Half Year 2026 Thor Medical ASA Earnings Call

August 28, 2026

Speaker #1: Welcome to Thor Medical's results for the first half of 2026. My name is Matthias Nilsen Reit, and with me today I have my dear colleagues Jasper Kert, CEO, and Brede Ellingsetter, CFO and COO.

Mathias Nilsen Reierth: of Thor Medical's results for the H1 of 2026. My name is Mathias Nilsen Reierth, and with me today I have my dear colleagues, Jasper Kurth, CEO, and Brede Ellingsæter, CFO and COO. There will be time for some questions after this session. For those of you who are joining us online, please submit the questions now, and we will address a few of them before we open the floor for questions here in Oslo. Before we start, also, please note that this presentation contains forward-looking statements, and the full disclaimer can be found in the presentation material that we sent out earlier today. Brede will go through operations and key financials, but first, Jasper will take you through our latest progressions in the period. Jasper.

Mathias Nilsen Reierth: —of Thor Medical's results for the H1 of 2026. My name is Mathias Nilsen Reierth, and with me today I have my dear colleagues, Jasper Kurth, CEO, and Brede Ellingsæter, CFO and COO. There will be time for some questions after this session. For those of you who are joining us online, please submit the questions now, and we will address a few of them before we open the floor for questions here in Oslo.

Speaker #1: There will be time for some questions after this session, so for those of you who are joining us online, please submit your questions now, and we will address a few of them before we open the floor for questions here in Oslo.

Speaker #1: Before we start, please also note that this presentation contains forward-looking statements, and the full disclaimer can be found in the presentation material that we sent out earlier today.

Mathias Nilsen Reierth: Before we start, also, please note that this presentation contains forward-looking statements, and the full disclaimer can be found in the presentation material that we sent out earlier today. Brede will go through operations and key financials, but first, Jasper will take you through our latest progressions in the period. Jasper.

Speaker #1: So, Brede will go through operations and key financials, but first, Jasper will take you through our latest progressions in the period. Jasper?

Speaker #2: Thank you, Matthias. And a warm welcome also from my side. It's a true pleasure for me to stand here in front of you today and share the results of the first half of 2026.

Jasper Kurth: Thank you, Mathias, and a warm welcome also from my side. It is a true pleasure for me to stand here in front of you today and share the results of the H1 of 2026. I think many of you would agree with me that this half year has been a transformational half year for this company. What started out as a dream, as a concept that we piloted, is now in industrial operation. This is something that the team and personally myself, I am very proud of, that we can say today, confirming the news, of course, that AlphaOne is operational, that our technology has been validated and works, and that our AlphaOne flagship site that is located in Herøya, 2 hours south of Oslo, is up and running, producing patient doses and have made first customer deliveries.

Speaker #2: And I think many of you would agree with me that this half year has been a transformational half year for this company. So what started out as a dream, as a concept that we piloted, is now in industrial operation.

Speaker #2: And this is something that the team—and personally, myself—am very proud of, that we can say today: confirming the news, of course, that Alpha One is operational, that our technology has been validated and works, and that our Alpha One flagship site, which is located in Haria, to our south of Oslo, is up and running, producing patient doses, and has made first customer deliveries.

Jasper Kurth: This is something that the team and personally myself, I am very proud of, that we can say today, confirming the news, of course, that AlphaOne is operational, that our technology has been validated and works, and that our AlphaOne flagship site that is located in Herøya, two hours south of Oslo, is up and running, producing patient doses and have made first customer deliveries.

Speaker #2: So, this is also at the front and center of our highlights. Alpha One was completed on time and on budget, and then, subsequent to the reporting period, we have started production and have made the first delivery to an important customer.

Jasper Kurth: This is also the front and center of our highlights. AlphaOne completed on time and on budget, and then subsequently to the reporting period, we have started production, and we have made the first delivery to an important customer. We have not been idling on the commercial side either. We talked about partnerships and attracting more customers. We signed an important agreement with Akademiska. We signed another agreement with Minerva, a Danish CDMO partner. This actually moves us in the right direction, and we will touch on this in this presentation in the next couple of minutes. Also, we have made very important milestone deliveries of Lead-212 for pre-clinical use to Node Pharma, Minerva, and a couple of other customers. Let us recap what we are here for.

Speaker #2: But we have not been idling on the commercial side either. We talked about partnerships and attracting more customers, and we signed an important agreement with Akat & Siegler.

Jasper Kurth: We signed an important agreement with Akademiska. We signed another agreement with Minerva, a Danish CDMO partner. This actually moves us in the right direction, and we will touch on this in this presentation in the next couple of minutes. Also, we have made very important milestone deliveries of Lead-212 for pre-clinical use to Node Pharma, Minerva, and a couple of other customers. Let us recap what we are here for.

Speaker #2: We signed another agreement with Minerva, a Danish CDMO partner. So, this actually moves us in the right direction, and we will touch on this in this presentation in the next couple of minutes.

Speaker #2: Also, we have made very important milestone deliveries of Latter 12 for preclinical use to Node Pharma, Minerva, and a couple of other customers. So, let's recap what we are here for.

Speaker #2: We're here to enable an industry to bring therapies to the market that actually make a difference for millions of patients worldwide. And that is what is fueling our spirit and what is driving us forward.

Jasper Kurth: We are here to enable an industry to bring therapies to the market that actually make a difference for millions of patients worldwide. That is actually what is fueling our spirit and what is actually driving us forward. We are in the market as an early player. This is, of course, part of our story, that we would like to build this market and take it over from the government players that currently supply these isotopes to the market. As they have enabled the clinical research, we are here to continue them and actually be the leading player in this field, and I think we are set up for this quite well. For you investors, we believe our model and our lean organization can provide very attractive margins in our products.

Speaker #2: And we are in the market as an early player. This is, of course, part of our story—that we would like to build this market and take it over from the government players that currently supply these isotopes to the market.

Speaker #2: So, as they have enabled the clinical research, we are here to continue that and actually be the leading player in this field, and I think we are set up for this quite well.

Jasper Kurth: As they have enabled the clinical research, we are here to continue them and actually be the leading player in this field, and I think we are set up for this quite well. For you investors, we believe our model and our lean organization can provide very attractive margins in our products.

Speaker #2: And for you investors, we believe our model and our lean organization can provide very attractive margins in our products. To recap, we are not a pharmaceutical company.

Jasper Kurth: To recap, we are not a pharmaceutical company, and this is also another, I think, positive element that we are not exposed to the same capital requirements and especially the same binary risk that you have with a clinical development pipeline. We enable, with our Pb-212 platform, a range of companies, our customers and other companies at this point, to develop these drugs, to do discovery, and actually to bring these products to the market at one point, but then, of course, with a higher capacity than AlphaOne. For those of you that are not familiar with what a targeted radiopharmaceutical is, a radioligand therapy, let us just recap real quick what this means. Cancer cells have different expressions of proteins on their surface. You can actually target them with drugs.

Speaker #2: And this is also another, I think, positive element—that we're not exposed to the same capital requirements, and especially not to the same binary risk that you have with a clinical development pipeline.

Speaker #2: So, we enable, with our Later 12 platform, a range of companies—our customers and other companies at this point—to develop these drugs, to do discovery, and actually to bring these products to the market at one point, but then, of course, with a higher capacity than Alpha One.

Speaker #2: For those of you that are not familiar with what a targeted radiopharmaceutical is, or what radioligand therapy means, let's just recap real quick what this means.

Jasper Kurth: For those of you that are not familiar with what a targeted radiopharmaceutical is, a radioligand therapy, let us just recap real quick what this means. Cancer cells have different expressions of proteins on their surface. You can actually target them with drugs.

Speaker #2: So cancer cells have different expressions of proteins on their surface, so you can actually target them with drugs. You can bring a cytotoxic drug, like chemotherapy, directly to the cancer and try influencing the tumor and killing the tumor.

Jasper Kurth: You can bring a cytotoxic drug like chemotherapy directly to the cancer and try influencing the tumor and killing the tumor. What we work for is bringing radioactivity to the tumor, basically a radiation therapy from the inside out. Radiation has been very tried and tested in fighting cancer from the outside, external beam radiation. But what if you are able to bring this down to nano level and actually attach it to cancer cells, deploy the radiation directly where the cancer is, leaving the rest of the tissue intact, and with that, have a very precise and systemic therapy? That is what RLTs are. And RLTs are in the market today. There are beta-emitting drugs that are very successful helping millions of patients today and are commercially very successful. But what we talk about here today is alpha-emitting isotopes that we produce here in Herøya.

Speaker #2: So what we work for is bringing radioactivity to the tumor—basically, a radiation therapy from the inside out. Radiation has been very tried and tested in fighting cancer from the outside—external beam radiation—but what if you are able to bring this down to the nano level and actually attach it to cancer cells, deploying the radiation directly where the cancer is, leaving the rest of the tissue intact, and with that have a very precise and systemic therapy?

Jasper Kurth: But what if you are able to bring this down to nano level and actually attach it to cancer cells, deploy the radiation directly where the cancer is, leaving the rest of the tissue intact, and with that, have a very precise and systemic therapy? That is what RLTs are. And RLTs are in the market today. There are beta-emitting drugs that are very successful helping millions of patients today and are commercially very successful. But what we talk about here today is alpha-emitting isotopes that we produce here in Herøya.

Speaker #2: That is what RLTs are. And RLTs are on the market today. There are beta-emitting drugs that are very successful, helping millions of patients today.

Speaker #2: And our commercial is very successful. But what we're talking about here today is alpha-emitting isotopes that we produce here in Haria. And to give you an example of how powerful these therapies are, let me talk to you about a patient in his mid-40s.

Jasper Kurth: To give you an example how powerful these therapies are, let me talk to you about a patient in his mid-40s that actually is very sick, as you can see on the left picture with all these black dots in this PET/CT scan. You basically light up the tumor and the cancer cells and clusters of cancer cells with radioactive tracers. And you can see that this patient is not living a good life. And I was fortunate enough to speak to the clinical team that actually dealt with this person just this year. And they told me when they had him on the PET/CT table to do the scan, he was in too much pain to actually lie still, so they had to sedate him to take that picture that you can see here on the left side.

Speaker #2: That actually is very sick, as you can see on the left picture with all these black dots in this PET-CT scan. You basically light up the tumor and the cancer cells, and clusters of cancer cells, with radioactive tracers.

Speaker #2: And you can see that this patient is not living a good life. And I was fortunate enough to speak to the clinical team that actually dealt with this person just this year.

Jasper Kurth: And you can see that this patient is not living a good life. And I was fortunate enough to speak to the clinical team that actually dealt with this person just this year. And they told me when they had him on the PET/CT table to do the scan, he was in too much pain to actually lie still, so they had to sedate him to take that picture that you can see here on the left side.

Speaker #2: And they told me when they had him on the PET/CT table to do the scan, he was in too much pain to actually lie still.

Speaker #2: So they had to sedate him to take that picture that you can see here on the right side—on the left side. Now, that patient was enrolled by his treating physician because he was at the end of all the treatments, off-label and on-label, that this patient could benefit from.

Jasper Kurth: Now, that patient was enrolled by his treating physician because he was at the end of all the treatments, off-label and on-label, that this patient could benefit from. He was successful bringing him into this study of one of our customers, and he received a radioligand therapy with Pb-212. And just a couple of months later, after five cycles, you see the same patient without any visible cancer. And this is what the industry calls a complete response, and I heard from the clinical team that he is playing golf tournaments today. This is a life-changing difference that this drug makes. And it is anecdotal, I know. This is a clinical study. There are other cases where it is not responded that well.

Speaker #2: So, he was successful in bringing him into this study at one of our customers. He received a radioligand therapy with Lu-177.

Speaker #2: And just a couple of months later, after five cycles, you see the same patient without any visible cancer. And this is what the industry calls a complete response.

Jasper Kurth: And this is what the industry calls a complete response, and I heard from the clinical team that he is playing golf tournaments today. This is a life-changing difference that this drug makes. And it is anecdotal, I know. This is a clinical study. There are other cases where it is not responded that well.

Speaker #2: And I heard from the clinical team that he's playing golf tournaments today. So, this is a life-changing difference that this drug makes. And it's anecdotal, I know.

Speaker #2: This is a clinical study. There are other cases where it's not responded that well. But despite that, these cases actually give us a lot of energy in Thor Medical to press forward and actually make this happen, because without us succeeding, these therapies don't have a supply chain to support it.

Jasper Kurth: But despite that, these cases actually give us a lot of energy in Thor Medical to press forward and actually make this happen, because without us succeeding, these therapies don't have a supply chain to support it. We have to remind ourselves, while this is an anonymous picture of someone, it is someone in the middle of their life, mid-40s, a father, a husband, a son. You cannot imagine, I cannot imagine, having luckily not been in that situation, what this change in treatment outcome means for the families of the patient. For that, this is our mission, that we want to enable these therapies that are brilliant, and they can make a difference with our technology that we have invented in this company.

Speaker #2: And we have to remind ourselves: this is an anonymous picture of someone; it is someone in the middle of their life, mid-40s, a father, a husband, a son. And you cannot imagine—I cannot imagine, having luckily not been in a situation—what this change in treatment outcome means for the families of the patient.

Jasper Kurth: You cannot imagine, I cannot imagine, having luckily not been in that situation, what this change in treatment outcome means for the families of the patient. For that, this is our mission, that we want to enable these therapies that are brilliant, and they can make a difference with our technology that we have invented in this company.

Speaker #2: And for that, this is our mission: that we want to enable these therapies, which are brilliant and can make a difference, with the technology that we have invented in this company.

Speaker #2: Let's leave the emotional aspects aside for a bit and talk about the market, which, of course, is also important as a for-profit organization. We still see a very good and confirmed picture compared to the last time we spoke about it.

Jasper Kurth: Let's leave the emotional aspect aside for a bit and talk about the market, which, of course, is also important as a for-profit organization. We still see a very good and confirmed picture compared to the last time we spoke about it. The same data, the report is still current. We move into an area where we have this inflection point between the traditional share of the market, which is diagnostics. Diagnostics is a very old market. Hospitals are used to nuclear medicine when it comes to diagnosing all sorts of diseases, mainly also cancer. We see this inflection point where the therapeutic part will outgrow the diagnostic part in this decade, and this is driven by RLTs.

Speaker #2: The same data—the report is still current. So we move into an area where we have this inflection point between the traditional share of the market, which is diagnostics. Diagnostics is a very old market; hospitals are used to nuclear medicine when it comes to diagnosing all sorts of diseases, mainly also cancer.

Jasper Kurth: Diagnostics is a very old market. Hospitals are used to nuclear medicine when it comes to diagnosing all sorts of diseases, mainly also cancer. We see this inflection point where the therapeutic part will outgrow the diagnostic part in this decade, and this is driven by RLTs.

Speaker #2: So we see this inflection point where the therapeutic part will outgrow the diagnostic part in this decade, and this is driven by RLTs. So the $3 billion you see here on the left side, it seems small compared to the $9 billion, but it used to be $1 billion just a couple of years ago.

Jasper Kurth: The 3 billion you see here on the left side, it seems small compared to the 9, but it used to be 1 billion just a couple of years ago. It's actually moving in a very good way. In general, the market is very active. Radiopharmaceuticals are a topic that a lot of clinicians talk about. We see a lot of capital inflow into radiopharmaceuticals. In particular, I'm very excited about the Lead-212 part. Recently, AdvanCell raised $315 million US on the back of their data, a very successful capital raise with a very attractive roster of investors. We see Orano Meds positioning themselves for relaunching their phase II trial with AlphaMedix. Perspective Therapeutics, a very hot player in the field competing directly with Orano Meds, have now received orphan drug designation in the EU.

Speaker #2: So it's actually moving in a very good way, and in general, the market is very active. Radiopharmaceuticals are a topic that a lot of clinicians talk about.

Speaker #2: We see a lot of capital in flow into radio pharmaceuticals. In particular, I'm very excited about the latter 12 part. So recently, Advanced has raised $315 million on the back of their data, a very successful capital raise with a very attractive roster of investors.

Jasper Kurth: In particular, I'm very excited about the Lead-212 part. Recently, AdvanCell raised $315 million US on the back of their data, a very successful capital raise with a very attractive roster of investors. We see Orano Meds positioning themselves for relaunching their phase II trial with AlphaMedix. Perspective Therapeutics, a very hot player in the field competing directly with Orano Meds, have now received orphan drug designation in the EU.

Speaker #2: We see Oranimed positioning themselves for relaunching their Phase 2 trial with Alphamedix. Prospective Therapeutics, a very hot player in the field, is competing directly with Oranimed.

Speaker #2: We have now received orphan drug designation in the EU. So there's a lot of movement and momentum in the industry, but in particular with Latter12.

Jasper Kurth: There's a lot of movement and momentum in the industry, but in particular with Lead-212. Let me share our view, why we believe that is. We try to compare the different isotopes here. You have to bear with me. This is a content-heavy slide, but I'll try to walk you through as best as I can. On the left side, you see the traditional isotope that is used in the two drugs that are currently marketed by Novartis, lutetium-177. It delivers its payload over 15 days, and it has in PSMA, that is prostate cancer, a 46% PSA50. What does it mean? PSA50 is a bioindicator that actually highlights the amount of patients in the trial that have a 50% or more reduction of their PSA level, which is the biomarker for prostate cancer.

Speaker #2: And let me share our view—why we believe that is. We try to compare the different isotopes here, so you have to bear with me.

Speaker #2: This is a content-heavy slide, but I’ll try to walk you through it as best as I can. So, on the left side, you see the traditional isotope that is used in the two drugs that are currently marketed by Novartis—Lutetium-177.

Speaker #2: So it delivers its payload over 15 days. And in PSMA, that is prostate cancer, it has a 46% PSA-50. So what does that mean?

Jasper Kurth: It delivers its payload over 15 days, and it has in PSMA, that is prostate cancer, a 46% PSA50. What does it mean? PSA50 is a bioindicator that actually highlights the amount of patients in the trial that have a 50% or more reduction of their PSA level, which is the biomarker for prostate cancer.

Speaker #2: PSA50 is a bioindicator that actually highlights the amount of patients in the trial that have a 50% or more reduction of their PSA level, which is the biomarker for prostate cancer.

Speaker #2: So, 46% of the patients treated with Pluvicto in that study showed that response. And on the neuroendocrine tumor—these are tumors of the hormone cells, mainly in the gut.

Jasper Kurth: So 46% of the patients treated with Pluvicto in that study showed that response. On the neuroendocrine tumor, these are tumors on the hormone cells, mainly in the gut, there is a 13% overall response rate, meaning 13% of the patient population in the study actually showed a response of the tumor. This is not very high, but still a very important drug to treat these very dangerous neuroendocrine tumors. Now you move into alpha actinium, which is more advanced in the clinic. Actinium-225, over three weeks, so also long-lived like lutetium, a half-life of 10 days, basically injected, and then you have radiation in the body for 10 times the half-life, and also clinically, you have to deal with human waste 10 times the half-life, so it is a bit of a cumbersome process for everybody involved.

Speaker #2: There is a 13% overall response rate, meaning 13% of the patient population in the study actually showed a response of the tumor. So, this is not very high, but it's still a very important drug to treat these very dangerous neuroendocrine tumors.

Speaker #2: Now you move into alpha actinium, which is more advanced in the clinic—actinium-225. Over three weeks, so also long-lived, like lutetium. Half-life of 10 days.

Jasper Kurth: Now you move into alpha actinium, which is more advanced in the clinic. Actinium-225, over three weeks, so also long-lived like lutetium, a half-life of 10 days, basically injected, and then you have radiation in the body for 10 times the half-life, and also clinically, you have to deal with human waste 10 times the half-life, so it is a bit of a cumbersome process for everybody involved.

Speaker #2: Basically, it's injected, and then you have radiation in the body for 10 times the half-life. And also, clinically, you have to deal with human waste for 10 times the half-life.

Speaker #2: So, it's a bit of a cumbersome process for everybody involved. But you get lots of uptake when it comes to treating neuroendocrine tumors—29% OR.

Jasper Kurth: But you get a lot of uptake when it comes to treating neuroendocrine tumors, 29% ORR, so one-third almost of the patient population responds positively to the drug. This is a big difference to lutetium, and that is why these actinium drugs are very hot, especially in that indication. On prostate cancer, we see 50% increase of PSA50, which is of course also positive compared to Pluvicto with lutetium-177. But we are here to talk about Lead-212. This is what we produce, what we actually aim for with precursors and the final isotope. It is a short-lived isotope, 10.6 hours, which makes it admittedly a bit more challenging to ship around the world. But the short half-life is not a bug, it is a feature, because safety is first and foremost the main objective that you want to achieve.

Speaker #2: So, almost one-third of the patient population responds positively to the drug. This is a big difference compared to Lutetium. And that's why these actinium drugs are very hot, especially in that indication.

Speaker #2: And on prostate cancer, we see a 50% increase of PSA 50, which is, of course, also positive compared to Pluvicto with Lutetium-177. But we are here to talk about latter 12.

Jasper Kurth: But we are here to talk about Lead-212. This is what we produce, what we actually aim for with precursors and the final isotope. It is a short-lived isotope, 10.6 hours, which makes it admittedly a bit more challenging to ship around the world. But the short half-life is not a bug, it is a feature, because safety is first and foremost the main objective that you want to achieve.

Speaker #2: This is what we produce—what we actually aim for with precursors and the final isotope. It's a short-lived isotope, 10.6 hours, which makes it, admittedly, a bit more challenging to ship around the world.

Speaker #2: But the short half-life is not a bug—it's a feature—because safety is, first and foremost, the main objective that you want to achieve.

Speaker #2: And unlike the other studies, and the other isotopes, we don't have a premature termination of patients in the trial because of adverse events. This is basically true for actinium and for lutetium.

Jasper Kurth: Unlike the other studies, and the other isotopes, we do not have a premature termination of patients in the trial because of adverse events. This is basically true for actinium and for lutetium. It does not happen in Lead-212. You can see the PSA50 levels at 80% and 60% overall response rate compared to actinium of 29%, so more than doubling that amount. These numbers speak for themselves. We believe Lead-212 is the ideal isotope to treat the patient, and we trust, and we are convinced that our technology helps to build a global supply chain to bring Lead-212 with 10.6 hours half-life to the patients in time to treat the cancer and then into care into something stable, that you have the right combination of efficacy and safety, which you actually aim for in oncology at all times.

Speaker #2: It doesn't happen in latter-12. And you can see the PSA50 levels at 80% and a 60% overall response rate, compared to actinium at 29.

Speaker #2: So more than doubling that amount, these numbers speak for themselves. And we believe lutetium-177 is the ideal isotope to treat the patient, and we trust and are convinced that our technology helps to build a global supply chain to bring lutetium-177, with a 10.6-hour half-life, to patients in time to treat the cancer, and then in TK into something stable, so that you have the right combination of efficacy and safety, which you actually aim for in oncology at all times.

Jasper Kurth: We believe Lead-212 is the ideal isotope to treat the patient, and we trust, and we are convinced that our technology helps to build a global supply chain to bring Lead-212 with 10.6 hours half-life to the patients in time to treat the cancer and then into care into something stable, that you have the right combination of efficacy and safety, which you actually aim for in oncology at all times.

Speaker #2: And we can actually see that the industry agrees with our sentiment, because a lot of early clinical development goes into latter Q2. You, of course, can see that there are phase three candidates, even for actinium.

Jasper Kurth: We can actually see that the industry agrees with our sentiment, because a lot of early clinical development goes into Lead-212. You, of course, can see that there are phase III candidates even for actinium. There is a lot of phase I and phase II, but especially in preclinical phase, where new drugs are developed and come into the field, they, for the most part, choose Lead-212 because of these aspects that I mentioned. You can explain also, and I will not go into more molecular details here, but actinium, for instance, decays into more than one alpha emission, which makes it very hard to chelate, to actually link to the targeting vector. So you have a recall effect with Newton's law that the isotope that decays has a lot of energy also on the isotope it comes from.

Speaker #2: There is a lot of Phase One and Phase Two, but especially in the preclinical phase, where new drugs are developed and come into the field, they for the most part choose latter 12 because of these aspects that I mentioned.

Speaker #2: And you can explain also, and I will not go into more molecular details here. But actinium, for instance, decays with more than one alpha emission, which makes it very hard to chelate—to actually link to the targeting vector.

Jasper Kurth: You can explain also, and I will not go into more molecular details here, but actinium, for instance, decays into more than one alpha emission, which makes it very hard to chelate, to actually link to the targeting vector. So you have a recall effect with Newton's law that the isotope that decays has a lot of energy also on the isotope it comes from.

Speaker #2: So you have a recall effect with Newton's law, that the isotope that decays has a lot of energy also on the isotope it comes from.

Speaker #2: So basically, it breaks free, and then you have radiation without a targeting vector in your body. And that can explain some of the side effects that actinium has.

Jasper Kurth: So basically, it breaks free, then you have radiation without a targeting vector in your body, and that can explain some of the side effects that actinium has. So we believe we are betting on the right horse, and in terms of indications, you see these two drugs on the bottom of the page. Pluvicto, again, this is for prostate cancer. LUTATHERA, neuroendocrine tumors. And these are the indications that all the alpha players go for. So there is no surprise that we have most advanced activity in clinical development on prostate cancer and neuroendocrine tumors. So for instance, AdvanCell's drug or AdvanCell's drug in prostate cancer, so way advanced. What I am very excited about, and personally, I think this is a very good slide for the sake of driving home a message, it is not a two indication pathway into the future.

Speaker #2: So we believe we're betting on the right horse. And in terms of indications, you see these two drugs at the bottom of the page.

Speaker #2: Pluvicto—again, this is for prostate cancer. Lutathera, for neuroendocrine tumors. And these are the indications that all the alpha players go for. So it’s no surprise that we have the most advanced activity in clinical development on prostate cancer and neuroendocrine tumors.

Jasper Kurth: So there is no surprise that we have most advanced activity in clinical development on prostate cancer and neuroendocrine tumors. So for instance, AdvanCell's drug or AdvanCell's drug in prostate cancer, so way advanced. What I am very excited about, and personally, I think this is a very good slide for the sake of driving home a message, it is not a two indication pathway into the future.

Speaker #2: So for instance, Adbio's drug or Advanced S drug in prostate cancer. So, way advanced. What I'm very excited about, and personally, I think this is a very good slide for the sake of driving home a message: it is not a two-indication pathway into the future.

Speaker #2: So in emerging indications, this means early Phase 1 or also preclinical phase. We see a lot of heavy-hitter cancers that are targeted by our customers.

Jasper Kurth: In emerging indications, this means early phase I or also preclinical phase, we see a lot of heavy hitter cancers that are targeted by our customers. Skin cancer, ovarian cancer. We have colorectal cancer. We have small cell lung cancer, which is a very nasty cancer. And then in very early stages, preclinically, we have exploratory diseases that are treated with lead-212, at least experimental in preclinic today. That is brain cancer, so blastomas, which is very prominent also, unfortunately, in children, and pancreatic cancer. And I think this is common knowledge, pancreatic cancer today is one of the worst cancer you can have in terms of growth and detection levels. So once detected, in many cases, it is too late. So I am absolutely excited about the future of these therapies.

Speaker #2: Skin cancer, ovarian cancer, and colorectal cancer. We have small cell lung cancer, which is a very nasty cancer. And then, in the very early stages—preclinically—we have exploratory diseases that are treated with LATTER-12, at least experimentally and preclinically today.

Speaker #2: That is brain cancer—so, blastomas—which is also, unfortunately, very prominent in children. And pancreatic cancer. I think this is common knowledge: pancreatic cancer today is one of the worst cancers you can have in terms of growth and detection level.

Jasper Kurth: That is brain cancer, so blastomas, which is very prominent also, unfortunately, in children, and pancreatic cancer. And I think this is common knowledge, pancreatic cancer today is one of the worst cancer you can have in terms of growth and detection levels. So once detected, in many cases, it is too late. So I am absolutely excited about the future of these therapies.

Speaker #2: So once it's detected, in many cases it's too late. So I'm absolutely excited about the future of these therapies, but of course, to grow the market, it is understandable that our customers move into these established indications where Novartis, a true marketing and sales powerhouse, have laid a nice trail for companies to show that they can substitute this with lutetium-177 or, in some cases, actinium.

Jasper Kurth: But of course, to grow the market, it is understandable that our customers move into these established indications where Novartis, a true marketing and sales powerhouse, have placed a nice trail for companies to show that they can substitute this with lead-212 or in some cases, actinium. And when you talk about the battle of these isotopes, the market, as you have seen, is big enough for more than one. So I think there will be coexistence for a long period of time. That said, I think lead-212 will emerge as the leader of this because of the efficacy and safety profile. And when you look at the clinical development, for me, it is a bit surprising because I do not think lead-212 is available as such on the market outside of Northern Europe, where we could actually ship to, because you need to operate a generator.

Speaker #2: And when you talk about the battle of these isotopes, the market, as you have seen, is big enough for more than one. So, I think there will be coexistence for a long period of time.

Speaker #2: That said, I think Latter 12 will emerge as the leader of this, because of the efficacy and safety profile. And when you look at the clinical development, for me it's a bit surprising, because I don't think Latter 12 is available as such on the market.

Jasper Kurth: That said, I think lead-212 will emerge as the leader of this because of the efficacy and safety profile. And when you look at the clinical development, for me, it is a bit surprising because I do not think lead-212 is available as such on the market outside of Northern Europe, where we could actually ship to, because you need to operate a generator.

Speaker #2: Outside of Northern Europe, where we could actually ship to, because you need to operate a generator. So, despite these hurdles in terms of technology, latter 12 has been very attractive for pharmaceutical companies and biotechs to do early clinical research with.

Jasper Kurth: Despite these hurdles in terms of technology, lead-212 has been very attractive for pharmaceutical companies and biotechs to do early clinical research with. So I think we have to also reflect this when we talk about our way of going to the market and running our business. And for commercial development and also finance and everything operational, I would like to hand over to Brede, who can actually walk us through what we believe is the future of this market. So Brede, thank you.

Speaker #2: So, I think we also have to reflect this when we talk about our way of going to market and running our business. For commercial development, as well as finance and everything operational, I would like to hand over to Brada, who can actually walk us through what we believe is the future of this market.

Speaker #2: So Brada, thank you.

Speaker #3: Thanks, Jasper. And

Brede Ellingsæter: Thanks, Jasper. Good morning, everyone. It is so good to see so many familiar faces, and it is a pleasure for me to take you through commercial, operational, and our key financials for the period. I would actually like to begin to talk about the value chain and how we believe that the current constraint on availability of lead, despite the promising pipeline that is already there, is still hampering the development pipeline. Then I will go into how we can play a role in that value chain. First off, the current situation is that any pharmaceutical companies in the clinic today, they have invested in a technology development and infrastructure to produce lead themselves based on sourcing thorium-228 from the Department of Energy in the US, and now also from Thor Medical once we have AlphaOne up and running.

Speaker #4: Good morning, everyone. It's so good to see so many familiar faces, and it's a pleasure for me to take you through commercial operations in a key financial period.

Speaker #4: And I would actually like to begin to talk about the value chain and how we believe that the current constraint on availability of lead, despite the promising pipeline that is already there, is still hampering the development pipeline.

Speaker #4: So, and then I would go into how we can play a role in that value chain. But first off, the current situation is that any pharmaceutical companies in the clinic today, they have invested in technology development and infrastructure to produce lead themselves.

Brede Ellingsæter: Then I will go into how we can play a role in that value chain. First off, the current situation is that any pharmaceutical companies in the clinic today, they have invested in a technology development and infrastructure to produce lead themselves based on sourcing thorium-228 from the Department of Energy in the US, and now also from Thor Medical once we have AlphaOne up and running.

Speaker #4: Based on sourcing thorium-228 from the DOE in the US, and now also from Thor Medical, once we have Alpha One up and running, that creates a huge capital requirement.

Brede Ellingsæter: That creates a huge capital requirement and a long development track to get the lead into the clinic. So barrier to entry is very, very high, and we see that also in the interest that we have for preclinical grades of lead, that it is not really available today. What we believe could be the future, and what we are working towards, is to have more of an integrated isotope supply from the manufacturer of the isotopes, not from the pharmaceutical side, where a player like Thor Medical could play a role by producing not only the thorium-228 but lead-212, and rather serving the pharmaceutical industry. Taking down the barrier to entry and to have access to actually working with this isotope, and also benefiting from the same infrastructure across several pharmaceutical companies.

Speaker #4: And a long development track to get the lead into the clinic. So, the barrier to entry is very, very high. And we see that also in the interest that we have for preclinical grades of lead, that it's not really available today.

Speaker #4: Now, what we believe could be the future and what we are working towards is to have more of an integrated isotope supply, from the manufacture of the isotopes—not from the pharmaceutical side—where a player like Thor Medical could play a role.

Brede Ellingsæter: What we believe could be the future, and what we are working towards, is to have more of an integrated isotope supply from the manufacturer of the isotopes, not from the pharmaceutical side, where a player like Thor Medical could play a role by producing not only the thorium-228 but lead-212, and rather serving the pharmaceutical industry. Taking down the barrier to entry and to have access to actually working with this isotope, and also benefiting from the same infrastructure across several pharmaceutical companies.

Speaker #4: By producing not only the thorium-228, but also lead-212, and rather serving the pharmaceutical industry, we are taking down the barrier to entry and enabling access to actually work with these isotopes.

Speaker #4: And also benefiting from the same infrastructure across several pharmaceutical companies. And this is why we are also seeking to partner with CDMOs, that is called contract and development and manufacturing organization, typically what they do is to provide facilities for preclinical work, but also to produce the actual drugs for the pharmaceutical companies.

Brede Ellingsæter: This is why we are also seeking to partner with CDMOs, that is called contract and Development and manufacturing organization, typically what they do is to provide facilities for preclinical work, but also to produce the actual drugs for the pharmaceutical companies. So it is infrastructure and it is services. What we bring is isotopes. So together we can set up a value chain where we are serving the pharmaceutical industry, both preclinically, which will be the initial starting point, but eventually also clinically and working towards a commercial structure. One of the benefits for Thor Medical in such a setup is that we will also have access then to a customer portfolio of the CDMOs, which is already existing. A lot of big pharma, a lot of advanced companies, obviously of interest to Thor Medical.

Speaker #4: So it's infrastructure, and it's services. And what we bring is isotopes. So together, we can set up a value chain where we are serving the pharmaceutical industry both preclinically—which will be the initial starting point—but eventually also clinically, and working towards a commercial structure.

Brede Ellingsæter: So together we can set up a value chain where we are serving the pharmaceutical industry, both preclinically, which will be the initial starting point, but eventually also clinically and working towards a commercial structure. One of the benefits for Thor Medical in such a setup is that we will also have access then to a customer portfolio of the CDMOs, which is already existing. A lot of big pharma, a lot of advanced companies, obviously of interest to Thor Medical.

Speaker #4: And one of the benefits for Thor Medical in such a setup is that we will also have access, then, to a customer portfolio of the CDMOs.

Speaker #4: Which is already existing. A lot of big pharma, a lot of advanced companies—obviously of interest to Thor Medical. This is why we have partnered with both Eckert & Ziegler and Minerva Imaging for the supply of lead-212.

Brede Ellingsæter: This is why we have partnered with both Eckert & Ziegler and Minerva Imaging for supply of lead-212. Eckert & Ziegler is a global leader within isotope solutions. They are also supplying equipment into the radiopharmaceutical industry with sites all over the world, including Boston, which is what is on the picture here with Jasper and the CEO of Eckert & Ziegler, Harald Hasselmann. Minerva is more of a Scandinavian specialized radiopharmaceutical CDMO but fits very well with the Scandinavian footprint as we are located also in Norway. So we are very excited about what these partnerships can bring.

Speaker #4: Eckert & Siegler is a global leader within isotope solutions. They are also supplying equipment to the radiopharmaceutical industry. With sites all over the world, including Boston—which is what is shown in the picture here—with Jasper and the CEO of Eckert & Siegler, Harald Hasselmann.

Speaker #4: While Minerva is more of a Scandinavian-specialized radiopharmaceutical CDMO, it fits very well with the Scandinavian footprint, as we are also located in Norway.

Speaker #4: So, we are very excited about what these partnerships can bring. And if I were to summarize how I see our current commercial position, it is that we have very good near- to mid-term visibility on revenues.

Brede Ellingsæter: If I were to summarize how I see our current commercial position, it is that we have very good near to midterm visibility on revenues, which is based on the supply agreements that we have for the core product, which is still thorium-228, with a total sales agreement of 850 million NOK. On top of that, we are partnering with CDMOs to supply the short-lived isotopes. This capacity, this supply of isotopes comes completely on top of what we are doing in the thorium-228 space. That is also including in addition to revenues, it is also to enable access to lead to grow the overall market. At the same time, we continue to increase our sales of preclinical grade of lead-212 and radium-224 from AlphaOne directly. So we are also doing that.

Speaker #4: This is based on the supply agreements that we have for the core product, which is still thorium-228, with total sales agreements of NOK 850 million.

Speaker #4: But on top of that, we are partnering with CDMOs to supply the short-lived isotopes. This capacity, this supply of isotopes, comes completely on top of what we are doing in the thorium-228 space.

Brede Ellingsæter: This capacity, this supply of isotopes comes completely on top of what we are doing in the thorium-228 space. That is also including in addition to revenues, it is also to enable access to lead to grow the overall market. At the same time, we continue to increase our sales of preclinical grade of lead-212 and radium-224 from AlphaOne directly. So we are also doing that.

Speaker #4: And that is also including, in addition to revenues, it's also to enable access to lead to grow the overall market. And then, at the same time, we continue to increase our sales of preclinical grade of lead-212 and radium-224 from Alpha One directly.

Speaker #4: So, we are also doing that. Now, moving on to an operational update, I think it's worth taking the time to recap what it is that we actually do.

Brede Ellingsæter: Now moving on to an operational update, I think it is worth taking the time to recap what it is that we actually do. We are producing high purity radioisotopes from naturally occurring thorium. We are doing that without the use of any radiation in the form of a nuclear reactor or accelerator, which is the conventional route to produce radioisotopes. It is a clean and green process where we are doing chemical separation based on chromatography. If I take your attention to the right side of the slide, we are starting with thorium-232, which is what is called natural thorium. It occurs in the ground, and we have established a supply chain for that specifically. From thorium-232, which has a half-life of 14 billion years, meaning that we can infinitely reuse the raw material, we are extracting radium-228, which naturally grows in the thorium.

Speaker #4: And we are producing high-purity radioisotopes from naturally occurring thorium. And we're doing that without the use of any radiation in the form of a nuclear reactor or accelerator, which is the conventional route to produce radioisotopes.

Speaker #4: And it's a clean and green process where we're doing chemical separation based on chromatography. If I direct your attention to the right side of the slide, we are starting with thorium-232, which is what we call natural thorium.

Brede Ellingsæter: If I take your attention to the right side of the slide, we are starting with thorium-232, which is what is called natural thorium. It occurs in the ground, and we have established a supply chain for that specifically. From thorium-232, which has a half-life of 14 billion years, meaning that we can infinitely reuse the raw material, we are extracting radium-228, which naturally grows in the thorium.

Speaker #4: It occurs in the ground, and we have established a supply chain for that specifically. And from thorium-232, which has a half-life of 14 billion years, meaning that we can infinitely reuse the raw material.

Speaker #4: We are extracting radium-228, which naturally grows into thorium. And radium is our intermediate product. It also has a half-life of about six years, which means that we can reuse whatever we extract in the first period in the next period.

Brede Ellingsæter: Radium is our intermediate product, also a half-life of about six years, which means that we can reuse whatever we extract in the first period, in the next period, and so on, over the more than a half-life. Milking the saleable products, thorium-228, but also further radium-224 and lead-212, meaning that we are continuously then increasing production outputs, as I will also show on a later slide, without changing the rate of how much raw material we are taking in. Based on the decay of these products, we are actually able to, at some point when the market is reaching a steady state in terms of growth, we do not need to add any more raw materials. It is just about recycling. This is also why we call it Alpha Cycle, the production process.

Speaker #4: And so on, over more than a half-life, and milking the saleable products: thorium-228, but also further radium-224 and lead-212. Meaning that we are continuously then increasing production output, as I will also show on a later slide.

Speaker #4: Without changing the rate of how much raw material we are taking in. And based on the decay of this product, these products, we are actually able to at some point when the market is reaching a steady state in terms of growth, we do not need to add any more raw materials.

Brede Ellingsæter: Based on the decay of these products, we are actually able to, at some point when the market is reaching a steady state in terms of growth, we do not need to add any more raw materials. It is just about recycling. This is also why we call it Alpha Cycle, the production process.

Speaker #4: It's just about recycling. And this is also why we call it Alpha Cycle—the production process. And, as we say, it's self-scaling as long as we are taking in the same amount of raw material every year.

Brede Ellingsæter: As we said, it is self-scaling as long as we are taking in the same amount of raw material every year. Of course, I am very happy to be here today to say that we have actually completed the site, AlphaOne, on time, on budget, and we have actually started operations as planned. I am incredibly proud of the project team, but also the operational team who has taken this project through mechanical completion, commissioning that started earlier this year and into operation during the summer. We have done so without any serious incidents when it comes to agency. That is a fantastic achievement, and it is a great foundation for us when we are looking ahead to see future growth plans and potential new projects that we have this basis of execution in the company. Recapping quickly also the ramp-up of AlphaOne.

Speaker #4: Now, of course, I'm very, very happy to be here today to say that we have actually completed Site Alpha One, on time and on budget.

Speaker #4: And we have actually started operations as planned. I'm incredibly proud of the project team, but also the operational team who has taken this project through mechanical completion, commissioning that started earlier this year, and into operation during the summer.

Speaker #4: And we have done so without any serious incidents when it comes to AGC, so that is a fantastic achievement. It's a great foundation for us as we look ahead to future growth plans and potential new projects.

Brede Ellingsæter: We have done so without any serious incidents when it comes to agency. That is a fantastic achievement, and it is a great foundation for us when we are looking ahead to see future growth plans and potential new projects that we have this basis of execution in the company. Recapping quickly also the ramp-up of AlphaOne.

Speaker #4: That we have this basis of execution in the company. Recapping quickly also the ramp-up of Alpha One. So, we will produce both thorium-228, radium-224, and lead-212 at an increasing level.

Brede Ellingsæter: We will produce both thorium-228, radium-224, lead-212 at an increasing level going forward based on the self-scaling production process. Following this curve, we will reach about 21,000 patient doses after 3 years of operation, which is equivalent to about NOK 350 million in revenue potential. The production capacity continues to increase over the next decade, reaching eventually about 60,000 patient doses. I will also summarize key financials for the period. The highlights of this H1 2026 is still that we continued with initial revenues from the pilot site, selling Lead-212 for preclinical use. At the same time, keeping a rather lean cost position while we were building AlphaOne and preparing for startup by accumulating raw materials, which is, in its pure form, a rather scarce material and clearly very valuable. We are coming into H2 ready to ramp.

Speaker #4: Going forward, based on the self-scaling production process, and following this curve, we will reach about 21,000 patient doses after three years of operation, which is equivalent to about NOK 350 million in revenue potential.

Speaker #4: And the production capacity continues to increase over the next decade, eventually reaching about 60,000 patient doses. Okay. Then I will also summarize key financials for the period.

Speaker #4: So, the highlights of this first half of 2026 are still that we continued with initial revenues from the pilot site, selling lead-212 for preclinical use.

Brede Ellingsæter: The highlights of this H1 2026 is still that we continued with initial revenues from the pilot site, selling Lead-212 for preclinical use. At the same time, keeping a rather lean cost position while we were building AlphaOne and preparing for startup by accumulating raw materials, which is, in its pure form, a rather scarce material and clearly very valuable. We are coming into H2 ready to ramp.

Speaker #4: At the same time, we kept a rather lean cost position while we were building Alpha One and preparing for startup by accumulating raw materials, which, in their pure form, are rather scarce.

Speaker #4: And clearly very valuable. So, we are coming into the second half ready to ramp. Revenues ended at NOK 900,000 for the period. EBITDA at negative NOK 33 million.

Brede Ellingsæter: Revenues ended at NOK 900,000 for the period, EBITDA at -33 million, and profit for the period was -56.8 million, while cash flow -120 million reflects the investment done at AlphaOne, in addition to the accumulation of raw materials reported to 32 of more than 40 million at the end of June. We closed the period with NOK 59.9 million in cash with unused committed credit facilities. That is consisting of the Innovation Norway loan, as well as a working capital facility from DNB at 40 million. With that, I would like to give the word back to Jasper to take us through the outlook.

Speaker #4: And profit for the period was negative $56.8 million, while cash flow, negative $120 million, reflects the investment done at Alpha One, in addition to the accumulation of raw materials, thorium-232, of more than $40 million.

Speaker #4: At the end of June, we closed the period with NOK 59.9 million in cash, with unused committed credit facilities. That consists of the Innovation Norway loan, as well as a working capital facility from DNB.

Speaker #4: At $40 million. And with that, I'd like to give the word back to Jasper to take us through the outlook.

Speaker #1: Thank you, Brendan. These are exciting times. I would like to take a moment, before I speak about the outlook and what we feel is ahead of us, to go a little bit on a tangent internationally.

Jasper Kurth: Thank you, Brede. Exciting times, and I would like to take a moment before I speak about the outlook and what we feel is ahead of us to have a little bit of a tangent internationally. Some of you might know I am German, moved to Scandinavia 6 years ago, more than 6 years ago, and I have learned and loved actually how sacred summer is for Scandinavians and how important it is that we have a break. You have seen that we have opened the plant in July, and we have completed everything before in terms of commissioning. The team, and not only the Thor Medical team, but the project team, our partners have basically sacrificed their summer for the success that we can see.

Speaker #1: So, some of you might know I'm German. I moved to Scandinavia more than six years ago, and I have learned—and actually come to love—how sacrosanct summer is for Scandinavians and how important it is that we have a break. So, you've seen that we have opened the plant in July.

Jasper Kurth: You have seen that we have opened the plant in July, and we have completed everything before in terms of commissioning. The team, and not only the Thor Medical team, but the project team, our partners have basically sacrificed their summer for the success that we can see.

Speaker #1: And we have completed everything before it in terms of commissioning. So, the team—and not only the Thor Medical team, but the entire project team and our partners—have basically sacrificed their summer for the success that we can see.

Speaker #1: And I just wanted to highlight to everyone who is listening that none of us on the executive team take this for granted or would have expected this from them.

Jasper Kurth: I just wanted to highlight to everyone that is listening that none of us in the executive team take this for granted or would have expected this from them. I am absolutely humbled, having worked with the team myself, serving coffee and trying to hold tools or whatever is in my competency level. But seeing this team actually work together and solving issues that necessarily come when you implement a technology that has not been implemented before globally. That sacrifice I wanted to highlight to everybody listening, that this is something that we do not take for granted, and we are absolutely grateful for and appreciate it deeply. That said, I would like to take you on a little thought experiment in terms of our market uptake. Some of you know Pluvicto as the household name of one of the two drugs as radioligand therapies that are currently market.

Speaker #1: I'm absolutely humbled, having worked with the team myself—serving coffee and trying to pull tools or whatever is within my competency level. But seeing everyone come together and solving issues that necessarily come when you implement a technology that has not been implemented before globally.

Speaker #1: So, that sacrifice—I wanted to highlight to everybody listening that this is something that we don't take for granted, and we are absolutely grateful for it and appreciate it deeply.

Jasper Kurth: That sacrifice I wanted to highlight to everybody listening, that this is something that we do not take for granted, and we are absolutely grateful for and appreciate it deeply. That said, I would like to take you on a little thought experiment in terms of our market uptake. Some of you know Pluvicto as the household name of one of the two drugs as radioligand therapies that are currently market.

Speaker #1: That said, I would like to take you on a little thought experiment in terms of our market uptake. Some of you know Pluvicto as the household name of one of the two drugs as radiologic therapies that are currently marketed.

Speaker #1: Sales last year were around $2 billion, and they are steeply growing. Novartis has announced that the patient population has been extended to also include hormone-sensitive—sorry, hormone-resistant—prostate cancer patients.

Jasper Kurth: Sales last year were around $2 billion, steeply growing. Novartis has announced the patient population that is extended to also hormone-sensitive prostate cancer patients, so revenue potential is $5 billion plus peak sales. We have customers, namely AdvanCell and Abbiome, that want to compete with this drug and believe that they can replace it. This was the premise on which AdvanCell raised $350 million. If we follow that logic, we have asked ourselves, what would this mean, a single drug on that level? How many patient doses would that be? Remember, we have an output of 21,000 patient doses of AlphaOne in 3 years. The team actually came up with a cumulative patient dose of 1.6 million over the course of 10 years and an average of 160,000 patient doses. Basically beating the capacity of AlphaOne by a factor of many.

Speaker #1: So, revenue potential is $5 billion-plus in peak sales. And we have customers, namely Advancell and Adbio, that want to compete with this drug and believe that they can replace it.

Speaker #1: This was the premise on which Advancell raised $315 million US dollars. So, if we follow the logic, we have asked ourselves: what would this mean for a single drug on that level?

Jasper Kurth: If we follow that logic, we have asked ourselves, what would this mean, a single drug on that level? How many patient doses would that be? Remember, we have an output of 21,000 patient doses of AlphaOne in 3 years. The team actually came up with a cumulative patient dose of 1.6 million over the course of 10 years and an average of 160,000 patient doses. Basically beating the capacity of AlphaOne by a factor of many.

Speaker #1: How many patient doses would that be? And remember, we have an output of 21,000 patient doses of alpha-1 in three years. The team actually came up with a cumulative patient dose of 1.6 million over the course of 10 years.

Speaker #1: And an average of 160,000 patient doses. So, basically, beating the many. And also, you have to factor in, this is output capacity. And 1.6 million doses or 160,000 doses is the input capacity of the clinic—that the patient actually needs at the end of the needle, if you will.

Jasper Kurth: Also you have to factor in this is output capacity and 1.6 million doses or 160,000 doses is the input capacity of the clinic that the patients actually need at the end of the needle, if you will. There are inefficiencies in there. There are safety stocks, so you have to produce way more, and these safety stocks, of course, are also subject to degradation and radioactive decay. This is why Novartis themselves today have built a quarter of a million patient doses capacity for this drug, which is their main drug, but of course also LUTATHERA and some upcoming drugs.

Speaker #1: So there are inefficiencies in there. There are safety stocks, so you have to produce way more. And the safety stocks, of course, are also subject to degradation and radioactive decay.

Speaker #1: This is why Novartis themselves today have built a quarter of a million patient dose capacity for this drug, which is their main drug, but of course also Lutathera and some upcoming drugs.

Speaker #1: So, we believe the market will be big, and we believe the clinicians and treating physicians will see the beauty of lead-212 in the clinic.

Jasper Kurth: We believe the market will be big, and we believe the clinicians and treating physicians will see the beauty of Lead-212 in the clinic, and then when it is approved, it will substitute to a large degree these marketed products because they are simply better in terms of efficacy and in terms of safety, as we discussed and compared. Just to wrap up operationally, Brede touched on this. We have this beautiful process that does not require raw materials at one point because we recycle everything that comes in our plant. The flip side is it is a ramp, so we cannot just flick a switch like you would with a nuclear reactor. You build it for 10 years, and then you basically switch it on, and you produce at capacity. This is not how it works. We have to really build.

Speaker #1: And then, when it's approved, it will substitute to a large degree these marketed products, because they're simply better in terms of efficacy and in terms of safety, as we discussed and compared.

Speaker #1: So just to wrap up operationally—and Brendan touched on this—we have this beautiful process that doesn't require raw materials at one point, because we recycle everything that comes into our plant.

Jasper Kurth: Just to wrap up operationally, Brede touched on this. We have this beautiful process that does not require raw materials at one point because we recycle everything that comes in our plant. The flip side is it is a ramp, so we cannot just flick a switch like you would with a nuclear reactor. You build it for 10 years, and then you basically switch it on, and you produce at capacity. This is not how it works. We have to really build.

Speaker #1: The flip side is, it's a ramp. So, we cannot just flick a switch like you would with a nuclear reactor. You build it for 10 years, and then you basically switch it on.

Speaker #1: And you produce at capacity. This is not how it works. We have to really build. So we are on a ramp, and we have low thousands of patient doses output as of today.

Jasper Kurth: We are on a ramp, and we have low thousands of patient doses output as of today, which translates in low double-digit million NOK sales this year. We basically gradually grow without adding investments to 350 million NOK sales as we have guided after 3 years. This means actually that our EBITDA also will flip from negative to positive next year. That is also very good to see that despite having small numbers at this point, we will see an EBITDA break even quite soon. I would like to also take a step back and look at the process once again, because I find it really beautiful, especially when you look at the masses involved in the process. The first separation step, thorium-232 to radium-228.

Speaker #1: Which translates into low double-digit million NOK sales this year. But we basically gradually grow without adding investments. Two, NOK 350 million sales as we have guided after three years.

Speaker #1: And this actually means that our EBITDA will also flip from negative to positive next year. So that's also very good to see that, despite having small numbers at this point, we will see an EBITDA break-even quite soon.

Jasper Kurth: That is also very good to see that despite having small numbers at this point, we will see an EBITDA break even quite soon. I would like to also take a step back and look at the process once again, because I find it really beautiful, especially when you look at the masses involved in the process. The first separation step, thorium-232 to radium-228.

Speaker #1: And I would also like to take a step back and look at the process once again, because I find it really beautiful, especially when you look at the masses involved in the process.

Speaker #1: So the first separation step, thorium-232 to radium-228. Some of you have seen these huge tanks that we have lifted into the basement of the building that actually touch the ceiling of the next story.

Jasper Kurth: Some of you have seen these huge tanks that we have lifted into the basement of the building that actually touch the ceiling of the next story. This is for thorium-232, because from one metric ton that we take in, we separate out 0.4 milligrams in radium-228, and this is just the first separation step. This process, as linear as it looks, we can actually take a part of it and make smart investments. When we build new capacity, I would not believe that we build another AlphaOne. We have 5,000 square meters in AlphaOne. We can maybe do upsizing of our capacity, separating thorium-232 to radium-228, and then take that small amount and ship it very cost-friendly and very CO2-friendly around the world and have small labs where we have a hot cell line to produce from radium-228 down to radium-224, lead-212, and of course, thorium-228.

Speaker #1: So, this is for thorium-232, because from one metric ton that we take in, we separate out 0.4 milligrams of radium-228. This is just the first separation step.

Speaker #1: So this process is linear, as it looks. We can actually take a part of it and make smart investments. So, when we build new capacity, I would not believe that we build enough another alpha one.

Speaker #1: We have 5,000 square meters in Alpha One. We can maybe look at upsizing our capacity, separating thorium-232 to radium-228. Then we can take that small amount and ship it very cost-friendly and very CO2-friendly around the world.

Jasper Kurth: We have 5,000 square meters in AlphaOne. We can maybe do upsizing of our capacity, separating thorium-232 to radium-228, and then take that small amount and ship it very cost-friendly and very CO2-friendly around the world and have small labs where we have a hot cell line to produce from radium-228 down to radium-224, lead-212, and of course, thorium-228.

Speaker #1: And have small labs where we have a hot cell line to produce from radium-228 down to radium-224, lead-212, and of course, thorium-228. And with that, of course, increase capacity with dual investments.

Jasper Kurth: With that, of course, increase capacity with dual investments and at the same time also steer clear of geopolitical challenges, let's put it this way. Also we read the news. This is just food for thought. These are the things that we discuss, I discuss very openly with the board of the company. We are observing closely what the demand is today because we believe we need to anticipate what's coming tomorrow, not today. We cannot wait until a drug is in the market and then we can say, "Sorry, we cannot produce your isotope. You have to go elsewhere," or, "You cannot launch the product." We need to give our customers confidence.

Speaker #1: And at the same time, also steer clear of geopolitical challenges. Let's put it this way: we also read the news, and this is just food for thought.

Speaker #1: These are the things that I discuss very openly with the board of the company. So we are observing closely what the demand is today.

Jasper Kurth: We are observing closely what the demand is today because we believe we need to anticipate what's coming tomorrow, not today. We cannot wait until a drug is in the market and then we can say, "Sorry, we cannot produce your isotope. You have to go elsewhere," or, "You cannot launch the product." We need to give our customers confidence.

Speaker #1: Because we believe we need to anticipate what's coming tomorrow, not today. So we cannot wait until a drug is in the market and then say, sorry, we cannot produce your isotope.

Speaker #1: You have to go elsewhere or you cannot launch the product. We need to give our customers confidence. Another unfortunate example from the Nordics is Novo Nordisk, which actually had the golden stone, if you will, with their GLP-1 inhibitor.

Jasper Kurth: Another unfortunate example from the Nordics is Novo Nordisk that actually had the golden stone, if you will, with their GLP-1 receptor agonist, and they failed to build out capacity in time, and now they're taken over by Eli Lilly and Company any day of the week. That is a fate that we would like to spare ourselves and spare our customers. We actively think along those lines with our feet firmly on the ground, ramping up AlphaOne. This brings me to my last slide. I hope over the last 35 minutes or so, we could present the company as what it is, a leading supplier of isotopes for a very important field in radiopharmaceuticals. We see 45 drugs currently in development. This is a growing number.

Speaker #1: And they failed to build out capacity in time, and now they're taken over by Eli Lilly—any day of the week. That is a fate that we would like to spare ourselves and spare our customers.

Speaker #1: So we actively think along those lines, with our feet firmly on the ground, ramping up Alpha One. This brings me to my last slide.

Jasper Kurth: We actively think along those lines with our feet firmly on the ground, ramping up AlphaOne. This brings me to my last slide. I hope over the last 35 minutes or so, we could present the company as what it is, a leading supplier of isotopes for a very important field in radiopharmaceuticals. We see 45 drugs currently in development. This is a growing number.

Speaker #1: So I hope over the last 35 minutes or so, we could present the company as what it is: a leading supplier of isotopes for a very important field in radiopharmaceuticals.

Speaker #1: We see 45 drugs currently in development. This is a growing number. Building customer base more than 10 customers today. With a technology that actually was invented somewhat years ago, more than 10 in this company that we have brought into pilot two years ago and have now validated.

Jasper Kurth: Building customer base, more than 10 customers today with a technology that actually was invented somewhat years ago, more than 10 in this company that we have brought into pilot two years ago and have now validated. We establish this small Norwegian company as a global leader in supply. While it is not a household name when you ask people in the supermarket here in Oslo, it is a household name in international conferences like SNMMI or the European counterpart that is hosted in Vienna this year. People recognize Brede or Mathias, and they recognize the company, and they want to do business with us. Our limitation, and Brede touched on that, is the half-life of lead-212 today.

Speaker #1: So, we established this small Norwegian company as a global leader in supply. And while it is not a household name when you ask people in the supermarket here in Oslo, it is a household name at international conferences like SNMMI, or the European counterpart that is hosted in Vienna this year.

Jasper Kurth: While it is not a household name when you ask people in the supermarket here in Oslo, it is a household name in international conferences like SNMMI or the European counterpart that is hosted in Vienna this year. People recognize Brede or Mathias, and they recognize the company, and they want to do business with us. Our limitation, and Brede touched on that, is the half-life of lead-212 today.

Speaker #1: So, people recognize Breda or Matthias, and they recognize the company. And they want to do business with us. Our limitation—and Breda touched on that—is the half-life of lead-212 today.

Speaker #1: So we need to think along the lines of how to make this more accessible, and how to allow very brilliant and innovative companies to do research and development, which leads to making that pie bigger and actually helps more patients.

Jasper Kurth: We need to think along the lines of how to make this more accessible and how to allow very brilliant and innovative companies to do research and development with Lead-212 to make that pie bigger and actually help more patients. With that, I would like to thank you for your attention to the presentation. I would hand over to Mathias who will walk us through the Q&A session.

Speaker #1: And with that, I'd like to thank you for your attention to the presentation. I will hand over to Matthias, who will walk us through the Q&A session.

Speaker #1: Thank you, Matthias.

Mathias Nilsen Reierth: Yeah.

Jasper Kurth: Thank you, Mathias.

Speaker #2: Thank you, Jasper. I think we will start with some questions from the online audience. The first question is from Jørgen Busk: What are the next milestones we may monitor over the next 12 months to assess whether the ramp-up is progressing ahead of or behind plan?

Mathias Nilsen Reierth: Thank you, Jasper. I think we will start with some questions from the online audience. First question is from Jørgen Busk. What are the next milestones we may monitor over the next 12 months to assess whether the ramp-up is progressing ahead of or behind the plan? What level of demand in pharma would trigger a decision to expand capacity-wise?

Speaker #2: And what level of demand in pharma would trigger a decision to expand, capacity-wise?

Speaker #1: That's a very good question, and clearly something that is high up on our agenda. So, as I said before—and Breda, our CEO, can chime in if necessary.

Jasper Kurth: That is a very good question, and clearly something that is high up on our agenda. As I said before, and Brede Ellingsæter as COO can chime in if necessary, we are on a ramp, so we start at a small scale. We have successfully completed the commissioning, and we are doing the repetitive runs. Of course we need to take into account that it is small volumes at this point. What we have set low double-digit volume is basically guiding for this year. This is something that we can be measured against if the ramp is successful or not. So far I can say we are ramping the plan successfully, but it is technology, so there are of course risks as always. We need to deal with that as well.

Speaker #1: We are on a ramp, so we started at a small scale. We have successfully completed the commissioning, and we are doing the repetitive runs. But of course, we need to take into account that it's small volumes at this point.

Speaker #1: But what we have said is low double-digit or double-digit volumes, basically guiding for this year. And this is something that we can be measured against if the ramp is successful or not. So far, I can say we are ramping the plan successfully.

Jasper Kurth: What we have set low double-digit volume is basically guiding for this year. This is something that we can be measured against if the ramp is successful or not. So far I can say we are ramping the plan successfully, but it is technology, so there are of course risks as always. We need to deal with that as well.

Speaker #1: But it's technology, so there are, of course, risks as always. So we need to deal with that as well.

Speaker #2: Thank you. Next question is from Ivar Garnes: Can you give a percentage breakdown of key OPEX cost elements for running Alpha One? Feedstock, material, power, maintenance, people, logistics, et cetera.

Mathias Nilsen Reierth: Thank you. Next question is from Ivar Garnes. Can you give a percentage breakdown of key OpEx cost elements for running AlphaOne, feedstock, material, power maintenance, people, logistics, et cetera?

Speaker #1: I think that's a question for you, Breda.

Jasper Kurth: I think that's a question for you, Brede.

Brede Ellingsæter: Yeah. We will not give specific details on that kind of level. But the main drivers are, of course, feedstock as a raw material, which we, as you can see in the presentation, we had already front-end loaded, so we were ready to take us through the ramp now this fall. Beyond that it's operational cost in terms of salary, but we are not expecting any massive increases in salary now. We had built the organization already to be ready to start production. Beyond that, it's operational overheads related to lease contracts, et cetera, which is also already now visible in the current report. So I don't intend to go into any more details about that.

Speaker #2: Yeah. We will not give specific details on that kind of level. But the main drivers are, of course, feedstock as a raw material, which we, as you could see in the presentation, had already front-end loaded.

Speaker #2: So, we were ready to take us through the ramp now this fall. Beyond that, it's operational cost in terms of salary. But we are not expecting any massive increases in salary now.

Speaker #2: We had built the organization already to be ready to start production. Beyond that, it's operational overheads related to lease contracts, et cetera, which are also already now visible in the current report.

Brede Ellingsæter: We had built the organization already to be ready to start production. Beyond that, it's operational overheads related to lease contracts, et cetera, which is also already now visible in the current report. So I don't intend to go into any more details about that.

Speaker #2: So, I don't intend to go into any more details about that. Next question is from Per Nielsen. Today, Thor Medical has a backlog of NOK 850 million.

Mathias Nilsen Reierth: Next question is from Per Nielsen. "Today, Thor Medical has a backlog of 850 million NOK. Are there room for more orders with AlphaOne, and if so, how much more can we produce and sell?

Speaker #2: Is there room for more orders with Alpha One? And if so, how much more can we produce and sell?

Speaker #1: Do you want to take it, or should I?

Jasper Kurth: Do you want to take it or should I?

Brede Ellingsæter: Like I said, we have very good visibility on revenues when it comes to sale of thorium-228 for the, let's say, short to medium term. This relates into this fall and into next year, based on committed volumes. This is basically at very close to capacity of thorium-228. That said, any sales of Lead-212 and radium-224 is still possible to assume in the same period because that is products that comes on top. We can actually utilize the thorium that we eventually are going to sell, I am talking about thorium-228, to produce the downstream isotopes, and then we are able to ship both products without cannibalizing any capacity.

Speaker #2: Sure. Like I said, we have very good visibility on revenues when it comes to the sale of thorium-228 for the, let's say, short to medium term.

Speaker #2: This relates to this fall and into next year, based on committed volumes. This is basically at, or very close to, the capacity of thorium-228. That said, any sales of lead-212 and radium-224 are still possible to assume in this same period.

Speaker #2: Because that is product that comes on top. We can actually utilize the thorium that we eventually are going to sell. I'm talking about thorium-228.

Speaker #2: To produce the downstream isotopes, and then we are able to ship both products without cannibalizing any capacity. If you look a bit further ahead, we have always had a clear strategy to firm up the order portfolio for the first period after, while we were building Alpha One.

Brede Ellingsæter: If you look a bit further ahead, we have always had a clear strategy to firm up the order portfolio for the first period after, while we were building AlphaOne, but also taking it into operation, meaning that the committed capacity short term is very close to capacity, thorium-228, I am talking about. Looking a bit further, there is more opportunities to add more contracts. This is also a conscious decision because there are still companies out there we have not partnered with yet, and we would like to stay relevant also to them. So we still expect that we will be able to sell everything that we can produce, but that we can make new contracts, that is also something that we have considered.

Speaker #2: We're also taking it into operation, meaning that the committed capacity short term is very close to capacity. Thorium-228, I'm talking about. Looking a bit further, there are more opportunities to add more, because there are still companies out there.

Brede Ellingsæter: This is also a conscious decision because there are still companies out there we have not partnered with yet, and we would like to stay relevant also to them. So we still expect that we will be able to sell everything that we can produce, but that we can make new contracts, that is also something that we have considered.

Speaker #2: We have not partnered with them yet, and we would like to stay relevant to them as well. So we still expect that we will be able to sell everything that we can produce.

Speaker #2: But that we can make new contracts—that is also something that we have considered. Okay, so final question from the online audience, and I think you touched upon this, Jasper.

Mathias Nilsen Reierth: Okay, so final question from the online audience, and I think you touched upon this, Jasper. "Is AlphaOne a necessary step, or could you instead achieve global reach by supplying thorium-228 and enabling smaller distributed labs to produce Pb-212 on site, effectively going global through a decentralized network rather than building a second centralized facility?

Speaker #2: Is Alpha Two a necessary step, or could you instead achieve global reach by supplying thorium-228 and enabling smaller distributed labs to produce Pb-212 on site?

Speaker #2: Effectively going global through a decentralized network rather than building a second centralized facility.

Speaker #1: That must have been a very well-informed investor. That's a good question, and I think you said—I said it already. So, we believe it will not be a monolithic alpha two.

Jasper Kurth: That must have been a very well-informed investor. That is a good question, and I think I said it already. We believe it will not be a monolithical AlphaOne that sits somewhere or Norway. We have capacity to do upstream in Herøya, and we are very grateful being there. It makes a lot of sense to be in Norway. I think I said that before. But when it comes to downstream, especially short-lived isotopes, it would be foolish not to consider going closer to patients where the majority of our patients are. As a European, it bleeds my heart, but the truth of the matter is most of the clinical research is done in the US. US is the most attractive market, so we have to consider that.

Speaker #1: That sits somewhere. Norway. We have capacity to do upstream in Haria, and we are very grateful being there. It makes a lot of sense to be in Norway.

Speaker #1: I think I said that before. But when it comes to downstream, especially short-lived isotopes, it would be foolish not to consider going closer to patients, where the majority of our patients are.

Jasper Kurth: But when it comes to downstream, especially short-lived isotopes, it would be foolish not to consider going closer to patients where the majority of our patients are. As a European, it bleeds my heart, but the truth of the matter is most of the clinical research is done in the US. US is the most attractive market, so we have to consider that.

Speaker #1: And as a European, it bleeds my heart. But the truth of the matter is, most of the clinical research is done in the US.

Speaker #1: The US is the most attractive market, so we have to consider that.

Speaker #2: Okay. So let's open the floor for questions from the audience here in Oslo. Any questions? Good. Excuse me, just going to give you the mic.

Mathias Nilsen Reierth: Okay, so let us open the floor for questions from the audience here in Oslo. Any questions? Good. Excuse me, just going to give you the mic.

[Analyst]: You mentioned integrated approach of Lead-212 delivery. Could you perhaps elaborate it a bit further? Does that mean that you could potentially load a generator at AlphaOne, of course, with thorium, right, and ship it to Halvel cell in Australia? Then in Australia, they would just add solvent on top of that generator, and at the bottom, Lead-212 would come out. Is that what you are presenting on the slide?

Speaker #3: You mentioned the integrated approach of lead-212 delivery. Could you perhaps elaborate on that a bit further? Does that mean that you would potentially load a generator at Alpha One?

Speaker #3: Of course, with thorium. Great. And ship it to Ivancell in Australia.

Speaker #1: Then, in Australia, they would just add solvent on top of that generator, and at the bottom, lead-212 would come out. Is that what you are presenting on the slide?

Speaker #2: That is one of many different models that are possible. So you can talk about preload generators, you can talk about having a production system in a hospital somewhere, and then supply thorium-228 as feedstock basically for that production system.

Jasper Kurth: That is one of many different models that are possible. You can talk about preloaded generators. You can talk about having a production system in Halvel somewhere and then supply thorium-228 as feedstock, basically, for that production system that sits either at a customer site or in CDMO or in a treatment center even. It could be many different models that are perceivable, and we are, of course, looking what is best for the company in terms of capital intensity, revenue potential, and all the other figures that we need to look at when making decisions like that.

Speaker #2: That sits either at a customer site, or in a CDMO, or even in a treatment center. So, there could be many different models that are conceivable.

Speaker #2: And we are, of course, looking at what is best for the company in terms of capital intensity, revenue potential, and all the other figures that we need to look at when making decisions.

Speaker #1: Okay. But basically, that means vertical integration—you would like to capture a higher share of the value chain. Is that correct?

[Analyst]: Okay, but basically that means vertical integration. You would like to capture higher share of the value chain.

Speaker #2: You can think along those lines, yes.

Jasper Kurth: You can think along those lines, yes.

Speaker #1: Could that potentially open doors for recurring revenue? You know, if you're sending out preloaded generators and if your in-house developed generator has higher durability than the generators that are commercially available—let's put it like that.

[Analyst]: Could that potentially open doors for recurring revenue? If you are sending out preloaded generators and if your in-house developed generator has higher durability than generators that are commercially available, let's put it like that, right? Then maybe that could mean, okay, companies would subscribe to certain amount of radioactivity of Lead-212 per year, then you could play among those lines, supplying them with preloaded generators, getting those generators back, right?

Speaker #1: Right? Then maybe that could, you know, mean, okay, companies would subscribe to a certain amount of radioactivity of lead-212 per year. And then, you know, you could play along those lines, supplying them with preloaded generators, getting those generators back.

Speaker #1: Right? And then you know.

Jasper Kurth: It is a good thought. I cannot comment completely on this, but I can say as an executive team, as CEO, our job is to make use of the assets that we have, and our main asset is the people and the knowledge that we have accumulated over the years and the technology that we have. I think if it is only deployed in AlphaOne, we are not making the best use of the technology for the sake of our investors and the patients out there.

Speaker #2: It's a good thought. I cannot comment completely on this, but I can say as an executive team, as CEO, our job is to make use of the assets that we have. Our main asset is the people and the knowledge that we have accumulated over the years, and the technology that we have.

Speaker #2: And I think if it’s only deployed in Alpha One, we’re not making the best use of the technology for the sake of our investors and the patients out there.

Speaker #1: Thank you.

[Analyst]: Thank you.

Speaker #2: I think there were more questions behind you, Jasper. Thank you.

Mathias Nilsen Reierth: I think there were more questions behind you, Jasper. Thank you.

Speaker #1: Thank you. George Theo Lombecke from HBG Sundal Caller. So previously, you have guided for turning cash flow break-even in 2027, which would put Thor Medical, indirectly, EBITDA positive as well.

Georg Tigalonov-Bjerke: Thank you. Georg Tigalonov-Bjerke from ABG Sundal Collier. Previously you have guided for turning cash flow breakeven in 2027, which for Thor Medical indirectly means EBITDA positive as well, somewhat earlier in 2027. Now you specifically state EBITDA positive, turning that in 2027. The question is, do you still expect to turn cash flow breakeven also in 2027?

Speaker #1: Somewhat earlier in 2027. Now, you specifically state EBITDA positive, turning that in 2027. So the question is, do you still expect to turn cash flow break-even also in 2027?

Speaker #2: Yes, that's what we are expecting. Yeah.

Jasper Kurth: Yes. That is what we are expecting, yeah.

Speaker #1: Good to hear that. Secondly, you touched upon this as well, Jasper: the inefficiencies in the chain from supplier to drug producer, or even to the patient.

Georg Tigalonov-Bjerke: Good to hear that. Secondly, you touched upon this also, Jasper, so the inefficiencies in the chain from supplier to drug producer or patient even, they are evident.

Georg Tigalonov-Bjerke: Good to hear that. Secondly, you touched upon this also, Jasper, so the inefficiencies in the chain from supplier to drug producer or patient even, they are evident. Maybe 50,000 doses demanded per year, but only 1,000 to 2,000 patients treated. That is obviously positive for Thor Medical. How much of those inefficiencies do you see as structural, in other words, sticky also? Both, I would say mid to long term.

Speaker #1: They are evident. Maybe 50,000 doses are demanded per year, but only 1,000 to 2,000 patients are treated. That's obviously positive for Thor Medical. So, how much of those inefficiencies do you see as structural?

Georg Tigalonov-Bjerke: Maybe 50,000 doses demanded per year, but only 1,000 to 2,000 patients treated. That is obviously positive for Thor Medical. How much of those inefficiencies do you see as structural, in other words, sticky also? Both, I would say mid to long term.

Speaker #1: In other words, sticky also? Yeah. Both. I'd say mid- to long-term.

Speaker #2: Yeah, I think that's the golden question, George, because we simply don't know for lead. It's not a global supply chain. What we can observe is a clinical supply chain.

Jasper Kurth: Well, I think that is the golden question, Georg, because we simply do not know for that. It is not a global supply chain. What we can observe is a clinical supply chain that is not commercial, which is highly inefficient. The amount of isotopes produced today are in the range of 50,000 to 60,000 patient doses for just a couple of maybe 100 patients. This is highly inefficient. It will be much better when they move into phase III and then commercial. Right now there are different competing models out there. Between centralized approach that you just preload enough Lead-212 to ship it basically across the US, or you have distribution hubs, and then you have to maintain a certain stock of raw materials of thorium in these distribution hubs. This, of course, also impacts the efficiency of the supply chain.

Speaker #2: That is not commercial, which is highly inefficient. So, the amount of isotopes produced today is in the range of 50 to 60,000 patient doses, for just a couple of, maybe, 100 patients.

Speaker #2: So, this is highly inefficient. It will be much better when they move into phase three and then commercial. But right now, there are different competing models out there.

Jasper Kurth: Right now there are different competing models out there. Between centralized approach that you just preload enough Lead-212 to ship it basically across the US, or you have distribution hubs, and then you have to maintain a certain stock of raw materials of thorium in these distribution hubs. This, of course, also impacts the efficiency of the supply chain.

Speaker #2: So, between a centralized approach, where you just preload enough lead to ship it basically across the US, or you have distribution hubs. And then you have to maintain a certain stock of raw materials, of thorium, in these distribution hubs.

Speaker #2: So this, of course, also impacts the efficiency of the supply chain. What we can say is that today it's highly inefficient. It will become much better than that.

Jasper Kurth: What we can say is today it is highly inefficient. It will become much better than that. It has to for the therapy to be reimbursable. It will not be highly efficient. I can only go back to Novartis. Lutetium-177 is a product that is easier to be shipped than Lead-212 is, and they have built capacity today of 250,000 patient doses in the US to serve basically the patient population of peak sales and then some. This also has to be kept in mind. It will not be a very efficient supply chain.

Speaker #2: It has to, for the therapy to be reasonably reimbursable. But it will not be highly efficient. And I can only go back to Novartis.

Speaker #2: Lutetium is a product that is easier to ship than lead is. And they have built capacity today of 250,000 patient doses in the US to serve basically the patient population at peak sales, and then some. So this also has to be kept in mind.

Speaker #2: It will not be a very efficient way, or it will not be a very efficient supply chain.

Speaker #1: Great, thank you. That's all from me.

Georg Tigalonov-Bjerke: Great. Thank you. That is all for me.

Speaker #2: Any other questions from the audience? Okay. Thank you for your questions, and also thanks to everyone for joining us today. Have a good weekend.

Mathias Nilsen Reierth: Any other questions from the audience? Okay. Thank you for your questions. Also thanks for joining, everyone joining us today. Have a good weekend.

Jasper Kurth: Thanks for coming, everybody.

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Half Year 2026 Thor Medical ASA Earnings Call

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