Company presentation

March 2021 2

Forward looking statements

This presentation contains forward-looking statements that provide our expectations or forecasts of future events such as new product developments and regulatory approvals and financial performance.

Camurus is providing the following cautionary statement. Such forward-looking statements are subject to risks, uncertainties and inaccurate assumptions. This may cause actual results to differ materially from expectations and it may cause any or all of our forward-looking statements here or in other publications to be wrong. Factors that may affect future results include currency exchange rate fluctuations, delay or failure of development projects, loss or expiry of patents, production problems, unexpected contract, patent, breaches or terminations, government-mandated or market-driven price decreases, introduction of competing products, Camurus‘ ability to successfully market products, exposure to product liability claims and other lawsuits, changes in reimbursement rules and governmental laws and interpretation thereof, and unexpected cost increases.

Camurus undertakes no obligation to update forward-looking statements Long-acting medications addressing key healthcare challenges 4

Corporate highlights

Rapidly growing commercial Broad late-stage pipeline stage company • +10 innovative clinical programs in • Fully operational infrastructure in Europe addiction, pain, oncology, endocrine and Australia disorders and CV diseases • Buvidal® to date available in 15 countries • Two ongoing Phase 3 studies • Strong growth of product sales • Advancing early-stage opportunities

Market approvals Unique FluidCrystal® Partnerships Experienced Weekly and monthly nanotechnologies R&D collaborations, management ® Buvidal for opioid • New generation long-acting licensing and royalty and dedicated dependence depot technology arrangements with teams • Validated in +25 clinical trials pharma and biotech and by approved products companies

LISTED ON NASDAQ STO; TICKER CAMX MARKET CAP ~ SEK 12 billion EMPLOYEES: 136 HQ: Lund, Sweden REGIONAL OFFICES: Cambridge, Mannheim, Sydney 5 Camurus‘ FluidCrystal® long-acting release technology has unique properties

 Easy and convenient administration  Adopted to prefilled syringes and autoinjectors  Rapid onset & long-acting release  Manufacturing by standard processes  Applicable across substance classes  Strong intellectual property

Injection of liquid . formulation Encapsulating Slow release Drug release and conc using prefilled H2O liquid crystal gel of drug biodegradation of

syringe or triggered by blood gel matrix to full

autoinjector water uptake drug resolution time

Sources: Tiberg F, et al. Chapter in Long Acting Injections and Implants, Advances in Delivery Science and Technology 2012; Tiberg F, et al. OnDrugDelivery 2010; Tiberg F, et al. Drug Del. Sci. Tech., 21 (1) 101-109 2011. 6

FluidCrystal – Long-acting release

Immediate release pasireotide (Signifor®) Pasireotide FluidCrystal® (CAM4071)

10 10 Pasireotide IR 600 ug (SC Pasireotide FluidCrystal 20 thigh, n = 94) mg (SC thigh, n = 12)

1 1 pasireotide plasma concentration(ng/mL) pasireotide plasma concentration(ng/mL) 0,1 0,1 0 7 14 21 28 0 7 14 21 28 Time (days) Time (days) 7

Camurus had a successful 2020

•Strong revenue growth – in line with our upgraded 2020 guidance • Net revenue SEK 336 million, up 218% (SEK 351 million, up 227% at CER1), • Product sales SEK 323 million, up 347% (SEK 337 million, up 362% at CER1) • OPEX was SEK 508 million, an increase of 15% •Successful commercialization of Buvidal • Scalable commercial platform in Europe and Australia • Expansion into new markets FY 2020 guidance • Established the value Buvidal brings to patients, HCPs, payors and society Expected FY net revenues ‒ Growing scientific evidence, including positive results from DEBUT and UNLOC-T SEK 340 - 380 million, clinical trials whereof product sales •Significant pipeline progress SEK 310 – 340 million • Progress of Phase 3 studies for CAM2029 in acromegaly Expected FY OPEX* SEK 505 – 525 million • Positive Phase 2 results for weekly FluidCrystal® setmelanotide for treatment of rare genetic obesity disorders by Rhythm *Without regard to the outcome of the ongoing arbitration process • Progress in the early pipeline has laid the ground for new value-adding clinical programs

1. Constant exchange rates (CER) December 2019 8

Fourth quarter 2020 highlights

•Total revenues up by 201% (213% at CER1) Key figures ‒ Product sales up by 243% (256% at CER1)

MSEK Oct – Dec Δ Jan – Dec Δ •Patients in treatment with Buvidal® increased to 2020 vs 2019 2020 vs 2019 over 15,000 Total revenues 106 +201% 336 +218% ‒ More than 200,000 Buvidal doses administered in 2020 whereof product sales 104 +243% 323 +347% •Buvidal approved in Switzerland ‒ Three additional MAAs submitted OPEX 175 +58% 508 +15% •Delay in the US Operating result -82 +8% -205 +43% 2 ‒ Braeburn received a CRL from FDA for the Brixadi™NDA Result for the period -65 +9% -167 +42% ‒ Partial award announced from arbitration process with Braeburn Result per share, before •New clinical studies and after dilution, SEK -1.22 +17% -3.18 +49% ‒ First patients treated in Phase 2 study of CAM2043 in Raynaud’s Cash position 462 +29% 462 +29% phenomenon and Phase 1 study of CAM2029 autoinjector ‒ Phase 3 study protocol finalized for CAM2029 in NET •New patents for Buvidal granted in the EU and US

1. Constant exchange rates (CER) December 2019 2. CRL – Complete Response Letter 9 Opioid dependence – escalating global health crisis

• Largest society burden of all drugs1 Escalating overdose deaths • 58 million opioid users worldwide1

• High need for better access to care 1 200 and new treatment alternatives 1 000 • Investment in treatment brings substantial 800 value and saves lives 600 • Significant limitation with current daily medications 400 ‒ Diversion, misuse, risk of overdose, poor retention, 200 burdens and stigma of daily buprenorphine and methadone medications 0

Opioid related deaths in Scotland over the last 10 years2

1United Nations: World drug report 2020; National Records of Scotland https://www.nrscotland.gov.uk/statistics-and- data/statistics/statistics-by-theme/vital-events/deaths/drug-related-deaths-in-scotland/2019 10

Buvidal® – flexible long-acting treatment of opioid dependence

Flexible-dose, weekly and monthly, subcutaneous buprenorphine for treatment of opioid dependence within a framework of medical, social and psychological treatment in adults and adolescents 16 years or over1

Launch initiated in Europe and Australia in 2019

“For me, Buvidal is a Buvidal provides significant benefits to patients and society revelation. I know that as ‒ Improved treatment outcomes and patient satisfaction1-3 long as I stay on Buvidal ‒ Reduced treatment burden and improved quality of life2 I’ve got a chance” ‒ Diminished diversion, misuse and pediatric exposure4 Sophie, Buvidal patient in Wales ‒ Reduced treatment costs in the criminal justice system5

1Lofwall et al. JAMA Int. Med. 2018;178(6); 764-773; 2Frost et al, Addiction, 2019;114(8):1416-1426; 3Lintzeris N, et al., Results of the DEBUT Study, presented at CPDD Virtual Meeting June 22-24, 2020. 4EPAR; 5Dunlop A, et al. Introduction of Long-Acting Depot Buprenorphine in Prison - the UNLOC-T Study. Presented at CPDD Virtual Meeting June 22-24, 2020 11

Buvidal growth journey

 Continued progress in the fourth quarter Product sales by quarter

‒ Invoiced product sales grew by 10% versus Q3 2020, MSEK while the in-market Buvidal sales growth was 33% 110 104 Double-digit growth in all markets 100 ‒ 94 ‒ Largest markets: Australia, Finland, Norway and UK 90 ‒ Covid-19 barrier for uptake and delayed pricing and 80 reimbursement processes 70 76 60  Buvidal available in 15 countries 50 49 ‒ 12 countries in Europe and Australia 40 • Latest launch in Spain after price and reimbursement 30 30 decision in December 2020 20 19 11 ‒ 3 countries in MENA with Early Access Programs 10 11 ‒ Preparation for new launches in Wave 3 markets 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2019 2020 12 Buvidal scientific evidence base translated into significant patient benefits

“…make available long acting treatments in both community & prison” Nicola Sturgeon, First Minister, Scotland, 21 Jan 2021

Strong science Supported claims Media recognition • 25 peer-reviewed scientific • Superior treatment outcome versus • Benefits of Buvidal being publications – 11 in 2020 daily sublingual buprenorphine recognized by wider society • 123 conference • Flexible, individualized treatment • Covid-19 highlights presentations – 24 in 2020 according to patients’ needs advantages of long-acting • Improved treament satisfaction treatments and quality of life of patients 13

Global strategy for Buvidal (Brixadi™)

REGION PARTNER NO OF PATIENTS MARKET POTENTIAL

EU ~1.3 million ~€300 million2 Australia LAUNCH INITIATED IN 2019 HIGH-RISK OPIOID USERS1

North >2 million $0.6-1.2 billion4, 5 America DIAGNOSED WITH OPIOID USE DISORDER IN THE US3

Middle East 5 & North >300,000 €25-75 million WITH OPIOID DEPENDENCE6 Africa EARLY ACCESS PROGRAMS INITIATED IN 2020

1European Drug Report 2019; 2Camurus estimate; 3SAMHSA, Results from the 2017 National Survey on Drug Use and Health, Sep. 2018; 4Opioid Use Disorder: Opportunity Analysis and Forecasts to 2027, GlobalData 2018; 5Camurus estimates; 6World Drug Report and NewBridge estimate 14

Buvidal (Brixadi) regulatory progress

•New approval •Braeburn received CRL in the US CAM2038 Chronic pain  Market authorization approval by  Complete response letter (CRL) issued  Pre-submission meeting Swissmedic in December 2020 by FDA for the Brixadi™NDA on held with EU Rapporteur 1 December 2020 •Regulatory filings ‒ Quality related observations during pre-  Regulatory submission  Line-extension applications and label market inspections of Braeburn’s third- to EMA planned in 2021 enhancements with EMA and TGA party manufacturer  Market authorization application, MAA,  Braeburn are working with their under final review in New Zealand contract manufacturer to address the CRL issues and resubmit the NDA •Availability of Buvidal in MENA  A new PDUFA date for the Brixadi™  Early access programs ongoing in NDA is expected in H2 2021 three countries  MAAs submitted in three MENA countries in Q4 – priority review received in Saudi Arabia  Further submissions planned in 2021 15 Significant opportunity in mid- to late-stage pipeline

Approved medicines Phase 1 Phase 2 Phase 3 Registration Market Buvidal® Opioid dependence

Product candidates Brixadi™ Opioid Dependence1) CAM2038 Chronic pain CAM2029 Acromegaly CAM2029 Neuroendocrine tumors CAM2032 Prostate cancer CAM4072 Genetic obesity disorders2) CAM2043 Raynaud’s phenomenon CAM2043 Pulmonary arterial hypertension 1) Braeburn holds the rights to North America 2) Developed by Rhythm Pharmaceuticals under a CAM4071 Endocrine disorders worldwide license to FluidCrystal® CAM2047 CINV3) 3) CINV – Chemotherapy-induced nausea and vomiting CAM2048 Postoperative pain1)

Medical device episil® Oral liquid

Own approved medicines License collaborations Own product candidates 16

CAM2029 – octreotide subcutaneous depot in Phase 3 development

•Innovative medicine in late-stage development for rare pituitary disorders and neuroendocrine tumors •Designed for enhanced efficacy and patient convenience 17 CAM2029 opportunity addresses key unmet medical needs in the SSA market

•Somatostatin analogues (SSAs) are •CAM2029 offers simplified dosing and first-line medical therapy in possibility of self-administration •US$ 2.8 billion acromegaly and neuroendocrine ‒ Ready-to-use prefilled syringe or • CURRENT SSA tumors (NET) autoinjector for enhanced convenience with MARKET VALUE3 option for self-administration •But there are significant limitations with current SSA treatments •Potential for improved biochemical mUSD and symptom control SSA annual sales 3000 Difficult handling & administration ‒ 2500 ‒ Fast onset and long-acting release Somatuline® Autogel® ‒ Sub-optimal treatment result with 500% higher bioavailability vs Sandostatin® LAR® 2000 octreotide LAR1 1500 Sandostatin® LAR® (octreotide): 1000 ‒ Well maintained or improved biochemical and symptom control indicated with 500 CAM2029 in acromegaly and NET patients2 0

Somatuline® Autogel® (lanreotide): CAM2029:

Source: 1Tiberg F, Br J Clin Pharmacol. 2015 Sep;80(3):460-72; 2.Pavel M et al, Cancer Chemotherapy and Pharmacology 2019; 83:375–385; 3 GlobalData 2020, excluding pasireotide sales 18 Phase 2 pilot study indicates good or improved symptom control in NET patients

Pharmacokinetics in NET patients Flushing and diarrhea in NET patients

Steady-state pharmacokinetic profiles 100 Oct-LAR CAM2029 2 CAM2029 20mg q4w NET patients ss Bowel movements OCT LAR 30mg q4w NET patients ss day Flushings 1,5 10 symptoms/

1

1 number

mean 0,5 Plasma OCT concPlasma (ng/mL) OCT

0,1 Monthly 0 0 7 14 21 28 Day -28 - Day 0 Day 0- Day 28 Day 28 - Day 56 Day 56 - Day 84 Time (days)

Analysis of data from Pavel M et al, Cancer Chemotherapy and Pharmacology, 2019; 83(2): 375–385 GH, growth hormone; IGF-1, insulin-like growth factor 1; LAR, long-acting release; NET, neuorendocrine tumors 19 Study also indicates well-maintained or improved biochemical control with CAM2029 in acromegaly

IGF-1 in acromegaly patients Growth hormone (GH) in acromegaly patients

Oct-LAR CAM2029 Oct-LAR CAM2029 250 8

200 6

150 1.3xULN 4 ULN 100 ULN 2 50 GH GH concentration (mg/mL)

Time weighted average (% of ULN) average ULN) (% of Time weighted 0 0 Day -28 - Day 0 Day 0 - Day 28 Day 28 - Day 56 Day 56 - Day 84 Day -28 - Day 0 Day 28 Day 56 Day 84

Patient 1 Patient 2 Patient 3 Patient 4 Patient 5 Patient 1 Patient 2 Patient 3 Patient 4 Patient 5

Analysis of data from Pavel M et al, Cancer Chemotherapy and Pharmacology, 2019; 83(2): 375–385 GH, growth hormone; IGF-1, insulin-like growth factor 1; LAR, long-acting release; NET, neuorendocrine tumors 20

CAM2029 study program overview

Regulatory ACRO Phase 3 PC submissions Four clinical ACRO trials completed in healthy ACRO Phase 3 LTSE subjects and patients NET Phase 3 characterizing PK, PD and IND NET PLD Phase 2 safety (N=249) Ph. 3 Autoinj. PK

2019 2020 2021 2022

ACRO Phase 3 PC ACRO Phase 3 LTSE NET Phase 3 PLD Phase 2 Autoinjector PK Randomized, double- Open-label, long-term Active controlled Phase 3 Placebo-controlled Phase PK bridging study of blind, placebo-controlled safety study in partial study in patients with 2 study in patients with prefilled syringe and study in SSA responders and full responders metastatic, well differen- polycystic liver disease autoinjector devices tiated GEP-NET (PLD)

PK – pharmacokinetic; PD – pharmacodynamic 21 Two ongoing pivotal Phase 3 studies of CAM2029 in acromegaly

•Efficacy trial •Long-term safety trial ‒ Phase 3, randomized, double-blind, placebo-controlled, ‒ Phase 3, open-label, single arm, multi-center trial to multi-center trial to assess efficacy and safety of CAM2029 assess the long-term safety and efficacy of CAM2029 ‒ ≥ 100 patients exposed to CAM2029 for 12 months ‒ 78 patients, full SSA responders • Roll-over patients from HS-18-633 and ‒ Regulatory requirements for efficacy data met • ‘New patients’ (partial SSA responders, irradiated patients, and full ‒ Primary end-point: Proportion of patients with mean IGF-1 SSA responders) levels ≤ 1x upper limit of normal (ULN) at w22 and w24 ‒ Primary end-point: Safety profile (adverse events) ‒ Study ongoing and recruiting ‒ Study ongoing and recruiting

HS-18-633 CAM2029 once monthly HS-19-647 Open-label treatment phase

Screening R Screening Roll-over patients Placebo once monthly from HS-18-633 New patients N=70 Prior treatment N=70 with octreotide N=78, 2:1 Prior treatment or lanreotide with octreotide Rescue with standard of care CAM2029 once monthly or lanreotide

4 - 8 Weeks Day 1 Double-blind treatment phase Week 24 4 - 8 Weeks Day 1 Week 24 Week 52 22

GEP-NET Phase 3 trial under start-up

 Phase 3, randomized, open-label, active-controlled multi-center trial to assess efficacy and safety of CAM2029 versus octreotide LAR or lanreotide ATG in patients with GEP-NET ‒ Approximately 300 patients with GEP-NET randomized 1:1 ‒ Primary endpoint: superiority of treatment with CAM2029 versus standard of care, as determined by progression free survival in patients with GEP-NET ‒ Study starting

HS-19-657 CAM2029

Primary endpoint Option to switch to CAM2029 PFS (Progression Screening R (if primary endpoint met) Survival follow-up Active comparator Free Survival)

Day 1 Treatment period Follow-up period

* GEP – gastroenteropancreatic; NET – neuroendocrine tumors 23

CAM2029 update status

•Acromegaly •Autoinjector development ‒ Two phase 3 studies ongoing ‒ Autoinjector developed ‒ On track for NDA/MAA submissions ‒ Phase 1 bridging study ongoing in late 2022 ‒ Full validation ready in mid-2021 ‒ Orphan drug designation in the EU •Neuroendocrine tumor •New indications ‒ Registration program for GEP-NET ‒ CAM2029 is being considered for additional was aligned with FDA and EMA indications ‒ IND safe to proceed letter received ‒ Go / No Go decision and potential clinical study from FDA for start of Phase 3 trial start in 2021 ‒ CTAs in progress

•Polycystic liver disease program “Top selling drug to ‒ FDA interactions ongoing about the clinical enter the market will registration program for CAM2029 in PLD be Camurus' ‒ Patient reported outcome (PRO) questionnaire in Octreotide LA” development 24 Significant market potential expected for CAM2029

Acromegaly (US+EU5) NET (US+EU5) PLD (US+EU5) Recent GlobalData report:

$1,015m

$415m $245m $720m $720m $180m $145m $180m $435m $485m $265m $120m $240m $60m November 2020 Profile 1 Profile 2 Profile 3 Profile 1 Profile 2 Profile 3 Currently no approved products “Top selling drug to enter the market will Profile 1 Profile 2 Profile 3 be Camurus' CAM2029 is available as a pre-filled syringe Available both as PFS and as an Available both as PFS and as an Octreotide LA” (PFS) device with non-inferior efficacy to autoinjector, with non-inferior efficacy autoinjector, with data suggesting current long-acting SSAs, with an assumed to current long-acting SSAs and an superior efficacy over current long- penetration of 10–20% in acromegaly, and assumed penetration of 20–25% acting SSAs, and an assumed higher Estimates US$210m 10–15% in NET penetration of 30–35% US+EU5 sales in 2029 in acromegaly

1Globe Life Sciences reports 2019 and 2020; data on file 25

Progress in Rhythm collaboration

Weekly setmelanotide (CAM4072) Positive Phase 2 data2

Long-acting setmelanotide for treatment 12 )

of genetic obesity disorders mL ng / (  Daily setmelanotide in POMC / LEPR 9 deficiency approved by the FDA on 6 27 November 20201 Concentration

3

 Positive Phase 2 results for weekly Through depot (CAM4072) announced in June Mean 20202 0 1 2 3 4 5 6 7 8 9 10 11 12 • CAM4072 well tolerated Week • Achieved weight loss comparable to daily formulation over 12 weeks QD-3mg QW-10mg QW-20mg QW-30mg  Rhythm announced plans to start  Mean through drug concentrations for registration study for weekly 20mg and 30mg doses of CAM4072 similar setmelanotide in H2 2021 to daily 3mg dose

1 https://ir.rhythmtx.com/news-releases/news-release-details/rhythm-pharmaceuticals-announces-fda-approval-imcivreetm; 2Rhythm Corporate Presentation – November 2020. https://ir.rhythmtx.com/static-files/fd4e0919-4d82-47e0-afe3-8cd9b5151490 26

Strong news flow during 2020/21 – selected events

 Announcement  Start CAM2029 Start CAM2029 Buvidal third wave of strong Buvidal autoinjector Phase 3 study market expansion demand bridging PK study in NET Start Phase 2 CAM2029 in PLD  Raised Publication of Completion of Phase 3 FY 2020 DEBUT and MAA submission efficacy study of guidance UNLOC-T data CAM2038 chronic pain CAM2029 in acromegaly

 Phase 2 results  Start Phase 2 study of Buvidal EU/AUS Start new in-house long-acting CAM2043 in Raynaud’s line extension clinical program setmelanotide phenomenon approvals Brixadi US approval  Arbitration  Braeburn receives process initiated CRL for Brixadi™ Results CAM2029 Phase 2 results by Braeburn in the US autoinjector PK study CAM2043 in Raynaud’s

2020 2021 H1 H2 27 Multiple levers for growth and value creation on short and medium term

Buvidal®/ Brixadi™ Pipeline Corporate  Establish leadership in opioid  Late-stage development and new  Continue to build our dependence treatment with regulatory approvals in chronic commercial infrastructure Buvidal® in Europe and Australia pain, acromegaly and NET and launch new products  US market approval and launch of  Grow our pipeline of innovative  Develop sustained growth Brixadi™ medicines and expand the use of and profitability through own our FluidCrystal® technology in sales, partnerships, business  Continued RoW expansion areas of high unmet need and development and M&A market potential 28

Outlook 2021

•Key assumptions: Revenue •Full year 2021 guidance* • Excludes a potential $35m milestone for final approval of Brixadi in the US • Product sales estimate based on end of • Revenue 2020 Buvidal patient numbers, a similar •SEK 680 – 750 million uptake as in 2020, and market expansion • Uncertainty relating to Covid-19 impacts • whereof product sales •Expenses •SEK 620 – 680 million • Incremental R&D investments, including • Operating result in CAM2029 Phase 3 programs •SEK -120 – 0 million • Investments in market expansion for Buvidal with launches in Wave 3 markets • Limited organizational expansion • * Constant exchange rates from January 2021 29

Camurus AB │ Ideon Science Park, SE-223 70 Lund, Sweden

P +46 46 286 57 30 │ [email protected] │ camurus.com 30

Shareholders

Shareholders as of 26 February 2021 Number of shares % of capital % of votes Shareholder distribution Sandberg Development AB 22,000,692 40.6 40.6 Fjärde AP-fonden 3,330,676 6.1 6.1 Gladiator 2,833,100 5.2 5.2 Avanza Pension 1,783,876 3.3 3.3 Fredrik Tiberg, CEO 1,696,788 3.1 3.1 29.7% Svenskt Näringsliv 1,100,000 2.0 2.0 40.6% Didner & Gerge Fonder 1,015,219 1.9 1.9 0.8% Backahill Utveckling 826,491 1.5 1.5 0.8% Lancelot Avalon 719,038 1.3 1.3 1.2% Afa Försäkring 550,000 1.0 1.0 0,9% 0.9% 5.6% Cancerfonden 510,000 0.9 0.9 1.0% 6.1% 1.4% Camurus Lipid Research Foundation 505,250 0.9 0.9 1,9% 3.1% State Street Bank and Trust 479,090 0.9 0.9 1.5% 2.0% 3.5% Enter fonder 457,561 0.8 0.8 Hamrins Stiftelse 425,000 0.8 0.8 Other shareholders 16,002,409 29.7 29.7 In total 54,235,190 100.0 100.0 31

Experienced and committed management team

Fredrik Tiberg, PhD Education: M.Sc. in Chemical Engineering, PhD in Fredrik Joabsson, PhD Torsten Malmström, PhD President & CEO Physical Chemistry, Lund University Chief Business Development Chief Technical Officer Officer Head R&D Previous experience: Professor in Physical In Company since: 2002 Chemistry at Lund University, Visiting Professor at In Company since: 2001 In Company since: 2013 Holdings:1,696,788 shares Oxford University, Institute for Surface Chemistry Holdings:45,463 shares & Holdings:45,363 shares & & 165,000 warrants (Section head) 35,000 subscription warrants 8,000 subscription warrants

Eva Pinotti-Lindqvist Education: Bachelor’s of Science in Economics, Annette Mattsson Andrew McLean Chief Financial Officer Lund University Vice President, Regulatory Vice President Corporate Affairs Dev.& Senior Counsel Previous experience: EQL Pharma (CFO), Nordic In Company since: 2014 Drugs (Nordic Market Analyst), Poolia (Finance In Company since: 2017 In Company since: 2021 Holdings:45,124 shares & Consultant) Holdings:12,000 subscription Holdings:- 17,009 warrants warrants

Richard Jameson Education: Bachelor’s of Science in Applied Agneta Svedberg Peter Hjelmström Chief Commercial Officer Biological Sciences from University West of Vice President, Clinical & Chief Medical Officer England Regulatory Development In Company since: 2016 Previous experience: GM, UK & Nordics for Reckitt In Company since: 2015 In Company since: 2016 Holdings:20,490 shares & Benckiser (2010 – 2013) and Area Director Europe, Holdings:12,000 shares & Holdings: - 88,000 warrants Middle East and Africa for Indivior (2013 – 2016). 50,000 subscription warrants 32 ~740,000 patients estimated suited for treatment with Buvidal in the EU and Australia

Buprenorphine Methadone New treatment Not in treatment due to Total potential treated1,2 treated 30 mg1-3 journeys rules and burden of 12 months1 daily treatment1,4,5 ≤ 15 percent market penetration would correspond to annual sales of ~ SEK 3 billion66

1EMCDDA 2018 Drug report 2https://www.aihw.gov.au/reports/alcohol-other-drug-treatment-services/nopsad-2018/contents/introduction%C2%A0 3Camurus estimate 4Benyamina et al 2013 Heroin Addiction and Related Clinical Problems 14 (4): 65-80. 5Camurus data on file 2018, Patient qualitative study. 6Based on average daily price of USD 10/day and 270 treatment days/patient/year 33

Buvidal is well differentiated

Long-acting injection treatments for opioid dependence

CHOICE OF ROOM CLIN. DATA WEEKLY MONTHLY MULTIPLE SMALL LOW DAY ONE PRODUCT INJECTION TEMP. VS ACTIVE LAUNCHED DOSING DOSING DOSES NEEDLE VOLUMES INITIATION SITES STORAGE CONTROL*

         EU, Australia 23G 0.16 – 0.64 mL

US, Canada,  Australia – – – 19G– 0.5 ––1.5 mL – – –

 US – – – 20G– 3.4– mL – – –

*Based on information in product labels 34 Compelling clinical evidence from head-to-head DEBUT study

•DEBUT – Depot Evaluation Buprenorphine Study met primary endpoint demonstrating superiority Utilization Trial for TSQM global satisfaction1 Difference ‒ Randomized, multi-site, open-label, active-controlled study Scheduled Visit Statistic Buvidal SL BPN SOC† p-value of Buvidal vs standard of care in 120 adult outpatients with (Buvidal - SL BPN) opioid dependence to compare patient reported outcomes Baseline (Mean) 71.2 73.8 - - (PROs) Week 24 (LS Mean) 82.5 74.3 8.2 0.0143 ‒ Primary endpoint: patient reported TSQM† global satisfaction score Treatment period (LS Mean) 82.4 73.8 8.6 0.0016 ‒ Secondary endpoints (selected): other treatment satisfaction domains, treatment burden, quality of life, Primary endpoint First secondary endpoints opioid related behaviors and general health outcomes Global satisfaction Convenience Effectiveness Side Effects score Score Score Score 100 Buvidal Weekly & Monthly CAM2038Buvidal flexible dosing 90 SL BPN * * * * * 80 * Screening R Follow-up period 70 60 n=120 BPN SoC 50

flexible dosing Mean TSQMscore 40 w0 w12 w24 w0 w12 w24 w0 w12 w24 w0 w12 w24 Day -28 to -1 Day 1 Week 24 Week 26

1. Lintzeris N, Dunlop A, Haber P, Lubman D, Graham R, Hutchinson S, Hjelmstrom P, Svedberg A, Peterson S, Tiberg F. Results of the DEBUT Study – A Multisite, Open-Label RCT of Weekly and Monthly Depot Buprenorphine Injections (CAM2038) Vs. Daily Sublingual Therapy Investigating Patient Reported Outcomes in Treatment of Opioid Use Disorder. Presented at The College on Problems of Drug Dependence, (CPDD) Virtual Meeting June 22-24, 2020. † Statistically significant p-value ≤ 0.05 TSQM – Treatment satisfaction questionnaire for medication ; SL – sublingual; BPN – buprenorphine; SOC – Standard of Care 35 Further studies continue to expand the Buvidal evidence base

•UNLOC-T – Safety and feasibility of depot •ARIDE – Addiction recovery among opioid- buprenorphine in NSW custodial settings dependent patients treated with injectable ‒ Prospective, non-randomized, open-label, multicenter study in subcutaneous depot buprenorphine 129 OUD patients treated with Buvidal or methadone in 8 prisons ‒ Non-randomized prospective non-interventional 1 observational study with control group design •Results (treatment-as-usual, TAU) performed in Germany3 The safety profile pf Buvidal was satisfactory with most AEs ‒ ‒ The primary objective is to evaluate quality of life. being mild in severity and no severe treatment related AEs Secondary objectives include satisfaction, illicit ‒ Treatment retention was high (81% at week 16) substance use, social participation and cost- ‒ Treatment costs with Buvidal was ~1/3 of daily methadone and effectiveness. ~1/10 of daily sublingual buprenorphine ‒ Patient recruitment started in 2020 ‒ Following the study, treatment with depot BPN in NSW prisons has been expanded rapidly in Australia2

Buvidal weekly Buvidal monthly Buvidal weekly & monthly

Screening E Screening SA Methadone Extended safety TAU monitoring 1 n=1201 N=426

Day 0 Day 1 Week 4 Week 16 Week 48 Day 1 Month 12

1. Dunlop A et al. Introduction of Long-Acting Depot Buprenorphine in Prison - the UNLOC-T Study. Presented at The College on Problems of Drug Dependence, (CPDD) Virtual Meeting June 22-24, 2020 ; 2. Roberts J et al. Rapid upscale of depot buprenorphine (CAM2038) in custodial settings during the early COVID-19 pandemic in New South Wales, Australia. Addiction. 2020; Online ahead of print https://doi.org/10.1111/add.15244 there were >8003. Schulte B et al. U. Addiction recovery among opioid-dependent patients treated with injectable subcutaneous depot buprenorphine: Study protocol of a non-randomized prospective observational study (ARIDE) Front Psychiatry 2020; Online ahead of print https://doi.org/10.3389/fpsyt.2020.58086