Cantargia (CANTA) Investor update summary

Strategic financing and allocation

• Rights issue of up to SEK 125 million and a SEK 75 million loan agreement provide SEK 199 million in new funding to accelerate development priorities and drive growth, with the loan maturing in 2028 at a minimum 10% interest rate and including warrants for 3% dilution.

• Rights issue offers two new shares for every nine held at SEK 2.25 per share, representing a 20% discount to TERP, with subscription undertakings and guarantees covering about 60% of the issue.

• Subscription period runs from June 8 to June 22, 2026, with outcome announced June 24, 2026; no prospectus will be prepared, but a disclosure document is expected around June 5, 2026.

• Combined financing extends the cash runway to mid-2028, supporting key clinical milestones and operational flexibility.

• Issue costs are slightly above 10%, mainly due to guarantee commitments.

Clinical development and portfolio progress

• Nadunolimab is positioned for combination studies in PDAC, targeting rational approaches with RAS and MEK inhibitors, leveraging high IL1RAP expression in KRAS-mutated tumors.

• The upcoming study aims to establish safety and early efficacy signals for nadunolimab combinations, with results expected in Q4 2026.

• In hematology, the MD Anderson study in MDS and AML has shown exceptional early efficacy, with all evaluable high-risk MDS patients achieving complete remission in phase I-B; expansion into phase II-A aims to enroll about 40 patients.

• Pipeline development continues with CAN14 bispecific antibody and CAN10 for autoimmune diseases, with IND-enabling development and target selection for CAN14 by year-end 2026.

• Proceeds will also fund preclinical and clinical programs, reinforcing nadunolimab's role as a backbone therapy.

Strategic flexibility and future outlook

• Financing structure balances dilution and cost of capital, supporting value-creating milestones and providing flexibility for potential strategic partnerships or independent advancement of late-stage nadunolimab studies.

• Combination studies with RAS inhibitors are expected to show additive or synergistic effects due to non-overlapping mechanisms and tumor microenvironment targeting.

• Patient selection in early studies will not require IL1RAP pre-selection but will measure it retrospectively to inform future trial design.

• Late-stage study costs could reach $300 million for large trials, but current financing covers early-phase studies; future positioning will depend on evolving clinical landscape and competitor data.

• No additional funding required before key clinical data readouts.