Thor Medical Asa · OSL:TRMED
Thor Medical Asa — Investor Presentation (November 2024)
33 slides from Thor Medical Asa's investor presentation, Nov 25, 2024
Slide 1: Enabling Next-Generation Precision Cancer Treatments
Enabling Next- Generation Precision Cancer Treatments Capital Markets Update November 25, 2024 Jasper Kurth, CEO Brede Ellingsæter, CFO
Slide 2: Disclaimer
Disclaimer By reading this Presentation (the "Presentation"), or attending any meeting or oral Presentation held in relation thereto, you agree to be bound by the following terms, conditions and limitations. The following Presentation is being made only to, and is only directed at, persons to whom s
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 Placeholder USD 1bn+ photo revenue opportunity Industrial milestone First Production Run Q4 2024 [insert Herøya picture] Concept study for ‘AlphaOne’ plant Listed
Slide 4: News report on national TV covering finalization of Pilot Plant
News Report on national TV in Norway covering the finalization of Thor Medical’s Pilot Plant Norway‘s Minister of Industry, Cecilie Myrseth, joined the ribbon cutting ceremony 4
Slide 5: Strong team with solid track record
Strong team with solid track record Jasper Kurth Brede Ellingsæter Dr. Sindre Hassfjell Dr. Alf Bjørseth Astrid Liland Chief Executive Officer Chief Financial Officer Chief Technology Officer SVP Business Development VP HSEQ • >15 years’ experience in the • 10 years’ industrial • >30 years’ experien
Slide 6: 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 7: Highlights
Highlights • Successfully completed and commissioned pilot facilities at Herøya, on-time and on-budget and with all required authorizations secured • Secured strategic five-year supply agreement with ARTBIO for Thorium-228 • Shipped the first batch of Thorium-228 from the recently opened pilot facil
Slide 8: Market development
Market development oO thor & medical
Slide 9: Radiotherapeutics expected to dominate the broader radiopharmaceutical market by 2032
Radiotherapeutics expected to dominate the broader radiopharmaceutical market by 2032 Radiopharmaceuticals market size, USDbn Key growth drivers adiot erapeu cs adiodia nos cs 1. Technological advancements Radiotherapeutics reaching USD 27 billion, with Next-gen alpha-emitters deliver better diagnos
Slide 10: High deal activity in the radiopharmaceuticals market
High deal activity in the radiopharmaceuticals market All time high oncology trial starts and 22% increase since 2018 >USD 12bn radiopharmaceutical transactions last twelve months >USD 1bn raised in radiopharma financings last twelve months 10 Source: IQVIA Global Oncology Trends 2023/ Carnegie rese
Slide 11: The future is alpha
The future is alpha Alpha-particles yield better therapeutic performance with fewer side effects ALPHA NOW DOMINATING NUMBER OF CLINICAL TRIALS Alpha (α) > Beta (β) 40 • Higher linear energy transfer → Greater therapeutic efficacy 30 x2 • Direct cell death through DNA destruction → Breaks both DNA s
Slide 12: Battle of the alphas – Lead-212 rapidly catching up with Actinium-225
Battle of the alphas – Lead-212 rapidly catching up with Actinium-225 DRUG CANDIDATES IN PRECLINICAL DEVELOPMENT • Pb-212 is the ideal isotope in terms of 60 efficacy, off-target toxicity risk (safety), Pb-212 Ac-225 and post-treatment waste handling due to short half-life1 40 • Higher growth in Pb-
Slide 13: Extensive clinical pipeline of assets using Pb-212/Ra-224 derived from Th-228
Extensive clinical pipeline of assets using Pb-212/Ra-224 derived from Th-228 Company Lead asset Generator isotope Therapeutic isotope Preclinical Phase 1 Phase 2 Phase 3 AlphaMedix Th-228 Pb-212 VMT-𝛼-NET Ra-224 Pb-212 AB001 Th-228 Pb-212 ADVC001 Th-228 Pb-212 Radspherin Th-228 Ra-224 Alpha DaRT…
Slide 14: 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 asse
Slide 15: Operational plans and development
Operational plans and development 15
Slide 16: Building a value chain for next-generation cancer therapies
Building a value chain for next-generation cancer therapies Generating Distribution to Th-232 Delivering alpha- Pb-212 and hospitals and cancer – a naturally emitters Th-228 and manufacture of clinics for patient occurring isotope Ra-224 radiotherapeutics treatment Sourcing from mining Radiotherapeu
Slide 17: Thor Medical's separation technology outperforms other production methods
Thor Medical’s separation technology outperforms other production methods Comparison of CAPEX and across radiopharmaceutical production technologies 1 Separation technology • Lowest CAPEX and OPEX in extraction of naturally abundant resources • Continuously scaling based on infinitely reuseable natu
Slide 18: Alternative production routes for Pb-212 deployment
Alternative production routes for Pb-212 deployment Chemical separation Radium gamma Radium proton Radium neutron Thorium spallation natural decay of Th-232 irradiation of Ra-226 bombardment of Ra-226 irradiation of Ra-226 bombardment of Th-232 Products Th-228, Ra-224, Pb-212 Pb-212 Ra-224 Th-228 Th
Slide 19: Proprietary scalable and cost-efficient production process
Proprietary scalable and cost-efficient production process offer radioisotopes from naturally occurring thorium Thor Medical manufacturing process • Delivering high purity Th-228 and Ra- Natural Th-232 224, parent isotopes for Pb-212, based 14.1b years thorium feedstock on natural decay requiring no
Slide 20: Proprietary self-scaling AlphaCycle process of Thor Medical
Proprietary self-scaling AlphaCycle process of Thor Medical • AlphaCycle is a continuously self-scaling AlphaOne plant proprietary production process production capacity ‒ Production output continuously scaling with no 40,000 additional capex based on natural decay ‒ Optimizing the production to max
Slide 21: AlphaOne – first commercial scale plant
Production scale-up: AlphaOne – first commercial scale plant • Ongoing clinical development of radiopharmaceuticals using Pb-212 require large volume of thorium-based radioisotopes • Completed concept study in Q4 with capital requirement estimated to USD 30M for AlphaOne plant • AlphaOne production
Slide 22: Flexible scaling with centralized and local production near key markets
Flexible scaling with centralized and local production near key markets Th-232 Step 1: Upstream production 14.1b years • Large-scale separation Th-232 with large footprint and capital Ra-228 intensity 5.7 years • Centralized upstream production sites Th-228 1.9 years Step 2: Downstream purification
Slide 23: 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 Q4’24 ~12m from FID plant completion production start Herøya, Herøya, Norway Norway 250,000 15,000 Production capacity # Patient doses 100 Proof of Concept Pilot AlphaOne AlphaTwo AlphaGlobal (2015-2022
Slide 24: Mitigating key risks for sustainable growth
Mitigating key risks for sustainable growth – Thor Medical’s proactive approach Risks Hurdle Mitigation Scaling-up and commercializing Pilot facility validating technology and samples, Technology complex early-stage technology phased scale-up approach overseen by expert team Market demand uncertaint
Slide 25: Financials
Financials ¢& thor. & medical
Slide 26: 'AlphaOne' capital requirement estimated to USD 30M
‘AlphaOne’ capital requirement estimated to USD 30M Sources of financing • Estimated capital requirements of USD 30M based on concept study Equity • Small investment compared to biotech benchmarks new investors • Will generate cash-positive operations with risk diversified across multiple customers
Slide 27: Use of proceeds to de-risk project and position for future funding
Use of proceeds to de-risk project and position Thor Medical for future funding De-risking milestones Q4 2024 Contingency Completion of pilot facility (completed) Capex Verifies production process at scale Equity 10% Debt Secure offtake agreements (completed) Overhead Secures market demand and reduc
Slide 28: Looking ahead
Looking ahead ¢& thor. & medical
Slide 29: Phased expansion plan: Scaling Thor Medical's production
Phased expansion plan: Scaling Thor Medical’s production 1 2 3 AlphaOne AlphaTwo AlphaGlobal Initial commercial production to meet Expand production capacity to meet Secure worldwide supply of early market demand growing client demand alpha-emitters to key regions • Initial capital outlay to build a
Slide 30: Organizational development focused on strengthening production, R&D and support functions
Organizational development focused on strengthening production, R&D and selected support functions Initiative Production leadership Build comprehensive organization for local production in Herøya R&D Strengthen R&D capabilities, focusing on expanding value for customers through Innovation HR, commun
Slide 31: Vision for 2035
Vision for 2035 Transforming 1m+ USD 1bn+ >50% cancer care Production capacity (patient doses) revenue opportunity EBITDA upon industrial ramp-up with next-generation precision treatment 31
Slide 32: We are enabling next-generation precision cancer treatments
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 33: 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