• CEO: Jonas Jönmark
• Chairman of the board: Ebba Fåhraeus

AcuCort is a Swedish pharmaceutical company offering Zeqmelit®, an innovative fast-dissolving oral film for acute allergic reactions and other indications such as croup in children and acute severe asthma, combining clear clinical benefits with ease of use. The product is approved and already launched across the Nordics, reducing development risk and validating its commercial potential. With a market exceeding USD 3 billion and strong leadership experienced in drug commercialization, AcuCort is positioned for growth. In January 2026, the company signed a commercial agreement with Glenmark Pharmaceuticals covering Germany and five additional European markets, marking an important step in its international expansion.

• CEO: Anders Haegerstrand
• Chairman of the board: Jan Nilsson

Annexin Pharmaceuticals is a clinical stage biotechnology company active in the therapeutic areas ophthalmology and oncology. The company develops ANXV, a recombinant human Annexin A5 protein, as a first-in-class biologic with potentially disease-modifying mechanisms of action. The ANXV program is currently in Phase 2 in ophthalmology for retinal vein occlusion (RVO) and diabetic retinopathy (DR) and in pre-clinical stage in oncology.

The company is based in Stockholm and listed on Nasdaq First North Growth Market Sweden under the ticker ANNX. Redeye Nordic Growth AB is the company’s Certified Adviser.

• CEO: Tero-Pekka Alastalo
• Chairman of the board: Tero-Pekka Alastalo

Many life-saving therapies fail before reaching patients – not because of biology, but because they can’t be manufactured at the needed scale, cost, or quality. Protein-based therapies face a gap between discovery and delivery. The secretory pathway governs how proteins are folded, processed, and exported, yet it has long been a “black box” for the industry, optimized by low-throughput trial and error. As the first platform enabling high-throughput engineering of thousands of signal peptides, Avenue Biosciences’ approach allows systematic control of this machinery: unlocking yields for antibodies, biosimilars, vaccines, and complex modalities like multispecifics and AI-designed proteins across oncology, immunology, and rare diseases

• CEO: Kenneth Harlow
• Chairman of the board: Per Antonsson

Aligned Bio supplies nanowire-based single molecule detection solutions for unmet market needs within the next generation sequencing, clinical and point of care diagnostics and industrial and environmental hygiene sectors. The company aspires to be the premier B2B supplier of these unique sensor systems that, when the manufacturing system is fully scaled can supply tailored sensors capable of detecting single molecules and dynamic ranges of 6-7 orders of magnitude .at a pricepoint 100-1000X less than traditional single molecule detection systems.

• CEO: Christiana Pires
• Chairman of the board: Martin Bonde

Asgard Therapeutics is pioneering in vivo direct cell reprogramming for cancer immunotherapy, with lead program AT-108 currently in IND-enabling studies and FIH start planned for mid-2027. Supported by leading VCs, Asgard has raised EUR 36M to date and is seeking EUR 75M Series B to advance AT-108 through clinical PoC. AT-108 is a first-in-class, off-the-shelf gene therapy designed to reprogram tumor cells into highly immunogenic dendritic cells, driving systemic and personalized anti-tumor immune responses. Strong PoC data across ex vivo and in vivo solid tumor models demonstrating robust anti-tumor activity, including in monotherapy, alongside a clean non-GLP safety profile.

• CEO: Paul Little
• Chairman of the board: Anders Ekblom

Improving Metabolic HealthWe are a phase II ready biotech company pioneering first-in-class treatments to revolutionize metabolic health. Our mission is to redefine the management of muscular wasting and diabetes, and beyond, diseases affecting millions of people globally. By harnessing our groundbreaking technology, we aim to transform therapeutic options across a spectrum of metabolic disorders, through the development of small molecules with distinct and novel signaling profiles.

• CEO: Martin Welschof
• Chairman of the board: Leonard Kruimer

BioInvent International AB (Nasdaq Stockholm: BINV) is a clinical-stage biotech company that discovers and develops novel and first-in-class immuno-modulatory antibodies for cancer therapy, with drug candidates in ongoing clinical programs in Phase 1/2 trials for the treatment of solid tumors and hematological cancer. Its validated, proprietary F.I.R.S.T™ technology platform identifies both targets and the antibodies that bind to them, generating many promising new immune-modulatory candidates to fuel the Company’s own clinical development pipeline and providing licensing and partnering opportunities. The Company generates revenues from research collaborations and license agreements with multiple top-tier pharmaceutical companies, as well as from producing antibodies for third parties in the Company’s fully integrated manufacturing unit. More information is available at www.bioinvent.com.

• CEO: Peter Buhl Jensen
• Chairman of the board: Ingrid Atteryd Heiman

• CEO: Erik Wiklund
• Chairman of the board: Damian Marron

Circio is a biotechnology company developing a novel circular RNA (circRNA) expression platform for gene and cell therapy. Our proprietary circVec technology enables efficient in-cell production of multifunctional circRNA, delivering up to 75-fold longer RNA half-life and 50-fold higher protein expression versus conventional mRNA systems. With applications across gene therapy and in vivo cell therapy, including CAR-T, Circio is positioned at the forefront of a rapidly emerging field. Recent industry transactions and growing pharma interest highlight the significant preclinical value of circRNA, supporting circVec’s potential to become a new gold standard for durable gene expression.

• CEO: Elin Trampe
• Chairman of the board: Eva Sjökvist Saers

Dicot Pharma is a Swedish clinical-stage pharmaceutical company developing LIB-01, a first-in-class oral treatment aimed at transforming the erectile dysfunction landscape. By addressing the underlying mechanisms of erectile function and offering sustained benefits, LIB-01 is positioned to set a new standard in patient care.LIB-01’s unique combination of multi-week efficacy, a novel mechanism of action, and a favorable safety profile positions it to capture significant market share in a growing global market, where current treatment options face a dropout rate of appr. 50%. Early data suggest that LIB-01 may also influence biological pathways involved in metabolic diseases.

• CEO: Hanne Evenbratt
• Chairman of the board: Sara Malcus

Endoriz is developing a next‑generation therapy for hypothyroidism, a common chronic disease where many patients remain symptomatic despite standard treatment. Millions—predominantly women—continue to suffer from fatigue, cognitive impairment, and reduced quality of life with no effective alternative. Endoriz addresses this unmet need with a patent‑pending, extended‑release therapy designed to restore natural hormone balance in a safe and controlled way. The program is structured to enter clinical development directly at Phase II, significantly reducing development time, cost, and risk. This positions Endoriz for rapid value inflection and high‑value partnering within a large, established endocrine market.

• CEO: Bent U. Frandsen
• Chairman of the board: Dr. Martin Roland Jensen

Patients with HER2-positive metastatic breast cancer still relapse as resistance emerges, leaving a clear unmet need. ExpreS2ion is advancing ES2B-C001, an active immunotherapy designed to induce a broad, polyclonal immune response against HER2, addressing tumour heterogeneity and resistance. In Phase I, we are seeing consistent, durable anti-HER2 immune responses, with an independent safety monitoring board supporting continued dose escalation. Built on our ExpreS2 platform – also underpinning grant-funded infectious disease programmes and business partnerships – ES2B-C001 is a differentiated asset with early clinical validation and meaningful upside in the established HER2 market.

• CEO: Jakob Testad
• Chair of the board: Catharina Svanborg

Hamlet BioPharma takes molecular discoveries through drug development to the clinic. We have positive clinical data in three completed Phase II trials and a strong portfolio of new treatment concepts for cancer and infections, protected by about 180 patents.

• CEO: Claus Elsborg Olesen
• Chair of the board: Magnus Persson

Initiator Pharma A/S is a Danish clinical-stage life science company developing novel therapies targeting unmet needs in the central and peripheral nervous system through a new generation of monoamine modulators. Its lead asset, pudafensine, has demonstrated positive Phase II results in erectile dysfunction and is advancing in vulvodynia, a chronic neuropathic pain condition, with readout expected in Q4 2026. With a focused pipeline and near-term clinical milestones, Initiator Pharma is positioned to deliver differentiated treatments in underserved areas of sexual health and neuropathic pain.

• CEO: Jesper Nielsen
• Chair of the board: Ulrik Spork

InnoCon Medical is a Danish MedTech company developing a novel neuromodulation system to treat urge urinary and fecal incontinence — two large and underserved indications affecting millions of patients globally. Our solution, UCon, is based on a patented electrode system for dorsal genital nerve stimulation, offering a minimally invasive, implantable treatment and a clinically scalable alternative to current neuromodulation therapies. Clinical results indicate efficacy comparable to market-leading sacral nerve neuromodulation implants, while offering an affordable, accessible and less invasive approach.

• CEO: Shahram Lavasani
• Chair of the board: Rickard Mosell

ImmuneBiotech is a precision probiotics company developing next-generation health solutions through a scalable microbiome platform built on translational immunology and pharmaceutical development logic. Its lead product, GutMagnific®, has demonstrated clinical potential in diverse gastrointestinal complications, chronic/post-viral fatigue, and women’s health. Commercial momentum includes national pharmacy distribution, >75% repeat purchase rates in Europe and the US, strategic entry into China’s advanced healthcare market, and expansion into pediatric health. Supported by collaborations with Karolinska Institute and Lund University, plus patents approved across 25 countries, ImmuneBiotech is positioned to capture significant value in the rapidly growing USD 100bn+ probiotics and microbiome therapeutics market.

• CEO: Jan Stenvang
• Chair of the board: Søren Bregenholt

Kripthonite Therapeutics develops hypoxia‑targeting macrocycles that selectively kill cancer cells that survive in low‑oxygen regions of tumors. Our platform advances first‑in‑class drugs engineered for potent, tumor‑selective cytotoxicity. Lead programs are in pre-IND‑enabling stages, targeting clinical development with a focus on head and neck cancer in combination with radiotherapy. Hear our CEO present how Kripthonite targets a universal tumor vulnerability to create differentiated oncology assets and compelling investor value.

• CEO: James Lee
• Chair of the board: Anu Suomalainen Wartiovaara

NADMED has the only CE-marked platform that accurately measures NAD from a single extract on standard laboratory equipment. Spun out of the University of Helsinki in 2022, the company serves paying customers in 30+ countries across pharma, leading universities, and clinical labs. The platform turns NAD measurement from guesswork into a managed, evidence-based intervention across drug development, diagnostics, and personalised medicine. With €6M raised to date, NADMED is building the measurement foundation for the next era of metabolic medicine.

• CEO: Samuel Svensson
• Chair of the board: Johan Lund

Neogap Therapeutics is a clinical-stage biotech developing personalised T cell therapies for metastatic colorectal cancer (mCRC), an area of high unmet medical need with poor survival outcomes. Powered by proprietary PIOR® and EpiTCer® technologies, Neogap selectively expands patients’ own tumour-targeted T cells against multiple neoantigens. Its ongoing Phase Ib trial has demonstrated favourable safety, immune activation, and persistence of tumour-reactive T cells. Neogap is advancing a scalable platform for hard-to-treat solid tumours and seeks strategic collaborations to accelerate development, expand into the US market, and enable next-generation immuno-oncology partnerships.

• CEO: Peter Rybäck
• Chair of the board: Oscar Lindahl

OptiSense Care is a Swedish medtech company developing AI-powered sensor solutions that enable more proactive and preventative care. Our first product, ZenSeat®, is a smart toilet seat registered under the EU MDR as a Class I medical device, designed for municipal care environments such as residential care homes and other health and social care settings. Using privacy-friendly radar technology and AI-based analysis, ZenSeat® helps care staff identify deviations in bowel and toilet habits early, supporting earlier intervention, improved patient safety and more efficient care delivery. Following successful pilot evaluations with municipalities, OptiSense Care is now entering commercialisation and preparing for European expansion.

• CEO: Erik Frick
• Chairman of the board: Carl Borrebaeck

Paindrainer improves the quality of life for millions of people with pain, using Artificial intelligence. We understand that every patient is unique and must be treated individually, one solution doesn’t fit everyone. We solve this by leveraging patient value through our proprietary artificial neural network (ANN) that collects, analyses and delivers patient centric coaching to the patients. This results in an unmatched ability for the patients to alleviate pain, as has been shown in several clinical trials. Now we are moving into our next generation building full agentic AI solutions based on our proven core technology.

• CEO: Per von Mentzer
• Chairman of the board: Johan Lund

PharmNovo is pioneering a pain-free future. Our breakthrough candidate, PN6047, is a first-in-class Delta Opioid Receptor Agonist (DORA) offering a safer, non-addictive solution for neuropathic pain. With an estimated global peak sales potential exceeding €2 billion by 2041, PN6047 represents a potential blockbuster opportunity and a highly attractive acquisition target. Awarded the EIC full blended financing support, PharmNovo has been recognized as one of the top European biotech companies, now Phase IIa-ready following CTA approval in Spain. PharmNovo is transforming pain management and advancing towards an exit opportunity by 2028 exceeding €1 billion.

• CEO: Claus Kjærsgaard
• Chairman of the board: Mattias Ankarberg

Sigrid Therapeutics is a Swedish health technology company pioneering a new approach to metabolic health. Its patented SiPore® technology works locally in the gut, reducing the negative metabolic impact of modern meals by slowing the digestion of carbohydrates and fats. In simple terms, Sigrid helps turn fast food into slower, steadier metabolic fuel. This non-systemic, meal-based approach positions Sigrid as a potential “third way” between lifestyle advice and pharmaceuticals, with applications across metabolic health and beyond.

• CEO: Danel Kubitza
• Chairman of the board: Jonathan Royce

Simris develops differentiated next-generation ADC payloads leveraging a proprietary platform built on natural products from cyanobacteria. By combining biological production with semi-synthetic modification, we’ve generated a library of proprietary analogues and derivatives that combine high potency with improved safety for ADC applications. Our cyanotoxin-derived payloads aim to deliver superior anti-cancer activity while reducing off-target toxicity, with tuneable properties optimised for specific ADC development needs. This unique natural product scaffold provides a differentiated alternative to conventional warheads. By partnering with Simris, biotech and pharma companies access innovative, payload solutions supporting accelerated ADC development to create competitive advantages in oncology and beyond.

• CEO: Per Norlén
• Chairman of the board: Magnus Persson

Pipeline of first in class in vivo CAR-M therapies based on a proprietary technology for targeted LNP delivery that improves potency and stability of products while reducing manufacturing costs.

• CEO: Johan Emilsson
• Chairman of the board: Björn Sjöstrand

Sprint Bioscience develops small molecule, first in class drug programs with a focus on oncology. Using a fragment based drug discovery approach, the company develops drug programs in a time and resource efficient manner.The programs are partnered through licensing agreements, asset acquisitions, or research collaborations with global pharmaceutical companies during the preclinical phase, and the company has successfully entered into several such agreements.Sprint Bioscience is headquartered in Stockholm, Sweden, with laboratories located in Huddinge. The company’s shares are listed on Nasdaq First North Premier Growth Market (ticker: SPRINT).

• CEO: Jeppe Øvlesen
• Chairman of the board: Anders Kronborg

SynAct Pharma, a Scandinavian publicly listed biotech company pioneering a new therapeutic paradigm; pro-resolution of inflammation. Lead asset development: Inflammatory and autoimmune diseases: Phase 2b in rheumatoid arthritis (RA) targeting pre-biologics patients to achieve clinical target without the risks posed by biologic DMARDs and JAKs.Host-directed therapy in viral infections.

Ongoing Phase 2 study for respiratory viral infections (influenza, Covid-19, RSV) and Phase 2a study in dengue virus. Major market opportunity for inpatient treatment to reduce time in hospital and disease escalation to intensive care.

• CEO: Thomas N. Kledal
• Chairman of the board: John Haurum

Synklino is a clinical-stage biotech company pioneering a first-in-class ex vivo therapy, SYN002, designed to eliminate CMV directly in donor kidneys before transplantation. Unlike post-transplant antivirals, SYN002 targets the latent viral reservoir at the organ level during machine perfusion, with >90% CMV reduction demonstrated in human donor kidneys. Backed by strong IP through 2045, regulatory clearance in the UK and Canada, and a Phase 1 investigator-sponsored study launching in 1H 2026 at UHN Toronto, Synklino offers a capital-efficient path to clinical validation in a billion-dollar transplant market with expansion potential across multiple organs

• CEO: Angel Lúcio
• Chairman of the board: Manuel Núñez

Tetraneuron is a spin-off from the Instituto Cajal (CSIC) in Madrid, developing a first-in-class AAV9-based gene therapy (TET-101) targeting the transcription factor E2F4 to modify disease progression in Alzheimer’s disease and other neurodegenerative disorders. The company has completed a comprehensive pre-clinical program demonstrating both neuroprotection and recovery of neuronal connectivity in animal models. The program is now entering CTA submission phase, with first-in-human trials planned for 1H 2027.

• CEO: Namir Hassan
• Chairman of the board: Anders Tuv

Zelluna ASA (OSE: ZLNA) is pioneering the development of allogeneic ’off-the-shelf’ T Cell Receptor-based Natural Killer (TCR-NK) cells for the treatment of solid cancers. The company’s platform combines the innate killing power of NK cells with precise solid tumour targeting of TCRs, designed to address the limitations of current cell therapies in solid tumours. The company’s lead candidate, ZI-MA4-1, is the worlds-first MAGE-A4 targeting TCR-NK therapy expected to enter clinical trials in 2026. Zelluna is headquartered at the Oslo Cancer Cluster innovation Park in Oslo, Norway and is listed on the Oslo Stock Exchange under the ticker ZLNA.

• CEO: Evy Lundgren-Åkerlund
• Chairman of the board: Greg Batcheller

Xintela develops innovative mesenchymal stem cell (MSC) therapies based on its proprietary stem cell marker technology. Xintela’s best-in-class MSC product platform XSTEM has successfully completed a 24-month Phase I/IIa clinical study in knee osteoarthritis. The results demonstrated safety and significant sustained reduction of pain and improvement of joint function as well as improvement of bone and cartilage tissues. These data support a disease-modifying effect. XSTEM has also completed a Phase I/IIa clinical study with difficult-to-heal venous leg ulcers and preclinical studies in Acute Respiratory Distress Syndrome (ARDS). XSTEM is manufactured in Xintela’s own GMP facility.