Saniona Ab · OMXSTO:SANION
Saniona Ab — Investor Presentation (October 2026)
32 slides from Saniona Ab's investor presentation, October 2026
Slide 1: Clinical-stage biopharmaceutical company focused on neurological and psychiatric diseases
Clinical-stage biopharmaceutical company focused on neurological and psychiatric diseases, with a validated partnership- driven business model Saniona company deck, October 2026
Slide 2: Table of Contents
Table of Contents CHAPTER PAGE 1 Introduction to Saniona 2-6 SAN2668: GABAA α2/α3 PAM 2 - For Paediatric Epilepsy (Orphan-DEE) 7 - 17 SAN2465: α5 NAM 3 - For MDD / TRD 18 - 27 4 Partner programs (ACP711 & SAN2355) 28 - 31 iStock/ Dominik Pabis 2 Click to go to section
Slide 3: About Saniona
About Saniona ➢ Saniona AB share September 30, 2026 Revenue & Profit before tax 2024-2025, MUSD* – Market Cap: 1.35 BSEK (135 MUSD) 20242024 2024 2025** 2025** 2025** – AVG Vol 2025: 10.7 MSEK (1.2 MUSD) Revenue Profit Revenue Profit – Share Price: SEK 9.76 ($0.98 USD) 50 MUSD – Ticker: SANION – Exc
Slide 4: A Proven Partnership Track Record: BSEK 1.2+ Received and BSEK 19+ in Potential Future Milestones
A Proven Partnership Track Record: BSEK 1.2+ Received and BSEK 19+ in Potential Future Milestones Company Deal type Income (MSEK) to date Future upside potential 2025 Jazz License agreement - epilepsy (SAN2355) 405 SEK 10.4 billion (USD 992.5 million) milestones + royalties 2024 Acadia License agree
Slide 5: Saniona is Advancing Two Differentiated Clinical-Stage Opportunities Supported by a Validated Platform
Saniona is Advancing Two Differentiated Clinical-Stage Opportunities Supported by a Validated Platform SAN2668 – GABAA α2/α3 PAM for Developmental and Epileptic Encephalopathies (DEE) ➢ Potential best-in-class therapy for paediatric epilepsy combining benzodiazepine-class efficacy with a materially
Slide 6: Saniona Focuses on Two CNS Indications With Significant Unmet Need and Commercial Value Potential
Saniona Focuses on Two CNS Indications With Significant Unmet Need and Commercial Value Potential 26 68 24 65 Pediatric Epilepsy (DEE) Major Depressive Disorder (MDD) / TRD SAN2668 · GABAA α2/α3 PAM SAN2465 · GABAA α5 NAM ~220,000 US patients across the DEE syndromes, each rare 1 PAT I E NT S ~320M
Slide 7: Table of Contents
Table of Contents CHAPTER PAGE 1 Introduction to Saniona 2-6 SAN2668: GABAA α2/α3 PAM 2 - For Paediatric Epilepsy (Orphan-DEE) 7 - 17 SAN2465: α5 NAM 3 - For MDD / TRD 18 - 27 4 Partner programs (ACP711 & SAN2355) 28 - 31 iStock/ Dominik Pabis 7 Click to go to section
Slide 8: SAN2668 Is Designed to Separate Efficacy From the Untoward Effects That Limit Benzodiazepines
SAN2668 Is Designed to Separate Efficacy From the Untoward Effects That Limit Benzodiazepines 26 68 Potential Potential Potential – longer term Tolerability Disease Control Clinical Impact Reduced sedation ↓ Seizure Chronic use (reduced tolerance) Preserved motor function ↓ EEG (Spike-Wave Discharge
Slide 9: Developmental and Epileptic Encephalopathies (DEEs) Represent A Persistent Unmet Need
Developmental and Epileptic Encephalopathies (DEEs) Represent A Persistent Unmet Need 26 68 ▪ DEE is a group of severe childhood epilepsies marked by frequent seizures and/or epileptiform EEG activity, alongside developmental slowing or regression not explained by seizures alone1,2 ▪ Many DEEs are d
Slide 10: The Multifactorial Burden of DEEs (Presented At Webinar June 2026)
The Multifactorial Burden of DEEs (Presented At Webinar June 2026) 26 68 Click on the slide to go to Saniona Virtual R&D Day: SAN2668 (GABAA PAM) for the Treatment of Severe Pediatric Epilepsies Prof. Nicola Specchio Bambino Gesù Children's Hospital, Rome 10
Slide 11: Benzodiazepines Fall Short Due to Full α1 Engagement; SAN2668 Minimizes Adverse Effects
Benzodiazepines Fall Short Due to Full α1 Engagement, Causing Adverse Effects; 26 68 SAN2668 Is Designed To Minimize Adverse Effects with Balanced α1 Engagement Predicted effect of positively modulating different GABAA subtypes GABAA subtypes Therapeutic Effect α1 α2 α3 α5 Seizure control ++ ++ ++ +
Slide 12: SAN2668 is Engineered to Selectively Potentiate GABAA α3/α2
SAN2668 is Engineered to Selectively Potentiate GABAA α3/α2, while Maintaining Balanced GABAA α1 26 68 Modulation to Preserve Benzodiazepine Class Efficacy and Minimize Adverse Effects SAN2668 Functional Activity (% modulation relative to diazepam*) Strong α3 modulation α3 Seizures (SWD) ↓ targeting
Slide 13: SAN2668 Achieves Superior Seizure Control Than Clobazam Without Motor Impairment
SAN2668 Achieves Superior Seizure Control Than Clobazam Without Motor Impairment 26 68 ➢ Superior seizure control to clobazam at clinically equivalent human exposure in preclinical model (PTZ threshold) ➢ No motor impairment and no sedation at pharmacologically relevant dose levels in preclinical mo
Slide 14: SAN2668 Suppresses Spike-Wave Discharges Across Genetic DEE Models
SAN2668 Suppresses Spike-Wave Discharges (SWD) Across Genetic DEE Models, Confirmed in Rodents 26 68 ➢ Pathological spike-wave activity common across DEEs, disrupts normal cortical information processing, correlating with both seizures and cognitive regression1,2 ➢ GABAA 3 positive modulation criti
Slide 15: SAN2668 May Address the Broader Burden of DEEs by Improving Non-Seizure Comorbidities
SAN2668 May Address the Broader Burden of DEEs by Improving Non-Seizure Comorbidities 26 68 ➢ Improved cognition and reduced aggressive behaviour across preclinical genetic distinct DEE disease models ➢ Improved social interaction and other behavioural endpoints across preclinical genetic distinct D
Slide 16: SAN2668: Multiple Clinical Catalysts Expected Through 2029
SAN2668: Multiple Clinical Catalysts Expected Through 2029 26 68 Planned timeline Phase 1 PoM study PoC study Phase 2/3 Study Biomarkers, Safety, photosensitive DEE broad starts PET, qEEG epilepsy patients patients DEE End-2026 Mid-2027 Mid-2028 2029 2026 2027 2028 2029 Phase 1 PoM data PoC data Stu
Slide 17: Appetite for Paediatric Epilepsy remain high: Four Recent Transactions in DEEs
Appetite for Paediatric Epilepsy remain high: Four Recent Transactions in DEEs 26 68 2021 2022 2024 2026 Jazz → GW UCB → Zogenix Lundbeck → Longboard Jazz → Actio Acquisition Deal value US $ 7.2 billion US $ 1.9 billion US $ 2.6 billion US $ 1.6 billion Commercial asset Commercial asset Phase 3 read
Slide 18: Table of Contents
Table of Contents CHAPTER PAGE 1 Introduction to Saniona 2-6 SAN2668: GABAA α2/α3 PAM 2 - For Paediatric Epilepsy (Orphan-DEE) 7 - 17 SAN2465: α5 NAM 3 - For MDD / TRD 18 - 27 4 Partner programs (ACP711 & SAN2355) 28 - 31 iStock/ Dominik Pabis 18 Click to go to section
Slide 19: SAN2465 Is Designed to Deliver Rapid Oral Antidepressant Effect Without In-Clinic Monitoring
SAN2465 Is Designed to Deliver Rapid Oral Antidepressant Effect Without In-Clinic Monitoring 24 65 Potential Potential Potential Rapid Onset Cognitive Benefit Convenience Effect within days, not weeks Reversal of stress-induced deficits Oral, at-home dosing Onset comparable to ketamine Improved work
Slide 20: MDD Patients Face Slow-Acting Treatments or Burdensome Fast-Acting Options
MDD Patients Face Slow-Acting Treatments or Burdensome Fast-Acting Options, With No Oral 24 65 Therapy Offering Both ▪ MDD is a common, disabling mood disorder marked by persistent low mood, anhedonia and cognitive impairment that impair daily functioning DISEASE ▪ Depression is the single largest c
Slide 21: SAN2465 Is Engineered as an α5-Selective NAM for Rapid-Onset Antidepressant Effect
SAN2465 Is Engineered as an α5-Selective NAM for Rapid-Onset Antidepressant Effect With 24 65 Cognitive Benefit SAN2465 Functional Activity (% modulation relative to GABA) Strong α5 negative modulation α5 reducing tonic α5 inhibition in limbic circuitry (hippocampus) drives rapid-onset antidepressan
Slide 22: SAN2465 Shares Ketamine's Rapid-Onset Pathway Without Its CNS Adverse Effects
SAN2465 Shares Ketamine's Rapid-Onset Pathway Without Its CNS Adverse Effects 24 65 ➢ Ketamine-like mechanism: Enhances glutamatergic signalling linked to rapid-onset antidepressant effects ➢ Differentiated safety expected: Unlike ketamine's CNS-wide NMDA target, the restricted limbic expression of
Slide 23: SAN2465 Produces Rapid Improvements in Anhedonia and Anxiety in Rodent Models
SAN2465 Produces Rapid Improvements in Anhedonia and Anxiety in Rodent Models 24 65 ➢ Anhedonia normalized at 0.1 mg/kg po - onset within 24 hours, sustained for at least 48 hours after a single oral dose ➢ Anxiety-like behaviour fully reversed - stress-induced open-arm avoidance restored to non-str
Slide 24: SAN2465 Restores Cognition Across Two Domains and Two Independent Models of Impairment
SAN2465 Restores Cognition Across Two Domains and Two Independent Models of Impairment 24 65 ➢ Recognition memory restored at 0.1 mg/kg po after chronic stress, maintained ≥72 hours post-dose, comparable to ketamine ➢ Working memory deficit reversed dose-relatedly at 0.01 and 0.1 mg/kg po after MK-8
Slide 25: SAN2465: Significantly Enhances Hippocampal Synaptic Plasticity (LTP)
SAN2465: Significantly Enhances Hippocampal Synaptic Plasticity (LTP) 24 65 ➢ SAN2465 significantly enhanced long-term potentiation (LTP) – a key measure of synaptic plasticity ➢ Supports the pro-plasticity mechanism linked to rapid-acting antidepressant effects Hippocampal LTP – Mouse CA1 Slices (V
Slide 26: SAN2465: Phase 1 Will Establish Target Engagement and PD Biomarkers to Enable Phase 2
SAN2465: Phase 1 Will Establish Target Engagement and PD Biomarkers to Enable Phase 2 24 65 Planned timeline Phase 1 Phase 2 Study Biomarkers, Safety, Treatment resistant starts PET, qEEG depression End-2026 Mid-2028 2026 2027 2028 2029 Phase 1 Phase 2 Study Biomarkers, Safety, Treatment resistant r
Slide 27: Appetite for Major Depressive Disorder Remains High: Three Recent Transactions in MDD/TRD
Appetite for Major Depressive Disorder Remains High: Three Recent Transactions in MDD/TRD 24 24 65 65 2020 2025 2026* Biogen → Sage Therapeutics AbbVie → Gilgamesh Eli Lilly → Atai Beckley Acquisition/ collaboration Deal value US $ 1.5 billion US $ 1.2 billion 3 US $ 2.8 billion (up to $3.1B incl. m
Slide 28: Table of Contents
Table of Contents CHAPTER PAGE 1 Introduction to Saniona 2-6 SAN2668: GABAA α2/α3 PAM 2 - For Paediatric Epilepsy (Orphan-DEE) 7 - 17 SAN2465: α5 NAM 3 - For MDD / TRD 18 - 27 4 Partner programs (ACP711 & SAN2355) 28 - 31 iStock/ Dominik Pabis 28 Click to go to section
Slide 29: Two Recent Partnerships Delivered $70.5M Upfront and Anticipate $1.6B in Potential Milestones
Two Recent Partnerships Delivered $70.5M Upfront and Anticipate $1.6B in Potential Milestones Potential commercial milestones: Tiered ➢ ACP-711: $435m royalties Potential development and ➢ SAN2355: $800m regulatory milestones: ➢ ACP-711: $147m ➢ SAN2355: $192.5m >$1.6B Upfront payments received: ✓ A
Slide 30: ACP-711 Is A Highly Selective GABAA α3 PAM That Enabled A Significant Partnership With Acadia
ACP-711 Is A Highly Selective GABAA α3 PAM That Enabled A Significant Partnership With Acadia ACP-711 for essential tremor Strategic partnership with Acadia Pharmaceuticals Nov 2024 for future clinical and commercial development in neurological diseases ➢ ACP-711 modulates the GABAA α3 receptor with
Slide 31: SAN2355 Is A Novel Potassium Channel Activator That Enabled A Significant Partnership With Jazz
SAN2355 Is A Novel Potassium Channel Activator That Enabled A Significant Partnership With Jazz SAN2355 for epilepsy Strategic partnership with Jazz Pharmaceuticals Aug 2025 for future clinical and commercial development in epilepsy ➢ Unique mechanism of action - activates the Kv7.2/7.3 potassium ch
Slide 32: Thank You
wif. sanlo Thank You