Slide 1: U.S. Market & Product Assessment and Valuation of VT-1953 for Malignant Fungating Wounds
1 U.S. Market & Product Assessment and Valuation of VT - 1953 for the Treatment of Symptoms of Malignant Fungating Wounds H1 2026
Slide 2: Project Overview
2 PROJECT OVERVIEW Destum Partners performed a U.S. market and product assessment, commercial forecast, and valuation for the use of VT - 1953 for the treatment of symptoms of Malignant Fungating Wounds (MFW) Commercial Forecast Market & Product Assessment ▪ Epidemiology ▪ Market Dynamics ▪ Target P
Slide 3: Summary
3 Summary Unmet Need • Malignant fungating wounds (MFWs) are a rare but devastating complication of advanced solid tumors, occurring predominantly in the final 6 - 12 months of life and associated with severe malodor, pain, exudate, bleeding, and psychosocial distress • Management is palliative and
Slide 4: Asset Value Over Time
4 $455 $503 $551 $602 $1,086 $1,165 $1,346 $1,420 $1,499 $1,605 $1,674 $1,700 $1,727 $400 $200 $0 $600 $1,000 $800 $1,200 $1,400 600 $1, $1,800 $2,000 H1 2026 H2 2026 H1 2027 H2 2027 H1 2028 H2 2028 H1 2029 H2 2029 Phase 3 Completion Commercial Approval H1 2030 H2 2030 H1 2031 H2 2031 H1 2032 Asset
Slide 5: Table of Contents
5 Table of Contents VT - 1953 for the Treatment of Symptoms of Malignant Fungating Wounds ▪ Background & Epidemiology ▪ Treatment Algorithm ▪ Competitive Landscape ▪ Total Treatable Patient Population ▪ Market Size & Potential ▪ Risk Assessments ▪ Forecast ▪ rNPV ▪ Summary
Slide 6: Malignant Fungating Wounds Overview
6 Malignant Fungating Wounds Overview Malignant fungating wounds are cutaneous manifestations of locally advanced cancer caused by tumor invasion, ischemia, necrosis, and polymicrobial colonization that sustain chronic inflammation and prevent healing ▪ Malignant fungating wounds occur when cells in
Slide 7: Malignant Fungating Wounds Epidemiology
7 Malignant Fungating Wounds Epidemiology MFWs are an uncommon complication of advanced solid tumors concentrated near end of life ▪ MFWs occur almost exclusively in patients with advanced or uncontrolled solid tumors, most commonly breast cancer (~50 - 70%) and head & neck cancers, with smaller con
Slide 8: Symptom Management
8 Symptom Management Care for MFWs is palliative and symptom - focused, relying on off - label therapies and advanced wound care rather than disease modification ▪ Management of MFWs is not directed at treating the underlying malignancy, but instead focuses on palliative treatment of local symptoms,
Slide 9: Table of Contents
9 Table of Contents VT - 1953 for the Treatment of Symptoms of Malignant Fungating Wounds ▪ Background & Epidemiology ▪ Treatment Algorithm ▪ Competitive Landscape ▪ Total Treatable Patient Population ▪ Market Size & Potential ▪ Risk Assessments ▪ Forecast ▪ rNPV ▪ Summary
Slide 10: Competitive Landscape
10 Competitive Landscape for VT - 1953 1. Destum Analysis No approved or late - stage therapies are in development for the symptoms of malignant fungating wounds • There are currently no FDA - approved drugs or late - stage clinical programs specifically indicated for malignant fungating wounds, pos
Slide 11: Market Share Estimation
11 Market Share Estimation 1. Destum Analysis VT - 1953 enters a market where providers and patients are actively seeking new treatment options given the limited options currently available No current FDA approved topical treatments for malignant fungating wounds • Currently, there are no FDA approv
Slide 12: Benchmarking Pricing
12 Benchmarking VT - 1953 Pricing Destum evaluated relevant products in orphan dermatology, wound care, and palliative symptom relief to inform a clinically and commercially grounded Wholesale Acquisition Cost (WAC) for VT - 1953 To establish a realistic and defensible WAC for VT - 1953, Destum eval
Slide 13: Clinical Development Plan
13 Clinical Development Plan Destum used the following clinical development timeline for its valuation of VT - 1953 2030 2029 2028 2027 2026 2025 Commercial FDA Review Phase 3 $12.5 M VT - 1953 Malignant Fungating Wounds Clinical Development Plan & Timelines: Phase 3 trial start: Q3 2026 Phase 3 tri
Slide 14: U.S. Patient Population for Treatment of Symptoms of MFW
14 U.S. Patient Population for VT - 1953 for Treatment of Symptoms of MFW Estimated U.S. New Cases in 2025 of Cancer at any Site 2,041,910 Estimated Number of Patients with MFWs 58,721 U.S. Treatable Patient Population 58,721 ▪ The American Cancer Society estimates there will be approximately 2,041,
Slide 15: Commercial Assumptions
15 Commercial Assumptions Destum Partners made the following commercial assumptions for its valuation Rationale Assumption Expense Industry Standard 5% WAC* COGs* Average of Major Pharma 28% of sales SG&A and Marketing Credit Suisse 2 20% of sales Gross - to - Net Calculation (Rebates, etc.) Industr
Slide 16: Probability of Success
16 Probability of Success Destum estimates that VT - 1953 has a 56.5% probability of approval based on historical rates of success for non - oncology rare diseases. Cumulative Likelihood Of Approval from Event Approval Predicted Probability of Success Event 56.5%* 60.4% Successful Phase III 93.6% 93
Slide 17: Revenue Forecast Assumptions
17 Revenue Forecast Assumptions Rationale Destum Partners’ Assumption • Commercial launch modeled in H1 2029 with forecast extending through expected patent expiration to capture full commercial window ▪ H1 2026 – H2 2043 Forecast Period • Based on 20 - year patent term with filing date of 2023 ▪ 20
Slide 18: Table of Contents
18 Table of Contents VT - 1953 for the Treatment of Symptoms of Malignant Fungating Wounds ▪ Background & Epidemiology ▪ Treatment Algorithm ▪ Competitive Landscape ▪ Total Treatable Patient Population ▪ Market Size & Potential ▪ Risk Assessments ▪ Forecast ▪ rNPV ▪ Summary
Slide 19: U.S. Revenue Forecast
19 U.S. Revenue Forecast for VT - 1953 Peak U.S. net sales for VT - 1953 are projected to reach $696 M in 2043 for the symptoms of MFW Based on this bottom - up model, incorporating modeled patient counts, treatment duration, and pricing assumptions, and a 30% peak market share, VT - 1953’s modeled
Slide 20: Asset Value Over Time
20 $455 $503 $551 $602 $1,086 $1,165 $1,346 $1,420 $1,499 $1,605 $1,674 $1,700 $1,727 $400 $200 $0 $600 $1,000 $800 $1,200 $1,400 600 $1, $1,800 $2,000 H1 2026 H2 2026 H1 2027 H2 2027 H1 2028 H2 2028 H1 2029 H2 2029 Phase 3 Completion Commercial Approval H1 2030 H2 2030 H1 2031 H2 2031 H1 2032 Asset
Slide 21: Sensitivity Analysis
21 $607 $661 $555 $517 $464 $455 $446 $346 $356 $394 $250 unt Rate S Disco ercial cPO D Comm enue R& Rev $0 $100 $200 $300 $400 $500 $600 $700 Value Millions Sensitivity analysis was performed on the U.S. value of VT - 1953. The model is most sensitive to revenue and discount rate, while being least
Slide 22: Comparable Transactions
22 Date Acquisition Details/Additional Notes Deal Value Upfront Indication(s) Stage Licensee Licensor March 2024 ZKN - 013 is a phase I ready oral therapy in recessive Dystrophic Epidermolysis Bullosa (RDEB), Junctional Epidermolysis Bullosa (JEB) and familial adenomatous polyposis (FAP). Upfront, d
Slide 23: Table of Contents
23 Table of Contents VT - 1953 for the Treatment of Symptoms of Malignant Fungating Wounds ▪ Background & Epidemiology ▪ Treatment Algorithm ▪ Competitive Landscape ▪ Total Treatable Patient Population ▪ Market Size & Potential ▪ Risk Assessments ▪ Forecast ▪ rNPV ▪ Summary
Slide 24: Asset Value Over Time
24 $455 $503 $551 $602 $1,086 $1,165 $1,346 $1,420 $1,499 $1,605 $1,674 $1,700 $1,727 $400 $200 $0 $600 $1,000 $800 $1,200 $1,400 600 $1, $1,800 $2,000 H1 2026 H2 2026 H1 2027 H2 2027 H1 2028 H2 2028 H1 2029 H2 2029 Phase 3 Completion Commercial Approval H1 2030 H2 2030 H1 2031 H2 2031 H1 2032 Asset
Slide 25: Summary
25 Summary Unmet Need • Malignant fungating wounds (MFWs) are a rare but devastating complication of advanced solid tumors, occurring predominantly in the final 6 - 12 months of life and associated with severe malodor, pain, exudate, bleeding, and psychosocial distress • Management is palliative and
Slide 26: Thank You
26 Thank You Tom Filipczak Managing Director and Partner tfilipczak@destumpartners.com Ryan Zahn, MSPH MBA Senior Associate rzahn@destumpartners.com Kate Hutchinson, Ph.D. Associate khutchinson@destumpartners.com www.destumpartners.com