Third Quarter 2026 Presentation

Q3 2026 Earnings Call - November 12, 2026

01

CV growth engine accelerating

02

Increasing CV portfolio profitability

03

Expanding the CV franchise into heart failure (VERQUVO)

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

Cardiovascular Portfolio Growth Accelerating

Cardiovascular portfolio net sales growth

(millions) CAD

Third quarter Year to date

Vascepa NILEMDO

Private coverage for NILEMDO now in effect for

~80% of privately insured

8

7

6 21%

5

4

3

2

1

0

Q3 2025 Q3 2026

22

20

18

16 19%

14

12

10

8

6

4

2

0

Q1-Q3 2025 Q1-Q3 2026

Canadians

pCPA negotiations for public coverage of NILEMDO expected to begin this quarter

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. 4

NEWS RELEASE HLS THERAPEUTICS INC. | TSX: HLS

MLS Therapeutics Partners with Bayer to Commercialize VERQUVOoin Canada

Agreement marks HLS's entry into heartfailure (HF) and strengthens the Company's position in the Canadian cardiovascular market

I Differentiated oral HF treatment: broadening I De-risked: approved, reimbursed and supported our portfOllo into a new segment of CV medicine by outcomes data in a high-need HF population

I Capital efficient: modest, stage-gated investment

I Selected by Bayer: reinforcing HLS as a partner of choice

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. 5

Balanced Capital Allocation

01

Investing in growth

02

Returning capital

03

Debt repayment

2026

Building Momentum

2027

Accelerating Growth

2026 Revenue

Expect around the midpoint

Mid single-digit growth driven by CV portfolio

2026 Adj. EBITDA

Expect lower half of range

Continued investment in NILEMDO launch

Product revenue mix shift to CV portfolio

Step-up in revenue and Adj. EBITDA growth

Further acceleration in 2028

Upcoming catalysts NEXLIZET approval and pCPA outcome

Detailed 2027 guidance with Q4 results (March 2027)

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

An Increasingly Diversified Portfolio

O

NILEMD / NEXLIZET®

new product launches

Growing VASCEPA® and VERQUVO ®

Stable CLOZARIL® base

Illustrative purposes only; not financial guidance

Four CV Medicines, One Goal

Reducing Cardiovascular Risk for Canadians

VASCEPA®

O

NILEMD

NEXLIZET®*

VERQUVO®

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

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. 9

VASCEPA®

TRx Units (thousands) Since Launch - Canada

Continued

Prescribing Growth

Patent protection through the late

2030's

200

180

160

140

120

100

80

60

40

20

0

+16% units

YTD 2026 vs YTD 2025

+12% net sales

YTD 2026 vs YTD 2025*

2020

2021

2022

2023

2024

2025 TTM

09.30.26

* in Canadian dollars

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. 10

O

NILEMD : Launch Ramping as Private Coverage Takes Effect

NILEMDO net sales

(thousands) CAD

vs Q2 1,700

C$817K

new patients in Q3

+91%

Up from 1,200 initiated through the end of Q2

Vascepa's new-patient pace

At the same point in its launch

C$29K

C$427K

target prescribers have initiated

Significant room to expand

of privately insured Canadians covered

Step-up in September demand;

Q1 2026* Q2 2026 Q3 2026

prescriber breadth and depth

Q4 first full quarter

* NILEMDO available in March 2026, with full commercial launch in April 2026.

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

Momentum Building with Key Upcoming CV Catalysts

Q3 2026

Q4 2026

Q4 2026

Q1 2027

H1 2027

H1 2027

✓

NILEMDO Private Coverage in Place

~80% of eligible privately insured patients now covered

pCPA Negotiations to Begin

Following CDA-AMC unanimous recommendation for public reimbursement

NEXLIZET Health Canada Decision

One pill, two mechanisms;

~38% LDL-C reduction1

VERQUVO Launch Begins

HLS takes over commercialization

NILEMDO Public Listings

Assumes pCPA negotiations successfully completed

NEXLIZET Launch2

Rapid uptake expected for physicians familiar with NILEMDO

• Completed Upcoming

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 favourable Health Canada decision.

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. 12

VERQUVO®: Extending Our CV Franchise into Heart Failure

Current CV portfolio

O

VASCEPA® · NILEMD · NEXLIZET®

Focus

Lipid management and CV risk reduction

Chronic heart failure (HFrEF) after a recent worsening event¹

HOW WE'LL GO TO MARKET

Starting Q1 2027

1. Medical-led

   Medical team focuses on top heart

   failure specialists at key centres

   Administration Oral Oral, once daily

2. Stage-gated promotion

Add targeted promotional resources as

Who we call on

Cardiology, endocrinology, internal medicine, primary care

Heart failure specialists at key centres

broader adoption builds

✓

VICTORIA Phase 3 outcomes trial in 5,000+ patients

Health Canada approved; public and private reimbursement in place

• Guideline-recommended in Canada

✓

¹ As per Health Canada, VERQUVO (vericiguat) is indicated for the treatment of symptomatic chronic heart failure in adult patients with reduced ejection fraction who are stabilized after a recent heart failure decompensation event requiring hospitalization and/or intravenous diuretic therapy. VERQUVO should be used in combination with standard of care therapy for heart failure.

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. 13

National patient volumes grew sequentially each month in Q3

Patient growth coming from Western Canada (BC, Alberta, Saskatchewan)

~97% annual patient retention on branded Clozaril in Quebec

Q3 2026 Financial Review

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. 15

Cardiovascular Now ~Half of Canadian Product Sales

Share of Canadian product sales, third quarter

CAD, net sales

Q3 revenue, up 5% year over year

Year to date $41.7M, up 3%

Q3 2025

Q3 2026

+7.5%

CV portfolio net sales growth in Q3

Up 19% year to date (local currency)

Canadian product sales growth in Q3

O

Cardiovascular (VASCEPA® + NILEMD ) CLOZARIL® & other

Local currency; CV growth more

than offset Clozaril

Share of Canadian product sales in C$: Q3 2026 CV net sales C$7.5M of C$15.6M; Q3 2025 C$6.2M of C$14.5M. Revenue in USD.

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

Adjusted EBITDA Improving as Cardiovascular Turns Profitable

CV portfolio direct brand contribution to Adj. EBITDA

(millions) USD

Q3 Adj. EBITDA, up from $4.9M in Q3 2025

H1 2026

Including NILEMDO launch investment

Q3 2026

Turned positive

And up from $4.7M in Q2 2026; margins improving

Operating leverage: as NILEMDO scales on the commercial

infrastructure already in place, more of each incremental sales dollar flows through to Adj. EBITDA, foundational to growth in 2027

Q3 CLOZARIL® direct brand contribution

$18.7M year to date

Direct brand contribution as reported in the Q3 2026 press release and MD&A.

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. 17

Growing Cash Generation Driven by Product Performance and Declining Debt

Presented on Trailing Twelve Months Basis - USD in millions

$16

$15.3

$14

$12

$10

$8.1

$8

$6

$4

$2.3

$2.7

$2

$-

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Q2 2026

Q3 2026

TTM AEBITDA ex-royalty revenue after net interest paid

TTM 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. 18

Stronger Financials Fund Growth and Shareholder Value

Investing in Growth

Pursuing BD opportunities aligned with strategic focus, capabilities and resources

VERQUVO partnership: payments track the brand's commercial success

Returning Capital

NCIB expanded in September to 1.9M shares

Through October 31: 1.1M shares repurchased, returning C$4.3M

Debt Repayment

$1.1M principal repayment in Q3

Term loan $41.3M, down 17% from YE'25 Net debt $29.9M, down 22% from YE'25

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

01

Strengthened Operations & Financials

02

Growth Engine Delivering

03

Catalysts Ahead

Strongest balance sheet in years Robust cash generation Expanded buyback

CV portfolio grew 21% vs prior year NILEMDO grew 91% sequentially from Q2 CV margins improving

NILEMDO public listings expected H1'27 NEXLIZET Health Canada decision by year-end VERQUVO starting Q1'27

Capacity for business development

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. 20

Q3 2026 Earnings Call - November 12, 2026