SoftOx Solutions AS — Investor Presentation 2022

Oct 26, 2022

SoftOx Solutions AS

Medtech and pharmaceutical company listed on Euronext Growth

Presentation Q3 2022 26 October 2022

Disclaimer

This Presentation has been produced by SoftOx Solutions AS (the "Company" or "SoftOx"), solely for use at the presentation to investors held in connection with Q3 2022. This presentation is strictly confidential and may not be reproduced or redistributed, in whole or in part, to any other person. To the best of the knowledge of the Company and its Board of Directors, the information contained in this Presentation is in all material respect in accordance with the facts as of the date hereof, and contains no material omissions likely to affect its import. However, no representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, arising directly or indirectly from the use of this Presentation. This Presentation contains information obtained from third parties. 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Company. SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES, OR TO OR FOR THE ACCOUNT OR BENEFIT OF U.S. PERSONS, UNLESS AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT IS AVAILABLE. ACCORDINGLY, ANY OFFER OR SALE OF SHARES WILL ONLY BE OFFERED OR SOLD (I) WITHIN THE UNITED STATES, OR TO OR FOR THE ACCOUNT OR BENEFIT OF U.S. PERSONS, ONLY TO QUALIFIED INSTITUTIONAL BUYERS ("QIBs") IN PRIVATE PLACEMENT TRANSACTIONS NOT INVOLVING A PUBLIC OFFERING AND (II) OUTSIDE THE UNITED STATES IN OFFSHORE TRANSACTIONS IN ACCORDANCE WITH REGULATIONS. ANY PURCHASER OF SHARES IN THE UNITED STATES, OR TO OR FOR THE ACCOUNT OF U.S. PERSONS, WILL BE DEEMED TO HAVE MADE CERTAIN REPRESENTATIONS AND ACKNOWLEDGEMENTS, INCLUDING WITHOUT LIMITATION THAT THE PURCHASER IS A QIB. This Presentation speaks as of October 2022. Neither the delivery of this Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. 2 | 3rd quarter results 2022

Presenters

CEO Geir Almås SoftOx technology development Financial review

CMO Dr Christopher Burton

CFO Kristine Rød

Helping the world fighting infections

Respiratory infectious diseases are among the leading causes of death [1

1-2% of the population are projected to experience a chronic wound during their lifetime in developed countries [2

VIRUSES ANTIMICROBIAL RESISTANCE BIOFILM RESISTANCE

Our vision is to become a world-leading developer of antimicrobial technology

• 1) Forum of International Respiratory Societies (2019). The Global Impact of Respiratory Disease Second Edition. SheffIeld, European Respiratory Society.
• 2) Sen, C.K. et al. (2009) Human Skin Wounds, Wound Repair Regen, https://www.ncbi.nlm.nih.gov/pmc/articles/PMC2810192/
• 3) IACG (2019). No Time to Wait, WHO. https://www.who.int/antimicrobial-resistance/interagency-coordination-group/IACG_final_report_EN.pdf?ua=1

Third quarter highlights and subsequent events Early completion of SBE-01 study evaluating the SoftOx Biofilm Eradicator (SBE) in treating chronic wounds

RESEARCH & DEVELOPMENT

Positive top line results of SBE-01 showed SBE was safe and well tolerated

Selected as one of three main technologies that form the basis for the European Defence Fund (EDF) grant

COMMERCIAL DEVELOPMENT

Received final approval on SoftOx disinfectant family in Sweden (KemI) which allows SoftOx to sell disinfection products in Sweden and proceed with partner opportunities to bring products to market

FINANCE

Q3 result of NOK -23.7 million (LY: NOK -22 million)

Secured a convertible loan from existing shareholders for NOK 25 million and refinanced NOK 15 million convertible loan reported in June 2022 6 | 3rd quarter results 2022

Product pipeline –				Good progress in clinical	development	programs
					Phase II/
Product classification Project		Indication	Pre-clinical/ EN studies	Phase I/ Pilot studies	Confirmative studies	Pending regulatory approval
BIOCIDE (SafeDes	Disinfection &	Surface disinfectant
	EffectDes)	Hand disinfectant			PARTNERING	KemI (Sweden) granted 10-2022
MEDICAL Wound solution DEVICE	irrigation (SWIS)	Wounds
Infection treatment	(SBE)	Chronic leg wounds
Inhalation DRUG (SIS)	solution	Respiratory tract infections
Military	medical countermeasure	CBRN threats

SoftOx in brief	SoftOx technology	Markets/ Commercial development	Financial review

SoftOx technology – successfully developed a stable and long-lasting product with unique combination effects

1. SOFTOX TECHNOLOGY

1. Strong pan-spectrum antimicrobial (virucidal/bactericidal) effects

2. Not shown to induce antimicrobial resistance

3. Good safety and tolerability profile – no systemic side effects

4. Stabilized molecule

A base technology tailored for different indications and uses

Business segments

Wounds

Respiratory infections

Disinfection

surfaces

Infection is one of the most frequent factors associated with delayed wound healing1

Representative CLSM images of S. aureus (A and B), P. aeruginosa (C and D). Arrows point to the wound surfaces.

variable distance to the wound surface

1. EWMA (2022). Antimicrobials and Non-healing Wounds: An Update. Journal of Wound Management. https://viewer.ipaper.io/jowm/1035279jowm20222303/sup01/ 2. Gødsbøl et al, Copenhagen Wound Healing Center; 2. Fazli et al. J Clin Microbiol 2009 Dec;47(12):4084-9

TREATMENT First line prevention and treatment of locally infected wounds (i.e. no evidence of systemic infection)

Dose dependent response answers on different wound needs, depending on colonization

SoftOx in brief SoftOx technology Markets/ Commercial development Financial review

Wound

Positive results from Phase 1 in treatment of chronic wounds (SBE-01) investigating single- and multiple ascending doses SBE

Topline results

• Safe and well tolerated
• SBE formulations reduced the absolute number of bacteria (bacterial burden) in the wound compared with pre-treatment (baseline).
• A dose dependent reduction in wound size was observed in multiple dose treatment groups.

Safe and well tolerated

SoftOx in brief SoftOx technology Markets/ Commercial development Financial review

Wound

Positive results from Phase 1 in treatment of chronic wounds (SBE-01) investigating single- and multiple ascending doses SBE

Pre-dose After IMP

Topline results

• Safe and well tolerated
• SBE formulations reduced the absolute number of bacteria (bacterial burden) in the wound compared with pre-dose (baseline).
• A dose dependent reduction in wound size was observed in multiple dose treatment groups.

Observed reductions in bioburden*

*) SBE-01 trial pooled & multiple dosing groups.

Data on file. Means ± standard deviation

Positive results from Phase 1 in treatment of chronic wounds Wound

(SBE-01) investigating single- and multiple ascending doses SBE 15 | 3rd quarter results 2022 -70% -60% -50% -40% -30% -20% -10% 0% SBE (QD) SBE (BID) Relative change in wound area from baseline (%) Relative Change from pre-dose wound area after 5 days treatment*

Topline results

• Safe and well tolerated
• SBE formulations reduced the absolute number of bacteria (bacterial burden) in the wound compared with pre-treatment (baseline).
• A dose dependent reduction in wound size was observed in multiple dose treatment groups.

Observed dose dependent trend in reduction of wound size*

SoftOx in brief SoftOx technology Markets/ Commercial development Financial review

*) SBE-01 trial multiple dosing groups.

Data on file. Means ± standard deviation

Clinical effect of re-epithelialization in acute wounds supports finding in chronic wounds

Evidence of faster re-epithelization in acute wounds

DOI: 10.2340/actadv.v102.1624.

SBE-02 - US Phase 2 follow up study

• Blinded, randomised, PC, 2 arm: SBE vs. Normal Sterile Saline (NSS)
• Patients with chronic ulcers of lower extremities (VLU)
• Treatment regimen: Once daily, 3 times per week for 4 weeks

• End points:

• Clinical evaluation of wound
• Microbial determination, reduction of bacterial burden
• Percentage wound closure
• Re-epithelialisation
• Safety (AEs)

Co-funded by US Medical Technology Enterprise Consortium (MTEC) 17 | 3rd quarter results 2022

Business segments

Wounds

Respiratory infections

Disinfection

surfaces

SoftOx Inhaled Solution (SIS): Summary of development within civilian indication

SoftOx Inhaled Solution (SIS): Exploring potential military applications as a countermeasure to biologic threats

SoftOx in brief SoftOx technology Markets/ Commercial development Financial review

SoftOx Inhaled Solution (SIS): Exploring potential military applications as a countermeasure to biologic threats

SIS-01 trial (NCT05188638). Burton et al. ERS Congress 2022. Abstract #36474.

SoftOx Inhaled Solution (SIS): Exploring potential military applications as a countermeasure to biologic threats

Business segments

Wounds

Respiratory infections

Disinfection

surfaces

Regulatory approval in Sweden

• Approval allows SoftOx to sell its disinfection products in Sweden Major milestone achieved: SoftOx's first regulatory approval https://newsweb.oslobors.no/message/573380 24 | 3rd quarter results 2022

• 1) Based on winning tenders in Norway and Sweden

• 2) Approval from KemI and Norwegian Environment Agency

Market potential in disinfection

Cost-saving and life-improving

75%

25-55%

of HCWs with hand eczema have Staphylococcus aureus biofilm infection [1

of health care workers (HCWs) have irritated skin and eczema [1

Major cost driver of HAIs

Direct relationship between hand hygiene compliance and HAIs[2

31 million HCWs in the EU & the US [3 [4 Whereof 10 million have irritated skin and eczema[5 26 | 3rd quarter results 2022

Clinically proven skin friendliness

"The skin barrier function of the healthy skin is unaffected by the repetitive exposure to SafeDes solution as compared to alcohol-based hand rubs. SoftOx's hand disinfectant is subjectively well-tolerated when applied on both healthy and irritated skin." [6 Department of Dermatology, Bispebjerg Hospital,

University of Copenhagen

• 1) Tomczak, H. et al. (2019). The role of Staph aureus in atopic dermatitis. Adv Dermatol Allergol; XXXVI (4): 485–491
• 2) MedValue+, Radboud University Medical Center and Exite International's Panel of 11 KOL/experts "2019 Health Technology Assessment; SoftOx Hand-wash for Health Care Workers with Eczema"
• 3) Eurostat- Majority of Health Jobs Held by Women (2020)
• 4) Kaiser Family Foundation Total Health Care Employment (2020)
• 5) National Eczema Association Hand Eczema Common Among Health Care Workers
• 6) Yasemin Topal Yüksel, Mie Sonne, Line Brok Nørreslet, Glenn Gundersen, Magnus Mustafa Fazli, Tove Agner. Skin Research and Technology 2021; DOI: 10.1111/srt.13096

Market potential in wound care

ACUTE WOUNDS

180 million

Individuals have skin wounds worldwide each year[1

Replacing today's wound rinse products with a better or equal risk profile and profound antimicrobial effect

Target US patient population (2018) Venous leg ulcers (VLUs) Wound

CHRONIC WOUNDS

40 million

Prevention of infections (costs) / patient

Chronic wounds worldwide[1 of population are projected to have a chronic wound in developed countries[2

2,323,804

-\$643

Estimated \$1.5 billion potential cost savings in prevention of

Improving today's chronic wound treatment with more effective removal of infections protected by biofilm infections in VLUs [3

1) MedMarket Diligence (2011). Wound prevalence and wound management: 2012-2020 2) Sen, C.K. et al. (2009) Human Skin Wounds, Wound Repair Regen, https://www.ncbi.nlm.nih.gov/pmc/articles/PMC2810192/ 3) MedValue & Radboud University (2019). Decision Modeling Assessment.

Approved Influenza drugs (on/off-label) market

Financial review

Financial review

Financial review
Profit and loss statement Accounts for Q3 and FY 2021
SoftOx Solutions Group					Operating revenue
NOK 1,000	Q3 2022	Q3 2021	Change	FY 2021
Operating revenue	0	-382		1 752	Low operating income due to low sales
Grants	2 037	1 895		6 150
Total operating revenues	2 037	1 513	35%	7 901
Personnel expenses	6 931	5 959	16%	21 113	Operating expenses
Other operating expenses	17 437	16 748		69 107	R&D expenses accounted for
Depreciation	928	721		3 784	approx. 64% of operating
Total operating expenses	25 296	23 428	8 %	94 004	expenses year to date 2022.
Operating result	-23 259	-21 915	6 %	-86 102
Net financial items	-461	-121		-189
Net result before taxes	-23 720	-22 036	8 %	-86 291
Tax				20 888
Net result after tax				-65 403
3rd 30 quarter results 2022
SoftOx in brief	SoftOx	technology			Markets/ Commercial development Financial review

Operating revenue

Low operating income due to low sales

Operating expenses

R&D expenses accounted for approx. 64% of operating expenses year to date 2022.

Financial review

Financial review
Cash flow statement	Q3 2022	Q3 2021	FY 2021
SoftOx Solutions Group NOK 1,000				equivalents
Cash flow from operating activities	-2 603	-13 713	-72 561
Net result before taxes	-23 720	-22 036	-86 291	development and
Depreciation	928	721	3 784
Change in current assets	12 772	4 287	3 061
Change in current liabilities	7 418	3 315	6 886
Cash flow from investment activities	-1 934	-814	-4 596
Investments in non-current assets	-1 934	-814	-4 596
Cash flow from financing activities	701	-5	99 339
Proceeds from equity issues	0	0	89 018
Other financing activities	0	0	10 355
Translation differences	701	-5	-34
Net change in cash and cash equivalents	-3 836	-14 535	22 182
Cash and cash equivalents at end of period	3 278	16 596	56 984
3rd quarter results 2022
SoftOx in brief	SoftOx	technology		Markets/ Commercial development Financial review

Net change in cash and cash equivalents

• Strong focus on the product development and commercialisation processes while managing cash situation carefully
• Raised convertible loan from existing shareholders for NOK 25 million and refinanced the NOK 15 million convertible loan reported in
• June. Initiated a cost improvement plan to defer noncritical R&D activities, reduce future overhead and infrastructure expenditures

Platform products under development Hand disinfection Topical infection prevention for non-compromised skin Wound care for chronic and acute wounds Topical infection prevention Topical infection remover Respiratory Topical infection remover in the respiratory track Military medical countermeasure Inhalation treatment against CBRN threats Future SoftOx technology platform opportunities Respiratory virucidal infections* Hand eczema* Venous leg ulcers* Acute surgical wounds* * Development projects already started 33 | 3rd quarter results 2022

Euronext Growth ticker: SOFTX

Unique solution for eradicating infections and fighting antimicrobial resistance

Contact Information: ir@soft-ox.com