In connection with Curasight's Q1 2026 interim report, we have updated our Investment Case. Our investment case covers the key investment reasons, risks, and valuation perspectives.

Q1 2026 was the first quarter in which Curasight ran two clinical trials at full pace. The period loss widened to DKK 15.3m from DKK 6.5m a year earlier, driven by development activity across both the uTREAT® Phase 1 glioblastoma trial and the partnered uTRACE® Phase 2 prostate trial. While a larger loss, management framed it as evidence of clinical momentum rather than cost overrun.

At the end of Q1 the company held DKK 22m in cash and an undrawn loan facility, giving a combined liquidity buffer of around DKK 37m intended to fund operations through end-2026. Management reiterated that financing is secured for the current year but that a capital raise is expected in H2 2026 - ideally executed from a position of strength on the back of a supportive share price and upcoming data.

The management confirmed the timeline for what is shaping up as the most catalytically dense period in Curasight's history, with four high-value data read-outs concentrated in the coming six months.

For the uTREAT® Phase 1 glioblastoma trial, CEO Ulrich Krasilnikoff reiterated that preliminary biodistribution and dosimetry data are expected before the end of Q2 2026, with topline results following in Q3 2026 once the study is fully evaluated. Running in parallel, the partnered uTRACE® Phase 2 prostate trial with Curium is guided to deliver both preliminary and topline data in H2 2026.

CSO Professor Andreas Kjær framed the uTREAT® read-outs as the pivotal event: the data will demonstrate whether a sufficient, effective radiation dose can be delivered to the tumour without exceeding healthy-organ limits, the dosimetry package that, in this field, has been enough to underpin M&A transactions on data from only one or two patients.

Key investment reasons: First, uTREAT®'s progression into first-in-human testing unlocks a therapeutic market Curasight estimates at ~25x the diagnostic market; the first GBM patient, dosed in December 2025, showed high tumour uptake and retention of up to 24 hours, and positive Phase 1 data would open a basket trial across five indications. Second, large-cap pharma is moving aggressively into RLT, raising the likelihood of M&A or partnering; at our event management pointed to Curium's reported bid for Lantheus and noted that some assets have been acquired on dosimetry data from only one or two patients. Third, four high-value read-outs fall within the next six months. Fourth, rare disease designations allow smaller trials, giving Curasight a structurally lower R&D spend per milestone.

The key risks are: Clinical and financial. Drug development remains inherently high-risk, and both programmes are still without guaranteed regulatory approval, creating a binary outcome tied to the H2 2026 read-outs. The expected H2 2026 capital raise introduces dilution risk whose magnitude depends heavily on the data.

From a valuation perspective, our investment case does not set a price target but uses a simplified DCF model across three scenarios to gauge the implied probability of success embedded in the current market capitalisation.

The base case implies a PoS of ~52%, sitting well above the 8–15% historical benchmark for Phase I/II oncology assets. This suggests meaningful value is already priced in ahead of the data, likely reflecting optionality on indications beyond GBM and prostate cancer, as well as the high level of partnering and M&A activity in the sector. The uTRACE® prostate programme additionally offers potential non-dilutive financing via a milestone payment from Curium, within a partnership that carries up to USD 70m in potential milestones.

For further insight into the Q1 2026 results , you can watch the management presentation we hosted with CEO Ulrich Krasilnikoff and CSO Professor Andreas Kjær here: https://www.inderes.dk/videos/curasight-praesentation-af-q1-2026-delarsrapport

Disclaimer: HC Andersen Capital receives payment from Curasight for a Digital IR/Corporate Visibility subscription agreement. /Michael Friis, 12:00, 02/06-2026