Medivir : Presentation

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Improving life for advanced liver cancer (HCC) patients

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

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

Jens Lindberg, CEO

Redeye Fight Cancer January 2026

Continued progress

Completion of capital raise to fully enable key value inflection step for fostrox, new key investors & new Chairman

Initiation of FLEX-HCC, comparative phase 2 study to confirm promising benefit shown with fostrox + Lenvima in phase 1b/2a study

Publication of positive Landmark PoC study for MIV-701 in periodontal disease in dogs with a randomized, placebo-controlled study being launched to confirm benefit

Remetinostat out-license generates significant potential value upside for phase 3 ready molecule

Placeholder agenda

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Slide

45% of US adults are obese

More than 25% have Fatty Liver Disease

Fatty Liver Disease increases risk of Liver Cancer 17-fold

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Fostrox - designed to selectively kill tumor cells in the liver

Prodrug transports inactive payload to the liver, where it is rapidly activated by liver enzymes1

Kills tumor cells2,3,4

Spares healthy cells2,3,4

Liver-guided delivery -prodrug

Tumor-selective payload -troxacitabine

1Bethell, R. et al P-035, ILCA 2016

2Kukhanova, M et al J Biol Chem 1995 3Albertella, M. et al EASL Summit P01-05, 2018 4Öberg F. et al, EASL PO-221, 2022

Slide 5

2nd line HCC - a ~$3bn commercial opportunity3

+115%

$2.8 bn

$1.3 bn

US - 25%

EU 5 - 17%

China - 30%

RoW - 28%

$4.0 bn

2024 2030 2030 Upside

Growth driven by:

• HCC to increase +122% in the US and +82% in China2 by 2030, caused by fatty liver disease

• With improved 1L treatment, more patients will be fit enough for 2L, 50% → 70%

  2030 Upside:

• Average treatment duration increases to 10 months based on fostrox + Lenvima® study

Global 2L HCC market3

1Rumguy et al. Journal of Hepatology 2022

2Huang et al., Nature Reviews, Gastroenterology & Hepatology, Vol 18, 2021

3GlobalData 2021 and internal analysis

Slide 6

Fostrox + Lenvima is at the forefront of development in population where no treatments are approved today

1L

90%

10%

• Majority treated with IO combo

• Tecentriq + Avastin preferred with recent data strengthening its position

Lenvatinib (or Sorafenib)

• Data presented at ASCO GI & ESMO confirms that

fostrox + lenvatinib is at the forefront in 2L

2L

• No approved options in 2L

• Fostrox + Lenvima target population

Lenvatinib/TKI monotherapy preferred

IO combination

IO combination

Advanced HCC - Treatment Algorithm

Slide 7

Global phase 1b/2a study with fostrox + Lenvima (TKI) positive, final data presented at EASL in February

UK

3 centres

Korea

6 centres

Spain

6 centres

Poster P02-13 presented by Dr. Jeff Evans, Glasgow, at EASL Liver Cancer Summit in February in Paris

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Median TTP 10.9 months, indicating substantially improved efficacy compared with Lenvima alone1

Median time to progression (TTP) with fostrox + LEN - investigator review, RECISTv1.1

• Median time to progression 10.9 months

• Median follow-up of 10.5 months

• Longst running patient still on treatment after three years (Aug 2025)

Fostrox + LEN (n =21)1
Median TTP, mo 95% CI	10.9 (4.1 - 18.1)
ORR	24%
DCR	81%

At risk - All pts 21 16 14 10 9 7 3 2 2 2 1 0

Slide 9

1Chon et al., ESMO 2024, Poster 986.

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

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