Medivir : Presentation

Placeholder agenda

Improving life for advanced liver cancer (HCC) patients

Displacing chemotherapy with the first oral, liver-activated inhibitor of DNA replication

Fostrox - The first oral, liver-targeted treatment for advanced HCC

Jens Lindberg, CEO Aktiedagarna November 2025

Continued progress

Right's issue enables rapid generation of randomized, comparative data to confirm benefit of fostrox combination with Lenvima

Design of planned phase 2 study strengthened by latest data in advanced HCC

Remetinostat out-license generates significant potential value upside for phase 3 ready molecule

Placeholder agenda

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Slide

Medivir enters exclusive licensing agreement with Biossil, Inc. for remetinostat

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Positive phase 2 data in basal cell carcinoma (BCC) and cutaneous T-cell lymphoma (CTCL)

Global, exclusive, licensing agreement to develop and commercialize remetinostat

Total, potential milestone payments of approximately USD 60 million

Mid-single digit royalties on future net sales & sub-licensing revenue share.

Remetinostat is an effective topical treatment for reducing BCC disease burden in a clinically significant manner

Complete pathological resolution

55%

Overall response rate

70%

>50% of lesions achieving complete pathological resolution across full cohort

0%

-10%

-20%

-30%

-40%

-50%

-60%

-70%

-80%

-90%

-100%

Nodular

Superficial

Nodular

Infiltrative

Micronodular

Encouraging efficacy across all subtypes of BCC lesions

Percentage change

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1J. Kilgour et al, Clinical Cancer Research published online 6 August 2021

45% of US adults are obese

More than 25% have Fatty Liver Disease

Fatty Liver Disease increases risk of Liver Cancer 17-fold

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2nd line HCC - a ~$3bn commercial opportunity3

+115%

$2.8 bn

$1.3 bn

US - 25%

EU 5 - 17%

China - 30%

RoW - 28%

$4.0 bn

2024 2030 2030 Upside

Growth driven by:

• HCC to increase +122% in the US and +82% in China2 by 2030, caused by fatty liver disease

• With improved 1L treatment, more patients will be fit enough for 2L, 50% → 70%

  2030 Upside:

• Average treatment duration increases to 10 months based on fostrox + Lenvima® study

Global 2L HCC market3

1Rumguy et al. Journal of Hepatology 2022

2Huang et al., Nature Reviews, Gastroenterology & Hepatology, Vol 18, 2021

3GlobalData 2021 and internal analysis

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Fostrox + Lenvima targets 2L population where no treatments are approved today

1L

90%

10%

• Majority treated with IO combo

• Tecentriq + Avastin preferred with recent data strengthening its position

Lenvatinib (or Sorafenib)

• Data presented at ASCO & ESMO-GI confirming

the promise of fostrox + lenvatinib combination

2L

• No approved options in 2L

• Fostrox + Lenvima target population

Lenvatinib/TKI monotherapy preferred

IO combination

IO combination

Advanced HCC - Treatment Algorithm

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Fostrox - designed to selectively kill tumor cells in the liver

Prodrug transports inactive payload to the liver, where it is rapidly activated by liver enzymes1

Kills tumor cells2,3,4

Spares healthy cells2,3,4

Liver-guided delivery -prodrug

Tumor-selective payload -troxacitabine

1Bethell, R. et al P-035, ILCA 2016

2Kukhanova, M et al J Biol Chem 1995 3Albertella, M. et al EASL Summit P01-05, 2018 4Öberg F. et al, EASL PO-221, 2022

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Global phase 1b/2a study with fostrox + Lenvima (TKI) positive, final data presented at EASL in February

UK

3 centres

Korea

6 centres

Spain

6 centres

Poster P02-13 presented by Dr. Jeff Evans, Glasgow, at EASL Liver Cancer Summit in February in Paris

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