Financial overview

Second quarter 2025, 1 April to 30 June

• Net sales amounted to KSEK 0 (0).

• Result after taxes amounted to KSEK -11 275 (-8 132) TSEK.

• Basic and diluted earnings per share amounted to SEK -0,04 (-0,04).

• Cash flow from operating activities after change in working capital amounted to KSEK -7 374 (-9 067) TSEK.

First half of the year 2025, 1 January – 30 June

• Net sales amounted to KSEK 0 (17) TSEK.

• Result after taxes amounted to KSEK -23 078 (-15 244) TSEK.

• Basic and diluted earnings per share amounted to SEK -0,09 (-0,06) SEK.

• Cash flow from operating activities after change in working capital amounted to KSEK -14 158 (-16 247) TSEK.

• Cash and cash equivalents amounted to KSEK 7 178 (32 326) on the balance sheet date.

Company development during the second quarter

Second quarter 2025

Turnover and results

Net sales for the second quarter of 2025 amounted to KSEK 0 (0).

Operating costs including capitalized costs and depreciation for the second quarter amounted to TSEK 11 137 (9 020).

The figures for the period include depreciation of capitalized development work and patents that began in Q3, 2024 and amount to KSEK 4 818 in the second quarter. The depreciation period is 5 years.

A smaller proportion of the patent costs have been capitalized in the quarter compared to the corresponding period last year, KSEK 159 (1 672) as product development is considered to be completed.

Operating income for the second quarter amounted to KSEK -10 826 (-7 243), and the result after taxes amounted to KSEK till -11 275 (-8 132).

Cash flow

Cash flow from operating activities during the second quarter amounted to KSEK -7 374 (-9 067). Total cash flow for the period amounted to -7 533 (18 862). The previous year's total cash flow included a new share issue of KSEK 19 601 and the raising of loans of KSEK 10 000.

First half of the year 2025

Net sales and results

Net sales for the first half of the year 2025 amounted to KSEK 0 (17).

Operating costs for the first half of the year including capitalized costs amounted to KSEK 22 647 (17 107) TSEK.

The figures for the period include depreciation of capitalized development work and patents that began in third quarter, 2024 and amount to KSEK till 9 626 in the second quarter. The depreciation period is 5 years.

A smaller proportion of the costs were capitalized in the year's first half compared to the corresponding period last year, KSEK 256 (1 672) as the product development was deemed to be completed.

Operating income for the year's first half amounted to KSEK -22 200 (-13 482), and the result after taxes amounted to KSEK till -23 078 (-15 244).

Cash flow

Cash flow from operating activities during the first half of the year amounted to KSEK -14 158 (-16 247). Total cash flow for the period amounted to KSEK -14 414 (9 872). The previous year's total cash flow included a new share issue of KSEK 19 532 and the raising of loans of KSEK 10 000.

Personnel

The average number of employees during the period was 9 (13), 3 (3) of whom were women.

Investments, liquidity, and financial position

On 30 June 2025, the cumulative book value of capitalised expenses for research and development amounted to KSEK 74 489 (92 692). The amount refers to development work related to the Company’s products. Depreciation has commenced from the third quarter of 2024. The depreciation period is 5 years.

The book value of investments in the patent portfolio amounted to KSEK 2 679 (5 280), most of which was related to investments in patents and patent applications regarding the Company’s products. Depreciation has commenced from the third quarter of 2024.

At the balance sheet date, cash and cash equivalents amounted to KSEK till 7 178 (32 326).

Equity amounted to KSEK till 69 714 (107 447).

The equity ratio was 79 (80) percent.

Significant events during the second quarter of 2025

APRIL 7 Lumito launches new software for image analysis and visualization in collaboration with Katana Labs

APRIL 11 Lumito launches new website and focuses on increased objectivity in tissue analysis

MAY 5 Lumito recognized at AACR 2025

MAY 6 Lumito strengthens its scientific position – Three abstracts accepted to leading European congresses

JUNE 4 Lumito appoints new CFO

JUNE 5 Lumito establishes a Scientific Advisory Board with leading international experts in drug development, pathology, and oncology

JUNE 12 Another key member joins Lumito’s Scientific Advisory Board in connection with its first meeting

JUNE 13 Deeper insights from the Scientific Advisory Board meeting – confirm the potential of Lumito’s innovative solution for quantitative tissue analysis

JUNE 24 Lumito participates in 10xHealth to accelerate commercialization and growth

Significant events after the end of the period

JULY 25 Lumito signs production and quality agreement with Optronic

CEO’s comments

Dear shareholders, partners, and friends of Lumito,

As I reflect on the second quarter, I am also approaching my first year as CEO of Lumito – a year characterised by high pace, strategic choices, and important progress. This quarter has been particularly eventful, clearly showing that the work of the past year is starting to yield results. More stakeholders are aware of us, and our presence in dialogues, collaborations, and industry settings is steadily growing.

I am proud of the strong commitment and high level of expertise that define our team, as well as of the progress we have achieved together. Our joint efforts have laid the foundation for a continued and focused journey ahead. With a strong conviction in the potential of our unique solution, and the certainty that we are addressing a clear need among researchers, pharmaceutical companies, and CROs, we remain focused and united in our go-to-market strategy. This strategy combines innovation with tangible customer value – a decisive combination in our ongoing efforts to commercialise our solution.

Scientific legitimacy and strategic guidance through the Scientific Advisory Board

In June, we held the first meeting of our international Scientific Advisory Board (SAB), chaired by Professor Paul Waring. The discussions focused on three key areas: the go-to-market strategy to accelerate market entry; which parts of the drug development process we should address first to maximise value creation; and which supplementary data, in the form of feasibility studies, we should prioritise to further strengthen our position with potential customers.

The meeting confirmed that Lumito has developed a unique solution with great potential in quantitative tissue analysis and diagnostics. We gained valuable insights and concrete recommendations in all these areas – insights that further anchor and strengthen our strategic direction going forward. With our well-respected advisers on the SAB, we gain not only strategic guidance but also strong scientific credibility and access to an international network of leading experts who will be crucial in our continued market establishment.

User-driven innovation that creates value – our path to success

We continue to consistently build credibility and demonstrate our capacity to become a significant player in tissue analysis through scientific presence at relevant conferences and in dialogue with researchers and users. SCIZYS meets a real and growing market need, serving both as a powerful complement and as a potential substitute for existing tissue analysis methods. I am convinced that an important part of our success lies in continuing our current path: highlighting and clarifying our unique strengths, working closely with users to deepen our understanding, and thereby creating tangible and long-term value for our customers.

A clear example of this is our image analysis software, developed in close collaboration with Katana Labs, where users’ needs have been – and continue to be – the guiding principle for our strategic development.

Continued progress in our collaborations with CROs

In parallel with engaging in discussions with additional CROs, we are making progress in our ongoing collaborations with Concept Life Sciences and Truly Labs. Together with these partners, we are validating our offering – not only by confirming technical advantages such as high analytical sensitivity, but also by demonstrating the user-friendliness of our product and our scan-as-a-service concept. We are also evaluating how our solution can be seamlessly integrated into established tissue analysis workflows, including automated staining. Both user-friendliness and system integration are central factors in our commercialisation strategy and keys to broader market adoption.

Building the future through trust and collaboration

During the quarter, we also deepened our collaborations with researchers who clearly demand quantitative and ultra-sensitive methods to detect very low levels of biomarkers – for example, to better understand disease mechanisms or the effects of various drug candidates.

An exciting example is our collaboration with Malmö University, where researchers are using our technology to visualise very small amounts of Langerhans cells in skin models – something that is challenging with today’s standard methods. Langerhans cells are found in the skin, where, upon detecting foreign substances, they activate the body’s immune system. The ability to detect low levels of Langerhans cells is particularly important for research and development of treatments for skin diseases such as psoriasis. With the help of SCIZYS, researchers can gain a powerful tool that enables this type of sensitive analysis.

We value your engagement and trust – together we create the future

Establishing a new technology in an established market requires perseverance, long-term commitment, and focus. I would therefore like to extend my warm thanks to you, our shareholders, for your trust and engagement. We have a strong and skilled team, a clear strategy, and a technology with the potential to make a real difference. With a long-term perspective and a clear customer focus, we are working purposefully to realise the full business potential of our solution.

Lund, August 2025

Sanna Wallenborg

CEO of Lumito