Nanoform Finland Oyj · OMXHEX:NANOFH
Nanoform Finland Oyj — Q2 2025 Earnings Presentation
51 slides from Nanoform Finland Oyj's earnings presentation, Aug 21, 2025
Slide 1: Nanoform - Q2 Interim Report 2025
Nanoform - Q2 Interim Report 2025 Conference call and webcast for investors and analysts August 21st, 2025
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation contains forward-looking statements, including, without limitation, statements regarding Nanoform’s strategy, business plans and focus. The words may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” believe,” “est
Slide 3: Introduction and Key Business Highlights
Introduction Nanoform Breaker Slide & Option Key Business 2 Highlights CEO Edward Hæggström Nanoform.com | @nanoform 3
Slide 4: Nanoform key strategy
Nanoform key strategy Nanoform work with In parallel, to show a All customers/partners to conservative industry the active pharmaceutical enable novel & existing power of nanoforming, we ingredients (API’s) molecules to become new create up to a dozen should be Starmapped (AI) and improved medicines
Slide 5: Nanoform Technology – route to market
Nanoform Technology – route to market Customers: 1. Global large pharma Originators Drugs to market 2. Mid-sized and specialty pharma 3. Biotech Development partners Commercial partners Product Targeted first Product Originator Originator Kernel drug on market Kernels or or R&D Supergeneric / High v
Slide 6: Proprietary technology platforms
Proprietary technology platforms Small Large Formulation AI molecules molecules Highly differentiated STARMAP® 2.0 online Proven CESS®* Unique novel formulations and picks best candidates nanotechnology enables BIO nanoparticles unique drug delivery and accelerates new medicines through enable impro
Slide 7: Simplified value chain
Simplified value chain High level overview of Nanoform’s value chain and business model Bulk API* Launch of new drugs, improving existing drugs & reducing clinical attrition Clients Nanoformed Revenue • Global large pharma API* • Fixed fee per project • Mid-sized and specialty • Royalty as a % based
Slide 8: Nanoform key business highlights
Nanoform key business highlights First preliminary pivotal study results supportive for project Nanoenzalutamide to continue to progress I towards the markets Growth in number of signed new projects, revenue and other operating income has continued, while II operating costs fell slightly, leading to
Slide 9: Financials
Nanoform Breaker Slide Financials Option 2 CFO Albert Hæggström Nanoform.com | @nanoform 9
Slide 10: Nr of proposals sent and projects signed continues to grow
Nr of proposals sent and projects signed continues to grow 10 Nanoform.com | @nanoform 10
Slide 11: Revenue +23% y/y in 1H25 at the same time as other income also grew
Revenue +23% y/y in 1H25 at the same time as other income also grew 11 Nanoform.com | @nanoform 11
Slide 12: Customer payments ytd exceed last year’s payments and revenues recognized
Customer payments ytd exceed last year’s payments and revenues recognized Nanoform.com | @nanoform 12
Slide 13: Improvement in cash flow continued
Improvement in cash flow continued At the end of 2Q25, Nanoform had some EUR 33m in cash Nanoform.com | @nanoform 13
Slide 14: Update on dealmaking around our leading product kernels
Update on dealmaking around our leading product kernels NANOENZALUTAMIDE* NANOENCORAFENIB** Germany License and supply agreement signed Term sheets signed with two specialist investors to invest EUR 3-5m into development of nanoencorafenib France Term sheet agreed Investment will finance the clinica
Slide 15: Nanoform near-term business targets 2025 – all on track
Nanoform near-term business targets 2025 – all on track I To sign several license/commercial supply agreements on several product kernels during 2025 II First pivotal bioequivalence clinical study with a nanoformed medicine III Increased number of non-GMP and GMP projects signed in 2025 vs 2024 IV I
Slide 16: Commercial
Nanoform Commercial Breaker Slide CCOOption Christian Jones2 CDO Peter Hänninen Nanoform.com | @nanoform 16
Slide 17: Nanoform commercial highlights
Nanoform commercial highlights Continued growth in customers and projects in a tough CDMO environment (6 new customers and I 13 new customer projects in H1) II Strong pharma interest in Nanoform's high drug load biologics platform Takeda presented positive data on respiratory nanoformulations of the
Slide 18: Customer Takeda
Customer Takeda June 2024 August 2024 June 2025 Sep & Oct 2025 Nanoformed high- Nanoform and Positive Nanoform Takeda to present on concentration Takeda initiates biologics respiratory both high biologics collaboration on data presented by concentration formulation for Takeda’s plasma- Takeda at Dru
Slide 19: Page
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Slide 20: Nanoform Product Kernel overview
Nanoform Product Kernel overview* Nanoform at Nanoform Product Kernels Nanoform Pre-Clinical (non-GMP) Nanoform Clinical (GMP) Market Expected Nanoform Development Targeted Pre- Dosage form PoP* / Targeted Delivery route / Phase 1 / Pilot Pivotal - final - Originator Indication originator Nanoformed
Slide 21: Small molecules – Nanoform enables small/single pill strategy
Small molecules – Nanoform enables small/single pill strategy Nanoenzalutamide Existing drug Nanoformed version 40mg x 4 XTANDI® Nanoenzalutamide Formulation ASD Crystalline Nanoparticle XTANDI® Drug load 160mg (x1) - 40 % 40mg x 4 Nanoenzalutamide Drug load 40mg (x4) 12 % 40 % 160mg x 1 Size 160mg
Slide 22: Nanoforming enables IV to SubQ switches and multiple injections to a single injection
Biologics - Game changing high drug load subcutaneous delivery (400-500 mg/ml) High drug load Nanoformed high drug load monoclonal antibody Nanoformed monoclonal antibody in dry powder suspension in a prefilled in non-aqueous suspension syringe (400-500mg/ml) Nanoforming enables IV to SubQ switches
Slide 23: Nanotrastuzumab press release June 3, 2025
Nanotrastuzumab press release June 3, 2025 Trastuzumab (Herceptin®) Nanotrastuzumab Nanoform HC-SubQ benefits ▪ Genentech/Roche ▪ Nanoform Finland Plc ▪ Potential to transform the industry of ▪ Monoclonal antibody (mAb) administration of biologic medicines ▪ A high concentration (HC) ▪ Breast and st
Slide 24: Selection of upcoming events
Selection of upcoming events September 15-16 DDF American Summit, Boston September 16 Pareto Securities’ 16th Annual Healthcare Conference 2025, Stockholm October 13-14 Nordic Life Science Days, Gothenburg October 16-17 13th PhysChem Forum, Kanagawa October 27-28 PODD, Boston October 27-31 Particle
Slide 25: Q & A
Q&A www.nanoform.com 25 San Diego - Chicago - New York - Lisbon - Oxford - London - Cambridge - Bordeaux - Cologne - Stockholm - Budapest - Helsinki - Tokyo Nanoform.com | @nanoform
Slide 26: Appendix
Nanoform Breaker Slide Q & A2 Option APPENDIX www.nanoform.com San Diego - New York - Lisbon - Oxford – London - Cambridge - Bordeaux - Stockholm – Budapest - Helsinki 26 Nanoform.com | @nanoform
Slide 27: Nanoform’s Assets
Nanoform’s Assets IPO June 2020 June 2025 Growth Employees 50 175 >3x Manufacturing lines 5 20 5x Customers enrolled 5 58 >11x Customer projects started 5 109 ~22x Product Kernels (R&D product innovations) 0 9 N/A Patents granted 5 30 6x 27 Nanoform.com | @nanoform
Slide 28: Interesting short videos
Interesting short videos: Drug Delivery Leader Chief Editor Tom von Gunden sits down with Christian Jones, FRSC, Chief Commercial Officer at Nanoform, to discuss how nanoparticle technology is driving innovation in drug and biologics delivery: https://www.drugdeliveryleader.com/doc/leveraging-nanopa
Slide 29: The structural pharma R&D problem in the pharma industry
The structural pharma R&D problem in the pharma industry Fewer than 50 drugs approved in the US annually on average… …while the global pharma industry R&D expenditure exceeds $300B Annual number of novel drug approvals by FDA 2010-2024 Global pharmaceutical R&D spending 2014-2030E (USDbn) Chemical B
Slide 30: Low bioavailability is the key issue
Low bioavailability is the key issue Poor bioavailability and low efficacy most common reasons for drug failure Majority of new drugs suffer from poor solubility Solubility Reasons for drug failure in pre-clinical trials (share of molecules) High Low 45% 40% 35% Class I1 Class II1 On market: 35% On
Slide 31: Revenue drivers & industry attrition rates
Revenue drivers & industry attrition rates Nanoform pre-clinical and clinical revenue drivers Global Pharmaceutical industry’s pre-clinical and clinical success rates Non-GMP GMP ➢ Attrition between previous and current phase ➢ Price per phase per API ➢ # of active customers Phase I, ➢ Time lag betw
Slide 32: Particle size is key
Particle size is key Smaller particle size can improve a drug’s bioavailability Pre-nanoforming Post-nanoforming • Smaller particles have a larger surface area • Larger surface area of particles enables improved bioavailability of a drug • The surface area increases 30-fold from a 10 micron sized pa
Slide 33: Nanoform is here to fill the gap
Nanoform is here to fill the gap Giving Enabling Improving unsuccessful new drugs existing drug candidates a drugs second chance > 20,000 drugs in > 5,800 > 58,000 development* existing drugs* failed drugs in the last 40 years* * Source: Nanoform and Pharmaprojects® | Informa, 2022 Nanoform.com | @n
Slide 34: Small molecules - Small is powerful
Small molecules - Small is powerful® Nanoform.com | @nanoform 34
Slide 35: Nanoform Product Kernels
Nanoform Product Kernels Nanoform internal Development partners Commercial partners Product Kernel work Originator Originator 1. Value proposition around a medicine or or candidate, called ‘Product Kernel’ Supergeneric / High value medicine Supergeneric / High value medicine company company 1. Upfro
Slide 36: Attractive revenue model with pharma and biotech customers
Attractive revenue model with pharma and biotech customers Proof of Concept / Phase Phase I – III clinical trials Drugs on the market Proof of Process Certification Non-GMP GMP GMP • Proof of concept study - assessment of • API for clinical trials are manufactured in • Drugs that have passed the tri
Slide 37: Commercial Relationships 2019 – Q2 2025
Commercial Relationships 2019 – Q2 2025 Customer mix Selection of partners 12 47 Takeda major mid-sized, pharma specialty pharma & biotech companies Nanoform.com | @nanoform 37
Slide 38: Cumulative number of customer and customer projects signed
Cumulative number of customer and customer projects signed Customers X Q1: new3 X new Q1: 4 Q2: 3 YTD Customer Projects Q2:109 YTD9 Q3: 1 qtd Q3: 2 qtd 96 58 52 71 42 33 48 21 30 8 12 3 2 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 H1 H1 Q1: 3 new, Q2: 3 new Q1: 4 new, Q2:
Slide 39: Nanoform customer projects – therapy area overview
Nanoform customer projects – therapy area overview* Pre-Clinical Phase I Phase II & III Marketed/505b2 Cardiology Immunology/Inflammation Metabolism and Endocrinology Infectious Disease (e.g. Anemia) (e.g. Cystic Fibrosis) (e.g. Adrenal Hyperplasia) (e.g. HIV) Gastroenterology Dermatology/Oncology N
Slide 40: Substantial progress in Nanoforming solutions with in-vitro, in-vivo, and clinical study results
Nanoform has made substantial progress in Nanoforming solutions with in-vitro, in-vivo, and clinical study results Oncology: Replaced amorphous solid dispersion (ASD) formulations with nanocrystalline high drug load formulations, matching bioequivalence for Enzalutamide and Apalutamide where life cy
Slide 41: Controlled Expansion of Supercritical Solutions - CESS
Small Molecules - Proprietary technology Green technology Controlled Expansion of Supercritical Solutions - CESS® Contro lled ➢ Relatively simple process developed through combining deep knowledge in physics, chemistry, and pharma The CESS® technology platform was described in detail in the IPO pros
Slide 42: CESS Superior to Existing Technologies
CESS® Superior to Existing Technologies Controlled Expansion of Solid dispersion Supercritical Solutions Jet milling Nanomilling (e.g. spray drying) (CESS®) Extracts API from API is dispersed into a solid Application of energy to supercritical CO2 by applying material, which dissolves API particle s
Slide 43: Nanoforming process for biologics
Large molecules - Proprietary technology Green technology Nanoforming process for biologics API = active pharmaceutical ingredient Nebulization = turns liquid into mist Ionization = particles electrically charged Nanoform.com | @nanoform 43
Slide 44: Comparison of Nanoform’s proprietary biologics technology vs existing technologies
Comparison of Nanoform’s proprietary biologics technology vs existing technologies Nanoformed Spray dried Lyophilized / freeze dried Perfect spheres, highly flowable and aerodynamic, Sticky, poor flowability, raisin shaped Flaky morphology, dry cake, no flowability great packing and injection proper
Slide 45: Nanoformed Trastuzumab SubQ Suspension Formulation
Nanoformed Trastuzumab SubQ Suspension Formulation • No significant changes can be detected in Trastuzumab primary or higher order structures and nanoformed mAb remains fully functional • Up to 650 mg/ml of dry mass was reached with an injection force of below 10N * • Particles remain intact in the
Slide 46: Business case Amorphous Solid Dispersions (ASDs)
Business case Amorphous Solid Dispersions (ASDs) Amorphous solid dispersion (ASD) medicines are currently the leading formulation strategy for poorly soluble APIs and there are ~50 marketed medicines globally that are ASDs and sell for ~$50bln annually Nanoformed and nanocrystalline medicines (e.g.
Slide 47: Project Glioblastoma (hydrogel for central nervous system cancer)
Project Glioblastoma (hydrogel for central nervous system cancer) Nanoform customer TargTex S.A. was granted Orphan Drug Designation by FDA for its nanoformed drug candidate TTX101 to be used in patients with malignant gliomas (October 2023). The orphan drug designation follows the generation of a p
Slide 48: Experienced global sales team driving commercialization
Experienced global sales team driving commercialization – Locations and previous experiences Manchester Oxford London Cambridge Helsinki Brussels Chicago Cologne Budapest New York Japan (CBC) San Diego Bordeaux Lisbon Nanoform.com | @nanoform 48
Slide 49: Management team: Multi-disciplinary with international merits
Management team: Multi-disciplinary with international merits CEO & Co-founder; Ph.D. (Applied physics), MBA CFO and member of the Board; B.Sc. (Economics) Edward Hæggström • Professor at the University of Helsinki, Head of Electronics Research Lab. Albert Hæggström • 20 years of finance and investi
Slide 50: Board of directors: Top executives from leading industry positions
Board of directors: Top executives from leading industry positions Miguel Calado Albert Hæggström Chairman of the Board CFO and Board Member • Previously CFO at international particle engineering CDMO • 20 years of finance and investing experience company Hovione Group • Prior roles include position
Slide 51: Contact
CEO Edward Hæggström edward.haeggstrom@nanoform.com +358 50 317 54 93 CFO Albert Hæggström albert.haeggstrom@nanoform.com +358 40 161 4191 DIR Henri von Haartman hvh@nanoform.com +46 76866 50 11 Nanoform.com | @nanoform