NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR
INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN, HONG KONG, SOUTH AFRICA OR THE UNITED
STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR
DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER
OF ANY OF THE SECURITIES DESCRIBED HEREIN.

Oslo, Norway, 9 January 2026: Lytix Biopharma AS ("Lytix Biopharma" or the
"Company") has successfully completed a private placement of new shares (the
"Offer Shares"), raising approximately NOK 61 million in gross proceeds (the
"Private Placement"). The Company has allotted 6,826,200 Offer Shares at a
subscription price of NOK 9.00 per share in the Private Placement. 

The Private Placement amount corresponds to a 10% share capital increase and
constitutes the full amount pursuant to relevant the authorization held by the
Company's board of directors. Only selected larger existing shareholders and
management were invited to participate. The Private Placement attracted strong
interest and was oversubscribed, with participation from 13 existing
shareholders, including the Company's CFO and CSO, and:
o	Saturn Invest AS: NOK 20.0 million,
o	TAJ Holding AS: NOK 15.0 million, and 
o	Jakob Hatteland Holding AS: NOK 11.9 million.

To complete the Private Placement, the board of directors has resolved to
increase the Company's share capital by NOK 682,620 through the issuance of
6,826,200 new shares. The resolution was passed pursuant to an authorization
granted by the Company's general meeting held on 29 April 2025. Following
registration of the share capital increase, the Company will have a share
capital of NOK 7,508,820.20, divided into 75.088.202 shares, each with a par
value of NOK 0.10.

Use of proceeds

The net proceeds from the Private Placement will be used to advance the
Company's key development activities, including completion of the NeoLIPA study
in 2026, conducting preparatory work and readiness activities for potential
future clinical trials, and supporting business development efforts, partner
discussions and engagement with leading specialists. The proceeds will also be
used for general corporate purposes. 

The Private Placement received strong support from existing shareholders,
highlighting their continued confidence in Lytix Biopharma's innovative
technology, clinical strategy, execution capabilities and promising outlook. The
strengthened balance sheet offers financial flexibility and options, allowing
the Company to maintain momentum across its key activities while exploring
strategic opportunities, including potential partnerships and new investor
participation, on the best possible terms. 

"We are delighted with the enthusiastic support from our existing shareholders
in this private placement," said Dr. Øystein Rekdal, CEO of Lytix Biopharma.
"Building on the solid clinical and operational progress achieved in 2025, we
enter 2026 with a highly attractive set of opportunities. This capital infusion
bolsters our ability to execute on key milestones, including completing the
NeoLIPA study in 2026, and positions us optimally to advance value-enhancing
partner and investor discussions."

The net proceeds from the Private Placement are expected to extend the Company's
cash runway through 2026 and into 2027.

Settlement

Issuance of the Offer Shares is expected to take place on or about 16 January
2026 and will occur after registration of the share capital increase pertaining
to the Offer Shares in the Norwegian Register of Business Enterprises, followed
by issuance and delivery in the VPS, subject to timely payment by all applicants
allotted Offer Shares. 

The Offer Shares may not be transferred or traded before they are fully paid for
and the registrations in the Norwegian Register of Business Enterprises and the
VPS have been completed.

Equal treatment considerations and subsequent offering

The Private Placement represents a deviation from the shareholders' pre-emptive
right to subscribe for the Offer Shares. The board of directors has considered
the structure of the Private Placement in light of the equal-treatment
obligations under the Norwegian Private Limited Companies Act, and is of the
opinion that the Private Placement complies with these requirements. By
structuring the transaction as a private placement, the Company is able to raise
capital in an efficient manner, with a lower discount to the current trading
price and with significantly lower completion risk compared with a rights issue.

On this basis, and taking into account current equity-market conditions, the
board of directors considers the Private Placement to be in the common interest
of the Company and its shareholders.

To mitigate the dilutive effects for existing shareholders who do not
participate in the Private Placement, the Company will, subject to completion of
the Private Placement and certain other conditions, including preparation of a
national prospectus and approval by the Company's general meeting, carry out a
subsequent repair offering of up to NOK 30 million, equivalent to 3,333,333 new
shares, at NOK 9.00 per share (the "Subsequent Offering"). The Subsequent
Offering will be directed to existing shareholders in the Company as of 8
January 2026 (as registered in the VPS two trading days thereafter) who (i) were
not included in the pre-sounding phase of the Private Placement, (ii) were not
allocated Offer Shares in the Private Placement, and (iii) are not resident in a
jurisdiction where such an offering would be unlawful or would, in jurisdictions
other than Norway, require any prospectus, filing, registration, or similar
action. It is contemplated that eligible shareholders will receive non-tradable
subscription rights, and that oversubscription will be permitted.

The Subsequent Offering is subject to (i) the completion of the Private
Placement, (ii) the necessary corporate approvals, including the general meeting
resolving to issue new shares or authorizing the board of directors to issue new
shares in the Subsequent Offering, and the board of directors subsequently
resolving to issue new shares in the Subsequent Offering, (iii) the publication
of a national prospectus pertaining to the Subsequent Offering, and (iv) the
prevailing market price of the Company's shares following the Private Placement.
The Company may, in consultation with the Manager (as defined below), decide
that the Subsequent Offering will not be carried out if the Company's shares
trade at or below the subscription price in the Subsequent Offering at
sufficient volumes.

As the contemplated Subsequent Offering must be approved by the Company's
general meeting, the Company intends to call an extraordinary general meeting on
or about 26 January 2026. The notice and details of such extraordinary general
meeting will be announced by the Company in a separate announcement. At such
general meeting, the board is expected to propose converting the Company from a
Norwegian private limited liability company (Norwegian: aksjeselskap) to a
Norwegian public limited liability company (Norwegian: allmennaksjeselskap).

Advisors

DNB Carnegie, a part of DNB Bank ASA, is acting as sole bookrunner in the
Private Placement (the "Manager").

Advokatfirmaet Thommessen AS is acting as legal advisor to the Company.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to section 5-12 the Norwegian Securities Trading Act.

This stock exchange announcement was published by Gjest Breistein on 9 January
2026 at the time set out in this notice on behalf of the Company.

For further information, please contact:

Gjest Breistein, CFO 
gjest.breistein@lytixbiopharma.com 
+47 952 60 512

About Lytix Biopharma 
Based in Oslo, Norway, Lytix Biopharma is a clinical-stage biotech company with
a highly novel technology based on world leading research in host-defense
peptide-derived molecules. Lytix Biopharma's lead product, LTX-315, is a
first-in-class oncolytic molecule representing a new principle to boost
anti-cancer immunity. Lytix Biopharma has a pipeline of molecules that can work
in many different cancer indications and treatment settings, both as mono- and
combination therapy.

Important information: This announcement is not and does not form a part of any
offer to sell, or a solicitation of an offer to purchase, any securities of the
Company. Copies of this announcement are not being made and may not be
distributed or sent into any jurisdiction in which such distribution would be
unlawful or would require registration or other measures.

The securities referred to in this announcement have not been and will not be
registered under the U.S. Securities Act of 1933, as amended (the "Securities
Act"), and accordingly may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirements of
the Securities Act and in accordance with applicable U.S. state securities laws.
The Company does not intend to register any part of the offering in the United
States or to conduct a public offering of securities in the United States. Any
sale in the United States of the securities mentioned in this announcement will
be made solely to "qualified institutional buyers" as defined in Rule 144A under
the Securities Act.

In any EEA Member State, this communication is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the
Prospectus Regulation, i.e., only to investors who can receive the offer without
an approved prospectus in such EEA Member State. The "Prospectus Regulation"
means Regulation (EU) 2017/1129, as amended (together with any applicable
implementing measures) in any Member State.

This communication is only being distributed to and is only directed at persons
in the United Kingdom that are (i) investment professionals falling within
Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005, as amended (the "Order") or (ii) high net worth entities,
and other persons to whom this announcement may lawfully be communicated,
falling within Article 49(2)(a) to (d) of the Order (all such persons together
being referred to as "relevant persons"). This communication must not be acted
on or relied on by persons who are not relevant persons. Any investment or
investments activity to which this communication relates is available only for
relevant persons and will be engaged in only with relevant persons. Persons
distributing this communication must satisfy themselves that it is lawful to do
so.

The issue, subscription or purchase of shares or other financial instruments in
the Company is subject to specific legal or regulatory restrictions in certain
jurisdictions. Neither the Company nor the Manager assume any responsibility in
the event there is a violation by any person of such restrictions. The
distribution of this release may in certain jurisdictions be restricted by law.
Persons into whose possession this release comes should inform themselves about
and observe any such restrictions. Any failure to comply with these restrictions
may constitute a violation of the securities laws of any such jurisdiction.

Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "believe", "expect", "anticipate",
"strategy", "intends", "estimate", "will", "may", "continue", "should" and
similar expressions. Any forward-looking statements in this release are based
upon various assumptions, many of which are based, in turn, upon further
assumptions. Such assumptions are inherently subject to significant known and
unknown risks, uncertainties, contingencies and other important factors which
are difficult or impossible to predict. Such risks, uncertainties, contingencies
and other important factors could cause actual events to differ materially from
the expectations expressed or implied in this release by such forward-looking
statements. Neither the Company nor the Manager make any guarantee that the
assumptions underlying any forward-looking statements in this announcement are
free from errors nor does it accept any responsibility for the future accuracy
of the opinions expressed in this announcement or any obligation to update or
revise the statements in this announcement to reflect subsequent events. You
should not place undue reliance on any forward-looking statements in this
announcement. The information, opinions and forward-looking statements contained
in this announcement speak only as at its date, and are subject to change
without notice. Neither the Company nor the Manager undertake any obligation to
review, update, confirm, or to release publicly any revisions to any
forward-looking statements to reflect events that occur or circumstances that
arise in relation to the content of this announcement.

This announcement is for information purposes only and is not to be relied upon
in substitution for the exercise of independent judgment. It is not intended as
investment advice and under no circumstances is it to be used or considered as
an offer to sell, or a solicitation of an offer to buy any securities or a
recommendation to buy or sell any securities of the Company. The distribution of
this announcement and other information may be restricted by law in certain
jurisdictions. Persons into whose possession this announcement or such other
information should come are required to inform themselves about and to observe
any such restrictions. This announcement is an advertisement and is not a
prospectus for the purposes of the Prospectus Regulation as implemented in any
Member State.