Summary of the period January–March 2025

• Net turnover was SEK 596,105 (257,677)
• Cash flow from operating activities was SEK -6,046,406 (-5,908,058)
• Profit/loss after financial items was SEK -5,756,609 (-6,019,201)
• Profit/loss after tax was SEK -5,756,609 (-6,019,201)
• Earnings per share were SEK -4.21 (-0.02)

Study publication and last stage financing – a good quarter
The first quarter’s obvious high point was that the scientific article on the PM007 migraine study was published in the scientific journal Neurology. The publication confirms that the medical efficacy of the Ozilia treatment is on par with conventional drug-based alternatives for the preventive treatment of chronic migraine and is a very important piece of the puzzle in our ongoing work with the exit process.

During the first quarter, the company also completed a rights issue that overall was subscribed to approximately 79.9 percent, which we view to be an excellent result in the current financing climate. The capital contribution of approximately SEK 17.7 million before deduction of issue costs will primarily be used to support the ongoing exit process.

• Groundbreaking migraine study with Ozilia now published in prestigious Neurology journal
• Follow-up study PM010 expanded with key university clinic in Switzerland
• Rights emission subscribed in total to approximately 79.9 percent
• Narro Medical qualified as a distributor for the migraine area in Saudi Arabia

Groundbreaking migraine study with Ozilia now published in prestigious Neurology journal
The highly esteemed scientific journal Neurology published at the beginning of January the scientific article on Chordate Medical’s PM007 registration study on preventive neurostimulation treatment for chronic migraine.

The publication entails that the article and the results of the study have now been scientifically reviewed by an independent expert panel. The journal’s classification of the study’s implementation and results gave the highest rating, Class I, as proof that intranasal kinetic oscillation stimulation effectively reduces the number of headache days per month among patients with chronic migraine.

Follow-up study PM010 expanded with key university clinic in Switzerland
Chordate added at the beginning of January a 12th study clinic to the post-market surveillance study PM010 for migraine treatment after Inselspital, Universitätsklinik für Neurologie, in Bern (CH) received ethical approval to join the study.

PM010 is an ongoing open clinical post-market surveillance study to follow the long-term performance and safety of Ozilia® in patients with chronic migraine during regular clinical treatment. The study is designed to be able to recruit up to 200 patients and is being carried out at 12 clinics in four European countries with a follow-up period of 12 months. Data from the study will be reported in intervals and, in addition to meeting regulatory requirements, will also be used to fine-tune recommendations for the clinical treatment regimen.

Rights emission subscribed in total to approximately 79.9 percent
In mid-February, the rights issue announced in December 2024 was completed. Overall, the rights issue was subscribed to approximately 79.9 percent, providing the Company with approximately SEK 17.7 million before deduction of issue costs. The capital contribution will primarily be used to support the work with the ongoing exit process, and all costs that are not judged to have a direct impact on the possibility for successful business will have to wait.

The outcome of the rights issue shows once again that the company has strong support from its owners, which is crucial since we are now in the middle of the work with the final step in the long-term strategy — successful divestment of the operations to a suitable partner.

Additional distributor in Saudi Arabia
During the quarter, the qualification of Narro Trading Est., Riyadh Saudi Arabia (Narro Medical) began as a non-exclusive distributor in the migraine area. We are already working with a distributor in Saudi, but we have seen a need to increase focus and expertise in the neurology field. Narro Medical fits well into this profile and is currently in the final stages of the qualification process, which includes demonstrating effective sales activities in the field and taking over the work with prospective customers we have previously engaged.

The quarter’s sales and performance
Net sales during the quarter amounted to approximately SEK 596,000 (258,000), an increase of approximately 131 percent compared to the corresponding period in 2024. The sales were broken down into 37 percent to the EU and 63 percent to the EMEA. This is a noteworthy increase but, relatively speaking, continued to be at a low level and falls within the fluctuation associated with the phase of early commercialization, which is where the company is currently positioned.

Consolidated earnings and cash flow during the quarter were largely unchanged compared to the corresponding period in 2024. Issue costs burdened the balance sheet but affect comparability for the quarter’s cash flow in relation to the figures for the full year. We are pleased to note increasing sales to the EMEA, which is a direct result of the addition of the new distributor Narro Medical for the migraine area in Saudi Arabia.

Focus in 2025

• Pursue a successful exit process
• Increase the number of installations in the focus markets
• Implement the ongoing clinical studies according to plan

Kista, May 2025
Anders Weilandt, CEO