Medivir (MVIR) Investor presentation summary

Disease landscape and market opportunity

• Obesity affects 45% of US adults, with over 25% having fatty liver disease, increasing liver cancer risk 17-fold.

• Fatty liver disease (MASLD/MASH) is projected to rise dramatically, doubling annual liver cancer cases by 2050.

• The global second-line HCC market is expected to grow from $2.8bn in 2024 to $4.0bn by 2030, driven by increased incidence and longer treatment durations.

Fostrox mechanism and innovation

• Fostrox is the first oral, liver-targeted treatment for advanced HCC, designed to selectively kill tumor cells while sparing healthy cells.

• Utilizes a prodrug approach, activated by liver enzymes, delivering a tumor-selective payload.

• Represents a unique, liver-guided therapy with no approved second-line competitors in HCC.

Clinical efficacy and safety

• Phase 1b/2a study of fostrox + Lenvima showed a median time to progression (TTP) of 10.9 months, significantly longer than other 2L HCC treatments.

• Median overall survival (OS) reached 13.7 months, compared to 8.6 months for Lenvima monotherapy.

• Over 75% of patients experienced target lesion tumor reduction, with a median clinical benefit duration of 11.3 months.

• Safety profile was manageable, supporting further development.