Slide 1: Q3 Report 2025
Q3 REPORT 2025 November 5, 2025 1
Slide 2: Important: You must read the following before continuing
© oncopeptides 25 years IMPORTANT: You must read the following before continuing. The following applies to this document, the oral presentation of the information in this document by Oncopeptides AB (the “Company”) or any person on behalf of the Company, and any question-and-answer session that foll
Slide 3: Presenters
PRESENTERS Sofia Heigis Henrik Bergentoft CEO CFO 3
Slide 4: Where we are right now
WHERE WE ARE RIGHT NOW FINANCIALS HIGHLIGHTS EVENTS JULY-SEPTEMBER • Net sales of SEK 20.2m in Q3 2025 • Oncopeptides’ drug Pepaxti included in European Guidelines for the treatment of multiple myeloma. (SEK 7.4m in Q3 • Oncopeptides announces presentations of Spanish and Italian real-world data a
Slide 5: Financial update
FINANCIAL UPDATE Henrik Bergentoft Chief Financial Officer 5
Slide 6: Financial summary
Financial summary MSEK Jul-Sept Jul-Sept Jan-Sept Jan-Sept - Revenue in the quarter grew 2025 2024 2025 2024 with 174% compared to last Net sales 20.2 8.5* 52.6 21.7 year, excluding the milestone payment in South Korea. COGS -0.3 -0.7 -0.6 -1.9 - Gross margin at 99% Gross profit 19.9 7.8 52.0 19.8 c
Slide 7: Operating expenses
Operating expenses MSEK 120 • S&M cost increased from 29.8 MSEK in Q3 - 24 to 31.9 MSEK in Q3 -25 100 • Organization in Spain and Germany were finalized during 2024 and during 2025 the Italian organization has been 80 70 68 established. MSEK MSEK • G&A cost increased slightly from 18.4 to 60 19.0 •
Slide 8: Liquidity
Liquidity MSEK 350 300 • Cash was 148 MSEK at Q3 end. • Liquidity position after rights issue 250 estimated to last until cash flow positive end of 2026 – contingent on continued 200 sales growth. 148 MSEK 150 • Rights issue successfully completed in the third quarter 100 • Injecting ~150 MSEK befor
Slide 9: Key take away on financials
Key take away on financials • The company is delivering rapid revenue growth and maintaining exceptional gross margins. • Cost control measures are yielding results, with operating expenses trending down meanwhile revenue is growing. • Liquidity is strong, and recent capital raised provides a runway
Slide 10: Commercial update
COMMERCIAL UPDATE Sofia Heigis Chief Executive Officer 10
Slide 11: European growth continues tracking toward profitability by end of 2026
European growth continues tracking toward profitability by end of 2026 & encouraging scientific progress • Innovative price negotiated in Germany, Austria, • Full regional access secured in Spain and 90% at Spain and Italy. hospital level in Italy. • New real-world data continues to confirm safety •
Slide 12: Our potential
OUR POTENTIAL NEXT STEP VALUE DRIVERS OPD5, OPDC3 – PDCs with global opportunity for PIPELINE ASSETS multiple indications & potential for accelerated paths SPiKEs – potential to become a new mode of action in immunology, hematology/oncology. PEPAXTI IN REST High global unmet medical need creates Pep
Slide 13: Update on Japan
UPDATE ON JAPAN Discussions are advancing well, internal processes and governance for Japanese partners take time. Due-diligence still in late stage. Deal would mean an upfront, several milestone payments and a double-digit royalty. 13
Slide 14: European commercialization update
EUROPEAN COMMERCIALIZATION UPDATE 14
Slide 15: European commercialization update
EUROPEAN COMMERCIALIZATION UPDATE Our ambition: launch as fast as possible with a price reflecting our innovation – providing patient and shareholder value. Phase I - completed ≈55% Phase II Key markets expected - completed to take company to profitability. Phase II - pending ≈35% Phase III Phase II
Slide 16: European commercialization update
EUROPEAN COMMERCIALIZATION UPDATE • Vacation period in Europe primarily in August temporarily affecting net sales. • Demand in July and September encouraging & demonstrating solid growth with all time high x 2. • By end of Q3 more than 550 patients treated since EMA approval in 2022. • Positive clin
Slide 17: European commercialization update
EUROPEAN COMMERCIALIZATION UPDATE Q3 2023 Q3 2024 Q2 2025 Q3 2025 Accumulated total sales, by end of quarter. 17
Slide 18: Germany – increased experience and scientific progress
GERMANY – INCREASED EXPERIENCE AND SCIENTIFIC PROGRESS • Market with the longest vacation period. Overall MM market slow with overall decline in August. • We are continuously broadening the prescriber based in a scattered market • Increased experience has led to several RWD publications being genera
Slide 19: Cumulative number of Pepaxti prescribers
PRESCRIBER BASE IS BROADENING Cumulative number of Pepaxti prescribers Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 19 Estimates based on ordering pharmacy, order dates and field insights.
Slide 20: Germany – broadening sales through positive experience
GERMANY – BROADENING SALES THROUGH POSITIVE EXPERIENCE Q3 2025 Q3 2023 Q3 2024 Q2 2025 Accumulated total sales, by end of quarter 20
Slide 21: Italy – 90% access at hospital level unlocked
ITALY – 90 % ACCESS AT HOSPITAL LEVEL UNLOCKED • Strongest launch uptake so far and greatest contributor to demand growth in Q3 • 90 % of regions unlocked at hospital level • Continued increased number of RWD publications • Investigator Initiated Trials ongoing and several interesting proposals bein
Slide 22: Italy – 90% regional access at hospital level
ITALY – 90 % REGIONAL ACCESS AT HOSPITAL LEVEL Q1 2025 Q2 2025 Q3 2025 Accumulated total sales, by end of quarter 22
Slide 23: Spain – full regional access
SPAIN – FULL REGIONAL ACCESS • Full regional access – Spain demonstrates scalability of our commercial model. • Continuous publication and collection of RWD data • Investigator Initiated Trials ongoing and several interesting proposals being discussed • Awareness and experience sharing boosted at th
Slide 24: Spain – full regional access
SPAIN – FULL REGIONAL ACCESS Q3 2024 Q2 2025 Q3 2025 Accumulated total sales, by end of quarter 24
Slide 25: Pepaxti commercialization and partnership landscape
PEPAXTI COMMERCIALIZATION AND PARTNERSHIP LANDSCAPE Reimbursed Available via partner Commercialization ongoing Regulatory process ongoing by partner Partnership discussion ongoing Oncopeptides’ expansion strategy can be summarized as: 25 Grow geographically, partner smartly, and innovate purposefull
Slide 26: Pipeline assets
PIPELINE ASSETS PDC: Building onto our existing innovation Pepaxti approved in Europe for relapsed, refractory multiple myeloma (RRMM), with ongoing commercialization and expansion into new markets. Next-generation highly combinable PDCs: OPD5 – With potential for enhanced efficacy, a derisked devel
Slide 27: Reminder: Capital Market Update November 13
REMINDER: CAPITAL MARKET UPDATE NOVEMBER 13 Oncopeptides will host an online Capital Markets Update on November 13, 2025, from 09:00 to 12:00 CET. If you can´t make it - you will also be able to watch later. To register: https://oncopeptides.events.inderes.com/cmu-2025/register Link and more informa
Slide 28: Why invest in Oncopeptides?
WHY INVEST IN ONCOPEPTIDES? Growth momentum: Q3 2025 net sales +174% year over year and fourth consecutive QoQ growth, with highly profitable business model, tracking towards profitability by end of 2026. Pepaxti fully approved in Europe with reimbursement secured & with completed commercial organiz
Slide 29: Questions & Answers
29 Questions & Answers © oncopeptides
Slide 30: Bringing hope through science
Bringing hope through science © oncopeptides