Chosa Oncology (CHOSA) Investor Update summary

Strategic platform and technology

• Proprietary solution can more than double the efficacy rate of platinum-based chemotherapy, especially in combination with PD-L1 immune therapies, targeting a rapidly growing market expected to reach $150 billion by 2032.

• Technology enables precise identification of patients most likely to benefit from combination treatments, increasing pathological complete remission rates from 24% to 44%.

• The drug response predictor (DRP) utilizes 205 genes, is patented until 2038, and has been validated in lung and breast cancer studies.

• Clinical validation includes four independent studies and development based on data from 5,000 patients.

• The test costs $1,500 per patient, with potential for price reduction at scale, and is positioned as cost-effective compared to immune therapy and clinical trial costs.

Commercialization and partnerships

• Commercialization strategy focuses on partnering with PD-1 or biosimilar owners, offering differentiation in a crowded market where top three products hold over 90% share.

• Proposed business model is a subscription-based royalty, with partners handling regulatory and commercial activities, and CHOSA providing logistics and analysis.

• Conservative estimates suggest a 5% royalty on revenue gains, potentially yielding $50 million annually from a $1 billion revenue increase for a partner.

• Ongoing discussions with pharma companies, with expectations that upcoming clinical data will drive further interest and potential deals.

Financial update and capital raise

• Currently conducting a hybrid capital raise, including a directed issue and a rights issue, targeting SEK 20 million in total.

• Rights issue offers three shares and three warrants per unit at SEK 1.86, with a strike price for warrants set at SEK 0.78.

• Proceeds will primarily fund key opinion leader (KOL) studies in Europe and the US, with the remainder supporting working capital.

• Annual burn rate is approximately SEK 7 million, and a successful raise will significantly extend the financial runway.