OSE Immunotherapeutics (OSE) Investor Update summary

Strategic plan and value creation opportunities

• A new CEO and management team developed a strategy within six weeks, focusing on clarity, value creation, and stock market alignment.

• Four key opportunities: Tedopi Phase 3 completion, new rare/specialty indications for Lusvertikimab, subcutaneous Lusvertikimab for UC, and maintaining scientific leadership through innovation and IP optimization.

• Tedopi Phase 3 in NSCLC is on track, with a futility analysis in Q3 2026, full read-out in Q1 2028, and significant revenue potential if successful.

• Lusvertikimab's subcutaneous formulation is prioritized for market demand, with new studies in rare diseases planned for early 2026 and a focus on bioequivalence and biomarker validation.

• The research team will enhance Lusvertikimab's profile, validate biomarkers, and advance proprietary assets in preclinical development at limited cost.

Financial strategy and partnerships

• Operational cash burn is projected at EUR 30 million per year over three years, with total funding needs around EUR 90 million and financial visibility to early Q4 2026.

• Financing will be anchored by a capital increase, complemented by debt restructuring, new debt, partnership milestones, and expected receivables.

• A EUR 17.5m milestone from Boehringer Ingelheim and additional revenue from compassionate use and previous asset sales may reduce financing needs.

• Attracting key institutional investors and securing new strategic partnerships are priorities to strengthen the shareholder base and maximize opportunities.

• The company is currently financed through early Q4 next year, with plans to improve financial stability and limit shareholder dilution.

Clinical and operational updates

• No changes are planned to the Tedopi phase 3 protocol; enrollment is on track, with a futility analysis before final readout.

• Lusvertikimab phase 2b will not be self-funded; instead, smaller studies in rare indications will be pursued, each costing EUR 10–15 million.

• Subcutaneous and oral formulations for Lusvertikimab are prioritized to align with market and partner expectations.

• Active discussions are ongoing with potential partners for both advanced and early-stage assets.

• A webcast is scheduled for December 10, 2025, to discuss the strategic plan and answer shareholder questions.