Kvartalsrapport Q1 2025

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Significant events Financialoverview
1
INTERIM REPORT, Q1 2025
Momentum across key markets with 161 % sales 
growth year over year, Japan partnership 
negotiations progressing, and future U.S. prospects 
reignited 
Selected Key Indicators
ONCOPEPTIDES | INTERIM REPORT Q1 2025 
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 13.3 (5.1) million
• Operating profit amounted to SEK -59.8 (-65.7) 
million
• Profit after tax amounted to SEK -60.7 (-67.7) 
million
• Earnings per share, before and after dilution 
-0.29 (-0.75) SEK
• Cash and cash equivalents at the end of the 
period amounted to SEK 107.3 (104.8) million
Events after the period
JANUARY-MARCH
• Oncopeptides announces that the positive reimbursement decision 
for Pepaxti has been officially published in Italy, the final regulatory 
step for the drug´s upcoming commercialization in Italy.
• Oncopeptides announces the first order from an Italian hospital.
• Ulf Jungnelius informs the Board of Directors of his decision to step 
down from the Board.
• Oncopeptides announces that a new real-world study on Pepaxti by 
Dana-Farber Cancer Institute has been published in the European 
Journal of Haematology confirming an overall response rate of 55 
percent and safety profile with primarily manageable hematologic 
toxicities.
• Oncopeptides announces that the U.S. FDA has lifted the clinical hold previously placed on 
Oncopeptides’ next-generation drug OPD5
• Oncopeptides announces the publication of new real-world data that further support the 
effectiveness and tolerability of Pepaxti in patients with relapsed, refractory multiple myeloma. 
The data were presented in an abstract from the University of Catania, Italy.

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2ONCOPEPTIDES | INTERIM REPORT Q1 2025 
CEO Statement
 
Sales in the first quarter of 2025 
amounted to SEK 13.3 million, 
compared to SEK 5.1 million in Q1 of 
last year and SEK 9.9 million in the 
previous quarter. Despite 
macroeconomic uncertainty leading 
to a strengthened Swedish krona 
versus the euro (negatively impacting 
our reported figures) and seasonal 
effects during which Pepaxti sales 
are inhibited, Oncopeptides delivered 
a continued high growth of 161 
percent compared to Q1 2024 and 34 
percent compared to the previous 
quarter. Measured in number of sold 
vials, sales growth was even higher. 
Ongoing strategic initiatives have 
advanced positively during the 
quarter, and the potential 
partnership in Japan communicated 
last quarter would significantly 
bolster our financial position. We will 
communicate the outcome of these 
discussions as soon as they 
conclude. As a contingency measure, 
Oncopeptides continues to explore 
alternative avenues of financing to 
ensure our cash position. We remain 
financially disciplined and proactive, 
supporting our continued ambition 
to reach cash flow positivity by the 
end of 2026. 
Following the positive 
reimbursement decision in Italy, we 
secured our first orders in the 
country during Q1, ahead of plan. 
While it is still early days, we are off 
to a promising start in Italy, with 
approx. 70 percent of regions already 
unlocked at a hospital level and 
better-than-expected sales 
continuing into the second quarter. 
With Pepaxti now available in all our 
prioritized European markets, our 
commercial teams are fully focused 
on accelerating market penetration 
and sales growth. We continue to 
see growth in both Germany and 
Spain.  
In early 2025, researchers from the 
Dana-Farber Cancer Institute 
published new data confirming 
Pepaxti’s strong effectiveness and 
tolerability in relapsed, refractory 
multiple myeloma with an overall 
response rate (ORR) of 55 percent 
and a confirmed safety profile with 
primarily manageable hematologic 
toxicities. Additional real-world 
results were also published from the 
University of Catania in Italy and 
from the La Fe Hospital in Spain. 
Together, these findings reinforce 
Pepaxti’s clinical value and 
strengthen its position as a 
complement to immunotherapy and 
a differentiated treatment option. 
Beyond commercial execution, we 
also progressed our efforts to 
develop our pipeline. The U.S. Food 
and Drug Administration’s (FDA) 
decision to lift the clinical hold on 
OPD5 unlocks new potential for 
Oncopeptides to return to the U.S. 
market with a next-generation 
peptide-drug conjugate (PDC), 
expanding our future addressable 
market and strengthening our 
intellectual property position. While 
commercialization remains some 
way off, OPD5 is an asset with 
significant potential. We continue to 
evaluate the next steps for it and our 
other pipeline assets, including 
partnerships. 
Oncopeptides this year celebrate 25 
years of innovation. Over the last 
quarter of a century, Oncopeptides 
has developed from a research 
company into a biotech company 
with growing sales across several 
markets and an innovative pipeline 
that holds promise. We look forward 
to continuing to create value for 
patients, partners, and shareholders 
in the quarters ahead. 
Stockholm, May 15, 2025
 
Sofia Heigis
CEO
The first quarter of 2025 marks an encouraging start to the year for Oncopeptides, with 161 percent growth in net sales versus the same period last 
year and 34 percent compared to the previous quarter. This reflects the early impact of our expanded commercial footprint, now including all our key 
European markets: Germany, Spain and Italy. During the quarter, we also made progress in our partnership negotiations in Japan and took significant 
steps to advance our pipeline asset OPD5.

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Financial Overview
3
REVENUE 
Net sales of Pepaxti during the quarter were 
SEK 13.3 (5.1) million. The turnover for the 
quarter refers to Europe only.
GROSS PROFIT 
The gross profit for the quarter amounted to 
SEK 13.4 (4.8) million. The gross profit was 
positively affected by inventory adjustments 
of SEK 0.2 million.
 
OPERATING EXPENSES
Operating expenses for the quarter, excluding 
cost of goods sold, amounted to SEK 73.2 
(70.5) million.
RESEARCH AND DEVELOPMENT EXPENSES
Research and development costs amounted 
to SEK 28.7 (28.2) million for the quarter. No 
clinical studies are currently ongoing, where 
the phase three study Ocean was completed 
during the third quarter of 2023. 
MARKETING AND SALES EXPENSES
Marketing and sales costs amounted to SEK 
28.5 (27.7) million for the quarter. The 
increased costs relate to ongoing 
commercialization activities in Europe, 
focusing on Germany, Spain and Italy.
GENERAL AND ADMINISTRATIVE EXPENSES 
Administrative costs during the quarter 
amounted to SEK 16.8 (17.9).
EXPENSES FOR SHARE BASED 
INCENTIVE PROGRAMS 
For the quarter, costs, including social 
security contributions, for share-related 
incentive programs amounted to SEK 0.8 (2.7) 
million. The cost does not affect cash flow in 
the period. See note 8.
TAX AND EARNINGS
Profit during the quarter amounted to SEK -
60.7 (-67.7) million. This corresponds to 
earnings per share for the quarter of SEK -
0.29 (-0.75).
CASH FLOW, INVESTMENTS AND  
FINANCIAL POSITION
Cash flow from operating activities amounted 
to SEK -68.3 (-67.4) million for the quarter. 
The company has during the quarter secured 
a short-term credit facility amounting to SEK 
20 million, to be drawn at the discretion of 
the company.
Oncopeptides has loan agreement with the 
European Investment Bank (EIB). The 
agreement provides Oncopeptides with 
access to a loan facility of up to EUR 30 
million without collateral. The loan 
agreement is divided into three parts, 
tranches, each with a maturity of 5 years, 
which will be available if the company meets 
certain conditions. In the second quarter of 
2023, Oncopeptides used tranche A of this 
loan facility, which provided the company 
with EUR 10 million in cash. As of the 
reporting date, the company does not fully 
meet an equity condition meaning that 
tranche B and C are currently not available. 
Equity in the group amounted to SEK -5.8 (-
8.4) million at the end of the period. Equity 
for the parent company amounted to SEK 
458.4 (75.5) million.
GOING CONCERN
The financial statements have been prepared 
on the assumption that the company has the 
ability to continue operations for the coming 
12-month period, in line with the going 
concern principle. In order for existing 
liquidity to cover the coming 12-month 
period, sales growth needs to follow plan and 
ongoing licensing deals in Asia need to be 
concluded. Should crucial conditions not be 
met, for example by sales not developing at 
the rate assumed, there is a risk regarding 
the continued operation of the Group. This 
means that there are circumstances that may 
give rise to significant doubts regarding the 
company's ability to continue operations 
without additional liquidity being provided to 
the parent company within the coming 12-
month period. The Board of Directors and 
CEO assess that there are several 
alternatives with good prospects for 
obtaining additional liquidity within the 
coming 12-month period. The alternatives 
include, among other things, licensing 
revenues through partnerships for individual 
markets and various types of financing 
solutions.
EMPLOYEES 
At the end of the quarter, the number of 
employees amounted to 75 (62).
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. 
ONCOPEPTIDES SHARE 
At the end of the period, the number of 
registered shares eligible for trading and 
votes in Oncopeptides amounted to 
225,758,823, inclusive of 14,494,920 C-
shares held by the company.
AUDITOR REVIEW 
This report has not been reviewed by the 
company’s auditors.
ONCOPEPTIDES | INTERIM REPORT Q1 2025

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Signatures
4ONCOPEPTIDES | INTERIM REPORT Q1 2025 
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 15, 2025
 
 
Per Wold-Olsen Sofia Heigis
Chairman CEO 
Jennifer Jackson
Board member
Cecilia Daun-Wennborg
Board member
Per Samuelsson
Board member
Brian Stuglik
Board member

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Condensed consolidated statement of comprehensive income
5
Condensed consolidated statement of financial position
ONCOPEPTIDES | INTERIM REPORT Q1 2025

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Condensed consolidated statement of changes in equity Condensed consolidated statement of cash flow
6ONCOPEPTIDES | INTERIM REPORT Q1 2025

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Condensed Parent Company income statement Condensed Parent Company balance sheet
7
Condensed Parent Company statement of comprehensive income
ONCOPEPTIDES | INTERIM REPORT Q1 2025

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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 Srl and Oncopeptides SL . 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 
15 May 2025.
NOTE 2 - ACCOUNTING PRINCIPLES
The group’s interim 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 43-48 of the annual report for 2024. No new or changed standards 
have been introduced since 1 January 2025 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 2024 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 2024. 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 the parent 
company and the group report 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.
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 issue 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
8ONCOPEPTIDES | INTERIM REPORT Q1 2025

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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; ”Co- worker LTIP 2021” 
• 2022; ”Co- worker LTIP 2022” and ”Board SHP 2022”
• 2023; ” Co-worker LTIP 2023”
• 2024; ” Co-worker LTIP 2024” and ”Board SHP 2024
For more information on the programs see Note 26 in the Annual report 
2024 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 10,109,772 shares, would result in a 
dilution of 4.6 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 17,704,225  shares, would result in a dilution of 7.7 
percent.
NOTE 9 - SIGNIFICANT EVENTS AFTER THE PERIOD
No significant events occurred after the end of the period other than as 
mentioned in the report.
Notes
9ONCOPEPTIDES | INTERIM REPORT Q1 2025

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10
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 2025 21 August 2025
Interim report Q3 2025 5 November 2025
Oncopeptides AB
Visiting address; 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 Q1 2025 
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 15, 
2025, 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://oncopeptides.events.inderes.c
om/q1-report-2025
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.inderes.com/teleco
nference/?id=5005188
This information is information that Oncopeptides is obliged to 
make public pursuant to the EU Market Abuse Regulation and the 
Securities Markets Act. The information was submitted for 
publication, through the agency of the contact persons set out 
above, at 08:00 CET on May 15, 2025.
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 2024.
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.