Q1 Report - Focused Execution Driving Growth

Q1 (May 2026 – July 2026) (comparison figures are for the same period 2025/2026)

• Net sales amounted to KSEK 4,043(2,596), corresponding to an increase of 56%.
  In local currency, net sales increased by 57%.
• Operating Loss (EBIT) amounted to KSEK -20,334 (-19,334) including KSEK 2,200 (0) in restructuring costs.
• Cash flow from operating activities amounted to KSEK -16,100 (- 17,196).
• At the end of the quarter, cash and cash equivalents amounted to KSEK 51,588 (16,305).

Significant events during the first quarter

• Theis Kipling started as the new CEO.
• New work order from a clinical-stage oncology company developing a next-generation CDK inhibitor.
• New Phase III data - DiviTum TKa captures treatment-specific response for metastatic breast cancer.
• Refocused US commercial strategy and terminated agreement with Tempus AI.
• Japanese patent granted for immuno-oncology.
• Expanded MSA with a global pharma company, to support next-generation oncology development.
• Maria Ekdahl appointed as new Chief Financial Officer.
• Ninth work order from a leading global pharmaceutical customer.
• Initial work order under expanded Master Services Agreement with pharmaceutical customer.

Significant events after the end of the quarter

• New publication strengthens the case for DiviTum TKa in early treatment assessment
• Laboratory services agreement with leading U.S. cancer center.
• New extensive Pharma Services work order from an existing customer.
• New publication broadens the potential of DiviTum TKa in immuno-oncology.
• Pharma Services business expanded with new Master Services Agreement.
• Biovica resolves on a fully guaranteed rights issue of SEK 29.2 million

Webcast: https://www.redeye.se/events/1172838/live-q-biovica-international
When: Sep 10 2026, 3 PM to 4 PM CET, Broadcast in English

CEO’s comments

The first quarter of fiscal year 2026/27 was my first full quarter as CEO, and it reflects the direction I set out in my initial comments as CEO; a more focused, more efficient and more commercially impactful Biovica. Net sales grew 56% to KSEK 4,043 (2,596), 57% in local currency, driven primarily by continued strong momentum in Pharma Services. At the same time, we took decisive action on our cost base, including organizational changes that will have a lasting positive effect on our cost structure going forward, even though they weighed on the P&L in the quarter.

Reshaping the organization for a leaner, more focused Biovica
During the quarter we implemented cost savings, including changes to our organizational structure, aimed at aligning our resources more closely with our highest-value opportunities. These changes carry a near-term cost in the P&L, reflected in this quarter's results, but they position Biovica for a meaningfully improved cost base in the quarters ahead. Our decision to terminate the reference lab agreement with Tempus AI was part of this same discipline; a deliberate choice to concentrate our US commercial efforts on the channels and partnerships where we see the clearest path to adoption, rather than spreading resources across a broader but less focused footprint.

Strengthening leadership for the next phase
We also took important steps to strengthen Biovica's leadership. Maria Ekdahl was appointed as our new Chief Financial Officer, bringing experience that will support the financial discipline we are instilling across the organization. Subsequent to quarter-end, the Nomination Committee proposed a renewed Board of Directors for election at the 2026 AGM, bringing in commercial, market access, and life sciences leadership experience to complement Biovica's scientific foundation as we scale our commercial and pharma partnerships. Together with the organizational changes made during the quarter, this gives Biovica a leadership team well matched to our next phase of growth. We are using the fall to bring these pieces together into an updated strategic and financial plan, which we look forward to communicating in the coming months.

Pharma Services building significant momentum
Our decision to concentrate the organization around our Pharma Services business is translating into results. Pharma Service revenue nearly doubled year-over-year, up 95% (96% in local currency), with Pharma Test revenue up 187%, underscoring the strength of demand for DiviTum TKa as a validated pharmacodynamic biomarker in clinical development. We are seeing increased stickiness within our existing pharma clients, reflected in recurring and expanded work orders, and expect to bring in several new tier 1 pharmaceutical companies in the months ahead. Together, this gives us growing confidence that we are on a solid path toward a potential companion diagnostics (CDx) collaboration.

Sharpening focus in US clinical oncology
In parallel, we refocused our US clinical oncology business, redirecting resources toward evidence generation to strengthen the clinical and economic case for DiviTum TKa with providers and payers. This work is progressing well; test volumes grew ~20% year-over-year. Revenue, however, was roughly flat, as a growing share of patients are covered under commercial insurance rather than client-bill arrangements, and our payer coverage for these commercial plans is not yet where it needs to be. Improving commercial payer coverage and revenue collection is now an active priority.
As part of this evidence generation effort, we continue to diligently pursue a large integrated delivery network (IDN) opportunity, which is moving steadily toward completion. This collaboration is designed to generate the kind of prospective clinical evidence needed to support future guideline inclusion for DiviTum TKa, and we expect it to be signed and ready to enroll patients within the next three to six months.

Securing capital for the next phase
To ensure we have the resources to execute on our strategy, the Board of Directors has proposed a SEK 29.2 million fully guaranteed rights issue of new class B shares. Subject to shareholder approval, we expect the subscription period to open no later than 7 October 2026. This capital injection, together with the cost actions we have already taken, gives us confidence that we have the runway to execute on our strategy.

Well positioned for the next phase
Taken together, the actions of this quarter, a sharper cost base, a strengthened leadership team, accelerating Pharma Services growth, and a more disciplined approach to US clinical oncology, reflect steady progress against the priorities I set out last quarter. We remain focused on translating our strong scientific foundation and differentiated product into sustainable, profitable growth.
I want to thank Biovica's employees for their continued commitment through a period of significant change. Their dedication remains central to our progress.


Theis Kipling, CEO