Gubra A S

Welcome to the conference call. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing pound key five on their telephone keypad. Now I will hand the conference over to the speakers. Please go ahead.

Good morning. Welcome to the Huber investor presentation. My name is Markus Rohrwild, I am the CEO of Gubra. I'm joined here by our chief financial officer, Christian, our chief scientific officer, Luise, our chief medical and development officer, Thomas, the head of Gubra Ventures, Zoe, and the head of the Gubra COO, Trine. I will present an overview about the company and then we will move into the individual units. Just as a reminder, GUPRA is a disease agnostic tech biocompany, and we have deep expertise in peptide therapeutics and preclinical research services. Starting 2006, we will operate in three independent but synergistic business units. First, our GUPRA biotech unit, where we discover and develop peptide therapeutics to clinical proof of concept. our key value driver. Second, the GUPA CRO, where we deliver high quality preclinical research services to external customers, but also to our internal units, biotech units and ventures. And our new business unit, GUPA Ventures, where we incubate high value assets adjacent to our core therapeutic areas to create and accelerate additional value, all based in our commitment to society in Gubra Green, partially served by our ESG initiatives, but also we are investing 10% of our pre-tax profits into green initiatives. 2025 was a record year for Gubra, record revenue of $400 million. record operating profit of 325 million. Currently our advanced pipeline is in obesity, but we will also move beyond metabolic diseases. The company has around 300 employees now and we are significantly expanding our facilities to do even more research and to even do more contact research. This is the historic growth journey of Cupra and you can see 2025 stands out as a record year. This is driven by the deal with Appy where we outlicensed our MLN compound and the high upfront payment created the record revenues for 2025. this is our management team since i started in september 2025 as a ceo i've made some changes to the leadership team i brought in a new chief medical officer with thomas who is strengthening our drug development team so we in the future can develop multiple clinical assets in parallel um so he was recently announced as head of cooper ventures And also we have recently announced Gregor as new chief technology officer. Technology is very important for our innovation. We are a true tech buyer company. So we are very glad we were able to recruit Gregor. A couple of key events in 2025. You're all aware of this. Obviously, the Emmeline deal was a landmark deal for us, which not only proved the validity of our business model, but also delivered the strong financial results we are enjoying for 2025. We had a data readout on Emmeline, early clinical data, which is very promising. We had fantastic preclinical data on our new leaders at UCM2. You will hear and see more about that later in the presentation. And we did a couple of additional deals and partnerships, mentioning the Camus Color Partnership on the collaboration on a new PTH agent. And also Beringer Ingelheim has announced that they are advancing our triple agonist in obesity in the mid-stage clinical development so 2025 was full of very valuable milestones for gupra now we have a good foundation for growth we are in a very good liquidity position we have a world-class peptide and preclinical service company we this streamline we have a discovery platform which can deliver from an idea to a development candidate, high quality assets in a very short amount of time. And also now we are ready to move into other areas beyond obesity to create more value and more clinical candidates. So if you look forward, you can expect that we will expand our pipeline. We will also focus on having multiple mega programs of high commercial value. One example is UCM2, which will have multi-indication programs and of course represents a significant value to our pipeline. we will also look into in parallel license uh complementary assets to our pipeline and we are at the same time we were strengthening our ceo by delivering new and innovative models for our customers worldwide just to summarize how we play and where we play i'd like to mention that Again, we are now operating in three business units. We have our proprietary AI-based drug discovery platform in Coupa Biotech. Here, we will have a pipeline of high-value assets. Now, we talk a lot about UCN2, but there is more to come. And we will develop these assets to clinical proof of concept or maximum value creation. The CEO has done very well in recent years, and we have a world-class platform to serve our customers. And Trine will talk a little bit about also our new innovations and services in that space. So we are very confident that this business will also in the future be very profitable. It's a strategic value enabler also for our biotech unit and our ventures. Our ventures are essentially lean and asset-centric spin-outs of the company. They are operationally separated but adjacent to our core areas, and we will do these together with financial and strategic partners to maximize value for us, all based on our commitment to the society with Google Green. To be a little bit more specific and clear about where we play in the three business units, I'd like to review this in more detail. So our discovery is primarily preclinically in terms of our COO services. The COO provides multiple high quality models in the area of lead optimization and preclinical validation. Our COO plays all the way from drug discovery to clinical proof of concept. When I talk about clinical proof of concept, what I mean is phase 1B results or phase 2A, which essentially is a place of value creation and value inflection for biotech in the area of early drug development. And for Cupra Ventures, it's a little bit more flexible, but generally speaking, we were looking for assets which are at the draft development stage, moving towards clinic proof of concepts and beyond. But it also would depend on the needs and strategic imperatives of the partners and the particular assets we are playing with. So with this, I hand over to the biotech unit and to Luisa.

Thank you, Markus. So let's take a look at a Streamline platform and how it enables a growing pipeline. So at Gruber, we're peptide experts, and we discover novel peptide-based therapeutics, either alone or with a partner. And all our work is powered by an in-house developed drug discovery platform, Streamline. Using this platform, we can quickly go from idea to a novel IP protected development candidate. And the platform takes advantage of AI and machine learning, which is combined with high throughput web lab screening of multiple peptide libraries, thousands of peptides. We use multi-parameter optimization, which saves time and enables the identification of better molecules faster. So the strength of a streamlined drug discovery platform is reflected across both the internal and partnered pipeline. UCN2, a proprietary high-quality weight loss asset now advancing towards the clinic, origins directly from the platform. In addition, ABPV295, the long-acting amylin analog outlicensed to APTI, exemplifies the platform's ability to deliver clinically differentiated candidates. analytics cameras and hema collaborations further validates the platforms reproducibility and track record of consistently generating differentiated peptide acids across therapeutic areas since the last update several important developments have taken place in the early pipeline we have partnered a pth program with cameras This collaboration combines Cupra's parathyroid hormone analog with Canva's fluid crystal technology to enable extended and patient-friendly dosing for patients with hyperparathyroidism. With Amelix, we have now nominated a development candidate, a long-acting GLP-1 receptor antagonist, now advancing into preclinical development. And the HEMA collaboration has likewise progressed into preclinical development. We've also added two new early-stage programs to the pipeline, a differentiated obesity asset and a CACAPTCHA program, expanding a metabolic footprint beyond obesity. At the same time, we have concluded the third collaboration with Berger Ingelheim, a very early target discovery program. And finally, as part of a disciplined portfolio review and prioritization process, we have decided to discontinue I give them monotherapy and a vaccine programs to focus resources on higher priority opportunities. At Gubra, we have been dedicated to understanding and treating obesity since the company's inception. And over the years, we've built deep scientific expertise in this field, from early discovery to clinical translation. And today I'll highlight three of the most advanced obesity assets, each designed with a differentiated profile compared to current standard of care and with blockbuster potential. But before we go into the details, let's take a step back and consider the broader obesity landscape and where the next generation of therapy is heading. Obesity continues to be a growing global healthcare challenge with a well-recognized need for novel treatment approaches. And while current therapies have transformed treatment and can deliver substantial weight loss, lean body mass, primarily muscle, bones, and connective tissue account for 20 to 45% of the weight lost. We believe the next generation of treatments will increasingly focus on the quality of the weight lost. In other words, maximize fat mass loss while preserving or even increasing lean muscle mass. In addition, differentiation will likely come from improved tolerability and multi-target strategies, including dual and triple receptor agonists. Gugger's pipeline is strategically positioned to meet these emerging trends. we have the long-acting amylin analog ABBV295, now out-licensed to AbbVie. 295 is in development for weight management indication and could be positioned as an alternative on addition to incretin-based treatments. It features a balanced receptor profile on the amylin and calcitonin receptors, just like native amylin, combined with an exceptionally long half-life of 11 days. So a key differentiating factor of the Amblin class is the potential to deliver clinically meaningful weight loss with a favorable tolerability profile. And interim data from the MAD study support this profile. Here, 295 was well tolerated, with adverse events being predominantly mild and GI-related. And 295 demonstrated a dose-dependent weight loss of almost 8%. compared with a 2% increase in the placebo group after just six weeks of treatment. So these findings reinforce the potential of amylin as a next generation waste loss therapy with improved tolerability profile. The program is currently advancing in a phase one MAD study led by AbbVie. Here longer treatment durations are also being explored. So secondly, we have the triple agonist, long acting, first in class and developed in partnership with Boehringer Ingelheim. So following encouraging phase one data, demonstrating meaningful weight loss and a favorable safety profile in patients and individuals with overweight and obesity, Boehringer Ingelheim has decided to progress the program into the next phase of clinical development. And finally, we have a next-in-line internal obesity program focused on high-quality weight loss. This program builds on a novel mechanism, along acting UCN2 analog, selectively targeting the corticotrophin-releasing hormone receptor 2, and it's designed for once-weekly dosing. And with that overview, I'll now hand over to Thomas, a CDMO, who will provide further details on the UCN2 program.