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 in alveolar epithelial cells.

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

• Biomarker analysis indicated both reduction in new fibrosis and resolution of existing fibrosis, supporting the disease-modifying potential.

• Buloxibutid (C21) is a first-in-class ATRAG, showing durable lung function improvement and safety in phase 2a IPF trials.

• Vicore is advancing a pipeline of therapies for respiratory and fibrotic diseases, leveraging ATRAG chemistry and biology expertise.

Phase IIb ASPIRE trial design and execution

• Phase IIb ASPIRE study is a 52-week, double-blind, placebo-controlled trial in 270 IPF patients, with FVC as the primary endpoint.

• Trial initiated with 270 patients across 14 countries, powered conservatively for disease stabilization over 52 weeks, and designed for frontline and combination therapy.

• Patient-friendly approach includes reduced in-person visits and virtual check-ins, with dose response testing at 100 mg and 50 mg twice daily.

• Regulatory approvals obtained, with US sites coming online first and global enrollment planned at approximately 100 clinical sites.

• Enrollment targeted by end of 2025, with results expected about a year later; ongoing news flow anticipated from early-stage programs and translational data.

Rights issue details and financial update

• SEK 782 million rights issue launched, offering one new share per existing share at SEK 7.00 each, with a 1:1 subscription ratio.

• 80% of the issue (SEK 626 million) is committed by shareholders and guarantors; subscription period runs from 20 September to 4 October 2024.

• Proceeds will primarily fund the expanded phase IIb ASPIRE trial, phase III preparations, pipeline development, and general corporate purposes.

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

• Additional directed issue of up to SEK 100 million may follow, depending on rights issue outcome.