Q1 2025 highlights
› Total net revenues of SEK 146.2 m (139.3)
› EBITDA of SEK 5.9 m (15.9)
› Net earnings of SEK -15.9 m (-8.9)
› US Commercial segment net revenues of SEK 133.0 m (129.3), in local currency USD 12.5 m (12.4)
› Cash flow from operating activities of SEK 32.9 m (-18.9), cash and cash equivalents of SEK 119.1 m (198.0)
› Earnings per share before and after dilution amounted to SEK -0.46 (-0.26)
› Positive topline data showed from clinical study of OX640, a nasal powder-based epinephrine product, in participants with allergic rhinitis
› Future rights to royalties for OX-MPI, a new treatment for endometriosis, converted to shares in Gesynta Pharma valued at SEK 19 m.

Important events after the end of the period
› Orexo in collaboration with Abera Bioscience announced positive in-vivo data for powder-based intranasal vaccine formulated with the AmorphOX® technology.

CEO comments in brief: Stable commercial business in a volatile market

I’m pleased to report a stable start to 2025 from financial and product development perspectives. Our financial results in the quarter are in line with our expectations, including a positive EBITDA and only a slight decline in our cash position, caused solely by a weakening of the USD in March. Cash flow from operations is positive and have improved since last year. This is pleasing given that the first quarter can often be a challenging period, characterised by inventory reductions at wholesalers and a recurring seasonal decline in market demand due to resetting of deductibles, and formulary changes.

We’re continuing to work with our nasal device supplier. As we’re yet to have a firm delivery date for the device, we’re now looking to resubmit OX124 to the FDA in mid-2026. Interest in OX640 from potential partners has increased since we in January reported positive results from our second OX640 clinical study, where we showed strong potential for a differentiated product.

Uppsala, Sweden, May 6 2025
Nikolaj Sørensen
President and CEO

For full CEO comments see attached PDF.

Contact persons quarterly report
Nikolaj Sørensen, President and CEO
Fredrik Järrsten, EVP and CFO
Lena Wange, IR & Communications Director
Tel: +46 18 780 88 00, +1 855 982 7658
E-mail: ir@orexo.com

Presentation
On May 6, at 2 pm CEST analysts, investors and media are invited to attend a presentation, incl. a Q&A.

To attend via teleconference where you can ask questions verbally:
Use this link (1): Orexo Q1 Report 2025
When registered you will be provided phone numbers and a conference ID to access the conference.

To attend via webcast:
Use this link (2): Orexo Q1 Report 2025

Prior to the call, presentation material will be available on the website under Investors/Rapport archive.