Modus Therapeutics Holding AB (publ)

Welcome to today's live report from Modus Therapeutics, where I have with me CEO John Ödh to comment on the development during the second quarter of 2025 and also give an insight into the outlook forward. Welcome John to start with.

Thank you, Jonathan. Thank you to everyone who listens in.

I thought for those who have not been with us here during all the times we have run a report commentary, I thought you could give a short description of Modus and what you do and where you are right now.

Absolutely. Modus is a company that develops a defined asset, which is our own asset. It is called Ceviparin and is a modified heparin that has important use areas in difficult diseases where there are still great needs for treatment. We have been noted on Nasdaq First North since 2021. Våra primära terapiområden där vi utvecklas över Paris är njursvikt med anemi, svår malaria som då främst drabbar små barn och sepsis med tillhörande andra liknande tillstånd som endotoxemi och så vidare. Sådant som händer i samband med svår infektion kan man säga.

And you released the report for Q2 this morning. The CEO word breathes optimism, I have to say, because you have still delivered on the goals that you have set, quite simply. Can you just briefly comment on the most important events that you see during the quarter and maybe especially what happened late or at the beginning of the period?

Yes, you can say that at the beginning of the quarter, så var vi väldigt fokuserade på att få igång rekryteringstakten och arbeta inåt med den studie som vi håller på med i kronisk djursjukdom med anemi. Det vi såg sedan var hur det arbetet bar frukt mot slutet av det andra kvartalet. Det här var ett arbete som bedrevs redan under det första kvartalet. De viktigaste händelserna var att vi på Enligt tidplan kunde vi avsluta rekryteringen i del 1 av studien i Njursviks patienter samt att snabbt kunna dra ihop analysen utav de data och presentera vilka dosnivåer vi ville använda i fortsättningsdelen del 2 av den här studien. That means that we are currently planning to start part two of the study, which is the treatment part, in Q4, as we have planned. So that we have managed our deliveries in the first part of the study, this half year makes it possible to deliver the start of the second part of the study when we also have said that we will be able to do that. And it is very important to be able to be on a consistent plan in that way.

And what is happening now in part 2 with the CKD study, I thought, is that the authorities should approve everything, or what does it say?

Man kan säga att hela protokollet och hela studien är redan godkänd. Man lägger in ett villkor där man säger att vi kommer att inkomma med föreslagna dosnivåer efter att del 1 är färdigställd. För att man då ska få den behandlingstiden med myndigheten så hänger det på att man skickar in det vid rätt tid för varje försening där innebär ju att man akkumulerar försening senare så att säga. So we have, as we have said, even to the authority, come in on time with the dose recommendation and now we are waiting for their okay for the proposed dose levels. And the time frame that exists in that processing, it makes us plan to be able to start the study during Q4.

You have also presented during the period some preclinical data at conferences, two conferences. Can you say anything about the importance of these results that you have presented and what reactions it has had in the industry?

The importance of data for us is that we have been able To our data that shows possible effects on anemia, we have also been able to put the next part of the data, namely that we see beneficial responses to biomarkers in the urinary tract. Previously, we saw that the urinary tract looked and felt better and that the kidneys as a whole seemed And now we have also been able to put a start to a mechanistic explanation to that, where we see some important biomarkers that are then regulated by our treatment. So there is a, how shall I put it, mechanism that can be defined behind these effects as well. So now we have this double effect, partly on the blood image and on the red blood cells and the blood clot, but also on the kidney side, so to speak. So that has been very important. And the response was very good. Our researchers got a plenary presentation in Montreal. at the BioIron conference and a poster presentation at the European Hematology Conference in Milan. So it was a very good reception with very good attention from the scientific community.

And if you could give us a sense of how unique the results are, so to speak, and what other types of treatments are out there? If you could just compare it.

Yes, as we know, these mechanisms where you go in and control the access to this peptide hormone, hepcidin, Det finns bara ett annat bolag som har en produkt under utveckling som kan göra det egentligen. Det här har visat någonting som läkemedelsindustrin har försökt komma åt, en mekanism som man har försökt komma åt under en längre tid, men haft svårt att hitta bra sätt att göra det. Så jag skulle säga att vi är väldigt unika i det avseendet.

Is there anything else you would like to mention about the study of breast cancer and where you are right now?

Before I move on to other questions. Actually, we can mention that we have had a very successful collaboration with our clinics. And we also see that our central research organization, our CRO, which we work with, which is in the middle, so to speak, between the clinics and us, has also worked very effectively on this study that is going on at important centers in Italy, important expert centers. So I look forward to starting part two here. I should also add that during this time, in our collaboration with Imperial College, blev också studien, malaria-studien, i svår malaria, färdigrekryterad. Och där ser vi fram emot att kunna, det här är ju någonting som vi gör i samarbete, där själva avrapporteringen görs av sponsorn, som är Imperial College. Men där ser vi förstås fram emot att se den avrapporteringen, och hoppas att det kommer att kunna dyka upp här under nästa halvår.

And if you look at the sepsis indication, what happens there?

There we are in a situation where we actually have our positive data, both from animal models and from our fish voluntary model. And here we see that the most important thing for us now is to try to find a partner in that part of the project, that is, to continue our business development work there and use some of the data in connection with the fact that we meet potential interested parties at business conferences such as BioEurope Spring, which we visited here this spring.

And to take all this further, new money is needed, as I understand it. It is a percentage emission that is fully secured, as you have announced. What are you going to use this liquidity for, if you get the money you're thinking of, so to speak? Or will you get it?

The primary focus in-house for us now is, of course, to get this part 2 of the animal patient study started. The lion's share of this funding is to guarantee that we can do it on time. We have delivered what is needed for the mechanisms to be there, for us to have a clear sign to be able to do it. But then we also need the funding that we have been clear about earlier. And now we have also secured that funding, provided that everything with the emissions goes on as it should. And then we look forward to being able to use most of that liquid to deliver this study, quite simply. Then, of course, a pharmaceutical company or a biotech company always has running costs to be able to continue utvecklingen, det vill säga att man upprätthåller sin IP-portfölj, alltså patentportföljen, man upprätthåller sina drogförråd till exempel, och man upprätthåller sin periodiska uppdatering med regulatoriska myndigheter, som det heter, där man rapporterar av det som förväntas rapportera av. Allt det här bär ju kostnader som är inte direkt knutna till studien, men en förutsättning för att man ska kunna få köra studier.

Mm. Mm. Mm. Mm. Mm.

Mm. Mm. Mm. Mm. Mm. Mm.

Om jag ska ge dig en liten möjlighet att pitcha Modus för investerare, varför tycker du att man ska investera i Modus just nu?

Jag tycker att det är viktigt att inse att vi är ett moget bolag. Vi har inga tidiga projekt. Vi gör mekanistiska studier i prekliniska modeller, men våra kliniska projekt är antingen inför att börja fas 2 eller, som i fallet med njursjukdomsstudien, redan i fas 2. Modus är ett fas 2-bolag med en studie som pågår där man kan se en inflektionspunkt i slutet av 2026. Förlåt, jag sa fel tidigare vad gällde runway. Alltså vi tar oss hela 26 ut, förlåt. Jag tror jag sa någonting annat där. Vi tar oss hela 26 ut. Och där finns en inflektionspunkt i Q4 2026. Yes. And then it's about phase 2 data. So important clinical data in a short, relatively in our world, short action radius.

And can you say something about when the prospect is published and the coverage period and so on for the emissions?

Yes, the prospect will be published on August 11th and it will start the emission process in connection with that.

Yes, very good, John. I had no other questions from the audience today. Is there anything else you would like to add at the end, just before we close for today?

Yes, I think I should emphasize that we are very grateful for our successful collaboration projects. I mean, we build a lot of på goda samarbeten. Ett biotech-bolag som Modus är ett bolag som är beroende på goda samarbeten och jag ser leveransen utav den här studien, leveransen utav våra mekanistiska prekliniska data under det gångna halvåret understryker dels vikten av det men dels också att Modus är väl lämpat att bedriva den här typen utav arbete och med det så Är vår portfölj väl balanserad, väl skickad att kunna mitigera olika risker? Vår forskningsportfölj erbjuder olika möjligheter. Vi har dels den här njursjukdomsstudien pågående in-house, men vi har också samarbetet med Runt Malaria som erbjuder en ytterligare möjlighet för investerare som kommer in i vår aktie. Så jag ser mig tillförsiktigt fram emot det året som kommer och att kunna fortsätta leverera bra data som driver värdet i bolaget.

Thank you very much, John. Good luck with your studies and good luck with the emissions. See you again soon.

Thank you very much, Jonathan.