Vicore Pharma (VICO) Investor Update summary

Strategic focus and clinical development

• Advancing buloxibutid as a potentially transformational therapy for IPF, emphasizing its upstream mechanism targeting disease origin and tissue repair.

• Phase IIa data showed over 200 ml improvement in lung function at 36 weeks, with 65% of patients improving, and a strong safety profile without common side effects of current therapies.

• Biomarker analysis indicates both reduction in new fibrosis and resolution of existing fibrosis, supporting the mechanism of action.

• Phase IIb ASPIRE trial initiated, enrolling 270 patients across 14 countries, designed for regulatory approval endpoints and commercial positioning as a frontline therapy.

• Study design includes patient-friendly features, dose response testing, and conservative powering to detect stabilization of lung function.

Rights issue details and financial update

• SEK 782 million rights issue launched, offering one new share per existing share at SEK 7.00, with a 1:1 subscription ratio and 80% commitment from shareholders and guarantors.

• Proceeds will fund the expanded phase IIb ASPIRE trial, phase III preparations, ATRAG platform development, and extend cash runway to H1 2028.

• 49% of proceeds allocated to the phase IIb study and drug manufacturing, 21% to phase III preparations, 8% to ATRAG platform, and 22% for general corporate purposes.

• If fully subscribed, the number of shares will double, diluting non-participating shareholders by up to 50%.

• Prospectus publication on 18 September, subscription period from 20 September to 4 October, outcome expected around 7 October.

Operational and study execution insights

• Increased study size from 200 to 270 patients post-2023 financing to ensure robust powering, influenced by new data in the IPF landscape.

• Enhanced quality and robustness through country and site selection, staffing, and patient engagement strategies.

• Commercial manufacturing preparations underway, with selection of manufacturer and scale-up planned this year.

• Study designed for efficient enrollment, leveraging clinical science liaisons, patient-friendly protocols, and a global site footprint.