Q1 2026 Interim Report MASTER

Well positioned to advance pipeline to value inflection points

Successful transition after Zubsolv US divestment

Development programs making

steady progress

Exploring new applications of AmorphOX®

3

>30 yrs

of experience developing improved

pharmaceuticals based on proprietary drug delivery technologies.

- largest shareholder at 26 %

SEK 334 m

Cash position March. 31 2026

EXPLORE

New applications of the AmorphOX® technology are key to unlocking substantial future value creation and partnership generation

DEVELOP

Proprietary projects drive greater value capture and renewed commercialization opportunities for Orexo, either standalone or together with a partner

PARTNER

Power partners' proprietary projects with the

AmorphOX technology

4

Preclinical PK study: Intranasal semaglutide formulated by AmorphOX vs oral formulation

• GLP-1 semaglutide (nasal delivery): Exploratory formulation work progressed to improve bioavailablilty, supporting continued in-vivo evaluation

• AmorphOX® - oral semaglutide delivery: Initiated formulation development of an oral semaglutide tablet ahead of a planned preclinical in-vivo proof-of-concept study in H2 2026.

  In addition, multiple patent applications filed.

• Vaccine project (nasal delivery): Focused on expanding the evidence base through potential collaboration with Abera Bioscience and additional industry and academic partners.

AmorphOX formulations

Oral tablet1

Semaglutide stability at 40°C/75% RH

Semaglutide content (%)

100

80

60

40

20

Note: Rybelsus® is a registered trademark of Novo Nordisk A/S

1. Exposure of AmorphOX formulations were lower than injectable reference.

0

0 1 3 6

Months

EXPLORE

5

DEVELOP

• Izipry continued to progress stability and reliability studies. NDA resubmission to the FDA is planned for Q3 2026.

• OX640 accelerated its commercial-scale manufacturing readiness ahead of entering pivotal clinical studies. Also Human Factors studies were initiated.

• First in-vivo study conducted for OX390, with data read-out in Q2 2026. Type C meeting planned with BARDA1 for in 2026 with focus on non-clinical plan.

1 BARDA contributes with the majority of the financing of the project and is valued up to USD 51 m. Upon a potential approval Orexo owns all rights to the product.

6

IZIPRY approaching FDA resubmission in Q3 2026

IZIPRY is based on AmorphOX® and designed to treat overdoses caused by synthetic opioids, such as fentanyl and fentanyl analogues

Orexo will seek partnership for US

commercialization

PARTNER 7

• The AmorphOX technology has applications beyond what Orexo can pursue independently.

• Significant opportunities exist in development-stage products facing challenges with stability and/or bioavailability.

• Orexo collaborates with both smaller and larger companies to assess the feasibility of applying AmorphOX® to their products or APIs.

• The ambition is to expand this project portfolio beyond early-stage feasibility studies.

  
  
  

  Income statement

  Income statement SEK m

  Q1 2026

  Q1 2025

  Jan - Dec

  2025

  
  
  

  Comments Q1

  Net revenues	5.0	13.2	26.0
  Cost of goods sold (COGS)	-0.5	-4.7	-14.5
  Gross Profit	4.6	8.5	11.5
  Operating Costs	-79.5	-84.7	-364.3
  EBIT	-75.0	-76.3	-352.7
  Net financial items	-29.2	-14.1	-50.3
  EBT	-104.2	-90.3	-403.0

  Net revenues SEK 5 m (13.2)

  • Lower Abstral ROW royalties due to expiring markets in line with the license agreement

  • Higher Edluar royalties mainly due to higher partner sales in Canada.

  • Lower Zubsolv ex-US revenues reflecting the absence of tablet sales to Orexo's partner Accord Healthcare while finalizing their Zubsolv manufacturing setup

    OPEX SEK -79.5 m (-84.7):

  • Lower Selling expenses due to lower marketing related costs for Izipry , DMHP activities and for positive adjustment for long-term incentive programs

  • Higher Admin expenses explained by higher expenses for DOJ investigation

  • Higher R&D costs due to higher costs for OX640 and OX390 partly offset by lower internal costs

    Tax

    -1.0

    -0.3

    -0.3

    Net profit/loss for continued

    operations

    -105.2

    -90.6

    -403.3

  • Higher Other operating income and expenses explained by higher BARDA reimbursement of OX390 related costs of SEK 7.1 m (0.0), higher fx gains partly offset by lower insurance reimbursement of DOJ investigation related legal expenses.

    EBIT SEK -75.0 m (-76.3)

    Net financial items operations SEK -29.2 m (-14.1):

    Net profit/loss for discontinued operations	-28.7	74.7	1,042.6
    Net profit/loss	-133.9	-15.9	639.3
    EBITDA continued operations	-66.1	-65.2	-285.7

  • Higher bond loan costs of SEK -32.9 m (-11.5) following the early redemption of the outstanding senior secured social bond and by lower negative unrealized fx impact partly offset by higher interest income from bank accounts

    Net profit/loss SEK -105.2 m (-90.6)

    Net profit/loss discontinued operations SEK -28.7 m (74.7):

  • Mainly explained by post transaction related restructuring costs

8

Cash position

Cash flow SEK m

Q1 2026

Q1 2025

Jan - Dec

2025

Cash flow from operating activities

-33.3

-41.6

-195.4

Comments Q1

Cash and cash equivalents decreased with SEK 526 m from Q4 2025 (SEK 912 m) to SEK 386 m

SEK 490 m negative impact on financing activities from amortization of

the outstanding bond

SEK 33.3 m negative contribution from operating activities primarily impacted by:

• Operating earnings of SEK -75.0 m

• Interest and other financial expenses paid of SEK -26.9 m mainly due to early redemption of the bond loan

• Adjustments for non-cash items of SEK -96.0 m mainly due to change in provisions -109.1 m from paid Zubsolv payer rebates

• Positive changes in working capital of SEK 161.5 m

positively impacted by receivables SEK +164.9 m from collected Zubsolv sales related 2025 receivables partly offset by current liabilities SEK -3.4 m

Cash flow SEK from continued operations SEK -527.9 m

Cash flow from discontinued operations SEK -7.5 m (73.4) for the period mainly including post transaction related restructuring costs

9

Subpoena issued by the US authorities in 2020

• On July 14, 2020, Orexo became aware of an investigation by the US authorities which is ongoing

• Based on communications from the US authorities, the company believes it refers to certain historic marketing messaging campaigns

• Orexo, as of this date, is not aware of any filed civil or criminal case related to the

  investigation

• Orexo´s position is that Zubsolv® has been promoted in a compliant and responsible manner, but Orexo is also seeking to negotiate a resolutions to this matter

• Change in administration may slow down process due to US process of politically

appointed US prosecutors.

10

2026 2027 2028 2029 and beyond

Launched

products

IzipryTM OX640

• Zubsolv® EU • Zubsolv US earn-out

• Q3 FDA refiling • Q1 FDA approval

  • Partnering

• Q4 pivotal trial start • H1 trial results

  • Start final pivotal trials

  • Zubsolv US earn-out

  • Outcome final pivotal trials

  • FDA / EMA submission

    • 2029 FDA / EMA approval

      OX390

    • Q2 in-vivo study results

      • BARDA financing stage 2

• Conclusion of non-clinical program

  • Continued clinical studies, FDA review process, submission and approval

    Explore

    GLP-1

    Partnering is a continuous process for all projects without specific target dates

    agonist / vaccines

    • Additional in-vivo

      studies

      • First human studies

    (if in-vivo are successful)

• Development plan • Continued clinical studies, FDA review process, submission and approval

11

12

Financial Calendar

• May 7, 2026, 4 pm

• July 16, 2026, 7 am

• Oct. 22, 2026, 7 am

• Feb. 4, 2027, 7 am

Annual General Meeting

Interim Report Q2 2026

Interim Report Q3 2026

Interim Report Q4 2026, incl. Full Year Report

BD & Scientific Conferences

• May 10, 2026

• June 22-25, 2026

• Sep. 16 -17, 2026

D. RDD 2026, Phoenix, AZ

BIO International San Diego, CA

IPAC-RS 2026 Nasal Innovation Forum

Orexo is headquartered in Uppsala, Sweden, with a US subsidiary in New Jersey. The company has been listed on Nasdaq Stockholm's main market since 2005 (STO: ORX) and trades as ADRs on the OTCQX market in the US (OTCQX: ORXOY).

https://www.orexo.com

IR@orexo.com