BerGenBio

Earnings Release • Aug 20, 2025

BerGenBio First half results 2025

BerGenBio First half results 2025

Bergen, Norway, 20 August 2025 - BerGenBio ASA (OSE: BGBIO today announced

financial results for the first half 2025.

Highlights, including post period:

· In February, following a preliminary analysis of response data, BerGenBio

decided to close its lead clinical study, BGBC016, in 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.

· The company has implemented significant cost-containment and cash

-conservation measures. The Board of Directors has also decided to halt all

remaining development activities for bemcentinib.

· In June, the company entered into a merger agreement with Oncoinvent ASA.

· The transaction combines BerGenBio's capital resources and listing with

Oncoinvent's late-stage oncology pipeline, strengthening the combined company's

ability to advance innovative radiopharmaceutical cancer therapies.

· The merger was approved by an Extraordinary General Meeting 4 August 2025

and is expected to be completed by end of September.

· In connection with the merger, the EGM approved a fully underwritten

rights issue of NOK 130 million. The funding has been committed by existing

investors in Oncoinvent ASA and external investors and is expected to be

completed in October after completion of the merger. All shareholders in the

combined company will receive equal rights to participate in the rights issue

depending on their shareholdings.

· At time of the completion of the merger the Board of Directors and

management will change. The Board of Directors will exist of the current Board

of Directors in Oncoinvent ASA with the addition of Olav Hellebø and the

executive management will consist of the current Oncoinvent ASA management. The

current Board of Directors and Executive management of BerGenBio will leave

their position at the same time.

· The EGM also approved changing the name of BerGenBio ASA to Oncoinvent

ASA, effective upon completion of the merger and the rights issue.

Olav Hellebø, Chief Executive Officer of BerGenBio stated:

"The first half of 2025 has been one of the most defining periods in BerGenBio's

history. After the decision to discontinue the BGBC016 trial, we conducted a

comprehensive strategic review to identify the best way forward for our

shareholders. This resulted in the proposed merger with Oncoinvent, a company

with an exciting trajectory in radiopharmaceutical cancer therapies, experienced

leadership, and strong growth prospects."

"As part of the transaction approved after the end of the first half, a fully

underwritten rights issue was also approved, open to all shareholders on equal

terms and offering the opportunity to participate in this next stage. The

proposed merger and rights issue marks the closure of an important chapter in

BerGenBio's journey and the beginning of a new phase for its shareholders."

"Biotechnology is a unique industry. It demands optimism, courage, and years of

dedicated effort, yet ultimately everything depends on clinical results and

patient benefit. I would like to sincerely thank our shareholders for their

support over the years, and particularly those who have been with us for a long

time. Your commitment has been essential in enabling BerGenBio to pursue bold

scientific ambitions, even in the knowledge that success is never guaranteed."

First half 2025 Financial Highlights

· The operating loss for the first half was NOK 54.6 million (first half 2024:

NOK 90.5 million).

· Net cash flow for the first half was negative by NOK 73.9 million (first

half 2024: negative by NOK 89.3 million).

· Cash and cash equivalents amounted to NOK 65.9 million as of 30 June 2025

(140.2 million as of 31 December 2024).

Financial Report

The H1 2025 Financial report is attached to this stock exchange announcement and

will be available at the Company's website:

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

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

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.