Three months, October–December 2025

• Loss after financial items amounted to SEK 5,891 thousand (-6,563).
• Cash flow for the period amounted to SEK -166 thousand (-12,178).
• Cash and cash equivalents at the end of the period amounted to SEK 319 thousand (15,496).
  

Twelve months, January– December 2025

• Loss after financial items amounted to SEK -26,266 thousand (-20,553).
• Cash flow for the period amounted to SEK -15,177 thousand (-6,259).
• Cash and cash equivalents at the end of the period amounted to SEK 319 thousand (15,496).

Amounts in brackets: Corresponding period in previous year.

Significant events during the fourth quarter 2025

• Alzinova announced that the US Food and Drug Administration (FDA) has granted Fast Track status to the company’s vaccine candidate ALZ-101 for Alzheimer’s disease.
  
• Alzinova announced that the company has entered into loan agreements with two external lenders for short-term financing totaling SEK 11 million. The loan agreement has been entered into to secure the company’s working capital requirements for its ongoing operations during the current financial year and into the first quarter of 2026.
  
• Alzinova announced that two abstracts on the vaccine candidate ALZ-101 have been accepted for presentation at the Clinical Trials on Alzheimer’s Disease (CTAD) 2025, to be held December 1–4 in San Diego, USA.
  
• Alzinova entered into a memorandum of understanding (MoU) with a leading healthcare provider in Saudi Arabia. The MoU is a non-binding declaration of intent that outlines the framework for a potential collaboration regarding the development of ALZ-101, and may be followed by one or more binding agreements provided the parties reach consensus on all commercial and operational terms.
  
• The Board of Directors of Alzinova resolved to carry out a rights issue of a maximum of 20,864,717 units, containing shares and warrants of series TO4. Upon full subscription in the Rights Issue, Alzinova will receive proceeds of approximately SEK 50.1 million before issue costs.

Significant events after the end of the fourth quarter 2025

• Alzinova participated in the J.P. Morgan Healthcare Conference held in San Francisco between January 12–15, 2026. During the week, Alzinova’s management actively advanced ongoing discussions with potential partners and investors, with a clear focus on the continued development of the vaccine candidate ALZ-101.

• Alzinova entered into a collaboration with Dr. Marwan Sabbagh, an internationally recognized Alzheimer’s disease expert, who will serve as Global Principal Investigator in the planned Phase 2 study of ALZ-101.

• Alzinova announced the final outcome of its rights issue of units (shares and TO4 warrants). In total, 56.4% was subscribed with unit rights, 7.6% without, and 15.9% was allocated to underwriters, resulting in an overall subscription of approximately 80%. The issue will provide Alzinova with about SEK 36.5 million before costs, after set-off of approximately SEK 3.5 million in debt.

A word from CEO Tord Labuda

Our approach remains disciplined

Dear Shareholders,

The fourth quarter of 2025 concludes a year in which Alzinova has taken important steps toward the next phase in the development of our therapeutic vaccine, ALZ-101. Throughout the year, we have strengthened our scientific, regulatory, and strategic position, and in the final months we have added further building blocks that provide a clearer path toward the planned global Phase II study. As a result, we enter 2026 in a significantly stronger position than a year ago, with validated clinical data, regulatory support, and a clear plan toward Phase II, supporting several concrete value-driving milestones in the coming quarters.

Following the FDA’s IND approval and the granting of Fast Track status in the third quarter of 2025, interest in ALZ-101 has continued to grow, both from potential partners and investors. During the autumn, we intensified our business development activities, including participation in several industry and investor events globally. This has given us the opportunity to present our latest progress and deepen discussions with key stakeholders in the field. Our lead drug candidate, ALZ-101 is a therapeutic vaccine designed to selectively target the most toxic forms of amyloid beta, a mechanism believed to play a central role in disease progression, which differentiates our approach from other existing and emerging therapies in the field.

An important milestone during the fourth quarter was the letter of intent we signed with a leading healthcare provider in Saudi Arabia regarding A word from CEO Tord Labuda Our approach remains disciplined ” In the coming months, we are focusing on three priority areas: advancing the Saudi Arabia collaboration toward a binding agreement, driving forward our global pharma partner dialogues, and completing the final operational steps for Phase II. the continued development of ALZ-101. The ongoing work is focused on a binding agreement aimed at defining the structure for conducting parts of the global Phase II study in the region, evaluating potential financing solutions, and laying the foundation for future commercialization in a growing and well-capitalized market. This initiative supports our international footprint while strengthening the operational and financial framework of the next phase of development.

At the same time, we have continued to work methodically on the operational and regulatory preparations for Phase II. We have a completed study design and are planning dialogues with regulatory authorities. During the latter part of 2025, our work has primarily focused on the EU, while we are also planning further interactions with the FDA regarding trial details. Scaling up and further developing the manufacturing process for ALZ-101 continues according to plan, with the aim of ensuring capacity and quality ahead of the larger, global study. Our approach remains disciplined, focusing on reducing key risks step by step while maintaining development momentum with the goal of maximizing long-term value for both patients and shareholders.

By the end of 2025, the Board of Directors had resolved to carry out a rights issue. The rights issue was subsequently completed in February 2026, providing Alzinova with approximately SEK 36.5 million before transaction costs. The outcome reflects solid support from both existing shareholders and new investors, with a majority of the issue subscribed directly by the market. This strengthens our financial position and provides the flexibility needed to continue prioritized Phase II preparations and advance ongoing partnership discussions. Together with our clinical progress and regulatory status, this creates a more robust platform as we move into the next phase of development.

In the coming months, we are focusing on three priority areas: advancing the Saudi Arabia collaboration toward a binding agreement, driving forward our global pharma partner dialogues, and completing the final operational steps for Phase II. For those following Alzinova, 2026 will therefore be a year with several potential value inflection points, where execution and partnerships may have a clear impact on the company’s future value

Finally, I would like to thank you, our shareholders, for your continued trust during a year characterized by both hard work and important progress. Your support enables us to continue advancing development toward the goal of offering patients with Alzheimer’s disease a truly disease-modifying treatment, not just symptomatic relief.

Gothenburg, March 2026
Tord Labuda, CEO of Alzinova AB

For further information, please contact:
Tord Labuda, CEO
E-mail: info@alzinova.com

About Alzinova AB
Alzinova AB is a Swedish biopharmaceutical company in clinical development specializing in the treatment of Alzheimer's disease, where the starting point is to attack toxic amyloid-beta oligomers. The lead candidate ALZ-101 is a therapeutic vaccine against Alzheimer's disease. Alzinova's patented AβCC peptide technology makes it possible to develop disease-modifying treatments that target the toxic amyloid-beta oligomers that are central to the onset and development of the disease with great accuracy. From a global perspective, Alzheimer's disease is one of the most common and devastating neurological diseases, with around 40 million affected today. Based on the same technology, the company is also developing the antibody ALZ-201, which is currently in preclinical development, and the goal is to further expand the pipeline. The company's Certified Adviser on Nasdaq First North Growth Market is Mangold Fondkommission AB. For more information about Alzinova, please visit: www.alzinova.com