BerGenBio

Earnings Release • Feb 26, 2025

BerGenBio Fourth Quarter Results 2024

BerGenBio Fourth Quarter Results 2024

Bergen, Norway, February 26, 2025 - BerGenBio ASA (OSE: BGBIO), a clinical-stage

biopharma-ceutical company developing novel, selective AXL kinase inhibitors for

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

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

Highlights, including post period:

BGBC016 1L NSCLC STK11m Study

· Yesterday the company announced its decision to close its BGBC016 study of

bemcentinib in combination with standard of care therapy in first line (1L) non

-squamous Non-Small Cell Lung Cancer (NSCLC) patients with a mutation in the

STK11 gene (STK11m).

Olav Hellebø, Chief Executive Officer of BerGenBio stated, "It is, of course,

disappointing and unexpected that we are now discontinuing the study. I would

like to extend my gratitude to the patients and investigators who participated

in our study for this particularly difficult-to-treat patient group, as well as

to our team members who have worked tirelessly on this effort. We do not believe

these preliminary results are strong enough for the company to obtain additional

funding within the current cash runway to complete the study as originally

designed. The company is now entering a new phase in which strategic

alternatives will be explored, which may include a potential sale, merger, or

other strategic transaction."

Fourth Quarter and Full-Year 2024 Financial Highlights

· The operating loss for the quarter was NOK 33.5 million and NOK 151.2

million for the full year 2024 (Q4 2023: NOK 43.5 million and full year 2023 NOK

191.8 million)

· Net cash flow for the quarter was negative by NOK 32.9 million and NOK 19.9

for the full year 2024 (Q4 2023: negative by NOK 11.8 million and for the full

year 2023 positive by NOK 2.8 million)

· Cash and cash equivalents amounted to NOK 140.2 million as of 31 December

2024 (NOK 174.8 million 30 September 2024).

Presentation and Financial Report

The Q4 2024 Financial report is attached to this stock exchange announcement and

the report and the Q4 2024 presentation will be 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 10:30

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

webcast (https://channel.royalcast.com/landingpage/hegnarmedia/20250226_5/),

please use the following link:

https://channel.royalcast.com/landingpage/hegnarmedia/20250226_5/ (https://eur03.

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

ngpage%2Fhegnarmedia%2F20250226_5%2F&data=05%7C02%7Crune.skeie%40bergenbio.com%7C

47aa38284893459da62508dd3ec9f241%7C2b50b422ca6d42af9fc0741b248bb071%7C0%7C0%7C638

735759284905105%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwM

CIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=38A1jsh5UE

CteLfoEd1JYwOKwhq4MlwOmY9DbwDffqg%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

Olav Hellebø, 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. 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.