Analyst Group Initiates Coverage of SoftOx Solutions and Comments on the H1 2026 Report

Analyst Group View on SoftOx

Analyst Group considers SoftOx to address a treatment gap that current therapy has yet not closed. In CF, CFTR modulators have transformed treatment but do not eliminate bacteria already established within the airways, and chronic inhaled antibiotics remain the standard of care, with approximately 12,400 patients across the US and EU4+UK receiving such treatment, corresponding to a market of approximately USD 600m. Within NCFB, an addressable market of approximately USD 5bn, the first therapy approved specifically for the indication reached the market in August 2025 and has been guided to USD 1.25bn – 1.4bn in revenue in its first full year, validating the commercial opportunity. The approved therapy addresses inflammation rather than infection, and no antimicrobial therapy has been approved specifically for NCFB in the US or Europe. SIS thereby targets the bacterial component of both diseases, in markets where reimbursement at specialty pricing is already established.

In our view, the combination of a non-antibiotic mechanism with broad antimicrobial activity, local delivery to the site of infection and a safety profile established across two studies positions SoftOx well ahead of the proof-of-concept readout during H1-27, and Analyst Group expects partnering discussions to advance following the readout. Beyond CF and NCFB, the mechanism is also relevant in acute respiratory infections such as hospital-acquired and ventilator-associated pneumonia, while the externally funded biodefense programme adds human clinical data and illustrates the breadth of the platform.

SoftOx published its interim report for the first half of 2026 on the 23rd of September 2026. The following are key points we have chosen to highlight in connection with the report:

• Dose escalation completed without serious adverse events and first patient dosed in the proof-of-concept phase, with readout expected during H1-27
• SIS-02 entered clinical execution with the first participant dosed in June 2026, externally funded through the European Defence Fund and the Norwegian Ministry of Defence
• Operating expenses of NOK 19.5m (9.5) reflect two clinical programmes running in parallel, with approximately 70% directed toward R&D
• Cash of NOK 21.4m and a flexible financing facility, estimated to fund the Company into the H1-27 readout

Read Analyst Group’s view on SoftOx and the report here

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This is a press release from Analyst Group regarding the publication of a comment on SoftOx Solutions. Readers may assume that Analyst Group has received compensation for making the comment. The Company has not been given an opportunity to influence the parts where Analyst Group has had opinions about the Company, future valuation or anything else that could be considered a subjective assessment.