Analyst Comment

Faron presented BEXMAB results at industry conference

Translation: Original published in Finnish on 5/13/2025 at 7:00 am EEST.

On Monday, Faron released a press release on the interim data of the BEXMAB trial. The data is based on the year-end readout, which was presented and reported, and the results of which were presented again at a conference held over the weekend. The new data was presented at a level of detail that we do not consider to be of great importance for the big picture. Our attention is focused on the new data to be published in the near future and the analysis of the results, based on which Faron will host a webcast on June 2.

A new readout and analysis will be published in the coming weeks

The presentation at the conference was based on a data readout from November, which was presented at the ASH meeting in December. The readout included 20 patients with myelodysplastic syndrome (MDS) who no longer respond to HMA treatment (so-called relapsed/refractory MDS; r/r MDS). New analysis has now been carried out on this data, but in our opinion, the practical significance of the results is small at this stage. This is because the new readout and its analysis will be presented soon.

The entire BEXMAB study includes 35 r/r MDS patients, of which Faron has already announced topline results in April. In addition, the latest readout includes first-line MDS patients in addition to r/r patients. The results from this larger patient population will be presented in more detail at the ASCO conference at the end of May, after which Faron will host a webcast for investors on June 2. According to our information, the analysis of the results will be presented according to the latest IWG 2023 MDS criteria. This implies better information on the quality of responses than before. It is therefore possible to draw better quality conclusions from the results than before, as the quality of the responses is of key importance for the patients' future life expectancy. The increase in life expectancy, on the other hand, is of paramount importance in applying for a marketing authorization for a drug. We will review our view on the stock when new information is available at the end of the month.

Faron is a global, clinical-stage biopharmaceutical company, focused on tackling cancers via novel immunotherapies. Its mission is to bring the promise of immunotherapy to a broader population by uncovering novel ways to control and harness the power of the immune system. The Company's lead asset is bexmarilimab, a novel anti-Clever-1 humanized antibody, with the potential to remove immunosuppression of cancers through reprogramming myeloid cell function. Bexmarilimab is being investigated in Phase I/II clinical trials as a potential therapy for patients with hematological cancers in combination with other standard treatments.

Key Estimate Figures16.04

	2024	25e	26e
Revenue	0.0	0.0	0.0
growth-%
EBIT (adj.)	-18.7	-18.9	-30.5
EBIT-% (adj.)	-466,750.0 %	-472,000.0 %	-762,390.0 %
EPS (adj.)	-0.25	-0.20	-0.29
Dividend	0.00	0.00	0.00
Dividend %
P/E (adj.)	neg.	neg.	neg.
EV/EBITDA	neg.	neg.	neg.