Theraclion Sa · EURONEXT:ALTHE
Theraclion Sa — Investor Presentation (January 2026)
38 slides from Theraclion Sa's investor presentation, Jan 16, 2026
Slide 1: Corporate Presentation: Disrupting the varicose vein market with Sonovein
CORPORATE PRESENTATION Disrupting the varicose vein market with Sonovein® January 2026
Slide 2: Executive Summary
Executive Summary • A disruptive approach to varicose vein treatment: Sonovein® is totally non-invasive and robotic-driven, replacing manual surgeries • A substantial market: varicose veins affect 1 in 3 adults, 13 B$ total market • A proven technology: 97% efficacy in FDA pivotal study, 0 serious a
Slide 3: Market Overview
Market Overview Theraclion Corporate presentation 4
Slide 4: Varicose Veins: A Widespread Condition
MARKET OVERVIEW Varicose Veins: A Widespread Condition What are varicose veins? The Venous System Varicose veins are swollen, Superficial twisted subcutaneous veins compartment of the lower leg. Cosmetic impact Saphenous Valve dysfunction leads to compartment blood reflux in the veins. Often incompe
Slide 5: From Invasive to Intelligent: Vein Care Reimagined
A DISRUPTIVE TREATMENT FOR VARICOSE VEINS From Invasive to Intelligent: Vein Care Reimagined Surgery Endovenous Sonovein® Invasive ++ (1920s) Minimally invasive (2000s) Non-invasive, next market shift (2020s) Laser, Stripping Radiofrequency Glue Surgical vein removal Laser, RAF, or glue via catheter
Slide 6: Varicose Veins: A Multibillion $ Market Potential
MARKET OVERVIEW Varicose Veins: A Multibillion $ Market Potential Aligned with Current Market Trends 6,5% annual growth in varicose veins $13B patients driven by Current medical costs for varicose Age Obesity Lifestyle vein treatments worldwide 54% of undiagnosed patients 5M+ in industrialized count
Slide 7: Sonovein Value Creation for Medical Devices
MARKET OVERVIEW Sonovein Value Creation for Medical Devices In a Multibillion $ Market Potential Surgical stripping Endovenous Medical device costs Peripherals Minimally Non- 1-2% invasive 10-20% invasive Up to 50% costs market Fiber/catheter: market Sonovein per use : $1k-3k Stripping hook: $10-30
Slide 8: A Game-Changing Technology
A Game-Changing Technology Theraclion Corporate presentation 9
Slide 9: A game changing technology: Robotic, non-invasive
HOW SONOVEIN® WORKS A game changing technology: Robotic, non-invasive High Intensity Focused Ultrasound (HIFU) Waves Imaging Array HIFU transducer Skin Leg tissue Ultrasound waves Venous target The energy is delivered via the extra-corporeal treatment probe. The high-energy ultrasound waves propagat
Slide 10: A game changing technology: Robotic, non-invasive
HOW SONOVEIN® WORKS A game changing technology: Robotic, non-invasive Présentation avec multimédia avec un remplissage uni Robotic treatment head with embedded ultra-sound imaging 1 Robotized Video link head 3 Consumable: Cooling and coupling INTELLECTUAL PROPERTY Technology (through Epack ) 6 4 Act
Slide 11: From tortuous veins to retreatments—Sonovein adapts where others can't
ONE DEVICE. MANY CLINICAL SCENARIOS. From tortuous veins to retreatments— Sonovein® adapts where others can’t. One system. Treat cases that are often untreatable with traditional methods: Full flexibility. • Perforators – especially in ulcer patients Sonovein allows • Post-treatment recurrences – ev
Slide 12: A product ready for scale-up
A product ready for scale-up Theraclion Corporate presentation 14
Slide 13: Now a mature device: Effective and safe
A PRODUCT READY FOR SCALE-UP Now a mature device: Effective and safe Over 3,500 Vein treatments to date • 96.8% efficacy in the U.S. pivotal study • 0 severe adverse event • Treatment duration ≤1h Established international presence • Commercial sites in 10+ countries • Presence in EU, Middle East, A
Slide 14: Now a mature device: Effective and safe
A PRODUCT READY FOR SCALE-UP Now a mature device: Effective and safe FDA pivotal study 2023-2025 • • • • 70 patients, 4 centers in US + EU Great saphenous vein (GSV) incompetency Efficacy at 12 months : 96.8% closure, 98.5% reflux abolition No SAE or unanticipated AE, only one mild AE “ These result
Slide 15: Now a mature device: Effective and safe
A PRODUCT READY FOR SCALE-UP Now a mature device: Effective and safe Peer-reviewed literature •Efficacy increase from 90 to 98% •across hundreds of patients, •in commercial routine •on 8+ sites across EU and US, •up to 3-year follow-up, TYPE OF RESULT AUTHOR EFFICACY RESULTS TITLE Reference Theracli
Slide 16: Now a mature device: R&D as a market penetration driver
A PRODUCT READY FOR SCALE-UP Now a mature device: R&D as a market penetration driver 2019 2020-21 2022-23 2023-24 2025-26 + AI, ACOUSTICS SONOVEIN SONOVEIN S SONOVEIN S+ SONOVEIN 3D ROBOTICS and HD HD23 (target) MAIN FOCUS: R&D, Product Development Commercial acceleration Increasing market TREATMENT
Slide 17: R&D as a market penetration driver
A PRODUCT READY FOR SCALE-UP R&D as a market penetration driver: improving the product to enlarge addressable patients & centers Accelerate From: 45 min to 1h treatment time Down to: 30 or 20 min From: a device for an ultrasound Improve ease of use trained medical doctor after learning curve Reduce
Slide 18: Why AI is the future of sonovein
R&D AS A MARKET PENETRATION DRIVER Why AI is the future of sonovein Live imaging + robotics + AI engine => road to automated treatment 1 The SONOVEIN is permanently collecting US imaging and technical data => an integrated AI engine (GPU) could analyse and propose treatment action: User US images fe
Slide 19: Go-to-Market strategy
Go-to-Market strategy Theraclion Corporate presentation 21
Slide 20: Go to market acceleration: Two business models
GO-TO-MARKET STRATEGY Go to market acceleration: Two business models FAVORING RECURRING REVENUES PAY-PER-USE DIRECT SALES Paying per consumables, Capital equipment all inclusive + Consumables + w/ monthly min. quantity Service OUR CONSUMABLE Source: Austin Vein Specialists Single-use EPack : ensures
Slide 21: US market: A Key Priority – FDA Pivotal Success as a Launchpad
GO-TO-MARKET STRATEGY US market: A Key Priority – FDA Pivotal Success as a Launchpad 2022 2023 2027 2025 2026 2024 onwards Successful Pivotal Study Sucessful Pivotal Study Expected FDA Clearance Reimbursment milestones Feasibility study treatments Results CPT submission Commercial ramp up FDA submis
Slide 22: EU market: a commercial potential and partnerships developments
GO-TO-MARKET STRATEGY EU market: a commercial potential - and partnerships developments 1,500 35% 600 315k+ Addressable sites Target market share no. treatments per site Potential (yearly. avg) Sonovein treatments COMMERCIAL RAMP-UP PRODUCT REFINEMENT WITH KOL INTERNATIONAL AWARENESS • Sonovein’s pr
Slide 23: Opportunities in China and Rest of the World
GO-TO-MARKET STRATEGY Opportunities in China and Rest of the World MARKET MARKET • Largest potential varicose vein market in Asia • Inbound demand from some countries, especially Middle East • Underserved market that could move directly to Sonovein’s non- • Business Model: Sonovein acquisition invas
Slide 24: Growth roadmap and key milestones
ROADMAP Growth roadmap and key milestones 2031 Global 2028+ expansion 2027 Worldwide leader 2026 Ability 2024 2025 Ramp up to scale up Foundation & Established structuring for Minimum viable commercialization product in Europe FDA Clearance expected Commercial ramp-up USA Pivotal study Pivotal study
Slide 25: A foundation for future perspectives
A foundation for future perspectives Theraclion Corporate presentation 27
Slide 26: Sonovein success in Varicose Veins will open the way to other therapies
A FOUNDATION FOR FUTURE PERSPECTIVES Sonovein success in Varicose Veins will open the way to other therapies MORE INDICATIONS Hyperthermia - Possibility BREAST CANCER to heat cancer tissue locally prior to radiotherapy $20B market, strong growth THYROID NODULES Research programs ongoing Huge potenti
Slide 27: Structured for Success
Structured for Success Theraclion Corporate presentation 29
Slide 28: A sharp and engaged management team
STRUCTURED FOR SUCCESS A sharp and engaged management team A dynamic … Supported by a highly skilled and experienced team leadership Julie Veisseire Michel Nuta, MD Jérémie Anquez, PhD Vivien Jourdannaud Chief Financial Officer Chief Medical Officer Chief Scientific Officer VP QARA 15+y. exp, PWC, 3
Slide 29: An experienced and supportive board
STRUCTURED FOR SUCCESS An experienced and supportive board An experienced With highly qualified board members chairman Yann Duchesne Lijuan Deng Mehdi El Glaoui, Pharm.D Claude Lenoir Cédric Bellanger Chairman of the board Board Member Board Member Board Member Board Member McKinsey 20y. Private 17+
Slide 30: THERACLION shareholding structure
Corporate THERACLION shareholding structure SHAREHOLDERS (as of December 31st, 2025) Support from historical cornerstone shareholders Concert Bernard Sabrier Furui • Furui : genuine partnership 32.3% • Theraclion’s supporting investor since 2016 Management • China JV created in 2017 30.2% Opus Chart
Slide 31: Glossary
GLOSSARY • HIFU: High Intensity Focused Ultrasound is a non-invasive therapeutic technique that uses non-ionizing ultrasonic waves to heat or ablate tissue. • Venous reflux or Chronic Venous Insufficiency (CVI): occurs when veins no longer circulate blood properly. It often affects the leg veins, ca
Slide 32: Disclaimer
DISCLAIMER This presentation does not constitute an offer to sell or a solicitation of a THERACLION share purchase offer. Some information in this document may include projections and forecasts. THERACLION believes that these forward-looking statements are based on reasonable assumptions as at the d
Slide 33: Thank you! Follow us on LinkedIn for updates
bit.ly/3KYQKJD FOLLOW US ON Thank you! THERACLION LINKEDIN FOR UPDATES 244 av. Pierre Brossolette 92240 Malakoff T: +33 1 55 48 90 70 E: [email protected] Theraclion Corporate presentation 35
Slide 34: Appendix
APPENDIX Theraclion Corporate presentation 36
Slide 35: H1 2025 Financial Results
G sonovein H1 2025 Financial Results
Slide 36: P&L: Net loss of 2,5 M€ vs 3,0 M€ in H1 2024
H1 2025 Financial Results P&L : Net loss of 2,5 M€ Vs 3,0M€ in H1 2024 Theraclion Corporate presentation 38
Slide 37: Balance sheet
H1 2025 Financial Results Balance sheet Theraclion Corporate presentation 39
Slide 38: Cash flows
H1 2025 Financial Results Cash flows Cash Flows details H1 2025 Increase Decrease Total 6 000 475 812 5 000 4 171 4 000 3 300 3 355 ( 366) 3 000 2 000 (3 741) 1 000 (1 109) ( 187) - Theraclion Corporate presentation 40