Thor Medical Asa · OSL:TRMED
Thor Medical Asa — Investor Presentation (June 2024)
27 slides from Thor Medical Asa's investor presentation, Jun 11, 2024
Slide 1: Enabling next-generation precision cancer therapy
Enabling next-generation precision cancer therapy Investor presentation 11 June 2024
Slide 2: Becoming a world-leading supplier of alpha-emitters for cancer therapy
Becoming a world-leading supplier of alpha-emitters for cancer therapy ▪ Addressing a high-growth market for cancer therapy ▪ Innovative emerging supplier of alpha-emitters based on naturally occurring thorium ▪ Pilot plant set to qualify product and process in 2024 ▪ Investment decision for commerc
Slide 3: Enabling next-generation precision cancer therapy
Enabling next-generation precision cancer therapy 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 cancer care with alpha-emitters f
Slide 4: Large market opportunity
ey thor © medical Large market opportunity
Slide 5: Radiotherapeutics represent a large market opportunity
Radiotherapeutics represent a large market opportunity Global radiopharmaceutical market USD billion • New cancer radiotherapeutics have reached sales in the USD billions • Several hundred radiopharmaceuticals in development, creating strong future demand 27 for radioactive compounds • Next-generati
Slide 6: A rapidly growing Th-228 market with USD billion potential
A rapidly growing Th-228 market with USD billion potential CLINICAL COMMERCIAL STAGE 1 STAGE 2 STAGE 3 2024-2028 2028-2032 2032 and onwards • Market with significant growth potential as it Clinical trials Market penetration Market maturation matures • A single successful Th-228- Multi based product
Slide 7: Ongoing clinical trials alone require significant amount of Th-228
Ongoing clinical trials alone require significant amount of Th-228, calls for fast-track alternative Indicated demand for Th-228 from clinical trials alone (USDm) 4x 10+ companies… are progressing with more than 15 clinical trials across Implied clinical trails various cancer treatments market size
Slide 8: Signed significant LOIs with customers indicating 4-5x higher demand
Signed significant Radiopharmaceutical LOIs with customers companies focusing on Pb-212 >300 GBq and Ra-224* indicating 4-5x higher demand Indicated demand from • Signed three customer LOIs for ~70 GBq of Indicated demand ongoing annual deliveries customer dialogues • Customers progressing in clinic
Slide 9: Unique process and technology
Unique process and technology
Slide 10: Turning waste into next-generation cancer therapies
Turning waste into next-generation cancer therapies Proprietary Generating Distribution to Th-232 separation process of Ra-224/Pb-212 and hospitals and cancer – a naturally Th-228 from natural manufacture of clinics for patient occurring isotope decay of Th-232 radiotherapeutics treatment Sourcing f
Slide 11: Proprietary technology offering the world's purest radionuclides
Proprietary technology offering the world’s purest radionuclides from natural decay of thorium Thor Medical manufacturing process • Delivering high purity Th-228, parent Natural Th-232 isotope to Ra-224 and Pb-212, based on 14.1b years thorium feedstock natural decay requiring no irradiation Thor Me
Slide 12: Sourcing of feedstock of natural thorium from multiple suppliers
Sourcing of feedstock of natural thorium from multiple suppliers • Th-232 is an infinitely reusable raw material for efficient production of medical Feedstock supply isotopes • Naturally occurring isotope decay requiring no irradiation, abundant and common biproduct in mining operations • Thor Medic
Slide 13: Operational plans to drive value
Operational plans to drive value
Slide 14: Pilot facilities at Herøya will verify process and product
Pilot facilities at Herøya will verify process and product and prepare for industrial scale manufacturing Pilot completion in 2H 2024 provides basis for: CAPEX totaling NOK ~10m, with NOK 6m secured through grant from Innovation Norway •1 Verification of production process and technology •2 Producti
Slide 15: Aiming for fast-track to enable volume deliveries
Aiming for Customers progressing with clinical trials are requesting commercial volumes of high-purity Th-228 as soon as fast-track to enable possible volume deliveries Thor Medical has initiated feasibility study for a fast-track already in 2025 plant to deliver commercial volumes by the end of 202
Slide 16: Fast-track to bridge pilot phase to full industrial-scale
Fast-track to bridge pilot phase to full industrial-scale FID 2024 - 2030 • Pilot plant start-up 2H 2024 for Full industrial- product samples and customer Pilot plant Fast-track plant scale production qualification • Scale-up from • Further • Fast-track to bridge commercial • Verify process pilot pl
Slide 17: Clear milestone roadmap set to de-risk investment
Clear milestone roadmap set to de-risk investment and build substantial shareholder value Establish industrial- scale production Enable FID with profitable business case Reliable and diversified supply of thorium Secure customer qualifications and offtake agreements Verify products and process in pi
Slide 18: Goals for first phase of industrialisation
Goals for first phase of industrialisation 2024 2024/2025 2030 2030 Pilot FID >400 >50% Industrial verification, Final investment decision NOK million EBITDA upon customer sampling and for commercial production revenues industrial ramp-up qualification Continuous assessment of development plans for
Slide 19: Strong organization
ey thor © medical Strong organization
Slide 20: Strong team with solid track record
Strong team with solid track record Dr. Alf Bjørseth* Brede Ellingsæter Dr. Sindre Hassfjell Astrid Liland Chief Executive Officer Chief Financial Officer Chief Technology Officer VP EHS • Current CEO of Thor Medical • Current CFO Thor Medical • >30 years’ experience in nuclear • >20 years experienc
Slide 21: We are enabling next-generation precision cancer treatments
Why invest in Thor Medical We are enabling next-generation precision cancer treatments 1 Major market opportunity An early bet in a potential Th-228 billion-dollar market with significant short-term indicated demand for Th-228 from clinical trials alone 2 Unique, verified and scalable technology Pre
Slide 22: 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
Slide 23: Appendix
Appendix ¢& thor. & medical
Slide 24: Welcoming Mr Jasper Kurth as new CEO from August 2024
Welcoming Mr Jasper Kurth as new CEO from August 2024 • Mr. Kurth joins Thor Medical from Bayer Pharmaceuticals, where he has spent his entire professional career • He is currently General Manager Radiology Nordics in Stockholm • Other previously held positions include: “ Joining Thor Medical fills
Slide 25: The future is alpha
The future is alpha Alpha-particles yield better therapeutic performance with less side effects Alpha (α) > Beta (β) • Higher linear energy transfers → Greater therapeutic efficacy • Shorter path ranges → less off-target toxicity damaging healthy cells in surrounding tissue • Direct cell death throu
Slide 26: Strong interest in Pb-212 as alpha-emitter
Strong interest in Pb-212 as alpha-emitter >10 companies working with >15 radiotherapeutic candidates Publications on Pb-212 “212Pb: Production approaches and Targeted Therapy Applications”* • 15 cancer therapy candidates in clinical development with Pb-212 or Ra-224, with the 3 most advanced alread
Slide 27: Steenkampskraal feedstock supply and technology cooperation
Steenkampskraal feedstock supply and technology cooperation – the highest concentration Th mine worldwide • The Steenkampskraal Monazite Mine in South Africa considered to have the highest concentration of thorium globally • Signed a Memorandum of Understanding for feedstock supply and technology co