Orexo Ab · OMXSTO:ORX
Orexo Ab — Q3 2026 Earnings Presentation
21 slides from Orexo Ab's earnings presentation, Oct 22, 2026
Slide 1: Orexo Q3 2026 presentation
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Slide 2: Legal disclaimer
2 Legal disclaimer • This presentation, which is personal to the recipient, has been prepared and produced by Orexo AB (publ) (“Orexo”) solely for the benefit of investment analysis and may not be used for any purpose other than assessment of investments concerning Orexo. Unless otherwise stated, Or
Slide 3: Orexo in transformation
Q 3 2 0 2 6 P R E S E N TAT I O N 3 Orexo in transformation Important milestones reached in the development programs • Izipry™ - FDA filing Comments Q2 • OX640 - IND acceptance by FDA and commercial scale manufacturing of first batch of 12.000 units • OX390 – BARDA extending initial development stag
Slide 4: Transformation from a product to a platform company
Q 3 2 0 2 6 P R E S E N TAT I O N 4 Transformation from a product to a platform company 1 2 3 Divestment of Streamlining Transformation Building a new company on a strong heritage Zubsolv US rights the operations Zubsolov US rights sold to Restructure organisation 4 drugs developed from Long experie
Slide 5: The Rights Issue creates financial flexibility to continued development through critical milestones
Q 3 2 0 2 6 P R E S E N TAT I O N 5 The Rights Issue creates financial flexibility to continued development through critical milestones ~45% Fund OX640’s first pivotal clinical trial through the expected read-out in the first half of 2027 and maintain necessary program activities ahead of a potent
Slide 6: Main priority is to build partnerships based on the AmorphOX technology
Q 3 2 0 2 6 P R E S E N TAT I O N 6 Main priority is to build partnerships based on the AmorphOX technology New applications of the AmorphOX technology are key to unlocking substantial future value creation EXPLORE • Expand semaglutide partnership to new delivery pathways • Explore and document Amor
Slide 7: Izipry resubmission with the FDA in September
Q 3 2 0 2 6 P R E S E N TAT I O N 7 Izipry™ resubmission with the FDA in September Approval expected mid-H1 • 505(b)(2) FDA resubmission was completed in September 2026, incorporating successful human factors and reliability testing of the intended commercial “Real-world evidence shows increasing us
Slide 8: OX640 aiming for best-in-class nasal epinephrine emergency treatment
Q 3 2 0 2 6 P R E S E N TAT I O N 8 OX640 aiming for best-in-class nasal epinephrine emergency treatment of severe allergic reactions First pivotal clinical trial start in Q4 2026 according to plan • OX640 met several critical milestones in the quarter • IND accepted by the FDA creating a clear path
Slide 9: Semaglutide project ready for next steps
Q 3 2 0 2 6 P R E S E N TAT I O N 9 Semaglutide project ready for next steps Encouraging Preclinical PK studies • In 2025: Intranasal semaglutide 7x with AmorphOX vs oral formulation • In Q3 2026: Orexo completed its first preclinical “Extending AmorphOX® from intranasal delivery to an pharmacokinet
Slide 10: Drive value through innovation and growth
Q 3 2 0 2 6 P R E S E N TAT I O N 10 Drive value Ideas through For Vision And Mission Ppt Presentations innovation and growth Several near term opportunities for significant value growth Partner OX640 and IzipryTM Expand AmorphOX® partnerships Expand into new growth areas to reduce cost and risks wi
Slide 11: Financial & legal
Q 3 2 0 2 6 P R E S E N TAT I O N 11 Financial & legal
Slide 12: Income statement
Q 3 2 0 2 6 P R E S E N TAT I O N 12 Income statement Q3 Q3 Jan - Sep Jan -Sep Jan - Dec Income statement SEK m Comments Q3 2026 2025 2026 2025 2025 Net revenues 0.8 4.8 9.3 22.8 26.0 Net revenues SEK 3.5 m (4.8) • Lower Abstral and Edluar royalties due to expiring markets and launch of generic Cost
Slide 13: Normalized OPEX of 55.3 MSEK and will decline in 2027
Q 3 2 0 2 6 P R E S E N TAT I O N 13 Normalized OPEX of 55.3 MSEK and will decline in 2027 • DOJ settlement and negotiations a significant cost driver in the quarter that is non-recurring • Several initiative to reduce expenses from current normalized level • Staff reductions in both Sweden and the
Slide 14: Cash position
Q 3 2 0 2 6 P R E S E N TAT I O N 14 Cash position Jan - Jan - Jan - Q3 Q3 Cash flow SEK m Sep Sep Dec Comments Q3 2026 2025 2026 2025 2025 Cash flow from operating activities -118.1 -70.1 -244.7 -165.1 -195.4 Total cash and cash equivalents decreased with SEK 124 m from Q2 2026 to SEK 153 m Investm
Slide 15: Q3 Cash flow heavily impacted by non-recurring payments
Q 3 2 0 2 6 P R E S E N TAT I O N 15 Q3 Cash flow heavily impacted by non-recurring payments Large share of cash outflow is related to Zubsolv US and restructuring of the US business • ~70% of cash outflow in administrative expenses are related to closing the DMHP business and DOJ related expenses •
Slide 16: Cash flow YTD primarily due to repayment of the corporate bond and non-recurring expenses
Q 3 2 0 2 6 P R E S E N TAT I O N 16 Cash flow YTD primarily due to repayment of the corporate bond and non-recurring expenses Non-recurring payment related to restructuring of the US business dominates the negative cash flow • 516.6 MSEK cash outflow directly linked to the forced corporate bond rep
Slide 17: Cash position in 2027 will be supported by several sources and initiatives
Q 3 2 0 2 6 P R E S E N TAT I O N 17 Cash position in 2027 will be supported by several sources and initiatives 1 Earn-out from Zubsolv® US, provision increased with 21 MSEK 2 Research contribution from BARDA of up to USD 54 m 3 Royalties from commercial products Zubsolv, Abstral® and Edluar® Financ
Slide 18: Legal update: Department of Justice investigation
Q 3 2 0 2 6 P R E S E N TAT I O N 18 Legal Department of Justice investigation update • On July 14, 2020, Orexo became aware of an investigation by the US authorities which is ongoing • On August 31st 2026 – Orexo announced that the company has reached a non- binding agreement in principle on the ma
Slide 19: Value opportunities short, medium and long term
Q 3 2 0 2 6 P R E S E N TAT I O N 19 Value opportunities short, medium and long term 2026 2027 2028 2029 and beyond Launched • Zubsolv® EU • Zubsolv US earn-out • Zubsolv US earn-out products • Q3 FDA filing • Q1 FDA approval IzipryTM • Partnering OX640 • Q4 pivotal trial start • H1 pivotal trial re
Slide 20: Q&A, Financial Calendar, BD & Scientific Conferences
20 Q&A Financial Calendar BD & Scientific Conferences • Nov. 11 Extraordinary General Meeting • Oct. 19-21 World vaccine conference • Nov. 5, 11:25 BioStock Life Science Summit • Oct. 29 -30 PODD • Nov. 24, 10:30 Aktiespararna Stora Aktiedagarna • Nov. 9-11 Bio-Europe • Feb. 4, 2027 Interim Report Q
Slide 21: Thanks
Thanks www.orexo.com www.orexo.com Orexo is headquartered in Uppsala, Sweden, with a US subsidiary in New Jersey. The company has been listed on Nasdaq Stockholm’s [email protected] main market since 2005 (STO: ORX) and trades as ADRs on the OTCQX market in the US (OTCQX: ORXOY).