Arctic Bioscience recently disclosed new positive data from the HeROPA-trial in mild-to-moderate psoriasis. Analysis on blood samples from the trial revealed statistically significant effects of HRO350 versus placebo on Systemic Immune-inflammation Index (SII) in patients with mild-to-moderate psoriasis. Significantly more patients treated with HRO350 achieved a ≥ 25% reduction in a systemic inflammatory marker at both 26 weeks and 1 year compared to placebo. Among patients with lower baseline systemic inflammation, this reduction was accompanied by statistically significant improvements in psoriasis skin symptoms and quality of life, shown through achievement of sPGA0/1 and DLQI0/1 in the HRO350 group after 1 year.

"These new findings showing the potential of HRO350 in reducing inflammation are of significant value for Arctic Bioscience. The data strengthens a further development within mild-to-moderate psoriasis, as well as the potential of general effects on inflammation which may strengthen our HRO350-asset. The findings from these analyses will also be important as we now enter commercial dialogues with potential partners. Early November we attended BIO Europe in Vienna and held a large number of meetings with players within the industry, and we received positive feedback on our results and status", says Christer Valderhaug, CEO.

In August, Arctic Bioscience announced that a clinical study published in International Ophthalmology demonstrated that daily supplementation with ROMEGA® herring caviar oil resulted in a statistically significant improvement in the visual field measure Mean Deviation (MD) in patients with primary open-angle glaucoma (POAG) and controlled intraocular pressure (IOP). No adverse events were observed, and the treatment was well tolerated.

"These findings suggest that ROMEGA® may be a safe and potentially effective adjunct to protect vision in glaucoma patients, even when IOP is already controlled. We are now planning larger, randomized studies to confirm these promising results,", comments Hogne Hallaråker, CSO in Arctic Bioscience.

In the early-stage project Arctic Orphan (ABS302), a novel orphan designation drug candidate for brain development in extremely premature infants, Arctic Bioscience has now reached an important milestone of product formulation. Next phase will be manufacturing and preclinical testing. Preclinical testing will be financed and managed by our partner in the project, Smerud Research International.

The nutra revenues are slightly down from the same period last year, significantly affected by the previously announced recall-situation, which has delayed order intake, deliveries and manufacturing in both Q2 and Q3. The recall-issue is now solved and all replacement products are delivered to our customers by the end of Q3. The issue will have negative impact on the annual results for 2025. However, order intake for 2026 for both existing and new customers are looking very promising.

Arctic Algae has continued its research and development work to explore the spectrum within its field. This has led to a new grant from the Regional Research Fund (RFF) of NOK 2,5 million, granted in October. This to fund a project developing vaccines for aquaculture together with leading partners in the industry.

Financials

Key figures - Q3 2025:

• Revenues from sales: NOK 8,7 million (NOK 11,1 million)
• Other income: NOK 0,9 million (NOK 0,0 million)
• Gross profit: NOK 1,9 million (NOK 3,7 million)
• Gross margin: 21,6 % (33,5 %)
• Adj. EBITDA: NOK -7,8 million (NOK -8,4 million)

Comparable figures for Q3 2024 in brackets.

Key figures as of end Q3 2025:

• Revenues from sales: NOK 25,9 million (NOK 27,8 million)
• Other income: NOK 2,4 million (NOK 0,5 million)
• Gross profit: NOK 7,6 million (NOK 8,8 million)
• Gross margin: 29,4 % (31,8 %)
• Adj. EBITDA: NOK -21,4 million (NOK -29,4 million)
• Available liquidity end of period: NOK 7,5 million (NOK 17,4 million)

Comparable figures as of the end of Q3 2024 in brackets.

Revenues from sales amounted to NOK 8,7 million in Q3 2025, a decrease of NOK 2,4 million compared to the same quarter in 2024. Revenues so far this year amount to NOK 25,9 million, NOK 1,9 million lower than the same period last year. The European market ex. Norway has had the highest revenue share in 2025 with 36 %. The American market continues its positive growth throughout the year, and has a total growth compared to the first 3 quarters of last year of over NOK 6 million. Year-to-date revenue in the American market is already higher than the total revenue for this region in all of 2024. The Asian market has been characterized by uncertainty in the consumer market this year, which affects our sales to this market.

Other income so far this year amounts to NOK 2,4 million, compared to NOK 0,5 million in the same period in 2024. The increase is mainly due to increased activity in Arctic Algae throughout the year.

Gross profit in Q3 2025 was NOK 1,9 million, representing a gross margin of 21,6 %. The corresponding figures for Q3 last year were NOK 3,7 million and 33,5 % respectively. Q3 2025 was affected by costs related to previously mentioned recall case, where additional cost of goods sold were incurred in connection with the completion of the process. Gross profit so far this year totals NOK 7,6 million, representing a total gross margin of 29,4 %, compared to NOK 8,8 million and 31,8 % for the same period in 2024.

Adjusted EBITDA amounted to NOK -7,8 million in Q3 2025, compared to NOK -8,4 million in the same quarter last year. Year-to-date, adjusted EBITDA amounts to NOK -21,4 million, compared to NOK -29,4 million in 2024. The improvement is strongly influenced by the effects of cost reduction measures throughout the year. In total, operational costs so far this year are NOK 8,9 million lower compared to last year.

Available liquidity at end of Q3 2025 amounted to NOK 7,5 million.

Outlook

In Q4 we are looking forward to the B2C sales launch in Sweden, which will be an important steppingstone for further geographical B2C expansion in Northern Europe. Addressing these markets directly is both strategically and financially interesting.

The nutra B2B business has been growing steadily and is expected to yield stronger growth in 2026 and onwards with increased volumes on existing customers, new large accounts in process and by opening new geographical markets. Attendance at the Supply Side Global in the US end of October was a success with very promising leads- and customer interactions, especially related to our positioning within SPM/PRM (Specialized Proresolving Mediators/Pro Resovling Mediators) space. These are molecules that play a role in inflammation-related processes in the body.

Arctic Bioscience is invited as speaker at the Glaucoma360 New Horizon Forum in San Francisco in January, a significant venue to present our Glaucoma project for the Industry and the research community.

The liquidity situation is closely monitored. The dialogue with the Group's financing partners is close and good. The company is in a process with its primary bank to strengthen its liquidity situation going forward.

Webcast

Arctic Bioscience will host a webcast and Q&A session today at 10:00 CET to present the Q3 update highlights and results from HeROPA-trial analysis. The presentation can be accessed through the following link:

https://events.teams.microsoft.com/event/a5afa4c4-2a3b-40e4-9137-9c1d28c69aee@ce618813-5158-40b5-b6d0-2f2cd3f39b20

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.