EXTERNALNON-CONFIDENTIAL

H1 FY2024 Financial Results
Six-month period ended June 30, 2024
9th August, 2024 | Nxera Pharma Co., Ltd. (TSE: 4565)

Disclaimer

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(c) Nxera Pharma Co, Ltd, 2024. Nxera and the Nxera logos are trademarks of Nxera Pharma Co. Ltd.

2

Agenda

01

02

03

04

05

06

Financial Results
Operational Highlights
Japan/APAC Commercial Business
R&D Progress
FY2024 Objectives
Appendix3

Financial Results
Hironoshin Nomura, CFO

01

FINANCIAL

OPERATIONAL HIGHLIGHTSJAPAN/APAC

R&D PROGRESSFY2024 OBJECTIVESAPPENDIX

Financial summary for 1H FY2024
Another period of successful business execution with a new collaboration and development milestone events
Revenue of ¥12,720m ($84m) vs. ¥2,146m ($16m) in the prior comparative period.

01

Revenue is higher primarily due to (i) the inclusion of PIVLAZ® sales in Japan (ii) a new ‘option to license’ transaction with
Boehringer Ingelheim signed in March 2024 (iii) $15m M4 long term tox milestone from Neurocrine (iv) $4.6m milestone
from Centessa and (v) $10m milestone from AbbVie

02

Core Operating Profit of ¥1,176m ($8m) vs. Loss of ¥2,720m ($20m) in the prior comparative period.
The change from Core Operating Loss to Profit is due to the increase in revenue per above, partially offset by an increase incosts, including additional core costs totaling ¥ 4,988m ($33m) relating to the inclusion of NPJ/NPK* in the scope of
consolidation in July 2023.

03

Operating Loss of ¥3,654m ($24m) vs. ¥4,168m ($31m) in the prior comparative period.
Amortization charge on intangible assets, PIVLAZ® inventory adjustment and integration costs were recorded as non-core
costs

04

¥51bn ($317m) cash balance as at June 30, 2024.
We have maintained a sufficient cash balance and investment capacity.

* NPJ: Nxera Pharma Japan Co., Ltd., NPK: Nxera Pharma Korea Co., Ltd.

5

FINANCIAL

OPERATIONAL HIGHLIGHTSJAPAN/APAC

R&D PROGRESSFY2024 OBJECTIVESAPPENDIX

Key financial indicators
Quarterly revenues are substantially higher than prior comparative quarters due to the inclusion of PIVLAZ® product sales,
revenue from the new Boehringer Ingelheim deal and several development milestones.
EXPLANATION
Latest result(JPY million)
12,000Upfront1

1,392

◼
◼

◼

No milestone events in 1H 2023.
$15m M4 development milestone from Neurocrine (April).
$4.6m milestone from Centessa (May).
A part of $10m milestone from AbbVie recognized as revenue (June).

Royalty / Other◼

Royalty income from product sales decreased

Product Sales◼

Includes PIVLAZ® sales.

◼

Inclusion of PIVLAZ® product supply costs.
Additional non-cash CoS charge relating to PIVLAZ® inventory.

◼

9,000

Revenue

4,872

6,000

◼

Milestone2

1,063

3,000

1,547
1,577

512
1,865

667
1,415

1H FY211H FY22 80

1H FY23 64

0

5,393

1H FY24(JPY million)
2,000

OP

1,000

Core OP

1,176

No new deals in the prior comparative period.
Option-to-license deal signed with Boehringer Ingelheim.

◼

Cost of Sales

◼

R&D

◼

0

Operating
Profit / Loss

(1,000)(2,000)(3,000)(802)(1,849)(4,000)(2,378)(3,804)(5,000)1H FY211H FY22◼

(2,720)(4,168)1H FY23◼

SG&A(3,654)
1H FY24

1 Upfront fee revenue recognised at deal inception

2 Milestone revenue recognised at milestone event + deferred revenue releases

6◼
◼

Increase in investment in R&D activities
Inclusion of NPJ/NPK related R&D costs.
Inclusion of NPJ/NPK related SG&A costs.
Integration costs (incl. company name change).
Amortization of intangible assets (PIVLAZ®).

FINANCIAL

OPERATIONAL HIGHLIGHTSJAPAN/APAC

R&D PROGRESSFY2024 OBJECTIVESAPPENDIX

Full year cost guidance
Incremental investment designed to deliver greater returns over the medium to long term
LATESTGUIDANCE(JPY million)
15,000R&D expenses (IFRS basis)¥12,000 to ¥14,000m

14,000~12,00010,0005,000

10,075
3,793

5,931

7,454

0
FY20

FY21

FY22

FY23

FY24

Inclusion of NPJ1/NPK2 cost◼

Inclusion of NPJ/NPK R&D costs for a full year

Strengthening capability◼

Investment in discovery and translational medicine capabilities◼
◼

At least 1 clinical trial initiation
Advancing in-house programs further in the clinic will deliver
higher out-licensing revenues

Advancing priority programs

S&M + G&A expenses (IFRS basis)(JPY million)¥18,000 to ¥20,000m

25,00020,00020,000~15,00018,00010,000
5,000
0

◼
◼

Inclusion of NPJ/NPK cost◼

Post-merger
integration

◼

9,965
3,435

3,940

4,377

FY20

FY21

FY22

1. Nxera Pharma Japan 2. Nxera Pharma Korea

FY23

FY24

7

Inclusion of NPJ/NPK SG&A costs for a full year
Increase in amortization charge (c. JPY 700 mil.)Increase in support for PIVLAZ® to drive growth,commercialization of Daridorexant in Japan and preparation forlaunch of PIVLAZ® in South Korea (c. JPY 2,000m)
Costs relating to the acquisition of NPJ/NPK (post-merger
integration) are expected in 2024 (c. JPY 1,000m)

Operational Highlights
Chris Cargill, President and CEO

02

FINANCIAL

OPERATIONAL HIGHLIGHTSJAPAN/APAC

R&D PROGRESSFY2024 OBJECTIVESAPPENDIX

Objectives for 2024
Executing on our objectives to fuel long-term growth1
JPY 16 billion+
NHI sales for
PIVLAZ®
•JPY 6.5bn achieved
H1 2024 (+12% yoy)•

Further uptake
expected post June
KOL symposium(1.4k HCPs)

2
JNDA approval for
daridorexant inJapan•

On-track for JNDA
approval in H2 2024

3

4

Acquire/in-licenselate-stage medicine(s)for the JAPAC region•

Multiple confidential
discussions ongoing

Execute new major
partnership(s), andinitiate new inhouse Ph.1 studies••

New option-tolicense with
Boehringer
Ingelheim (GPR52)

5Investment in postmerger integrationin new branding andscalable systems•

New brand concept
Nxera Pharma
launched•

Multiple IT system
integrations
complete/ongoing

EP4 Agonist Ph 1
start

Solid first half focused on execution and investment to drive long-term growth
9

FINANCIAL

OPERATIONAL HIGHLIGHTSJAPAN/APAC

R&D PROGRESSFY2024 OBJECTIVESAPPENDIX

Pipeline progress
Accelerating the development of life-changing medicines, by investing in science and technology
TARGET ID

PRE-DISCOVERYDISCOVERY

Expansion of R&D
partnership into autoimmune disorders$10M milestone payment
received from multitarget neurology
collaboration utilizing
NxWaveTM platform

Two NME1 programs
transitioned into the
Discovery phasefollowing a successful
NxWaveTM campaign

Phase 1 trial startevaluating NXE’744, a
potent, selective, gut
restricted EP4 agonist
for IBD

Collaboration with BIsigned (€25M upfront and€60M option exercise) for
FIC GPR52 agonists forschizophrenia

Jun ‘24

H1 ‘24

Mar ‘24

Mar ‘24

May ‘24

PR LINKPR LINK

PHASE 1

PR LINK

PHASE 2PR LINK$15M milestone
triggered on successful
completion of long-term
preclinical toxicology of
NBI-568, an oral
selective muscarinic M4
agonist advancing
through Phase 2
Apr ‘24

GPR35 agonist program
reversion from GSK
completedH1 ‘24$4.6M milestone
payment received for
ORX750 (OX2R agonist)
Phase 1 start inNarcolepsy

PR LINK

May ‘24

PR LINK

NBI-567, oral
muscarinic M1
preferring agonist Phase
1 start with potential totreat symptoms of
cognition in patientsMay ‘24

PR LINK

World-leading NxWaveTM SBDD platform continues to fuel innovation
1. NME = New Molecular Entity10

PR LINK

FINANCIAL

OPERATIONAL HIGHLIGHTSJAPAN/APAC

R&D PROGRESSFY2024 OBJECTIVESAPPENDIX

Exposed to the fastest growing areas of medicine
Advancing with world-leaders in neuropsychiatry, metabolic disease, and sleep disorders
Neuropsychiatry• Oral, selective muscarinic M4
agonist (NBI-568) for
Schizophrenia. Phase 2 POC1
data readout expected Q3
2024• Option to licensecollaboration with BI for
FIC GPR52 agonists(NXE-149) advancing
through Phase 1• Most comprehensive portfolioof muscarinic agonists indevelopment globally, sourced
from Nxera• Potential tosimultaneously address
positive, negative andcognitive symptoms of
Schizophrenia

BLOCKBUSTEROPPORTUNITY

Metabolic disease• NxWaveTM SBDD
used by Pfizer (PFE)• Oral small
molecule GLP-1
agonist (PFE-522)
for Type 2 Diabetes
Mellitus
BLOCKBUSTEROPPORTUNITY

Sleep disorders• NxWaveTM SBDD
used by Eli Lilly &Co (LLY)• NxWaveTM SBDD used byCentessa
Pharmaceuticals (CNTA)• Multiple next-gen
oral small moleculetargets ongoing in
discovery• Oral small molecule
orexin 2 agonist (ORX750)
for Narcolepsy ongoing inPhase 1BLOCKBUSTEROPPORTUNITYBLOCKBUSTEROPPORTUNITY

Perfectly positioned with the best partners in the hottest areas of medicine
1. POC = Proof Of Concept

11FINANCIAL

OPERATIONAL HIGHLIGHTSJAPAN/APAC

R&D PROGRESSFY2024 OBJECTIVESAPPENDIX

Pipeline snapshot
A comprehensive clinical development pipeline
GPR35 ag. NXE’477

Phase 1✓IBD

M1 pref. ag. NBI’567

EP4 ant. NXE’732

EP4 ag. NXE’744

Advanced
solid tumours

Phase 2✓IBD

Neurology

GPR52 ag. NXE’149✓

Schizophrenia

10+ PROGRAMS

Phase 3
Exclusive opt-in right

IN-HOUSE

Discovery – PreclinicalCenerimod

APAC*

Filed
Daridorexant

Commercial
APAC*

Systemic lupus erythematosus Insomnia

Lucerastat

APAC*

Fabry disease

PIVLAZ®

APAC*

Cerebral vasospasm

Oravi®

Mouth candidiasis

Exclusive license-out option

CXCR4 mAb KY1051
Immuno-oncology

CCR6 ant. PF’894

M1M4 ag. NBI’570

MC4 ant. PF’669

M4 pref. ag. NBI’569

IBD

M4 ag. NBI’568

Neurology✓

Schizophrenia

Ultibro® Breezhaler®
COPD

PARTNERED

15+ PROGRAMSPrevious and ongoing
discovery collabs.
Multiple

Multiple

Neurology✓

GI

Diabetes/Metabolic

Malnutrition

GLP-1 ag. PF’522

AI-driven

AI-driven

M1 pref. ag. NBI’567

Metabolicdiseases

Technology collabs (on-going)✓ OX2 ag. ORX750
Narcolepsy

Seebri® Breezhaler®

Neurology

COPD✓

Neurology✓mGlu5 NAM TMP-301
Substance
abuse

Neurology
PAR2 peptide Gut-brain axis & Autoimmune

Leading the next generation of medicine. From Japan, for Japan, and the world.
Note: Seebri®, Ultibro®, Enerzair® and Breezhaler® are registered trademarks of Novartis AG. Pref. ag.: Preferring agonist.
12*APAC (ex-China) territory includes South Korea, Australia, Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, New Zealand, Philippines, Singapore, Taiwan, Thailand and Vietnam

Enerzair® Breezhaler®
Asthma✓ : Progress in 2024

Japan/APAC Commercial Business
Dr. Satoshi Tanaka, President of NPJ

03

FINANCIAL

OPERATIONAL HIGHLIGHTSJAPAN/APAC

R&D PROGRESSFY2024 OBJECTIVESAPPENDIX

Our product: PIVLAZ®
PIVLAZ® sales projected to reach JPY 16+BN* in 2024
Cum. patients to have received PIVLAZ®
14,036• Becoming the new standard of care in preventing

cerebral vasospasm following Subarachnoid
Hemorrhage (SAH)• Share of market increasing in Japan
Q1

Q2

Q3

Q4

Q5

Q6

Q7

Q8

Q9

NHI-based Sales (JPY Mn)
FY2022
JPY 7.5 Bn

FY2023
JPY 13.4 Bn
3,477

3,326
1,846

Q1

2,365

Q2

4,537

3,747
3,071

2,752

2,322

Q3

Q4

* NHI price basis which is different to reported net sales basis

Q5

FY2024 (YTD)
JPY 6.5 Bn

Q6

Q7

Q8

Q9
14

‒

PIVLAZ® now holds around 60% market
share as at end 1H 2024 (patient-base),compared to around 40% as at 1H 2023

• Further incremental uptake by neurosurgeons

expected (use in SAH operations) following KOL
symposium held in June 2024 (1,400 HCPs
attended)FINANCIAL

OPERATIONAL HIGHLIGHTSJAPAN/APAC

R&D PROGRESSFY2024 OBJECTIVESAPPENDIX

In-house pipeline: Daridorexant
On-track for JNDA approval in H2 2024
About daridorexant•

Dual orexin receptor antagonist (DORA)
for the treatment of chronic insomnia•

Approved in the US, Europe, Canada(2022) – marketed as QUVIVIQ®

•

Positive results in Japan Phase 3 trial
reported in Oct 2022, and JNDA filingsubmitted in Oct 2023•

Market exclusivity until 2038 (Japan andSouth Korea)

DORA: rapidly establishing its position in insomnia treatment
Lemborexant (Dayvigo)
Suvorexant (Belsomra)(JPY Bn)

DORA share (patient base)

80

Sales (NHI-base)and market shareof DORAs

20

Source: Nikkei Medical (2022/7/23, 2024/4/13), IQVIA, Encise* Estimation

15

26.4
29.4

33.3
28.7

33.1

2019

1.4
2020

0

Most frequently
prescribed
sleeping pills

22%*

14%

12%

Jul. 2022
Apr. 2024

Others

19%

17%

60
40

ZolpidemEszopiclone

19%

16%
37%

DORA

27.6

11.3
2021

2022

25%

14%

12%

17%

11%

41.5

2023
26%
22%

FINANCIAL

OPERATIONAL HIGHLIGHTSJAPAN/APAC

R&D PROGRESSFY2024 OBJECTIVESAPPENDIX

Accelerating our Japan/APAC businessMaximizing our Japan APAC business potential by utilizing external partners / alliances

Sales / Marketing••

In-licensing activity

Announced an exclusive supply and distributionagreement with Handok Inc.
Handok is exclusively responsible for thepromotion, marketing, sales and distribution of
PIVLAZ® in South Korea•

Leading innovative pharmaceutical /healthcare company in South Korea•

Proven track record of introducing new
products to the Korean market throughpartnerships•

Joined the World Orphan Drug Alliance (WODA)•

Provides access to a pipeline of novel medicines
targeting rare or orphan diseases as potential
licensing opportunities•

Nxera to represent WODA in Japan and South Korea•

16

Global alliance of commercial distributors
dedicated to providing access to treatments
for rare diseases and specialty medicines
in complex markets around the world.

R&D Progress
Dr. Matt Barnes, President of Nxera Pharma UK
and Head of UK R&D

04

FINANCIAL

OPERATIONAL HIGHLIGHTSJAPAN/APAC

R&D PROGRESSFY2024 OBJECTIVESAPPENDIX

Clinical Partnered Programs
9 Clinical Programs in Neuroscience, Autoimmune and Metabolic DiseasesP

M4 Agonist

M4 Agonist

GLP-1 Agonist

mGlu5 NAM

Schizophrenia - Phase 2

Neuropsychiatry - Phase 1

Metabolic - Phase 1

Substance Use Disorder - Phase 1

NBI-1117568

NBI-1117569

Oral M4 agonist for the potential
treatment of adults with schizophrenia.
$15M Milestone received following thelong-term toxicology assessment.
Phase 2 top-line data Q3 2024.

Oral M4-preferring agonist studied for thetreatment of neurological andneuropsychiatric conditions. Phase 1
study ongoingP

TMP-301

PF-06954522
Oral small molecule GLP-1 receptor
agonist has started Phase 1 clinical
trials.

M1 Agonist

M1M4Agonist

MC4 Antagonist

Neuropsychiatry - Phase 1

Neuropsychiatry - Phase 1

Malnutrition - Phase 1

NBI-1117567

NBI-1117570

PF-07258669

Oral M1-preferring agonist studied for thetreatment of neurological andneuropsychiatric conditions progressed
into Phase 1 clinical trials

Oral selective M1/M4 dual agonist forpotential treatment of neurological andneuropsychiatric conditions.
Phase 1 study ongoing

The MAD study is listed as completed onclinicaltrials.gov

Phase 1 trials ongoing for the treatmentof substance use disordersP

OX2R Agonist
Narcolepsy - Phase 1
ORX-750

Phase 1 clinical trials initiated fornarcolepsy

CCR6 Antagonist
IBD - Phase 1
PF-070548942

•
•
•
•

Centessa PR: https://ssl4.eir-parts.net/doc/4565/tdnet/2452048/00.pdf
NBI-1117568: https://clinicaltrials.gov/study/NCT05545111
Neurocrine NBI’567 PR: https://ssl4.eir-parts.net/doc/4565/ir_material14/228619/00.pdf
Neurocrine NBI’568 PR: https://ssl4.eir-parts.net/doc/4565/tdnet/2422333/00.pdf

Ongoing Phase 1b study is progressing
as planned and expected to be completed
within 2024.
18

P : Progress in 2024

FINANCIAL

OPERATIONAL HIGHLIGHTSJAPAN/APAC

R&D PROGRESSFY2024 OBJECTIVESAPPENDIXGPR52 Agonist for Schizophrenia
A Novel First-In-Class Mechanism to Treat Positive, Negative & Cognitive Domains of Schizophrenia
Disease Rationale

Results So Far

••

In June 2023 we were the first company to initiate a Phase1 study against thisnovel GPR52 target identified using Nxera’s NxWaveTM platform•

NXE’149 developed using SBDD for once-daily oral dosing•

Phase 1 on track. SAD PK data in line with preclinical predictions, linear acrossfull dose range with low variability and consistent with once daily dosing•

Phase 1 MAD study including pharmacodynamic measures now ongoing•

GPR52 is expressed on D2 dopamine neurons in striatum where activation
could lead to D2 antagonist-like effect to treat positive symptoms, e.g.
hallucinations
GPR52 also co-located with D1 dopamine receptor in prefrontal cortex where
activation could lead to D1 agonist-like effect to improve cognition, e.g.
attention
DLPFC

vmPFC

Striatum
GPR52 & D2

Frontal Cortex
GPR52 & D1

GPR52 Ag study link: https://www.isrctn.com/ISRCTN17231793?q=&filters=&sort=&offset=58&totalResults=23608&page=6&pageSize=10

19

FINANCIAL

OPERATIONAL HIGHLIGHTSJAPAN/APAC

R&D PROGRESSFY2024 OBJECTIVES

EP4 Antagonism for Advanced Solid Tumours
Alone or in Combination with Checkpoint Inhibitors (CPIs)
Disease Rationale

Results So Far•

Prostaglandin E2 (PGE2) is secreted by tumour and surrounding tissue andsignals through EP4 to suppress the immune system•

Selective, potent EP4 antagonist identified using Nxera’s NxWaveTM
platform•

EP4 antagonism is expected to restore immunosurveillance and enhancethe effect of CPIs•

PK in line with predictions•

Trials in progress and update to be presented at ESMO;https://cslide.ctimeetingtech.com/esmo2024/attendee/confcal_2/presentation/list?q=679TiP•First public chemical disclosure: abstract to be presented at the
9th RSC-BMCS/RSC-SCI Symposium on GPCRs in Medicinal
Chemistry in October•Less than 20% of eligible patients derive benefit from CPIs, meaning there isa great unmet need

Study Link: https://www.isrctn.com/ISRCTN70080074?q=nxera&filters=&sort=&offset=1&totalResults=2&page=1&pageSize=10

20

APPENDIX

FINANCIAL

OPERATIONAL HIGHLIGHTSJAPAN/APAC

R&D PROGRESSFY2024 OBJECTIVES

EP4 Agonist for Inflammatory Bowel Disease (IBD)A First-In-Class GI Targeted Agent to Promote Mucosal Healing in IBD
Disease Rationale

Results So Far•

IBD is an immunological disorder in which current standard-of-care agents havetreatment ”ceilings” of about 40% response rates.

•

Novel, potent GI targeted EP4 selective agonist (NXE’744) identified
through Nxera’s NxWaveTM platform•

All approved IBD agents are immunomodulatory in nature and do not directly target
disease-induced mucosal barrier defects.

••

Through combined anti-inflammatory and barrier repair effects, EP4 agonists are
expected to bring benefits in IBD by promoting mucosal healing.

Preclinical discovery activities generated a novel gut-restricted agent
with rodent efficacy in IBD models and demonstrated specificmechanistic effects in mucosal healing.

•

A First-in-Human Phase 1 study, in healthy volunteers, commenced in
March 2024, with single ascending dose (SAD) and multiple ascending
dose (MAD) cohorts to be undertaken in an overlapping design.

•

Dosing has proceeded well with the sixth SAD cohort currently being
dosed and the second MAD cohort due to start imminently.

•

No concerning adverse events have been noted to date.

•

A Scientific Advisory Board was held in June 2024 with significant
interest in the molecule from worldwide key opinion leaders.

•

Further Ph 1B and II studies are currently being designed with the intent
to commence the first of these in 2025.

•

Previous attempts to agonise the EP4 receptor have demonstrated early signals ofclinical efficacy but have been limited by systemic safety.
Improved barrier repair &homeostasis↓ Permeability

EP4R

Created with BioRender.com

21

APPENDIX

FY2024 Objectives
Chris Cargill, CEO

05

FINANCIAL

Priority objectives
for FY2024

OPERATIONAL HIGHLIGHTSJAPAN/APAC

R&D PROGRESSFY2024 OBJECTIVES

01

JPY 16 billion+ NHI sales for PIVLAZ®

ON-TRACK

02

JNDA approval for daridorexant in Japan

ON-TRACK03

Acquire/in-license at least one late-stage
medicine for Japan/APAC (ex-China)

ON-TRACK

04

Execute at least one new major partnership,
and initiate at least one new in-house Ph.1 study05

PMI investment in new brand concept, plus systems
and applications for efficiency and scalability
23

P

P

EP4 ag.

ON-TRACKAPPENDIX

FINANCIAL

OPERATIONAL HIGHLIGHTSJAPAN/APAC

R&D PROGRESSFY2024 OBJECTIVESAPPENDIX

Several potential catalysts remain for 2024
(excluding new business development transactions)
PROGRAM

P
P
P
P
P
P

TIMINGEVENT

EP4 AgAchieved (Mar. 2024)

Ph.1 start

GPR35 Ag

Achieved (Mar. 2024)

Program reversion

GPR52 Ag

Achieved (Mar. 2024)

Option-to-license agreement

NBI-568 (M4 Ag)

Achieved (Apr. 2024)

Long-term TOX study completed

NBI-567 (M1 pref. Ag)

Achieved (May 2024)

Ph.1 start

ORX750 (OX2 Ag)

Achieved (May 2024)

Ph.1 start

Cenerimod

Mid 2024

Exclusive opt-in decision

Lucerastat

Mid 2024

Exclusive opt-in decision

NBI-568 (M4 Ag)

3Q 2024

Ph.2 topline data

Daridorexant (Sth Korea)

2H 2024

New Partnership & Ph.3 start

2H 2024

Potential NDA Approval

ORX750 (Ox2 Ag)

2H 2024

Ph.1 completion

TMP-301 (mGlu5 NAM)

2024

Ph.2 start

PIVLAZ® (Sth Korea)

1H 2025

New partnership (achieved) & Launch

Daridorexant (Japan)

PARTNER

1

1 Co-development and co-promotion agreement with Mochida24

Thank you

BREAKTHROUGHS IN PROGRESS ● BREAKTHROUGHS IN PROGRESS ● BREAKTHROUGHS IN PROGRESSAppendix

06

FINANCIAL

OPERATIONAL HIGHLIGHTSJAPAN/APAC

R&D PROGRESSFY2024 OBJECTIVESAPPENDIX

Breakdown of 1H 2024 result
Impact of Non-cash/Non-recurring costs on full-year result is more significant in 2024 due to theinclusion of Idorsia businesses(JPY million)

Revenue
Cost of Sales
+
SG&A
R&D

Legacy Business＋
*1

7,327

=

NPJ / NPK*2

5,393

Consolidated
Non-recurring
Non-cash
costs
=
＋
＋
P&L (Core)
Costs
12,720(4,290)(7,329)(4,143)(699)(4,842)Other income

626

1

627

OP/Core OP

771

405

Core OP 1,176

Idorsia &Integration
related
Costs
Other

12,720(1,619)A(3,039)Consolidated
P&L (IFRS)

B

(681)

Amortization - Product IP

PIVLAZ® inventory adjustment

C

(563)

(11,514)Integration

D(1,323)

D

(645)

Other

(5,487)627
OP(3,654)A Additional CoS charge for current PIVLAZ® stock. This impact will continue until around 3Q 2024.
B Amortization of intangible assets (currently relates to PIVLAZ®). Annual charge to increase to c. JPY 1,800m per year from 2025.
C Integration costs including IT system integration and Corporate rebranding.
D Amortization of other intangible assets (e.g. IP), depreciation (e.g. laboratory equipment), share-based payments and other restructuring costs.

*1 = Nxera Pharma Co. Ltd. (formerly Sosei Group Corporation) + Nxera Pharma UK Ltd (formerly Heptares Therapeutics Ltd.) + Sosei K.K*2 = Nxera Pharma Japan (formerly Idorsia Pharmaceuticals Japan) + Nxera Pharma Korea (formerly Idorsia Pharmaceuticals Korea)

27

FINANCIAL

OPERATIONAL HIGHLIGHTSJAPAN/APAC

R&D PROGRESS

Japan will serve as our base to expand across APAC markets
APAC is one of the most rapidly growing markets in the world
Established market with strong volumes
Second largest pharma
market (excl. China)
580

Attractive market for newcomers

85

Large, ageing population

65

42

0
US

APAC*

China

Japan Germany France

Stable, pro-innovation market

One of the fastest growing pharma regions globally
Second highest growth
pharma market
2019-2027, CAGR(%)

10.0%

Relatively weak incumbents

2021, Billion USD
169

200

Universal health care system

8.5%

7.0%

6.0%

5.5%

5.0%

4.0%

0.0%
Latin
America

APAC

Africa &Middle East

EuropeNorth
America

Significant population growth
Developing GDP/economies
Attractive market for newcomers
Large, ageing population
Accessible via other regulatory approvals

Source: IQVIA Market Prognosis, Sep 2022; IQVIA Institute, Nov 2022.
*APAC (ex-China) territory includes South Korea, Australia, Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, New Zealand, Philippines, Singapore, Taiwan, Thailand and Vietnam

28

Japan

FY2024 OBJECTIVESAPPENDIX

FINANCIAL

OPERATIONAL HIGHLIGHTSJAPAN/APAC

R&D PROGRESSFY2024 OBJECTIVESAPPENDIX

Utilizing Japan's high quality clinical data in development and marketing
Expanding into APAC by leveraging clinical innovations based on Japan's high-quality data
Quality Clinical Development

Deep
understanding of
disease andtreatment by
Doctors/HCPs

High quality datafrom clinicalstudies throughto Post Marketing
Surveillance

Quality Regulatory Environment

High penetration
in of patient
population
duringcommercial
phase

Excellent access to Doctors/HCPs
who evaluate novel drugs
Typically achievestrong patient uptake
Reduces drug loss/lag
for Japan patients

29

Reasonable NHI
price forreimbursement
supported byhigh quality
clinical trial and
PMS data

Prolongation ofpatents via
extended clinicaldevelopment

Regional
optimization
makes clinical
trials cheaperand faster to
executeFINANCIAL

OPERATIONAL HIGHLIGHTSJAPAN/APAC

R&D PROGRESSFY2024 OBJECTIVESAPPENDIXPIVLAZ®
Positive top-line results from Japan specific registration program
RESULTS OF TWO PIVOTAL PHASE 3 STUDIES IN JAPAN1•

Event rate (%)

PIVLAZ® (clazosentan) demonstrated significant reduction ofvasospasm-related morbidity and all-cause mortality in patients
following aSAH (primary endpoint)p=0.0001

50

Clazosentan showed a numerical reduction of all-cause morbidity andmortality in both studies. The effect of clazosentan on this endpoint wassignificant (p<0.05) in a pre-planned pooled analysis

40•

Encouraging positive trends were observed on long-term measures ofclinical outcome (GOSE and mRS) at week 12

20•

There were no unexpected safety findings•

Results published in the Journal of Neurosurgery: Endo H, et al. April 01,
2022; DOI: 10.3171/2022.2.JNS212914•

CLIPPING STUDYCOILING STUDY

30

39.6

p=0.0055
28.8

16.2

13.6

10
0

Placebo(n=111)

Clazosenta
n 10mg/h(n=103)

Placebo(n=106)

Clazosenta
n 10mg/h(n=105)PIVLAZ® significantly reduced vasospasm-related morbidity and all-cause morbidity and mortality in domestic Phase
3 trials. It is a highly impactful medicine used to prevent death and disability after aSAH.
1 Two prospective, multicenter, double-blind, randomized, placebo-controlled, pivotal Phase 3 studies assessing the efficacy and safety of clazosentan in reducing vasospasm-related morbidity and all-cause mortality events in adult Japanese patients post-aSAH,

were conducted in parallel in 57 neuro surgical centers in Japan. Patients were randomized 1:1 to receive continuous infusion of either 10 mg/hr of clazosentan or placebo within 48 hours of the onset of aSAH for up to a cumulative maximum of 15 days after aSAH.
Protocols were identical, each study enrolling 221 patients, except for the securing intervention, which was either endovascular coiling (JapicCTI-163369; the “coiling study”) or surgical clipping (JapicCTI-163368; the “clipping study”)

30FINANCIAL

OPERATIONAL HIGHLIGHTSJAPAN/APAC

R&D PROGRESSFY2024 OBJECTIVESAPPENDIX

Daridorexant – Global And Japan-Specific Program
Positive Japanese Phase 3 study; in-line with US study as published in The Lancet1
TWO PRIMARY ENDPOINTS FULLY MET IN GLOBAL PHASE 3 TRIALRESULTS OF GLOBAL AND JAPANESE PIVOTAL TRIALS1

Placebo•

A Japanese Phase 3 trial1 in 490 adult and elderly patients met both primary andsecondary efficacy endpoints, with similar results to the global study published inLancet Neurology

The rate of adverse events was comparable between placebo and daridorexant•

In the global trial, daridorexant also demonstrated significant improvement indaytime sleepiness, which means patients reported feeling less mentally andphysically tired, less sleepy and more energetic during the day•

Month 1

Daridorexant significantly improved total sleep time (sTST, p<0.001 for 50 mg dose)and significantly improved latency to sleep onset (sLSO, p<0.001 for 50 mg) v
placebo at 28 days

•

50mg

WAKE AFTER SLEEP ONSET (WASO)

NDA was completed in Oct. 2023

Mean of observed values (min)

•

25mg

Month 3Month 1Month 3

-6.2
-11.1
-19.1
-18.4

-23.1
-23.0

-28.2

p<0.0001

-31.2
-29.0

p<0.0001

1The global study published in the Lancet Neurology is Mignot E, et al. Lancet Neurol 2022; 21: 125–39. The Japanese study(JRCT2031200452) was a randomized, double-blind, placebo-controlled, Phase 3 study to investigate the efficacy and safety of
daridorexant. 490 randomized adult and elderly patients (30.1% ≥ 65 years) with insomnia disorder received receive 50 or 25 mg
doses of daridorexant or placebo once daily for 28 days.

LATENCY TO PERSISTENT SLEEP (LPS)

p<0.0001

p<0.0001

-30.7

-29.4

-34.8
P=0.0005
p<0.0001

P=0.0015
p<0.0001

Daridorexant significantly improves wake after sleep onset, latency to persistent sleep, subjective total sleep time,and next-day sleepiness/daytime functioning (as measured by IDSIQ sleepiness domain) compared to placebo
31

FINANCIAL

OPERATIONAL HIGHLIGHTSJAPAN/APAC

R&D PROGRESSFY2024 OBJECTIVESAPPENDIX

Cenerimod and Lucerastat
Exclusive opt-in rights for two potentially exciting product opportunities

Cenerimod

Lucerastat

Indication

Systemic Lupus Erythematosus (SLE)

Indication

Fabry Disease

MoA

Selective S1P1 receptor modulator

MoA

Glucosylceramide synthase inhibitor

Stage

Global Ph3 studies ongoingStage

Number of Patients~120,000 in Japan

Major therapies*(Japan)Total Market Size : c.300 Oku JPY• Benlysta (GSK, 50~100 Oku JPY est. peak sales)• Saphnelo (AZ, 50~100 Oku JPY est. peak sales)• Plaquenil (Sanofi, ~50 Oku JPY)

• Phase 3 (MODIFY) study primary endpoint (neuropathicpain) not met, however, renal function andechocardiography secondary endpoints were positive• Open Label Extension (OLE) study ongoing

Number of Patients~1,000 in Japan• Potential to be the first oral, disease-modifying SLEtherapy that acts by reducing circulating T and B cells
early in the immune cascade• S1P1 modulation is a well-established mechanism inother diseases, such as MS (Gilenya, Zeposia)• Broadly-applicable mechanism means potential toexpand to other autoimmune diseases

Major therapies*(Japan)Total Market Size : c.300 Oku JPY• Replagal (ERT, Takeda, ~140 Oku JPY)
• Fabrazyme (ERT, Sanofi, ~100 Oku JPY)
• Galafold (PCT, Amicus, ~46 Oku JPY)

Value proposition• Potential to provide a broadly-applicable oral
monotherapy option as an alternative to IV enzyme
replacement therapy (Galafold is currently the only
available oral therapy, and applicable to patients withcertain rare mutations)

Value proposition

Small opt-in fee to license each program, with Nxera responsible for all development plans and future costs in the territory. If
successfully commercialized, Nxera is obligated to pay tiered single digit royalties to Idorsia for each product.
Source: *Estimate from Evaluate Pharma; JMDC; Datamonitor
ERT: Enzyme replacement therapy; PCT: Pharmacological chaperone therapy

32

FINANCIAL

OPERATIONAL HIGHLIGHTSJAPAN/APAC

R&D PROGRESSFY2024 OBJECTIVESAPPENDIX

Exclusive Opt-in Rights And ROFN/ROFR1
Option to develop up to seven clinical programs for Japan and APAC (ex-China) from Idorsia

Exclusive
Opt-in Right

ROFR/ROFN1

ProgramMechanism of Action

Indication

Stage

Cenerimod

S1P1 receptor modulator

Systemic lupus erythematosus

Phase 3

Lucerastat

Glucosylceramide synthase inhibitor

Fabry disease

Phase 3Selatogrel

P2Y12 antagonist

Suspected acute myocardial infarction

Phase 3*

ACT-1004-1239

ACKR3 / CXCR7 antagonist

Multiple sclerosis andother demyelinating diseases

Phase 2*

ACT-1014-6470

C5aR1 antagonist

Immune-mediated disorders

Phase 1*IDOR-1117-2520

Undisclosed

Immune-mediated disorders

Phase 1*

ACT-777991

CXCR3 antagonist

Recent-onset Type 1 diabetes

Phase 1*

1 ROFN/ROFR - Right of first negotiation / Right of first refusal

2 Territories include Japan, South Korea, Australia, Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, New Zealand, Philippines, Singapore, Taiwan, Thailand and Vietnam* Global Phase

33

RegionAPAC(ex-China)2

FINANCIAL

OPERATIONAL HIGHLIGHTSJAPAN/APAC

R&D PROGRESSFY2024 OBJECTIVESCore Operating Profit - Definition
Core Operating Profit/Loss – a financial indicator closer to the reality of our business
Operating Profit

Operating Profit“Core”◼ Core Operating Profit/ Loss is a key

financial indicator that highlights theunderlying recurring cash generating
capability of our business.
◼ Core Operating Profit/Loss isdefined as IFRS Operating Profit +material Non-cash costs + material
non-recurring costs◼ Material Non-cash Costs include
depreciation, amortization, sharebased payments and impairment.
◼ Material Non-recurring Costs
include restructuring costs, M&A
related professional fees and othermaterial one-off items.

“IFRS”+ Material Non-cash Costs(Depreciation, Amortization, Share based payments, Impairment...etc.)+ Material Non-recurring Costs(Restructuring costs and Other material one-off items...etc.)

Non-cash(Material)

Cash
Recurring

Costs under“Core”

Non-recurring(Material)

Costs under “IFRS”

34◼ Financial results recorded andprepared in accordance with
International Financial ReportingStandards (IFRS)APPENDIX

FINANCIAL

OPERATIONAL HIGHLIGHTSJAPAN/APAC

R&D PROGRESSFY2024 OBJECTIVESAPPENDIX

Estimation of potential market size
Multi-billion USD annual peak sales potential for our post-pre-clinical pipeline
Category

Neurologicaldisorders

Immunologicaldisorders

Indication2

Number ofPatients

Our Candidates
Market Size

Individual Products

Dementia~55 million$7.3 billion (2010)$3.9 billion (2009/Aricept)

M1 agonist, M1/M4 agonist

Schizophrenia~20 million$20.7 billion (2011)$5.7 billion (2013/Abilify)

M4 agonist, M1/M4 agonist, GPR52 agonist--

mGlu5 NAM

Substance use disorders~10.4 million1--

Narcolepsy~3 million$2.3 billion (2022)$1.7 billion (2020/Xyrem)

OX2 agonist

Other

-

-

-

CGRP antagonist, GPR52 agonist

Cancer~42 million$178.9 billion (2022)$21.0 billion (2022/Keytruda)

A2a antagonist, EP4 antagonist, CXCR4 mAb

IBD~10 million$23.5 billion (2022)$7.5 billion (2022/Humira)

CCR6 antagonist, GPR35 agonist, EP4 agonist

Atopic Dermatitis~13.3 million$8.1 billion3 (2022)$7.0 billion (2022/Dupixent)

H4 antagonist, PAR2 mAb

T2DM/Obesity~420 million$58.3 billion (2022)$8.8 billion (2022/Ozempic)

GLP1 agonist

Anorexia~10 million-

MC4 antagonist

-

-

Other

Total

-

-

~$299 billion/year~$56 billion/year

Source (Number of patients)：World Health Organization, Evaluate Pharma, The European Federation of Crohn‘s & Ulcerative Colitis Associations (EFCCA), Narcolepsy Network, Inc., GBD 2015 Disease and Injury Incidence and Prevalence Collaborators (October2016). “Global, regional, and national incidence, prevalence, and years lived with disability for 310 diseases and injuries, 1990-2015: a systematic analysis for the Global Burden of Disease Study 2015”. Lancet. 388 (10053): 1545–1602 1 The number of patients withdrug addiction
Source (Peak Sales):Sales of each indications are extracted form Evaluate Pharma’s data of sales by disease and sales by individual products (as of 30 June. 2022). 2 Nxera may target one segment in the market for specific diseases. 3 Since there is no applicableindication category, the market size of “Eczema” is stated. Current market size for Atopic Dermatitis may be larger than stated above.

35

FINANCIAL

OPERATIONAL HIGHLIGHTSJAPAN/APAC

R&D PROGRESSFY2024 OBJECTIVESAPPENDIX

Ph3

Mkt

Partnered pipeline (1/2)
CompoundTarget / Mechanism of Action

Modality

Indication

Partner

Disc.

PCC

Ph1

Partnered
Seebri® Breezhaler®

LAMA

SME

COPD

Ultibro® Breezhaler®

LAMA+LABA

SME

COPD

Enerzair® Breezhaler®

LAMA+LABA+ICS

SME

AsthmaORAVI®

Antifungal agent miconazole

SME

Oropharyngeal candidiasis

Imaradenant1

Adenosine A2a ant. combo

SME

mCRPC

NBI-1117568

Muscarinic M4 agonist

SME

Schizophrenia

NBI-1117569

Muscarinic M4 preferring agonist

SME

Neurology diseases

NBI-1117570

Muscarinic M1/M4 agonist

SME

Neurology diseases

NBI-1117567

Muscarinic M1 preferring agonist

SME

Neurology diseases

PF-07081532

GLP-1 agonist

SME

T2DM/ObesityPF-07054894

CCR6 antagonist

SME

Inflammatory bowel disease

PF-07258669

MC4 antagonist

SME

Malnutrition

PF-06954522

GLP-1 agonist

SME

Metabolic diseases(Not disclosed)

CGRP antagonist

SME

Neurology diseases(Not disclosed)

Multi target

SME/LME

Multiple indications(Not disclosed)

Multi target

SME/LME

Gastrointestinal and other(Not disclosed)

Multi target

SME

Neurology(Not disclosed)

Multi target

SME

Diabetes/Metabolic

Note: SME = small molecule. LME = large molecule. Seebri®, Ultibro®, Enerzair® and Breezhaler® are registered trademarks of Novartis AG. 1: AstraZenenca have removed the A2a program from their clinical pipeline as at Q3 2021 2: Pfizer decided not tocontinue develop lotiglipron (PF-07081532) in Q2 2023.

36

Ph2

App

FINANCIAL

OPERATIONAL HIGHLIGHTSJAPAN/APAC

R&D PROGRESSFY2024 OBJECTIVESAPPENDIX

Ph3

Mkt

Partnered pipeline (2/2)
CompoundTarget / Mechanism of Action

Modality

Indication

Partner

KY1051CXCR4 mAb

mAb

Immuno-oncology(Not disclosed)

PAR-2

PeptideInflammatory diseases(Not disclosed)

AI-Augmented Drug Discovery

SME

Neurology diseases(Not disclosed)

Multi target AI-powered

SME/LME

Immune diseases(Not disclosed)

Gut-brain axis drug discovery

SME

Gastrointestinal disorders

Co-development

Co-owned companies
TMP301mGlu5 NAM

SME

Substance use disorders

ORX750OX2 agonist (Oral)

SME

Narcolepsy

Note: SME = small molecule. LME = large molecule

37

Disc.

PCC

Ph1

Ph2

App

FINANCIAL

OPERATIONAL HIGHLIGHTSJAPAN/APAC

R&D PROGRESSFY2024 OBJECTIVESAPPENDIX

Ph3

Mkt

In-house pipeline
CompoundTarget / Mechanism

Modality

Indication

Originator

PIVLAZ®

ETA antagonist

SME

Cerebral vasospasm

Daridorexant

Dual Orexin antagonist

SME

Insomnia

NXE’149

GPR52 agonist

SME

Neurology diseases

NXE’732

EP4 antagonist

SME

Immuno-oncology

NXE’744

EP4 agonist

SME

Inflammatory bowel disease

NXE’477 2

GPR35 agonist

SME

Inflammatory bowel disease(Not disclosed)

Muscarinic M1 agonist (JP)SME

Neurology diseases(Not disclosed)1

H4 antagonist

SME

Atopic Dermatitis(Not disclosed)

SARS CoV-2 Mpro

SME

Coronaviruses

Multiple programs

Not disclosed

SME/LME

Neurology diseases

Multiple programs

Not disclosed

SME/LMEGI and Inflammatory diseases

Multiple programs

Not disclosed

SME/LME

Immunology diseases

In-house Programs

In-house Programs (No longer internally funded. Targeting academic / industrial partnership)
NXE’310

SSTR5 agonist

PeptideHypoglycaemic disorders

NXE’097

GLP-1 antagonist

PeptideHypoglycaemic disorders

NXE’023

Dual GLP-2/GLP-1 agonist

PeptideIntestinal failure/NASH(Not disclosed)

Apelin agonist

PeptidePulmonary Arterial Hypertension

NXE’641

Dual orexin antagonist

SME

Insomnia and sleep disorders(Not disclosed)

PAR-2 mAb

mAb

Atopic Dermatitis/Pain

Note: SME = small molecule. LME = large molecule. 1 Due to changes of strategy, we deprioritized until we will find another indication opportunity 2 : Exclusive license-out option

38

Disc.

PCC

Ph1

Ph2

App

FINANCIAL

OPERATIONAL HIGHLIGHTSJAPAN/APAC

R&D PROGRESSFY2024 OBJECTIVESAPPENDIX

Glossary
Basic Terminology/Technology
GPCR

G Protein-Coupled Receptor

There are about 800 types of GPCRs in the human body. While 400 of them are known to be potential drug targets, about 300 of them are not yet drugged

StaR

Stabilized Receptor

Nxera’ proprietary technology to stabilize a GPCR by engineering a small number of single point mutations outside of the ligand-binding site. It enables to identify the structure of GPCRs to be used
for SBDD drug discovery as well as antibody drug discovery as antigens

SBDD

Structure-Based Drug Design

A method to design drugs on a computer base based on the analysis of the three-dimensional structure of the drug target (e.g., protein receptor)

TPD

Targeted Protein Degradation

Drugs that promote the degradation of target proteins (e.g., receptors) in cells and aim for therapeutic effects by reducing disease-causing proteins

PAM

Positive Allosteric Modulator

A regulator that binds to unusual active sites (allosteric sites) on the receptor to increase the affinity and effect of the agonist

NAM

Negative Allosteric Modulator

A regulator that binds to an unusual active site on the receptor (allosteric site) and reduces the affinity and effectiveness of the agonist

Ag

AgonistA therapeutic drug that binds to a receptor and activates an intracellular signaling system similar to biological substances

Ant

Antagonist

A therapeutic drug that suppresses biological reactions by binding to receptors and preventing them from binding to biological substances

PK

Pharmacokinetics

Research and testing on the relationship between drug dosage and blood concentration. Mainly describes the rate process of ADMEPD

Pharmacodynamics

Research and testing on the relationship between drug concentration and pharmacological effects

ADME

Absorption, Distribution, Metabolism and Excretion

A series of process in the absorption of drugs into the body, distribution within the body, metabolism in the liver and other organs, and excretion in the kidneys and other organs

POM

Proof of Mechanism

Proof of mechanism of action, mainly through biomarkers. It can suggest the possibility of efficacy in fewer cases than POC

POC

Proof of Concept

Proof of a therapeutic concept, primarily through clinical efficacy and safety

AchAcetylcholine

A neurotransmitter released from the peripheral parasympathetic and motor nerves to transmit nerve stimuli

IND

Investigational New Drug

Information packages for development candidates to be submitted to the U.S. Food and Drug Administration (FDA) at the time of initiation of clinical trials

Ph1

Phase1

A study in humans. The main purpose is to confirm the safety of the drug candidate mainly by healthy volunteers.

Ph2

Phase2A study in humans. The main purpose is to confirm the efficacy of the drug candidates on a small scale (however, the number of patients varies greatly depending on the disease)

Ph3

Phase3A study in humans. The main purpose is to determine the efficacy of the drug candidates on a large scale (however, the number of patients varies greatly depending on the disease)

NDA

New Drug Application

An application to the U.S. Food and Drug Administration (FDA) for approval to market a new drug

LAMALong Acting Muscarinic Antagonist

An inhalant that dilates bronchial tubes and improves respiratory function by inhibiting the action of acetylcholine receptors (M3), which increase parasympathetic nerves.

LABA

Long Acting Beta2-Agonist

An inhalant that improves respiratory function by stimulating sympathetic beta2 receptors to dilate the bronchi.

ICS

Inhaled Corticosteroid

An inhalant that suppresses airway inflammation to prevent coughing attacks and other symptoms caused by asthma, also promotes the action of beta 2 stimulants and improve airway
hyperresponsiveness.

mCRPC

Metastatic Castration–Resistant Prostate Cancer

Cancer that has spread (metastasized) beyond your prostate gland and for which hormone therapy is no longer effective in stopping or slowing the disease.

COPD

Chronic Obstructive Pulmonary Disease

A group of diseases that causes damage to the bronchi and lung due to smoking or inhalation of toxic substances, resulting in breathing problems.

AD

Alzheimer’s Disease

Alzheimer's disease is a progressive neurologic disorder that causes the brain to shrink (atrophy) and brain cells to die, the most common cause of dementia .

DLB

Dementia with Lewy Bodies

Protein deposits, called Lewy bodies, develop in nerve cells in the brain regions involved in thinking, memory and movement (motor control), the second most common type of dementia.

Disease/Drug39

Locations

Midtown East,
9-7-2 Akasaka
Minato-ku
Tokyo 107-0052

F17, 410 TeheranRo
GangHam-Gu
Seoul 06192

Steinmetz Building
Granta Park,
Cambridge
CB21 6DG

Spaces Grosspeter
Tower,
Grosspeteranlage
29,4052 BaselJapan

South Korea

United Kingdom

Switzerland

40