Kvartalsrapport Q3 2025

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Significant events Financialoverview
1
INTERIM REPORT, Q3 2025
Continued strong 
 revenue development 
with 174% year over year sales growth, 
encouraging real
 -
world data highlighting 
strong patient benefits with Pepaxti
Selected Key Indicators
ONCOPEPTIDES | INTERIM REPORT Q3 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.
JULY-SEPTEMBER
• Net sales amounted to SEK 20.2 (8.5*) million
• Operating profit amounted to SEK -47.1 
(-61.3) million
• Profit after tax amounted to SEK -60.9 (-60.2) 
million
• Profit affected by a non-cash fair 
valuation of warrants of SEK -10.6 
(2.1) million
• Earnings per share, before and after dilution 
-0.27 (-0.29) SEK
• Cash and cash equivalents at the end of the 
period amounted to SEK 147.9 (250.0) million
Events after the period
JULY-SEPTEMBER
• Oncopeptides’ drug Pepaxti included in European Guidelines for 
the treatment of multiple myeloma.
• Oncopeptides announces presentations of Spanish and Italian 
real-world data at poster confirming efficacy and safety of Pepaxti 
at IMS Annual Meeting.
• Oncopeptides partners with SD Pharma.
• Oncopeptides carries out rights issue of approximately SEK 150 
million and provides update regarding the potential partnership 
in Japan.
• Oncopeptides’ rights issue oversubscribed to approximately 157 
percent. 
• Oncopeptides issues warrants to fulfil its obligations under loan agreement with EIB.
• Journal of Cancer Research and Clinical Oncology: Exceptional long-term responses to 
Pepaxti.
• Research on NK cell engagers to be presented at ASH.
*includes milestone payment of SEK 1.1 million from South Korea licensing deal
* *

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2
CEO Statement
 
We saw a solid demand growth in Q3 vs 
Q2, with our previous all-time high in terms 
of sold vials in July followed by a new all-
time high in September. Net sales were 
however temporarily affected by the 
summer vacation period, as we saw a 
seasonal slowdown particularly in August.
Germany, our largest market, and also the 
market with the longest vacation period, 
showed a slowdown during the third 
quarter. Sales data confirms this is not only 
true for Pepaxti but the overall MM market 
of relatively newly launched medicines. 
Italy was the greatest contributor to 
growing demand in the quarter. Italyis a 
market that is confirming our belief in how 
Pepaxti can truly make a difference to 
patients when every prescriber is treating 
more patients and has a good 
understanding of the target patient profile 
and positioning of Pepaxti in the market 
landscape. Italy also continued to 
demonstrate successful regional access 
work, and we have now secured 90 % 
access at hospital level.
In Spain we have now secured full regional 
access across the country which 
demonstrates that prescribers in all of 
Spain confirms the unmet need and see 
the value of Pepaxti. Together, these 
markets are increasingly important 
contributors to our overall performance 
and demonstrate the scalability of our 
commercial model.
The third quarter also brought further 
scientific recognition that strengthens 
Pepaxti’s clinical credibility. Following the 
inclusion of Pepaxti in the EHA–EMN 
clinical guidelines earlier this year, several 
new independent publications and 
presentations have reinforced the growing 
body of evidence supporting its use:
• Real-world data from Spain and Italy 
presented at the International Myeloma 
Society (IMS) Annual Meeting 
confirmed Pepaxti’s efficacy and 
tolerability in heavily pretreated 
patients, including those previously 
treated with novel immunotherapies.
• A publication in the Journal of Cancer 
Research and Clinical Oncology 
highlighted exceptional, long-term 
treatment responses from the pivotal 
OCEAN and HORIZON studies, further 
supporting Pepaxti’s role in advanced 
multiple myeloma.
Also, during the third quarter, we 
successfully completed a fully guaranteed 
rights issue of SEK 150 million, which was 
oversubscribed by 157 percent. The strong 
investor interest underlines confidence in 
our long-term strategy and provides the 
financial flexibility to continue building 
commercial momentum while advancing 
our global partnering discussions, 
including ongoing negotiations in Japan. 
We look forward to providing an update on 
these partnership discussions as soon as 
there is any material news to share. 
With four consecutive quarters of growth, 
on average close to 30%, increasing clinical 
endorsement, and a strengthened financial 
foundation, Oncopeptides enters the final 
quarter of the year with focus and 
confidence. We will continue to execute 
with discipline, expand access to Pepaxti 
across Europe, and work toward achieving 
profitability by the end of 2026. 
I look forward to discussing the future of 
Oncopeptides along with some of 
Europe´s top KOLs and other key 
stakeholders at our Capital Market Update 
on November 13. I hope you tune in then! 
The third quarter of 2025 was a solid and strategically important period for Oncopeptides as we reached several important milestones for continued growth into 
2026, both financially and scientifically. Net sales amounted to SEK 20.2million, representing a continued growth of 174 percent year over year and 5 percent 
compared to the previous quarter, confirming the sustained positive trend across our key European markets. We remain on track to cash flow positive by end of 
2026. Meanwhile, our negotiations with two potential Japanese partners continues to progress according to plan. 
ONCOPEPTIDES | INTERIM REPORT Q3 2025 
Stockholm, November 5, 2025
Sofia Heigis
CEO

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Financial Overview
3
REVENUE 
Net sales of Pepaxti during the quarter were 
SEK 20.2 (8.5) million and for the nine-
month period SEK 52.6 (21.7) million.  The 
turnover for the period refers to Europe only, 
whereas last year SEK 1.1 million related to a 
milestone payment in Korea.
GROSS PROFIT 
Gross profit during the quarter were SEK 19.9 
(7.8) million and for the nine-month period 
SEK 52,0 (19.8) million. 
 
OPERATING EXPENSES
Operating expenses during the quarter were 
SEK 67.0 (69.1) million and for the nine-
month period SEK 215.1 (220.0) million. 
RESEARCH AND DEVELOPMENT EXPENSES
Research and development costs during the 
quarter were SEK 17.3 (21.9) million and for 
the nine-month period SEK 67.1 (78.0) 
million. No clinical studies are currently 
ongoing.
MARKETING AND SALES EXPENSES
Marketing and sales costs during the quarter 
were SEK 31.9 (29.9) million and for the nine-
month period SEK 97.0 (93.7) million. The 
slight increased 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 19.0 (18.4) million and for the nine-
month period SEK 54.4 (52.7) million.
 
EXPENSES FOR SHARE BASED 
INCENTIVE PROGRAMS 
For the nine-month period, costs, including 
social security contributions, for share-
related incentive programs amounted to SEK 
6.5 (6.6) million. The cost does not affect 
cash flow in the period. See note 8.
TAX AND EARNINGS
Profit during the quarter were SEK -60.9 (-
60.2) million and for the nine-month period 
SEK -184.4 (-201.2) million. This corresponds 
to earnings per share for the quarter of SEK 
-0.27 (-0.29) and for the nine-month period 
SEK -0.85 (-1.33). Profit affected by a non-
cash fair valuation effect of warrants of  SEK 
-10.6 (2.1) million.
CASH FLOW, INVESTMENTS AND  
FINANCIAL POSITION
Cash flow from operating activities for the 
nine-month period amounted to SEK -156.4 
(-189.1) million. 
The company has during the quarter 
conducted a rights issue fueling liquidity with 
SEK 133 million and repaid a credit facility of 
SEK 20 million.
Oncopeptides has a 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.
By the end of 2025, according to the loan 
agreement, additional loans will not be 
available regardless of fulfillment of 
conditions.
Equity in the group amounted to SEK 6.5 
(135.7) million at the end of the period. 
Equity for the parent company amounted to 
SEK 449.4 (635.2) million.
GOING CONCERN
As per completed rights issue described 
below 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. 
RIGHTS ISSUE 2025 
The Rights Issue encompassed 46,947,534 
new ordinary shares, of which 43,862,586 
ordinary shares, corresponding to 
approximately 93 percent of the offered 
ordinary shares, were subscribed for by 
exercise of subscription rights. Additionally, 
applications for subscription of 29,834,852 
ordinary shares without subscription rights 
were submitted, corresponding to 
approximately 64 percent of the offered 
ordinary shares. Thus, the Rights Issue is 
fully subscribed injecting the company with 
some SEK 150 million before issue related 
cost. The subscription price was SEK 3.20 
per new ordinary share. Through the Rights 
Issue, the share capital was increased by 
SEK 5,216,392.88, from SEK 25,084,314.69 to 
SEK 30,300,707.56, by a new issue of 
46,947,534 new ordinary shares, resulting in 
the total number of shares increasing from 
225,758,823 shares to 272,706,357 shares 
(including C-shares) The number of ordinary 
shares will increase from 211,269,903 
ordinary shares to 258,211,437 ordinary 
shares.
EMPLOYEES 
At the end of the quarter, the number of 
employees amounted to 75 (79).
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 
272,706,357, inclusive of 14,494,920 C-
shares held by the company.
ONCOPEPTIDES | INTERIM REPORT Q3 2025

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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, November 5, 2025
 
 
Per Wold-Olsen  Sofia Heigis
Chairman  CEO 
Christine Rankin
Board member
Per Samuelsson
Board member
Brian Stuglik
Board member
ONCOPEPTIDES | INTERIM REPORT Q3 2025

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Review report
5ONCOPEPTIDES | INTERIM REPORT Q3 2025 
This is a translation from the 
Swedish original
Oncopeptides AB (publ) corp.
reg. no. 556596-6438.
INTRODUCTION
We have reviewed the condensed 
interim report for Oncopeptides AB 
as at September 30, 2025 and for the 
nine months period then ended. The 
Board of Directors and the Managing 
Director are responsible for the 
preparation and presentation of this 
interim report in accordance with IAS 
34 and the Swedish Annual Accounts 
Act. Our responsibility is to express a 
conclusion on this interim report 
based on our review.
SCOPE OF VIEW
We conducted our review in 
accordance with the International 
Standard on Review Engagements, 
ISRE 2410 Review of Interim Financial 
Statements Performed by the 
Independent Auditor of the Entity. A 
review consists of making inquiries, 
primarily of persons responsible for 
financial and accounting matters, and 
applying analytical and other review 
procedures. A review is substantially 
less in scope than an audit 
conducted in accordance with 
International Standards on Auditing 
and other generally accepted auditing 
standards in Sweden. The procedures 
performed in a review do not enable 
us to obtain assurance that we 
would become aware of all 
significant matters that might be 
identified in an audit. Accordingly, we 
do not express an audit opinion.
CONCLUSION
Based on our review, nothing has 
come to our attention that causes us 
to believe that the interim report is 
not prepared, in all material respects, 
in accordance with IAS 34 and the 
Swedish Annual Accounts Act 
regarding the Group, and in 
accordance with the Swedish Annual 
Accounts Act regarding the Parent 
Company.
Stockholm, November 5, 2025 
 
Öhrlings PricewaterhouseCoopers AB
Lars Kylberg
Authorized Public Accountant

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Condensed consolidated statement of comprehensive income
6
Condensed consolidated statement of financial position
ONCOPEPTIDES | INTERIM REPORT Q3 2025

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Condensed consolidated statement of changes in equity Condensed consolidated statement of cash flow
7ONCOPEPTIDES | INTERIM REPORT Q3 2025

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Condensed Parent Company income statement Condensed Parent Company balance sheet
8
Condensed Parent Company statement of comprehensive income
ONCOPEPTIDES | INTERIM REPORT Q3 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 5 
November 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, 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 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 warrants 
was performed, whereof 3 383 326 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
9ONCOPEPTIDES | INTERIM REPORT Q3 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 ten 
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; ”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 
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 7,932,859 shares, would result in a 
dilution of 3.0 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 16,695,857  shares, would result in a dilution of 6.1 
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
10ONCOPEPTIDES | INTERIM REPORT Q3 2025

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11
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, Wednesday November 5, 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/q3-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=5004954
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.
ONCOPEPTIDES | INTERIM REPORT Q3 2025 
Report Date
Year-end report 2025
Interim report   Q1 2026
Interim report   Q2 2026
Interim report   Q3 2026
19 February 2026
13 May 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 November 5, 2025.