Cantargia

Interim Report • Aug 21, 2025

Cantargia is a Swedish biotech company that develops targeted antibody-based drugs for cancer, immunological and other life-threatening diseases.

Cantargia's drug candidates have the potential to deliver new and better treatments for life-threatening and serious, debilitating diseases.

This is a translated version of Cantargia's interim report provided as a service to non-Swedish investors and stakeholders. In case of differences, the original Swedish report prevails.

Content

Company Information

News Summary and Key Figures	03
Chief Executive's Review	04
Cantargia's Projects	05

Financial information

Financial Overview	11
Shareholder Information	12
Other Information	13
Statement of Comprehensive Income	14
Statement of Financial Position	15
Statement of Changes in Equity	16
Statement of Cash Flow	17
Key Figures	18
Notes	19
Definitions	22

Key figures

Second quarter

• • Net sales: SEK 0.0 M (0.0)
• • Operating loss: SEK -39.5 M (-43.8)
• • Loss after tax: SEK -39.3 M (-43.3)
• • Loss per share, before and after dilution: SEK -0.16 (-0.24)

First six months

• • Net sales: SEK 0.0 M (0.0)
• • Operating loss: SEK -84.5 M (-85.5)
• • Loss after tax: SEK -86.2 M (-80.2)
• • Loss per share, before and after dilution: SEK -0.35 (-0.44)
• • Equity/Asset ratio: 34 (74) per cent
• • Cash and cash equivalents: SEK 81.9 M (84.7)
• • Short-term investments: SEK 0.0 M (20.0)

Significant events in the second quarter

• • Cantargia appointed Morten Lind Jensen as Chief Medical Officer.
• • Treatment resistant atopic dermatitis (AD) was selected as second indication for CAN10's phase 2 program.
• • Pharmacokinetic modelling confirmed the choice of Q4W dosing in phase 2 for CAN10.
• • US FDA awarded nadunolimab Fast Track Designation in high-IL1RAP PDAC.
• • Cantargia signed a loan facility of MSEK 50.

Significant events after the end of the period

• • Otsuka Pharmaceuticals acquired CAN10 for an upfront of MUSD 33 plus an additional MUSD 580 in potential milestone payments and up to double digit earn-outs on future sales. The deal is expected to close in Q3 2025.
• • Preliminary results from the TRIFOUR phase 2 study in TNBC did not demonstrate a difference in overall response rate (ORR) between nadunolimab in combination with chemotherapy vs. chemotherapy alone.
• • Cantargia appointed Dr Hilde H. Steineger as CEO, effective from September 1, 2025.

Chief Executive's Review

Cantargia's second quarter 2025 was marked by the processes and work leading up to our transformative transaction with Otsuka Pharmaceutical (Otsuka) on CAN10 very shortly after the end of the quarter.

Of course, the signature of this agreement did not just come from work in the second quarter or even in the first half of 2025. Work on CAN10 began some five years ago, when we identified the lead antibody CAN10 and the back-up antibody, 3G5, from our CANXX library. As the project progressed, studies in models of inflammatory diseases strengthened the belief in blocking IL1RAP as a potential therapeutic target. CAN10 progressed towards administration to humans, and in the second half of 2023, the first CAN10 clinical study was initiated.

The study started with single ascending doses (SAD), moving in 2024 to multiple ascending doses (MAD) in order to identify safe, pharmacologically active doses to take into efficacy studies in humans. Throughout 2024, we reported very good tolerability, target engagement and blockade against IL-1 and IL-36 as well as early signs that the dosing regimen could be every four weeks.

In the second quarter of 2025, we completed the dosing of the last MAD cohort in healthy volunteers, but before that we had analyzed PK and performed modelling. These confirmed the predicted dose and dosing regimen for phase 2 with sub-cutaneous administration and the continued very good tolerability of CAN10. We had also announced in late April that a treatment resistant atopic dermatitis (AD) population would be our chosen second indication for CAN10, driven by our mechanism of our action and understanding of the pathophysiology of these patients. We also announced in May exciting pre-clinical data on CAN10's potential role in vascular inflammation.

As is now known, we signed an agreement with Otsuka on July 15th; whereby Otsuka acquires all the assets in the CAN10 program. It is an agreement that both parties are delighted to have executed. With Otsuka, CAN10 will continue to be developed by an organization that has the financial resources, the focus and development capabilities that the asset deserves. Otsuka's drive to build an immune-inflammatory diseases franchise and their evident commitment to CAN10 also played an important role in the selection of the partner for CAN10. We look forward to a long and fruitful collaboration with Otsuka and to delivering much needed new treatments to patients suffering from serious immune inflammatory disorders.

The transaction is subject to customary closing conditions and regulatory clearance. We anticipate that this review should be completed for the transaction to close before the end of the third quarter. Upon closing, Cantargia will receive an upfront payment of MUSD 33. In addition, we are eligible for a total of MUSD 580 in potential milestone payments, and up to double-digit earn-out payments (similar to royalties) on future sales.

To ensure we were not disadvantaged by our cash position, in mid-June, we secured a MSEK 50 financing facility to extend our runway and provide strategic flexibility, as an agreement is never certain until it is signed by the parties. We drew the first tranche of MSEK 25, which we intend to repay once the upfront proceeds from the Otsuka transaction have been received.

Nadunolimab development progressed in the quarter. Work continued on the development of the companion assay that will allow selection of patients with high IL1RAP expression for future studies, notably in advanced pancreatic ductal adenocarcinoma (PDAC). Importantly, we announced in May that nadunolimab was awarded Fast Track Designation by the US FDA for the treatment of patients with metastatic PDAC expressing high levels of IL1RAP. This is recognition of the strong clinical and translational data we have developed and of the high medical need.

Post Q2, we announced that the preliminary overall response rate (ORR) results of the phase 2 part the TRIFOUR study of nadunolimab plus carboplatin/gemcitabine in advanced triple negative breast cancer (TNBC) did not match those of the phase 1b part and did not differ from those in the reference group with the chemotherapy alone. We now await the mature survival data, expected around year end.

Further translational data was published on nadunolimab in reduction of chemotherapy-induced peripheral neuropathy (CIPN), showing an association of nadunolimab with both a lower incidence and a delayed onset of CIPN caused by nab-paclitaxel or oxaliplatin. Given the persistent and often treatment-limiting nature of CIPN, any reduction in its severity or occurrence could represent a very meaningful clinical advantage. We also published pre-clinical data on the ability of nadunolimab to counteract tumor-driven systemic immunosuppression.

From our CANXX program we published promising pre-clinical results with anti-IL1RAP antibody drug conjugate (ADC) in cancer models.

Importantly, we were able to show that the conjugation to the cytotoxic payload did not compromise binding of the antibody to IL1RAPexpressing cells, and the IL1RAP-targeting ADC showed IL1RAPdependent tumor cell killing. The IL1RAP ADC was well tolerated and effectively suppressed tumor growth in all the animal models tested.

On August 18, we announced the appointment of the highly experienced biotechnology executive and two-time CEO, Dr Hilde Steineger, as our new Chief Executive Officer. Hilde will be joining Cantargia from NorthSea Therapeutics (NorthSea), where she has been Co-Founder and the Chief Operating Officer since 2017, as well as the CEO of Staten Biotechnology, since 2017, where she led a \$480M deal with Novo Nordisk. During her career, amongst other roles, Hilde has been a financial analyst and has worked in venture capital and in business development. I am absolutely confident that Hilde will be a highly inspiring and effective leader for Cantargia going forward and am delighted that Hilde is joining Cantargia at this exciting juncture.

I started my tenure as interim CEO with a strong focus on looking to deliver at least one transformative transaction during 2025. I am delighted for all Cantargia's stakeholders, including our loyal shareholders, our employees and patients in need, that we have been able to deliver on this goal with the Otsuka agreement. Not only does the deal bring significant non-dilutive financial resources but, equally importantly, it provides clear validation of Cantargia's technology and platform. Cantargia is now on a solid footing and our next important task is to prioritize those programs and activities on which we will focus our resources going forward.

Damian Marron Interim CEO, Cantargia AB

04

Cantargia's Projects

Cantargia is a Swedish biotech company that develops antibody-based treatments for cancer, immunological and other life-threatening diseases.

Cantargia's research and development activities originated from an important discovery at Lund University, where research on leukemic stem cells showed that the IL1RAP molecule is present on the cell surface of immature cancer cells. Further studies demonstrate that IL1RAP is also found on cancer cells from a large number of solid tumor types and is involved in driving disease causing inflammation in cancers and immune-inflammatory disease.

IL1RAP integrates signals from cytokines, proteins that help control inflammation in your body, of the interleukin-1 (IL-1) super family (IL-1, IL-33, and IL-36). These cytokines play a central role in the development of several severe diseases, not only cancer but also in inflammatory and autoimmune diseases. Autoimmune diseases are often characterized as heterogenous diseases, which has created a strong potential by using IL1RAP in drug development to find suitable treatment options within dermatological, respiratory, rheumatological and gastrointestinal diseases.

Antibodies targeting IL1RAP can thus potentially be used for the treatment of various types of cancer and immune-inflammatory diseases which provide attractive commercial opportunities to Cantargia.

CAN10

On July 15, 2025, Cantargia announced the acquisition of the CAN10 asset by Otsuka Pharmaceuticals. CAN10 is reported as part of the Cantargia portfolio until the transaction, which is subject to customary closing conditions and regulatory clearance, has closed.

CAN10 is an IL1RAP-targeting antibody which has a unique capability of blocking signaling not only by IL-1, but also IL-33 and IL-36. Simultaneous blockade of all three of these cytokines has great potential for treatment of several, often heterogenous autoimmune and inflammatory diseases. The applicability of using CAN10 in various immunological diseases is shown in figure 1.

Cantargia's proposed lead indication for phase 2 development is Hidradenitis Suppurativa (HS) due to the highly relevant pathway blockade involving IL1, IL-33 and IL-36, in addition to the strong rational of developing innovative treatment options in a patient population that is only partially treated with present treatment options.

The first phase 1 clinical study (NCT06143371) with CAN10 is nearing completion. The last Multiple Ascending Dose (MAD) cohort with healthy volunteers is well advanced and the psoriasis subject cohort continues. Results from the study are reported continuously to the market and no safety concerns have been observed at the

various dose levels tested to date. Furthermore, very promising and strong biomarker data has been reported, indicating the feasibility of 4 weekly dosing and prolonged biological activity.

Atopic Dermatitis (AD), and more specifically patients that are not responding to treatment with dupilumab, has been selected as Cantargia's second indication for CAN10. The IL-1 family cytokines are implicated in AD and impact several inflammatory cascades. Signs of effects have been published with individual IL-1, IL-33 and IL-36 blockade, and like HS, a broader blockade will increase efficacy.

CANTARGIA AB (PUBL) • Interim Report January - June 2025

Figure 1.

The market for inflammatory diseases indicates strong commercial potential for CAN10

Inflammatory diseases are conditions where the body's immune system reacts to an injury or attack by triggering inflammation. Inflammation is part of the body's natural defense mechanism and can be activated by infections, injuries, or autoimmune reactions. Inflammation is usually resolved, but when it becomes chronic it can lead to serious tissue and organ damage. The treatment of inflammatory diseases often aims at reducing inflammation and relieving symptoms. Autoimmune diseases occur as the immune system accidentally attacks healthy cells instead of protecting these.

By blocking IL1RAP, CAN10 creates many opportunities to influence conditions within the inflammation and immunology field, an area that has grown enormously over the past years. More than half of all diseases are considered to have an inflammatory or immunological component, and drugs in immunology that address a fundamental physiological cause of autoimmunity, such as CAN10, can therefore be applied to many indications. The latest forecasts indicate that global costs associated with the inflammation and immunology segment are expected to increase from 108 billion dollars this year to over 260 billion dollars over the next eight years1 .

Hidradenitis suppurativa

Hidradenitis suppurativa (HS) is a debilitating, painful, chronic inflammation of hair follicles in areas with numerous sweat glands, such as the armpits and groin. Previously considered a skin disease, HS is now regarded as a systemic condition requiring multidisciplinary treatment.

It is estimated that about 1-2 percent2 of the population in Europe is affected but the figures vary somewhat between different countries, and between men and women. HS is however about 3 times more prevalent in women than in men.

In total, approximately 1.9 million patients are diagnosed annually in Europe and the USA, and of those, approximately 50%3 has a moderate or severe variant of the disease. These patients are the target population for treatment with CAN10. According to estimates, the total pharmaceutical market for HS was worth nearly USD 1.1 billion in

20234 and is expected to grow to USD 10 billion by 20305 in the seven major markets, which include the US, EU4 + the UK as well as Japan.

Atopic Dermatitis (AD)

Cantargia's CAN10 program aims to treat AD patients that do not respond to present dupilumab treatment. Dupilumab (brand name: Dupixent) is a biological treatment for a number of immunological and inflammatory diseases and is among the main products applicable in the treatment of AD patients. Approximately 30% of patients do not achieve an adequate response to dupilumab6 which is among the largest selling drug in AD. Dupilumab sales were approximately \$14.5bn in 20247 , of which an estimated \$7 bn8 is generated from AD sales.

AD also known as atopic eczema, is a chronic inflammatory skin disease which is characterized by pruritus, redness, scaling, and loss of the skin surface, mainly due to scratching. AD is one of the most common skin diseases which impacts approximately 5% of the total population in the Western markets9 . As in many inflammatory diseases, exposure of the disease can be categorized by severity of AD (mild, moderate, and severe). 44% of the patient population can be considered a "mild", whereas the severe patient population consists of 15% of all patients.

AD is a growing market, and the pipeline development of various new treatment options is extensive. Whereas treatment options in the past were broad-acting immunomodulatory agents, present and new treatment options are much more targeted towards the various disease characteristics. Approved treatment options include biological treatments like Dupixent, a first-in-class IL-4/IL-13 dual inhibitor, Adtralza/Adbry and Ebglyss, IL-13 inhibitors, Nemluvio, an IL-31 inhibitor as well as small molecule therapies like JAK inhibitors (including Olumiant and Rinvoq). Besides systemic treatment options, a number of topical treatment options are available, like Eucrisa (PDE-4), but these products are more applicable in the treatment of mild to moderate AD variants.

The AD market is still driven by many unmet needs. The lack of personalized treatments through improved diagnostic methods, the presence of chronic hand eczema (CHE), the high cost of therapeutics and better (long-term) disease control and management, are among the drivers of treatment improvement.

In line with these unmet needs, the (7MM) market for AD is expected to grow to approximately USD 22bn in 2033 (from USD 8.5bn in 2023)10. Systemic immunomodulating treatment options will remain the largest drug selling class, accounting for 60-70% of all product sales, in particular for the moderate and severely impacted patient population. Despite increased pressure on drug pricing globally, the US market maintains to represent approximately 65% of the global AD drug market in value.

Nadunolimab (CAN04)

Nadunolimab (CAN04) is an anti-IL1RAP antibody for treatment of various cancer types. CAN04 binds strongly to its target molecule IL1RAP, expressed on cancer cells in many types of cancer. CAN04 blocks the signaling of interleukin-1, alpha and beta, thereby slowing down and limiting tumor growth. CAN04 is also working synergistically with chemotherapy, which provides additional benefit to cancer patients.

In a large number of cancer diseases, tumor growth benefits from the interleukin-1 system, which contributes to a pro-tumor environment. The IL-1 system is dependent on IL1RAP for transferring signals to cells and blockade of IL1RAP by nadunolimab prevents this signaling. With its second mode of action, nadunolimab turns the cancer cells into targets for destruction by Natural Killer, cells that are part of the body's natural immune system.

The clinical development of nadunolimab has primarily been focused on pancreatic cancer (PDAC), triple-negative breast cancer (TNBC) and non-small cell lung cancer (NSCLC). In several cancer forms, data from patients receiving nadunolimab in combination with chemotherapy, have shown a stronger efficacy in patients than would have been expected from chemotherapy alone.

In parallel with clinical development, studies are conducted on various biomarkers to obtain more information regarding to what treatment patients respond best and how nadunolimab can be combined with additional established cancer therapies for optimal effect.

Ongoing clinical studies

In the clinical phase 1b/2 trial TRIFOUR, patients with TNBC are treated with nadunolimab in combination with chemotherapy. In this trial, an initial dose escalation phase in 15 patients was completed during 2023. This showed acceptable safety and promising efficacy of the combination, including a response rate of 60 per cent, which is well above historical control data. In a preliminary read-out in the second, randomized phase II part of TRIFOUR (n=99), nadunolimab in combination with chemotherapy therapy showed an ORR of 40%, while a control group treated with chemotherapy alone showed an ORR of 43%. The study continues with overall survival data expected around year-end.

A phase 1b/2a clinical trial, designed to investigate nadunolimab in patients with AML and with MDS, was initiated in Q1 2025. The trial is sponsored by a grant from the US Department of Defense (DOD) to the renowned institute, University of Texas MD Anderson Cancer Center, which will be responsible for conducting the trial.

Further clinical development

Based on the promising results generated in pancreatic cancer, a randomized phase 2/3 study with nadunolimab in combination with chemotherapy, with the aim to confirm the strong efficacy observed in patients with high tumor levels of IL1RAP, is planned, subject to financing.

Future development steps in TNBC will be communicated following a complete analysis of the TRIFOUR results.

The cancer market

Cancer is one of the leading causes of death in the world, accounting for about 20 per cent of deaths in the Western world. Globally, more than 20 million people are diagnosed with cancer annually and nearly 10 million die of cancer-related diseases10. Based on demographicbased predictions the number of new cases of cancer will reach 35 million by 205011. Despite significant advances in treatment and diagnostics, there is a great need for new therapies. Cantargia is focusing the development of nadunolimab on pancreatic cancer

(PDAC), triple-negative breast cancer, and non-small cell lung cancer. Pancreatic cancer

Nadunolimab's main development indication is pancreatic cancer. Nadunolimab is expected to treat first line patients suffering from metastatic pancreatic cancer, for which life expectancy is rather poor with a 5-year survival rate of 13.3%11. Approximately 50% of the total patient population has metastatic disease and could be eligible for treatment with nadunolimab. Based on general present market values, the market for Nadunolimab could be worth up to \$2.7 bn. in 2029.

Globally, and evenly distributed between male and female, approximately 511,000 new cases of pancreatic cancer were diagnosed in 2023. In the same year, 467,000 people died from the disease12. In the US, the number of people diagnosed with the disease has increased by nearly 72 per cent over the last 17 years. PDAC is today the third most common cause of cancer-related deaths in the

US11, and is expected to become the second most common by 203012. Since pancreatic cancer is difficult to diagnose, it is also difficult to treat as it is often well-advanced at the time of diagnosis. Thus, the prognosis for 5-year survival rate is less than 10%12.

Pancreatic cancer treatment was valued at approximately USD 2.4 billion in the eight largest markets in 2021 and is expected to grow to approximately USD 5.4 billion by 202913. This corresponds to a compounded annual growth rate of 10.6 per cent during these years. The growth in this market is mainly due to an increasing number of cancer cases. The number of people diagnosed with pancreatic cancer is estimated to increase by 60 per cent by 204011. The increase in the number of cases is in turn caused by an aging population and an increasing incidence of diabetes, which are both risk factors for developing pancreatic cancer. Improved diagnostics also contribute to the expected market growth as they increase the likelihood of discovering pancreatic cancer at an earlier stage, thus enabling treatment.

Breast cancer

Approximately 10-15 per cent of breast cancer cases are triplenegative breast cancer14, which is the part of the breast cancer market for which treatment with nadunolimab may be applicable. The market for the treatment of triple-negative breast cancer is expected to be worth over USD 820 million by 2027 (~2% of the total breast cancer market in value) following an annual growth rate of approximately 4.5 per cent between 2020 and 202715.

Breast cancer is currently the most common form of cancer in women. In 2022, approximately 2.3 million new cases were reported, and approximately 665,000 women died from the disease11. In 2040, around 3 million women are expected to be diagnosed with the disease and just over one million will die as a consequence of the disease11. The risk of developing breast cancer increases with age up to the age of 70. In the US, the median age for developing breast cancer is 62 years15. According to a study conducted on American women, increases in BMI and the fact that women on average give birth to fewer children, likely contribute to the increase in cases in the US between 1980 and 201816.

The global market for breast cancer treatment amounted to approximately USD 36.4 billion in 2022 and is expected to increase to USD 54.7 billion by 2028, corresponding to an annual growth rate of approximately 8 per cent16. The market growth is primarily caused by an increased incidence of the disease, but also the need for preventive measures and early treatment. Market growth is also expected to be driven by the launch of new therapies.

CANxx - highly valuable platform technology supporting ADC and Bi-specific antibody program development

Cantargia was the first company to develop drugs targeting IL1RAP and has since built extensive expertise in this area. This expertise, along with our CANxx anti-IL1RAP antibody library and custom research tools, forms the CANxx platform, which enables Cantargia to drive both therapeutic, as briefly described, as well as diagnostic advancements.

When looking at the enormous increase in the development of ADC derived oncology drugs, further exploration and exploitation of the CANxx platform is obvious.

Preclinical results showed that anti-IL1RAP ADCs have the ability to effectively target IL1RAP expressing tumor cells and inhibit tumor growth in a dose-dependent way, while systemically being well tolerated. Notably, in models with both high and low IL1RAP expression, a single dose of ADC leads to lasting tumor growth suppression. Pharmaceutical companies have also indicated a strong interest in using IL1RAP as an attractive target for the development of ADC programs17.

Growth drivers in the ADC cancer market include: the high adaptation rate of ADC drugs in breast cancer, the dominating segment of ADC drug sales,

• • the present and future (indication expanding) sales of ADC block busters such as Enhertu (Daiichi Sankyo/AstraZeneca), Kadcyla (Roche), and Trodelvy (Gilead)
• • general ADC pipeline expansion, supported by the increasing interest in strategic investments by large pharmaceutical companies.

Deal making in this segment of the oncology drug market, investments through ADC, saw a 400% growth in total licensing agreement deal value from 2017 to 2022 and reached a peak of \$16.6 billion in 2022.18

Furthermore, the increased development of bi-specific antibody programs (drugs that simultaneously bind to two different antigens or epitopes) for immunological diseases, presents a clear opportunity for our platform technology. The platform has the potential to bring forward bispecific antibodies that target both IL1RAP and additional biological markers, expanding its utility, in particular relevant in the discovery of immunology drug programs.

Also here deal-making by pharmaceutical companies has been extensive, since bi-specific antibody programs show strong disease potential, driven by the heterogeneous nature of immunological diseases using e.g. dual cytokine blockers, which is a differentiating approach versus the present marketed antibody programs.

Beyond therapeutic development, the CANxx library is also an invaluable resource for diagnostics. Antibodies derived from the CANxx library are used in the development of a diagnostic tool for measuring the level of IL1RAP in tumor biopsies.

The CANxx library contains a collection of around 200 IL1RAPtargeting antibodies, including candidates for therapeutic development, as well as those designed for diagnostics, in vitro analysis, and preclinical studies. With its diverse range of antibodies featuring unique binding, targeting, and inhibitory properties, the CANxx library allows Cantargia to rapidly advance the development of new drug candidates for various diseases. A key example of this is the CAN10 antibody, which was developed through the platform.

The CANxx platform is an essential asset that combines Cantargia's vast IL1RAP expertise and antibody resources, enabling the development of innovative therapies and diagnostics while reinforcing the company's strong position for future success.

REFERENCES

• 1. Immunology Market Size, Share, and Trends 2025 to 2034, Precedence Research 2023
• 1. James G. Krueger et..al, Br J Dermatol 2024; 190:149–162
• 1. van der Zee, et al., Dermatology 2018
• 1. GlobalData, Hiddradenitis Supperativa: Global Drug Forecast and Market Analysis to 2028
• 1. The nascent hidradenitis suppurativa treatment landscape, November 25, 2024, TD Cowen
• 1. Diamant Thaçi, et..al, Journal of Dermatological Science 94 (2019) 266–275
• 1. Note: total sales dupilumab include various indications, including atopic
• dermatitis 8. Deutsche Bank, Financial Model Sanofi, April 2025
• 1. Global Data: Atopic Dermatitis: Seven-Market Drug Forecast and Market Analysis
• 1. Global cancer statistics 2022: GLOBOCAN, doi.org/10.3322/caac.21834
• 1. SEER, Cancer Stat Facts: Pancreatic Cancer, 2025
• 1. Diagnostics (Basel). 2023 Jan 6;13(2):215 (DOI: 10.3390/ diagnostics13020215)
• 1. Global Data, Pancreatic Cancer Opportunity Analysis and Forecasts to 2029
• 1. American Cancer Society
• 1. Research and Markets, Breast Cancer Drugs Global Market Report 2024
• 1. Pfeiffer RM et al, Cancer Epidemiol Biomarkers Prev. 2018;1:1
• 1. AACR Annual Meeting 2025 Itinerary Planner | Presentation (4253 / 10 Turning pro-tumor inflammation into target opportunity: Development of an IL1RAP ADC for solid tumor treatment)
• 1. GlobalData's Pharma Intelligence Center , 2023

Cantargia's project portfolio

Project	Disease	Type of treatment	Discovery phase	Preclinical	Phase 1	Phase 2	Phase 3
CAN10*	HS AD (Dupilumab non-responders)
Nadunolimab	PDAC	1st line	Gemcitabin/nab-paclitaxel
	TNBC	1st/2nd line	Carboplatin/gemcitabin
CANxx	New opportunities within IL1RAP platform

*) On July 15, 2025, Cantargia announced the acquisition of CAN10 by Otsuka Pharmaceuticals. CAN10 is reported in the portfolio until the transaction, which is subject to customary closing conditions and regulatory clearance, has closed HS - Hidradenitis Suppurativa; AD - Atopic Dermatitis; PDAC - pancreatic cancer; TNBC - triple-negative breast cancer.

Cantargia's ongoing clinical studies

	Study	Disease	Combination therapy	Nr of patients	Status	NCT-number
CAN10	Phase1 study	Healthy volunteers/psoriasis	-	Up to 116	Recruiting	NCT06143371
mab	TRIFOUR	TNBC	Carboplatin/gemcitabin	Up to 117	Recruitment completed	NCT05181462
Nadunoli	Leukemia	AML/MDS	Azacitidin and/or venetoclax	40	Recruiting	NCT06548230

TNBC - tripple-negative cancer; AML - Acute Myeloid Leukemia; MDS - Myelodysplastic Syndrome

FINANCIAL INFORMATION

Financial Overview

All financial amounts are in Swedish kronor ("SEK") unless otherwise stated. "KSEK" indicates SEK thousand and "MSEK" indicates SEK million. Certain financial and other information presented have been rounded to make the information more easily accessible to the reader.

Revenue

The company's revenue amounted to MSEK 0.0 (0.0) for the second quarter and first six months of 2025. Cantargia expects to recognize revenue from the CAN10 transaction with Otsuka Pharmaceuticals (MUSD 33 or MSEK 319 converted at the exchange rate of 9.66 SEK/USD as of July 15 when the contract was signed) in the third quarter of 2025.

Operating expenses/operating loss

Research and development costs totaled MSEK 34.7 (39.8) in the second quarter and MSEK 75.4 (78.2) for the first six months of 2025. R&D costs decreased by 13% compared to the same quarter last year and 4% compared with the first half of 2024.

Administrative expenses amounted to MSEK 4.4 (4.1) in the second quarter and MSEK 9.0 (6.9) for the first half of 2025. The increase is driven by activities related to the CAN10 transaction in the second and organizational changes that were implemented in the first quarter.

Currency differences on trade payables, mainly driven by fluctuations in the SEK exchange rate against EUR and USD, are reported as other operating expenses, regardless of a positive or negative impact. During the quarter, other operating expenses amounted to MSEK -0.4 (0.1) and MSEK -0.1 (-0.3) year to date.

The operating loss was MSEK 39.5 (43.8) during the quarter and MSEK 84.5 (85.5) the first half of 2025.

Net financial income/expense

Net financial income/expense consists of foreign exchange differences in the company's currency accounts, interest earned on bank accounts and short-term investments in fixed-rate accounts, as well as interest paid on short-term loan. The net financial result was MSEK 0.2 (0.5) for the quarter and MSEK MSEK -1.7 (5.2) for the first six months.

Earnings

Cantargia's result before tax, which reflect the loss for the period, was MSEK -39.3 (-43.3) during the second quarter and MSEK -86.2 (-80.2) for the first half of 2025.

Cashflow and investments

Cash flow from operating activities was MSEK -44.1 (-37.2) in the quarter and MSEK -78.0 (-92.1) for the first six months. As part of cash flow from operating activities, changes in working capital were MSEK -9.9 (3.4) in the quarter and MSEK -0.5 (-13.8) for the entire reporting period.

Cash flow from investing activities was MSEK -0.5 (15.0) during the second quarter and MSEK -0.5 (35.0) the first half-year. Cash flow from investing activities during the first-half of the previous year was related to reallocation of short-term investments in fixed-rate accounts.

Cash flow from financing activities was MSEK 22.0 (0.0) during the second quarter and MSEK 128.9 (0.0) the first half of 2025. The positive cash flow in the quarter was derived from the short-term loan that was raised in June. In addition, cash flow from financing activities was impacted by the rights issue carried out in December 2024, but registered in January 2025, after deduction of related issuing expenses.

The total change in cash and cash equivalents was MSEK -22.6 (-22.2) for the second quarter and MSEK 50.5 (-57.1) for the first six months.

Financial position

At the balance date, the company's cash and cash equivalents, comprising cash and demand deposits with banks and other credit institutions, amounted to MSEK 81.9 (84.7). In addition to cash and cash equivalents, the company had short-term investments with banks and in fixed income funds of MSEK 0.0 (20.0). As of June 30, total available funds, comprising bank deposits and short-term investments, amounted to MSEK 81.9 (104.7).

In June 2025, Cantargia signed an agreement for a short-term loan of up to MSEK 50 with Fenja Capital A/S, a first tranche of MSEK 25 was drawn with proceeds reported as available funds and debt as shortterm liability. Cantargia is eligible to draw a second tranche, subject to certain conditions, of MSEK 25. Cantargia intends to repay the loan as soon as the Otsuka-transaction has closed and the proceeds have been received. For more information on the Fenja loan, please refer to note 10 on page 21.

At the end of the quarter, total assets amounted to MSEK 93.0 (122.0).

Cantargia's equity/assets ratio on June 30, 2025, was 34 (74) percent and equity was MSEK 31.2 (90.6).

Shareholder Information

Share information

Cantargia's shares have been listed on the main list of Nasdaq Stockholm, under the stock symbol "CANTA" since September 25, 2018.

The closing price on the last trading day of June 2025 was SEK 1.35 (4.50). On June 30, 2025, the number of shares outstanding was 248,611,655 (183,686,684). The increase in number of shares is driven by the rights issue which was conducted late 2024 and registered in January 2025.

Ownership distribution

Cantargia's ten largest owners as of June 30, 2025:

Owner	Number of shares	Capital/votes (%)
Fjärde AP-fonden	24,800,000	9.98%
Första AP-fonden	16,493,130	6.63%
Avanza Pension	15,744,284	6.33%
Alecta Tjänstepension	12,628,655	5.08%
Goldman Sachs	9,477,031	3.81%
Henrick Schill	4,444,633	1.79%
Brushamn Invest AB	3,391,740	1.36%
Johan Bard	3,254,000	1.31%
Tibia Konsult AB	2,806,052	1.13%
Nordnet Pensionsförsäkring	2,681,736	1.08%
Other	152,890,394	61.50%
Total	248,611,655	100.0%

Ownership distribution by size class June 30, 2025

Holding	Number of shareholders	Number of shares	Capital/ votes (%)	Market Cap (kSEK)
1 - 500	6,360	956,596	0.39%	1,291
501 - 1 000	1,573	1,234,168	0.50%	1,666
1 001 - 5 000	3,646	9,216,798	3.73%	12,443
5 001 - 10 000	1,182	8,734,924	3.50%	11,792
10 001 - 15 000	502	6,378,697	2.58%	8,611
15 001 - 20 000	290	5,138,111	2.17%	6,936
20 000 -	1,115	206,813,820	80.88%	279,199
Unknown holding size	0	10,138,541	6.26%	13,687
Total	14,668	248,611,655	100.0%	335,626

Shareholding data provided by Modular Finance AB

Other Information

Employees

The average number of employees during the second quarter was 23 (23), of whom 12 (14) were women, and unchanged during the first half of the year. Cantargia operates to a large extent through external partners.

Annual General Meeting 2025

Cantargia's Annual General Meeting (AGM) 2025 was held on May 15, 2025.

• • Board members Magnus Persson, Anders Martin-Löf, Flavia Borellini and Damian Marron were re-elected and Jenny Sundqvist was elected as a new member of the Board. Magnus Persson was elected as Chairman.
• • A long-term share-based incentive program for senior executives and key personnel in the company, consistent with the programs implemented every year since 2019, was adopted by the meeting.
• • The Board's proposal for the employee stock option program 2025/2028 was approved.
• • In addition, the meeting authorized the Board to issue new shares, warrants and/or convertibles. If a decision to issue is made with deviation from the shareholders' preferential rights, the number of shares that can be issued may correspond to a maximum of 10 percent of outstanding number of shares and votes at the time of the AGM.

Review by auditors

The interim report has not been reviewed by Cantargia's auditors.

Financial calendar

• • Interim report January September 2025, November 19, 2025
• • Year-end report 2025, February 20, 2026
• • Interim report January March 2026, May 19, 2026

Presentation of the Interim Report

Cantargia invites investors, analysts, and media to an audiocast with teleconference on August 21, 2025, at 15:00 (CEST), where Cantargia's interim CEO Damian Marron and CFO, Patrik Renblad, will present Cantargia and comment on the interim report, followed by a Q&A-session.

Webcast: https://cantargia.events.inderes.com/q2-report-2025.

Contact

Damian Marron – Interim CEO at Cantargia AB Telephone: +46 (0)46-275 62 60 E-mail: damian.marron@cantargia.com

Interim reports and the annual reports are available at www.cantargia.com.

	Assurance by the Board of Directors and the CEO
The Board of Directors and the Chief Executive Officer assures that this interim report provides a true and fair view of the company's operations, financial position, and results, as well as outlines significant risks and uncertainties the company is facing.
Lund, August 21, 2025
Anders Martin-Löf	Magnus Persson Chairman	Flavia Borellini
Jenny Sundqvist		Damian Marron Interim CEO

Statement of Comprehensive Income

	2025	2024	2025	2024	2024
SEK thousand Note	Apr - Jun	Apr - Jun	Jan - Jun	Jan - Jun	Jan - Dec
Operating income
Net sales	-	-	-	-	-
Total operating income	-	-	-	-	-
5,6 Operating expenses
Research and development	-34,654	-39 816	-75,363	-78,235	-153,783
Administrative costs	-4,441	-4 104	-9,037	-6,905	-14,685
Other operating expenses	-406	95	-133	-341	-115
Total operating expenses	-39,502	-43 825	-84,534	-85,481	-168,583
Operating loss	-39,502	-43 825	-84,534	-85,481	-168,583
Financial income and expense
Interest income and similar items	1,288	2 366	1,854	7,373	11,155
Interest expense and similar items	-1,064	-1 832	-3,520	-2,140	-4,226
Total financial income and expense	224	534	-1,666	5,234	6,929
Loss before taxes	-39,277	-43 291	-86,200	-80,248	-161,654
Taxes	-	-	-	-	-
Loss for the period*	-39,277	-43 291	-86,200	-80,248	-161,654
Earnings per share before dilution (SEK)**	-0.16	-0,24	-0.35	-0.44	-0.88
Earnings per share after dilution (SEK)**	-0.16	-0,24	-0.35	-0.44	-0.88

* No items are reported in other comprehensive income, meaning total comprehensive income is consistent with the loss for the period. **Based on average number of shares.

Statement of Financial Position

SEK thousand	Note	30-JUN-2025	30-JUN-2024	31-DEC-2024
ASSETS
Intangible assets
Patent		3,305	4,206	3,755
Total intangible assets		3,305	4,206	3,755
Tangible assets
Machinery and equipment		1,492	3,570	2,307
Total tangible assets		1,492	3,570	2,307
Total fixed assets		4,796	7,776	6,062
Current receivables
Other receivables	8	1,625	1,194	121,791
Prepaid expenses and accrued income		4,728	8,300	9,538
Total current receivables		6,353	9,494	131,329
Short-term investments
Other short-term investments		-	20,000	-
Total short-term investments		-	20,000	-
Cash and cash equivalents
Cash and bank balances		81,883	84,685	33,036
Total cash and cash equivalents		81,883	84,685	33,036
Total current assets		88,236	114,179	164,365

SEK thousand	Note	30-JUN-2025	30-JUN-2024	31-DEC-2024
EQUITY AND LIABILITIES
Equity	8
Restricted equity
Share capital		19,889	14,695	14,695
Non-registered share issue		-	-	5,194
Total restricted equity		19,889	14,695	19,889
Non-restricted equity
Share premium account		1,777,133	1,676,530	1,777,402
Retained earnings		-1,679,629	-1,520,378	-1,519,333
Loss for the period		-86,200	-80,248	-161,654
Total non-restricted equity		11,304	75,904	96,415
Total equity		31,193	90,599	116,304
Long-term liabilities
Provision for social security contributions,	9	83	277	84
incentive program
Total long-term liabilities		83	277	84
Short-term liabilities
Interest-bearing loan from credit institution	10	22,386	-	-
Trade payables		7,439	11,548	10,984
Other liabilities		2,401	1,969	878
Accrued expenses and deferred income	8, 11	29,530	17,562	42,177
Total short-term liabilities		61,756	31,078	54,039
TOTAL EQUITY AND LIABILITIES		93,033	121,955	170,427

Statement of Changes in Equity

SEK thousand	Restricted equity	Non-restricted equity		Total
01-JAN-2025 - 30-JUN-2025 Note	Share capital	Share premium account	Retained earnings incl. loss for the period	Total equity
Opening balance January 1, 2025	19,889	1,777,402	-1,680,987	116,304
Loss for the period	-	-	-86,200	-86,200
Transaction with shareholders
New share issue	8 5,194	-	-	5,194
Non-registered share issue	8 -5,194	-	-	-5,194
Issuing expenses	8 -	-269	-	-269
Employee stock option program	9 -	-	1,358	1,358
	-	-269	1,358	1,089
Closing balance June 30, 2025	19,889	1,777,133	-1,765,829	31,193

01-JAN-2024 - 30-JUN-2024

Opening balance January 1, 2024	14,695	1,676,530	-1,522,482	168,742
Loss for the period	-	-	-80,248	-80,248
Transaction with shareholders
New share issue	-	-	-	-
Issuing expenses	-	-	-	-
Employee stock option program	-	-	2,106	2,106
	-	-	2,106	2,106
Closing balance June 30, 2024	14,695	1,676,530	-1,600,625	90,600

01-JAN-2024 - 31-DEC-2024

Opening balance January 1, 2024	14,695	1,676,530	-1,522,482	168,742
Loss for the period	-	-	-161,654	-161,654
Transaction with shareholders
New share issue	-	114,917	-	114,917
Non-registered share issue	5,194	-	-	5,194
Issuing expenses	-	-14,045	-	-14,045
Employee stock option program	-	-	3,149	3,149
	5,194	100,872	3,149	109,215
Closing balance December 31, 2024	19,889	1,777,402	-1,680,987	116,304

Statement of Cash Flow

SEK thousand	Note	2025 Apr - Jun	2024 Apr - Jun	2025 Jan - Jun	2024 Jan - Jun	2024 Jan - Dec
Operating activities
Operating loss	6	-39,502	-43,825	-84,534	-85,482	-168,583
Adjustments for non-cash items	7	5,621	1,934	7,129	3,988	6,552
Interest received etc.		484	1,276	698	3,240	4,824
Interest paid etc.	10	-761	-	-761	-	-
Cash flow from operating activities before changes in working capital		-34,158	-40,616	-77,469	-78,254	-157,207
Changes in working capital
Change in receivables		-6,764	10,634	-4,865	9,970	8,245
Change in trade payables		-259	-8,253	-3,545	-11,625	-12,189
Changes in other current liabilities		-2,915	1,056	7,919	-12,148	-1,601
		-9,937	3,438	-490	-13,803	-5,545
Cash flow from operating activities		-44,095	-37,178	-77,959	-92,058	-162,752
Investing activities
Acquisition of tangible assets		-455	-	-455	-	-
Increase in other short-term investments		-	-	-	-20,000	-
Decrease in other short-term investments		-	15,000	-	55,000	55,000
Cash flow from investing activities		-455	15,000	-455	35,000	55,000
Financing activitites	8,10
Borrowings		25,000	-	25,000	-	-
Arrangement fee		-3,000	-	-3,000	-
New share issue		-	-	120,111	-	-
Issuing expenses		-	-	-13,248	-	-1,066
Cash flow from financing activities		22,000	-	128,863	-	-1,066
Change in cash and cash equivalents		-22,550	-22,177	50,450	-57,057	-108,818
Cash and cash equivalents at beginning of period		103,932	107,604	33,036	139,747	139,747
Exchange rate difference in cash equivalents		502	-742	-1,602	1,994	2,107
Cash and cash equivalents at end of period*		81,883	84,685	81,883	84,684	33,036

* The company's cash and cash equivalents consist of cash and disposable balances with banks and other credit institutions.

Key Figures

SEK thousand	2025 Apr - Jun	2024 Apr - Jun	2025 Jan - Jun	2024 Jan - Jun	2024 Jan - Dec
Net sales	-	-	-	-	-
Operating loss	-39,502	-43,825	-84,534	-85,482	-168,583
Loss for the period	-39,277	-43,291	-86,200	-80,248	-161,654
Average number of shares	248,611,655	183,686,684	248,611,655	183,686,684	183,686,684
Earnings per share before and after dilution based on average number of shares (SEK)	-0.16	-0.24	-0.35	-0.44	-0.88
Change in cash and cash equivalents	-22,550	-22,177	50,450	-57,057	-108,818
Cash and cash equivalents	81,883	84,685	81,883	84,685	33,036
Short-term investments	-	20,000	-	20,000	-
Total available funds	81,883	104,685	81,883	104,685	33,036
Equity end of period	31,193	90,599	31,193	90,599	116,304
Equity/assets ratio, %	34%	74%	34%	74%	68%
Average number of employees	23	23	23	23	22
Number of employees at end of period	23	23	23	23	22
R&D costs as percentage of operating expenses	88%	91%	89%	92%	91%

Key performance indicators, definitions

Operating profit/loss, SEK thousand	Net sales less total operating expenses
Earnings per share, SEK	Profit/loss for the period divided by average number of shares for the period
Total available funds, SEK thousand	Cash and cash equivalents plus short term investments
Equity/asset ratio, %	Equity divided by total capital
R&D costs as a percentage of operating expenses, %	Research and development costs divided by operating expenses

CANTARGIA AB (PUBL) • Interim Report January - June 2025

Notes

Note 1 - General information

This interim report refers to Cantargia AB (publ) ("Cantargia"), corporate ID number 556791-6019. Cantargia has no subsidiaries.

Cantargia is a Swedish public limited company with registered office in Lund, Sweden. The company's address is Ideon Gateway, Scheelevägen 27, SE-223 63 Lund.

The interim report was approved for publication on August 21, 2025, in accordance with a resolution of the Board of Directors.

Note 2 - Accounting policies

This interim report has been prepared in accordance with the Swedish Annual Accounts Act, Recommendation RFR 2 Financial Reporting for Legal Entities of the Swedish Financial Reporting Board and IAS 34 Interim Financial Reporting. The accounting policies applied in preparing this interim report are consistent with those used in preparing the annual report for 2024.

The interim report has been prepared using the cost method. Cantargia applies the alternative performance measures issued by the European Securities and Markets Authority (ESMA).

As of January 1, 2025, the EU-approved amendment to IAS 21 – The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability – came into force. However, no new IFRS standards or IFRIC interpretations have had any material impact on Cantargia's financial reporting. IFRS 18, which is expected to come into force on January 1, 2027, but has not yet been adopted by the EU, will replace IAS 1 and introduce new requirements for the structure and disclosures in the income statement. Management is currently evaluating the exact implications of applying the new standard to the company's financial reporting.

Note 3 - Information on risks and uncertainties

Operational risks

Research and drug development up to approved registration is subject to considerable risk and is a capitalintensive process. The majority of all initiated projects will never reach market registration due to the technological risk such as the risk for insufficient efficacy, intolerable side effects or manufacturing problems. If competing pharmaceuticals capture market share or reach the market faster, or if competing research projects achieve better product profile, the future value of the product portfolio may be lower than expected. The operations may also be impacted negatively by regulatory decisions, such as approvals and price changes. External factors such as pandemics or the geopolitical instability may also impact the company negatively by hampering the company's possibilities to conduct clinical trials, get necessary regulatory approvals or conduct sales related activities. The recent implementation of tariffs has not had a direct impact to Cantargia's operations, but introduces uncertainties. In the short term tariff's may trigger higher inflation in general and on certain material used for research & development in particular. In the longer term, tariffs on pharmaceutical products may have an impact on the profitability which could adversely impact the present valuation of Cantargia's candidate drug programs.

Financial risks

Cantargia is exposed to various types of financial risks through its operations; liquidity risk, market risks (currency risks, interest rate risk, and other price risk), and credit riskts. Cantargia's financial risk management policy has been adopted by the board and forms a framework of guidelines and rules in the form of risk mandates and limits for financial operations.

Cantargia is a research and development company that does not have or is expected to generate revenue in the near term. The company's ongoing and future development of its drug candidates as well as ongoing operations are dependent of the availability of financial resources.

The company is also affected by foreign exchange risk since the main part of the development costs are paid in EUR and USD. In accordance with Cantargia's financial policy, the company exchanges cash into USD and EUR based on entered agreements in order to manage the currency exposure. A more detailed description of the company's financial risk exposure and risk management can be found in note 3 on pages 44-45 of the 2024 annual report.

Note 4 - Critical judgements and estimates

The preparation of financial statements and application of accounting policies are often based on judgements, estimates and assumptions made by management which are deemed reasonable at the time when they are made. The estimates and assumptions applied are based on historical experience and other factors which are deemed reasonable under current circumstances. The results of these are then used to determine carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual outcomes may differ from these estimates and assessments.

Estimates and assumptions are reviewed regularly. Changes are recognized in the period in which they are made, if they affect only that period. If the changes affect both the current and future periods, they are recognised in the period of the change and in future periods.

The critical judgements and estimates that are of the greatest importance for Cantargia are described in Note 4 on page 45-46 in the Annual Report for 2024.

Note 5 - Related party transactions

Cantargia has an agreement with Walter Koch to provide consulting services related to work with biomarkers. Walter Koch is related to current board member Flavia Borellini. During 2025, the company has not incurred any costs compared to KSEK 16.0 for the same period the previous year.

Moreover, Cantargia has entered a consulting agreement with former board member Thoas Fioretos. During 2025, the Company incurred a cost of KSEK 100.0 (200.0).

The Board considers that the above agreements have been concluded on commercial terms.

Note 6 - Costs by nature of expense

On a "by nature" basis, the sum of expenses by function is distributed as follows

SEK thousand	2025 Apr - Jun	2024 Apr - Jun	2025 Jan - Jun	2024 Jan - Jun	2024 Jan - Dec
Project costs	-24,181	-27,550	-47,956	-53,463	-103,964
Other external expenses	-5,165	-5,844	-10,863	-11,198	-23,654
Personnel expenses	-8,870	-9,664	-23,860	-18,757	-37,413
Other operating income/expense	-406	95	-133	-341	-115
Depreciation	-879	-862	-1,721	-1,723	-3,437
	-39,502	-43,825	-84,534	-85,482	-168,583

Note 7 - Adjustments for non-cash items

SEK thousand	2025 Apr - Jun	2024 Apr - Jun	2025 Jan - Jun	2024 Jan - Jun	2024 Jan - Dec
Depreciation	-879	-862	-1,721	-1,723	-3,437
Employee stock option program	-690	-1,071	-1,356	-2,264	-3,115
Transaction costs related to loan	-386	-	-386	-	-
Provision for CEO severance pay	-3,343	-	-3,343	-	-
Incentive programme	-323	-	-323	-	-
	-5,621	-1934	-7,129	-3,988	-6,552

Note 8 - Share issue

Rights issue 2024

The rights issue carried out in december 2024 resulted in gross proceeds of approximately MSEK 120, and net proceeds of MSEK 106, after deduction of issuing expenses. The proceeds were transfered to Cantargia after the year-end. Following the registration of the rights issue on January 9, 2025, the number of shares and votes increased by 64,924,971 to 248,611,655 and the share capital increased by SEK 5,193,997.68 to SEK 19,888,932.40.

At the turn of the year 2024/2025, Cantargia had reported the proceeds as a receivable from the issuing institution of SEK 120.1 million under Other receivables, which explains the significant difference in the item Other receivables between December 31, 2024, and March 31, 2025. Accrued issuing expenses of SEK 13.0 million were reported as Other accrued expenses.

Note 9 - Share based incentive programs

Employee stock option program

The purpose of share-based incentive programs is to promote the company's long-term goals and to create opportunities for the company to retain competent personnel.

Cantargia has in total four approved programs that covers the company's management, other employees, and consultants. The Employee Stock Option Program 2020/2023 decided at the Annual General Meeting in 2020, the Employee Stock Option Program 2021/2024 decided at the Annual General Meeting in 2021, and the Employee Stock Option Program 2023/2026 decided at the Annual General Meeting in 2023, are active programs with options granted. For more information about these programs, please refer to note 19 in the annual report for 2024. For Employee Stock Option Program 2025/2028 decided at the Annual General Meeting in 2025 and that includes 4,000,000 options, no options have been granted. The table below specifies the changes to the active programs during the year and summarizes the total number of shares that granted options may entitle to as of June 30, 2025. One warrant in Employee Stock Option Program 2020/2023 and 2021/2024 represents 1.2 potential ordinary shares. One warrant in Employee Stock Option Program 2023/2026 represents 1.0 potential ordinary share.

Changes in existing incentive programs during the year (number of warrants)
Granted instruments
Employee Stock Option Program 2023/2026	595,000
Expired instruments
Employee Stock Option Program 2020/2023	-1,583,333
Total change	-988,333
Number of shares granted instruments may entitle to June 30, 2025*
Employee Stock Option Program 2020/2023	189,600
Employee Stock Option Program 2021/2024	2,496,000
Employee Stock Option Program 2023/2026	2,580,000
Number of shares granted instruments may entitle to	5,265,600

* Recalculation of employee stock option programs after the rights issue in 2022 means that each option in Employee Stock Option Program 2020/2023 and 2021/2024 entitles to 1.2 shares. One option in Employee Stock Option Program 2023/2026 entitles to 1.0 shares.

Full exercise of granted options as of June 30, 2025, corresponding to a total of 5,265,600 shares, would result in a dilution of shareholders by 2.1 per cent. If decided, but not allotted options from the Employee Stock Option Program 2025/2028, a further total of 4,000,000 are fully exercised, it would result in a total dilution of shareholders of 3.6 per cent.

Changes in existing incentive programs during the year (number of warrants)

Note 10 - Interest-bearing loan from credit institution

As of June 30, 2025, the Company has raised a new short-term loan of SEK 25 million from Fenja Capital II A/S. The loan carries an interest rate of 1.5 percentage points per commenced 30-day period and matures in December 2025. In addition to interest, the loan is associated with an arrangement fee of SEK 3 million.

Apart from negative pledging, no collateral has been issued. No breaches of loan terms (covenants) have occurred during the period.

Type of debt	Loan amount	Maturity	Interest	Collateral
Short-term	25,000,000	2025-12-30	1.5%*	Negative pledge
*) per commenced 30-day period

Interest expenses, which consist of nominal interest and accrued transaction costs related to the loan, amounted to SEK 761 thousand and are reported under "Financial items" in the report of comprehensive income.

The loan is initially recognized at fair value, net of transaction costs. It is subsequently measured at amortized cost, and any difference between the proceeds received and the repayment amount is allocated over the term of the loan using the effective interest method. The debt, which is recorded at fair value, amounted to SEK 22,386 thousand as of June 30 and is reported under "Interest-bearing loan from credit institution" in the statement of financial position.

In accordance with the loan agreement, Cantargia is entitled, subject to certain conditions, to borrow an additional SEK 25 million. The Company also has the option to extend the term of the loan by a maximum of three months until March 30, 2026. The loan can be repaid, in whole or in parts, at no additional cost during the term. Cantargia intends to repay the loan when the Otsuka -transaction as closed and proceeds have been received.

Note 11 - Accrued expenses and deferred income

SEK thousand	2025 Jan - Jun	2024 Jan - Jun	2024 Jan - Dec
Accrued salaries	2,783	2,379	4,176
Project expenses	23,135	14,900	22,813
Other accrued expenses*	3,612	283	15,188
	29,530	17,562	42,177

*Other accrued expenses include a provision for severance pay related to CEO, Göran Forsberg. As of June 30, 2025, the provision amounted to SEK 3,343 thousand.

Note 12 - Significant events after the end of the period

• • Otsuka Pharmaceuticals acquired CAN10 for an upfront of MUSD 33 plus an additional MUSD 580 in potential milestone payments and up to double digit earn-outs on future sales. The deal is expected to close in Q3 2025.
• • Preliminary results from the TRIFOUR phase 2 study in TNBC did not demonstrate a difference in overall response rate (ORR) between nadunolimab in combination with chemotherapy vs. chemotherapy alone.
• • Cantargia appointed Dr Hilde H. Steineger as CEO, effective from September 1, 2025.

Definitions

Antiboy-Drug Conjugate (ADC)

An antibody-drug conjugate (ADC) is a targeted cancer therapy that combines the precision of a monoclonal antibody with the potency of a cytotoxic drug. Essentially, it's a drug delivery system where an antibody, designed to bind to a specific protein on cancer cells, is chemically linked to a toxic drug. This allows the antibody to deliver the drug directly to cancer cells, minimizing harm to healthy cells and potentially improving treatment outcomes.

Acute Myeloid Leukemia (AML)

AML is a type of blood and bone marrow cancer characterized by the rapid proliferation of abnormal white blood cells, called blasts, in the bone marrow. These blasts crowd the bone marrow, preventing it from producing healthy blood cells. AML is also known as acute myelogenous leukemia or acute non-lymphocytic leukemia.

Antibody

Antibodies are protein structures produced by the immune system in response to foreign substances in the body, such as bacteria or viruses. They play a vital role in the immune response by fighting infections and protecting the body from diseases.

ASCO

Abbreviation of "American Society of Clinical Oncology".

Atopic Dermatitis (AD)

Atopic dermatitis, also known as eczema, is a chronic inflammatory skin condition characterized by dry, itchy, and inflamed skin. The condition is common in children but can occur at any age. It is not contagious and can sometimes flare up and then go away for a while.

Autoimmune disease

A condition where the immune system, which typically protects the body against foreign substances such as bacteria and viruses, mistakenly attacks and damages the body's healthy cells, tissues, and organs.

Checkpoint inhibitor

A type of medication that blocks or inhibits molecular pathways used by tumor cells to evade detection and attack by the immune system. A checkpoint inhibitor can activate the immune system and enhance its ability to recognize and attack cancer cells.

CTA

Abbreviation for "Clinical Trial Application", an application submitted to regulatory authorities to seek permission to start a clinical study.

Cytokine

Cytokines are a group of proteins and peptides whose function is to carry chemical signals. They attach to specific receptors on the target cells and are produced only when they are needed. They have many different kinds of target cells. Some cytokines contribute to the immune system, and some others stimulate the formation of red and white blood cells.

Dupilumab

Dupilumab, marketed under the brand name Dupixent, is a monoclonal antibody used to treat various inflammatory conditions. Dupilumab works by inhibiting the signaling of interleukin-4 (IL-4) and interleukin-13 (IL-13), which are key cytokines involved in the inflammatory response. By blocking these pathways, dupilumab helps reduce inflammation and alleviate symptoms associated with these conditions.

EADV

Abbreviation of European Academy of Dermatology and Venereology.

ERS Abbreviation of European Respiratory Society.

ESMO

The abbreviation "European Society for Medical Oncology".

FDA

The abbreviation of "Food and Drug Administration", the American drug regulatory agency.

GEICAM

GEICAM stands for "Grupo Español de Investigación en Cáncer de Mama". It is a Spanish research group that focuses on breast cancer research. GEICAM works to improve the understanding of breast cancer and develop new treatment methods through clinical studies and research.

Gemcitabine

Chemotherapy, or cytostatics, is used to treat various types of cancer.

Hematological disease

A disease affecting the blood, blood-forming organs, or components involved in the function of blood.

Hidradenitis suppurativa (HS)

Hidradenitis or acne inversa is a chronic, often painful, immunological skin disease characterized by inflammation of the skin, most commonly in the armpits and groin. The inflamed areas often develop nodules, abscesses, and wounds.

IL1RAP

Interleukin-1 Receptor Accessory Protein is a protein that plays an important role in the body's immune system by participating in the signaling of inflammatory responses. IL1RAP functions as an accessory protein for interleukin-1 receptors, helping to mediate the effects of cytokines involved in inflammation and immune responses.

Immunology

Immunology is the study of the immune system and its reaction to infectious agents and when the immune system does not work as it should in, for example, autoimmune diseases.

Immunoncology

An area within cancer treatment that focuses on using the body's own immune system to combat cancer.

IND

Abbreviation for "Investigational New Drug."

Interim results

Partial results generated during ongoing clinical trials; can provide a preliminary indication of the effectiveness of a treatment.

Interleukin-1 (IL-1)

Proinflammatory signaling molecule (cytokine) that play a crucial role in the body's immune response and inflammatory processes. There are two IL-1 cytokines, IL-1 alpha and IL-1 beta.

Interleukin-33 (IL-33)

Interleukin-33 is a protein that is a member of the IL-1 family and that drives inflammatory processes.

Interleukin-36 (IL-36)

Interleukin-36 (IL-36) is a group of cytokines that belong to the IL-1 family and have proinflammatory effects. IL-36 consists of three agonists: IL-36 alpha, IL-36 beta and IL-36 gamma, as well as an antagonist, IL-36 receptor antagonist (IL-36Ra). These cytokines play an important role in the body's immune system by activating inflammatory responses.

Interstitial lung disease

A group of diseases affecting lung tissue; characterized by inflammation and scarring in lung tissue.

In vivo models

Animal models that evaluate biological processes, diseases, and drug effects in living organisms.

Macrophage

A type of white blood cell that is part of the body's immune system and plays an important role in defending against infections and tissue healing.

Monoclonal antibody

Antibody originating from daughter cells of the same B-cell clone.

Myelodysplastic Syndrome (MDS)

MDS is a type of blood cancer where the bone marrow produces abnormal blood cells that don't mature properly. These abnormal cells, called dysplastic cells, can crowd out healthy blood cells, leading to conditions like anemia, low white blood cell count, and low platelet count.

Nab-paclitaxel

Chemotherapy, or cytostatics, is used to treat various types of cancer.

NCT number

Abbreviation for "National Clinical Trial Number," a unique identification code assigned to clinical trials.

Non-small cell lung cancer (NSCLC)

The most common type of lung cancer; a collective term for the type of lung cancer that does not fall under the category of small cell lung cancer.

Pancreatic Ductal Adenocarcinoma (PDAC)

Abbreviation for pancreatic ductal adenocarcinoma, pancreatic cancer.

Pembrolizumab

A type of checkpoint inhibitor that works by blocking a signaling pathway in the immune system mediated by the molecule PD-1, thereby activating the immune system to kill cancer cells. Also known under the trade mark Keytruda®.

Randomized study

A clinical study where participants are randomly assigned to different groups or treatment arms to minimize bias and ensure comparability between the groups.

Squamous/non-squamous cell lung cancer

Squamous cell lung cancer develops from squamous epithelial cells that line the airways in the lungs; non-squamous cell lung cancer is a collective term for the type of lung cancer that does not fall under the category of squamous cell.

Solid tumors

A type of cancer that develops in solid tissues.

Targeted antibody

Antibody developed to recognize and bind to specific target proteins or structures in the body, such as proteins present on the surface of cancer cells.

Triple-negative breast cancer (TNBC)

A form of breast cancer characterized by the tumor lacking expression of three different receptors: estrogen receptor, progesterone receptor, and HER2 receptor. Since triple-negative breast cancer lacks expression of these receptors, it is not responsive to treatments targeting them.

Type 2 helper (Th2) cells

Type 2 helper T (Th2) cells are a subset of CD4+ T cells that play a crucial role in the immune system, particularly in the context of inflammation. Th2 cells produce cytokines such as interleukin-4 (IL-4), IL-5, and IL-13. These cytokines are essential for initiating and sustaining inflammatory responses.

Submission of Interim Report

This is information that Cantargia AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the Chief Executive Officer on August 21, 2025, at 07:00 am CEST.

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Telephone: +46(0)46 2756260 E-mail: info@cantargia.com