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Transformative year with record results Fourth quarter and full year 2025 business and financial update 1
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• This presentation has been prepared and produced by BioArctic AB (publ) (“BioArctic”) solely for the benefit of investment analysis of BioArctic and may not be used for any other purpose. Unless otherwise stated, BioArctic is the source for all data contained in this presentation. Such data is provided as at the date of this presentation and is subject to change without notice. • This presentation includes forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause BioArctic’s actual results, performance, achievements or industry results to be materially different from those expressed or implied by these forward-looking statements. Forward-looking statements speak only as of the date of this presentation and BioArctic expressly disclaims any obligation or undertaking to release any update of, or revisions to, any forward-looking statement in this presentation, as a result of any change in BioArctic’s expectations or any change in events, conditions or circumstances on which these forward-looking statements are based. • This presentation does not constitute or form part of, and should not be construed as, an offer or invitation for the sale ofor the subscription of, or a solicitation of any offer to buy or subscribe for, any securities, nor shall it or any part of it or the fact of its distribution form, or be relied on in connection with, any offer, contract, commitment or investment decision relating thereto, nor does it constitute a recommendation regarding the securities of BioArctic. • The information in this presentation has not been independently verified. • No regulatory body in Sweden or elsewhere has examined, approved or registered this presentation. Disclaimer 2
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3 Johanna Fälting Chief R&D Officer Anders Martin-Löf Chief Financial Officer Anna-Kaija Grönblad Chief Commercial Officer Gunilla Osswald Chief Executive Officer Next Report: Q1 2026 May 21, 2026 To subscribe to financial reports/press releases and for more information, please visit www.bioarctic.com IR contact: Oskar Bosson, VP IR & Communications +46 704 10 71 80 ir@bioarctic.se
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Key highlights 4 Gunilla Osswald Chief Executive Officer
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World-leading innovators in precision neurology Highly selective antibodies targeting aggregated forms of toxic proteins Modality BrainTransporter Accommodate a variety of drug modalities BrainTransporter platform delivers biotherapeutics to the brain BT Modalities Antibodies Peptides Enzymes Proteins Small molecules Genetic Medicine 5
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2030 ambitions – on our way towards becoming Sweden’s next major biopharma company 1 Leqembi® – an established treatment in Alzheimer’s disease Balanced and broader pipeline with projects in all stages of development Additional successful global partnerships Profitable with recurring dividends 2 3 4 6
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Delivering on our 2030 ambitions – latest highlights 7 Financials Leqembi Partnerships • Approved in 53 countries (IV) • Leqembi Iqlik launched for maintenance treatment in the US • Leqembi SC-AI initiation dosing submitted in US, Japan & China • RWE as well as subcutaneous treatment data presented at CTAD Pipeline • Exidavnemab Ph2a study progressing well – planning for Ph2b • CD nominated two projects: BAN2238 & BAN3014 • BrainTransporter technology platform further expanded • Additional projects added to pipeline • Ongoing programs with Eisai, Bristol Myers Squibb and Novartis progressing well • Strong interest in BrainTransporter technology at JP Morgan • Record full year results of SEK 1.2 billion • Royalties of SEK 503 M (230 M) Jan-Dec, an increase of 118% y-o-y • Cash position at year end SEK 2.2 billion
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R&D update 8 Johanna Fälting Chief R&D Officer
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Two world-leading platforms with cross-program synergies Antibody projects BrainTransporter projects Alzheimer’s disease Partner Research Preclinical Phase 1 Phase 2 Phase 3 Regulatory Market Lecanemab (infusion) Eisai Lecanemab (subcutaneous) Eisai Lecanemab (presymptomatic treatment) Eisai Lecanemab back-up Eisai BAN1503 (PyroGlu Aβ) Bristol Myers Squibb Parkinson’s related diseases (PD, DLB, MSA) Exidavnemab (α-synuclein) ALS BAN3014 (TDP-43) Alzheimer’s disease BAN2803 (PyroGlu Aβ) Bristol Myers Squibb BAN2802 Eisai Parkinson’s related diseases (PD, DLB, MSA) BAN2238 (alpha-synuclein) PD-BT2278 (alpha-synuclein, +) ALS ND-BT3814 (TDP-43) Gaucher’s disease GD-BT6822 (GCase) Huntington’s disease HD-BT4801 (HTT) Neurodegeneration BT8825 Novartis Technology- and modality development BrainTransporter technology- and modality development
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BAN2238 • Targets toxic aggregates of α-synuclein (oligomers, protofibrils, aggregates) • Combined with the BrainTransporter • Offers opportunities in several synucleinopathies (PD, MSA, DLB) IND enabling activities have been initiated BAN3014 • Targets toxic aggregates of TDP-43 (oligomers, protofibrils, aggregates) • Offers opportunities in several TDP-43 proteinopathies (ALS, FTD) IND enabling activities have been initiated 10 Two Candidate Drugs nominations in Q4
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11 Exidavnemab ▪ Phase 2a study EXIST in Parkinson’s disease and Multiple System Atrophy ongoing ▪ Orphan Drug Designation in the US and Orphan Medicinal Product Designation in the EU for Multiple System Atrophy ▪ Preparing for next stage of development BAN2238 ▪ α-synuclein antibody with BrainTransporter ▪ Candidate Drug nomination Q4 2025 ▪ IND enabling activities initiated PD-BT2278 ▪ α-synuclein antibody with expanded BrainTransporter platform α-synuclein portfolio moving forward and expanding Offers opportunities in several synucleinopathies OligodendrocytesNeurons Parkinson's Disease Parkinson's Disease Dementia/ Multiple System Atrophy Dementia with Lewy Bodies α-synuclein mAb
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12 The BrainTransporter platform Active transport of various drug modalities across the blood brain barrier BBB: Blood brain barrier BT: BrainTransporter TfR: Transferrin Receptor RMT: Receptor-mediated transport Active transport across the BBB Multi-modality system BTA BT-Antibodies BTE BT-Enzymes BTS Small Modalities
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13 Broadening the BrainTransporterplatform to enable new classes of biotherapeutics
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Leqembi update 14 Anna-Kaija Grönblad Chief Commercial Officer
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Leqembi - regulatory and development update Increasing treatment options for patients 15 IV treatment IV treatment once every two weeks; ⎻ Now approved in 53 countries ⎻ Additional approvals in Canada (Q4), Brazil (Q4) and Malaysia (Q1, 2026) IV maintenance treatment once every four weeks; ⎻ Now approved in 7 countries ⎻ Approved in the UK (Q4) ⎻ Submission accepted in the EU (Q1, 2026) Subcutaneous treatment Subcutaneous autoinjector weekly induction treatment • US: rolling submission finalized (Q4) and sBLA granted priority review (Q1, 2026) and PDUFA date set for May 24 • Japan: submitted application (Q4) • China: submission accepted and granted priority review (Q1, 2026) Subcutaneous autoinjector weekly maintenance treatment • US: Launched (Q4)
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Clinical and RWE underlines need for early diagnosis and treatment From presentations at CTAD 202516 Data presented at CTAD shows: • real-world evidence to date appears consistent with findings from clinical trials • earlier initiation of Leqembi may be associated with greater benefit • continued Leqembi treatment may provide accrued benefit compared with stopping therapy • Leqembi SC-AI formulation offers a convenient administration option and demonstrates comparable exposure and safety to IV administration • SC administration can help reduce treatment burden for patients and care partners
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Global market continues to grow steadily 1. Sales growth in Yen17 Global • Global anti-amyloid market more than doubled in 2025 • Blood-based biomarkers now available in several geographies – already driving market growth US • Maintenance treatment with SC-AI launched in Oct 2025, adding options for patients wishing to continue treatment after 18 months (currently 80% of patients) • Number of physicians prescribing Leqembi continues to increase Japan • Approximately 800 facilities now working with initial treatment introduction and 1,700 focusing on follow-up after 6-months and onwards China • Leqembi included in Commercial Insurance Innovative Drug List Europe • Early launch countries Germany and Austria • After the first Nordic patient treated with Leqembi at private clinic in Finland, several clinics now looking to start throughout the Nordics
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CONFIDENTIAL – FOR INTERNAL USE ONLY18 ImplementationDecision on use in the health care Negotiation on price and conditions Assessment report finalized Assessment of dossier submitted by MAH Selection of pharmaceuticals to evaluate MAH or Fimea requests an assessment Fimea conducts assessment based on dossier Assessment report for MAH to comment on & then published to public for comments PALKO/COHERE evaluate report and make recommendation If recommendation is positive, negotiations between HUS and the MAH is started Implementation by the regions Process for introduction of pharmaceutical products in the hospital sector in Denmark, Sweden, Finland and Norway The NT-council requests assessment from TLV TLV conducts assessment based on dossier Draft assessment report for MAH to comment on & then published NT-council negotiates with the MAH The NT-council decides on a recommendation Implementation by the regions Request for assessment by MAH DMC conducts assessment based on dossier Draft assessment report for MAH to comment on Negotiation with AMGROS on price and structure of agreement The DMC decides on a recommendation Implementation by the regions Request for assessment by the MAH DMP conducts assessment based on dossier Draft assessment report for MAH to comment on The Norwegian hospital procurement trusts negotiates with MAH on price The ordering forum decides on a recommendation Implementation by the regions Completed steps Abbreviations: MAH = Market Authorisation Holder, NT-council = New therapies council, Fimea = Finnish medicines agency, DMC = Danish Medicines Council, TLV = Dental and Pharmaceutical Benefits Agency, DMP = Norwegian Medicines Agency, AMGROS = Nationcal hospital procurement trust, COHERE = Council for Choices in health care, HUS = Helsinki University Hospital
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Financial summary 19 Anders Martin-Löf Chief Financial Officer
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Leqembi underlying growth continues Royalty affected by stockpiling in China in Q2 and currency headwinds 20 • Global Q4-25 sales were ¥ 20.7 B ($ ~134 M)**, 15% increase from Q3-25, ~55% increase from Q4-24 − Q4 royalty grew by 31% y-o-y to SEK 127.0 M − Significant currency headwinds, >50% royalty growth in Q4 y-o-y at CER • China sales still distorted by Q2 stockpiling − ¥ 0.4 B ($ ~3 M)**, +94% from Q3 − Filing for subcutaneous version in Jan-26, aiming for launch in 2027 • US growth driven by simplified diagnosis and IQLIK − ¥ 11.9 B ($ ~78 M)**, +17% from Q3 − Already ~10% of confirmatory tests performed with blood-based biomarkers − Iqlik launched for maintenance, May 24 PDUFA date for initiation treatment • JP leveraging primary-specialty care coordination − ¥ 6.2 B ($ ~40 M)**, no change from Q3 − Volume increase of ~15% offset by 15% price reduction − Filing for subcutaneous version in Nov-25, aiming for launch in 2026 • EU launch initiated − Launches well underway in Austria and Germany − Reimbursement discussions in multiple markets * BioArctic estimate ** Yen/USD Fx: 154.01 95.7 101.7 162.5 117.2 127.0~125 ~135 ~145 0 20 40 60 80 100 120 140 160 180 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 SEK M BioArctic royalty Royalty (excluding fx) Estimated royalty adjusted for China stockpiling *
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Leqembi on track to reach forecast of ¥ 76.5 B in Eisai’s FY 2025 21 26.1 40.0 12.7 24.0 4.7 9.5 0 10 20 30 40 50 60 70 80 90¥ B US Japan China Other FY 2024 (Q2-24 to Q1-25) FY 2025 E (Q2-25 to Q1-26) Leqembi Global Sales Forecast +73% 87% 75% 78% ¥ 76.5 B (SEK ~5.1 B) ¥ 44.3 B (SEK ~3.0 B) Share of forecast achieved in 9 months
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2025 a transformative year with ~700% revenue increase to SEK 2.0 B including recurring revenues of SEK 520 M 22 • Q4 net revenues SEK 184 M (101) • Full-year revenue of SEK 1,999 M (257) • Recurring revenue continues to increase • Royalty SEK 127 M (97) in Q4 • Co-promotion SEK 6 M (3) in Q4 • Novartis USD 30 M upfront recognized over initial collaboration • SEK 51 M (0) in Q4 • Operating profit was SEK 33 M (-53) for Q4 • Full-year profit of SEK 1,259 M (loss: 229) • Operating expenses decreased to SEK 136 M (143) in Q4 • Underlying operating costs of SEK 134 M (143), R&D 63% • Underlying cost expected to increase • Progression of project portfolio Net Revenues (SEK M) Operating Profit/Loss (SEK M)OPEX by function (SEK M)
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Very solid financial position with SEK 2.2 B in cash, dividend proposal of SEK 2 per share 23 Cash, cash equivalents and short-term investments was SEK 2,190 M at the end of Q4 Operating cash flow was SEK 313 M (-27) in Q4 • USD 30 M upfront payment from Novartis - received during the quarter The board proposes a dividend of SEK 2 per share Net loss for Q4 was SEK 9 M (31) • Financial net of SEK 6 M (10) • Accrued tax of SEK 48 M (-12) Cash Balance (SEK M)Net Result (SEK M) Cash Flow From Operating Activities (SEK M)
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Upcoming news flow and closing remarks 24
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Recent and upcoming news flow SC – Subcutaneous AI – Autoinjector25 H1 2027 Q1 2026 H2 2026 AD/PD, Mar 17 - 21Congresses Q2 2026 Further regulatory responses and launches for Leqembi AD/PD IV maintenance filing accepted in the EU Lecanemab SC-AI Initiation treatment granted priority review in the US and China Potential Japanese approval Leqembi SC- AI initiation treatment Potential US approval Leqembi SC-AI initiation treatment AAIC, Jul 12 - 15 CTAD, Nov 16 - 19 Potential Chinese approval Leqembi SC- AI initiation treatment Exidavnemab Ph2a-study read-out Start of exidavnemab Ph2b Further potential partnership milestones
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Key takeaways 1 Continued underlying growth for Leqembi, >$500 M in global sales 2025 BrainTransporter, BAN2238 and BAN3014 taking exciting development steps Strong interest from potential partners Strong financial position: proposed dividend of SEK 2.00 per share 2 3 4 26
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With patients in mind we are committed to our vision: A world where science defeats severe brain diseases 27