Pharma Equity Group A/S

“This guidance reflects the inherent uncertainty associated primarily with the timing of a potential licensing agreement and the initiation of RNX-051. The expected financial performance remains consistent with the Group’s strategy of progressing assets towards value-inflection points and pursuing value realisation through partnership and licensing structures.”

Annual report 2025A · The company itself

“In 2024, Reponex received preliminary results from the funded Phase 2 study conducted in collaboration with the Center for Surgical Science at Zealand University Hospital, which evaluated RNX-051’s effectiveness in eliminating protective biofilm around adenomas and cancer polyps. The initial results are promising.”

Annual report 2025A · The company itself

“On 1 September 2025, the company announced in company announcement no. 10 that Reponex has received regulatory approval to initiate a pivotal Phase 2 study with RNX-011. The approval is a key milestone for the company and a validation of the scientific strategy for RNX-011.”

Annual report 2025A · The company itself

“The approved study protocol is undergoing targeted adjustments to sharpen the study design in line with expectations and requirements from potential licensing and collaboration partners, with a particular focus on ensuring that the clinical endpoints clearly reflect the observed treatment response and thereby support the project’s differentiation and licensing attractiveness. RNX-011 has shown promising results within the peritonitis indication.”

Annual report 2025A · The company itself

“Reponex has a broad patent portfolio protecting the company’s drug candidates in the most important geographic markets. Patent protection is a crucial prerequisite for the company’s commercial strategy and licensing negotiations.”

Annual report 2025A · The company itself

“In 2026, the Group will focus on initiating key clinical studies and strengthening its investment platform In 2026, the Group will continue executing its strategy as a focused life sciences investment company with Reponex Pharmaceuticals A/S (“Reponex”) as a dedicated drug development portfolio company.”

Annual report 2025A · The company itself

“The Board of Directors and Executive Management consider the chosen strategy—prioritising long-term value creation through disciplined development, partnerships and selective portfolio expansion—to be the most responsible and value-creating approach for shareholders.”

Annual report 2025A · The company itself

“The Group’s objectives for 2026 are centred on three priorities: • Continue to develop Reponex’ key programs towards valueinflection points that support future licensing and partnership agreements • Identify and assess additional acquisition opportunities aligned with PEG’s updated investment strategy across Pharma and Medical Devices (including MedTech) • Strengthen the Group’s capital preparedness to ensure robust execution of the strategy and support portfolio development In executing these priorities, the Group will continue to maintain a lean cost base and a high degree of cost flexibility, supporting capital efficiency while ensuring continued progression of the portfolio and development activities.”

Annual report 2025A · The company itself

“The Group’s preferred commercialisation pathway remains to progress assets to relevant clinical milestones and pursue value realisation through partnership and licensing structures.”

Annual report 2025A · The company itself

“Reponex’ ambition is to create value by advancing its clinical programs to a stage with relevant clinical data that can form the basis for licensing agreements with global pharmaceutical companies.”

Annual report 2025A · The company itself

“The company operates with a lean organizational structure and an aggressive outsourcing strategy that ensures flexibility and cost efficiency.”

Annual report 2025A · The company itself

“In line with the strategic prioritization of the pipeline announced in December 2024, the company has chosen to focus its clinical and financial resources on the three highest-priority programs.”

Annual report 2025A · The company itself

“The woundhealing candidates are still considered to be of significant clinical and commercial interest and will be pursued through strategic clinical and industrial collaborations.”

Annual report 2025A · The company itself

“For 2026, the Group expects revenue in the range of DKK 3.0–8.6 million and EBIT to be negative in the range of DKK 5.8–11.4 million.”

Annual report 2025A · The company itself

“Reponex Pharmaceuticals A/S is a clinical Phase 2 biopharmaceutical company developing new, effective treatments for diseases with significant patient and societal impact, where current treatment is insufficient or absent. The company uses repositioning of known drug substances, meaning the active compounds already have a well-documented toxicity and side-effect profile. This approach reduces risk and can potentially shorten development timelines compared with traditional drug development.”

Annual report 2025A · The company itself

“As announced in company announcement no. 32 of 13 December 2024, Reponex Pharmaceuticals A/S has based on an ongoing evaluation of the clinical pipeline and a range of fundamental commercial criteria, including medical need, patient recruitment, regulatory requirements, probability of success, and requirements for both human and financial resources—decided to give highest priority to the following three development programs: • RNX-051 for the treatment of colorectal adenomas and colorectal cancer • RNX-011 for the treatment of secondary bacterial peritonitis • RNX-041 for the treatment of IBD (pouchitis) All three development programs have demonstrated relevant, informative, and strong clinical data and have obtained patent protection in the company’s primary geographic areas.”

Annual report 2025A · The company itself

“RNX-051 is a novel formulation combining metronidazole and fosfomycin, forming an in situ gel upon direct application to the intestinal wall, for example during a colonoscopy procedure. The formulation is aimed at eliminating bacterial biofilms that are believed to play a central role in chronic inflammation and progression of colorectal neoplasia. Research into the role of biofilms in colorectal cancer development is growing rapidly, and the presence of bacteria such as Fusobacterium nucleatum in colorectal tumors is associated with increased cancer risk and poorer clinical outcomes.”

Annual report 2025A · The company itself

“RNX-011 is an innovative formulation combining granulocytemacrophage colony-stimulating factor (GM-CSF) with the broadspectrum antibiotics fosfomycin and metronidazole. The formulation is specifically designed for direct intraperitoneal administration during surgical procedures. In an exploratory study funded by Reponex, patients treated with RNX-011 showed markedly improved outcomes compared with those receiving standard treatment with intravenous antibiotics, including significantly shorter hospital stays and no infectious complications.”

Annual report 2025A · The company itself

“The study is a randomized, placebo-controlled trial investigating a unique triple-action therapy combination administered directly into the abdominal cavity during surgery. The purpose of the study is to document that RNX-011 can reduce the number of severe postoperative complications, such as abscesses and the need for reoperation, which is the primary value-creating endpoint for potential licensing partners. The study will also measure the treatment’s effect on local inflammation (IL-6) as well as patients’ overall recovery (QoR-15). The study is expected to include 32 patients.”

Annual report 2025A · The company itself

“Pouchitis represents one of the most common long-term complications after IPAA and can in some cases lead to pouch failure and permanent ileostomy. RNX-041 is an innovative formulation combining GM-CSF with the broad-spectrum antibiotics fosfomycin and metronidazole, designed for direct administration into the pouch via catheter and/or enema. The formulation aims to restore the balance between immune cell activity and bacterial growth.”

Annual report 2025A · The company itself

“As stated in the annual report for 2024, RNX-041 is actively included in part 2 of the ongoing clinical Phase 2 proof-of-concept study regarding treatment of pouchitis. The study aims to establish a safety profile and investigate the therapeutic effect of both single-dose and multi-dose treatment regimens.”

Annual report 2025A · The company itself

“The global wound care market was estimated at USD 24.1 billion in 2025, with expected continued growth at a compound annual growth rate of 4.3% from 2026 to 2033, according to Grand View Research RNX-021, RNX-022 and RNX-023 are formulations of GM-CSF alone or in combination with various antimicrobial agents, aimed at restoring immunological balance in the wound environment, removing bacteria and dead tissue, and stimulating the formation of new epithelium. The company has obtained granted patents for RNX-022 in the EU and the USA and for RNX-023 in the EU. The patents are valid until 2035, with the possibility of extension to 2040 upon obtaining a Supplementary Protection Certificate (SPC).”

Annual report 2025A · The company itself

“This guidance reflects the inherent uncertainty associated primarily with the timing of a potential licensing agreement and the initiation of RNX-051. The expected financial performance remains consistent with the Group’s strategy of progressing assets towards value-inflection points and pursuing value realisation through partnership and licensing structures.”

Annual report 2025A · The company itself

“As announced in company announcement no. 16 of 29 December 2025, the company is in advanced and constructive dialogue with potential industrial partners regarding RNX-051. The discussions include structures that may lead to a licensing or partnership agreement, and the company expects to be able to conclude these negotiations in H1 2026.”

Annual report 2025A · The company itself

“The Group’s preferred commercialisation pathway remains to progress assets to relevant clinical milestones and pursue value realisation through partnership and licensing structures.”

Annual report 2025A · The company itself

“Reponex’ ambition is to create value by advancing its clinical programs to a stage with relevant clinical data that can form the basis for licensing agreements with global pharmaceutical companies.”

Annual report 2025A · The company itself

“The Group’s objectives for 2026 are centred on three priorities: • Continue to develop Reponex’ key programs towards valueinflection points that support future licensing and partnership agreements • Identify and assess additional acquisition opportunities aligned with PEG’s updated investment strategy across Pharma and Medical Devices (including MedTech) • Strengthen the Group’s capital preparedness to ensure robust execution of the strategy and support portfolio development In executing these priorities, the Group will continue to maintain a lean cost base and a high degree of cost flexibility, supporting capital efficiency while ensuring continued progression of the portfolio and development activities.”

Annual report 2025A · The company itself

“In line with the updated investment strategy, PEG will continue to identify and evaluate acquisition opportunities across Pharma and Medical Devices/MedTech and apply disciplined screening and governance through the Investment Committee.”

Annual report 2025A · The company itself

“On 1 September 2025, the company announced in company announcement no. 10 that Reponex has received regulatory approval to initiate a pivotal Phase 2 study with RNX-011. The approval is a key milestone for the company and a validation of the scientific strategy for RNX-011.”

Annual report 2025A · The company itself