Oncolytic Molecules that Kill Cancer with Direct and Systemic Effects
Neoadjuvant Immunotherapy with Durable Responses Approaching Registrational Trials
Q1 Earnings Presentation
21 May 2026
Øystein Rekdal, CEO
Founder and scientist-CEO with over two decades in immuno-oncology, leading the discovery and development of Lytix's innovative peptide-based cancer immunotherapies.
Gjest Breistein, CFO
3
Non-confidential
Finance leader with strong track record in listed companies, ensuring disciplined financial management and capital market engagement.
Karim Benhadji, CMO
Dr. Benhadji is an accomplished oncology drug development leader with more than 20 years of experience advancing cancer therapies.
Company Overview
Lytix's Oncolytic Molecule Platform
Oncolytic Molecule Platform Derived from Host-Defense Peptides
Pipeline
LTX-315 Ruxotemitide: Lead
product candidate
Small peptide (9 amino acids chemically modified)
Phase I/II study completed
Phase II studies competed / ongoing
LTX-401 Preclinical asset
Small molecule (β- disubstituted amino acid derivative)
Early preclinical completed
Late stage preclinical ongoing
Discovery
phase
Chemistry undisclosed
Lactoferrin (689 amino acids) La ctoferricin (25 amino acids)
Lytix's Therapies Work Through a Two-Phase Mechanism; Killing Tumors Locally & Activating Broad Systemic Immune Response
Ruxotemitide (LTX-315) Triggers Powerful Systemic Immune Activation and Drives Regression of Non-Injected Tumors Across Multiple Cancer Types
Sarcoma Triple Negative Breast Cancer
Before After
Before
Injected tumor
Non-injected
tumor
Injected tumor
After
Non-injected tumor
Pipeline
Lytix holds an extensive patent estate protecting its proprietary anti-tumor molecules and their application in immunotherapy across major pharmaceutical markets.
Population Pre-clinical Phase I Phase II Phase III Partner
Ruxotemitide (LTX-315)
ATLAS-IT -05
Combination with pembrolizumab
PD-1/PD-L1
refractory melanoma patients
Completed
Monotherapy
NeoLIPA
LTX-401
Mono-and combination therapy
Basal cell carcinoma
Neoadjuvant resectable melanoma patients
Solid tumors (deep seated lesions)
Completed
Ongoing & Preparing for Registrational Study
Preparing for Phase I
ATLAS-IT-Ruxotemitide (LTX-315) Delivers Anti-tumor Activity & Favorable Safety in Advanced Melanoma in Combination with Pembrolizumab
Complete regression in injected tumors
Before Treatment
Complete regression in
non-injected tumors
Baseline scan
28 mm lesion in left gluteus muscle
Key Findings
Complete regression of injected tumors
Abscopal effect in distant metastases
Responses were durable (up to over 24 months)
Day 43 Day 547 scan
No lesion in left gluteus muscle
Safety profile was consistent with known effects of IT immunotherapy and pembrolizumab.
Manageable safety in heavily pretreated patients
10
Non-treated Tumor Shrinkage Observed in Advanced Melanoma Patients Who Had Failed Prior Immunotherapy
Waterfall Plot for Best Percentage Change in Distant Non-treated Target
Lesions (RECIST v1.1)
Tumor Shrinkage in Non-treated Lesions
Ruxotemitide Combination with Pembrolizumab Delivers Durable Tumor Responses and Sustained Disease Control in Advanced MelanomaDurable
responses
Ruxotemitide + Pembrolizumab
Proportion Event Free
Ruxotemitide Combination with Pembrolizumab Delivers Promising Survival Benefit in Advanced Melanoma
Neoadjuvant Melanoma
Ruxotemitide in Combination with Standard of Care has Potential to Improve Clinical Outcome in Neoadjuvant (Pre-surgery) Melanoma
Standard of Care
NCCN Recommend
NOT FDA Approved
Ruxotemitide
NeoLIPA Interim Results Demonstrate Strong Anti-Tumor Activity, and Durability of Response
Clinical Validation of Ruxotemitide Established in Phase II Neoadjuvant Melanoma (N=9)
Interim data presented at Nordic Melanoma Meeting - November 2025, by Dr. Henrik Jespersen and team
PATHOLOGICAL
COMPLETE RESPONSE
100% tumor elimination
44%MAJOR
PATHOLOGICAL REPSONSE
55%OVERALL
PATHOLOGICAL RESPONSE
88%Top-line results expected H2 2026
Ruxotemitide + pembrolizumab: An intratumoral Immune-activation Strategy that Converts Tumor Destruction into anti-PD-1 Responsiveness
Company | Asset | Stage of Development | Modality | Patient Population | Clinical Trial Identifier |
ruxotemitide + pembrolizumab | Phase II | Oncolytic peptide + Anti PD-1 | Stage III-IV Melanoma | NCT06651151 | |
Nidlegy (L19IL2 and L19TNF) | Phase III | IL2 + TNF | Stage III B/C melanoma | NCT02938299 | |
fianlimab + cemiplimab | Phase II | Anti PD-1 + Anti LAG-3 | Stage III (IIIB, IIIC, IIID) or Stage IV (M1a, M1b, M1c) melanoma | NCT06190951 | |
MDNA11 + nivolumab ± ipilimumab | Phase I | IL2 + Anti PD-1 + Anti-CTLA4 | Stage III melanoma | 2024-519010-31-00 |
17
Ruxotemitide Positions Lytix for a Differentiated Neoadjuvant Melanoma Opportunity with Broader Solid Tumor Upside
Ruxotemitide Projected Net Revenue - Melanoma
$829 M
900
800
Net Revenue ($M)
700
600
500
400
300
200
100
0
2031 2032 2033 2034 2035 2036 2037 2038 2039 2040
US EU5
1 Addressable population defined as patients with tumors of the indicated stage, subtype and/or resectability criteria, but does not include cuts for injectable lesions or neoadjuvant treatment rate. 2 Resectable Stage III cN+ and IVA Melanoma. 3 Unresectable Recurrent Locally Advanced or Metastatic MCC. 4 Resectable, stage III / IVA HNSCC with PD-L1 CPS
≥1. 5 Resectable, High-risk Stage II/III TNBC. 5 Base case assumes $120 K price and clinically meaningful efficacy; 50% peak share for melanoma, MCC, and HNSCC and 70% share 18
with 50% injectable lesions for TNBC. Source: ClearView Analysis.
Ruxotemitide (VP-315) is a Potent Non-Surgical First-Line Immunotherapy for Basal Cell Carcinoma, Ph III Plan Supported by FDA
Licensing Deal with Verrica Pharmaceuticals
Clinical Validation of Ruxotemitide Established in Ph II BCC
Led by partner Verrica Pharmaceuticals (VP-315)
PATHOLOGICAL COMPLETE RESPONSES
100% tumor elimination
51%RESPONSE RATE
Overall calculated objective response rate1
97%REDUCTION
Overall reduction of tumor size
86%1. Calculated as total percentage of patients that achieve >30% reduction in lesion size or complete clearance 19
Q1 HighlightsHighlights for the First Quarter & Post Quarter End
Verrica Partnership - Continues Preparation Toward Phase III Study
Verrica has announced that they are planning to start Phase III registrational trial in 2026
New Phase 2 data presented at the Society for Investigative Dermatology (SID) demonstrates VP-315
(ruxotemitide) induced regression of untreated non-target basal cell carcinoma lesions
NeoLIPA - Neoadjuvant Melanoma Study Opens New Site, Haukeland University Hospital
74% of patients now enrolled
On track for Top Line Results H2 2026
Highlights for the First Quarter & Post Quarter End
ATLAS-IT-03/05 - Clincal Data Presentations at Two Major International Conferences
Final results from ATLAS-IT-05 presented on April 20 at the American Association for Cancer Research
(AACR) in San Diego
Safety and Efficacy results with ruxotemitide and pembrolizumab in melanoma and triple negative breast cancer to be presented at the American Society of Clinical Oncology (ASCO) in Chicago
Ruxotemtitide Registrational Study in Neoadjuvant Melanoma
FDA meeting scheduled for H2 2026 to gain alignment on the proposed Phase III plan
Start of registrational study (ruxotemitide + anti-PD-1) 2027
Open for partnerships
Highlights for the First Quarter & Post Quarter End
LTX-401 - Phase 1 Planning Ongoing
Preparing for clinical entry in 2027
Business and Financial
Successfully completed two capital raises in Q1 2026 with gross proceeds of NOK 77.3 million,
strengthening the Company's financial flexibility
Cash and short-term financial investments totaled NOK 120 million at the end of Q1 2026, supporting
continued execution of key value-driving activities
Commercial assessment of ruxotemitide completed, reinforcing the market potential across multiple
indications
Continued active engagement with investors and potential partners through participation at JPM, BIO
Europe, BIO Equity and LSX Europe
Financials & OutlookKey Figures - Profit & Loss
Amounts in NOK '000 | Q1 2026 | Q1 2025 | FY 2025 |
Total operating income | - | - | - |
Total operating expenses | (26,802) | (13,439) | (64,028) |
Loss from operations | (26,802) | (13,493) | (64,028) |
Loss for the period | (25,945) | (12,923) | (59,982) |
Total operating expenses increased to NOK 26,802 thousand in Q1 2026 from NOK 13,439 thousand in Q1 2025. The increase is driven by higher direct R&D expenses, reflecting ATLAS-IT-05 study completion and two strategic commercial assessments, as well as increased corporate activity including two capital raises and expanded business development efforts.
Loss for the period was NOK 25,945 thousand, compared to NOK 12,923 thousand in Q1 2025, reflecting the increased operational activity across clinical development, business development, and corporate functions.
Lean Cost Base and Solid Runway into 2026
Total operating expenses
32,998
Cash and short-term financial investments
13,170
5,905
4,825
21,162
13,439
22,894
24,258
26,802
21,540 23,280
14,245
6,266
5,157
16,315
(3,209)
Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25
130,791
117,903
120,174
100,263
90,005
72,358
60,181
43,539
Q1 26
Depreciation and amortisationOther expenses
Payroll and related
Direct R&D
Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26
In January 2026, the Company successfully completed a private placement and a subsequent offering, raising total gross proceeds of NOK 77.3 million, strengthening the balance sheet and supporting execution of key value-driving milestones.
The step-up in Q1 2026 reflects a deliberate push across multiple fronts: finalizing clinical data from ATLAS-IT-05, building the commercial and strategic foundation for ruxotemitide and LTX-401, and positioning the Company for partnering discussions.
Key Figures - Balance Sheet
Amounts in NOK '000 | 31.03.2026 | 31.03.2025 | 31.12.2025 |
Assets | |||
Property, plant and equipment | 5 | 26 | 5 |
Right-of-use assets | 1,892 | 2,807 | 2,082 |
Trade and other receivables | 6,728 | 9,355 | 7,078 |
Short-term financial investments | 62,385 | - | 61,756 |
Cash and cash equivalents | 57,789 | 117,903 | 10,602 |
Total assets | 128,800 | 130,091 | 81,524 |
Shareholder's equity and liabilities | |||
Total equity | 114,456 | 95,172 | 61,750 |
Total liabilities | 14,345 | 34,919 | 19,744 |
Total equity and liabilities | 128,800 | 130,91 | 81,524 |
Cash and short-term financial investments amounted to NOK 120 million at end of Q1 2026, reflecting the two capital raises completed in January 2026. The Company is well capitalised to execute on key value-driving milestones.
Total liabilities decreased significantly to NOK 14 million at end of Q1 2026, down from NOK 34.9 million at end of Q1 2025, reflecting continued normalisation of the balance sheet following the completion of the ATLAS-IT-05 study.
Multiple Paths to Creating Shareholder Value
Ruxotemitide - Melanoma
NeoLIPA topline results on track for mid-2026
FDA meeting 2H 2026
Registration trial planned to start 2027
Ruxotemitide - BCC (Verrica Pharmaceuticals)
Verrica planning to initiate Phase III in 2026
Actively seeking partnerships
LTX-401
Clinical entry 2027
Lytix is actively seeking partnership opportunities across the pipeline
Q & A
Interim Financial Statements
Condensed Interim Statement of Profit & Loss
Unaudited | Unaudited | ||
Amounts in NOK thousands | Q1 2026 | Q1 2025 | FY 2025 |
Revenue | - | - | - |
Other operating income | - | - | - |
Total operating income | - | - | - |
Payroll and related expenses | (6,321) | (4,105) | (32,622) |
Depreciation and amortization expenses | (249) | (259) | (1,004) |
Direct R&D expenses | (14,245) | (6,266) | (13,798) |
Other expenses | (5,988) | (2,810) | (16,604) |
Total operating expenses | (26,802) | (13,439) | (64,028) |
Loss from operations | (26,802) | (13,439) | (64,028) |
Net financial items | 858 | 516 | 4,046 |
Loss before tax | (25,945) | (12,923) | (59,982) |
Tax expense | - | - | - |
Loss for the period | (25,945) | (12,923) | (59,982) |
Condensed Interim Statement of Financial Position | Unaudited | Unaudited | |
Amounts in NOK thousands | 31.03.2026 | 31.03.2025 | 31.12.2025 |
Assets Non-current assets Property, plant and equipment | 5 | 26 | 5 |
Right-of-use assets | 1,892 | 2,807 | 2,082 |
Total non-current assets | 1,898 | 2,832 | 2,087 |
Current assets Trade and other receivables | 6,728 | 9,355 | 7,078 |
Short-term financial investments | 62,385 | - | 61,756 |
Cash and cash equivalents | 57,789 | 117,903 | 10,602 |
Shareholder's equity and liabilities Issued capital and reserves | |||
Share capital | 7,690 | 6,826 | 6,826 |
Share premium reserve | 106,766 | 88,346 | 54,923 |
Total equity | 114,456 | 95,172 | 61,750 |
Liabilities Non-current liabilities Lease liabilities | 992 | 1,962 | 1,222 |
Total current liabilities | 992 | 1,962 | 1,222 |
Current liabilities Trade payables | 4,486 | 5,830 | 6,377 |
Other current liabilities | 7,844 | 26,208 | 11,198 |
Lease liabilities | 1,023 | 919 | 977 |
Total current liabilities | 13,352 | 32,957 | 18,522 |
Total liabilities | 14,345 | 34,919 | 19,774 |
Total equity and liabilities | 128,800 | 130,091 | 81,524 |
Total current assets | 126,902 | 127,258 | 79,436 |
Total assets | 128,800 | 130,091 | 81,524 |
Condensed Interim Statement of Cash Flows | |||
Unaudited | Unaudited | ||
Amounts in NOK thousands | Q1 2026 | Q1 2025 | FY 2025 |
Cash flows from operating activities Loss for the period | (25,945) | (12,923) | (59,982) |
Adjustments for: Depreciation of property, plant and equipment | - | 17 | 37 |
Depreciation of right-of-use assets | 249 | 242 | 967 |
Interest income/(expense), net | (76) | (199) | (2,318) |
Share-based payment expense | 1,909 | 201 | 13,838 |
Increased/decreased in trade and other receivables | 350 | 3,757 | 6,034 |
Increased/decreased in trade and other payables | (5,246) | (3,964) | (18,427) |
Cash generated from operations | (28,759) | (12,869) | (59,851) |
Income tax paid | - | - | - |
Net cash flows from operations | (28,759) | (12,869) | (59,851) |
Investing activities Investments in tangible assets | - | - | - |
Interest received | 76 | 202 | 2,325 |
Increase/decrease in other investments | (629) | - | (61,756) |
Net cash from/(used in) investing activities | (552) | 202 | (59,431) |
Financing activities Interest paid | (0) | (2) | (7) |
Proceeds from share issue | 77,742 | - | - |
Transaction cost | (1,000) | - | - |
Payment of principal portion of lease liabilities | (244) | (218) | (900) |
Net cash from/(used in) financing activities | 76,499 | (221) | (908) |
Net increase/(decrease) in cash and cash equivalents | 47,188 | (12,888) | (120,189) |
Cash and cash equivalents at the beginning of the period | 10,602 | 130,791 | 130,791 |
Cash and cash equivalents at the end of the period | 57,789 | 117,903 | 10,602 |
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