Kvartalsrapport Q1 2024

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===== SIDA 1 =====

Significant events Financialoverview
1
INTERIM REPORT, 
Q1 2024
Launch ready in Spain in 
record time
 
Selected Key Indicators
(SEK thousand )
2024
Jan-Mar
2023
Jan-Mar
2023
Jan-dec
2022
Jan-dec
Net sales 5 072 1 124 35 220 8 355 
whereof reversal of returns reserve USA - - 24 330 7 795
Operating profit -65 661 -72 740 -253 447 -349 350
Profitafter tax -67 705 -71 025 -249 111 -337 951
Earnings per share before and after dilution (SEK) -0,75 -0,79 -2,76 -4,11
Cash flow from operating activities -67 362 -88 997 -279 493 -420 509
Cash at the end of the period 104 825 253 904 173 407 344 515
JANUARY-MARCH
• Oncopeptides will be granted an extension of key patents ensuring 
market exclusivity for melflufen, marketed as Pepaxti, in Europe until 
2037, an extension of five years.
• Oncopeptides receives a positive recommendation for Pepaxti from the 
Spanish price authority.
• Oncopeptides Receives Decision From U.S. Food and Drug Administration 
confirming withdrawal of Pepaxto from the US market.
• Pepaxti maintains health-related quality of life shows the OCEAN study, 
article published in Haematologica.
• Oncopeptides’ PORT study shows that peripheral venous administration 
of Pepaxti is as safe as central venous administration.
• Oncopeptides carries out a fully guaranteed rights issue of SEK 314 
million to reach profitability in 2026.
• Oncopeptides and Vector Pharma FZCO announce collaboration to offer 
Pepaxti to patients in the Middle East and North Africa.
EVENTS AFTER THE PERIOD
• Oncopeptides secures national reimbursement for Pepaxti in Spain.
• The final outcome of the rights issue is announced, where 94 percent is 
subscribed by rights and subscription notifications and the remaining 6 
percent by guaranteed commitments. The rights issue amounted to SEK 
314 million before deductions for issue costs.
• Oncopeptides presents new data highlighting treatment benefits of 
Pepaxti in high-risk multiple myeloma patients at the COMy Congress.
• Oncopeptides announces first treatment of patients in Spain with 
Pepaxti.
ONCOPEPTIDES | INTERIM REPORT JANUARY - MARCH 2024 
This publication is a translation of the original Swedish text. In the event of inconsistency or discrepancy between the Swedish version and this publication, the Swedish language version shall prevail.
JANUARY-MARCH
• Net sales 
amounted to SEK 5.1 (1.1) million 
• Operating profit 
amounted to SEK -65.7 (-72.7) million 
• Net profit 
amounted to SEK -67.7 (-71.0) million 
• Profit per share, before and after dilution, 
amounted to -0.75 (-0.79) SEK 
• Cash balances at the end of the period
amounted to 104.8 (253.9) million

===== SIDA 2 =====

CEO-statement
2
Launch ready in Spain in record time
 
Our European sales landed in line with our 
expectations at SEK 5.1 million, comparable to 
Q4 2023. According to our data most competing 
drugs in the late line setting have seen flat or 
even shrinking sales figures during the first 
quarter of 2024 and I remain fully confident that 
we will be able to accelerate our sales during 
2024. The seasonal flu and other infections that 
are more common during the winter months 
temporarily hampered the ability for patients to 
receive the treatment in the beginning of the 
year.
As communicated, we expect an acceleration of 
sales in 2024, which will be supported by the 
start of sales in Spain and continued growth in 
Germany. In addition, we look forward to sales 
outside of Europe as a result of the announced 
partnership for the MENA region.  
In Spain, we have achieved market access 
quicker than any our competitors, a testament to 
the high unmet medical need for our drug, the 
capabilities of our team in Spain and the clinical 
experience that we have built with more than 
100 patients and 16 hospitals having been part of 
the development of Pepaxti. [Although we expect 
sales to truly kick off after the summer, we have 
already received our first orders for Pepaxti, just 
a few weeks after the drug became available in 
Spain May 1]. As the team in Spain, supported by 
our Stockholm headquarters, is now working 
diligently on ensuring regional access in key 
regions of Spain, I look forward to us soon being 
able to support more patients and capture the 
potential we see for the drug in Spain.
In Germany, our first launch market, we have 
seen continued engagement and growing 
awareness among doctors in the country, and we 
continue to work hard to penetrate a very 
scattered market, which is tough in the area of 
rare diseases. 
As for MENA, I see the partnership with Vector 
Pharma both as an opportunity for sales in a 
region with potential, but also the beginning of a 
journey where we can leverage the extended 
network of the World Orphan Drug Alliance to 
provide patients all across the globe with access 
to Pepaxti. By adding new markets to our 
revenue stream, we will not only add to our 
bottom line but also increase diversity and 
continuity to our sales, which will decrease 
reliability on specific markets.
In addition to ensuring market access in Spain 
we have during the first quarter also been able 
to move closer to access in other European 
markets. In France, we have taken one step 
further to gain market access while we continue 
progressing Italy, the Netherlands, Ireland and 
the Nordics as part of our second launch wave. 
These countries along with markets we have 
already launched in make up more than half of 
the SEK 1.5 billion market potential in Europe. 
During February we also announced the 
extension of a key patent ensuring market 
exclusivity for Pepaxti for another five years, 
between 2032 and 2037. While it might be seen 
as far into the future, this means that we will be 
able to sell Pepaxti for five more years at or 
close to peak sales, a significant opportunity for 
us as a company and the long-term shareholder. 
Beyond the commercialization of Pepaxti, we 
continued our efforts on next step value drivers 
during the first quarter: aside from the 
announced partnership in MENA we have 
continued to explore business development in 
China and Japan and added South Korea as a 
potential Asian market. We have also continued 
to advance our pipeline assets with clinical 
development selection ongoing for our SPiKe 
platform and following the FDA decision we are 
working on the strategy for our PDC platform. 
Our belief in the future potential of these assets 
remains strong. 
In February we received a decision from the U.S. 
Food and Drug Administration (FDA) confirming 
withdrawal of Pepaxto from the U.S. market, as 
we discussed in our presentation of the fourth 
quarter 2023 report. While we still disagree with 
the FDAs interpretation of our data and regret 
they are not willing to update the US indication 
to reflect our target population, we have for a 
long time focused on the commercialization in 
Europe. 
Given that the FDA process is now finished, 
Jakob Lindberg will soon transition into a new 
role as senior scientific advisor at Oncopeptides. 
Lastly, I would like to express my gratitude 
towards our shareholders for supporting 
Oncopeptides during our recently finalized rights 
issue. The capital raised will support us in all the 
efforts that I outlined above, bringing us to 
profitability in 2026. I want to thank both our 
existing shareholders for your continued support 
while also welcoming new owners to 
Oncopeptides.
Stockholm,May 30 2024
SofiaHeigis
CEO
While we and many of our competitors faced flat or declining sales, our performance during Q1 strengthens my confidence in our growth potential 
and our European sales for Q1 met our expectations at SEK 5.1 million despite the challenging start to the year. Seasonal flu and winter infections has 
posed challenges, but as we have progressed our business in Europe, especially in Spain and Germany and built a new partnership in the Middle East 
and North Africa (MENA), we have a strong foundation for future growth. I am excited about the opportunities ahead as we expand our market reach 
to impact more patients globally.
ONCOPEPTIDES | INTERIM REPORT JANUARY - MARCH 2024

===== SIDA 3 =====

Financial Overview
3
REVENUE
Net sales during the first quarter were SEK 5.1 
(1.1) million. The turnover refers in its entirety 
to Europe. The turnover for the full year 2023 
includes the effects of reversals regarding 
previous years' excessively high reserved 
income regarding returns in connection with 
the withdrawal of Pepaxto in the USA with 
SEK 24.3 million. Excluding reversal of return 
reserve, turnover amounted to SEK 10.9 
million for the full year 2023.
GROSS PROFIT
The gross profit for the quarter amounted to 
SEK 4.8 (1.1) million. Cost of goods sold 
showed a positive value of 1.1 for the full year 
2023. In connection with the withdrawal of 
Pepaxto in the USA in 2021, a full write-down 
of the inventory value was made. In 
connection with Pepaxti receiving full approval 
in Europe, this write-down was partially 
reversed in 2023.
OPERATING EXPENSES
Operating costs for the quarter, excluding cost 
of goods sold, amounted to SEK 70.5 (73.9) 
million.
RESEARCH AND DEVELOPMENT EXPENSES
Research and development costs amounted 
to SEK 28.2 (30.1) million for the quarter. No 
clinical studies are currently ongoing, where 
the phase three study Ocean was completed 
during the third quarter of 2023. During the 
third quarter of 2023, refunds of SEK 43.5 
million were also received regarding final 
settlements for completed studies, which 
positively affected the costs.
MARKETING AND SALES EXPENSES
Marketing and sales costs amounted to SEK 
27.7 (23.5) million for the quarter.The 
increased costs relate to ongoing 
commercialization activities in Europe.
GENERAL AND ADMINISTRATIVE EXPENSES 
Administrative costs during the quarter 
amounted to SEK 17.9 (21.8) million.
EXPENSES FOR SHARE BASED 
INCENTIVE PROGRAMS 
During the quarter, the cost, including social 
security contributions, for share-related 
incentive programs amounted to SEK 2.7 (5.1) 
million. The cost does not affect cash flow in 
the period. See note 8.
TAX AND EARNINGS
Profit during the quarter amounted to  SEK -
67.7 (-71.0) million. This corresponds to 
earnings per share before and after dilution of 
SEK -075 (-0.79).
CASH FLOW, INVESTMENTS AND  
FINANCIAL POSITION
Cash flow from operating activities amounted 
to -67.4 (-89.0) MSEK for the quarter.
Cash flow:
• Investment activities amounted to SEK (-) 
(-) million for the quarter.
• Financing operations amounted to SEK -
2.0 (-1.8) million for the quarter.
In the fourth quarter of 2022, an addendum 
was made to the loan agreement with the 
European Investment Bank (EIB). The 
agreement gives Oncopeptides access to a 
loan facility of up to EUR 30 million without 
collateral. The loan agreement is divided into 
three tranches, each with a term of 5 years, 
which become available if the company meets 
certain conditions. If the company utilizes the 
entire loan facility, the EIB will be entitled to 
warrants corresponding to 2.8% of 
outstanding shares after dilution, in addition 
to interest on the loan amount. During the 
second quarter of 2023, Oncopeptides utilized 
Tranche A of this loan facility, which provided 
the company with EUR 10 million in cash and 
cash equivalents. Prior to the payment of this 
tranche, warrants corresponding to 1.26% of 
outstanding shares after dilution were 
transferred to the EIB free of charge. The loan 
amount has increased the company's 
flexibility and is used to finance the ongoing 
commercialization in Europe as well as the 
development of the research portfolio. See 
note 6.
Equity in the group amounted to MSEK-8.4 
(228.4) at the end of the period. Equity is 
entirely attributable to the parent company's 
shareholders. Equity is positive in connection 
with the completed rights issue as of May 13.
EMPLOYEES 
At the end of the quarter, the number of 
employees amounted to 62 (59).
PARENT COMPANY 
The operations of the parent company 
correspond in all essential respects with the 
operations of the group, which is why the 
comments for the group also apply to the 
parent company. During the quarter, a 
restructuring of the group's patent portfolio 
related to Pepaxti has begun, where the 
patents are successively sold from the parent 
company to the wholly owned subsidiary 
Oncopeptides Innovation AB. This sale has 
resulted in other income of SEK 85 million for 
the parent company in the quarter. The 
valuation of the patents is carried out by an 
external party and the transaction has no 
impact on the group's financial position or 
results. All patents are estimated to have 
been transferred to the subsidiary as of 30 
June 2024.
ONCOPEPTIDES SHARE 
At the end of the period, the number of 
registered shares eligible for trading and votes 
in Oncopeptides amounted to 90,439,627. 
AUDITOR REVIEW 
This report has not been reviewed by the 
company’s auditors.
ONCOPEPTIDES | INTERIM REPORT JANUARY - MARCH 2024 
Signatures
The Board and the CEO confirm that the 
interim report provides a true and fair 
reflection of the Group’s and the Parent 
Company’s operations, position and earnings 
and describes the material risks and 
uncertainty factors faced by the Parent 
Company and the companies within the 
Group.
Stockholm, May 30, 2024
Per Wold-Olsen Sofia Heigis
Chairman CEO
Jennifer Jackson
Board member
Cecilia Daun-Wennborg
Board member
Per Samuelsson
Board member
Jarl Ulf Jungnelius
Board member
Brian Stuglik
Board member

===== SIDA 4 =====

2024 2023 2023 2022
SEK thousand Note Jan-Mar Jan-Mar Jan-dec Jan-dec
Net sales 5 5 072 1 124 35 220 8 355
Cost of Goods Sold -287 -11 1 079 -6
Gross profit 4 784 1 113 36 299 8 349
Research and development expenses -28 244 -30 067 -106 948 -217 657
Marketing and distribution expenses -27 716 -23 466 -119 601 -58 102
Administrative expenses -17 945 -21 801 -68 878 -84 093
Other operating income/expenses 3 459 1 481 5 681 2 153
Total operating expenses -70 446 -73 853 -289 746 -357 699
EBIT; Operating profit/loss -65 661 -72 740 -253 447 -349 350
Net financial items -2 090 468 5 000 11 670
EBT; Earnings before taxes -67 752 -72 272 -248 447 -337 680
Income tax 47 1 247 -664 -271
Net profit -67 705 -71 025 -249 111 -337 951
Other comprehensive income
Items to be reclassified as profit or loss
Translation variances -226 64 98 -1 380
Other comprehensive income after tax -226 64 98 -1 380
Total comprehensive income attributable 
to Parent Company’s shareholders.
-67 931 -70 961 -249 013 -339 331
Earnings per share before/after dilution 
(SEK) -0,75 -0,79 -2,76 -4,11
Condensed consolidated statement of comprehensive income
2024-03-31 2023-03-31 2023-12-31 2022-12-31
SEK thousand Note
ASSETS 34 789 20 023 35 478 21 289 
Non-current assets 20 023 35 478 21 289
Total non-current assets
Current assets
Inventory 4 985 1 033 2 425 -
Current receivables 55 092 41 922 27 068 19 519
Cash equivalents - 75 531 - -
Cash 104 825 178 373 173 407 344 515
Total current assets 164 901 296 859 202 900 364 034
TOTAL ASSETS 199 691 316 882 238 378 385 323
EQUITY AND LIABILITIES
Equity -8 428 228 422 56 780 294 293
Total Equity 228 422 56 780 294 293
Loans from credit institutions 6 113 645 - 106 487 -
Long-term liabilities 25 789 4 414 30 178 5 358
Total long-term liabilities 139 434 4 414 136 665 5 358
Current liabilities
Trade payables 16 933 19 536 15 025 28 219
Other current liabilities 51 752 64 510 29 908 57 453
Total current liabilities 68 685 84 046 44 933 85 672
TOTAL EQUITY AND LIABILITIES 199 691 316 882 238 378 385 323
4
Condensed consolidated statement of financial position
ONCOPEPTIDES | INTERIM REPORT JANUARY - MARCH 2024

===== SIDA 5 =====

Condensed consolidated statement of changes in equity Condensed consolidated statement of cash flow
2024 2023 2023 2022
Jan-Mar Jan-Mar Jan-dec Jan-dec
SEK thousand Note 56 780 294 293 294 293 210 868
Opening Balance
-67 705 -71 025 -249 111 -337 951
Net profit -226 64 98 -1 380
Other comprehensive income -67 931 -70 961 -249 013 -339 331
Total comprehensive income 
Transactions with owners -   -   24 436 015 
New issue of shares - - -24 -438
Repurchase of shares -   -   - -27 667 
Costs related to directed share issue 2 723 5 090 11 500 14 812 
Share based compensation - - 0 34 
Exercised warrants 2 723 5 090 11 500 422 756
Total transactions with owners
-8 428 228 422 56 780 294 293
2024 2023 2023 2022
SEK thousand Note Jan-Mar Jan-Mar Jan-dec Jan-dec
Operating activities
Operating profit/loss -65 661 -72 740 -253 447 -349 350
Adjustment for non-cash items 5 123 5 858 18 919 36 379
Interest received 1 244 8 580 2 616
Interest paid -1 -134 -570 -883
Taxes paid -18 - 1 654 -38
Cash-flow from operating activities 
before change in working capital
-60 557 -66 772 -224 864 -311 276
Change in working capital - 6 805 -22 225 -54 629 -109 233
Cash-flow from operating activities -67 362 -88 997 -279 493 -420 509
Cash-flow from investment activities - - -116 -2 507
Cash-flow from financing activities -2 007 -1 806 108 613 392 402
Cash-flow for the period -69 369 -90 803 -170 996 -30 614
Cash at the beginning of the period 173 407 344 515 344 515 362 187
Change in cash -69 367 -90 803 -170 997 -30 614
Effect of exchange rate changes on cash 785 192 -111 12 942
Cash at the end of the period 104 825 253 904 173 407 344 515
5ONCOPEPTIDES | INTERIM REPORT JANUARY - MARCH 2024

===== SIDA 6 =====

Condensed Parent Company income statement
2024 2023 2023 2022
SEK thousand Note Jan-Mar Jan-Mar Jan-dec Jan-dec
Net sales 5 5 072 1 124 10 890 560 
Cost of Goods Sold -287 -11 1 079 -6 
Gross profit 4 784 1 113 11 969 554 
Research and development expenses -28 312 -29 490 -107 111 -217 164
Marketing and distribution expenses -27 662 -26 297 -100 289 -58 919
Administrative expenses -17 989 -21 822 -68 984 -77 328
Other operating income/expenses 85 719 2 639 12 227 -67
Total operating expenses 11 757 -74 970 -264 157 -353 478
EBIT; Operating profit/loss 16 541 -73 857 -252 188 -352 924
Net financial items -1 921 599 5 224 28 825
Earnings after net financial items 14 620 -73 258 -246 964 -324 099
Group contribution -2 017 -1 538 -6 976 -700
EBT; Earnings before taxes 12 603 -74 796 -253 940 -324 799
Tax -   -   -   -   
Net profit 12 603 -74 796 -253 940 -324 799
Condensed Parent Company balance sheet
6
2024 2023 2023 2022
SEK thousand Note Jan-Mar Jan-Mar Jan-dec Jan-dec
EBT; Earnings before taxes 12 603 -74 796 -253 940 -324 799
Other comprehensive income - - - -
Net profits 12 603 -74 796 -253 940 -324 799
Condensed Parent Company statement of comprehensive income
SEK thousand Note 2024-03-31 2023-03-31 2023-12-31 2022-12-31
ASSETS
Non-current assets 8 854 11 067 9 469 11 671 
Total non-current assets 8 854 11 067 9 469 11 671 
Current assets
Inventory 4 985 1 033 2 424 -
Current receivables 163 010 36 501 51 131 17 497 
Cash equivalents - 75 531 - -
Cash 86 280 163 344 158 756 328 537 
Total current assets 254 275 276 409 212 311 346 034 
TOTAL ASSETS 263 129 287 476 221 780 357 705
EQUITY AND LIABILITIES
Restricted equity
Non-restricted capital 20 720 20 688 20 720 20 688 
Total Equity 54 775 212 215 39 449 281 922 
74 495 232 903 60 169 302 610
Loans from credit institutions
Long-term liabilities 6 113 645 - 106 487 -
Total long-term liabilities 7 891 2 216 10 509 1 815
Current liabilities 2 216 116 996 1 815
Trade payables
Other current liabilities 15 654 16 831 12 912 26 277
Total current liabilities 50 444 35 526 31 703 27 003
TOTAL EQUITY AND LIABILITIES 66 098 52 357 44 615 53 280
SEK thousand 263 129 287 476 221 780 357 705
ONCOPEPTIDES | INTERIM REPORT JANUARY - MARCH 2024

===== SIDA 7 =====

NOTE 1 - GENERAL INFORMATION
This interim report covers the Swedish parent company Oncopeptides 
AB (publ), registration number 556596 -6438, as well as the wholly 
owned subsidiaries Oncopeptides Incentive AB, Oncopeptides Innovation 
AB (with the wholly owned subsidiary Oncopeptides Innovation 1 AB), 
Oncopeptides GmbH and Oncopeptides Inc, USA. The parent company is 
a public limited company based in Stockholm. The figures in brackets in 
the report refer to the corresponding period of the previous year. The 
interim report has been approved for publication on 30 May 2024.
NOTE 2 - ACCOUNTING PRINCIPLES
The group's year-end report is prepared in accordance with IAS 34. The 
parent company applies the Swedish Financial Reporting Council's 
recommendation RFR 2. Oncopeptides applies, other than what appears 
below, the same accounting principles as in the most recent annual 
report. Significant accounting and valuation principles can be found on 
pages 45-50 of the annual report for 2023.During the second quarter of 
2023, a credit from the EIB of EUR 10 million was taken out. As part of 
the transaction cost in addition to interest, 1,138,646 subscription rights 
were transferred to the EIB. The liability includes the subscription rights, 
which are valued on an ongoing basis at fair value in accordance with 
IFRS 9. The subscription rights have been valued in accordance with the 
market approach in IFRS 13. Transferred subscription rights are reported 
as Other long-term debt in the balance sheet in accordance with IAS 
1.Otherwise, no new or changed standards have been introduced since 1 
January 2024 that have had any significant impact on the company's 
financial reporting.Oncopeptides applies ESMA's (European Securities 
and Markets Authority) guidelines for alternative key figures.
NOTE 3 - RISKS AND UNCERTAINTIES
In its operations, Oncopeptides is exposed to a number of risks. The 
company continuously evaluates known and predictable risks and acts 
to minimize the effect of these risks within the framework of the 
company's business strategy and safeguarding the company's long -term 
interests, including its sustainability. The company assesses that the 
risks described in the annual report for 2023 remain during the period.
NOTE 4 - ESTIMATES AND CONSIDERATIONS
This report contains forward -looking statements. Actual results may 
differ from those stated. Internal factors such as successful 
management of research programs and intellectual property rights may 
affect future results. The interim report has been prepared with the 
assumption that the company has the ability to continue operations 
during the next 12 -month period, in line with the going concern principle.
NOTE 5 - REVENUE RECOGNITION
There has been no change in the principle of revenue recognition 
compared to the annual report 2023. Revenue is recognized at the 
transaction price for goods sold excluding value added tax, discounts and 
returns. Revenue is recognized at the time of delivery when Oncopeptides 
has fulfilled its performance commitment and control of the goods 
passes to the customer. The customers are defined as hospitals and/or 
clinics and retailers who sell the goods to the final user of the goods. As 
the final price is related to the discount that applies in the respective 
local market and is paid to the patients' insurance company, the 
transaction price is not known at the time of delivery. This is regulated by 
the parent company and the group reporting a liability for a calculated 
discount based on the frameworks for discounts that apply in each 
market. The provision for estimated discounts is reported under the 
heading Other short-term liabilities in the balance sheet.
The reserve for drug returns related to the withdrawal of Pepaxto from 
the US market in 2021 is fully dissolved at the end of 2023, when the 
time to be able to return products according to agreement was passed in 
July 2023. It is assessed that there are no significant risks for returns 
related to the sale of goods in Europe during the period.
NOTE 6 – LOANS FROM CREDIT INSTITUTIONS
The liability relate to a loan from EIB. It will not be amortized until the 
16
th of June 2028, when it will be fully repaid. The interest is 
accumulated and capitalized during the term and paid in connection to 
the repayment of the loan. The contractual interest rate is 7% for the 
full term. The effective interest rate is estimated to 10.8%, including 
arrangement costs and the initial market value of the transferred 
warrants allocated during the term of the loan.
  In connection to the signing of the agreement , an emission of 2 829 231 
warrants was performed, whereof 1 138 646 warrants representing 1.26% 
of outstanding shares after dilution has been transferred to EIB without 
compensation. The remaining warrants are held by the company and 
may be transferred to EIB in connection to a possible utilization of the 
remaining tranches related to the loan agreement.
  EIB has the right to exercise the warrants and subscribe for shares at 
the quota value. The warrants may be exercised at any time for a period 
of 20 years, in full or in part, by the warrant holder.
  EIB has the right, under certain circumstances and in connection to the 
repayment of the loan, to demand that Oncopeptides acquire the 
warrants at fair value in a situation when it is not possible to transfer 
the warrants to a third party.
NOTE 7 - RELATED PARTY TRANSACTIONS
Remuneration to senior management has been paid in accordance with 
current policies. No other transactions with related parties, outside of 
the Oncopeptides Group, occurred during the period.
Notes to the consolidated and Parent Company financial statements
7ONCOPEPTIDES | BOKSLUTSKOMMUNIKÉ 2023
Group Revenue 2024 2023 2023 2022
SEK thousand Jan-Mar Jan-Mar Jan-Dec Jan-Dec
Net sales
Goods 5 072 1 124 10 890 560
Reversal of returns reserve - - 24 330 7 795
Total net revenue 5072 1 124 35 220 8 355
Geographic market
USA - 24 330 7 795
Europe 1 124 10 890 560 
Parent Company Revenue 2023 2023 2023 2022
SEK thousand Jan-Mar Jan-Mar Jan-Dec Jan-Dec
Net sales
Goods 5 072 1 124 10 890    560    
Total net revenue 5 072 1 124 10 890 560 
Geographic market
USA - - - -
Europe 5 072 1 124 10 890 560

===== SIDA 8 =====

NOTE 8 - SHARE BASED INCENTIVE PROGRAMS
The purpose of share -based incentive programs is to promote the  
company’s long-term interests by motivating and rewarding the 
company’s senior management, founders, and other co -workers in line  
with the interest of the shareholders. Oncopeptides has currently nine 
programs that include the management team, certain Board members, 
founders and employees.
Program 
• 2017; ”Co-worker LTIP 2017” 
• 2018; ”Co-worker LTIP 2018” 
• 2019; ”Co-worker LTIP 2019”
• 2021; ”Board LTIP 2021” and ”Co- worker LTIP 2021”
• 2022; ”Co- worker LTIP 2022” and ”Board SHP 2022”
• 2023; ”Board SHP 2023”
“Board SHP 2023” is a one -year incentive program which was adopted at 
the Annual General Meeting as per 25 th of May 2023 and according to 
which share awards are granted to the Board of Directors. The vesting 
period runs from the time the Board member was elected until the 
earlier of the day before the Annual General Meeting 2024 or the 1
st of 
July 2024. The share awards should be exercised at the latest 90 days 
after the last day of service as a Board member  or six years after the 
share awards have been granted. For more information regarding the 
terms and accounting of the program “Board SHP 2023” see Agenda and 
Minutes from  the Annual General Meeting as per 25
th of May 2023. 
  For more information on the programs see Note 26 in the Annual 
report 2022 as well as Agendas and Minutes from the relevant Annual 
General Meetings on the company's website www.oncopeptides.com.  
 At the end of the period, full utilization (including warrants for 
securing social security contributions but excluding warrants related to 
EIB), of 
• Options and share awards resolved by the AGM and awarded to named 
individuals corresponding to 5,160,379 shares, would result in a 
dilution of 5.4 percent.
• Options and share awards resolved by the AGM and awarded to named 
individuals as well as those not yet awarded to individuals*, 
corresponding to 7,685,259 shares, would result in a dilution of 7.8 
percent.
* “Options and share awards not yet awarded to individuals” refers to the  
x C-shares related to Co -worker LTIP 2022 and held by the Company.
NOTE 9 - SIGNIFICANT EVENTS AFTER THE PERIOD
No significant events have occurred after the end of the period other than 
as mentioned in the report.
With regard to the completed rights issue, the outcome of this was 
announced on 6 May. The Rights Issue will bring the Company 
approximately SEK 314 million before deductions for costs attributable to 
the Rights Issue. The rights issue comprised 120,586,169 new ordinary 
shares, of which 98,415,644 ordinary shares have been subscribed with the 
support of subscription rights, corresponding to approximately 82 percent 
of the offered ordinary shares. In addition, notifications have been received 
to subscribe for 14,909,424 ordinary shares without the support of 
subscription rights, corresponding to approximately 12 percent of the 
offered ordinary shares. Thus, guarantee commitments for 7,261,101 ordinary 
shares, corresponding to approximately 6 percent of the offered ordinary 
shares, will be used. The subscription price was SEK 2.60 per new ordinary 
share. Through the Rights Issue, the share capital will increase by 
approximately SEK 13,398,463.77, from approximately SEK 10,511,120.09 to 
approximately SEK 23,909,583.86, through a new issue of 120,586,169 new 
ordinary shares, which means that the total number of shares increases 
from 94,600,077 shares to 215,186,246 
Notes
8ONCOPEPTIDES | BOKSLUTSKOMMUNIKÉ 2023

===== SIDA 9 =====

2024 2023 2023 2022
SEK Thousand Jan-Mar Jan-Mar Jan-dec Jan-dec
Net sales 5 072 1 124 35 220 8 355
Gross profit1) 4 784 1 113 36 299 8 349
Gross margin2) 94% 99% 103% 100%
Registered common shares outstanding
beginning of period 90 439 627 90 368 660 90 368 660 75 291 841
end of period 90 439 627 90 368 660 90 439 627 90 368 660
C-shares for LTI programs3) 4 160 450 3 940 607 4 160 450 3 940 607
Registered shares; end of period including C-shares 94 600 077 94 309 267 94 600 077 94 309 267
Share capital at the end of period 10 511 10 479 10 511 10 479
Equity at the end of period -8 428 228 422 56 780 294 293
Earnings per share before/after dilution, kr4)
-0,75 -0,79 -2,76 -4,11
Operating loss -65 661 -72 740 -253 447 -349 350
Research and development expenses -28 244 -30 067 -106 948 -217 657
R&D costs/operating expenses, %5)
40% 41% 37% 61%
1) Defined by subtracting cost of goods sold from total sales. The key figure shows gross profitability of cost of goods sold in absolute numbers.
2) Defined by dividing the sum of the company's gross profit by total sales. The key figure aims to clarify the relative profitability of goods sold.
3) For more information, please see the notice to the Annual General Meeting 2022.
4) Earnings per share before dilution are calculated by dividing earnings attributable to shareholders of the Parent Company by a weighted average number of 
outstanding shares during the period. There is no dilution effect driven by the employee stock option program, as earnings for the periods have been negative.
5) Defined by dividing the research and development costs with total operating expenses. The key performance measure provides an indication of the proportion 
of expenses that are attributable to the company’s core business.
9
Telephone conference
Kontakt
Key performance measures
In  this report, certain key  
performance measures are 
presented, including measures 
that are not defined under IFRS,  
• Research and development /  
operating expenses, %, 
• Gross margin, TSEK, %.  
The company believes  that these  
measurements provides valuable 
additional information when 
evaluating the  company’s  
economic  trends. These financial  
performance  measures should 
not be viewed in isolation, nor be  
considered in replacement of 
performance indicators  that are  
prepared in accordance with  
IFRS.  
 
Further, such performance  
measures,  as the company has  
defined them, should not be  
compared with other performance  
measures with similar names 
used by other companies since 
definitions and calculation 
methods may vary between 
companies.  
Rapport Datum
Interim report Q2 2024 14 augusti 2024
Interim report  Q3 2024 7 november 2024
Oncopeptides AB
Visiting adress; Luntmakargatan 46, 111 37 Stockholm
Domicile: Luntmakargatan 46, 111 37 Stockholm, Sweden
Telephone:
+46 8 615 20 40
E-mail: info@oncopeptides.com
Website: oncopeptides.com
Financial Calendar
Thesaurus
Contact
EMA European Medicines Agency
Europeiska läkemedelsmyndigheten
CHMP The European Medicines Agency‘s Committee for 
Medicinal Products for Human Use 
Europeiska läkemedelsmyndighetens kommitté för 
humanläkemedel
ONCOPEPTIDES | INTERIM REPORT JANUARY - MARCH 2024 
The Interim report for the period and an 
operational  update  will  be presented 
by CEO Sofia Heigis and  members  of  
Oncopeptides Leadership  team,  
Thursday May 30, 2024, at 09:00 (CET).   
If you wish to participate via webcast, 
please use the link below. Through the 
webcast you can ask written questions.
https://ir.financialhearings.com/oncope
ptides-q1-report-2024
If you wish to participate via telephone 
conference, please register on the link 
below. After registration you will be 
provided a phone numbers and a 
conference ID to access the conference. 
You can ask questions verbally via the 
telephone conference. 
https://conference.financialhearings.co
m/teleconference/?id=50048825