Interim Report Q2 2024/2025 Report

Clinical use of DiviTum TKa in the USA continued to rise and sales during the quarter in the USA increased by 10% compared to the previous quarter. Although we are pleased with the increase in sales, some commercial activities have taken longer than expected, which has dampened our planned growth in 2024.

However, a major integrated delivery network (IDN) has started using DiviTum TKa, which is an important milestone for accelerating sales in the USA. The organization was evaluating DiviTum on a trial basis in 2024. Subsequent to the end of the quarter however, we signed a Client Billing agreement with them that enables us to reach a large number of policyholders. The IDN with whom we have an agreement has 10 million policyholders in the USA.

There are enormous benefits with DiviTum TKa as an effective tool for individualized treatment that can improve the outcome for patients and generate significant savings by lowering the costs associated with side effects and ineffective treatments.

The initial tests with DiviTum TKa have made a difference for patients involved during this trial phase, while contributing to a more effective use of resources for this customer. If continued use proves to be equally successful, the goal is for DiviTum TKa to become a standard test for patients undergoing breast cancer treatment who are policyholders of this customer.

We have discussions underway in the USA with similar IDNs, where we have presented them with attractive offers and strong arguments about the significant economic benefits associated with widespread use of DiviTum TKa. Our recent agreement with this IDN serves as a very important reference.

One of the cornerstones for commercialization of DiviTum TKa is strong scientific support. It is thus very positive that 7 abstracts based on trials using DiviTum TKa were presented at the world's largest, most important breast cancer conference, SABCS, in early December. There were more than 11,000 participants this year at the conference. The trial results reinforce how DiviTum TKa has value as a response indicator and predictor for patients with

both metastatic and early breast cancer treated with CDK4/6 inhibitors, the most prescribed drug class for this patient population.

We are particularly happy about the strong results from the use of DiviTum TKa on patients with early breast cancer and the significant benefits it also offers for monitoring adjuvant treatment. This increases the total addressable market for DiviTum TKa in the area of breast cancer by a factor of 6, compared to its application solely for metastatic breast cancer. The new application is already covered by the code we have been assigned in the US payment system.

These research results with DiviTum TKa align with the FDA's approval of the CDK4/6 inhibitor Ribociclib, which, since October 2024 is included in the guidelines for adjuvant treatment. It fuels the need for a product such as DiviTum TKa, which can more easily be tailored to patient needs also for adjuvant and early stage breast cancer. This is where DiviTum TKa has an important role to play by ensuring that the patient obtains the best possible treatment, while society and payers obtain the most efficient use of their resources.

We also made important progress in our business with pharmaceutical companies and sales in Europe during the quarter. We signed two Master Service Agreements and received our largest work order to date, for SEK 2.2 million. It is with a US-based biotech company focused on the next generation of CDK inhibitors.

Our portfolio for Pharma Services is growing each quarter, so we anticipate positive sales growth in this area over time. However, sales in this area decreased because the start of some planned trials has been delayed until 2025. We are striving to develop both our value proposition and business model so that we can more easily capitalize on the enormous potential of drug development, while minimizing the volatility of future income.

Efforts are underway in Europe to establish DiviTum TKa in the nine markets where we have agreements in place with partners. We sold DiviTum Kits to Italy during the period and are anticipating sales in additional markets soon. Our goal is to sign additional commercial partnership agreements in

several more European countries.

Our cash flow improved by SEK 7 million in the quarter compared to the same period last year, which is attributable to the cost-saving measures that were implemented during spring 2024. We have achieved many important milestones, the most important of which is our recent agreement with the US insurance giant. But, all of it has taken longer than planned, so we are a bit behind on our forecast for becoming cash flow positive. We are thus in the process of revising our business plan.

The directed issue that we executed during summer 2024 resulted in a capital injection of SEK 16 million. Existing shareholders also demonstrated their continued trust in us by exercising warrants from the TO3B series. This generated funds of approximately SEK 20 million. We are also reviewing the best ways of funding operations in order to realized Biovica's full potential. Thanks to all the progress we have made, there are many options and the contracts we already have with customers will increase the rate of sales growth in 2025.

It has been an intensive quarter, where my faith in the business potential of DiviTum TKa has grown even stronger. The new research results on early breast cancer, along with our new direct client contract with a US giant in healthcare and insurance are major steps towards realizing the potential. DiviTum TKa is enormously beneficial to patients, so our efforts to make it available to as many of them as possible, thereby maximizing value to all of our stakeholders, are accelerating.

Anders Rylander, CEO

Significant events during the second quarter

Biovica signed an agreement with US Biotech company in clinical phase

In accordance with this Master Service Agreement (MSA), Biovica will be providing TKa analyses and expertise in interpreting the results to support both drug development and for dose optimization.

Biovica received a significant order of TKa testing services

Biovica has received an order worth SEK 2.2 million for TKa testing services in the Pharma Services part of the business. It is Biovica's largest single work order to date. The client is a US-based biotech company focused on developing the next generation of CDK inhibitors. It has had an MSA in place with Biovica since September 2024.

Biovica will be providing TKa testing services from its CAP/CLIA-certified laboratory in the USA. The results will be used in a multicenter phase I/II clinical trial for dose optimization and expansion that is evaluating next generation CDK treatment of solid tumors.

Biovica published the outcome of exercise of warrants from series TO3B.

Biovica has published the outcome of exercise of warrants from series TO3B that were issued in October 2024 as part of the Company's rights issue of units. A total of 7,441,387 warrants were exercised for subscription of the equivalent amount of class B shares in the Company, which corresponds to a subscription rate of 42.73 percent. Biovica will thus receive approximately SEK 19.4 million prior to issue costs, which are estimated at approximately SEK 1.5 million.

Biovica signed a master service agreement (MSA) with UK biotech company

Biovica has signed an MSA for TKa testing services with a biotech company based in the UK. Including this agreement, Biovica has now signed 5 MSA's thus far in 2024.

According to the agreement, Biovica will be providing TKa analyses and expertise in interpreting the results to support drug development and for dose optimization. The collaboration will expand the use of DiviTum TKa in clinical trials of next generation cancer drugs, thus further increasing the probability of establishing TKa as a biomarker for treatment monitoring (companion diagnostic).

Significant events after the end of the second quarter

New DiviTum TKa data that significantly increases the market potential will be presented at SABCS

A total of 7 abstracts of studies where DiviTum TKa has been used will be presented at the world's largest breast cancer conference, the San Antonio Breast Cancer Symposium (SABCS), during 10-13 December. Two of the abstracts validate DiviTum TKa for adjuvant (early breast cancer) therapy. It opens up a new market opportunity for Biovica that increases the addressable market in the area of breast cancer by USD 3 billion per year in the company's key markets (USA, Europe and Japan).

Biovica signed an agreement with US healthcare and insurance giant

Biovica has signed a Client Billing agreement with one of the largest US healthcare and insurance providers. The company's annual revenue exceeds USD 100 billion. There are more than 10 million policyholders insured by this company in the USA as their healthcare and health insurance provider. The company has already started using DiviTum TKa and it recognizes the benefits that it offers to patients, along with the social benefits via its budget impact. If continued use proves to be equally successful, expectations are that DiviTum TKa will become a standard test for patients undergoing breast cancer treatment who are policyholders with this organization.

Biovica's CLIA lab has obtained a permit from the state of New York, which opens up the entire US market

Biovica has obtained a permit for offering the assay to patients residing in the state of New York. Together with the prior permits, it makes DiviTum TKa available in all 50 states, as well as Puerto Rico. The permit was issued by the New York State Department of Health, subsequent to a rigorous review process. It means that caregivers and patients in the state of New York will now have access to DiviTum TKa via Biovica's laboratory in San Diego. There are more than 20 million residents in the state of New York, which is the fourth largest state in the USA in terms of population.

Significant events during the first quarter

DiviTum TKa results presented at ASCO, the world's largest cancer conference

Results with DiviTum TKa from the GEICAM/2014- 12 FLIPPER trial in Spain were presented at the world's largest cancer conference, ASCO. The data supports the use of DiviTum TKa to predict outcome and progression on first line treatment of HR+ metastatic breast cancer (MBC) patients, thus providing important clinical information on treatment benefits.

This was the first placebo-controlled study for DiviTum TKa. Thymidine kinase activity (TKa) levels were measured in 189 patients who were being treated with either the endocrine therapy fulvestrant plus the CDK4/6 inhibitor palbociclib or fulvestrant plus placebo. A total of 910 plasma samples were collected, which was done at baseline and then every three months of the first year of therapy. The study investigators findings were as follows:

• Low Baseline (BL) DiviTum TKa values predict better progression-free survival (PFS) and overall survival (OS).
• Higher TKa at BL and at 12 weeks were detected in patients for whom the disease had progressed during the first 12 months of therapy.
• In cases of progression, patients on fulvestrant plus palbociclib tended to have higher TKa levels than fulvestrant plus placebo, reflecting faster- growing tumors.
• High TKa at BL predicted shorter overall survival (OS) in the group that was being treated with fulvestrant plus palbociclib.

Biovica signed new drug development agreement

Biovica signed a master service agreement with a US-based biopharma company specialized in breast cancer. The first work order was also received. The agreement enables Biovica to provide TKa testing services in conjunction with pre-clinical and clinical trials aimed at developing new treatments. Under the agreement, Biovica will contribute to the development of first-in-class macromolecule inhibitor therapeutics for breast cancer, particularly for patients who no longer respond to CDK4/6 inhibitors. Biovica will be providing TKa analyses and expertise in interpreting the results. The initial work order is valued at SEK 0.75 million.

Extraordinary general meeting of Biovica International AB

In accordance with the proposal by the Board of Directors, the EGM resolved to implement the following long-term incentive program:

Share savings program 2024/2027:1 for all employees of Biovica Group's operations in Sweden and Denmark for a maximum amount of 466,200 performance shares and a maximum amount of 155,400 retention shares. In order to enable the Company's delivery of B shares under the share savings program 2024/2027:1, the EGM also resolved on an issue of a maximum of 621,600 warrants of series 2024/2027:3 and approval of transfer of warrants of series 2024/2027:3, which may result in an approximate increase in the Company's share capital of SEK 41,440.

Share savings program 2024/2027:2 for the company's Board of Directors for a maximum amount of 315,000 performance shares and a maximum amount of 105,000 retention shares, in accordance with shareholder Mats Danielsson's proposal. In order to enable the Company's delivery of B shares under the share savings program 2024/2027:2, the EGM also resolved on an issue of a maximum of 420,000 warrants of series 2024/2027:4 and approval of transfer of warrants of series 2024/2027:4, which may result in an approximate increase in the Company's share capital of SEK 28,000.

Stock option program 2024/2027:1 for senior executives and employees of the company's US subsidiary, for a maximum amount of 176,400 stock options. In order to enable the Company's delivery of B shares under the stock option program 2024/2027:1, the EGM also resolved on an issue of a maximum of 176,400 warrants of series 2024/2027:5 and approval of transfer of warrants of series 2024/2027:5, which may result in an approximate increase in the Company's share capital of SEK 11,760.

Performance share program 2024/2027:1 for senior executives and employees of the company's US subsidiary, for a maximum amount of 176,400 stock options. In order to enable the Company's delivery of B shares under the performance share program 2024/2027:1, the EGM also resolved on an issue of a maximum of 176,400 warrants of series 2024/2027:6 and approval of transfer of warrants of series 2024/2027:6, which may result in an approximate increase in the Company's share capital of SEK 11,760.

Biovica carried out a directed new issue of units for approximately SEK 16.4 million

Based on the authorization from the Annual General Meeting on September 5, 2023, the Board of Directors of Biovica International AB (publ) has carried out a directed issue of units. The proceeds, prior to issue costs, amount to approximately SEK

16.4 million. Each unit in the rights issue consists of eleven (11) newly issued shares in the Company and five (5) attached warrants (free-of-charge) of series TO25B B which, upon full subscription and exercise, will result in an additional increase of Biovica's share capital of approximately SEK

190,589 through the issuance of an additional

2,858,835 Class B shares, and provide the Company with an additional amount of approximately SEK 7.5 million before deduction of related costs. The directed issue was carried out on the same terms as the rights issue announced on October 23, 2023, with a subscription price of SEK 28.71 per unit corresponding to SEK 2.61 per Class B share. The subscription price corresponds to a level of approximately 101 percent compared to the volume-weighted average price on the Nasdaq First North Premier Growth Market during 10 trading days up to and including July 23, 2024. Participating investors are the existing shareholders Innovicum AB, Mastan AB, M. Sesemann AB, Erik och Ulrika AB and Göran Brorsson as well as a new shareholder in the form of a Dutch family office.

Other

2024 AGM

The AGM was held on 17 September 2024 at Conference Hubben in Uppsala.

• The financial statements were adopted and the Board of Directors and CEO were discharged from liability for the financial year.
• The AGM resolved that no dividends would be distributed to shareholders.
• It was resolved that each Director shall be paid a fee of SEK 200,000 and that the Chairman of the Board shall be paid a fee of SEK 450,000.
  The Chair of Board committees shall be paid a fee of SEK 75,000 and each committee member shall be paid a fee of SEK 37,500. The fee to the company's auditors is in accordance with the approved invoiced amounts.
• The following Board members were reelected: Annika Carlsson Berg, Lars Holmqvist, Marie- Louise Fjällskog, Maria Holmlund, Ulf Jungnelius, Anders Rylander and Jesper Söderqvist. Lars Holmqvist was re-elected Chairman of the Board.
• Grant Thornton Sweden AB was re-elected as the company's auditor, with Stéphanie Ljungberg as head auditor.
• Guidelines for remuneration to senior executives were decided.
• The Board was granted the authority to issue new shares equal to 20% of the current number of shares.

Q2 - Sales and earnings

The quarter covers the period 1 August 2024 through 31 October 2024. The comparison figures are for the period 1 August 2023 through 31 October 2023.

Net sales for the period amounted to SEK 2,312 (2,563) thousand. Second quarter sales are attributable to four different product groups. These are: Tests (IVD) for the US market, DiviTum Kits (IVD) for the European market, Tests (RUO) and DiviTum Kits (RUO) which are primarily sold to the pharmaceutical industry.

There has been growth in Tests (IVD) for the US market, DiviTum Kits (IVD) for the European market and Tests (RUO) to the pharmaceutical industry. However, sales of DiviTum Kits (RUO) to the pharmaceutical industry were somewhat weaker compared to the same period last year. This was due to the fact that a large customer recently concluded a trial involving DiviTum Kits. The customer had purchased several DiviTum Kits in Q2 23/24, when the trial was ongoing. Because of this, sales of DiviTum Kits (RUO) in the period where weaker compared to the same period last year. Because the sales of both Tests (RUO) and DiviTum Kits (RUO) are driven by various trials, it is natural that there will be fluctuations between quarters and years. However, as we expand our base of customers in the RUO area, the risk of such fluctuations will diminish over time. More information is provided in Note 1, Segment reporting.

The operating loss for the period was SEK -19,753 (- 25,316) thousand.

The earnings improvement compared to the corresponding period previous year is attributable to a reduction in expenses after the company restructuring that was implemented in April 2024.

Net financial items amounted to SEK 216 (1,544) thousand. Loss after financial items was SEK - 19,537 (-23,772) thousand. Loss for the period was SEK -21,152 (-25,684) thousand.

The average number of employees for the quarter was 27 (38) employees, of which 14 (19) are women.

Net sales for the period amounted to SEK 4,027 (4,316) thousand. Sales during the period are attributable to four different product groups. These are: Tests (IVD) for the US market, DiviTum Kits (IVD) for the European market, Tests (RUO) and DiviTum Kits (RUO) which are primarily sold to the pharmaceutical industry.

There has been growth in Tests (IVD) for the US market, DiviTum Kits (IVD) for the European market and Tests (RUO) to the pharmaceutical industry. However, sales of DiviTum Kits (RUO) to the pharmaceutical industry were somewhat weaker compared to the same period last year. This was due to the fact that a large customer recently concluded a trial involving DiviTum Kits. The customer had purchased several DiviTum Kits in Q2 23/24, when the trial was ongoing. Because of this, sales of DiviTum Kits (RUO) in the period where weaker compared to the same period last year. Because the sales of both Tests (RUO) and DiviTum Kits (RUO) are driven by various trials, it is natural that there will be fluctuations between quarters and years. However, as we expand our base of customers in the RUO area, the risk of such fluctuations will diminish over time. More information is provided in Note 1, Segment reporting.

The operating loss for the period was SEK -43,316 (- 57,508) thousand.

The earnings improvement compared to the corresponding period previous year is attributable to a reduction in expenses after the company restructuring that was implemented in April 2024.

Net financial items amounted to SEK -407 (1,791) thousand. Loss after financial items was SEK - 43,722 (-57,717) thousand. Loss for the period was SEK -44,041 (-57,949) thousand.

The average number of employees for the period was 27 (37) employees, of which 14 (18) are women.

Financial position, cash flow and investments

The closing amount for cash & cash equivalents on 31 October 2024 was SEK 61,883 (46,932) thousand.

Net investments in property, plant and equipment in the form of equipment for the year amounted to SEK 0 (0) thousand.

Funding

The closing amount for cash & cash equivalents on 31 October 2024 was SEK 61,883 (46,932) thousand. In July 2024, a directed issue was completed to secure capital for the company's ongoing launch of DiviTum TKa. The issue raised capital of SEK 16.4 million prior to issue costs. The subscription rate from the exercise of warrants from series TO3B was approximately 42.7%, which generated approximately SEK 19.4 million to the company before issue costs. With the cash balance of SEK 62 million and anticipated additional funds from the exercise of warrants from series TO25B (more information about that can be found in the section on Warrants TO25B), the assessment is that the funds are sufficient through the third quarter of the 2025 calendar year. Accordingly, at the time of publishing this interim report, the company has not secured the necessary funding for at least the next twelve months. The Board is working with a revision of the business plan and various scenarios to

ensure that the company has the financing it needs. The various alternatives are being evaluated to arrive at the most attractive solution from the perspective of both the company and its shareholders. The Board and management have concluded that there are good options for obtaining the necessary capital.

Related party transactions

During the quarter, the company, represented by parties related to the main owner and board member, Anders Rylander, leased office facilities to the Parent Company. The total fee for rent paid during the quarter was SEK 68 (64) thousand. Transactions were in accordance with market- based terms and conditions.

During the quarter, the company engaged Jesper Söderqvist in a consulting assignment to secure capital for the Parent Company. He is a related party and member of the Board of Directors. The consulting fee amounted to SEK 20 (0) thousand. Transactions were in accordance with market- based terms and conditions.