Photocure (PHO) Corporate Presentation summary

Company overview and market position

• Commercial-stage company focused on bladder cancer with direct sales in the U.S. and Europe and global partnerships.

• Precision diagnostic product approved in about 30 countries, with 2024 revenue of NOK 525M (USD 47M) and a gross margin of ~94%.

• Publicly traded on the Oslo Stock Exchange under the symbol PHO.

• Employs around 100 people, with commercial teams in North America and Europe.

Product and clinical differentiation

• Hexvix/Cysview is a drug-device combination for blue light cystoscopy (BLC), enhancing detection and management of bladder cancer.

• BLC offers improved detection and reduced recurrence compared to white light cystoscopy, supported by strong clinical evidence and guidelines.

• Over 2,200 NMIBC patients in 9 RCTs and >3,000 in real-world registries confirm clinical benefits.

• Major urological associations globally recommend Hexvix/Cysview as standard of care.

Market opportunity and growth drivers

• Bladder cancer is the 8th most common cancer worldwide, with high recurrence and the highest per-patient lifetime treatment costs among cancers.

• Total addressable market (TAM) for precision diagnostics in bladder cancer is estimated at $1.9B in the U.S. and EU5.

• U.S. market penetration is currently under 10%, indicating significant growth potential.

• FDA reclassification of BLC equipment could expedite market expansion by allowing more manufacturers.