Obi Pharma, Inc. · TPEX:4174
Obi Pharma — Investor Presentation (December 2025)
34 slides from Obi Pharma's investor presentation, Dec 18, 2025
Slide 1: Driving Value Transformation Through ADC Innovation
OBI Pharma Driving Value Transformation Through ADC Innovation Investors’ Meeting December 18, 2025 4174.TWO © 2025 OBI Pharma Inc. All Rights Reserved.
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation contains certain forward-looking statements. These forward-looking statements may be identified by words such as “believes,” “expects,” “anticipates, ” “ projects,” “ intends,” “should,” “seeks,” “estimates,” “ future ,” “or similar expressions or by discussio
Slide 3: Agenda
AGENDA Celeste Chuang, Ya-Chi Chen, Heidi Wang, PhD Colin Kao, CPA Elena Chen, MD DPhil PharmD Sr. Director, Director, Chief Executive Officer Chief Operating Officer Development Team Chief Scientific Officer Business Development and Medical Clinical Welcome and Business Strategy Closing and Future
Slide 4: Welcome and Introduction
01 Welcome and Introduction Chief Executive Officer Heidi Wang, PhD 4 December 2025
Slide 5: Cancer patients is a growing global crisis with projected more than 24 million cases
Cancer patients is a growing global crisis with projected more than 24 million cases in 2030 ADC is Precision Medicine ADCs Move into the Curative Setting Overcome Current Treatment Limitations 5 December 2025 Source: WHO/International Agency for Research on Cancer.
Slide 6: OBI has transformed into a full spectrum ADC company
OBI has transformed into a full spectrum ADC company Harnessing and optimizing the key capabilities Robust Preclinical & Clinical Specialized Manufacturing Oncology Pipeline Capabilities • 2 in Phase 1; 1 in Phase 2 • Enzyme facility • 3 next-gen ADC assets • In-house BSL2 facility Proprietary Obrio
Slide 7: Start with an end goal in mind
Start with an end goal in mind Out-license at preclinical or early stages of clinical development Early-stage Late-stage clinical development Discovery & Preclinical and commercialization clinical development Big Pharma, Regional Pharma, and Biotech Case studies: Roche/Genentech, Seagen (Pfizer), As
Slide 8: ADC-Centric Pipeline in Precision Oncology
ADC-Centric Pipeline in Precision Oncology IND Product Target Technology Payload (DAR) Indication Preclinical P1 P2 P3 enabling TROP2 Exatecan ↗ NCT06480240 OBI-992 monospecific Cysteine conjugation (DAR4) Solid Tumor Phase 1 NCT06480240 TROP2 Glycan conjugation Exatecan ↗ NCT07124117 OBI-902 monosp
Slide 9: 2025 conference presentations
Mii) 1) 1 5 FUORI Alen cosy ! TsiTC 2025 ie ANNUAL | Chit Heidi Wan Quon GO
Slide 10: Beyond the Logo: OBI Footprints Worldwide in 2025
Beyond the Logo: OBI Footprints Worldwide in 2025 20+ Invited talks 10+ United States Posters Europe Asia London Vienna Nanjing Incheon Seoul 8 San Francisco Chicago Boston Yokohama Partnering Milan Suzhou New Brunswick Omiya conferences San Diego Philadelphia Taipei San Antonio Singapore 2 Awards 1
Slide 11: Strategically Positioned & Laser Focused for Next Stage of Growth
Strategically Positioned & Laser Focused for Next Stage of Growth High-Value Pipeline of Differentiated Programs • Pivotal Proof of Concept of GlycOBI® platform with TROP2 ADC Business Development to Augment Pipeline/Technology • 10+ Research Plans • 30+ CDAs 11 December 2025
Slide 12: Finance
02 Finance Chief Operating Officer Colin Kao, CPA 12 December 2025
Slide 13: Cost Reduction: Committed to drive cost lower
Cost Reduction: Committed to drive cost lower while striving for execution excellence DRIVE REVENUE • Technology collaboration Savings ~ 33% • Technology/Asset licensing • Asset royalty Investments • Subsidiary value creation • Reduced workforce and • In-licensing to labor costs by 33% enhance pipel
Slide 14: 2025 Revenue vs Expense Analysis
2025 Revenue vs Expense Analysis: Achieved cost efficiency while delivering revenue and innovation momentum • Revenue surged by 289% from Q2 to Q3, • Monthly operational expenses reduced by 32.65% mainly driven by ADC technology collaborations from H1 to H2 2025. • ADC partnerships positioned as a k
Slide 15: Subsidiaries and Reinvestment Insights that enriches OBI's value
Subsidiaries and Reinvestment Insights that enriches OBI’s value Area of expertise %Shares Recent milestones • IBI302: Phase 3 (w/ Innovent) 27.14% • AP505: Phase 2 (w/ Tasly) Bispecific antibodies (6945.TWO) • 3 assets in Phase 1 • Multiple assets in preclinical 49.57% • Positive Phase 2 results Bo
Slide 16: Clinical Development of OBI-992 & OBI-902
03 Clinical Development of OBI-992 & OBI-902 Sr. Director, Development Team and Medical Elena Chen, MD 16 December 2025
Slide 17: OBI-992
• US FDA granted Orphan Drug Designation (ODD) OBI-992 - Gastric and gastro esophageal junction (GEJ) cancer on Aug 6, 2024 TROP2 ADC • Putative recommended phase 2 dose (RP2D) at 6 mg/kg • No interstitial lung disease (ILD) observed to-date • Data to be submitted to international conferences in 202
Slide 18: OBI-992: Phase 1/2 Study in Advanced Solid Tumors
OBI-992: Phase 1/2 Study in Advanced Solid Tumors Preliminary clinical data show 3 partial response* patients. Well tolerated, no unexpected AEs. Key Eligibility Study Design 10 mg/kg pRP2D 8 mg/kg Putative Recommended 6 mg/kg Advanced solid tumors Phase 2 Dose (RP2D) 4 mg/kg 2 mg/kg at 6mg/Kg 1 mg/
Slide 19: OBI-992 monotherapy achieved partial responses
OBI-992 monotherapy achieved 3 partial responses (PR) in patients failing most lines of standard of care Case#1: Duodenal adenocarcinoma Case#2: Ovarian cancer Case#3: Ovarian cancer Tumor reduction: - 32% Tumor reduction: - 30% Tumor reduction: - 35% Baseline Baseline Baseline Week 23 Week 40 Week
Slide 20: OBI-902
• First patient dosed in August 2025, 5 patients treated to-date • To-date, OBI-902 is observed to be well tolerated OBI-902 • US FDA granted Orphan Drug Designation (ODD) - Cholangiocarcinoma on Nov 14, 2025 TROP2 ADC - Gastric cancer & Gastric and gastro esophageal junction (GEJ) cancer on Dec 4,
Slide 21: OBI-902: Phase 1a Study in Advanced Solid Tumors
OBI-902 : Phase 1a Study in Advanced Solid Tumors Well tolerated, no dose limiting toxicity (DLT) or unexpected adverse event (AE) observed to-date. Key Eligibility Study Design 10 mg/kg 8 mg/kg 6 mg/kg Advanced solid tumors 4.5 mg/kg in 3 mg/kg Taiwan & US 1.6 mg/kg Design Open label, dose escalati
Slide 22: Business Development
04 Business Development Director, Business Development Celeste Chuang, DPhil 22 December 2025
Slide 23: Global Oncology Trend
Global Oncology Trend Oncology research and development has an increasing focus on ADC Oncology in solid tumor clinical trial starts Number of trials by primary tested drug type, 2015–2024 Raking Modality 1 Cell and gene therapy ADC ranked 3rd 2 Multispecific antibody amongst all the oncology modali
Slide 24: Next generation ADCs driving strong momentum of licensing and M&A deals
Next generation ADCs driving strong momentum of licensing and M&A deals Representative ADC deals in 2025 Number of Deals Est. Deal Value 100 Licensee Licensor USD As of November 2025 • Total Licensing Deals 19%+ YoY Takeda Innovent 11,400 M 90 80 • Total Acquisitions & Equity Offerings 14%+ YoY BioN
Slide 25: Clinical Evidence Significantly Increases Deal Value
Clinical Evidence Significantly Increases Deal Value US$ M Mean upfront payment for licensing deals by development stages 25 December 2025 Source: IQVIA Pharma Deals.
Slide 26: Novel TROP2 and Nectin-4 ADC Assets
Novel TROP2 and Nectin-4 ADC Assets Opportunity to grow beyond leading competitors Sales and Forecast Compound Annual Growth Rate (CAGR) 2020-2031(F) Unit: US $ Million TROP2 ADC Unit: US $ Million Nectin-4 ADC 3,500 7,000 3,000 6,000 60.28% 2,500 5,000 15.25% 2,000 4,000 8.87% 1,500 3,000 1,000 2,0
Slide 27: Explosive Growth Continues in ADC Development
Explosive Growth Continues in ADC Development ADC • High (87.51%) Compound Annual Growth Rate Antibody Fragment-Drug Conjugate for all conjugated modalities AOC • Nex generation modalities to propel innovation Next Bispecific ADC generation for precision medicine ADCs DAC Dual-Payload ADC Dual-Paylo
Slide 28: Patent backed Technologies to Fuel Next Generation ADCs
Patent backed Technologies to Fuel Next Generation ADCs 5+ 6+ drug conjugate modalities Next generation ADC technologies 50+ Patents in ADC MsADC BsDpADC BsADC DpADC DAC AOC 28 December 2025
Slide 29: Business Development Licensing Strategies to maximize income stream and value
Business Development Licensing Strategies to maximize income stream and value First or Best in Class Best in Class Best in Class Therapeutics ADC Enabling Technologies Enzymes Antibody drug conjugates “Customized” and Glycan modification Small molecule prodrug differentiated ADCs enzyme technology O
Slide 30: Future Directions
05 Future Directions Chief Scientific Officer Ya-Chi Chen, PharmD 30 December 2025
Slide 31: Trailblazing to Next-Generation ADCs
Trailblazing to Next-Generation ADCs TROP2 ADC • Stable, Homogeneous DAR NECTIN-4 ADC 2018 • Ph1a ongoing • Stable, Homogeneous high DAR OBI-902 • IND in preparation OBI-904 OBI-999 OBI-992 Next-Generation ADC Globo H ADC • Thiobridge TROP2 ADC Novel target and payload conjugation • Cys conjugation
Slide 32: Novel Targets, Novel Payload, Biomarker
Novel Targets High cancer specificity Novel Payload Potent and selective tumor killing Biomarker Strategy The right ADC for the right patient 32 December 2025
Slide 33: Q&A
OBI Pharma Investors’ Meeting Q&A New drug development requires long process, vast investments and with no guarantee in success which may pose 33 December 2025 investment risks. The investors are advised to exercise caution and conduct thorough evaluation.
Slide 34: Thank You
Thank You Contact: Investor Relations InvestorRelations@obipharma.com 4174.TWO New drug development requires long process, vast investments and with no guarantee in success which may pose 34 December 2025 investment risks. The investors are advised to exercise caution and conduct thorough evaluation