Thor Medical (TRMED) Capital Markets Update 2024 summary

Strategic vision and market outlook

• Aims to become a world-leading supplier of alpha-emitters for next-generation precision cancer therapies, targeting a multi-billion USD market by 2035 and leveraging exponential growth in radiopharmaceuticals and alpha-emitting isotopes like lead-212.

• The market for targeted radiotherapeutics is projected to reach $30 billion within 10 years, with alpha-emitters driving next-generation treatments and significant investments and M&A activity.

• Over 1 million patient doses targeted annually by 2035, with revenue potential exceeding $1 billion and EBITDA margin above 50% upon industrial ramp-up.

• Lead-212 is positioned as the ideal isotope for next-generation cancer therapies due to efficacy, safety, and logistical advantages over alternatives.

• Long-term plans include global expansion with additional plants (Alpha-2, Alpha Global) to supply over 1 million patient doses annually.

Operational achievements and milestones

• Commissioned pilot facilities at Herøya on time and on budget, securing all required authorizations.

• Shipped first batch of Thorium-228 and secured a five-year supply agreement with ARTBIO.

• Signed a three-year supply agreement with a leading pharmaceutical company for Pb-212 for pre-clinical studies.

• Completed concept study for 'AlphaOne' commercial plant, estimating a $30 million capital requirement.

• Production process validated at scale, with product samples delivered and offtake agreements secured.

Technology, production, and supply chain

• Proprietary AlphaCycle™ process enables scalable, cost-efficient, and environmentally friendly production of high-purity Th-228 and Ra-224 from natural thorium without irradiation.

• The process avoids long-lived radioactive impurities, allowing for recycling and reducing environmental impact and costs.

• Flexible scaling with centralized upstream and local downstream production near key markets.

• The supply chain model supports localized manufacturing hubs, enabling rapid response to demand and minimizing logistical challenges associated with short half-life isotopes.

• Technology offers lowest CAPEX/OPEX among production methods, with strong IP and environmental advantages.