Well positioned to advance pipeline to value inflection points

Financial summary January – March

• Total net revenues of SEK 5.0 m (13.2)
• Net earnings for the period is SEK -105.2 m (-90.6)
• Cash flow for the period is SEK -527.9 m (-66.7)
• Earnings per share before and after dilution SEK -3.00 (-2.63)
• Net earnings for the period for discontinued operations is SEK -28.7 m (74.7).

Operational highlights January – March

• Izipry™ continued to progress stability and reliability studies. NDA resubmission to the FDA is planned for Q3 2026. Commercialization is intended through a partnering strategy.
• OX640 accelerated its commercial‑scale manufacturing readiness ahead of entering pivotal clinical studies in Q4 2026
• First in-vivo study conducted for OX390, with data read-out in Q2 2026
• The AmorphOX® exploratory nasal semaglutide program, OX472, expanded into oral delivery, with formulation development initiated for semaglutide tablets
• Patent application filed covering oral semaglutide tablets
• Hosted R&D Day in Stockholm, Sweden, targeting investors, analysts and media.

Significant events January – March

• Early redemption of the senior secured social bond 2024/2028 was exercised, covering a total outstanding nominal amount of SEK 500 m.

Significant events after the end of the period

• No significant events after the end of the period.

CEO comments in brief
“With the divestment of Zubsolv® US, Orexo has entered a new phase. A stronger financial position allows us to step up investments in R&D, with our AmorphOX® technology at the core. During the quarter, we made good progress, particularly in the OX640 program, where we are preparing to initiate our first pivotal clinical studies later this year. It is also encouraging to see how our R&D teams are continuing to use AmorphOX to improve stability and bioavailability in challenging molecules such as peptides. Finally, I am pleased with how the organization has handled the transition following the Zubsolv US divestment, including the care and respect shown to colleagues who needed to leave the US organization.”

Uppsala, Sweden, April 28, 2026

Nikolaj Sørensen
President and CEO

For full CEO Comments see PDF

Contact persons
Nikolaj Sørensen, President and CEO
Fredrik Järrsten, EVP and CFO
Lena Wange, IR & Communications Director
+46 18 780 88 00
ir@orexo.com

Presentation
April 28, at 2 pm CEST analysts, investors and media are invited to attend a presentation, incl. a Q&A. Participants may access the event via live webcast or teleconference through the following link:
https://investorcaller.com/events/orexo/orexo-q1-report-2026
Prior to the call, presentation material will be available on the website under Investors/Rapport archive.