Good morning, and welcome to Lytix Biopharma's third quarter result presentation. We thank you for taking the time to join us today.

This quarter has been very active in terms of clinical data readouts, and I'm excited to share the most recent data with you today. We have continued to operate with discipline and purpose as we prepare for a period of key clinical milestones in 2026.

These milestones will guide the path forward for Lytix Biopharma, and I'm excited to walk you through where we stand today and what lies ahead. My name is Øystein Rekdal, and I'm the CEO and co-founder of Lytix Biopharma.

With me today is our CFO, Gjest Breistein, who will later take you through the financial results and outlook. Before presenting the highlights, let me introduce you to our company, our technology, and the clinical progress we have made.

Lytix Biopharma has built an oncolytic molecule platform that overcomes immunosuppression within the tumor microenvironment via a two-step mode of action. First, the drugs destroy the membranes of cancer cells, which releases both tumor antigens and potent immunostimulatory molecules.

This is followed by activation of immune cells that target cancer cells that have not been killed by the drug directly. The result is death of cancer cells and a broad and durable antitumor immunity.

For patients, this means not only are their tumor cells killed, but their immune system remembers how to fight the cancer to also kill metastasis and ultimately prevent tumor recurrence. Our oncolytic approach has been clinically validated across multiple skin cancers, both as monotherapy and in combination with immune checkpoint inhibitors, and has the potential to redefine the standard of care for patients prior to surgery.

Today, Lytix Biopharma is approaching the commercialization of our first asset, roxotemitide, and is expanding our pipeline with our second asset, LTX-401. Our molecules are highly synergistic and safely combinable with immune checkpoint inhibitors, the current standard of care for many cancers.

Our vision is to bring our drugs to patients early in their treatment journey, prior to surgery, to allow their immune systems to continue to fight the cancer long after it has been removed. Utilizing immunotherapy in early cancer treatments is gaining momentum in the industry, and Lytix is positioned to be first in class.

As many of you are aware of, the common standard of care for resectable tumors involves surgically removing the tumor together with immune checkpoint inhibitor therapy. There are two reasons why this approach does not work optimally: one, surgical removal of a tumor comes with a high risk of recurrence since the immune system has limited antitumor immunity; and two, the highly immunosuppressive nature of many tumors results in a modest pathological response to immune checkpoint inhibitors.

At Lytix, we can do better. Our approach to treating patients with resectable tumors is to first treat them with our oncolytic molecules to kill cancers within the tumor and to induce a durable antitumor response to prevent recurrence and to fight distant metastasis, either as a monotherapy or in combination with immune checkpoint inhibitors.

We firmly believe this is the best option for patients, as not only do we reduce the risk of recurrence, but we also have primed the patients' immune system to respond to the immune checkpoint inhibitors by overcoming the immunosuppression that causes low response rate. Let's now turn to the Q3 highlights.

Today, we'll be sharing an update on the ongoing Phase 2 study in basal cell carcinoma led by our partner, Verrica Pharmaceuticals. For our investigator-initiated NeoLIPA trial, we will describe the recent interim data that was presented at the Nordic Melanoma Meeting.

For ATLAS-IT-05, we are currently proceeding through the closeout process. For our preclinical asset, LTX-401, we are carefully reviewing development strategy options and optimal timing to enter the clinic.

On the financial front, we maintained disciplined cost control and a stable burn rate. Let's look into the clinical and operational update.

Here you see an overview of our pipeline and the status of each program. Now, I will take you through the Q3 updates for each of these programs.

Regarding the completed Phase 2 study in basal cell carcinoma, Verrica Pharmaceuticals has recently reported additional clinical data from its completed Phase 2 study with roxotemitide in basal cell carcinoma, which strengthen our conviction in the commercial potential of roxotemitide in this indication. It was earlier reported that all patients experienced a reduction in tumor size, with 51% of the patients achieving complete histological clearance.

There was a 71% reduction in tumor size for the remaining half of the patients with residual carcinomas, and an 86%—86% overall tumor size reduction, and a 97% overall calculated objective response rate. Recently, Verrica reported that abscopal effects were observed with histological reduction in the size of all non-treated basal cell carcinoma that were studied, which is consistent with broad systemic immune activation that we have observed in other cancers.

Verrica also presented immune data at the Society for Immunotherapy of Cancer's Annual Meeting in early November. These data demonstrated a strong increase in the density of CD4 and CD8-positive T cells as well as B cells, all of which support activation of an antitumor response within the tumors.

Additionally, there was a reduction in immunosuppressive cell population within the tumor microenvironment. These findings are compelling evidence that roxotemitide, a first-in-class oncolytic peptide immunotherapy, reprograms the tumor microenvironment to increase the infiltration of immune cells and transform an immunosuppressed tumor into an immune-activated one.

The mountain of evidence that roxotemitide is a potent, safe, and well-tolerated cancer immunotherapy continues to grow for superficial tumors such as basal cell carcinoma. As a part of their Q3 financial report, Verrica has indicated alignment from the FDA to conduct two Phase 3 studies with 100 patients each, both placebo-controlled, with a primary endpoint of complete clearance as assessed at week 14.

The potential of roxotemitide as a non-surgical, first-line immunotherapeutic approach for basal cell carcinoma patients is strong, and we remain committed to working alongside Verrica to ensure this breakthrough therapy reaches patients as fast as possible. Moving to our NeoLIPA study, the interim update that was presented by Dr.

Henrik Jespersen's team at the Nordic Melanoma Meeting reinforced our belief that resectable melanoma patients who have not received any previous treatment will benefit from treatment with roxotemitide prior to surgery together with immune checkpoint inhibitor therapy. As such, neoadjuvant melanoma remains a clear strategic priority indication for Lytix moving forward.

Not only do we have the opportunity to enter a large commercial market with limited competition, but we also have the potential to cure patients and their disease. Whilst the data is limited to the first nine of evaluable patients, the data is consistent with previous findings, and importantly, patients are experiencing both a high overall pathological response rate of 88% on top of a favorable safety profile and complete pathological responses in 44% of the patients.

These promising interim results showing responses in the majority of patients support roxotemitide's ability to be developed for neoadjuvant therapy in combination with immune checkpoint inhibitors. Let's now turn to LTX-401.

We strongly believe in the ability of our preclinical asset, LTX-401, to provide a highly differentiated therapy for deep-seated tumors. We have demonstrated proof of concept in several cancer models, including liver cancer models, and are in the final stages of formulation development for LTX-401, which enable us to move forward into IND-enabling studies.

We have received positive regulatory feedback in Europe that support our clinical path forward, and we are currently assessing clinical development strategies in order to identify the optimal timing and pathway for advancement into the clinic. I will now hand over to our CFO, Gjest, for the financial updates.

Thank you, Øystein. I'll now take you through the financial performance for the third quarter.

Q3 was a stable and predictable quarter from an operational cost perspective, with the only major deviation coming from the new option program implemented in September. Overall, our financial position remains solid, and we're well capitalized going through into 2026.

The headline item for this quarter was the non-cash share option expense of 11.9 million related to the new option program launched in September. This accounting charge temporarily increases the reported net loss.

If we exclude this one-off option cost, the underlying net loss for Q3 was 11.5 million, which is consistent with recent quarters. This reflects our continued cost discipline and a leaner operating base, now that ATLAS-IT-05 is in its closeout phase.

Total operating costs remain consistent with previous quarters when adjusted for the one-off option expense. Direct R&D expenses of 4.8 million were in line with Q1 and Q2.

This reflects a natural shift from the late-stage clinical activity of ATLAS-IT-05 towards the startup and enrollment of the NeoLIPA study, which continues to progress steadily. Overall, we continue to maintain tight control over operating costs and continue to strategically invest in the most value-accretive assets in the pipeline.

At the end of the quarter, cash and short-term financial investments stood at 90 million. Cash flow for the period was primarily driven by ordinary operating activity, with no extraordinary cash items affecting the quarter.

With this position, we remain well funded to deliver in the upcoming clinical milestones, including the NeoLIPA topline readout in 2026 and continued preparations for LTX-401 to enter the clinic. On the balance sheet, you will see that we have maintained a continued decline in total liabilities, which now stands at 17 million, down from 38.6 million at year-end.

This reflects the adjustment to ATLAS-IT-05 accruals made in Q2 and the closeout of that study. The balance sheet is now normalized and reflects a company focused on strategic growth as we approach commercialization.

Our path to value creation is both strategic and de-risked. Roxotemitide is progressing towards commercialization via two paths: first, our internal efforts in neoadjuvant melanoma and NeoLIPA study; and second, working closely with our partner, Verrica, on bringing roxotemitide to the market as a non-surgical, first-line immunotherapeutic treatment for basal cell carcinoma.

Together, these represent near- and mid-term opportunities to establish both clinical and commercial value. With roxotemitide squarely focused on superficial tumors, we continue to expand into deep-seated tumors with LTX-401.

With strong supportive regulatory feedback and very strong preclinical data package, we are continuing to assess strategic development pathways for this asset. Our pipeline is focused, our finance are disciplined, and we have positioned Lytix to create significant value for our shareholders.

Thank you, and with that, I'll hand it back to Øystein for closing remarks.

Thank you, Gjest. Before we move into Q&A, I want to take a moment to reflect upon the last quarter and how it has prepared us for a strong 2026.

We have now two independent clinical datasets in two different indications that clearly demonstrate the ability of roxotemitide to activate tumor-specific immune responses and ultimately deliver clinically meaningful outcome for patients. We have a drug that is potent, safe, well tolerated, and positioned to enter two commercial attractive markets.

Therefore, the path forward is very clear: while we are advancing roxotemitide towards market approval, we remain open to value-creating partnerships that can accelerate development and maximize the global potential of the program to ensure that patients can access this drug as quickly as possible. At Lytix, we remain deeply committed to being strategic, being disciplined, remain focused, to ensure to maximize potential of these drug.

Thank you. With that, we will open up for a Q&A session that will be led by Petter Tandberg.

We have delivered solid clinical data over time, and recently, we have been seen both data presented in US and at the Nordic Melanoma Meeting, so that are very positive. That means that these molecules deserve to be developed forward towards commercialization to help more cancer patients.

We are dedicated to do that, and we are looking at different strategic options, including, of course, partnerships. By any means, this needs to be moved forward, and that's what we are now planning.

We cannot go into any detail on how we are doing that, but that's really now summing up everything we have. We are very convinced that this deserves to come to the market, has a big potential, and we will come back to more detail on that at a later stage.

Yeah. Gjest?

Thank you. This is a question we have received several times before, and the next milestone payments is very important for us.

We have said that it is expected when Verrica is initiating the Phase 3 study, more accurately around the timing of recruiting the first patient. The size of the milestone payment is confidential, but what we have said before is that we have so far received $3.5 million from Verrica in milestone payments, and the next milestone payment is bigger than what we have received this far.

Thank you.

It's not up to us to comment on Verrica's financial position. They released their Q3 report on Friday and had a presentation yesterday, and we remain committed to Verrica as our partner, and strongly believe that what they sit on is well worth raising the capital for a Phase 3.

As all of you listener are aware of, we have shown immune responses in cancer patients before with roxotemitide. What was demonstrated in these immune analysis was that we're not only increase the infiltration of active immune cells, but reducing the cells that deactivate immune system.

This was also seen together with abscopal effect, that you see some effects or effects in all non-treated lesion in different patients in this study, indicating that this immune system not only work locally, but systemically. With this abscopal effect, this even further strengthen the potential of roxotemitide as a first-line treatment in basal cell carcinoma.

Yes. As mentioned, pembrolizumab alone has shown some efficacy, pathological complete responses.

The interesting findings we show is that we saw pathological responses in eight of the nine patients, whereas with immune checkpoint inhibitor has effect in some patient, and there are more resistance in other patient. We see now efficacy in most of the patients.

Still early, could be that we lucky with the patient population, but there is an indication here that we do something in the patient population that are not responsive to immune checkpoint alone, due to immunosuppression.

Last week at the Nordic Melanoma Meeting, it was reported that 13 patients were enrolled, so that was last week. That's almost half of the patients, it's still our aim to report topline results mid-2026.

ATLAS-IT-05, we are waiting for finalizing the clinical study report first quarter of 2026, and the plan is then to present the data at a cancer conference later that half a year.

Phase 3 study are larger pivotal studies to enter into the market, which has to be done one or the other way with roxotemitide. Normally you join a partnership to do a larger Phase 3 study.

We are planning to move forward and see all options how to move this forward, and we'll come back to that in more detail later. Then

I think first of all, these together continue to demonstrate roxotemitide's strong ability to work locally, induce systemic immune response. I think regarding business development in the basal cell carcinoma is, of course, up to Verrica, but I think this abscopal effect with this strong immune system activated strengthened the possibility to be a first-line treatment and should increase interest from partners in that area, but that's, of course, not our business.

I think these data also support our data that this reprogramming of tumor microenvironment, abscopal effects, showing that we working in combination with immune checkpoint inhibitor and enhance the number of patients responding to it really strengthen also roxotemitide's potential to be combined with immune checkpoint inhibitors, which should be of great interest for some of these companies with immune checkpoint inhibitors in their portfolio.

This is a investigatived-driven study with 27 patients. You need to do a Phase 3 study, a larger study, and also often you need a randomized study, meaning that you have a comparator with and without roxotemitide to really demonstrate the enhanced effect by roxotemitide.

You need to do more to reach the market, but another question is what do partners want to see? When is it sufficient data to create interest from those who have immune checkpoint inhibitors?

That's a different question, which may can happen earlier.

Thank you. We have active support from public grants today, and we are also actively applying for new grants.

That's something we always work for, and we try to understand how our projects, development projects, are in line with different regional and national and international public grants that we can and may apply for.

What we are saying and have been saying is that we are going to present topline results. Remember, the final results will not only be the short readout, but you will follow up the patients to see—I think the most important we are looking for is the time to relapse after surgery.

Patients are experiencing relapse, and also patients with immune checkpoint inhibitors. The really long-term interesting result had to see how many patients are getting a relapse and get tumor back.

I think that's the most important. We have topline data, we will follow patients for a time, this is an ongoing process to really see.

We also know that Radium Hospital will do a lot of immunological analysis, there will be several results coming. What we have said is that topline data will be presented at mid-2026.

Then

That's often the normal situation for a biotech. Phase 3 is a big study, very costly, very many patients.

You need a lot of resources. We are not there to announce that we are going to be a mid-sized pharma yet.

We will look into the opportunity to partner opportunities. This is too early to talk about how we are doing a Phase 3 study.

Okay. I would like to thank you all for following us in this very exciting time.

We hope you also continue to follow us to see what's happening in a very exciting 2026, with upcoming Phase 3 studies run by Verrica Pharmaceuticals and also how we are moving forward having these very exciting results ongoing and studies ongoing. Thank you.