Exact Therapeutics As · OSL:EXTX
Exact Therapeutics As — Investor Presentation (February 2026)
20 slides from Exact Therapeutics As's investor presentation, February 2026
Slide 1: EXACT Therapeutics
EXACT Therapeutics February, 2026
Slide 2: Important notice and disclaimer
Important notice and disclaimer This presentation (the "Presentation") has been prepared by EXACT Therapeutics AS (the "Company") exclusively for information purposes. The Presentation is being made only to, and is only directed at, persons to whom such presentation may lawfully be communicated (’re
Slide 3: EXACT – a frontrunner in ultrasound activated oncology therapy
EXACT – a frontrunner in ultrasound activated oncology therapy We are building a leading biotech company, utilising the power of ultrasound to unlock targeted oncology treatments Focused oncology development strategy: • PS101, proprietary fully-owned therapeutic • Versatile technology with clinica
Slide 4: Strategic focus – pancreatic cancer
EXACT Therapeutics Strategic focus – pancreatic cancer Foundation: Finalized Phase 1 trial in patients with liver metastases of 0 colorectal origin. 4x tumour shrinkage compared to control lesions (p<0.05) Pancreatic cancer: Ambition – win in locally advanced pancreatic cancer 1st 1 (LAPC). Step 1 -
Slide 5: PS101 oncology pipeline – pancreatic focus
Pipeline PS101 oncology pipeline – pancreatic focus Notes: 1) Phase 2 trial in 1L locally advanced pancreatic cancer (NCT06850623) 2) CNS – Central Nervous System Source: Company information 5
Slide 6: PS101 open biological barriers that hamper drug delivery
PS101 open biological barriers that hamper drug delivery • PS101 consists of small clusters of gas bubbles and oil droplets • A non-invasive platform to enable targeted, organ- • PS101 is free-flowing after injection into the blood, which means specific drug delivery they can reach any tissue in the
Slide 7: A simple and non-invasive treatment process
A simple and non-invasive treatment process PS101 is activated through a 2-step ultrasound process Step 1: Activation with high frequency (HF) Step 2: Enhancement with low frequency (LF) Release of bubbles › › › › › and exhalation through the lungs HF ultrasound is Resulting in phase shift LF ultras
Slide 8: ACTIVATE Phase 1 trial
ACTIVATE Phase 1 trial – Innovative assessment of anticancer activity – Patients with liver metastases of colorectal origin • All patients received standard of care treatment • One of the liver tumours was treated with PS101 • Intra-patient comparison of tumour response Sum of diameters and volume o
Slide 9: 4x tumour shrinkage compared to control lesions in Phase 1 trial
4x tumour shrinkage compared to control lesions in Phase 1 trial on liver metastases in hard-to-treat patients – presented at ESMO ’25 ACTIVATE Blinded Read - Change in Diameter • PS101 significantly enhances the local effect of chemotherapy 60 50 CTx only • 9 evaluable hard-to-treat patients with 4
Slide 10: PS101 – Strong rationale for use in pancreatic cancer
PS101 – Strong rationale for use in pancreatic cancer Rationale for use of PS101 in LAPC Large unmet need. 30-40% of pancreatic cancer patients are LAPC and inoperable Delivery of therapies into dense, pancreatic tumours is challenging Success in LAPC development Clinical and pre-clinical data Techn
Slide 11: Pancreatic cancer – a high-need, high-opportunity disease
Pancreatic cancer – a high-need, high-opportunity disease Pancreatic cancer is one of the most lethal cancers and has seen few advances in treatment. More than 67 000 new diagnoses every year in the US alone. 142 die every day in the US1 13% 5-year relative survival1 5 FDA approved drugs Only 5 dire
Slide 12: Total addressable patient population of ~30,000 USA and EU5
Total addressable patient population of ~30,000 USA and EU5 USA* EU5** 67 440 Newly diagnosed pancreatic cancer patients/ year 74 025 Locally advanced unresectable and 23 604 border line resectable (35%) 25 909 FOLFIRINOX 14 162 15 545 Treatment (60%) Addressable patient population : Sources: ~30 00
Slide 13: ENACT Phase 2 trial
ENACT Phase 2 trial PS101 safety and efficacy in first line borderline resectable and locally advanced PDAC* with potential orphan drug designation Target population makes up 30-40% of pancreatic cancer patients Staggered dosing for the first three participants Participant 1 Participant 2 Participan
Slide 14: ENACT: Initial safety and response to treatment
ENACT: Initial safety and response to treatment Early safety results support continued dosing and trial as planned Treatment induced decrease in CA 19-9 100 • No added safety concerns by adding PS101 to standard therapy Encouraging start of ENACT on tumour response CA 19-9 in % of screening value 75
Slide 15: Potential pipeline expansions – preclinical work
Potential pipeline expansions – preclinical work Blood brain barrier opening and drug delivery of Immuno-oncology various formulations and delivery of immunotherapy Size 9-15 nm PS 101 PS 101 Size 65 nm PS 101 PS 101 15
Slide 16: Major milestones since December 2024 financing
Major milestones since December 2024 financing Milestone category Description Oncology (clinical) Phase 1 ACTIVATE trial Final study results from ACTIVATE trial in patients with liver metastases of colorectal cancer origin (presented at ESMO* 2025) Phase 2 ENACT trial USA: Approval of IND for ENACT
Slide 17: Warrant exercise – up to mUSD 6
Warrant exercise – up to mUSD 6 Continued strong support from major shareholders. ~75% of amount has been secured so far Initial Warrants Interim Key safety exercise read-out Results read-out Jan 2026 Q1 2026 Mid 2026 H1 2027 Today 2026 2027 Use of proceeds from warrants: • Secure ENACT trial throug
Slide 18: Strong potential news flow in 2026
Strong potential news flow in 2026 Milestone category Description Oncology (clinical) Phase 1 ACTIVATE trial Publication of final study results from ACTIVATE trial in patients with liver metastases of colorectal cancer origin in scientific journal Phase 2 ENACT trial Safety read-out for 60µl/kg dose
Slide 19: Key take-aways and de-risking
Key take-aways and de-risking Focused oncology strategy - Phase 2 ENACT trial well underway Positive clinical and preclinical proof of concept for PS101 #1 medical equipment company as vested device and supply partner Broad granted IP coverage Rich near-term news flow 19
Slide 20: Contacts
Contacts Dr Per Walday Caspar Foghsgaard CEO CBO M: +47 917 93 429 M: +47 454 89 233 E: per.walday@exact-tx.com E: caspar.foghsgaard@exact-tx.com
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