BioInvent International AB (publ)

Welcome to the BioInvent Q3 Report 2026 presentation. During the Q&A session, participants are able to ask questions by dialing pound key 5 on their telephone keypad. Now, I will hand the conference over to the speakers, CEO Martin Welschof and CFO Stefan Ericsson. Please go ahead.

Yes, thank you very much and welcome everybody to BioInvent's Q3 presentation and report. And I will start the presentation. I'm Martin Welschof, the CEO. And I would like to start with the events in the third quarter. So 1808, actually, which is our leading value driver, has gotten a lot of attention. We received FDA FastTrack designation for the treatment of recurring ovarian cancer. And then we had an abstract from Modest to Meaningful in Platinum-Resistant Ovarian Cancer that was accepted for poster presentation at ESMO. And I think we come back to the data a little bit more in detail. And then we also published two scientific papers in peer-reviewed journals. One was in cancer research that was highlighting the mode of action. And then we had another publication just a little bit more than a week ago. But I come back to that also later. But there was one presentation actually in the third quarter that was specifically highlighting FC Gamma R2B and our BR 1206 program. So then events after the end of the period. So the board of directors, as we have announced yesterday evening, have decided to carry out a rights issue of approximately SEC 430 million, which is gross before issue costs, of which SEC 350 million is covered by subscription commitments and guarantee undertakings. And of course, this is still subject to approval at the Extraordinary General Meeting, for which we also have called yesterday evening. We'll adjust the organization to support the Prioritized Clinical Program, so number one, 1808, number two, 1206, and I'll come back to that also later throughout my presentation. And then, BI 1808 and Contruda, we have shown the latest data at ESMO, Then used durable responses in heavily pre-treated platinum resistant ovarian cancer. And actually the poster was granted the PEST poster award in the investigation immunotherapy section. And basically the data is repeating what we have shown at ASCO, but just in a higher number of patients. Then we had to announce that Stefan Ericsson, our CFO, will retire in 2027. Stefan has been with the company for roughly 30 years and he's going in his well-deserved retirement. But we'll do that in a very structured way such that there will be no loose ends. And Stefan also has agreed to support and help us in this transition. And then that was what I mentioned on the first slide. We had first in human BR1808 data published in Clinical Cancer Research. That was just a little bit more than a week ago. So basically two presentations, two publications covering BR1808, which is a completely new and unique mode of action. And we are actually the first one developing this mode of action. So a little bit more details regarding the financing and then the organization. As already mentioned, we have considered all options and then at the end had to land on this rights issue. And we might discuss that also in more detail during the Q&A section that is targeting SEC 430 million. This is gross before issue costs. And as I mentioned already before, SEC 350 million will be covered by subscription commitments and guarantee undertakings. And of course, this has to be approved during an EGM, which will happen on December 1. As I already mentioned in my introduction, so the organization also will be adjusted. We are considering up to 20 FTEs in workforce reduction and keep the focus on 1808, number one, and BR 1206, number two. I mentioned already Stefan Ericsson's retirement, and then I think also something that is really interesting, So, Daminda Shahal has been nominated to return as a board member. Of course, this is also subject to approval at EGM and clearly shows the very strong support that we have on Van Herk. Then a little bit more on the data. So, this slide summarizes the data that we have just shown at ESMO. And as I said already earlier, so it's kind of a repeat of the ASCO data, but with a higher number of ends. So a very nice, strong, objective response with one complete response, seven partial responses, a nice disease control of 53%, and several patients are stable, more than 10 months. Six patients are still on treatment at the cutoff in September. and we had less than 5% treatment-related discontinuation out of 81 solid tumor patients, which I think is very, very important because with most of the other modern treatments, you have a much, much higher treatment-related discontinuation, which of course is not good for the patients. What is discussed a lot is the progression-free survival and you can see the numbers down there below. So medium progression-free survival, As per iResist, it's 10.3 months, and that is probably the most fair consideration because Resist is really made for a chemotherapeutic agent or small molecule compounds, but still 4.1. And then as a comparison, Pembrolizumab alone in the Keynote 100 is 2.1, and also to mention here, so the patient population that we are treating is Thank you very much. 2.1-month figure is from a different study. That's an indirect comparison. And then duration of response, not bad. So the median follow-up is 11.6 months. So all in all, a strong data set that we presented at ASCO for 1808. And a little bit more on the data here. So we show response in a setting where RO has previously failed to deliver. Thank you very much. Thank you very much. On the right hand side, I don't have the time today to go through this in detail, but this is the very good safety profile that we have. And this is actually quite impressive considering the heavy pretreatment history. Okay, so what are the next steps? So first of all, we have FDA fast track designation for atenoid in ovarian cancer that was granted in early August 2026. But we have it also for relapsed or refractory mycosis, fungoides, and cesarean syndrome, CTCL. And that reflects a high medical need and we got for the ovarian cancer data at ESMO the best poster award in the investigational immunotherapy section. The Phase 1 data on the MOA was published, and I mentioned that already, cancer research and clinical cancer research, which is very, very good, and also additional validation. And then the next step is then the Phase 1 to A Part C. That's about to start in Q1 2027, and there we will have randomized three arms with 20 patients each. and then BR1808 in two different concentrations, 1000mg, 500mg and the control. And all will be with Clambylizumab and the weekly Paclitaxel plus minus Bevacizumab. And the first data actually we expect there for the second half of 2027 and that should be very interesting and that is the data that actually corporates as well as large investors are happy to see and want to see. Okay, then the expected milestones ahead and our focus. So in H1 2027, we'll start this study that I just mentioned the Part C. That's the most important value inflection point of the company. Then we will complete the phase 2A dose optimization for VI-1808 as a monotherapy in CTCL. And also we will remind everybody, so this is obviously another strong validator of 1808 and the data that we have positions actually 1808 in the front line. The first data from the 1808 triplet study in ovarian cancer. and then a potential start of PI 1206 phase 2b pending data and partnering and we have the clear goal and have now engaged with an external party to help us with that to really push potential partnering around 1206 but also initiate already discussions around 1808. So the focus is very clear. So two targets, TNF receptor 2 and Epsigam R2B, and also to highlight here again, so those are first-in-class targets. So we are the ones developing those targets in oncology at the moment. And that is always a little bit more difficult because you don't have anything that you can get guidance from. 1808 is the current priority and with the planned rights issue, we aim to take BI 1808 into these randomized and potentially pivotal studies while continuing to develop 1206 with a partner. I think I hand over from here to Stefan and then just flip to the next slide. Go ahead, Stefan.

Thanks, Martin. I represent the financial overview for Q3 and the nine-month period January to September. All amounts are in second million, unless otherwise mentioned. Net sales were at 10.8 million in Q3 2026 compared to 3.3 million in Q3 2025. That's 7.5 million higher in Q3 2026. The increase is related to the production of enterprise for customers was higher in 2026. Net sales for January to September 2026 were 37 million for the same period in 2025. It was 224 million. That's a decrease of 187 million. The decrease is mainly related to that we in 2025 received a $20 million payment when Soma Royalty acquired future rights for Mesa Gita Mall. Prior to that, $1 million milestone was received in the collaboration. In 2026 we received the 1 million euro milestone from Bayer and production of enterprise for customers was 3 million higher in 2026. Operating cost decreased from 137 million in Q3 2025 to 131 million in Q3 2026. That's a decrease of 6 million. We had quite higher cost in BIA 1808 and higher cost in BIA 1206 and quite lower cost in BIA 607 and BIA 1910. And we had somewhat lower personnel cost. For January to September the decrease of operating cost was 42 million from 446 million in 2025 to 404 million in 2026. We had quite higher cost in BI-108 and quite lower cost in BI-1910 and BI-1607. And we had lower personnel cost in 2026. The result for Q3 2026 was minus 119 million and the result for January to September 2026 was minus 361 million. Liquid funds and current investments end of September 2026 amounted to in total 225 million. Please, next slide. Thank you. And about the rights issue, we will get 430 million in gross proceeds if full subscription of the rights issue. The rights issue is subject to EGM approval. We will primarily advance BI-808 in ovarian cancer and secondly, BI-206 in lung cancer. And we will also advance other priority clinical and preclinical projects. We have received subscription commitments of 80 million from the three largest shareholders, Wedmile, Van Herk and Forden. and also from other shareholders, including Health Invest. And we have also received guarantee undertakings of 270 million, which in total covers 350 million of the gross proceeds. The expected cash runway is to end of 2027, and that's based on the cash position 30th of September, the 225 million. Our current business plan and completion of the part of the rights issue that is covered by subscription commitments guarantee undertakings. The 350 million. If full subscription of the 430 million gross proceeds, this would give us additional financial flexibility for the prioritized clinical programs. The subscription price will be decided around 25th of November. The EDM will be held on 1st of December. And the subscription period is from 7th to 21st of December. Over to you, Martin.