Kvartalsrapport Q1 2026

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Significant events Financialoverview
1
INTERIM REPORT Q1, 2026
Strong Q1 performance with 91 percent 
year
-
over
-
year growth
Selected Key Indicators
O N C O P E P T I D E S  |  I N T E R I M  R E P O R T  Q 1  2 0 2 6  
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 Swedis h language vers ion shall prevail.
JANUARY-MARCH
• Net sales amounted to SEK 25.4 (13.3) million
• Operating profit amounted to SEK -37.5
(-59.8) million
• Profit after tax amounted to SEK -32.2 (-60.7) 
million
• Earnings per share, before and after dilution 
-0.12 (-0.29) SEK
• Cash and cash equivalents at the end of the 
period amounted to SEK 205.2 (107.2) million
Events after the period
JANUARY-MARCH
• Oncopeptides announces rights issue of approx. SEK 200 million
• Oncopeptides secures fast-track designation for Window-of-
Opportunity study in glioblastoma
• European Journal of Haematology: Real-World Data reinforces 
Pepaxti’s role in treatment sequencing for multiple myeloma
• Oncopeptides initiates MARINA study to strengthen real-world 
evidence for Pepaxti in Germany
• Preclinical data on novel NK-Cell engager was presented at the AACR Annual Meeting 
2026
• Oncopeptides intends to submit a type II variation to expand Pepaxti label to include 
third line treatment
* *

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2
CEO Statement
 
In Germany,  our largest market, we have completed a strategic 
review to sharpen our focus and optimize our business model.  
Supported by our new model we have seen a strong increase in 
new patients, and we are well on track to reach country-level 
profitability in Germany during 2026. As a part of this effort, we 
have initiated the MARINA study, a prospective non-interventional 
trial designed to capture the nuances of modern myeloma 
management. This study will provide German hematologists with 
high-quality real-world evidence, specifically investigating P epaxti’s 
utility as a bridging therapy prior to immunotherapies.
Italy continues to contribute heavily to our gr owth, exceeding 
expectations. During the quarter , a new real-world study 
confirming the efficacy and safety of P epaxti, conducted at the 
IRCCS Azienda Ospedaliero-Universitaria di Bologna in Italy, was 
published. T he data further supports the positive clinical 
experience being generated in Italy. 
Meanwhile, Spain has continued to deliver below expectations, 
much due to how a doctors‘ strike continues to stress the full 
Multiple Myeloma market during the beginning of the year,  
leading to both more pressure fr om competition and less access to 
physicians.  We continue to follow the developments and take all 
possible actions in order to catch up on sales. 
After the quarter, we announced that we intend to submit a type II 
variation to expand the indication for P epaxti. If approved, the 
expansion into the third treatment line is expected to double both 
the current addressable patient population for P epaxti in Europe 
and double the average number of treatment cycles for patients. 
Provided that the company manages to give patients access to the 
expanded indication, in addition to the current four th line label, this 
could have a significant positive effect on P epaxti sales in Eur ope.
In the second quarter congress season takes off with several 
important meetings we utilize to generate an even stronger 
understanding for P epaxti and our positioning in line with 
European guidelines. In June, we look forward to participating in 
the Eur opean Hematology Association (EHA) 2026 Congress in 
Stockholm, providing Oncopeptides with an opportunity to further 
strengthen our r elationships with some of the world's foremost 
experts on hematology in our hometown. 
Beyond multiple myeloma, we are making progress in diversifying 
our portfolio, advancing our pipeline into new indications and 
markets with enormous potential. Our PDC platform’s 
demonstrated ability to cross the blood-brain barrier in animal 
models has led us to advance a capital-efficient "Window of 
Opportunity" study in glioblastoma, a disease with an estimated 
USD 8 billion global market opportunity. This study is targeted to 
begin in 2026 and aims to generate human proof-of-concept data 
that our PDCs can effectively reach brain tumors. Proving this would 
address one of the greatest challenges in drug development for 
aggressive brain tumors.
T o strengthen our financial position and support our path toward 
long-term growth, we announced a rights issue of approximately 
SEK 200 million during the quarter . It was supported by our largest 
shareholder HealthCap and is intended to provide the capital 
necessary to fund our commercial operations until we reach a 
positive cash flow in 2027. Beyond securing our current operations, 
these funds will allow us to advance our Glioblastoma program to 
initial proof of concept in humans. We remain focused on financial 
discipline and are actively managing our cost base to align with our 
revenue growth.
Lastly, our negotiations in Japan have taken longer than expected 
with several delays outside of our control. This has led us to open 
up for parallel discussions with multiple partners again.
We enter the remainder of the year strengthened by the fact that 
our leaner,  more focused organization has begun to affect our 
financials in a positive way, and I look forward to continued sales 
gr owth, new scientific milestones and continuously following how 
we are making a difference to patients with aggressive tumors 
every day. 
Oncopeptides delivered a strong start to 2026, with first-quarter net sales reaching SEK 25.4 million, representing a 91 percent increase compared to the same period in 2025. This 
performance reflects continued strong demand for Pepaxti in Italy where the commercial launch has continued to exceed our initial expectations combined with a return to solid 
growth numbers in Germany. While we navigate a rapidly evolving therapeutic landscape, this quarter marks an important step in both our commercial execution and our strategic 
evolution as a company.
O N C O P E P T I D E S  |  I N T E R I M  R E P O R T  Q 1  2 0 2 6  
Stockholm, May 13 , 2026
Sofia Heigis
CEO

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Financial Overview
3
REVENUE 
Net sales of P epaxti during the quarter were SEK 
25.4 (13.3) million. The turnover for the period 
refers to Europe only.
GROSS PROFIT 
Gross profit during the quarter was SEK 25.1 
(13.4) million. 
 
OPERATING EXPENSES
Oper ating expenses during the quarter were SEK 
62.6 (73.2) million, a decrease due to cost 
management and increased focus on how we 
conduct our research and development activities.
RESEARCH AND DEVELOPMENT EXPENSES
Research and development costs during the 
quarter were SEK 21.5 (28.7) million. No clinical 
studies are currently ongoing.
MARKETING AND SALES EXPENSES
Marketing and sales costs during the quarter 
were SEK 31.1 (28.5) million. The costs relate to 
ongoing commercialization activities in Europe, 
focusing on Germany, Spain and Italy .
GENERAL AND ADMINISTRATIVE EXPENSES 
Administrative costs during the quarter were SEK 
13.2 (16.8) million, a decrease due to cost 
management.
EXPENSES FOR SHARE BASED 
INCENTIVE PROGRAMS 
For the quarter , costs,  including social security 
contributions, for share-related incentive 
programs amounted to SEK 0.2 (0.8) million. The 
cost does not affect cash flow in the period. See 
note 8.
TAX AND EARNINGS
Profit during the quarter were SEK -32.2 (-60.7) 
million. This corresponds to earnings per share 
for the quarter of SEK -0.12 (-0.29).
CASH FLOW, INVESTMENTS AND  
FINANCIAL POSITION
Cash flow fr om operating activities for the quarter 
amounted to SEK -45.6 (-68.3) million.  In March 
the company conducted a rights issue fueling 
liquidity with SEK 167 million after issue related 
cost. Equity in the group amounted to SEK 76.8 
(-5.8) million at the end of the period. Equity for 
the par ent company amounted to SEK 517.6 
(458.4) million.
RIGHTS ISSUE 2026 
On February 19, the company announced that 
the board of directors had decided to carry out a 
guar anteed new share issue of approximately 
MSEK 200 (guaranteed up to MSEK 190 
including subscription commitments from the 
company’s largest owner and its board and 
management) with preferential rights for the 
company's existing ordinary shareholders based 
on the authorization from the annual gener al 
meeting on May 22, 2025, with the support of the 
company's largest shareholder and 
management. The purpose of the rights issue is 
primarily to finance the ongoing 
commercialization of Pepaxti® in Eur ope until the 
commercial part of the company expects to have 
a positive cash flow in 2027, as well as a targeted 
development of the company's project for the 
indication Glioblastoma into clinical phase. The 
outcome of the rights issue was announced on 
March 16 resulting in a capital injection after issue 
related cost of SEK 167 million.
EMPLOYEES 
At the end of the quarter, the number of 
employees amounted to 77 (75).
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 tr ading and votes in 
Oncopeptides amounted to 
395,287,003  inclusive of 14,138,885 C-shares 
held by the company.
AUDITOR REVIEW 
This report has not been r eviewed by the 
company’s auditors.
O N C O P E P T I D E S  |  I N T E R I M  R E P O R T  Q 1  2 0 2 6

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Signatures
4
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 13, 2026
 
 
Per Wold-Olsen  Sofia Heigis
Chairman  CEO 
Christine Rankin
Board member
Per Samuelsson
Board member
Brian Stuglik
Board member
O N C O P E P T I D E S  |  I N T E R I M  R E P O R T  Q 1  2 0 2 6

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Condensed consolidated statement of comprehensive income
5
Condensed consolidated statement of financial position
O N C O P E P T I D E S  |  I N T E R I M  R E P O R T  Q 1  2 0 2 6

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Condensed consolidated statement of changes in equity Condensed consolidated statement of cash flow
6O N C O P E P T I D E S  |  I N T E R I M  R E P O R T  Q 1  2 0 2 6

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Condensed Parent Company income statement Condensed Parent Company balance sheet
7
Condensed Parent Company statement of comprehensive income
O N C O P E P T I D E S  |  I N T E R I M  R E P O R T  Q 1  2 0 2 6

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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 
May 13 2026.
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 2025. No new or changed 
standards have been introduced since 1 January 2026 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 2025 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 2025. Revenue is recognized at the 
transaction price for goods sold excluding value added tax, but including 
discounts. 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 relates to a loan from EIB in EURO. 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 at 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 warrants 
was performed, whereof 3 383 326 warrants representing 1.26% of 
outstanding shares after dilution has been transferred to EIB without 
compensation. As of end year -end 2025 the company has no longer the 
ability draw additional tranches on the loan.
  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
8O N C O P E P T I D E S  |  I N T E R I M  R E P O R T  Q 1  2 0 2 6

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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 eight 
programs that include the management team, certain Board members, 
founders and employees.
Program  
• 2018; ”Co -worker LTIP 2018” 
• 2019; ”Co -worker LTIP 2019”
• 2022; ”Co -worker LTIP 2022” and ”Board SHP 2022”
• 2023; ”Board SHP 2023”
• 2024; ” Co-worker LTIP 2024” and ”Board SHP 2024”
• 2025; ”Board SHP 2025"
For more information on the programs see Note 26 in the Annual report 
2025 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 10,354,393 shares, would result in a 
dilution of 2,7 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 18,949,186  shares, would result in a dilution of 5.0 
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
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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.  
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
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 13, 2026, 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-2026
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://events.inderes.com/oncopepti
des/q1-report-2026/dial-in
1) Defined  b y subtracting cost of goods sold fro m total sal es. T he key figure sho ws gro ss profitability o f cost of goods sold in absolute numbers.
2) Defined  b y dividing the sum of the comp any's gross profit by total sales. T he key figu re aims to  clarify the relative profitability of goo ds sol d.
3) Fo r more info rmatio n, pl ease see the notice to the Annual  Gen eral Meeting 2025.
4) Earnin gs per share before dil ution are calculated by dividing earnings attributable to shareho lders of the P arent Co mpany by a weighted average number o f 
outstan ding shares during the perio d. There is no dilution effect driven by the employee stock o ption program, as earnings for the p eriods have been negative.
5) Defined  b y dividing the research and devel opment co sts with total operating expenses. The key performance measure pro vides an indicatio n of the p ropo rtion  of 
expenses that are attributable to the compan y’s core b usiness.
O N C O P E P T I D E S  |  I N T E R I M  R E P O R T  Q 1  2 0 2 6  
Report Date
Interim report   Q2 2026
Interim report   Q3 2026
27 August 2026
5 November 2026
Thesaurus
EMA European Medicines Agency
Europeiska läkemedelsmyndigheten
CHMP The European Medicines Agency‘s Committee for 
Medicinal Products for Human Use 
Europeiska läkemedelsmyndighetens kommitté för 
humanläkemedel
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 13, 2026.