Slide 1: Transformative year with record results
Transformative year with record results Fourth quarter and full year 2025 business and financial update 1
Slide 2: Disclaimer
Disclaimer • This presentation has been prepared and produced by BioArctic AB (publ) (“BioArctic”) solely for the benefit of investment analysis of BioArctic and may not be used for any other purpose. Unless otherwise stated, BioArctic is the source for all data contained in this presentation. Such
Slide 3: Presenters and IR contact
Gunilla Osswald Anders Martin-Löf Johanna Fälting Anna-Kaija Grönblad Chief Executive Officer Chief Financial Officer Chief R&D Officer Chief Commercial Officer IR contact: Oskar Bosson, VP IR & Communications Next Report: Q1 2026 To subscribe to financial reports/press releases and +46 704 10 71 80
Slide 4: Key highlights
Key highlights Gunilla Osswald Chief Executive Officer 4
Slide 5: World-leading innovators in precision neurology
World-leading innovators in precision neurology Highly selective antibodies targeting aggregated forms BrainTransporter platform Modality BrainTransporter of toxic proteins delivers biotherapeutics to the brain Accommodate a variety of drug modalities BT Modalities Antibodies Enzymes Proteins Geneti
Slide 6: 2030 ambitions – on our way towards becoming Sweden's next major biopharma company
2030 ambitions – on our way towards becoming Sweden’s next major biopharma company 1 Leqembi® – an established treatment in Alzheimer’s disease 2 Balanced and broader pipeline with projects in all stages of development 3 partnerships Additional successful global 4 Profitable with recurring dividends
Slide 7: Delivering on our 2030 ambitions – latest highlights
Delivering on our 2030 ambitions – latest highlights • Approved in 53 countries (IV) • Leqembi Iqlik launched for maintenance treatment in the US Leqembi • Leqembi SC-AI initiation dosing submitted in US, Japan & China • RWE as well as subcutaneous treatment data presented at CTAD • Exidavnemab Ph2a
Slide 8: R&D update
R&D update Johanna Fälting Chief R&D Officer 8
Slide 9: Two world-leading platforms with cross-program synergies
Two world-leading platforms with cross-program synergies Alzheimer’s disease Partner Research Preclinical Phase 1 Phase 2 Phase 3 Regulatory Market Lecanemab (infusion) Eisai Lecanemab (subcutaneous) Eisai Lecanemab (presymptomatic treatment) Eisai Antibody Lecanemab back-up Eisai projects BAN1503 (
Slide 10: Two Candidate Drugs nominations in Q4
Two Candidate Drugs nominations in Q4 BAN2238 • Targets toxic aggregates of α-synuclein (oligomers, protofibrils, aggregates) • Combined with the BrainTransporter • Offers opportunities in several synucleinopathies (PD, MSA, DLB) IND enabling activities have been initiated BAN3014 • Targets toxic ag
Slide 11: α-synuclein portfolio moving forward and expanding
α-synuclein portfolio moving forward and expanding Offers opportunities in several synucleinopathies Neurons Oligodendrocytes Exidavnemab α-synuclein mAb ▪ Phase 2a study EXIST in Parkinson’s disease and Multiple System Atrophy ongoing ▪ Orphan Drug Designation in the US and Orphan Medicinal Product
Slide 12: The BrainTransporter platform
The BrainTransporter platform Active transport of various drug modalities across the blood brain barrier Multi-modality system Active transport across the BBB BTA BT-Antibodies BTE BT-Enzymes BTS Small Modalities BBB: Blood brain barrier BT: BrainTransporter TfR: Transferrin Receptor RMT: Receptor-m
Slide 13: Broadening the BrainTransporter platform to enable new classes of biotherapeutics
Broadening the BrainTransporter platform to enable new classes of biotherapeutics 13
Slide 14: Leqembi update
Leqembi update Anna-Kaija Grönblad Chief Commercial Officer 14
Slide 15: Leqembi - regulatory and development update
Leqembi - regulatory and development update Increasing treatment options for patients IV treatment Subcutaneous treatment IV treatment once every two weeks; Subcutaneous autoinjector weekly induction treatment ⎻ Now approved in 53 countries • US: rolling submission finalized (Q4) and sBLA granted pr
Slide 16: Clinical and RWE underlines need for early diagnosis and treatment
Clinical and RWE underlines need for early diagnosis and treatment Data presented at CTAD shows: • real-world evidence to date appears consistent with findings from clinical trials • earlier initiation of Leqembi may be associated with greater benefit • continued Leqembi treatment may provide accrue
Slide 17: Global market continues to grow steadily
Global market continues to grow steadily Global • Global anti-amyloid market more than doubled in 2025 • Blood-based biomarkers now available in several geographies – already driving market growth US • Maintenance treatment with SC-AI launched in Oct 2025, adding options for patients wishing to cont
Slide 18: Process for introduction of pharmaceutical products in the hospital sector in Nordics
Process for introduction of pharmaceutical products in the hospital sector in Denmark, Sweden, Finland and Norway Completed steps Assessment of Selection of Negotiation on dossier Assessment Decision on use pharmaceuticals price and Implementation submitted by report finalized in the health care to
Slide 19: Financial summary
Financial summary Anders Martin-Löf Chief Financial Officer 19
Slide 20: Leqembi underlying growth continues
Leqembi underlying growth continues Royalty affected by stockpiling in China in Q2 and currency headwinds BioArctic royalty • Global Q4-25 sales were ¥ 20.7 B ($ ~134 M)**, 15% increase from Q3-25, ~55% increase from Q4-24 180 − Q4 royalty grew by 31% y-o-y to SEK 127.0 M 162.5 160 − Significant cur
Slide 21: Leqembi on track to reach forecast of ¥76.5 B in Eisai's FY 2025
Leqembi on track to reach forecast of ¥ 76.5 B in Eisai’s FY 2025 Leqembi Global Sales Forecast ¥ 76.5 B Share of forecast 90 (SEK ~5.1 B) achieved in 9 months 80 70 +73% 9.5 87% 60 ¥ 44.3 B (SEK ~3.0 B) 24.0 75% 50 ¥B 40 4.7 30 12.7 20 40.0 78% 10 26.1 0 US Japan China Other FY 2024 FY 2025 E (Q2-2
Slide 22: 2025 a transformative year with ~700% revenue increase to SEK 2.0 B
2025 a transformative year with ~700% revenue increase to SEK 2.0 B including recurring revenues of SEK 520 M Net Revenues (SEK M) OPEX by function (SEK M) Operating Profit/Loss (SEK M) • Q4 net revenues SEK 184 M (101) • Operating expenses decreased to • Operating profit was • Full-year revenue of
Slide 23: Very solid financial position with SEK 2.2 B in cash, dividend proposal of SEK 2 per share
Very solid financial position with SEK 2.2 B in cash, dividend proposal of SEK 2 per share Net Result (SEK M) Cash Flow From Operating Cash Balance (SEK M) Activities (SEK M) Net loss for Q4 was Operating cash flow was Cash, cash equivalents and SEK 9 M (31) SEK 313 M (-27) in Q4 short-term investme
Slide 24: Upcoming news flow and closing remarks
Upcoming news flow and closing remarks 24
Slide 25: Recent and upcoming news flow
Recent and upcoming news flow Q1 2026 Q2 2026 H2 2026 H1 2027 Congresses AD/PD, Mar 17 - 21 AAIC, Jul 12 - 15 AD/PD CTAD, Nov 16 - 19 Lecanemab SC-AI Potential US approval Potential Japanese Potential Chinese Initiation treatment Leqembi SC-AI approval Leqembi SC- approval Leqembi SC- granted priori
Slide 26: Key takeaways
Key takeaways 1 Continued underlying growth for Leqembi, >$500 M in global sales 2025 2 BrainTransporter, BAN2238 and BAN3014 taking exciting development steps 3 Strong interest from potential partners 4 dividend of SEK 2.00 per share Strong financial position: proposed 26
Slide 27: A world where science defeats severe brain diseases
With patients in mind we are committed to our vision: A world where science defeats severe brain diseases 27