Our vision

A crucial vote
for the future of OSE Immunotherapeutics

Dear Shareholders of OSE Immunotherapeutics,

As co-founders and former executives of OSE, we are intimately familiar with its innovations, their potential, and the paths to success.
We are significant shareholders because we believe in the immense potential of what we have created.
Although we have entrusted the company’s leadership to others, their direction has proven misguided.

Today, we believe it is our responsibility to intervene and realign OSE on a sound and sustainable strategic trajectory. This means restoring rigorous financial management and a clear strategic direction that will not negatively impact projects and teams.

Vote

Why is this change
necessary?

The Board of Directors’ current strategy seems too aggressive, focused on debt and dilution through venture debt funds, and concentrated on Phase 2b trials of Lusvertikimab.

This is a risky approach in the current context. It will have a significant impact on employees. It ignores the significant costs of large-scale trials and the difficulties of recruiting patients in this ulcerative colitis indication.

In our opinion, the development of Lusvertikimab should instead follow a proven path: that of strong strategic partnerships capable of providing the financial and operational support required to advance the program responsibly.

Our plan

Six pillars to ensure success

1

Prudent cash management

  • Preserve cash as best as possible until 2027, without resorting to risky debt or unnecessary dilution.
  • Preserve shareholder value by prioritizing efficiency and measured investments, rather than speculative spending on large-scale clinical trials with uncertain results.

2

Strategic allocation of resources

  • Recognizing that independent development of Lusvertikimab is neither financially viable nor strategically sound.
  • The ulcerative colitis market is highly competitive, making patient recruitment difficult and the financial risk considerable.
  • Partnering with experienced pharmaceutical players will provide essential financing, operational expertise, and optimized development.

3

Balanced approach to partnerships

  • Build a portfolio that maintains control over assets we can finance independently, while leveraging strategic partners to de-risk large-scale clinical programs.
  • Build on our successful track record of partnerships to ensure financial and clinical support without premature commitment to costly trials.

4

Strengthening key assets

  • Advance Tedopi, a breakthrough lung cancer vaccine with immense therapeutic potential.
  • Develop Lusvertikimab through strategic alliances rather than relying on a costly and uncertain standalone Phase 2b program.
  • Maximize existing partnerships while creating new ones to strengthen the stability of OSE’s pipeline and its long-term growth.

5

Preserving our innovation center

  • Securing our R&D center in Nantes, the cradle of our first-in-class immunotherapies.
  • This R&D center is a key pillar for future research and has consistently attracted high-impact, non-dilutive funding.

6

Establishing strategic leadership

  • Appoint an internationally experienced board of directors with expertise spanning biotechnology financing, licensing, business development, and go-to-market.
  • Integrate leaders with strong clinical experience and a proven ability to navigate complex biotechnology markets and strategic partnerships.
  • Establish results-oriented governance focused on execution, innovation, and financial accountability.

The Road to
Success

OSE must return to its fundamentals—an innovative and financially responsible biotechnology company that intelligently leverages partnerships, preserves shareholder value, and pursues sustainable growth.

This transformation can only be achieved with your support.

Together, we can establish a new Board of Directors and chart an ambitious and successful course for OSE Immunotherapeutics.

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