Heidelberg Pharma (HPHA) Investor Update summary

Strategic and Operational Focus

• Announced a major strategic shift to focus on lead ADC candidate HDP-101 and implement extensive cost-saving measures, including a 75% workforce reduction by mid-2026.

• Early research activities and the HDP-102 clinical program are paused; HDP-103 documentation for clinical trial application is prepared.

• HDP-104 is ready for partnering, with no further internal development planned.

Financial and Royalty Update

• Monetized future royalties from TLX250-CDx, receiving $45 million upfront; $70 million milestone payment contingent on FDA approval, now delayed due to a Complete Response Letter (CRL).

• Cash position at end of August was €22.9 million; cost-saving measures expected to fund operations until mid-2026.

• Monthly expenses to be reduced from €3–3.5 million to €1–1.5 million after restructuring; restructuring costs estimated at around €1 million.

• Exploring additional financing options, including discussions with major shareholders and third parties.

Clinical Development and Data Highlights

• HDP-101 phase I/IIa trial in multiple myeloma continues, showing strong safety and promising efficacy, with multiple responses and overall response rates up to 50% in the latest cohort.

• HDP-102 phase I trial in non-Hodgkin lymphoma paused despite early signs of biological activity and good tolerability.

• HDP-103 clinical trial application documentation is being prepared; early research activities scaled back.