Interim Report Q3 2024/2025 Report

Outcomes4Me. It is a professional organization focused on helping and empowering cancer patients in the USA. The company has developed a cancer navigation platform that supports more than 250,000 patients, which offers us a direct channel for creating awareness of what DiviTum TKa can offer them.

We are putting a great deal of effort into developing our business model and strengthening our financial position while maximizing our long- term growth. In 2025, an improvement of our cash flow will continue to be the key priority. To support this, it is particularly important that we can demonstrate the significant progress we've made

• including new partners, stronger clinical evidence, positive order growth, and a much larger total addressable market for our test. We are

optimistic about the steps we will make in the next quarters and the long-term potential of DiviTum TKa.

Anders Rylander, CEO

Significant events during the third quarter

New Divitum TKa data that significantly increases the market potential presented at SABCS

A total of 7 abstracts of studies where DiviTum TKa has been used was presented at the world's largest breast cancer conference, the San Antonio Breast Cancer Symposium (SABCS), during 10-13 December 2024. Two of the abstracts validated DiviTum TKa for adjuvant (early breast cancer) therapy, which 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 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.

Biovica secured a significant order for TKa testing services

Biovica secured an order for SEK 2.3 million for TKa testing services in the Pharma Services part of the

business. It is with a UK-based pharma/biotech company to be used in a phase I/II clinical study in patients with advanced solid tumors being treated with a next generation CDK inhibitor.

Significant events after the end of the third quarter

Biovica signed an agreement with Eurobio Scientific covering 60% of the European market

Biovica has entered into a collaboration agreement with Eurobio Scientific, a leading French group specializing in in vitro specialty medical diagnostics and life sciences, to introduce DiviTum TKa in Austria, Benelux, France, Germany, Switzerland, and the UK. The scope of the agreement covers 60 percent of the total market potential identified as key European markets for Biovica.

Biovica has secured a new work order worth SEK

2.5 million for TKa testing services in the Pharma Services part of the business.

It is the third work order submitted by this customer, bringing the combined total for all three to SEK 7 million. They are a U.S. East Coast clinical- stage biotech specializing in small molecule oncology drugs. Biovica has a Master Service Agreement (MSA) with them and DiviTum TKa is currently being used in two ongoing Phase I trials, both evaluating various CDK inhibitor candidates. This latest work order, set to run for 1.5 years from Q3 2025, adds a third drug candidate and clinical study, further strengthening the long-term partnership.

Biovica announces a partnership with Outcomes4Me to support patients with Metastatic Breast Cancer to better understand the effects of their treatment.

Biovica announces partnership with Outcomes4Me, the developer of the leading direct-to-patient empowerment platform with more than 250.000 members that provides personalized, evidence- based navigation to people diagnosed with cancer.

Significant events during the first and second quarters

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 aUS-basedbiopharma company specializing in breast cancer. The first work order was also received. The agreement enables Biovica to provide TKa testing services in conjunction withpre-clinicaland clinical trials aimed at developing new treatments. Under the agreement, Biovica will contribute to the development offirst-in-classmacromolecule 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 2024/2027:1for 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 2024/2027:2for 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 2024/2027:1for 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 2024/2027:1for 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.

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 secured a significant order for 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).

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.

Q3 - Sales and earnings

The quarter covers the period 1 November 2024 through 31 January 2025. The comparison figures are for the period 1 November 2023 through 31 January 2024.

Net sales for the period amounted to SEK 2,261 (1,075) thousand. Third quarter sales are attributable to three different product groups. These are: Tests (IVD) for the US market, Tests (RUO) and DiviTum Kits (RUO) which are primarily sold to the pharmaceutical industry.

Sales of Tests (IVD) for the US market have developed positively compared to the same period previous year. There have not been any sales of Tests (IVD) for the European market via our European distributors there since they are still ramping up. Sales of Tests (RUO) and DiviTum Kits (RUO) primarily to the pharmaceutical industry have also continued to develop positively compared to the same period previous year. More information is provided in Note 1, Segment reporting.

The operating loss for the period was SEK -22,183 (- 27,848) thousand.

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

Net financial items amounted to SEK 163 (262) thousand. Loss after financial items was SEK - 22,020 (-27,585) thousand. Loss for the period was SEK -22,816 (-27,343) thousand.

The average number of employees for the quarter was 26 (38) employees, of which 14 (20) are women.

First three quarters - Sales and earnings

Net sales for the period amounted to SEK 6,287 (5,391) 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 were 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 -65,499 (- 85,355) thousand.

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

Net financial items amounted to SEK -244 (2,053) thousand. Loss after financial items was SEK - 65,743 (-83,303) thousand. Loss for the period was SEK -66,857 (-85,292) thousand.

The average number of employees for the period was 26 (37) employees, of which 14 (20) are women.

Financial position, cash flow and investments

The closing amount for cash & cash equivalents on 31 January 2025 was SEK 43,508 (105,238) thousand.

Net investments in property, plant and equipment in the form of equipment for the year amounted to SEK -209 (0) thousand.

Funding

The closing amount for cash & cash equivalents on 31 January 2025 was SEK 43,508 (105,238) thousand. In July 2024, a directed issue was completed to secure capital for the company's ongoing launch of DiviTum TKa. The rights 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. Based on cash of SEK 43 million and the current sales forecast, liquidity is expected to be sufficient until summer 2025. 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 and Leadership is working with 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.

Related party transactions

During the third 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 first three quarters, 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 first three quarters was SEK 203 (192) thousand. Transactions were in accordance with market-based terms and conditions.

During the first three quarters, companies represented by and related to Board member Jesper Söderqvist have had a consulting assignment to raise capital for the Parent Company. Total consulting fees charged to the first three quarters amount to SEK 328 (0) thousand. Transactions were in accordance with market-based terms and conditions.

Incentive programs

Resolutions were passed at the EGM on 15 July 2024 on 4 programs 24/ 27: 1-4, which will be distributed during fall 2024. The programs 23/26:3- 6 were never distributed due to the unfavorable stock price trend after the rights issue during fall 2023. Program TO10 has been recalculated in accordance with the program terms after the rights emission during fall 2022. The incentive programs distributed free-of-charge have been calculated and reported in accordance with IFRS 2. Accordingly, the increase in both personnel expenses (debit) and equity (credit), amounted to SEK 212 (186) in the third quarter. The corresponding figure for the first three quarters of the year is SEK 398 (331) thousand. Additional information is available in the Annual Report for 2023/2024.

Shares

As of 31 January 2024, the number of outstanding shares in Biovica was 97,786,384, of which 6,271,293 shares are Class A and 91,515,091 shares are Class B. The total number of votes amounted to 110,328,970. In July 2024, a total of 6,289,437 Class B shares were subscribed for in conjunction with the directed issue. The subscription price was SEK

2.61. In total, the company's share capital increased because of the issue by SEK 419,295.80, generating approximately SEK 16.4 million for the company before issue costs. Shareholders who participated in the rights issue were issued, free-of-charge, an

additional 5 warrants of series TO25B for each share they subscribed for. More information is provided in the section, Warrants TO25B. A total of 7,441,387 warrants from the series TO3B were subscribed for in September, corresponding to the same number of shares at SEK 2.61 per share. In total, the company's share capital increased because of the issue by SEK 496,094.47, generating approximately SEK 19.4 million for the company before issue costs.

Subscription rights TO25B

In July 2024, a total of 6,289,437 Class B shares were subscribed for in conjunction with the directed issue. The subscription price was SEK 2.61. In total, the company's share capital increased because of the issue by SEK 419,295.80, generating approximately SEK 16.4 million for the company before issue costs. Shareholders who participated in the rights issue were issued, free-of-charge, an additional 5 warrants of series TO25B for each share they subscribed for. One (1) warrant from series TO25B entitles the holder to subscribe for one (1) newly issued share during the period 1 April 2025 through 30 April 2025. The subscription price is SEK 2.61. If all warrants from series TO25B are fully exercised, the company's share capital will increase by SEK 190,589, generating an additional SEK 7.5 million before issue costs.