportunity enables ambitious ramp-up plan over the next decade >1,000,000 2026 plant completion Q4’24 production start Herøya, Herøya, Norway ~250,000 Norway ~15,000 Nameplate production capacity #patient doses ~200 Proof of Concept Pilot AlphaOne AlphaTwo AlphaGlobal (2015-2
Slide 20: Financials
Financials oO thor. S medical
Slide 21: Efficient capital utilization ahead of AlphaOne investment decision
Efficient capital utilization for organization and pilot ahead of AlphaOne investment decision • Payroll and related Financial key figures (in NOKm) 2H 2024 2H 2023 2024 2023 expenses of NOK 12 million • Other expenses net of Revenues 0.0 0.0 0.0 0.0 grants amounted to NOK 18.8 million relating main
Slide 22: Fully funded for scaling operations in 2026
Fully funded for scaling operations in 2026 Capital uses Capital sources • Raised NOK ~200 million Contingency Debt in private placement and subsequent offering in Overhead AlphaOne Equity Dec 2024/Jan 2025 capex • Secured NOK 90 million loan commitment from Innovation Norway NOK NOK • Establishing
Slide 23: Outlook
Outlook oO thor. S medical
Slide 24: Outlook
Outlook Further Refine and Execute expand Strenghten the scale pilot AlphaOne sales organization operations project pipeline 25
Slide 25: Why invest in Thor Medical
Why invest in Thor Medical We are enabling next-generation precision cancer treatments Major market opportunity 1 The radiotherapeutics market is set to increase to USD 27bn by 2032, with alpha-emitting radioisotopes enabling next-generation precision cancer treatment. Thor Medical has an opportunit
Slide 26: thormedical.no
Thor Medical is an emerging supplier of radionuclides, primarily alpha particle emitters, for medical use in cancer therapy. Its proprietary production technology requires no irradiation, and provides reliable, environmentally friendly, cost-efficient supply of alpha-emitters for the radiopharmaceut