BerGenBio

Earnings Release • Feb 14, 2024

BerGenBio's Fourth Quarter 2023 Results: Focused Strategy Gathers Momentum

BerGenBio's Fourth Quarter 2023 Results: Focused Strategy Gathers Momentum

Bergen (Norway), February 14, 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 December 31, 2023, and provided a business update.

Highlights, including post period

· Phase 1b part of BGBC016 (1L NSCLC STK11m) progressed as planned with no new

safety signals identified.

· Regulatory approvals received from European countries for Phase 2a part of

BGBC016 (1L NSCLC STK11m) allowing initiation in H1 2024 in accordance with

guidance.

· Significant reduction of operating expenses - NOK 43.9 million for the

fourth quarter 2023, down from NOK 76.8 million from same period in 2022, a

reduction of 43%, reflecting a laser focused strategy on NSCLC.

· Year-end cash position of NOK 156.4 million and a net cash flow in Q4 2023

of NOK -11.8 million including gross proceeds of NOK 8.9 million from exercise

of warrants in Q4.

· Multiple Phase 2 bemcentinib data presented at prestigious oncology

meetings, including ESMO, SITC and ASH.

· New preclinical data in models of severe respiratory infections continues to

support the potential of bemcentinib beyond NSCLC.

Martin Olin, Chief Executive Officer of BerGenBio:

"As previously guided, we expect to initiate the Phase 2a part of the BGBC016

trial in 1L NSCLC STK11m patients during the first half of 2024. Bemcentinib

represents a novel therapeutic option for NSCLC patients harboring mutations in

the STK11 gene and we are gratified to see the medical community's interest and

support in exploring bemcentinib. The BGBC016 clinical trial is our highest

priority and continues to progress as expected."

"Our cost discipline coupled with our recently executed warrant offering

provides the company with funding through the end of 2024 and potentially into

the second half of 2025 if all outstanding warrants are exercised in April

2024."

Presentation and Financial Report

The Q4 2023  Financial Report is attached to this stock exchange announcement

and the Report and the Q4 2023 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 registration link:

BerGenBio Q4 webcast

(office.com) (https://forms.office.com/pages/responsepage.aspx?id=

-QEn0CM7P0uPzintVGMr

-Gxc6nJw_YlNh1teJiuU8DNUMFpXWFFUWVdLTkFZMkRNV1JJRTRWVVBXVy4u)

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.

Exercise of Warrants

· Outstanding warrants (ticker BGBIS) can be exercised during the final

warrant exercise window from April 1-15, 2024.

· For additional information on the upcoming Warrant Exercise window of April

1-15, 2024, please refer to:  https://www.bergenbio.com/investors/investor

-relations/warrants

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, visitwww.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.