Arctic Bioscience — Report Publication Announcement 2025

May 7, 2025

Arctic Bioscience - Annual report 2024

Arctic Bioscience - Annual report 2024

Arctic Bioscience has today released its Annual Report 2024, including the Board

of Directors report and financial statements. The report and annual accounts

were approved by the Board of Directors after close of business on 6[th] of May

On 27 February 2025 Arctic Bioscience reported preliminary and unaudited key

results for the fourth quarter and full year 2024. Today's audited accounts

include adjustments to gross profit and gross margin due to extraordinary cost

provisions of NOK 2,34 million in relation to recall of goods sold to business

partners in Q4 2024. The recall issue arose late Q1 2025 and is undergoing

standard quality procedures.

· Gross profit is reduced from NOK 5,4 million to NOK 3,1 million in Q4 2024

· Gross margin is reduced from 34,4 % to 20 % in Q4 2024

· Gross profit is reduced from NOK 14,2 million to NOK 11,9 million for full

year 2024

· Gross margin is reduced from 32,7 % to 27,1 % for full year 2024

The report is attached to this stock notice and is available on the company's

website.

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

-12 of the Norwegian Securities Act.

For more information, please contact:

Christer L. Valderhaug

CEO

Phone: +47 920 84 601

E-mail: christer@arctic-bioscience.com

Jone R. Slinning

CFO

Mobile: +47 948 75 469

E-mail: 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.