Medivir Ab · OMXSTO:MVIR
Medivir Ab — Q4 2025 Earnings Presentation
30 slides from Medivir Ab's earnings presentation, Feb 18, 2026
Slide 1: Medivir Q4 2025 Report
MEDIVIR Q4 2025 REPORT FEBRUARY 18, 2026
Slide 2: Q4 Highlights
Q4 Highlights SEK 45 million directed issue to Carl Bennet AB, enabling MIV-711 clinical development in Osteogenesis Imperfecta, with market opportunity comparable to fostrox in HCC, while strengthening company financial position FLEX-HCC study preparations with Korean Cancer Study Group continues t
Slide 3: A pipeline of first-in-class programs targeting patient populations without approved treatment options
A pipeline of first-in-class programs targeting patient populations without approved treatment options DISEASE PRE- ON POTENTIAL NEXT PROJECT PARTNER PH 1 PH 2 PH 3 FINANCIALS AREA CLINICAL MARKET EVENT(S) IN-HOUSE PROGRAMS Fostroxacitabine In-house HCC (mono) 100% Medivir ▪ Phase 2 start bralpamide
Slide 4: Important notice
Important notice You must read the following before continuing. The following applies to this document and the information provided in this presentation by Medivir AB (publ) (the “Company”) or any person on behalf of the Company and any other material distributed or statements made in connection wit
Slide 5: Today's presenters
Today’s presenters CEO CMO CFO CSO Jens Lindberg Pia Baumann Magnus Christensen Fredrik Öberg Slide 5
Slide 6: MIV-711
MIV-711 SEK 45 million directed issue enabling MIV-711 clinical development in Osteogenesis Imperfecta, with market opportunity comparable to fostrox in HCC Slide 6
Slide 7: Osteogenesis Imperfecta (OI) – a rare disease with significant unmet medical need
Osteogenesis Imperfecta (OI) – a rare disease from pediatric to adulthood with significant unmet medical need Clinical rationale & unmet medical need • Heterogenous rare disorder with 85% having dominant inherited mutations in genes for collagen 1 (COL1A1/COL1A2), causing varying degrees of severity
Slide 8: OI are divided into subtypes according to clinical severity
OI are divided into subtypes according to clinical severity 1,2 Type I 50% ▪ Mild with usually normal height or short stature. Up to 30 fractures during life span Subtypes ▪ Severe with short stature and deformities/scoliosis. Type III 15% Up to 100 fractures during life span suitable for treatment
Slide 9: Bone remodelling is a continuous process requiring interplay between osteoclasts & osteoblasts
Bone remodelling is a continuous process requiring interplay between osteoclasts & osteoblasts Osteoclasts Cells responsible for resorbing old Osteoblasts bone Cells responsible for synthesizing new bone matrix and initiating mineralization. Cathepsin K Enzyme secreted by osteoclasts that degrades t
Slide 10: Cathepsin K activity is increased in Osteogenesis Imperfecta and drives increased bone resorption
Cathepsin K activity is increased in Osteogenesis Imperfecta and drives increased bone resorption 1. Type I collagen is the major component in bone, making up ~90% of bone matrix. It is the skeleton of the bone and provides flexible strength and regulates the mineralization process 2. The OI mutatio
Slide 11: MIV-711, a selective cathepsin K inhibitor, restores balance between bone resorption and formation
MIV-711, a selective cathepsin K inhibitor, restores balance between bone resorption and bone formation 1. MIV-711 is a highly selective inhibitor of Cathepsin K, preventing degradation of type I collagen 2. While MIV-711 inhibits the in OI increased bone degrading osteoclast activity, continuous bo
Slide 12: Inhibiting cathepsin K prevents bone resorption and restores bone remodelling
Inhibiting cathepsin K prevents bone resorption and restores bone remodelling and formation of new bone Cathepsin K inhibition Prevents bone resorption by selective inhibition of cathepsin K + Effectively prevents bone resorption while saving osteoclast functionality + Preserves osteoclast – osteobl
Slide 13: Cathepsin K inhibition showing significant benefit across multiple bone-related disorders
Cathepsin K inhibition showing significant benefit across multiple bone-related disorders Cathepsin K inhibition – Significant bone Cathepsin K inhibition – Cathepsin K inhibition – promising & cartilage benefit in Osteoarthritis1 prevents fractures in Osteoporosis2 signals in Osteogenesis Imperfect
Slide 14: Draft design of phase 2 randomized POC study with MIV-711 in OI
Draft design of phase 2 randomized POC study with MIV-711 in OI to inform next pivotal development phase • Patients with MIV-711 Endpoints: Osteogenesis Imperfecta High dose • Change in Biomarkers including • Fractures within the N~10 BMD previous 2 yr 1:1 • PK • N ~20 • Safety MIV-711 • Number of f
Slide 15: ~2/3 of OI subtype patients candidates for drug treatment providing significant market opportunity
~2/3 of OI subtype patients candidates for drug treatment providing significant market opportunity1,2 Estimated prevalent OI population OI subtypes candidates for 711-treatment Sizeable market opportunity – MIV-711 45,000 • Up to 25% of Type 1 patients are not 40,000 diagnosed until late in life 35,
Slide 16: MIV-711 – Highly selective cathepsin K inhibitor in development for patients with Osteogenesis Imperfecta
MIV-711 – Highly selective cathepsin K inhibitor in development for patients with Osteogenesis Imperfecta (OI) Proven ability to prevent cartilage & bone 3rd generation, highly selective cathepsin K inhibitor degradation & improve bone quality • ~250 subjects in phase 1/2 OA – prevention of cartilag
Slide 17: Fostrox
Fostrox FLEX-HCC study preparations with Korean Cancer Study Group continues to progress, all sites selected, including the three largest hospitals Slide 17
Slide 18: FLEX-HCC study generating strong interest in Korea with key hospitals included
FLEX-HCC study generating strong interest in Korea with key hospitals included preparing for recruitment start Seoul National University Medical Center Asan Medical Center Primary Investigator Samsung Medical Center CHA Bundang Hospital Chungbuk National University Hospital Seoul National University
Slide 19: Randomized phase 2 study of fostrox + Lenvima over Lenvima alone, in 2nd line HCC
Randomized phase 2 study to strengthen the benefit evidence of fostrox + Lenvima over Lenvima alone, in 2nd line liver cancer (HCC) 2026 2027 Study design: • 80 pts randomized to fostrox + Lenvima or Inclusion criteria Primary endpoint: Lenvima alone Fostrox 30 mg + Lenvima SD* • ORR (BICR) • 8 site
Slide 20: Fostrox: the first oral, liver-targeted treatment tailored for HCC
Fostrox (fostroxacitabine bralpamide) The first oral, liver-targeted treatment tailored for HCC Oral, liver-activated small molecule inducing DNA 10.9 months time to progression, damage in tumor cells, sparing healthy liver cells3 substantially better than SoC1,2 12 Unique, liver-targeted No DNA dam
Slide 21: VBX-1000 (MIV-701)
VBX-1000 (MIV-701) VBX-1000 (MIV-701) initiation of randomized, placebo-controlled study to confirm disease- modifying benefit & unlock blockbuster potential, results expected Q4 2026 Slide 21
Slide 22: VBX-1000 (MIV-701) – Potential game changer for the treatment of periodontitis in animal health
VBX-1000 (MIV-701) – Potential game changer for the treatment of periodontitis in animal health VBX-1000 (MIV-701) • 80% of all dogs and cats over 3 years suffer from periodontal disease (PD), causing pain, tooth loss & infections • No therapeutic treatments available to stop/reduce bone resorption
Slide 23: Landmark POC Study in periodontal disease in dogs showing significant improvements
Landmark POC Study in periodontal disease (PD) in dogs showing significant & clinically relevant improvements Inclusion criteria High dose Primary endpoint: Study outcomes: VBX-1000 (MIV-701) • Plasma CTX1 • Client-owned dogs • The first treatment to show disease-modifying with alveolar bone N=10 be
Slide 24: Significant financial upside potential through royalty revenues & share of partnership payments
Significant financial upside potential through royalty revenues & share of potential Vetbiolix partnership payments Estimated total dog population Share of dogs >3 years with PD Sizeable market opportunity – MIV-701 100 • Significant unmet medical need with 90 no approved treatment options 90 80 • B
Slide 25: Randomized, double-blind, placebo-controlled pilot study in dogs to confirm efficacy of VBX-1000
Randomized, double-blind, placebo-controlled pilot study in dogs to confirm the efficacy of VBX-1000 (MIV-701) Inclusion criteria High dose Endpoints: Estimated study timelines: VBX-1000 (MIV-701) • Client-owned dogs • 10 dogs dosed to date (Feb 12) • Plasma CTX1 with alveolar bone N=17 • Top-line r
Slide 26: Financial highlights Q4
Financial highlights Q4 Slide 26
Slide 27: Financial summary Q4, 2025
Financial summary Q4, 2025 Consolidated Income Statement, summary Q4 Q1 - Q4 (SEK m) 2025 2024 2025 2024 Net turnover 5.5 1.0 8.5 3.5 Other operating income -0.2 0.4 0.4 1.0 Total income 5.3 1.4 8.9 4.5 Other external expenses -10.2 -20.6 -41.4 -101.3 Personnel costs -7.2 -6.8 -27.1 -27.2 Depreciati
Slide 28: Q/A
Slide 28 MEDIVIR
Slide 29: Q4 Highlights
Q4 Highlights SEK 45 million directed issue to Carl Bennet AB, enabling MIV-711 clinical development in Osteogenesis Imperfecta, with market opportunity comparable to fostrox in HCC, while strengthening company financial position FLEX-HCC study preparations with Korean Cancer Study Group continues t
Slide 30: Thank You!
oe \A = Tes Thank You! MEDIVIR