Molecular Partners (MOLN) H.C. Wainwright 3rd Annual BioConnect Investor Conference 2025 summary

Company overview and platform

• Focuses on oncology using DARPin (Designed Ankyrin Repeat Protein) technology, a modular protein platform for targeted therapies.

• Pipeline includes radiopharmaceuticals and multispecific DARPins, with programs in radiotherapy and AML (acute myeloid leukemia).

• AML program in phase I, with two data sets expected in 2024, leveraging conditional activation to spare healthy cells.

• Logic-gated immune cell engagement programs are in early stages, with data presented at AACR showing tumor-specific activation.

Radiopharmaceuticals and Orano Med collaboration

• Collaboration with Orano Med, a lead-212 focused biotech, expanded in January 2025 to cover up to 10 products.

• Partnership structure allows 50-50 development, with each party holding rights to specific programs; commercial rights for DLL3 and mesothelin retained.

• Orano Med's centralized U.S. manufacturing enables same-day delivery for radiopharmaceuticals, covering about 70% of the continental U.S.

• Lead-212's short half-life and chemical production process allow daily manufacturing and rapid patient rescheduling.

Market landscape and technology differentiation

• Radiopharmaceuticals are gaining broader adoption, with faster development cycles compared to ADCs.

• DARPin platform enables half-life modulation, reducing off-target toxicity and allowing rapid iteration for new programs.

• Pre-targeting systems are considered for future development, but current focus is on optimizing DARPin properties.