Heidelberg Pharma (HPHA) Investor presentation summary

Strategic and operational focus

• Development is focused on HDP-101, pamlectabart tismanitin, in Phase I/IIa for relapsed/refractory multiple myeloma; HDP-102 is paused, an HDP-103 CTA is planned, early research was discontinued, and preclinical assets may be out-licensed.

• Workforce is planned to fall ~75% to 30–35 FTE by mid-2026; cash was €22.9m at Aug. 31, 2025, with runway to mid-2026 and financing discussions underway.

HDP-101 clinical progress

• Cohorts 5–8 showed a preliminary 38% ORR (11/29: 7 PR, 1 VGPR, 3 SCR); Cohort 8 at 140 μg/kg showed 57% ORR (4/7), with follow-up still limited.

• Multiple responses were seen from 90 μg/kg across dosing arms; responses were described as deeper and earlier in treatment.

• No DLTs were observed across Cohorts 1–9; transient Cohort 5 thrombocytopenia in Cycle 1 resolved with revised treatment regimens, and no cumulative or delayed toxicity was observed in patients treated for 12+ months.

• Cohort 9 dose safety was confirmed and escalation to 218 μg/kg was ongoing; RP2D was anticipated in H1 2026, with MTD not yet reached.

Technology, pipeline and market

• ATACs pair an antibody targeting system with an α-amanitin payload; the payload has a mechanism of cytotoxicity described as radically different from conventional chemotherapy.

• Pipeline includes HDP-101 (BCMA, multiple myeloma), HDP-102 (CD37, NHL), HDP-103 (PSMA, prostate cancer), HDP-104 (GCC, gastrointestinal cancers) and partnered TAK-ATAC and HDP-201 programs.

• IP portfolio spans more than 20 patent families and 500+ family members, covering the platform, payload, assets, methods of use and predictive biomarkers.

• Modeled annual peak U.S. addressable markets are $3.9bn for post-BCMA monotherapy and $7.5bn for combination treatment; estimates use stated analog-share assumptions and Blenrep pricing as a reference.

• The global ADC market was cited as expected to reach $34bn in 2032; HDP-101 has Fast Track designation.