Medivir : Presentation

Placeholder agenda

Improving life for advanced liver cancer (HCC) patients

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

Medivir Q3 REPORT 2025

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

Q3 Highlights

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

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

Remetinostat out-license generates significant potential value upside

Placeholder agenda

3

Slide

Today's presenters

CEO

Jens Lindberg

CMO

Pia Baumann

CFO

Magnus Christensen

CSO

Fredrik Öberg

Slide 4

Phase 2 study enables rapid generation of randomized, comparative data to confirm benefit of fostrox combination with Lenvima

Slide 5

Latest data in HCC presented at ESMO highlights continued significant unmet medical need in second-line

• Absence of second line data in liver cancer

• High unmet medical need without any real new options

  • Potential promising options (CAR-T, ADC etc) in other tumour types is so far not applicable in HCC

• Continued high interest in fostrox post immunotherapy among investigators

  
  
  

• Latest data reinforces immunotherapy in 1st line HCC

  ESMO 2025: Tecentriq/Avastin entrenched as 1st line SOC in HCC

  
  
  

  • Global, randomized Phase 3 in 1st line advanced HCC (IMbrave152/SKYSCRAPER-14) with TIGIT + Tecentriq + Avastin vs Tecentriq + Avastin

  • 669 pats randomized 1:1

    
    
    
    
    

  • PFS curves superimposed - no difference in PFS

Recently announced data in earlier stage HCC strengthens the positioning of fostrox + Lenvima in 2nd line advanced HCC

ESMO 2024: Positive PFS with Keytruda + Lenvima + TACE vs TACE in intermediate stage HCC (LEAP-012)1

Oct 2025: No OS benefit with addition of Keytruda + Lenvima to TACE (LEAP-012)2

1Llovet et al, ESMO 2024, Presidential session

2Merck & Eisai press release on October 29, 2025

Slide 8

• KEYTRUDA plus LENVIMA in addition to TACE did not provide significant OS benefit, one of the study's primary endpoints

• As a result, the study will be closed

• The results from LEAP-012 further reinforces immunotherapy combinations to be used in 1st line advanced stages of HCC

• The outcome also strengthens the strategic positioning of fostrox + Lenvima in 2nd line HCC

  
  
  

  Randomized, comparative phase 2 study to strengthen evidence for fostrox + Lenvima combination in 2nd line HCC

  Inclusion criteria

  • 2L advanced HCC

  • One prior IO regimen

  • Child-Pugh A

  • ECOG PS 0-1

  Fostrox 30 mg + Lenvima SD* N=40

  1:1

  Lenvima SD* N=40

  *standard weight based dose in HCC

  Response assessments every 6 week with CT or MRI

  Study design:

  Primary endpoint:

  • ORR (BICR)

    Secondary endpoints:

  • DoR

  • PFS

  • OS

  • Safety

  2026

  2027

  • 80 pts randomized: Fostrox + Lenvima vs Lenvima

  • 8 sites in Korean Cancer Study Group

  • Enrolment: 12 months

  • Primary endpoint FU: 3-6 months

  • Efficacy evaluated by Blinded Independent Central Review (BICR)

    Key benefits:

  • Generates robust comparative efficacy and safety data in collaboration with established research consortium

  • Enables rapid data read out

  • Strengthens design of registrational study

Slide 9

Korean Cancer Study Group prospective study data with Lenvima post Tecentriq + Avastin, aligns with other 2nd line outcome data

1Kim et al., Journal of Hepatology, Sept 04 2025

Slide