Defeating barriers - in solid tumours

DNB Carnegie Nordic Healthcare Conference 25 November, 2025

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EXACT – a frontrunner in ultrasound mediated oncology therapy

We are building a leading biotech company, utilising the power of ultrasound to unlock targeted oncology treatments

Spin-out from GE HealthCare focused oncology development strategy:
PS101, proprietary fully-owned compound
Versatile technology with clinical proof-of-concept in Phase 1 oncology trial final results: 4x increase in percent tumour shrinkage vs SoC alone (liver metastases) & excellent safety
Ongoing Phase 2 trial in U.S. and U.K. in first line locally advanced pancreatic cancer
Broad IP coverage across all major markets, covering many use areas of the technology
Raised 13m USD excl. warrants in Dec. 2024. GE Healthcare as anchor, with participation from other investors including Invus Public Equity. Listed on Euronext Growth, Oslo [EXTX]

Therapeutic ultrasound space is gaining momentum Deal flow is increasing

2023: Carthera raised 45m USD
2024: Insightec raised 150m USD
2024: HistoSonics raised 102m USD
2025: Alphaeus Medical raised 52m USD
2025: Histosonics 2.25b USD acquisition by consortium of investors. This was followed by a 250m USD growth financing

Leading VCs are entering the space.

EXACT Therapeutics | Strategic focus – Oncology first

Pancreatic cancer: Execute on ENACT Phase 2 trial in first line locally advanced pancreatic cancer

2
Explore ACT in immuno-oncology: Execute on research collaborations with Agenus Inc. and NRC* grant with ICR*, TGen* and NTNU*

CNS cancers and blood-brain barrier: Proof-of-concept in glioblastomaand Blood-Brain Barrier animal models

Pipeline

ACT-enabled oncology pipeline – pancreatic focus

Building on Acoustic Cluster Therapy (ACT) core strengths: defeating barriers in solid tumours

Area / Disease		Preclinical	Phase I	Phase II
Oncology	Pancreatic ¹⁾ (ENACT Study)
	Liver metastases (ACTIVATE study)
	Immunotherapy
	Glioblastoma
Other	CNS ²⁾ diseases
	Gene therapy

Notes: 1) Phase 2 trial in 1L locally advanced pancreatic cancer (NCT06850623) 2) CNS – Central Nervous System Source: Company information

The Acoustic Cluster Therapy (ACT) technology defeats biological barriers that hamper drug delivery

A noninvasive platform to enable targeted, organ-specific drug delivery
ACT treatment is given concomitantly with therapeutics

Source: Company information

A simple and non-invasive treatment process

ACT achieves therapeutic benefit through a 2-step ultrasound process

Step 1: Activation with high frequency (HF)

• • • • • • • • • • • • • • • • • • • •

HF ultrasound is applied for Activation of free-floating microclusters

Resulting in phase shift and formation of large ACT bubbles trapped in capillaries for up to 10 mins

Step 2: Enhancement with low frequency (LF)

LF ultrasound is applied for enhancement by oscillating ACT bubbles

Oscillation of ACT bubbles provides prolonged targeted delivery of therapeutics

Release of ACT bubbles and exhalation through the lungs

ACTIVATE Phase 1 trial

– Innovative assessment of anticancer activity Patients with liver metastases of colorectal origin

All patients received standard of care treatment
One of the liver tumours was treated with ACT
Intra-patient comparison of tumour response

Sum of diameters and volume of selected liver metastases

Comparing % change between baseline and Week 8 for insonated vs. control lesions

Assessment by central reviewer, blinded to which lesion was insonated

4x tumour shrinkage compared to control lesions in Phase 1 trial on liver metastases in hard-to-treat patients – presented at ESMO '25

ACT significantly enhances the local effect of chemotherapy
9 evaluable hard-to-treat patients with median 4 prior lines of treatment for the 40 μl/kg cohort
In the patients who had a response to chemotherapy, ACT-treated tumours showed a significantly greater reduction in diameter compared to control tumours (-29% vs. -7%, p<0.05)
Assessment by central reviewer, blinded to which lesion was insonated
Excellent safety profile of PS101

4x tumour shrinkage compared to control lesions in Phase 1 trial on liver metastases in hard-to-treat patients – presented at ESMO '25

ACT significantly enhances the local effect of chemotherapy
9 evaluable hard-to-treat patients with median 4 prior lines of treatment for the 40 μl/kg cohort
In the patients who had a response to chemotherapy, ACT-treated tumours showed a significantly greater reduction in diameter compared to control tumours (-29% vs. -7%, p<0.05)
Assessment by central reviewer, blinded to which lesion was insonated
Excellent safety profile of PS101

urce: Company Information.

Pancreatic cancer – a high-need, high-opportunity disease

Pancreatic cancer is one of the most lethal cancers and has seen few advances in treatment. More than 67 000 new diagnoses every year in the US alone.

142

die every day in the US¹

13%

5-year relative survival¹

FDA approved drugs

Only 5 direct FDA approvals for PDAC over the last 30 years

ENACT Phase 2 trial status and warrants exercise Two patients treated for >28 days, TMC expected in '25

ACT + mFOLFIRINOX safety and efficacy in first line locally advanced and/or borderline resectable PDAC**

10 sites & 25 patients

Status: 7 sites opened 2 patients treated for >28 days

Safety review

TMC expected before year-end: 3 patients, >28 days of treatment

Trigger warrants exercise

Warrants from Dec '24 placement triggered

Clinical milestones

Interim read-out expected 1H 2026

Final read-out expected 1H 2027

Notes:

Clinicaltrials.gov: NCT06850623 TMC: Trial Monitoring Committee PDAC: Pancreatic Ductal AdenoCarcinoma

Major milestones delivered so far in 2025

Milestone category	Description
Oncology (clinical)
Phase 1 ACTIVATE trial	Final study results from ACTIVATE trial in patients with liver metastases of colorectal cancer origin (presented at ESMO* 2025)
Phase 2 ENACT trial	USA: Approval of IND for ENACT Phase 2 trial in first line locally advanced pancreatic cancer by the FDA
	First patient dosed in ENACT Phase 2 trial (USA)
	Europe: Approval of CTA for ENACT Phase 2 trial by the MHRA
	Initial safety read-out from ENACT Phase 2 trial (3 patients)
Technology Expansion (pre-clinical)
Updates on immuno-oncology	Testing ACT in immuno-oncology (presented at CICON* 2025)
Updates on CNS/Blood-Brain Barrier	Testing ACT on glioblastoma (presented at SNMMI* 2025)
Updates on IP	Grant of key patents