Pharma Equity Group Q2-25

Successful Execution Hinges on Financing

With a new strategy announced in H1-25, Pharma Equity Group (“PEG” or “the Company”) is transitioning toward a diversified investment platform within life sciences , anchored by two Phase II assets with near-term commercialization potential: RNX-011 (peritonitis) and RNX-051 (colorectal cancer). Both are expected to enter pivotal trials in H2-25, with partnering discussions aimed at de-risking execution and securing co-funding. The strategy leverages a capital-light model of drug repositioning and out-licensing, enabling PEG to scale efficiently while maintaining a lean cost base. Supported by a strengthened leadership team and sharpened strategic focus, the Company is well-positioned to unlock meaningful shareholder value, contingent on securing adequate funding to capitalize on upcoming clinical and comercial catalysts. Reflecting the clear prioritization of RNX-011 and RNX-051, we have revised our estimates, resulting in a potential present value of DKK 0.6 (0.8) per share in our Base scenario, derived by a rNPV-model.

• Strategic Shift Aimed at Diversifying the Portfolio

During Q2-25, PEG launched a revised investment strategy, repositioning the Company as a diversified life science investment platform and expanding beyond pharmaceuticals into Medical Devices and MedTech-segments with shorter development timelines, lower capital intensity, and streamlined regulatory pathways. This marks a clear break from the historic pharma-centric model, aiming to diversify risk and capture value across multiple innovation cycles. However, Reponex remains a core portfolio company under this new framework. The strategy is reinforced by the appointment of Christian Tange as CEO, who brings more than 25 years of experience in financial transformation and transactions. We emphasize that a successful capital raise will be a critical prerequisite for realizing the long-term value potential embedded in this revised investment platform.

• Clinical Progress and Partnering Efforts

PEG has streamlined the focus to RNX-011 and RNX-051, the two programs with the clearest paths to commercialization. RNX-011 is expected to enter Phase II during Q3-25, with management simultaneously seeking a co-development partner for Phase IIb, which would materially reduce costs and pave the way for a licensing deal. RNX-051 is also advancing toward a Phase IIb trial, where a strategic partnership could de-risk execution and unlock significant licensing potential.

• Streamlined Focus Reflected in Our Forecasts

We have adjusted our forecasts to reflect PEG’s prioritization of RNX-011 and RNX-051, the candidates with the clearest near-term commercial potential. Consequently, revenue from RNX-041 and RNX-021-23 is deferred to 2027 and 2028, respecttively. While this reduces the breadth of near-term pipeline activity, it improves execution visibility and increases the likelyhood of reaching value-inflection points despite current funding constraints. The current share price contrasts sharply with our Base case valuation, underscoring the binary nature of the case where licensing agreements will be the decisive catalysts for unlocking shareholder value.