Arctic Bioscience

Earnings Release • Nov 10, 2025

Arctic Bioscience - Q3 2025 Operational update - Significant results on systemic inflammation

Arctic Bioscience - Q3 2025 Operational update - Significant results on systemic inflammation

Highlights Q3 2025:

· Analysis on HeROPA study shows statistically significant effects of

psoriasis drug candidate HRO350 on inflammation

· Significant vision improvement registered in Clinical Glaucoma Study based

on ROMEGA® herring caviar oil - partner potential for further development and

commercialization

· Nutra revenues close to last year - despite significantly affected by the

recall-situation earlier this year. Order intake remains strong for 2026

deliveries

Arctic Bioscience recently disclosed new positive data from the HeROPA-trial in

mild-to-moderate psoriasis. Analysis on blood samples from the trial revealed

statistically significant effects of HRO350 versus placebo on Systemic Immune

-inflammation Index (SII) in patients with mild-to-moderate psoriasis.

Significantly more patients treated with HRO350 achieved a ? 25% reduction in a

systemic inflammatory marker at both 26 weeks and 1 year compared to placebo.

Among patients with lower baseline systemic inflammation, this reduction was

accompanied by statistically significant improvements in psoriasis skin symptoms

and quality of life, shown through achievement of sPGA0/1 and DLQI0/1 in the

HRO350 group after 1 year.

"These new findings showing the potential of HRO350 in reducing inflammation are

of significant value for Arctic Bioscience. The data strengthens a further

development within mild-to-moderate psoriasis, as well as the potential of

general effects on inflammation which may strengthen our HRO350-asset. The

findings from these analyses will also be important as we now enter commercial

dialogues with potential partners. Early November we attended BIO Europe in

Vienna and held a large number of meetings with players within the industry, and

we received positive feedback on our results and status", says Christer

Valderhaug, CEO.

In August, Arctic Bioscience announced that a clinical study published

in International Ophthalmology demonstrated that daily supplementation with

ROMEGA® herring caviar oil resulted in a statistically significant improvement

in the visual field measure Mean Deviation (MD) in patients with primary open

-angle glaucoma (POAG) and controlled intraocular pressure (IOP). No adverse

events were observed, and the treatment was well tolerated.

"These findings suggest that ROMEGA® may be a safe and potentially effective

adjunct to protect vision in glaucoma patients, even when IOP is already

controlled. We are now planning larger, randomized studies to confirm these

promising results,", comments Hogne Hallaråker, CSO in Arctic Bioscience.

In the early-stage project Arctic Orphan (ABS302), a novel orphan designation

drug candidate for brain development in extremely premature infants, Arctic

Bioscience has now reached an important milestone of product formulation. Next

phase will be manufacturing and preclinical testing. Preclinical testing will be

financed and managed by our partner in the project, Smerud Research

International.

The nutra revenues are slightly down from the same period last year,

significantly affected by the previously announced recall-situation, which has

delayed order intake, deliveries and manufacturing in both Q2 and Q3. The recall

-issue is now solved and all replacement products are delivered to our customers

by the end of Q3. The issue will have negative impact on the annual results for

2025. However, order intake for 2026 for both existing and new customers are

looking very promising.

Arctic Algae has continued its research and development work to explore the

spectrum within its field. This has led to a new grant from the Regional

Research Fund (RFF) of NOK 2,5 million, granted in October. This to fund a

project developing vaccines for aquaculture together with leading partners in

the industry.

Financials

Key figures - Q3 2025:

· Revenues from sales: NOK 8,7 million (NOK 11,1 million)

· Other income: NOK 0,9 million (NOK 0,0 million)

· Gross profit: NOK 1,9 million (NOK 3,7 million)

· Gross margin: 21,6 % (33,5 %)

· Adj. EBITDA: NOK -7,8 million (NOK -8,4 million)

Comparable figures for Q3 2024 in brackets.

Key figures as of end Q3 2025:

· Revenues from sales: NOK 25,9 million (NOK 27,8 million)

· Other income: NOK 2,4 million (NOK 0,5 million)

· Gross profit: NOK 7,6 million (NOK 8,8 million)

· Gross margin: 29,4 % (31,8 %)

· Adj. EBITDA: NOK -21,4 million (NOK -29,4 million)

· Available liquidity end of period: NOK 7,5 million (NOK 17,4 million)

Comparable figures as of the end of Q3 2024 in brackets.

Revenues from sales amounted to NOK 8,7 million in Q3 2025, a decrease of NOK

2,4 million compared to the same quarter in 2024. Revenues so far this year

amount to NOK 25,9 million, NOK 1,9 million lower than the same period last

year. The European market ex. Norway has had the highest revenue share in 2025

with 36 %. The American market continues its positive growth throughout the

year, and has a total growth compared to the first 3 quarters of last year of

over NOK 6 million. Year-to-date revenue in the American market is already

higher than the total revenue for this region in all of 2024. The Asian market

has been characterized by uncertainty in the consumer market this year, which

affects our sales to this market.

Other income so far this year amounts to NOK 2,4 million, compared to NOK 0,5

million in the same period in 2024. The increase is mainly due to increased

activity in Arctic Algae throughout the year.

Gross profit in Q3 2025 was NOK 1,9 million, representing a gross margin of 21,6

%. The corresponding figures for Q3 last year were NOK 3,7 million and 33,5 %

respectively. Q3 2025 was affected by costs related to previously mentioned

recall case, where additional cost of goods sold were incurred in connection

with the completion of the process. Gross profit so far this year totals NOK 7,6

million, representing a total gross margin of 29,4 %, compared to NOK 8,8

million and 31,8 % for the same period in 2024.

Adjusted EBITDA amounted to NOK -7,8 million in Q3 2025, compared to NOK -8,4

million in the same quarter last year. Year-to-date, adjusted EBITDA amounts to

NOK -21,4 million, compared to NOK -29,4 million in 2024. The improvement is

strongly influenced by the effects of cost reduction measures throughout the

year. In total, operational costs so far this year are NOK 8,9 million lower

compared to last year.

Available liquidity at end of Q3 2025 amounted to NOK 7,5 million.

Outlook

In Q4 we are looking forward to the B2C sales launch in Sweden, which will be an

important steppingstone for further geographical B2C expansion in Northern

Europe. Addressing these markets directly is both strategically and financially

interesting.

The nutra B2B business has been growing steadily and is expected to yield

stronger growth in 2026 and onwards with increased volumes on existing

customers, new large accounts in process and by opening new geographical

markets. Attendance at the Supply Side Global in the US end of October was a

success with very promising leads- and customer interactions, especially related

to our positioning within SPM/PRM (Specialized Proresolving Mediators/Pro

Resovling Mediators) space. These are molecules that play a role in inflammation

-related processes in the body.

Arctic Bioscience is invited as speaker at the Glaucoma360 New Horizon Forum in

San Francisco in January, a significant venue to present our Glaucoma project

for the Industry and the research community.

The liquidity situation is closely monitored. The dialogue with the Group's

financing partners is close and good. The company is in a process with its

primary bank to strengthen its liquidity situation going forward.

Webcast

Arctic Bioscience will host a webcast and Q&A session today at 10:00 CET to

present the Q3 update highlights and results from HeROPA-trial analysis. The

presentation can be accessed through the following link:

https://events.teams.microsoft.com/event/a5afa4c4-2a3b-40e4-9137

-9c1d28c69aee@ce618813-5158-40b5-b6d0-2f2cd3f39b20

This information is subject to the disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act.

For further information, please contact:

Christer L. Valderhaug

CEO

Mobile: +47 920 84 601

Email: christer@arctic-bioscience.com

Jone R. Slinning

CFO

Mobile: +47 948 75 469

Email: jone@arctic-bioscience.com

About Arctic Bioscience

Arctic Bioscience is a biotech company developing and commercializing

pharmaceutical and nutraceutical products based on unique bioactive marine

compounds.

The company is developing HRO350 - a novel oral drug candidate. HRO350 is being

developed for treatment of patients with mild-to-moderate psoriasis. This is a

large patient group in need of new effective medicines with beneficial safety

profile.

Nutraceuticals from Arctic Bioscience are sold globally as bulk ingredients as

well as finished goods under the ROMEGA® brand.

Arctic Bioscience is led by a highly skilled team of talents with diverse and

highly relevant background.