Slide 1: Q1 2024 Report
Q1 2024 Report May 30, 2024 1
Slide 2: Important: You must read the following before continuing
© oncopeptides 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 follows the o
Slide 3: Presenters
Presenters Sofia Heigis, Chief Executive Officer Henrik Bergentoft, Chief Financial Officer Q1 highlights and commercial update Financial update 3
Slide 4: Where we are right now
Where we are right now KEY Q1 HIGHLIGHTS OTHER HIGHLIGHTS • Revenues of SEK 5.1m in Q1 (SEK • Pepaxti available in Spain from May 1 5.3m in Q4), cash position of SEK with expected sales pickup after 105m (before rights issue). summer 2024. • On track to cash flow positivity at end • First order in S
Slide 5: Q1 highlights 2023
Q1 highlights 2023 JANUARY-MARCH • Oncopeptides will be granted an extension of key patents ensuring market exclusivity for melflufen, marketed in Europe as Pepaxti, in Europe until 2037, an extension of five years. • Oncopeptides receives a positive recommendation for Pepaxti from the Spanish price
Slide 6: Financial update
FINANCIAL UPDATE Henrik Bergentoft Chief Financial Officer 6
Slide 7: Financial summary
Financial summary MSEK Jan-Mar Jan-Mar 2023 2024 Net sales 1.1 5.1 COGS -0.0 -0.3 • Increased sales Gross profit 1.1 4.8 • Cost control Expenses -75.3 -73.9 Other operating income/expense 1.5 3.5 EBIT -72.8 -65.7 Net financial items 0.5 -2.1 Tax 1.2 0.0 Net profit -71.0 -67.9 7
Slide 8: Operating expenses
Operating expenses MSEK • R&D, decreased from 30 MSEK in Q1-23 to 28 120 MSEK in Q1 -24 70 • No studies currently ongoing. 100 74 MSEK MSEK • S&M, increased from 23 MSEK in Q1 -23 to 28 MSEK in Q1 -24 80 • Progressing in European launch readiness and full team in place in Germany and building in 60
Slide 9: Liquidity
Liquidity MSEK 450 • Cash was 105 MSEK by end of Q1 -24 400 compared to 178 MSEK by year end 2023 and 234 MSEK in Q3-23. 350 • Rights issue completed in May2024 amounted 300 to 314 MSEK (before issue cost) 250 • Liquidity position after rights issue estimated to last until cash flow positive end of
Slide 10: Recent rights issue
Recent rights issue • Raised SEK 314 m before issue costs. • Funds will mainly be used to support commercialization of Pepaxti in Europe until company is profitable in 2026, and also to progress pipeline assets and partnership discussions in the rest of the world. • 94 percent subscription rate. • S
Slide 11: Commercial update
COMMERCIAL UPDATE Sofia Heigis Chief Executive Officer 11
Slide 12: Key investor highlights for Pepaxti's European Commercialization
Key investor highlights for Pepaxti’s European Commercialization Multiple Myeloma is incurable and offers an expanding market opportunity 1. currently estimated at SEK 1.5 billion* for Pepaxti. Pepaxti is fully approved in Europe in a late-stage patient population with very 2. few treatment options
Slide 13: Set for continued acceleration in 2024
Set for continued acceleration in 2024 Net sales in Europe, SEK million Ready for acceleration in 2024 End 2026 (proj.) ✓ Innovative pricing of 7 KEUR per cycle 400+ secured in Germany in Q4 2023 • ✓ Full German team in place to gain 2024 2023 100% coverage of territories 5.1 5.3 • • ✓ Increased spo
Slide 14: European Launch Sequence
European Launch Sequence Market Access plan Phase I proceeding according to plan. ≈55% Phase II Phase I and II expected to - completed take company to Our ambition: profitability. Phase II - pending launch as fast as possible with a price reflecting our innovation ≈35% Phase III - providing patient
Slide 15: Attractive business model with high profitability
Attractive business model with high profitability Cost efficient business Low COGS Low local costs High margins Short time to break- model even Commercial cost are COGS for Pepaxti is low Local (country specific) Low country specific EBITA break even on local whereas supply, generating a gross cost
Slide 16: From authorization to sales in European markets
From authorization to sales in European markets Process between receiving marketing authorization and healthcare professional uptake 1 Value dossier and 2 Cost effectiveness 3 Price negotiations 4 Regional access KOL engagement benefit discussion Healthcare Marketing professional authorization uptak
Slide 17: Roadmap to commercialization in Europe
Roadmap to commercialization in Europe Objective: maximized value for patients and shareholders 1 2 3 4 Marketing Value dossier and Cost effectiveness Healthcare Price negotiations Regional access authorization KOL engagement benefit discussion professional uptake Simplified Sweden Netherlands NORWA
Slide 18: Recent milestones and next steps
Recent milestones • Availability of Pepaxti • Launch events • First order Next steps • Team buildout • Real World Data Study • Regional access • Investigator Initiated Trials • Congresses Multiple Myeloma incidence Multiple Myeloma prevalence Total no. 3L+ patients 2 693 16 307 >1 500 new cases in 2
Slide 19: Treatment landscape supports Pepaxti medical need
Treatment landscape supports Pepaxti medical need Treatment Earlier lines treatment 4th line and beyond Market drivers landscape Incurable disease Rapidly evolving Immonu- Antii-CD38 treatment landscape modulators Monoclonal (IMIDs) antibodies Unmet medical need More drugs focus on “Conventional” fo
Slide 20: Our potential
Our potential Pipeline Our pipeline contains promising assets in terms of assets new platforms. A high global unmet medical Pepaxti in need creates sales potential – Next step value rest of the current focus is on Japan, drivers world China and South Korea. Current value Market potential Pepaxti in
Slide 21: Global commercialization progress
Global commercialization progress Pepaxti available Oncopeptides’ commercialization Partnership discussions ongoing 21
Slide 22: Pipeline assets
Pipeline assets SPiKE: A platform with exciting potential • Small Polypeptide based innate Killer Engager (SPiKE) immunotherapy takes advantage of natural killer (NK) cells, the immune system’s first-line of defense against viruses and other foreign cells (e.g. cancer cells). • The SPiKE platform pr
Slide 23: Q&A
Q&A 23
Slide 24: Bringing hope through science
Bringing hope through science © oncopeptides