Oncopeptides AB (publ)

Welcome to Oncopeptide's second quarter earnings call for 2026. 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 5 on their telephone keypad. Now I will hand the conference over to CEO Sophia Haggis and CFO Henrik Bergentoft. Please go ahead.

Welcome to the Oncopeptides webcast for the second quarter of 2026. Please note the disclaimer regarding forward-looking statements. Today's presentation is led by me, Sofia Heggis, and our CFO, Henrik Bergentoft. We delivered net sales of 31.1 million SEK in Q2 2026, representing a 62% increase compared to Q2 2025. For the first half of the year, net sales reached 56.5 million SEK, up with 74% year over year. Following the rights issue completed earlier this year, our cash position stood at 158 million SEK at the end of the second quarter. we remain on track towards reaching positive cash flow during 2027. During the second quarter, we achieved several critical commercial, clinical and regulatory milestones, which demonstrates that even though our organization is lean, oncopeptides consists of people with high level of competence, motivation level and drive. We submitted our type 2 variation application to the EMA to expand PEPAXTI's label into third-line multiple myeloma patients. Preclinical data for our novel NK cell engager was presented at the AACR annual meeting. We presented five scientific abstracts and hosted a well-attended PDC symposium at the EHA Congress right here in Stockholm. In Germany, the first patient was enrolled in our non-interventional real-world evidence study Marina. Outside of multiple myeloma, we received regulatory approval from Norwegian authorities and enrolled the first patient in our glioblastoma window of opportunity study. We signed a distribution agreement with Salus Group covering 11 countries across Central and Eastern Europe. And lastly, after the period, we achieved our first CE expansion milestone by securing a list price for Pepaxity in Slovenia. Now over to Henrik for a walkthrough of the second quarter financials.

Thank you, Sofia. So let me start with the operating momentum. Net sales reached 31.1 million in the quarter, up 62% year on year, while first half sales increased 74% to 56.5 million. The 98% gross margin for the first half shows that this growth converts efficiently into gross profit and reinforces the scalability of our business model. We are pairing that momentum with disciplined cost management. First half operating expenses decreased 2% to 146.9 million combined with the sales growth helping improve the EBIT loss to 86.2 million from 116.1. Key message is that the business is moving in the right direction with sales uptake, strong margins and tight cost control. We are not buying growth at any price. We are scaling revenue while constantly monitoring the quality of every krona spent. Our approach to cost is very selective and execution-led. Quarterly operating expenses were 81.1 million, with commercial investments focused on the European markets already generating growth, Germany, Spain and Italy. Sales and marketing spend of 40.8 million therefore supports a clear revenue objective. At the same time, G&A cost decreased to 16.7 million from 18.6 million, demonstrating tangible cost control. R&D was 23.5 million in the quarter, with efforts now focused on advancing our pipeline into clinic with the Glyoblastoma window of opportunity work. Across the first half, total operating expenses were down 2% year on year. As communicated, the second quarter cost base is higher than the first quarter, mainly due to additional congresses. All in all, our cost base is to be perceived as disciplined allocation to protect commercial momentum, control overhead costs, and preserve the programs with the strongest potential. spending our funds to grow revenue today and build high value options for tomorrow. We ended the quarter with 158 million in cash. The rights issue completed in March contributed 167 million after transaction costs, materially strengthening the liquidity position and providing a firmer financial base for execution towards a positive cash flow during 2027. And by that, over to you again, Sofia.