CORPORATE PRESENTATION - FALL 2026
HLS Therapeutics: A North American Specialty Pharmaceutical Company
Profitable product portfolio poised for growth
TWO THERAPEUTIC AREAS
Neuro/Psychiatric Disorders
Cardiovascular
US$55.5M
2025 Revenue
$56-60M
2026 Guidance
US$19.6M
2025 Adj. EBITDA
$18.5-21M
2026 Guidance
C$120M
Market Cap
(at Sept 25, 2026)
Montreal
Toronto (HQ)
Philadelphia
Barbados
Model: acquire rights to commercialize assets in US/CDA
Toronto Stock Exchange (TSX) - HLS
Provided as part of an oral presentation and qualified by such, contains forward-looking statements, actual results may vary materially; HLS disclaims any duty to update
HLS THERAPEUTICS INC. 3
Diversified and Growing Portfolio
CARDIOVASCULAR (CV)
CV risk reduction
In-Market
PARTNER
LDL-lowering / CV risk reduction
In-Market (March 2026)
PARTNER
LDL-lowering / CV risk reduction
Filed with Health Canada
PARTNER
NEURO/PSYCHIATRIC DISORDERS
Treatment Resistant
Schizophrenia In-Market
Treatment Resistant Schizophrenia/
Reducing suicide risk In-Market
Clozaril companion diagnostic
In-Market
Therapeutic drug monitoring
In-Market
PARTNER PARTNER
ROYALTY INTEREST
Treats Acquired Hemophilia A Bleeding
Marketed by Takeda
Toronto Stock Exchange (TSX) - HLS
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HLS THERAPEUTICS INC. 4
THE HLS INVESTMENT CASE
Why HLS? Why Now?
01Strengthened Operations & Financials
02Key catalysts:
CV portfolio growth / product launches
03Acceleration beyond 2026
Toronto Stock Exchange (TSX) - HLS
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HLS THERAPEUTICS INC. 5
Strengthened Operations and Financials
Revenue ex Royalties
(US$M Trailing Twelve Months)
Adj. EBITDA ex Royalties
(US$M Trailing Twelve Months)
Net Debt
(US$M)
Cardiovascular Clozaril
Other
20
80
60
18
70
16
50
60
14
40
6%
12
73%
50
57%
10 40
30
8
30
20
6
39%
CV
growth
20
4
10
2
10
0
0
0
Q1'24 Q2'26 Q1'24 Q2'26 Q1'24 Q2'26
Toronto Stock Exchange (TSX) - HLS
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HLS THERAPEUTICS INC. 6
Growing Cash Generation, Declining Debt Service
Presented on Trailing Twelve Month Basis - US$ in millions
$16
$14.7
$14
$12
$10
$8.1
$8
Strong Cash
Generation Trend from Core Business
$6
$4
$2.3
$3.2
$2
$-
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Q2 2026
AEBITDA ex-royalty revenue after net interest paid
Net interest paid
Toronto Stock Exchange (TSX) - HLS
Provided as part of an oral presentation and qualified by such, contains forward-looking statements, actual results may vary materially; HLS disclaims any duty to update
HLS THERAPEUTICS INC. 7
The Portfolio
O
NILEMD / NEXLIZET®
the new growth engine
Growing VASCEPA®
Stable CLOZARIL® base
Illustrative purposes only; not financial guidance
Toronto Stock Exchange (TSX) - HLS Provided as part of an oral presentation and qualified by such, contains forward-looking statements, actual results may vary materially; HLS disclaims any duty to update HLS THERAPEUTICS INC. 8
Three CV Medicines, One Goal
O
NILEMD
VASCEPA®
NEXLIZET®*
Reducing Cardiovascular Risk for Canadians
First/only in
class medicines
Well-tolerated,
all oral portfolio
Large outcomes trials
demonstrated CV event reduction
Many years of real-
world evidence
Integrated into global
treatment guidelines
Go-to-market
model synergies
* NEXLIZET is not yet approved in Canada.
Toronto Stock Exchange (TSX) - HLS
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HLS THERAPEUTICS INC. 9
Additional CV Risk Reduction in Patients on Optimal Statin Therapy
REDUCE-IT TRIAL
EVAPORATE TRIAL
5-year
trial
11
countries
8,200
statin-treated patients
25%Relative Risk Reduction in major adverse CV events in patients on statin treatment1
17%
Vascepa® patients showed a reduction in low-attenuation plaque over baseline at 18 months2
CV Death Heart Attack Stroke Surgical bypass
Broad inclusion in the guidelines for international medical societies and journals
20%
31%
28% 35%
1 Study included patients with elevated Triglycerides ≥1.5-5.6 mmol/L
2 Budoff MJ, Bhatt DL, Kinninger A, Lakshmanan S, Muhlestein JB, Le VT, May HT, Shaikh K, Shekar C, Roy SK, Tayek J, Nelson JR. Effect of icosapent ethyl on progression of coronary atherosclerosis in patients with elevated triglycerides on statin therapy: final results of the EVAPORATE trial. Eur Heart J. 2020 Oct 21;41(40):3925-3932. doi: 10.1093/eurheartj/ehaa652. PMID: 32860032; PMCID: PMC7654934.
Toronto Stock Exchange (TSX) - HLS
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HLS THERAPEUTICS INC. 10
VASCEPA®
TRx Units (thousands) Since Launch - Canada
Continued
Prescribing Growth
Patent protection through the late
2030's
200
180
160
140
+17%
YTD 2026 units vs YTD 2025
120
100
80
+16%
YTD 2026 net sales vs YTD 2025*
* in USD
60
40
20
Expanding operating
margin
0
2020
2021
2022
2023
2024
2025
TTM
06.30.26
Toronto Stock Exchange (TSX) - HLS
Provided as part of an oral presentation and qualified by such, contains forward-looking statements, actual results may vary materially; HLS disclaims any duty to update
HLS THERAPEUTICS INC. 11
O
y
Launch of Proven Oral Treatments for LDL Lowering and CV Event Reduction
NILEMD
(bempedoic acid)
LAUNCHED
MARCH 2026
First and only oral non-statin indicated
for LDL-C lowering AND CV event prevention
Significantly reduced CV events in landmark CLEAR Outcomes study published in NEJM1
Indicated in primary and secondary prevention
Can be used with or without other LDL-lowering therapies
NEXLIZET®
(bempedoic acid + ezetimibe)
ESTIMATED
LAUNCH
H1 2027*
Combines leading non statin generic therap
with branded bempedoic acid Significant LDL reduction of ~38%
Single daily pill - no increase in pill burden
* NEXLIZET is not yet approved in Canada.
Studied in
~14,000 patients
Real-world experience from US & European markets starting in 2020
Included as Class 1 recommendation2 in both AHA/ACC and ECS guidelines3
1 13% reduction of MACE-4 (nonfatal MI, coronary revascularization, nonfatal stroke, or CV death)
2 Class 1 recommendation for statin intolerant patients. Class 2 for patients on maximum tolerated statins
3 ESC 2025 Guidelines ref: Mach F et al. Eur Heart J. 2025 Aug 29:ehaf190. doi: 10.1093/eurheartj/ehaf190. ACC/AHA 2026 Dyslipidemia Guidelines ref: Blumenthal, R.S., Morris, P.B., et al. 2026 ACC/AHA Guideline on the Management of Dyslipidemia. Circulation
Toronto Stock Exchange (TSX) - HLS
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HLS THERAPEUTICS INC. 12
WHY LDL-C MATTERS
Getting people to their LDL-C target saves lives
LDL-C is a proven cause of heart disease
Every 1 mmol/L drop =
23% fewer major coronary events1
21% reduction in vascular events1
Most high-risk patients aren't at goal2
1 CTTC, Cholesterol Treatment Trialists' Collaboration. Lincoff AM, et al. J Am Coll Cardiol. 2024;84(2):152-62
2 Source: IQVIA data and primary market research estimates 600-700K patients on statin/ezetimibe therapy of which 30-40% are not at LDL-C goal. (2) I. Bytyçi et al., European Heart Journal (2022) 43, 3213-3223
Toronto Stock Exchange (TSX) - HLS
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HLS THERAPEUTICS INC. 13
5M+
Canadians with CVD/ elevated CV risk1
~3M
On statins1
Broad Indications Will Support Target Patient Populations in Need
NILEMD INDICATIONS
O
Primary Hyperlipidemia (LDL-C reduction)
Prevention of CV events
500,000
Not at LDL goal and/or statin intolerant2
Only oral non-statin indicated for both LDL-C lowering and CV event prevention
1 Statistics Canada
2 Source: IQVIA data and primary market research estimates 600-700K patients on statin/ezetimibe therapy of which 30-40% are not at LDL-C goal. (2) I. Bytyçi et al., European Heart Journal (2022) 43, 3213-3223
Toronto Stock Exchange (TSX) - HLS
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HLS THERAPEUTICS INC. 14
O
NILEMD & NEXLIZET®:
STATIN THERAPIES
NON-STATIN THERAPIES
Mostly
Generic
CV Risk Reduction
Indication
First-line,
widely used
Combinable with
non-statins for added LDL-lowering
LDL-C Lowering
25-55%
drops in LDL-C
1 NEXLIZET is not yet approved in Canada. HLS is pursuing regulatory approval for these indications. The indications shown are those currently approved in the US and Europe.
2 FOURIER: Sabatine MS, Giugliano RP, Keech AC, et al. Evolocumab and Clinical Outcomes in Patients with Cardiovascular Disease New England Journal of Medicine (2017); 376:1713-1722
3 Ray KK, Wright RS, Kallend D, et al. (ORION-10) New England Journal of Medicine (2020); 382:1507-1519 DOI: 10.1056/NEJMoa1912387 Ray KK, Wright RS, Kallend D, et al. (ORION-11) New England Journal of Medicine (2020); 382:1520-1530 DOI: 10.1056/NEJMoa1912388
Affordable Oral Treatments When Patients Need Options Beyond Statins
Ezetimibe |
PCSK9i mAbs | PCSK9i siRNA |
Primary Prevention | 1 | ||
Secondary Prevention | 1 |
Observed LDL-C Reduction | 19% | 18% | 38% | ~60%2 | ~50%3 | |
Administration | Oral | Oral | Oral | Injectable | Injectable | |
Daily Cost in Canada | < C$1 | C$4.35 | ~C$15-20+ | |||
Toronto Stock Exchange (TSX) - HLS
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HLS THERAPEUTICS INC. 15
NILEMDO
High levels of awareness and interest in bempedoic acid/NILEMDOKey Findings from Pre-Launch Market Research
>50% of patientsnot adequately controlled on first line treatment
>90% Total awarenessof bempedoic acid / NILEMDO
>80% Physicians willing to Rxbempedoic acid / NILEMDO
Baseline ATU study - January 2026 | 70 target-list physicians (40 cardiologists, 30 endocrinologists) | Canada
Toronto Stock Exchange (TSX) - HLS Provided as part of an oral presentation and qualified by such, contains forward-looking statements, actual results may vary materially; HLS disclaims any duty to update HLS THERAPEUTICS INC. 16
O
NILEMD Launch: Momentum Building
ENCOURAGING EARLY RESULTS
Strong initial prescribing at launch with consistently growing demand
✓
01EXPANDING PRIVATE PAYER COVERAGE
~80% eligible privately insured patients now have reimbursement
✓
02POSITIONED TO GAIN PUBLIC REIMBURSEMENT
Canadian Drug Agency (CDA-AMC) unanimous reimbursement recommendation for public plans
Public reimbursement listings expected in H1 2027
✓
03Toronto Stock Exchange (TSX) - HLS
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HLS THERAPEUTICS INC. 17
O
NEXLIZET®: Building on the NILEMD Foundation
One Pill, Two Mechanisms
Bempedoic acid + ezetimibe, with no added pill burden
~38% LDL-C Reduction¹
A meaningful step up when statins and ezetimibe alone fall short
A Built-In Second Option
For every physician already writing NILEMDO
H2 2026
NILEMDO Private Coverage in Place
By Year-End 2026
NEXLIZET Health Canada Decision
H1 2027
NILEMDO Public Listings
H1 2027
NEXLIZET
Launch2
Multiple catalysts over the next twelve months
¹ Observed LDL-C reduction reflects indications currently approved in the US and Europe; NEXLIZET® is not yet approved in Canada.
2 Subject to a favorable Health Canada decision by year end 2026
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HLS THERAPEUTICS INC. 18
O
The NILEMD + NEXLIZET® Opportunity: an Illustrative Example
5M+
Canadians with CVD/ elevated CV risk1
500,000
Not at LDL goal and/or statin intolerant2
X
10-20%
Market Penetration
~3M
On statins1
= C$50M-100M
Revenue
Illustrative analysis based on range of net pricing and patient compliance assumptions. Actual results may differ materially.
1 Statistics Canada
2 Source: IQVIA data and primary market research estimates 600-700K patients on statin/ezetimibe therapy of which 30-40% are not at LDL-C goal. (2) I. Bytyçi et al., European Heart Journal (2022) 43, 3213-3223
Toronto Stock Exchange (TSX) - HLS
Provided as part of an oral presentation and qualified by such, contains forward-looking statements, actual results may vary materially; HLS disclaims any duty to update
HLS THERAPEUTICS INC. 19
CLOZAPINE
Only approvedClozapine remains underutilized treatment
treatment for TRS(Treatment Resistant Schizophrenia)
~1MAmericans & Canadians living with TRS1
1 in 4TRS patients currently on clozapine2
HLS Owns US & Canadian Rights to branded Clozaril®
$27MBrand contribution in 2025 - stable cash flow provides capacity for BD activities
~50%Branded share of the Canadian clozapine market (generic market since 2003)
1 Company estimates
2 Company sources and Kelly DL, Love RC. Psychiatric pharmacist's role in overcoming barriers to clozapine use and improving management. Ment Health Clin. 2019;9(2):64-69. Published 2019 Mar 1. doi:10.9740/mhc.2019.03.064
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HLS THERAPEUTICS INC. 20
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