Hello, everyone. Welcome to the Faron Pharmaceuticals half-year re- report webcast.

Apologies for the technical issues in the beginning, but I think we're now up and running and happy to be here with you. Next slide, please.

As a biotech, classically, we will be making forward-looking statements, our standard clis- disclaimer. Next slide, please.

For today's agenda, I will be taking you through the past key events and also the future outlook. Then our Chief Financial Officer, Jurriaan Dekkers, will be presenting the actual financial results, followed by a Q&A session.

Next slide, please. Let's go to the key events of the first half.

Next slide, please. First and foremost, there may be some newcomers to the story, short introduction on Faron and high-risk MDS.

Faron is a clinical-stage immunotherapy company with proven efficacy in phase 2 that we can overcome treatment resistance in some very difficult cancers. Our lead focus is in high-risk myelodysplastic syndrome, HR-MDS.

It is a lethal form uh of leukemia causing sear- severe anemia, severe infections, and bleeding, and without any new treatments for the past 20 years. It is currently treated with a chemotherapy-like of uh regime named hypomethylating agents.

The problem with hypomethylating is that majority do not get a proper response, and eventually, basically everybody relapses, and there is no approved second-line therapy. This is an orphan indication, but the market opportunity is is significant, with 40,000 new patients each year in the US and main EU countries.

Uh Faron's bexmarilimab is a first-in-class anti-CLEVER-1 antibody. It is one of the rare drugs that has actually shown that it can improve cancer cell killing while also inducing the production of healthy blood cells in the bone marrow.

This is key for deep and durable responses and ste- sustainable benefit for patients. Let's have a look at what this drug does.

Next slide, please. Uh again, first-in-class anti-CLEVER-1 antibody.

Number one, we activate the immune system through activating monocytes and macrophages. Now number two, MDS is a cancer of the macrophage population, all the cancer cells named blast are CLEVER-1 positive.

In the context of MDS, we're not just activating the immune system, we're also depriving cancer of its main source of protection, and this is likely why we're seeing such good results. We believe we are one of the first drugs to tackle the core biology of MDS, which makes it such a difficult disease to treat.

Next slide, please. What has recently happened?

We have completed a phase 1/2 open-label study. Follow-up data has continued to come and it's been strong, confirming sustainable benefit for patients.

Meanwhile, in the area of high-risk MDS, there has unfortunately been a lot of phase 3 failures, but these come with important learnings, which we have now taken into consideration, and they have guided us to put together a phase 2b study in frontline high-risk MDS. Based on that, we have completed one of the biggest financial rounds in Finland for biotechs, €40 million raised through a rights issue, and now we are funded to deliver this phase 2b read-out.

On top of that, we will also be delivering phase 1/2 data in a number of solid tumor indications. Truly exciting times ahead.

Next slide, please. I would like to take this moment to look at the landscape of high-risk MDS.

The absolute vacuum of new treatment options has brought a lot of pharma companies into this area, there is actually a lot of development ongoing. It's primarily early-stage, actually we have now evolved as one of the leading candidates in this space and especially a leading candidate when it comes to disease-modifying agents.

What we're showing here on the screen is some of these attempts still rely on targets that have un- unfortunately failed in this space, like CD47, BCL-2 inhibitors, and also kinase inhibitors, but there is a nice fleet of new immunomodulating agents coming to this area, for example, galectin-9 inhibitor or a PI3K gamma inhibitor. I would say now, finally, the area the field of MDS have understood that we cannot continue giving toxic cytopenic drugs to these patients, we need something truly disease-modifying, and we are leading this new era.

Next slide, please. What really makes our drug bexmarilimab different and I would say special is what we showed is the mode of action, and then the safety profile that comes with the mode of action.

We again, we're not a cytotoxic agent causing anemia and neutropenia. Actually, it looks like we are making it better.

Here in this slide in gray, you can see what is expected uh from a safety profile for the market-leading HMA azacitidine, but when we add bexmarilimab to azacitidine, we're not actually increasing these safety issues. We're actually making them better cuz we are again, one of the rare, possibly only drugs that improves cancer cell killing while also inducing the production of healthy blood cells.

Next slide, please. That was the safety, and this is the efficacy.

What are we looking at here? In the frontline, where patients see azacitidine also the first time, one can expect, historically, 16 to 17, in recent trials up to 20%, complete remission rate, and that's ultimately what you want to achieve for these patients.

Complete remission is cancer is gone and blood counts are back to normal. What we've seen in our open-label phase 1/2 is a 45% CR rate, which is outstanding.

Uh still, survival is pretty immature in the frontline setting, but we have just recently reported the first data cut, and we will be presenting those in upcoming medical conferences. Now in the last-line setting, the relapsed/refractory setting, where nothing seems to work, salvage treatment only usually brings 5 to 6 months of median survival.

We are expecting to double that. Again, sustainable benefit for patients.

Next slide, please. We're entering late-stage development.

We have further strengthened our tre- team during H1. Chief Technical Officer, Mr.

Heikki Joensuu, had has started with decades of experience bringing drugs to market from a supply chain and manufacturing perspective. Just as important as the clinical trials are, is the manufacturing of the drug and preparing it for marketing approval.

We have partnered up with Parexel, a world-leading global contract research organization, to deliver the phase 2b. We are very happy with this partnership, and it has gone after good start.

Then on the business development side, we have further strengthened our team with George Golumbeski joining our board. He brings decades of experience from business development across the industry.

We are extremely happy with our team. Next slide, please.

Recently, what's now coming up, then? We have announced that the BLAZE study in checkpoint-refractory lung and melanoma has gained regulatory approval, also the BEXAR study in soft tissue sarcoma has gained regulatory approval.

The FINPROVE study in breast cancer will not be proceeding. It will require a standalone study, and we are focusing our resources on our main MDS program instead of putting together a standalone study for breast cancer.

AML study BEX-M-X is also progressing, and currently in protocol development is the further relapsed/refractory MDS study with the City of Hope with oral HMA, the newcomer to the area. Rather vast pipeline producing a lot of new data for such a small company.

Next slide, please. What can our audience and investors uh look for for H2?

As said, we just did the first data cut for the survival read-out in the frontline high-risk MDS population. It's trending good.

We will repo- report we will report further follow-up data in upcoming conferences, and this is why this data cut was performed. Also, in upcoming major conferences, we will be reporting actual more mature, further data from the first-in-human MATINS solid solid tumor trial and also how other trials progress in solid tumors.

The scientific foundation of CLEVER-1 continues to strengthen and broaden during the second half. Next slide, please.

What can one anticipate further from a news flow? There will now in H2 be a series of first-patient-in announcements from a number of these trials.

There will be further follow-up data from our existing trials. Then comes the most exciting year, year '27, when a lot of this data will be coming out from these trials.

Very exciting times ahead. We've worked extremely hard during H1 to get these trials starting, and now they are starting.

I couldn't be more excited. Next slide, please.

Next, we will give the floor to our Chief Financial Officer, Jurriaan, to talk about the financial results.

Thank you, Juho. I will present our financial results for the first half of 2026.

The first six months of the year have been transformational for Faron from a financial perspective. We significantly strengthened our balance sheet through the successful completion of a fully covered rights issue, providing the resources needed to execute our clinical development strategy and advance bex into its next major milestones.

Our financial performance reflects continued disciplined cost management while maintaining strong focus on value value-generating clinical activities. Most importantly, we now have the funding necessary to support the phase 2 BEX-M-MDS clinical trial and also support our IITs and reach key data read-outs expected in 2027.

Next slide, please. During the first half of 2026, we substantially strengthened our financial position through the successful completion of our rights offering.

The transaction generated gross proceeds of approximately €40 million and net proceeds of approximately €32.8 million. As a result, our cash position increased to €32 million at the end of June 2026, compared with €13.5 million at the same time last year.

Importantly, we are now funded through the expected phase 2b BEX-M-MDS read-out in 2027 and several other important milestones across our development program. Operating loss for the period was €11.1 million, broadly in line with the €11.8 million operating loss reported in the first half of 2025.

This reflects our continuous focus on responsible capital allocation while advancing our clinical development program. Our balance sheet has also improved significantly, with net assets of €11.6 million at the end of June 2026, compared with negative net assets of €16.7 million 1 year earlier.

Overall, we believe these results demonstrate both financial discipline and our ability to secure the capital required to execute on our strategy and create long-term shareholder value. Next slide, please.

Turning the events to the reporting period after. On the 1st July, the board confirmed the grant of approximately 2.2 million options under the company 2026 share option plan.

These awards are intended to support employee retention and align incentives with long-term shareholder value creation. On the 3rd of August, the company approved the exercise of 3.6 million special rights.

This was completed in connection with the scheduled amortization payment of the first and second tranche convertible bonds. As of August 202- 2026, Faron had 227.8 million ordinary shares outstanding, of which 25 million shares were held in treasury.

In summary, Faron enters the second half of 2026 with a strengthened capital position, funding secured through the key value inflection points, and a clear focus on delivering the next important clinical milestones for bex.

Thank you, Jurriaan. Then to some key conclusions before Q&A.

Next slide, please. We just want to recap.

Large, underserved market opportunity in high-risk MDS with best-in-class efficacy seen to date, with actually one of the worst-off, most severe populations reported. This is thanks to, I would say, our unique, differentiated mode of action and safety profile, which is exactly what these patients need.

This gives us an open window to be the leading asset in development for high-risk MDS, and we are funded to deliver the next significant catalyst. Thank you.

Next slide and questions, please.

We are very confident. We are well on track.

Uh we have completed country and site uh selection and feasibility. Uh all regulatory submissions to the regions being USA, Europe, and UK have been submitted, we are very well on track to deliver the first patient in.

Again, we expect enrollment to be completed around beginning of August, allowing for then the CR to mature so that we will be doing the data cut and read-out for November '27.

BEXMDS itself is a very compact, straightforward study, there will be no interim. It's the actual uh read-out that will be coming uh in late '27.

For that read-out, to look out uh look out for, and the no-goes/go decisions are based on the primary endpoint CR read-out. Then with the CR read-out, that will give uh us insight on the effect size, how big is the effect size against the comparator single-agent aza, ha- the most important information from that will be the size of the phase 3, then.

Also, then very importantly, we'll be confirming the phase 3 endpoint with the FDA at that moment. Also, depending on the effect size, again how high is our CR rate compared to the control CR rate is the question that should R/R MDS, the last-line population, which have no options available, should accelerated approval be considered in that area?

That's a separate discussion to be had with the FDA.

It doesn't change the cost. Actually, we have uh I cannot elaborate too much, buddy, we have a risk-sharing-based agreement where, with a certain amount of money, we are aiming to hit the enrollment and read-out, we're, in a sense, in a way capping it.

Again, with a large global organization like Parexel, we're we believe in fast delivery, fast and strong delivery, we again, we will be on time and on cost.

Our cash run- our cash runway

is

based on uh on the forecast, the current forecast of management of our clinical trial expenditure, principally our BEXMDS costs, our operating costs, and the expected timing of the cash flows. Good to know that our cash runway does not assume any additional cash flow from new financing, income from potential partnerships, and related milestone payments.

Faster than planned BEXMDS enrollment, unplanned IIT support, or non-dilutive income, for example, from a partnership, are examples of factors that could impact the cash runway.

G&A in the first half of 2025 was impacted by €1.3 million non-recurring consulting costs relating to our convertible bond. Beyond that, we've maintained discipline on our overall cost and our G&A spend in general, and we haven't announced a formal named restructuring or saving plan.

It is again, me as a physician-scientist, what is very convincing to us and our investigators is what we see happen in the bone marrow of these patients. Again, not just killing cancer, but actually enhancing the production of healthy blood cells, majority of these patients becoming transfusion-independent, majority of these patients achieving MRD negativity, no minimal residual disease, no disease to be measured, blood counts back to normal.

Again, it is very convincing, but actually the most convincing thing again, what we believe and our investigators believe is the most important thing is the last-line efficacy and the last-line survival benefit. It's it is again, some of the strongest data seen in this.

Not that many of these drugs that have been trialed in high-risk MDS actually had that good last-line results. The last-line results is actually what stands out here.

Yes, it does, actually. Almost 300 patients have now been dosed with uh with bex, and the safety profile is very robust, solid, no surprises.

It's constantly giving the same signal. We are very happy with the safety profile, and again close to 300 patients have been treated with the drug already.

It is actually very minimal, the far majority of our finances goes to the MDS program, the lead program. Uh to give a ballpark, basically these IITs take 1/10 of what actual sponsored trial takes.

A 10% improvement. Based on the current data, what we would like to see, and which would be amazing, that we double the CR rate.

That's that would be, again, absolutely amazing. That's what we're aiming for.

We would be very happy, and again a go/no-go decision is if we improve the CR rate by 10%. Let's say if aza is 16, we are 26.

If aza is 18, we are 28.

Thank you, everybody. Thank you for joining the H1 webcast.

We look forward to keeping you up to date on our progress. Again, data generation starts from here.

Exciting times ahead. Have a good day.