Thomas Skovlund Schnegelsberg, CEO of STENOCARE, comments:

"Stenocare initiated a capital raise to execute the new STENOCARE 3.0 strategy, positioning the company strongly for future opportunities. Sales exceeded the updated 2024 guidance, and operating profit before special items of 13 mDKK, related to the exit from cultivation activities, showed improvement compared to the previous year."

Result per share: The result for the period divided by the average number of shares. Total number of shares as of December 31, 2024, amounted to 20,212,497 (15,102,124). Average number of shares for the fourth quarter 2024 was 20,212,497 (15,102,124).

1. Gross sales are sales before reduction for returned products.

Highlights during the period:

October 2024 - The Company updated its guidance from August 20, 2024, based on actual market performance in Q3 2024 which has impacted the Company's 2024 guidance. The guidance of gross sales of between 6-8 mDKK is now expected to be 4.5 mDKK for 2024.

November 2024 - The Company changed the Board of Directors. Board member Søren Kjær leaved the board. The Company nominated Rolf Steno to join the Board at the general meeting in December.

November 2024 - The Company welcomed The Danish Pilot Programme for medical cannabis is set to become a permanent legalisation for the treatment of Danish patients, according to the government. The Danish Health Minister invited political parties to discuss the permanent legalisation of medical cannabis in Denmark. This is excellent news for Danish patients and Stenocare, as it secures future access to and sales of medical cannabis in Denmark. End of November the Danish parliament formally agreed on permanent legalisation of medical cannabis. This is fantastic news for both Danish patients and Stenocare, as it ensures continued access to and the sale of medical cannabis in Denmark.

November 2024 - The Company announced the STENOCARE 3.0 Strategy, which will transform the Company into a leading Trading Company specialising in prescription-based medical cannabis products. Previously, the Company operated in two main areas: trading with approved medical cannabis products and maintaining a Danish production facility for cannabis cultivation. Moving forward, the company will exit its production activities and has signed a conditional agreement to end the lease contract for the cultivation facility. As part of this agreement, ownership of production equipment will be transferred to buyer. This exit will eliminate approximately 18 million DKK in cost obligations over the next six years. This strategic shift was driven by prolonged and uncertain approval timelines with the Danish Medicines Agency, where it is not possible to foresee a reliable timeline for approval of the facility. By exiting production, the company can now reallocate resources and liquidity towards trading and marketing efforts, enabling it to capture growth opportunities and expand sales globally. This marks a substantial improvement for the company, enhancing its agility and strengthening its position in the evolving medical cannabis products market.

December 2024 - The Company announced the approval of its innovative product, Astrum 10-10, for sale in Norway. This milestone paves the way for more patients to access the benefits of medical cannabis treatment. Astrum 10-10 is expected to become available to patients within the next 30 days.

December 2024 - The Company received approval from the Danish Medicines Agency to start selling a new medical cannabis oil product to Danish patients. The new CBD100 product has a very high concentration of CBD active ingredients (100 mg/ml), and this makes Stenocare the only supplier under the Danish Pilot Programme to offer a CBD100 oil product.

December 2024 - The Company resolved to increase the share capital with up to 40,424,994 new shares each with a nominal value of 0.08 DKK. The share capital increase will be carried out as a rights issue with preferential rights for existing shareholders at a subscription price of 0.50 DKK per share. The capital increase was conditional upon a minimum of 18,191,248 new shares being subscribed for, providing the Company with approximately 9.1 mDKK before deduction of transaction related costs.

Highlights after the period:

January 2025 - The Company reaches an important milestone with ASTRUM 10-10, which is now ready for sale to Norwegian patients. The innovative and patented medical cannabis oil product, ASTRUM 10-10, has the potential to improve uptake in the blood and thereby enhance the efficacy of the treatment.

January 2025 - The Company reached an important milestone with ASTRUM 10-10, that is now ready for sales to German patients.

January 2025 - The Company announced that the Rights Issue was subscribed to approximately 37.7 percent, including the pre-subscription commitments and compensation free guarantees of 1.5 mDKK or 3,000,000 shares. As a result of this outcome, guarantee commitments from Exelity AB, amounting to 7.3 percent of the total Rights Issue, will be activated to achieve a subscription rate of 45.0 percent. This means that the Rights Issue meets the condition of a minimum of 18,191,248 new shares being subscribed for and will therefore be carried out. The Company is thus provided with approximately 9.1 mDKK in gross proceeds before deduction of transaction-related costs.

January 2025 - The Company announced in November 2024, the new STENOCARE 3.0 strategy to transform the Company into a leading trading company with medical cannabis products. With the successful completion of the Rights Issue in January 2025, Stenocare is now exiting the cultivation facility and relocating its headquarter address to the Copenhagen facility. This will also result in significant costs reductions in 2025 and beyond.

February 2025 - The Company announced an important milestone with ASTRUM 10-10, that is now ready for sales to Australian patients.