BerGenBio

Earnings Release • May 29, 2024

BerGenBio First Quarter Results 2024: Advancing to the Next Stage of Development

BerGenBio First Quarter Results 2024: Advancing to the Next Stage of Development

Bergen, Norway, May 29, 2024 - BerGenBio ASA (OSE: BGBIO), a clinical-stage bio

-pharmaceutical company developing novel, selective AXL kinase inhibitors for

severe unmet medical needs, today announced financial results for the quarter

ended March 31, 2024, and provided a business update.

Highlights, including post period:

· Data Safety Monitoring Board review supported dose escalation in Ph 1b and

initiation of Ph2a

· Site activation of Ph2a in US and Europe proceeding well

· Bemcentinib remains the leading selective AXL inhibitor in the clinic and

was selected for inclusion in National Cancer Institute funded study in advanced

NSCLC, led by the Mays Cancer Center at the University of Texas Health Science

Center at San Antonio

· Financial position of NOK 117.3 million at 31 March - strengthened further

with gross funding of NOK 138.9 million from warrants exercise in April 2024

· Continued reduction of operating expenses from NOK 72.4 million in Q1 2023

to NOK 39.9 million in Q1 2024

· Net cash flow of NOK -42.5 million

Martin Olin, Chief Executive Officer of BerGenBio stated:

"1L NSCLC STK11m patients are not currently eligible for targeted therapy and

face a very poor prognosis. The total market for this patient group is estimated

to be between 4 and 5 billion USD. The initiation of Phase 2a of the study of

our lead compound bemcentinib in these patients represents an important

milestone for the company. Our clinical progress in the quarter combined with

the successful capital raise from the warrants exercise positions BerGenBio to

advance a new much needed therapeutic option for these patients with high unmet

medical need."

Presentation and Financial Report

The Q1 2024 Financial report is attached to this stock exchange announcement and

the report and the Q1 2024 presentation are available at the Company's website

https://www.bergenbio.com/investors/financial-reports.

Webcast details

BerGenBio's senior management team will provide a business update today at 10:00

am CET. The presentation will webcast live. To participate in the webcast,

please use the following link:

https://channel.royalcast.com/landingpage/hegnarmedia/20240529_1/ (https://eur03.

safelinks.protection.outlook.com/?url=https%3A%2F%2Fchannel.royalcast.com%2Flandi

ngpage%2Fhegnarmedia%2F20240529_1%2F&data=05%7C02%7Crune.skeie%40bergenbio.com%7C

bed6cb5730a54ee68bee08dc5a05a2a9%7C2b50b422ca6d42af9fc0741b248bb071%7C0%7C0%7C638

484227462833434%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBT

iI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=fewP6cA4jB2MQi9DhHGyhlssus4kLRRisCCu

FzDDoVM%3D&reserved=0)

A recording of the webcast will be available at www.bergenbio.com in the

Investors/Financial Reports section

(https://www.bergenbio.com/investors/financial-reports) shortly afterwards.

Contacts

Martin Olin CEO, BerGenBio ASA

ir@bergenbio.com

Rune Skeie, CFO, BerGenBio ASA

rune.skeie@bergenbio.com

Media Relations

Jan Lilleby

jl@lillebyfrisch.no

About BerGenBio ASA

BerGenBio is a clinical-stage biopharmaceutical company focused on developing

transformative drugs targeting AXL as a potential cornerstone of therapy for

aggressive diseases, including cancer and severe respiratory infections. The

Company is focused on its proprietary lead candidate, bemcentinib, a potentially

first-in-class selective AXL inhibitor in clinical development for STK11 mutated

NSCLC and preclinical development for severe respiratory infections.

BerGenBio is based in Bergen, Norway, with a subsidiary in Oxford, UK. The

company is listed on the Oslo Stock Exchange (ticker: BGBIO). For more

information, visit www.bergenbio.com

Forward looking statements

This announcement may contain forward-looking statements, which as such are not

historical facts, but are based upon various assumptions, many of which are

based, in turn, upon further assumptions. These assumptions are inherently

subject to significant known and unknown risks, uncertainties, and other

important factors. Such risks, uncertainties, contingencies and other important

factors could cause actual events to differ materially from the expectations

expressed or implied in this announcement by such forward-looking statements.

This information is considered to be inside information pursuant to the EU

Market Abuse Regulation and subject to the disclosure requirements pursuant to

section 5-12 of the Norwegian Securities Trading Act.