Orexo Q1 2026 Interim Report

About this update from Orexo Ab

Well positioned to advance pipeline to value inflection points Financial summary January – March Total net revenues of SEK 5.0 m (13.2) Net earnings for the period is SEK -105.2 m (-90.6) Cash flow for the period is SEK -527.9 m (-66.7) Earnings per share before and after dilution SEK -3.00 (-2.63) Net earnings for the period for discontinued operations is SEK -28.7 m (74.7). Operational highlights January – March Izipry™ continued to progress stability and reliability studies. NDA resubmission to the FDA is planned for Q3 2026. Commercialization is intended through a partnering strategy. OX640 accelerated its commercial‑scale manufacturing readiness ahead of entering pivotal clinical studies in Q4 2026 First in-vivo study conducted for OX390, with data read-out in Q2 2026 The AmorphOX® exploratory nasal semaglutide program, OX472, expanded into oral delivery, with formulation development initiated for semaglutide tablets Patent application filed covering oral semaglutide tablets Hosted R&D Day in Stockholm, Sweden , targeting investors, analysts and media. Significant events January – March Early redemption of the senior secured social bond 2024/2028 was exercised, covering a total outstanding nominal amount of SEK 500 m. Significant events after the end of the period No significant events after the end of the period. SEK m unless otherwise stated 2026 Jan-Mar 2025 Jan-Mar 2025 Jan-Dec Net revenues 5.0 13.2 26.0 Cost of goods sold -0.5 -4.7 -14.5 Operating expenses -79.5 -84.7 -364.3 Of which research and development expenses/operating expenses, % 54 56 64 EBIT -75.0 -76.3 -352.7 EBIT margin % neg. neg. neg. EBITDA -66.1 -65.2 -285.7 Earnings per share, before dilution, SEK -3.00 -2.63 -11.65 Earnings per share, after dilution, SEK -3.00 -2.63 -11.65 Cash flow from operating activities -33.3 -41.6 -195.4 Cash and cash equivalents Orexo 333.8 119.1 912.4 Cash and cash equivalents payable to Dexcel 52.3 — — Total Cash and cash equivalents 386.2 119.1 912.4 Unless otherwise stated, all data refers to continued operations post Zubsolv US divestment as of Dec. 31 2025 . Discontinued operations is presented in Note 10. CEO comments in brief “With the divestment of Zubsolv® US, Orexo has entered a new phase. A stronger financial position allows us to step up investments in R&D, with our AmorphOX® technology at the core. During the quarter, we made good progress, particularly in the OX640 program, where we are preparing to initiate our first pivotal clinical studies later this year. It is also encouraging to see how our R&D teams are continuing to use AmorphOX to improve stability and bioavailability in challenging molecules such as peptides. Finally, I am pleased with how the organization has handled the transition following the Zubsolv US divestment, including the care and respect shown to colleagues who needed to leave the US organization.” Uppsala, Sweden , April 28, 2026 Nikolaj Sørensen President and CEO For full CEO Comments see PDF Contact persons Nikolaj Sørensen , President and CEO Fredrik Järrsten, EVP and CFO Lena Wange , IR & Communications Director +46 18 780 88 00 [email protected] Presentation April 28 , at 2 pm CEST analysts, investors and media are invited to attend a presentation, incl. a Q&A. Participants may access the event via live webcast or teleconference through the following link: https://investorcaller.com/events/orexo/orexo-q1-report-2026 Prior to the call, presentation material will be available on the website under Investors/Rapport archive. This information is information that Orexo AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-04-28 07:00 CEST . Attachments Orexo Q1 2026 Interim Report 2026 © Modular Finance, source Nordic Press Releases

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