Xspray Pharma (XSPRAY) investor relations material

Executive summary

• Advanced regulatory progress for Dasynoc, with all FDA information requests addressed; launch targeted for late 2026 pending third-party manufacturing clearance.

• Regulatory pathway for Nilopki revised after FDA Complete Response Letter; resubmission planned for Q4 2026, making a 2026 launch unlikely.

• Rights issue and over-allotment raised SEK 113 million, significantly oversubscribed, strengthening financial position.

• Continued disciplined cost management and operational readiness for commercial launches.

Financial highlights

• Net sales were SEK 0 thousand for both Q2 and H1 2026 (unchanged year-over-year).

• Loss before tax improved to SEK -39,794 thousand in Q2 2026 (from -44,885 thousand Q2 2025) and SEK -75,174 thousand for H1 2026 (from -87,206 thousand H1 2025).

• Earnings per share before dilution improved to SEK -0.87 in Q2 2026 (from -1.21 Q2 2025) and SEK -1.72 for H1 2026 (from -2.35 H1 2025).

• Cash and cash equivalents increased to SEK 179,905 thousand at June 30, 2026 (from 73,807 thousand a year earlier).

• Cash flow from operating activities improved to SEK -36,946 thousand in Q2 2026 (from -44,111 thousand Q2 2025).

Outlook and guidance

• Dasynoc launch in the US remains targeted for late 2026, contingent on timely regulatory clearance of the manufacturing facility.

• Nilopki resubmission to FDA planned for Q4 2026; US launch unlikely in 2026.

• Additional financing will be required to support commercial launches and ongoing operations over the next 12 months.