Arctic Bioscience — Investor Presentation 2026

Apr 30, 2026

Arctic Bioscience

Presentation of financial results;
Q1 2026 update

April 30th 2026

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

ARCTIC
BIOSCIENCE

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Disclaimer

Matters discussed in this Presentation may constitute or include forward-looking statements. Forward-looking statements are statements that are not historical facts and may include, without limitation, any statements preceded by, followed by or including words such as "aims", "anticipates", "believes", "can have", "continues", "could", "estimates", "expects", "intends", "likely", "may", "plans", "forecasts", "projects", "should", "target" "will", "would" and words or expressions of similar meaning or the negative thereof. These forward-looking statements reflect the Company's beliefs, intentions and current expectations concerning, among other things, the Company's results of operations, financial condition, liquidity, prospects, growth and strategies. Forward-looking statements involve known and unknown risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The forward-looking statements in this Presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions that may not be accurate or technically correct, and their methodology may be forward-looking and speculative.

An investment in the Company's shares should be considered as a high-risk investment. Several factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievement that may be expressed or implied by statements and information in this Presentation.

A multitude of factors can cause actual results to differ significantly from any anticipated development expressed or implied in this Presentation, including among others, economic and market conditions in the geographic areas and industries that are or will be major markets for Company's businesses, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors.

The information obtained from third parties has been accurately reproduced and, as far as the Company is aware and able to ascertain from the information published by that third party, no facts have been omitted that would render the reproduced information to be inaccurate or misleading.

The contents of this Presentation are not to be construed as financial, legal, business, investment, tax or other professional advice. By receiving this Presentation, the Recipient acknowledges that it will be solely responsible for its own assessment of the Company, the market and the market position of the Company and that it will conduct its own analysis and is solely responsible for forming its own opinion of the potential future performance of the Company's business. In making an investment decision, the Recipient must rely on its own examination of the Company, including the merits and risk involved. This Presentation is not an advertisement for the purposes of applicable measures implementing the EU Prospectus Regulation.

This Presentation is not a prospectus and does not contain the same level of information as a prospectus.

Note: For sources, references and additional context recipients of this presentation are referred to the Company Presentations found on Arctic Bioscience website, https://arctic-bioscience.com/investors/reports-presentations/

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ARCTIC BIOSCIENCE

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

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Agenda

• Operational highlights
• Operational review Nutra
• Operational review Pharma
• Q1-2026 consolidated Group financial review
• Business outlook
• Q&A

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ARCTIC DIRECCIENZE

Intro and Q1-2026 operational highlights

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2026 Q1 highlights

| HRO350 significantly reduced systemic inflammation in the HeROPA trial
Fuelling partner discussions | | |
| --- | --- | --- |
| Strong start for Nutra in 2026
Strong start to the year with quarterly revenue of NOK 11,9 million, a +78% growth compared to Q1 2025 | Nutra order intake solid
Solid order intake into 2026 for the nutraceutical business | ROMEGA® Concept store
A ROMEGA® Concept store established in Hainan China, the new free trade zone of China |
| Exiting clinical data in Glaucoma
Discussions on next step study with research partner in China | New NOK 15 million financing
New guaranteed loan facility established with SMN | SPM paper on mode-of-action (HRO350) published in the Journal of Lipid Research |

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ARCTIC BIOSCIENCE

Operational review Nutra

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B2C sales

B2C sales of ROMEGA® products in Norway is at level with same period last year – mainly subscription based sales

Offline sales trough Sunkost, Life, Kinsarvik and Farmasiet in Norway is 20% up in Q1 2026 compared to last year

B2C sales outside of Norway – launched in Sweden late last year

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

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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

Americas continues to develop well and expected to grow further on existing accounts as well as new accounts to follow through 2026. An exiting new brand launch in May within Brain Health

Several good prospects for developing new Asian markets, with new B2B brands expected to launched in Taiwan, Japan and more during 2026

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)

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ROMEGA® in China

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

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

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

Going forward we will also see increased focus on marketing and sales of the ROMEGA® Brain Health

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 first half 2027

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ROMEGA® Concept store in Hainan Lecheng – China

The new free trade port - gateway between China and global concepts & markets

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LIBETIE EDUCATIENCI

Operational review Pharma

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Partner dialogues ongoing

At BIO Europe in Lisbon end of March this year we had good update discussions with more than a handful of potential Pharma-partners. The promising data on systemic inflammation (SII) disclosed late last year is a therapeutic frontier which has fueled further attention for HRO350

The discussions held in Lisbon were opportunity-oriented and forward-looking with alignment on the next steps:

• Finalize and disclose results at EADV in May and in peer-reviewed journals
• Draft Phase III design and seek scientific advice with EMA

Re-engage early autumn around the above and potentially bring the discussions into the next stage

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Pharmaceutical pipeline: Outlook

HRO350
Mild to moderate Psoriasis

Next steps

• Partner search (funding phase 3)
• Publish results/articles
• Design phase 3 / scientific advice
• Specific China potential in TCM

ABS302
Brain development in extremely premature infants

Next steps

• Produce material and conduct preclinical studies
• Potential exit 2027/2028

ABS403
Glaucoma

Next steps

• Dialogue on a larger follow up study on glaucoma to confirm potential seen from first pilot trial
• Specific China potential

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Status and next step plan for HRO350 in mild-to-moderate psoriasis

Status

• Leveraging partner dialogues
• Data analysis from Phase IIb “HeROPA” trial complete, scientific publications
• Building a strong clinical and mechanistic dataset for further development

Next steps

• Phase III program informed by the Phase IIb outcomes and expert advisors
• Seek Scientific Advice from the EMA on Phase III design and regulatory path to market
• Seek partnerships for finalizing Phase III study design
• Clinical Trial Application

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Status: Scientific publications of data

• Published: SPM publication – mode-of-action (Journal of Lipid Research)
• In final review: Cellular data – mode-of-action
• Submitted and undergoing review: Haukeland study post-hoc on SII
• Accepted for EADV spring conference: HeROPA top-line data. Disclosed May 7th 2026
• In preparation: Several manuscripts on HeROPA data

JLR JOURNAL OF LIPID RESEARCH

Published by the American Society for Biochemistry and Molecular Biology

J Lipid Res. 2026 Mar 10;67(4):101016. doi: 10.1016/j.jlr.2026.101016.05

Herring roe PLs promote SPM biosynthesis in macrophages and a keratinocyte/fibroblast coculture as a model of psoriasis

Thomas A Ringheim-Bakka $^{1,*}$, Amitis Sallani $^{2}$, Tene-Kari K-Bolbye $^{3}$, Jennifer Mildenberger $^{4}$, Matthew Dooley $^{5}$, Maftuna Buzojina $^{1}$, Mona E Pedersen $^{3}$, Nina T Solberg $^{3}$, Jesmond Dalli $^{2,6}$, Runhild Gammelsaeter $^{1,6}$

$\triangleright$ Author information $\triangleright$ Article notes $\triangleright$ Copyright and License information

PMCID: PMC13087762 PMID: 41812728

Resolution of systemic inflammation in psoriasis following herring roe oil treatment: a post hoc analysis on inflammatory biomarkers in non-severe psoriatic patients

Thomas Ringheim-Bakka$^{1}$, Runhild Gammelsaeter$^{1*}$, Kåre Steinar Tveit$^{1}$

$^{1}$ Arctic Bioscience AS, Industrivegen 42, Ørsta 6155, Norway*

$^{2}$ Department of Dermatology, Haukeland University Hospital, Haukelandveien 22, Bergen 5021, Norway

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New scientific publication: Resolution of inflammation in cells

Mechanistic cellular data: HRO350 promotes SPM biosynthesis in immune cells with implications for the treatment of psoriasis

Lipid mediators actively resolve inflammation

• Most existing drugs are designed to reduce inflammation by inhibiting pro-inflammatory cytokines
• Data on SPMs and lipid mediators supporting an anti-inflammatory action of HRO350, and PEHeRo (API)
• Upregulating the production of SPMs which promote a shift towards a protective and possibly reparative phenotype of monocyte-derived macrophages

Fullerton, J., Gilroy, D. Resolution of inflammation: a new therapeutic frontier. Nat Rev Drug Discov 15, 551–567 (2016).

Park J, Langmead CJ, Riddy DM. New Advances in Targeting the Resolution of Inflammation: Implications for Specialized Pro-Resolving Mediator GPCR Drug Discovery. ACS Pharmacol. Transl. Sci. 2020, 3, 1, 88–106.

Serhan CH, Chiang N, Dalli J. The resolution code of acute inflammation: Novel pro-resolving lipid mediators in resolution. Seminars in Immunology. 2015 May;27(3):200-215. DOI: 10.1016/j.smim.2015.03.004. PMID: 25807211; PMCID: PMC4510371.

Sarokin AV, Norris PC, English JT, Dey AK, Chaturvedi A, Baumer T, et al. Identification of proresolving and inflammatory lipid mediators in human psoriasis. Journal of Clinical Lipidology. 2018 July 1;12(4):1047–60.

Figure: Ringheim-Bakko TA, Saliani A, Øldbye TK, Mildenberger J, Dooley M, Busugino M, Pedersen ME, Solberg NT, Dalli J. Gammelsseler R. Herring role PU promote SPM biosynthesis in macrophages and a keratinocyte/fibroblast coculture as a model of psoriasis. J Lipid Res. 2026 Mar 10;67(4):101016. doi: 10.1016/j.jlr.2026.101016. Epub ahead of print. PMID: 41812728.

Figure adapted from Ringheim-Bakko et al. SPM levels (mean of four donors/experiments ± SEM) from DHA (left) and EPA (right): metabolomes in macrophage cell supernatants (pg/3 ml) when incubated with PEHeRo + LPS. LPS (control), or untreated. PEHeRo + API. *** p < 0.001.

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New publication: Resolution of systemic inflammation in the Haukeland study

Post hoc analysis on HRO giving reduction of inflammation in psoriasis in the Haukeland study (2019)

Systemic immune-inflammation index (SII)

• Subjects taking HRO (Herring Roe Oil) for 26 weeks experienced statistically significant reduction in systemic inflammation when measured by SII compared to placebo control
• SII considered to reflect the balance between innate inflammatory activation and adaptive immune regulation

Subjects taking HRO for 26 weeks in the Haukeland trial. Graph is plotted from ANCOVA-adjusted mean values at weeks 12 and 26, estimated at a common reference baseline. Both treatment arms are anchored to the shared week-26 baseline value; error bars indicate 95% confidence intervals.

Systemic immune-inflammation index: SII = (neutrophils x platelets)/lymphocytes

Analyses were performed as exploratory post hoc analyses on complete blood count values from the trial by Tveit et al. (2020; 2021) in mild to moderate psoriasis. Manuscript submitted. Publication pre-print: https://www.medrxiv.org/content/10.64898/2026.04.20.26350934v1

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Next steps HRO350 psoriasis: Phase III design with experts

External experts will assist with phase III protocol design
CRO and potential partners to contribute to final protocol

Key elements to integrate based on learnings from phase IIb

• Choice of primary endpoint
• Tackle placebo response
• Take SII baseline into account

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Next step HRO350 in psoriasis: Scientific advice on Phase III design

Partners seeking risk reduction, by draft phase III design with scientific advice from the EMA
- In preparation
- Assisted by external international dermatology expert

Input to discussion with partners: Scientific Advice EMA
- Draft phase III protocol
- Send questions to the EMA to get advice on proposed study design
- Timeline: June – November 2026

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Extremely premature (ABS302)

Smerud Medical Research International

• Setting up consortium with partners and advisors for pre-clinical studies (efficacy and toxicology)
• Considering public grants with European consortium

Next steps

• Produce material and conduct preclinical studies
• Potential exit 2027/2028

ABS302
Brain development in extremely premature infants

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ARCTIC BIODECECNICE

Q1-2026 consolidated group financial review

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Key financial figures

SALES REVENUES

GROSS MARGIN

AVAILABLE LIQUIDITY

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Breakdown of Nutra revenue

REVENUE BY BUSINESS LINE

REVENUE BY REGION

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NOK	Q1-26	Q1-25
Total revenue	12 485	7 562
Sales revenue	11 860	6 666
Other income	625	895
Cost of goods sold	7 789	4 863
Gross profit	4 071	1 803
Gross margin %	34,3 %	27,0 %
Employee benefits expenses	7 323	7 102
Other expenses	3 912	5 352
EBITDA	-6 540	-9 756
One-off costs EBITDA adj.	0	700
Adj. EBITDA	-6 540	-9 056

EBITDA results

Highest nutra revenue for a first quarter ever recorded, with an annual year-over-year growth of 78%

• Continuously strong growth in the American market, increase year-over-year NOK 5,4 million, from NOK 0,6 million to NOK 6,0 million
• Stable development in other key segments compared to last year

Other income stable compared to last year

• Related to public grants in Arctic Algae

Increase in gross margin

• Increase of 7,3 percentage points compared to Q1-2025

Lower cost base established

• NOK 1,2 million lower operating costs compared to Q1-2025
• Implemented cost reductions has established a lower cost base for the company compared to previously years

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ARCTIC DISSEMINCE

Business outlook

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Outlook

HRO350 psoriasis

After good update discussions with several potential partners at BIO Europe in Lisbon late March, the next steps are aligned:

• Finalize and disclose results at EADV in May and in peer-reviewed journals
• Draft Phase III design and seek scientific advice with EMA

Enter into next phase discussions on potential partnerships based on a risk reduced asset

Nutra potential

Increased nutraceutical revenues expected in 2026 based on sales in Q1 and received purchase orders and general order outlook

Several new partner product launches expected in several geographical markets in 2026

Continued cost- and liquidity discipline

Good dialogue with Group's bank and largest shareholders. 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

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ARCTIC DISSCIENCE

Q&A

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ARCTIC

BIOSCIENCE

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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