Arctic Bioscience — Investor Presentation 2025

Nov 10, 2025

Arctic Bioscience

Presentation of financial results; Q3 2025

November 10th 2025

Christer L. Valderhaug (CEO) Runhild Gammelsæter (Medical Director) Jone R. Slinning (CFO)

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Developing and commercializing pharmaceutical and nutraceutical products based on unique bioactive marine compounds, utilizing proprietary technology and methodology

Agenda

Operational highlights

Operational review Nutra

Q3-2025 consolidated Group financial review

Operational review Pharma

Business outlook

Q&A

Intro and Q3-2025 operational highlights

Q3-2025 highlights

HRO350 significantly reduced systemic inflammation in the HeROPA trial

SII post-hoc analyses on all patients in per-protocol population

Exiting clinical data in Glaucoma

Pilot study confirms potential through neuroprotective approach

Strong Nutra growth in Americas

Nutra sales in Americas has been strong in 2025 and is expected to grow further in 2026

Significant CAPEX reduction

CAPEX related to Pharma is now finalized as the HeROPA-trial is complete

Arctic Algae received grants

NOK 2,5 million in grants from RFF for an oral aquaculture vaccine project

Cost reduction initiatives implemented

Operating costs reduced with NOK 8,9 million compared to Q3-2024

Entered into the beauty product segment in China

ROMEGA® Skin Refine launched in China

Operational review Nutra

B2C sales

B2C sales of ROMEGA® products in Norway is at level with same period last year, though with significantly less marketing spending – mainly subscription based sales

Offline sales trough Sunkost, Life, Kinsarvik and Farmasiet in Norway is slightly lower than last year – but more profitable

Looking to extend B2C sales outside of Norway – launch in Sweden early November

Further B2C-expansion will follow in more European markets during 2026

Nutra B2B

B2B products: sold in Americas, Europe and APAC

• − Bulk products (oil, capsules, protein)
• − Private label
• − Customized products
• − The ROMEGA® ingredient present in more than 40 consumer brands globally

Strong B2B sales compared to last year – Americas developing well

We experience an increased focus on anti-inflammation in key markets – where the ROMEGA® ingredient is strongly positioned with its SPM-story (Specialized pro-resolving mediators)

Further expansion in both existing and new markets expected going forward – with regulatory approval processes ongoing in several large markets

ROMEGA® in China

ROMEGA ® products are currently sold cross -border eCommerce into China from Hong Kong

Despite a challenging consumer market in China this year with high degree of uncertainty and reduced consumer spending – our partner has managed so keep sales revenues at level with last year

Our best -selling product in China is ROMEGA® Prenatal (Gravid) which is established as a well -recognised product in its category.

The second -best product is ROMEGA® Eye, which is now gaining traction in the market and showing good sales numbers

An approval process is ongoing with the Chinese food authorities to approve herring caviar oil as an ingredient into China. This will open up new commercial opportunities with a much broader distribution B2B. Approval is expected late 2026/early 2027

Arctic Algae - Development of oral vaccines for aquaculture

• Current vaccination methods (injection & immersion) are stressful for fish, labor-intensive, costly, and hard to apply
• Oral vaccines provide a simple, scalable, and stress-free alternative
• Microalgae act as safe, digestible carriers for oral vaccines, enabling low-cost and sustainable production
• The project received NOK 2,5 million in grants from RFF (Regionalt forskningsfond) in October

Q3-2025 consolidated group financial review

Key financial figures

Breakdown of Nutra revenue

REVENUE BY BUSINESS LINE REVENUE BY REGION

TNOK	YTDQ3-25	YTDQ3-24
Total revenue	28 385	28 288
Sales revenue	25 945	27 830
Other income	2 441	458
Cost of goods sold	18 309	18 985
Gross profit	7 635	8 844
Gross margin %	29,4 %	31,8 %
Employee benefits expenses	17 618	19 063
Other expenses	13 898	21 282
EBITDA	-21 440	-31 043
One-off costs EBITDA adj.	0	1 677
Adj. EBITDA	-21 440	-29 367

EBITDA results

YTD Nutra revenues slightly down compared to last year, significantly affected by previously announced recall-situation

• Recall-issue has delayed order intake, deliveries and manufacturing both in Q2 and Q3
• Strong development in the American market. Already higher revenues than the total revenues for this region in 2024
• Asian market has been characterized by uncertainty in the consumer market this year, which affects our sales to this market

Gross margin also affected by recall-issue

• Additional costs of goods sold were incurred in connection with the completion of the recall process

Significant cost reduction in operating expenses in 2025 compared to last year

• In total year-to-date NOK 8,9 million lower compared to the same period in 2024
• Effects mainly caused by cost-reduction initiatives implemented in Q4 2024 and later

Operational review Pharma

Psoriasis is an inflammatory disease

Novel oral product meets an unmet medical need for patients with non-severe psoriasis

Comments

Psoriasis is an inflammatory skin disease, associated with comborbid disorders

Disease severity – how extensive or serious the skin involvement is – often goes hand-in-hand with systemic inflammation.

People with more severe psoriasis frequently show higher levels of inflammatory markers in their blood and have greater risks of other inflammatory health issues (like psoriatic arthritis or heart disease) compared to those with milder psoriasis.

Two clinical trials on HRO350 in mild-to-moderate psoriasis: total 600 patients studied in 5 countries

The Haukeland study: 26 weeks randomized controlled, 39 weeks open label

Patients with PASI 3-10 were recruited

Haukeland: 64 patients

Norway

Randomized 1:1

58 patients (96% percent of randomized patients) completed the full study period.

HeROPA phase IIb study design: 52 weeks randomized controlled, 8-week follow-up

HeROPA: 521 patients

Norway, Germany, Poland, Finland, United Kingdom

Randomized 1:1:1

Protocol designed after Scientific Advice from the EMA

335 patients (64% percent of randomized patients) completed 26 weeks of treatment, and 272 (52 %) completed one year of treatment (week 52 Per Protocol population)

Patient baseline criteria was comparable in the two studies1,2

The Haukeland study (2019): Statistically significant improvement in mild-to-moderate psoriasis demonstrated in first placebo controlled clinical study

The Haukeland study: randomized, double-blind, placebo-controlled study to investigate the efficacy of herring roe oil

The Haukeland study demonstrated significant improvement in PASI

• Single center study on patients with mild-to-moderate psoriasis (PASI < 10) (n=64)
• Primary endpoint: mean PASI (Psoriasis Area and Severity Index) score vs. placebo after 26 weeks of treatment
• Open label extension to week 65 showed HRO efficacy is sustained, and that patients who received placebo in the first part of the study achieved similar improvement
• Safety: HRO was well tolerated, with no serious adverse events reported related to treatment and no significant difference in AEs between treatment group and the placebo group

^*: Statistically significant difference to placebo with p < 0.005. **: Statistically significant difference to placebo with p < 0.01

The HeROPA study (2025): PGA 0/1 differentiates better than PASI50

Physician's Global Assessment (PGA 0/1) easier to measure and more difficult to achieve than PASI50

Improvement in Quality of Life in the two clinical trials

The Dermatology Life Quality Index (DLQI) in patients with mild-to-moderate psoriasis in two clinical trials

Improvements in quality of life observed in both clinical trials

The Haukeland study:

• 55% reduction in DLQI for patients treated with HRO for 65 weeks

The HeROPA study:

• Approx. 40% of patients treated with high dose HRO350 achieved a DLQI 0/1 ("no effect on patient life") after 1-year of treatment

Psoriasis severity assessments and inflammation measured in blood

PASI and PGA are measures of skin symptoms, SII reflects systemic inflammation and immune status of the patient¹

Comments

PASI: The Psoriasis Area and Severity Index

• 0–72-point scale where < 10 is mild-moderate disease¹⁴

All patients in HeROPA had a PASI 3-10 at start

SII: Systemic Immune-inflammation Index – a biomarker which correlates with psoriasis severity and disease activation^2-8

SII < 500 may reflect mild-to-moderate inflammation

Half of the patients in the HeROPA trial had SII > 506, associated higher systemic inflammation

SII distribution was similar in the Haukeland study

Systemic Immune-inflammation Index (SII) reflects systemic inflammation and immune activation. SII = (Neutrophils × Platelets) / Lymphocytes

I. Guo H huan, Chen R xi. Association of systemic inflammation index with psoriasis fisk and psoriasis fisk and psoriasis fisk and psoriasis severity: A retrospective cohort study of NHANES 2009 to 2014. Medicine. 2024 Feb 23;103(8):e37233. 2. Dincer Rota D, Tanacan E. The utility of systemic immune inflammation index with psoriasis fisk and psoriasis in J Clin Pract. 2021 Jun;26(8):3886. 4. Zhang Y, Qian H, Kuang YH, Wang Y, Chen WG, Zhu W. Evaluation of the inflammatory parameters as potential biomarkers of systemic inflammation index systemic inflammation index systemic inflammation index systemic inflammation index systemic inflammation index systemic inflammation index systemic inflammation index systemic inflammation index systemic inflammation index systemic inflammation index systemic inflammation index systemic inflammation index systemic inflammation index systemic inflammation index systemic inflammation index as measure of systemic inflammation in patients with immunological diseases: a systematic review and meta-analysis. Clin Exp Med. 2024;24(1):27. 9, Murray G. Kearney N, Smith C, Carty K, Safta RV, Conlon O, et al. The Systemic Immune-Inflammation index and Its Association between systemic review and meta-analysis. Clin Exp Med. 2024;24(1):27. 9, Murray G. Kearney N, Smith C, Carty K, Safta RV, Conlon O, et al. The Systemic immune-inflammation index and Its Association With Biologic Index as a measure of systemic inflammation index and Its Association With Biologic Index as a measure of systemic inflammation index and Its Association With Biologic Index and Its Association With Biologic Index and Its Association With Biologic Index and Its Association With Biologic Index and Its Association With Biologic Index and Its Association With Biologic Index and Its Association With Biologic Index and Its Association With Biologic Index and Its Association With Biologic Index and Its Association With Biologic Index and Its Association With Biologic Index and Its Association With Biologic Index and Its As

The HeROPA trial: HRO350 reduced systemic inflammation

SII post-hoc analyses on all patients in per-protocol population

Comments

PGA is a measure of psoriasis skin symptoms:

• PGA 0/1 "clear-or-almost clear skin"

Systemic inflammation is measured in blood:

• 25% reduction in SII

Reducing inflammation is beneficial for patients with inflammatory conditions

PP: Per Protocol population who completed 52 weeks: n = 272. Data as observed.

^*: Statistically significant difference to placebo with p < 0.005. **: Statistically significant difference to placebo with p < 0.01

The HeROPA trial: Systemic inflammatory state impacted response

Patients with mild-to-moderate inflammation (SII ≦ 506) at baseline showed significant improvements in skin symptoms (PGA), and clinically relevant improvement in inflammation

Half the patients in the HeROPA trial had a SII under 506, where the two lower quartiles align with lower systemic inflammation, associated with mild-moderate psoriasis

Reduction in SII appear before changes in skin symptoms

SII may be useful to evaluate in patients in future clinical trials

PP: Per Protocol population who completed 52 weeks: n = 272. Patients with SII ≦ 506 at baseline (lower two quartiles: n = 261, Data as observed. *: Statistically significant difference to placebo with p < 0.005. ***: Statistically significant difference to placebo with p < 0.001

HeROPA preliminary analyses, Data-on-file. Efficacy and Safety Study of HRO350 in Patients with Mild-to-moderate Psoriasis (the 'HeROPA' Study) ClinicalTrials.gov ID NCT06125808

Significant reduction of systemic inflammation in both clinical trials

Consistent reduction in SII across two clinical trials in patients with mild-to-moderate psoriasis

% of patients achieving SII25

Both clinical trials demonstrated significant reduction in inflammation

Statistically significant reduction of systemic inflammation (SII25) in the patients who completed 1-year of treatment in the HeROPA study versus placebo treated patients.

Statistically significant reduction of similar magnitude in the Haukeland study in the patients who completed the 26-week placebo-controlled period.

HeROPA preliminary analyses on the Per-protocol population, Data-on-file. Efficacy and Safety Study of HRO350 in Patients with Mild-to-moderate Psoriasis (the 'HeROPA' Study) ClinicalTrials.gov ID NCT06125808. Haukeland study post-hoc analysis. Data-on-file. ClinicalTrials.gov ID NCT03359577.

PP: Per Protocol population who completed 52 weeks: n = 272. Patients with SII ≦ 506 at baseline (lower two quartiles: n = 261, Data as observed. *: Statistically significant difference to placebo with p < 0.005. ***: Statistically significant difference to placebo with p < 0.001

Arctic Orphan - progressing towards preclinical trials: Partner in place

Development of novel orphan designation drug candidate for brain development in extremely premature infants

• Successfully completed preparation of test batches of active substances (API)
• Successful formulation of two liquid prototype formulations
• Feeding tube passability and formulation stability assessed
• Status: Ready to GLP manufacture for preclinical trials
• Partner to finance and conduct clinical trials in place
• Commercial strategy: Asset sale post preclinical. Expected 2027

Potential in Primary Open-Angle Glaucoma: Partner discussions initiated

Pilot study5 confirms potential through neuroprotective approach

Glaucoma is a chronic progressive optic neuropathy and a leading cause of irreversible blindness.

Neurodegeneration in glaucoma takes place even when intraocular pressure (IOP) is managed.

Neuroprotective approaches seek to stop cell death beyond IOP control, using antioxidants and anti-inflammatory nutrients, but remains an unmet clinical need.

Primary open-angle glaucoma:

Current glaucoma drug treatment landscape: a \$5.3 B global treatment market with an expected CAGR of ~2.9% for the next 10 years1

• Topical IOP-lowering drugs: First-line treatment in glaucoma management. Associated with poor compliance3 and long-term use may cause/exacerbate pre-existing ocular surface disease2
• Orally administered IOP-lowering drugs: Not commonly first-line treatment due to safety profile2,4

Glaucoma treatment ladder:

POAG: Primary Open-Angle Glaucoma, IOP: Intraocular pressure, HCO: Herring Caviar Oil, CAGR: Compound Annual Growth Rate, LTP: Laser trabeculoplasty Adapted from: Jóhannesson G, Stille U, Taube AB, Karlsson M, Kalaboukhova L, Bergström A, et al. Guidelines for the management of openangle glaucoma. Acta Ophthalmologica. 2024;102(2):135–50. HCO in dotted lines is not part of original graphic.

1. Glaucoma Treatment Market Size to Attain USD 8.66 Billion by 2034 [Internet]. [cited 2025 Sep 22]. Available from: https://www.precedenceresearch.com/glaucomatreatment-market. 2. European Glaucoma Society Terminology and Guidelines for Glaucoma, 4th Edition - Chapter 3: Treatment principles and options Supported by the EGS Foundation | British Journal of Ophthalmology [Internet]. [cited 2025 Sep 22]. Available from: https://bjo.bmj.com/content/101/6/130. 3. Moore SG, Richter G, Modjtahedi BS. Factors Affecting Glaucoma Medication Adherence and Interventions to Improve Adherence: A Narrative Review. Ophthalmol Ther. 2023 Dec 1;12(6):2863–80. 4. Jóhannesson G, Stille U, Taube AB, Karlsson M, Kalaboukhova L, Bergström A, et al. Guidelines for the management of open-angle glaucoma. Acta Ophthalmologica. 2024;102(2):135–50. 5. Luo J, Tu S, Li K, Yang R, Lin Y, Deng J, et al. Preliminary evaluation on the effect of oral omega-3 supplementation from herring caviar oil in primary open-angle glaucoma patients. Int Ophthalmol. 2025 Jul 21;45(1):305.

Unmet clinical need: Safe, oral maintenance therapy for chronic glaucoma

Business outlook

Outlook Q4-2025

HeROPA development

Strategic opportunities for further development and regulatory engagement will be evaluated

Partnerships for further development will be sought going forward

Attended BIO Europe in Vienna November 3rd – 5th and held several meetings

Liquidity situation closely monitored

Positive dialogue with Group's bank. The Board continuously assessing measures beyond what has already been implemented

Further development of HRO350, beyond phase IIb, will be funded separately through partnership or specific project funding

Nutra potential

Increased nutraceutical revenues expected in Q4-2025 and in 2026 based on received purchase orders and general order outlook

B2C-launch in Sweden

Q&A

Contact

CEO - Christer L. Valderhaug: christer@arctic-bioscience.com

CFO - Jone R. Slinning jone@arctic-bioscience.com

Medical Director - Runhild Gammelsæter: runhild@arctic-bioscience.com

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