Vicore Pharma Holding Ab · OMXSTO:VICO
Vicore Pharma Holding Ab — Investor Presentation (September 2026)
40 slides from Vicore Pharma Holding Ab's investor presentation, September 2026
Slide 1: Vicore Pharma: Unlocking the potential of ATRAGs
VICORE PHARMA Unlocking the potential of a new class of drugs – Angiotensin II type 2 receptor agonists (ATRAGs) September 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that are based on the beliefs and assumptions and on information currently available to management of Vicore Pharma Holding AB (t
Slide 3: Company overview
Company overview Vicore Vision Transform the lives of patients where modulation of the AT2 (angiotensin II type 2) receptor may play a central role in halting and reversing disease pathology Financials Dual listing on Nasdaq Stockholm (VICO) and Nasdaq US (VCRE), and funded well past Phase 2b data $
Slide 4: Pipeline
Pipeline Vicore’s lead program, buloxibutid, is an oral small molecule AT2 receptor agonist, which has received Orphan Drug and Fast Track designation from FDA and is currently being investigated in a global 52-week Phase 2b trial in IPF, ASPIRE Compound Indication Preclinical Phase 1 Phase 2 Phase
Slide 5: IPF is a progressive, fatal disease with significant unmet need despite available therapies
IPF is a progressive, fatal disease with significant unmet need despite available therapies Orphan disease with high unmet need Limitations of available treatment options Three FDA-approved therapies: ~150K US ~3M Global IPF Patients IPF Patients • Existing therapies offer only modest slowing Where
Slide 6: IPF is a large and growing market with urgent need for innovation
IPF is a large and growing market with urgent need for innovation Global IPF Market Size White Space for Significant market expansion Market-Shifting expected over the next decade Innovation $10B+ Drivers of Market Growth Today • Disease-Modifying CAGR 10-15% Efficacy: Stabilization or $4.2B • New A
Slide 7: Buloxibutid is positioned to potentially transform the IPF landscape
Buloxibutid is positioned to potentially transform the IPF landscape Recently approved and late-stage IPF therapies have demonstrated modest reduction of lung function decline, with many associated with tolerability or administration challenges. Following these programs, buloxibutid is the most adva
Slide 8: Buloxibutid is an AT2 receptor agonist with the potential to offer a differentiated treatment standard in IPF
Buloxibutid is an AT2 receptor agonist with the potential to offer a differentiated treatment standard in IPF Phase 2b ASPIRE: confirming clinical Upstream MoA Encouraging clinical data observed activity in a randomized, placebo- with strong preclinical data in the Phase 2a AIR trial controlled tria
Slide 9: AT2R agonism is an upstream intervention driving tissue repair
AT2R agonism is an upstream intervention driving tissue repair • AT2R is constitutively expressed in the lung, primarily on alveolar epithelial type 2 cells (AEC2) – the “alveolar repair cell” Buloxibutid • AT2R activation engages tissue-protective pathways via AEC2s, promoting inhibition of fibroti
Slide 10: AT2R is highly expressed in human IPF lungs and on precursor AEC2s
AT2R is highly expressed in human IPF lungs and on precursor AEC2s AT2R Expression is Elevated in IPF Lung1 AT2R is Highly Expressed on AEC2s 0.08 Disease 0.06 Control ILD AT2 receptor AGTR2 0.04 0.02 AEC1 AEC2 0.00 AEC2 Fibroblast Myofibroblast Endothelial Cells AT2R expression is highly upregulate
Slide 11: Alveolar epithelial cells are critical for healthy lung function
Alveolar epithelial cells are critical for healthy lung function Healthy alveolus • The alveolar epithelium is exposed to damaging irritants in inhaled air AEC2 • AEC1 is the predominant alveolar cell type and is responsible for gas exchange • AEC2 is a progenitor cell that is critical for alveolar
Slide 12: Buloxibutid is an oral, selective AT2R agonist associated with tissue repair via AEC2 cells
Buloxibutid is an oral, selective AT2R agonist that is associated with tissue repair via AEC2 precursor epithelial cells Alveolar compartment in IPF Observed effects of buloxibutid1 Repeated Micro-injury Buloxibutid Increased AEC2 viability 1 & surfactant production 1 AEC2 dysfunction AEC2 Dysfuncti
Slide 13: Buloxibutid is designed to target key disease drivers in IPF
Buloxibutid is designed to target key disease drivers in IPF, with a potentially disease-modifying mechanism through tissue repair Effects Observed in Preclinical Studies Tissue repair and regeneration Buloxibutid designed to target precursor epithelial cells (AEC2) to drive tissue repair, offering
Slide 14: Buloxibutid is designed to protect AEC2s and drive increased surfactant production
Buloxibutid is designed to protect AEC2s and drive increased surfactant production Increase in surfactant protein expression associated with Buloxibutid associated with reduced apoptosis of AEC2s1 buloxibutid in ex vivo human IPF precision cut lung slices2 50 42% +120% % Increase vs Control 40 death
Slide 15: Buloxibutid is associated with TGFβ1 and collagen reduction in human IPF lung slices
Buloxibutid is associated with TGFβ1 and collagen reduction in human IPF lung slices TGFβ1 protein levels in PCLuS Collagen protein levels in PCLuS Human precision cut lung slices (PCLuS) ✱✱ 150 4000 ✱ ✱✱ Collagen-1a1 (pg/mL) (pg/ml) 3000 (pg/mL) TGFβ11(pg/mL) 100 Collagen-1a1 2000 -44% -61% TGF-β 5
Slide 16: Buloxibutid is associated with downregulated expression of EMT transcription factors in AEC2
Buloxibutid is associated with downregulated expression of EMT transcription factors in AEC2 SNAIL1 SNAIL2 Vehicle 0.1µM 1µM Vehicle 0.1µM 1µM Vehicle 0.1µM 1µM Vehicle 0.1µM 1µM buloxibutid buloxibutid buloxibutid buloxibutid • Primary AEC2 cultures established from normal surgically resected human
Slide 17: Collagen biomarker PRO-C3 inhibited in human lung fibroblast assay
Collagen biomarker PRO-C3 inhibited in human lung fibroblast assay treated with buloxibutid, suggesting resolution of fibrosis Human lung fibroblast assay methodology Impact on type III collagen biomarker PRO-C3 Mean±SEM (n=4) ** p < 0.01 **** p < 0.0001 (one-way ANOVA) Buloxibutid associated with p
Slide 18: MMP-13 demonstrates antifibrotic activity and is crucial for lung repair in IPF
MMP-13 demonstrates antifibrotic activity and is crucial for lung repair in IPF Collagenase MMP dysregulation contributes to IPF Buloxibutid associated with increased plasma MMP-13 in pathogenesis the Phase 2a AIR trial • MMP-13 is an enzyme able to cleave fibrillar collagens 250 and plays a signifi
Slide 19: Buloxibutid vs inhaled treprostinil in preclinical Sugen-Hypoxia rat model
Buloxibutid demonstrated greater reduction in key hemodynamic and vascular remodeling parameters compared to inhaled treprostinil in preclinical Sugen-Hypoxia rat model Inhaled treprostinil and buloxibutid were evaluated in separate studies using the same study protocol Hemodynamic Parameters Right
Slide 20: Strong preclinical in vivo evidence for buloxibutid in pulmonary fibrosis
Strong preclinical in vivo evidence for buloxibutid in pulmonary fibrosis Bleomycin Monocrotaline Sugen-Hypoxia 6 15 * * 7 ** ** * * * Hydroxy proline (nM) 6 4 10 Fibrosis (%) Fibrosis (%) 5 2 5 4 0 0 3 Control BLEO buloxibutid C21 buloxibutid C21 Control MCT MCT MCT + + C21 Control SuHx SuHx buloxi
Slide 21: Buloxibutid has an extensive and robust safety database
Buloxibutid has an extensive and robust safety database, with over 350 patients dosed across nine completed clinical trials Buloxibutid has been tested extensively in the clinic, generating a robust safety database • Not including patients enrolled in the ongoing Phase 2b ASPIRE trial, a total of 36
Slide 22: AIR: An open-label Phase 2a trial in treatment-naïve IPF patients
AIR: An open-label Phase 2a trial of oral buloxibutid 100 mg BID for up to 36 weeks in treatment-naïve IPF patients Patient Patient population population Clinic visits with FVC measurements Treatment-naïve IPF Week 2 4 6 9 12 15 18 21 24 28 32 36 patients with Screening period Follow-up period centr
Slide 23: AIR baseline patient characteristics are in line with other IPF trials
AIR baseline patient characteristics are in line with other IPF trials Key Characteristics AIR INPULSIS 1&2 (N=52) (N=1,061)1 Age (years) - Mean (SD) 67 (9) 67 (8) Males 77% 80% In line with other trials Gender Females 23% 20% White 27% 57% Enrolled study population has disease severity comparable t
Slide 24: Treatment emergent adverse events: buloxibutid shows better tolerability than SoC
Treatment emergent adverse events: buloxibutid shows better tolerability than SoC Comparison to SoC Buloxibutid Ph3 INPULSIS-1 Ph2a AIR 52-week treatment1 36-week treatment Nintedanib Placebo Buloxibutid n=309 n=204 n=52 Any AE 96% 89% 71% Common AEs (Non-exhaustive) Diarrhea 62% 19% 6% Good GI tole
Slide 25: Buloxibutid was observed to stabilize and improve lung function over 36 weeks
Buloxibutid was observed to stabilize and improve lung function over the 36-week Phase 2a AIR trial 400 *** 300 Observed FVC change (mL) ** *** Buloxibutid 200 28 ** mean +SEM 28 100 * 28 33 40 34 0 32 n=48 44 35 34 48 39 -100 Untreated patients1,2 -200 0 4 8 12 16 20 24 28 32 36 Week Note: n=48 pat
Slide 26: All subgroups show FVC stabilization and improvement over baseline at 36 weeks
All subgroups show FVC stabilization and improvement over baseline at 36 weeks 400 Change in FVC at week 36 vs baseline Change in FVC at week 36 vs baseline Observed mean and median; ∆mL Subgroup (# patients); observed mean (∆mL) Mean FVC change at week 36 +216 ml vs baseline (all) Probable UIP (n=1
Slide 27: Development of a Synthetic Control Arm analysis for the AIR trial
Development of a Synthetic Control Arm analysis to contextualize buloxibutid’s effect in the AIR trial • Age >= 40 years IPF Patient • FVC % predicted >= 60% • Follow-up time – 36 weeks External Control • FEV1/FVC >= 70% External Control Arm Generation • AIR – mean FVC change +23.2 ml Data • Treatme
Slide 28: Synthetic Control Arm patients are highly matched to AIR baseline characteristics
IPF patients selected for the Synthetic Control Arm analysis are highly matched to the Phase 2a AIR patient baseline characteristics Mean similarity p-value after matching - 0.23 (SD=0.05) Note: Qureight analysis Graphs show baseline characteristics of the filtered external IPF population (before th
Slide 29: A Synthetic Control Arm analysis supports a clinically meaningful treatment effect
A Synthetic Control Arm analysis supports a clinically meaningful treatment effect Change in FVC in the Phase 2a AIR IPF trial 408 individual matched Synthetic Control Arms (SCAs) compared to the external control arm study generated by Monte Carlo cross validation 50 Phase 2 AIR Study Buloxibutid (i
Slide 30: Buloxibutid is associated with a significant increase in ppFVC
Buloxibutid is associated with a significant increase in ppFVC, consistent with its observed impact on absolute FVC Average ppFVC change from baseline at week 36 8 7.5% Average ppFVC change from baseline Patients treated with buloxibutid 6 also demonstrated a median FVC change from baseline at week
Slide 31: Buloxibutid showed favorable results compared to historical standard of care and untreated decline
Buloxibutid showed favorable results compared to historical standard of care and untreated decline at 36 weeks Percentage of patients showing Percentage of patients with improved more favorable expected ∆FVC lung function (FVC) vs baseline 100% 70% 60% 50% 40% 30% 65% 75% 82% 20% 10% 25% 9% 0% Bulox
Slide 32: Increase of MMP-13 and decrease of TGFβ1 in the Phase 2a AIR trial
Buloxibutid is associated with increase of collagenase MMP-13 and decrease of TGFβ1 in the Phase 2a AIR trial Plasma TGFβ1 Plasma MMP-13 20 250 ** 16 200 *** Plasma MMP-13 (% of baseline) Plasma TGFβ1 ** 12 150 (ng/mL) 8 100 4 50 0 0 Baseline Week 12 Week 24 Week 36 Baseline Week 12 Week 24 Week 36
Slide 33: Phase 2b ASPIRE Trial: Robust randomized trial with global footprint
Phase 2b ASPIRE Trial: Robust randomized trial with global footprint ASPIRE is a randomized, double-blind, placebo-controlled, parallel-group, multicenter, dose-finding trial Trial Design Global Footprint Randomization 1:1:1 >100 sites across 14 countries n=378 Proportion of Patients Randomized by R
Slide 34: ASPIRE includes a pre-planned, independent futility analysis
ASPIRE includes a pre-planned, independent futility analysis An independent Data Monitoring Committee (iDMC) will conduct a pre-specified futility assessment once ~27% of patients have accrued data for the primary endpoint analysis. Timing and Rationale Method Communication Purpose of the futility a
Slide 35: Phase 2b ASPIRE trial: designed to position buloxibutid as a differentiated therapy for IPF
Phase 2b ASPIRE trial: designed to position buloxibutid as a differentiated and highly competitive therapy for IPF in a multi-billion-dollar market Limited clinical Clinically meaningful Transformational impact efficacy efficacy Defining Success in IPF Phase 2b ASPIRE: target efficacy profile buloxi
Slide 36: ASPIRE baseline characteristics
ASPIRE baseline characteristics ASPIRE Characteristics (N=377*) Age (years) – Mean (SD) 71.1 (7.5) Gender Males 78.2% Females 21.8% Ethnicity White 86% Asian 13% American Indian or Alaska Native 1% Black or Afro American <1% Time since diagnosis (years) – Mean (SD) 2.4 (1.7) BMI (kg/m2) – Mean (SD)
Slide 37: ASPIRE baseline characteristics are in line with the latest IPF Ph3 trials
ASPIRE baseline characteristics are in line with the latest IPF Ph3 trials Characteristics ASPIRE FIBRONEER-IPF TETON-1 & 2 ALOFT-IPF All patients All patients All patients All patients (N=377*) (N=1,177) (N=1,191) (N=1,251) Age (years) – Mean (SD) 71.1 (7.5) 70.2 72.3 71.0 Gender Males 78.2% 83.0%
Slide 38: Vicore's partnership with Nippon Shinyaku for buloxibutid in Japan
Vicore’s partnership with Nippon Shinyaku for buloxibutid in Japan Partnership Overview Vicore Pharma and Nippon Shinyaku have entered an exclusive license agreement to develop and commercialize the drug candidate buloxibutid in Japan. Financial Terms Vicore has received an upfront payment of USD 10
Slide 39: Strong leadership team with extensive industry experience
Strong leadership team with extensive industry experience Board of Directors AHMED MOUSA CHIEF EXECUTIVE OFFICER HANS SCHIKAN, PharmD – CHAIRMAN Experienced biotech executive with a background in 25 years management experience in global pharmaceuticals (e.g. molecular biology, law, and business deve
Slide 40: Contact Us
Contact Us Addresses: IR Contacts: www.vicorepharma.com Stockholm Copenhagen Cambridge AHMED MOUSA, CEO, ahmed.mousa@vicorepharma.com Kornhamnstorg 53 Agern Allé 5A One Broadway, 14th Floor info@vicorepharma.com HANS JEPPSSON, CFO, hans.jeppsson@vicorepharma.com SE-111 27 Stockholm DK-2970 Hørsholm
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