“For the more than 300,000 people diagnosed with idiopathic pulmonary fibrosis in the United States and Europe alone, time is the scarcest resource. IPF is progressive, relentless, and still without a cure. It is this reality that drives everything we do at Vicore, and it is what makes the milestone we recently reached so significant.”

Ahmed Mousa, CEO

Significant events during the first quarter

• In March, Vicore strengthened its executive leadership team through the promotion of three internal leaders, appointing Bernt van den Blink, MD, PhD, as Chief Medical Officer, Helen Barker as Chief Technology Officer, and Jimmie Hofman as Chief Business Officer.

Significant events after the period

• In April, Vicore announced the enrollment of the last patient in the Phase 2b ASPIRE trial.

Financial overview for the period

January 1 – March 31, 2026

• Revenue amounted to SEK 0.6 million and SEK 0.9 million for the three months ended March 31, 2026 and 2025, respectively.
• Operating loss amounted to SEK 123.8 million and SEK 91.5 million for the three months ended March 31, 2026 and 2025, respectively.
• Loss amounted to SEK 108.6 million and SEK 111.5 million for the three months ended March 31, 2026 and 2025, respectively.
• Loss per share, before and after dilution, amounted to SEK 0.39 and SEK 0.48 for the three months ended March 31, 2026 and 2025, respectively.
• On March 31, 2026, cash, cash equivalents, and short-term investments amounted to SEK 1,059.8 million, equivalent to USD 111.4 million (SEK 1,166.7 million as of December 31, 2025).

Certain comparative figures in the statement of financial position have been reclassified for comparability purposes, without any impact on profit or loss, equity or cash flow. See Notes 2 and 6 in the interim report.

Financial summary of the group

¹ No dilutive effect arises for potential common shares for periods when the result is negative or when the exercise price for options or share awards exceeds the average market price.
² Alternative performance measure (APM). Defined on page 19 in the Interim Report.

CEO Comments

For the more than 300,000 people diagnosed with idiopathic pulmonary fibrosis in the United States and Europe alone, time is the scarcest resource. IPF is progressive, relentless, and still without a cure. It is this reality that drives everything we do at Vicore, and it is what makes the milestone we recently reached so significant.

On April 22, we completed enrollment in our global Phase 2b ASPIRE trial, bringing more than 360 patients into a study that we believe has the potential to reshape how this disease is treated. This was not an operational checkbox. Every patient who enrolled placed their trust in our science, in our team, and in the possibility that better treatments for this disease are possible. We do not take that lightly, and we are immensely grateful to every patient, investigator, and clinical site whose commitment brought us to this point.

With enrollment complete, our focus shifts fully to disciplined execution through the observation phase as we advance toward topline data in mid-2027. The ASPIRE study is designed to generate a robust, 52-week dataset on buloxibutid in IPF, and we believe the strength of that design positions us well for Phase 3 and beyond. Supported by a successful financing completed at the end of 2025, we have cash runway into the second half of 2028, providing clear financial visibility through this important readout.

Our organization is also entering this next phase stronger than ever. During the first quarter we deepened our leadership bench through three internal promotions that reflect the exceptional talent already within Vicore. Bernt van den Blink, MD, PhD, steps into the role of Chief Medical Officer, bringing focused clinical leadership to buloxibutid and our broader AT2 receptor agonist pipeline. Helen Barker takes on the role of Chief Technology Officer, overseeing CMC and manufacturing strategy to support both current clinical supply and future commercial readiness. And Jimmie Hofman becomes Chief Business Officer, leading our business development and partnering efforts as we prepare for the value inflection ahead. Together, these appointments reflect a company that is building deliberately for the long term.

We continued active engagement with the investment community during the quarter, presenting at several global conferences including the J.P. Morgan Healthcare Conference in January, connecting with both new and existing investors around our story and strategy.

Completing enrollment in ASPIRE marks the beginning of a countdown to a potential new chapter in the treatment of IPF. Current approved therapies slow progression but do not halt it; patients and physicians are waiting for something more. We believe buloxibutid, with its differentiated mechanism as an AT2 receptor agonist, has the potential to offer exactly that. The months ahead will require the same focus and discipline that brought us to this point. We are ready.

Ahmed Mousa, CEO

Interim report, Q1 2026; https://vicorepharma.com/investors/financial-reports/

For further information, please contact:

Megan Richards, VP of IR, Communications, and Portfolio Strategy, tel: +1 978 269-4372, megan.richards@vicorepharma.com
Hans Jeppsson, CFO, tel: +46 70 553 14 65, hans.jeppsson@vicorepharma.com

About Vicore Pharma Holding AB (publ)
Vicore Pharma is a clinical-stage biopharmaceutical company unlocking the potential of a new class of drugs with disease-modifying potential in respiratory and fibrotic diseases, including idiopathic pulmonary fibrosis (IPF). The company’s lead program, buloxibutid, is a first-in-class oral small molecule angiotensin II type 2 receptor agonist, which has received Orphan Drug and Fast Track designation from the United States Food and Drug Administration and is currently being investigated in the global 52-week Phase 2b ASPIRE trial in IPF.
 
Vicore is publicly listed on the Nasdaq Stockholm exchange with the ticker VICO. www.vicorepharma.com