Oncoinvent ASA

Investor Presentation • Aug 27, 2025

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Oncoinvent

Report on 1st half of 2025

Transforming cancer care through direct alpha therapy

Targeting by proximity, brilliant in its simplicity

Disclaimer and important information

This presentation, together with its enclosures and appendices (collectively, the "Presentation"), has been prepared by Oncoinvent ASA solely for the purpose of providing existing investors and other stakeholders in the Companies with an update on the company as well as the contemplated merger between the Companies.

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Highlights Clinical Update Upcoming Milestones Merger with BerGenBio Financials

A unique radiopharmaceutical opportunity

Highlights

Clinical Update

Merger with BerGenBio

Financials

Upcoming Milestones

Recent Highlights

Ovarian Cancer	Phase 1 Confirmed durable benefit in an interim 18-months data read-out
	Phase 2
	Read out positive data of the safety lead-in cohort
	Opened the randomized part
	Secured regulatory approvals for additional sites: onboarding successively during 2H 2025
Colorectal Cancer	Read out positive final data from Phase 1/2a trial
Corporate	Improved financial discipline: Opex reduced 28% vs 1H 2024 Announced a merger with BerGenBio Secured financing: underwritten rights issue of NOK 130m

Highlights Clinical Update Merger with BerGenBio Financials

Upcoming Milestones

Ongoing clinical development

Ongoing clinical development

Colorectal cancer: Topline Phase 1/2a data to be presented at PSOGI in October 2025

18-months data of 36 patients receiving 7 MBq dose

• Only 27.8% (10 of 36) patients experienced peritoneal disease recurrence vs approx. 50% in SoC historical control
• Only 5 patients had peritoneum as the first site of recurrence
• Event rates indicate a marked improvement compared to expected outcomes with standard of care

"It's highly encouraging to see patients treated with Radspherin achieving outcomes that exceed expectations for this challenging population. As a clinician, I'm hopeful that this promising therapy will become an option I can offer to future patients in need."

Dr. Stein Gunnar Larsen Principal Investigator at the Oslo University Hospital, Norway

Controlling peritoneal disease may significantly improve survival in colorectal cancer

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Disease recurrence after treatment Impact of site of recurrence after treatment

1/3 combined peritoneal and distant

1/3 distant only

Median overall survival - from the time of recurrence:

• After distant metastasis only: 44 months
• After peritoneal metastasis: 22 months

5-year overall survival – from the time of treatment¹

• Distant metastasis only: 53 %
• Peritoneal metastasis: 19 %

Ongoing clinical development

Results consistent across indications – supporting signal of efficacy

18-months data of 10 patients receiving 7 MBq dose Ovarian cancer 'ideal indication' for Radspherin

• Only 10 % (1 of 10) patients experienced peritoneal disease recurrence vs approx. 40% in SoC historical control

• Event rates indicate a marked improvement compared to expected outcomes with standard of care

• Final 24 months data available during 2H25

Peritoneal control is key for survival in ovarian cancer

• Recurrences are almost exclusively confined to the peritoneum
• 70 % of patients have peritoneal metastases already at diagnosis
• Up to 85 % experience recurrence after surgical resection

Lengyel Am J Pathol. 2010 Sep; 177(3): 1053–1064. González-Martín N Engl J Med 2019;381:2391-402 Jansen et al. Ann Med Surg (Lond). 2023 May; 85(5): 1539–1545.

Coleman et al. N Engl J Med. 2019 Nov 14;381(20):1929-1939 Harter et al. N Engl J Med. 2021 Dec 2;385(23):2123-2131 Shi et al. Lancet Oncol. 2021 Apr;22(4):439-449

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Near-term significant milestones

Phase 1 ovarian cancer Phase 1 ovarian cancer Phase 1/2a colorectal cancer

Phase 2 ovarian cancer

• Final 18 months data
• 36 patients 7 MBq

1H25

• Interim 18 months data
• 10 patients 7 MBq
• 1H25

• Final 24 months data
• 10 patients 7 MBq
• 2H25
• Interim 9 months data
• Based on analysis of patients recruited by early 2026
• Late 2H26

Patient recruitment update end Q2

Patient recruitment is on track

• All six hospitals are actively recruiting patients
• Recruitment into randomized trial has progressed at a steady rate since May, with approx. one patient included per week. A total of 8 patients had been randomized by end June.
• A total of 14 out of 96 patients have been recruited (including safety) by end June

Number of hospitals will increase after summer, which will speed up recruitment rate

Selected changes to protocol in 2H25 will strengthen recruitment further

Highlights

Clinical Update

Merger with BerGenBio

Financials

Upcoming Milestones

Merger with BerGenBio

Rationale	o The transaction leverages BerGenBio's listing and capital thereby enhancing Oncoinvent's ability to execute our clinical strategy
	o The merger will be followed by a financing that together secures additional funding of NOK 175 million for Oncoinvent, providing cash runway beyond interim Phase 2 data – a meaningful value inflection points
Transaction	o The merger is an all-share transaction, with BerGenBio and Oncoinvent shareholders receiving 25% and 75% ownership, respectively, in the combined company
	o BerGenBio will be the surviving entity and will be renamed Oncoinvent ASA
	o The merger is supported by both Boards, and key shareholders on both sides, including Hadean Ventures, Linc and Meteva and was approved at both EGMs earlier in August
Subsequent financing	o A financing in the form of a rights issue will be carried out after completion of the merger and all existing shareholders of Oncoinvent and BerGenBio will be given equal opportunity to participate
	o The rights issue is 100% guaranteed

Transaction timeline for merger with BerGenBio and rights issue

Timeline subject to first day of trading for the combined company: expected on or about
25 September 2025	(subject to merger conditions fulfilled) Approval of merger by BoD
29 September 2025	First day of trading combined company
10 October 2025	Record Date
13 - 21 October 2025	Trading period for the subscription rights
27 October 2025 at 16:30 (CEST)	Subscription period ends
28 October 2025	Allocation of the Offer Shares + Distribution of allocation letters
30 October 2025	Payment Date
31 October 2025	Registration of the share capital increase pertaining to the Rights Issue
3 November 2025	Delivery of the Offer Shares + Listing and commencement of trading in the Offer Shares on The Oslo Stock Exchange

Highlights

Clinical Update

Merger with BerGenBio

Financials

Upcoming Milestones

Financials

		2025	2024	2024
AMOUNTS IN 1 000 NOK	NOTE	H1	H1	01.01.-31.12
		(unaudited)	(unaudited)	(audited)
Operating revenues
Sales Revenue	3	11 690	67	2 729
Other operating income	3	271	-	5 374
Total operating revenues		11 960	67	8 103
Operating expenses
Payroll and related costs	4	(27 822)	(32 271)	(59 076)
Other operating expenses	7	(28 345)	(45 831)	(75 489)
Total operating expenses		(56 167)	(78 102)	(134 565)
EBITDA		(44 207)	(78 036)	(126 463)
Depreciation		(7 811)	(7 244)	(14 555)
EBIT		(52 018)	(85 280)	(141 018)
finance Net		34	(178)	816
PROFIT/(LOSS) FOR THE PERIOD		(51 984)	(85 458)	(140 201)
Other comprehensive (loss) income		-	-	-
Total comprehensive (loss) for the period income		(51 984)	(85 458)	(140 201)
/ Diluted and undiluted (loss) per share (NOK) earnings		(0,53)	(3,14)	(1,52)
no. shares		97 743 343	27 243 343	92 243 343
Cash and cash equivalents (1 NOK) 000		412 77	35 787	133 668
no. Shares diluted		97 743 343	27 243 343	92 243 343

• o Sales revenue of mNOK 11,7 (0,07) in the first half of 2025:
  • mNOK 2,5 services
  • mNOK 9,2 lease of lab
• o Other operating expenses of mNOK 56,2 (78,1) a 28% decrease due to the strategic decision of focusing on the development of Radspherin in ovarian cancer
• o FTEs reduced to 36 compared to 51 in 2024
• o Available cash at end of period mNOK 77,4 (35,8)

Guiding

Cash position Cash runway million Outlook

• As of June 30, 2025, cash and cash equivalents totalled NOK 77,4
• Considering the merger with BerGenBio, followed by the rights issue the current operating plan, including the continued development of Radspherin® in the ongoing Phase 2 trial, Oncoinvent expects that its existing cash will be sufficient to fund operations beyond the interim read-out of the Phase 2 ovarien trial late 2026.
• While Oncoinvent anticipates increased Clinical R&D expenses associated with advancing clinical programs, it remains committed to disciplined financial management. No material changes to operating cash burn are expected in the near term compared to prior periods
• The company continues to explore potential strategic options to extend its cash runway further, including business development initiatives, partnerships, and potential financing opportunities

Highlights

Clinical Update

Merger with BerGenBio

Financials

Upcoming Milestones

Upcoming milestones

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Questions

Appendix

Financials

		2025	2024	2024
AMOUNTS 000 NOK IN 1	NOTE	H1	H1	01.01.-31.12
		(unaudited)	(unaudited)	(audited)
Operating revenues
Sales Revenue	3	11 690	67	2 729
Other operating income	3	271	-	5 374
Total operating revenues		11 960	67	8 103
Operating expenses
Payroll and related costs	4	(27 822)	(32 271)	(59 076)
Other operating expenses	7	(28 345)	(45 831)	(75 489)
Total operating expenses		(56 167)	(78 102)	(134 565)
EBITDA		(44 207)	(78 036)	(126 463)
Depreciation		(7 811)	(7 244)	(14 555)
EBIT		(52 018)	(85 280)	(141 018)
finance Net		34	(178)	816
PROFIT/(LOSS) FOR PERIOD THE		(51 984)	(85 458)	(140 201)
(loss) Other comprehensive income		-	-	-
(loss) Total comprehensive income for the period		(51 984)	(85 458)	(140 201)
/ (loss) (NOK) Diluted and undiluted earnings per share		(0,53)	(3,14)	(1,52)
no. shares		97 743 343	27 243 343	92 243 343
(1 NOK) Cash and cash equivalents 000		77 412	35 787	133 668
no. Shares diluted		97 743 343	27 243 343	92 243 343

• o Sales revenue of mNOK 11,7 (0,07) in the first half of 2025:
  • mNOK 2,5 are services
  • mNOK 9,2 are lease of lab
• o Other operating expenses of mNOK 56,2 (78,1) a significant decrease due to the strategic decision of focusing on the development of Radspherin in ovarian cancer
• o No. FTE's reduced to 36 compared to 51 in 2024
• o Available cash at end of period mNOK 77,4 (35,8)

Statement of financial position

AMOUNTS IN 1 000 NOK	NOTE	30.06.2025 (unaudited)	30.06.2024 (unaudited)	31.12.2024 (audited)
ASSETS
NON-CURRENT ASSETS
Land , Buildings and other property		13 963	19 572	16 764
machinery Equipment, etc.		2 380	5 639	3 839
Right-of-use- assets	6	4 155	8 573	6 108
Total non-current assets		20 497	33 784	26 711
restricted cash Non-current		2 027	2 027	2 027
Total non-current assets		22 524	35 811	28 738
ASSETS CURRENT
Receivables
receivables Accounts		1 053	-	448
Other short-term receivables		373 5	8 040	8 161
Total receivables		6 426	8 040	8 609
Cash and cash equivalents		385 75	33 761	133 668
Total current assets		81 812	41 801	142 277
TOTAL ASSETS		104 336	611 77	171 015

AMOUNTS IN 1 000 NOK	NOTE	30.06.2025	30.06.2024	31.12.2024
		(unaudited)	(unaudited)	(audited)
EQUITY AND LIABILITIES
EQUITY
Share capital		(9 774)	(2 724)	(9 224)
Share premium reserve		(736 034)	(611 029)	(726 277)
Other capital reserves		(11 089)	(13 738)	(9 597)
Retained earnings		687 437	582 972	636 764
Total equity		(69 460)	(44 519)	(108 334)
LIABILITY
liability Non-current
lease liability Non-current	6	(3 480)	(5 536)	(4 742)
Total liabilities non-current		(3 480)	(5 536)	(4 742)
liabilities Current
lease liabilities Current	6	(2 734)	(3 269)	(2 711)
payables Accounts		(7 080)	(15 283)	(14 744)
social VAT, security costs, etc.		(5 929)	1 144	(8 494)
Other liabilities current		(15 652)	(10 150)	(31 989)
Total short-term liability		(31 395)	(27 557)	(57 939)
Total liabilities		(34 875)	(33 093)	(62 680)
TOTAL EQUITY AND LIABILITIES		(104 336)	(77 611)	(171 015)

Financial Calendar

today	Company update Q1-25
14 May	Annual General Meeting
27 August	Half-year report Q2-25
20 November	Company update Q2-25

Peritoneal metastases - urgent need for novel treatments

• Peritoneal metastases arise from many different primary cancers
• The only treatment option with curative intent is surgery, effect of systemic therapy limited
• Surgery leaves behind micro-metastases giving rise to new metastases and disease progression
• Peritoneal metastases are confined to the peritoneum creating a 'closed compartment'

Radspherin® - innovative alpha emitting therapy targeted to and retained in the peritoneum

• Combining alpha-emitting ²²⁴Ra with CaCO3microparticles
• Half-life 3.6 days and shelf life 8 days allowing for centralized manufacturing
• Delivering a high dose of alpha-radiation directly to the peritoneum through an indwelling catheter

Radspherin® How does it work?

• Administration 1-3 days post-surgery
• Therapy with depot effect 75% of radiation dose delivered the first week
• The combination of high energy and short radiation range enables effective killing of the targeted metastases while sparing the surrounding normal tissue

Radiopharmaceutical expertise at all levels

Management

Board *

Kari Myren Anne-Kirsti Aksnes

Chief Financial Officer Chief Medical Officer

Tore Kvam

Johan Häggblad Board Member

Kristine Lofthus Chief Production Officer

Stian Brekke Head of Regulatory Affairs

Roy Larsen Scientific Founder & Advisor

Scientific Founder & Advisor

* Subject to EGM approval, Olav Hellebø will join the new Board

Hilde Steineger Board Member

Chief Clinical Officer Gro Hjellum Chief Operations Officer Chief Executive Officer

Kari Grønås Board Member

Ingrid Teigland Akay Board Member

Orlando Oliveira Board Member

Anne Cecilie Alvik Employee Rep.1)

1) Anne Cecilie Alvik is also a part of the Company's management team, as Head of Quality Assurance 31

Gillies O'Bryan-Tear Chair

While the radiopharma sector is largely concentrated in two indications, Oncoinvent pursues peritoneal metastases

Snapshot of the Radiopharma Landscape

Preclinical Early Clinical

Development stage Company type Late Clinical Commercial Public Private

Pipeline in one product - broad clinical application

• Peritoneal metastases arise from many different cancers
• Radspherin® is a receptor-independent treatment: effective regardless of the origin of the primary malignancy

Radspherin® - solid multilayer intellectual property protection

Radspherin® composition of matter & use

• Granted in US, EU, China, Japan and additional countries
• Patent expiry 2035 (2036 in some countries) with an option for 5 years extension

Radspherin® formulation

• Filed in 2021 in: USA, Europe, Japan, China, Canada, India, Mexico, Hong Kong
• Patent expiry 2041 with an option for 5 years extension

Radspherin® clinical doses, application: use patent

• Filed in January 2024
• Patent expiry: 2044 with an option for 5 years extension

Radium-224 combination with PARP inhibitors

• Filed in 2020 in: USA, Europe, Japan, China, Canada, Mexico, Hong Kong
• Patent expiry 2041 with an option for 5 years extension

Composition of matter

Formulation

Clinical dosage/use

Combination

In-house GMP pilot plant with attractive capabilities

Oncoinvent has in-house GMP production capability

²²⁴Ra produced from ²²⁸Th, which has multiple sources

Microparticles and finished goods produced in-house

Capacity of ~200 doses Radspherin annually, outsourcing and scale-up required for phase 3 On selective basis offer GMP laboratory services to similar non-competing companies

Near-term significant milestones

Phase 1/2a colorectal cancer

Phase 1 ovarian cancer

• Final 18 months data
• 36 patients 7 MBq

• H25

• Final 24 months data

• 10 patients 7 MBq
• 2H25

Phase 2 ovarian cancer

• Interim 9 months data
• Based on analysis of patients recruited by early 2026
• Late 2H26