Oncopeptides

Quarterly Report • May 4, 2023

INTERIM REPORT – Q1 2023 Providing clinical benefit to patients

S ignificant events Financial overview

JANUARY-MARCH

• Monica Shaw is appointed CEO and takes office on the 4 th of January, and Jakob Lindberg assumes role as Chief Scientific Officer.
• Holger Lembrér is appointed CFO and takes office on the 18th of January 2023.
• Oncopeptides receives a research grant of SEK 3 M from Sweden´s Innovation Agency Vinnova, as per 28th of March, to explore the PDC platform in solid tumors

EVENTS AFTER THE PERIOD

• Oncopeptides issues warrants to utilize the first loan tranche from EIB.

JANUARY-MARCH

• Net sales amounted to SEK 1.1 M (-)
• Operating profit amounted to SEK -72.7 M (-98.9)
• Net profit amounted to SEK -71.0 M (-98.6)
• Profit per share, before and after dilution, amounted to SEK -0.79 (-1.31)
• Cash balances at the end of the period amounted to SEK 253.9 M (194.3)

Selected Key Indicators

(SEK thousand)	2023 Jan-Mar	2022 Jan-Mar	2022 Jan-Dec	2021 Jan-Dec
Net sales	1 124	-	8 355	118 295
Operating profit	-72 740	-98 865	-349 350	-1 420 917
Profit after tax	-71 025	-98 587	-337 951	-1 430 317
Earnings per share before and after dilution (SEK)	-0,79	-1,31	-4,11	-19,00
Cash flow from operating activities	-88 997	-166 033	-420 509	-1 516 391
Cash at the end of the period	253 904	194 315	344 515	362 187
R&D costs/operating expenses, %	41%	67%	61%	46%

This publication is a translation of the original Swedish text. In the event of inconsistency or discrepancy between the Swedish version and this publication, the Swedish language version shall prevail.

Pepaxti providing clinical benefit to patients with Multiple Myeloma

The first quarter marked an important transition for Oncopeptides, establishing ourselves as a commercial organization. Our key priority this year is building the Pepaxti launch in Germany and initiating pricing and reimbursement discussions across Europe.

We have successfully hired team members in Germany with a broad set of skills, existing network, and expe rience to launch drugs within haema tology and multiple myeloma. This has allowed us to increase the coverage of target physicians and raise the aware ness and willingness to prescribe Pepaxti. We are leveraging our expe rience in Germany to consolidate our positioning of Pepaxti and finalize a launch sequence for the rest of Europe, and have interesting opportunities in our pre -clinical pipeline, advancing the PDC and SPiKE platforms towards the clinic. After the quarter we have exten ded the cash runway and refocused our spending and decided to utilize the first tranche of our loan facility with the European Investment Bank (EIB).

A key reason I joined Oncopeptides was the opportunity to launch Pepaxti, as I believe this is an important product for patients with multiple myeloma. Spea king with physicians in Germany and across Europe, I have received consis tent feedback that more options are needed for patients who prioritize efficacy while maintaining their quality of life with a manageable treatment alternative. To address this unmet need, we aspire for Pepaxti to become the preferred treatment option in elderly patients with relapsed, refractory multiple myeloma.

Where physicians have begun to use Pepaxti, we have started to see a progression towards depth of prescribing and advocacy, with new physicians becoming speakers for us at peer -to -peer events. We have completed a first market access assessment for Europe, developed a market access strategy, and initiated pricing and reimbursement discussions in key markets. This enables us to do a targeted geographic expansion in Europe and provides the basis for go/no go commercial decisions in other geo graphies, as well as a launch sequence that protects our price and maximizes profitability. For key markets we will develop our own commercial model and for other European markets we will identify profitable partnerships. We have already initiated a partnership with Ariti in Greece where we have experienced significant interest from physicians who had been involved in our clinical studies.

The market authorizations in the EU and UK during the second half of 2022 have made it possible for us to extend patent protection for five years via Supplementary Protection Certificates (SPCs).

I am pleased to share that our sub mission to the European Medicines Agency regarding a type II variation to expand the market for Pepaxti and en able prescription in adult patients with multiple myeloma who have received at least two prior lines of therapies, is pro gressing well. We are now planning for a formal marketing authorization in Q3 2023.

With regards to our pipeline, we have received a Eurostars research grant of SEK 3 M from Sweden ́s Innovation Agency Vinnova, to explore the development of new treatment options for glioblastoma, an aggressive and incurable form of brain cancer with an imminent need for more effective therapies. The grant allows exploratory research to better understand the potential of the PDC platform in solid tumours such as glio -blastoma. While Pepaxti and the PDC platform has been validated in multiple myeloma, preclinical data have also demonstrated a potential to expand the PDC platform into other haematological tumours such as lymphoma and acute myeloid leukemia (AML) and solid tumours such as mesothelioma, triple negative breast cancer, retinoblastoma and liver cancer. We will be exploring our strategic options in these spaces. We will also continue to advance our preclinical proof of concept for a novel synthetic small polypeptide based on our Small Polypeptide based innate Killer Engager platform (SPiKE). The compound is a Natural Killer (NK) cell engaging immunotherapy that uses the affibody technology. The compounds enable superior tissue penetration and immune cell activation, resulting in effective target cell killing and potentially less risk of immune system exhaustion. NK cells are becoming increasingly important targets to avoid cytokine release syndrome (CRS), associated with T-cell activating immunotherapies such as checkpoint inhibitors, CAR -Ts and bispecific T -cell engagers (BiTEs). The small molecules enable synthetic production, which means that com pounds can be produced on a larger scale through a much more efficient and less costly process. We have previously received a research grant to explore the SPiKE platform in multiple myeloma in collaboration with a world leading research consortium. The

project is partly financed by Vinnova and

qualified as a Eurostars program. We are exploring further indications given the flexibility of our platform to target any potential malignancy.

Oncopeptides has decided to utililze the first of three potential tranches of our loan facility with the EIB, amounting to EUR 10 million.This increases our flexi bility during the commercialization of Pepaxti and enables us to further ex pand our business and create value for patients and shareholders. As well as continuous cost optimization, this is supporting our stable cash and equity position. With our projected sales trajectory and spending base we aim to be a profitable company within about 3 years.

This is the start of an exciting journey for Oncopeptides with a team of proud and highly passionate individuals who are excited to bring a valuable new treatment option in Pepaxti to patients with multiple myeloma. I would like to extend my gratitude to all shareholders, healthcare professionals, partners, and co -workers, who are making this possible. Together we are bringing hope through science.

Stockholm, May 4, 2023

Monica Shaw CEO

REVENUE

Net sales for the quarter amounted to SEK 1.1 M ( - ). Sales during the quarter related to Germany. See note 5. Gross profit for the quarter amounted to SEK 1.1 M ( -).

OPERATING EXPENSES

Operating expenses, excluding cost of goods sold, for the quarter amounted to SEK 73.9 M (98.9).

RESEARCH AND DEVELOPMENT EXPENSES

Research and development expenses amounted to SEK 30.1 M (65.8) for the quarter. Only a few clinical studies were ongoing during the quarter and the phase 3 study Ocean is in its final stage. The company has received repayments of SEK 22.9 M during the quarter related to previously closed clinical studies, which affected the costs in a positive way.

MARKETING AND SALES EXPENSES

Marketing and sales expenses amounted to SEK 23.5 M (10.0) for the quarter. The expenses during the quarter has been affected by the commercialization activities following the EU approval in August 2022.

GENERAL AND ADMINISTRATIVE EXPENSES

General and administrative expenses amounted to SEK 21.8 M (23.2) for the quarter.

EXPENSES FOR SHARE BASED INCENTIVE PROGRAMS

The costs for share based related incentive programs amounted to SEK 4.9 M (7.4) for the quarter; of which provisions and payments for social security related expenses amounted to SEK -0.2 M (0.3), and expenses relating to share -based remuneration amounted to SEK 5.1 M (7.1). The expenses have no cash impact in the current period. See note 7.

TAX AND EARNINGS

Net profit amounted to SEK -71.0 M ( -98.6) for the quarter, corresponding to a loss per share, before and after dilution, of SEK -0.79 ( -1.31) for the quarter.

CASH FLOW, INVESTMENTS AND FINANCIAL POSITION

Cash flow from operating activities amounted to SEK -89.0 M ( -166.0) for the quarter.

Cash flow from

• Investment activities amounted to SEK -0.0 M ( 0.0) for the quarter.
• Financing activities amounted to SEK -1.8 M (-4.0) for the quarter.

Cash flow for the quarter amounted to SEK -90.8 M (-170.0).

Cash balances at the end of the period amounted to SEK 253.9 M (194.3). Cash balances include short term investments at an amount of SEK 75.5 M, which represents holdings on interest bearing accounts with a shorter term than three months

In the fourth quarter, a loan agreement was concluded with the European Investment Bank (EIB). The facility gives Oncopeptides access to an unsecured loan facility of up to EUR 30 M. The loan agreement is divided into three tranches, each with a maturity of five years, and made available if the company reaches certain milestones. If the company exercises the full loan facility, the EIB will be entitled to warrants equivalent to 2.8% of outstanding shares in Oncopeptides - in addition to interest on the loan amount. The loan can be used to support the continued clinical development and the company's commercial ventures.

Equity amounted to SEK 228.40 M (119.1) at the end of the period. Equity is in its entirety attributable to the Parent Company ´s shareholders

EFFECTS OF COVID -19

Covid -19 is not deemed to have any material effect s on the financial statements.

THE WAR IN UKRAINE

The situation in the Ukraine is not deemed to have any material effect s on the financial statements.

GOING CONCERN

This interim report is issued based on the assumption of going concern for at least 12 months.

Given the EU Commission's approval in August, the successful directed share issue that closed last summer, access to the as yet unutilized commercial EIB loan, and the initiated commercialization in the EU, it is the assessment of the Board of Directors and the CEO that the Group will have the necessary liquidity for the continued operation of the business for at least the next twelve months. Should decisive conditions not be met, for example by sales not developing as expected, the Group's continued operation might be at risk. This means that there are circumstances that may give rise to significant doubts about the company's ability to continue operations without additional financing.

The company deems other risks to be reflected as described in the annual report 2022.

EMPLOYEES

The number of FTE:s for the quarter was 59 (70).

PARENT COMPANY

Parent company operations are aligned with those of the Group, why the comments for the Group are also relevant for the Parent Company.

ONCOPEPTIDES SHARE

At the end of the period, the number of registered shares eligible for trading and votes in Oncopeptides amounted to 90,368,660.

AUDIT

This report has not been reviewed by the company's auditor.

Signatures

The Board and the CEO confirm that the interim report provides a true and fair reflection of the Group 's and the Parent Company 's operations, position and earnings and describes the material risks and uncertainty factors faced by the Parent Company and the companies within the Group.

Stockholm, May 4, 2023

Per Wold -Olsen Chairman

Jenifer Jackson Board member

Cecilia Daun -Wennborg Board member

Per Samuelsson Board member

Jarl Ulf Jungnelius Board member

Brian Stuglik Board member

Monica Shaw CEO

Condensed consolidated statement of comprehensive income Condensed consolidated statement of financial position

SEK thousand Note	2023 Jan-Mar	2022 Jan-Mar	2022 Jan-Dec	2021 Jan-Dec
Net sales 5	1 124	-	8 355	118 295
Cost of Goods Sold	-11	-	-6	-53 121
Gross profit	1 113	-	8 349	65 174
Research and development expenses	-30 067	-65 828	-217 657	-679 926
Marketing and distribution expenses	-23 466	-10 048	-58 102	-698 346
Administrative expenses	-21 801	-23 206	-84 093	-175 459
Other operating income/expenses	1 481	217	2 153	67 640
Total operating expenses	-73 853	-98 865	-357 699	-1 486 091
EBIT; Operating profit/loss	-72 740	-98 865	-349 350	-1 420 917
Net financial items	468	266	11 670	-455
EBT; Earnings before taxes	-72 272	-98 599	-337 680	-1 421 372
Income tax	1 247	12	-271	-8 946
Net profit	-71 025	-98 587	-337 951	-1 430 317
Other comprehensive income Items to be reclassified as profit or loss
Translation variances Other comprehensive income after tax	64 64	-294	-1 380 -1 380	624 624
		-294
Total comprehensive income attributable to Parent Company's shareholders.	-70 961	-98 881	-339 331	-1 429 693
Earnings per share before/after dilution (SEK)	-0,79	-1,31	-4,11	-19,00

SEK thousand Note	2023-03-31	2022-03-31	2022-12-31	2021-12-31
ASSETS
Non-current assets	20 023	29 862	21 289	27 003
Total non-current assets	20 023	29 862	21 289	27 003
Current assets
Inventory	1 033	-	-	-
Current receivables	41 922	36 890	19 519	50 186
Short term investments	75 531	-	-	-
Cash	176 373	194 315	344 515	362 187
Total current assets	296 859	231 205	364 034	412 373
TOTAL ASSETS	316 882	261 067	385 323	439 376
EQUITY AND LIABILITIES
Equity	228 422	119 128	294 293	210 868
Total Equity	228 422	119 128	294 293	210 868
Long-term liabilities	4 414	6 353	5 358	3 219
Total long-term liabilities	4 414	6 353	5 358	3 219
Current liabilities
Trade payables	19 536	14 279	28 219	35 702
Other current liabilities	64 510	121 307	57 453	189 587
Total current liabilities	84 046	135 586	85 672	225 289
TOTAL EQUITY AND LIABILITIES	316 882	261 067	385 323	439 376

Condensed consolidated statement of changes in equity Condensed consolidated statement of cash flow

	2023	2022	2022	2021
SEK thousand Note	Jan-Mar	Jan-Mar	Jan-Dec	Jan-Dec
Opening Balance	294 293	210 868	210 868	576 897
Net profit	-71 025	-98 587	-337 951	-1 430 317
Other comprehensive income	64	-294	-1 380	624
Total comprehensive income	-70 961	-98 881	-339 331	-1 429 693
Transactions with owners
New issue of shares	-	-	436 015	1 106 000
Repurchase of shares	-	-	-438	-
Costs related to directed share issue	-	-	-27 667	-67 053
Share based compensation	5 090	7 106	14 812	14 229
Exercised warrants	-	34	34	10 488
Total transactions with owners	5 090	7 141	422 756	1 063 664
Ending balance	228 422	119 128	294 293	210 868

	2023	2022	2022	2021
SEK thousand Note	Jan-Mar	Jan-Mar	Jan-Dec	Jan-Dec
Operating activities
Operating profit/loss	-72 740	-98 865	-349 350	-1 420 917
Adjustment for non-cash items	5 858	8 566	36 379	-44 325
Interest received	244	-	2 616	96
Interest paid	-134	-259	-883	-948
Taxes paid	-	6	-38	-12 216
Cash-flow from operating activities	-66 772	-90 552	-311 276	-1 478 309
before change in working capital
Change in working capital	-22 225	-75 481	-109 233	-38 082
Cash-flow from operating activities	-88 997	-166 033	-420 509	-1 516 391
Cash-flow from investment activities	-	-	-2 507	-339
Cash-flow from financing activities	-1 806	-3 959	392 402	1 034 030
Cash-flow for the period	-90 803	-169 992	-30 614	-482 701
Cash at the beginning of the period	344 515	362 187	362 187	840 255
Change in cash	-90 803	-169 992	-30 614	-482 701
Effect of exchange rate changes on cash	192	2 120	12 942	4 633
Cash at the end of the period	253 904	194 315	344 515	362 187

Condensed Parent Company income statement Parent Company balance sheet

	2023	2022	2022	2021
Note SEK thousand	Jan-Mar	Jan-Mar	Jan-Dec	Jan-Dec
Net sales	1 124	-	560	97 577
Cost of Goods Sold	-11	-	-6	-12 182
Gross profit	1 113	-	554	85 395
Research and development expenses	-29 490	-65 930	-217 164	-676 375
Marketing and distribution expenses	-26 297	-15 339	-58 919	-728 382
Administrative expenses	-21 822	-20 392	-77 328	-161 814
Other operating income/expenses	2 639	-549	-67	71 362
Total operating expenses	-74 970	-102 210	-353 478	-1 495 209
EBIT; Operating profit/loss	-73 857	-102 210	-352 924	-1 409 814
Net financial items	599	4 729	28 825	-18 725
Earnings after net financial items	-73 258	-97 481	-324 099	-1 428 539
Group contribution	-1 538	-	-700	-
EBT; Earnings before taxes	-74 796	-97 481	-324 799	-1 428 539
Tax	-	-	-	-
Net profit	-74 796	-97 481	-324 799	-1 428 539

Note SEK thousand	2023-03-31	2022-03-31	2022-12-31	2021-12-31
ASSETS
Non-current assets	11 067	11 940	11 671	12 910
Total non-current assets	11 067	11 940	11 671	12 910
Current assets
Inventory	1 033	-	-	-
Current receivables	36 501	27 043	17 497	28 753
Short term investments	75 531	-	-	-
Cash	163 344	150 619	328 537	321 832
Total current assets	276 409	177 662	346 034	350 585
TOTAL ASSETS	287 476	189 602	357 705	363 495
EQUITY AND LIABILITIES
Restricted equity	20 688	18 609	20 688	18 575
Non-restricted capital	212 215	95 704	281 922	186 078
Total Equity	232 903	114 313	302 610	204 653
Long-term liabilities	2 216	143	1 815	13
Total long-term liabilities	2 216	143	1 815	13
Current liabilities
Trade payables	16 831	10 467	26 277	34 875
Other current liabilities	35 526	64 679	27 003	123 954
Total current liabilities	52 357	75 146	53 280	158 829
TOTAL EQUITY AND LIABILITIES	287 476	189 602	357 705	363 495

Condensed Parent Company statement of comprehensive income

	2023	2022	2022	2021
SEK thousand Note	Jan-Mar	Jan-Mar	Jan-Dec	Jan-Dec
EBT; Earnings before taxes	-74 796	-97 481	-324 799	-1 428 539
Other comprehensive income	-	-	-	-
Net profits	-74 796	-97 481	-324 799	-1 428 539

NOTE 1 - GENERAL INFORMATION

The interim report covers the Swedish parent company Oncopeptides AB (publ), Swedish corporate identity no. 556596-6438 and its fully owned subsidiaries Oncopeptides Incentive AB (and its wholly owned subsidiary Oncopeptides Innovation 1 AB), Oncopeptides GmbH, Germany and Oncopeptides Inc, USA. The parent company is a Swedish public limited company with its registered office in Stockholm. Numbers in parentheses in the report refer to the figures for the corresponding period the previous year. The year end report was approved for publication on May 4, 2023.

NOTE 2 - ACCOUNTING PRINCIPLES

The interim report for the Group has been prepared in accordance with IAS 34 Interim Financial Reporting. The parent company applies the Swedish Financial Reporting Board recommendation RFR2 Accounting for legal entities. Oncopeptides applies, except as described below, the same accounting principles as in the last Annual Report. Relevant accounting and valuation principles could be found on pages 50-54 of the Annual Report for 2022.

No new or amended standards that became effective January 1, 2023, have had a significant impact on the company's financial reporting.

Oncopeptides applies ESMA's (European Securities and Markets Authority) guidelines on alternative performance measures.

NOTE 3 - RISKS AND UNCERTAINTIES

Oncopeptides is exposed to a multitude of risk in its day-to-day operation, primarily regulatory, operational, financial, and credit risks. The company continuously assesses known and foreseeable risks and has integrated mitigating such risks as part of its short- and long-term business and sustainability strategy.

The company assesses that other risks remain as described in the 2022 annual report.

NOTE 4 - ESTIMATES AND CONSIDERATIONS

This report includes forward looking statements. Actual outcomes may vary from what has been stated. In addition, internal factors such as successful management of research projects, and intellectual property rights may affect future financial outcomes. Going concern as well as other external conditions such as, but not limited to, e.g., the economic climate, political changes and competing research projects that may affect Oncopeptides net profit. For more information see the Oncopeptides Annual report 2022.

NOTE 5 - REVENUE RECOGNITION

Revenue is recognized at the transaction price for goods sold, excluding value added tax, discounts and returns. Revenue is recognized at the

time of delivery, when Oncopeptides has fulfilled its performance commitment and the control of the products are transferred to the customer. Customers are defined as hospitals and/or clinics and resellers who sell the products, at an intermediate stage, to the final user of the products. Since the final price is related to the discount which is valid on each local market and which is paid to the patients' insurance companies, the transaction price is not known upon delivery. This is regulated by booking a provision for the estimated discount in the Group, based on the framework for discounts which is valid on each market. The provision for estimated discounts is reported under the headline accrued expenses.

A provision for expected returns related to the withdrawal of Pepaxto from the US market in 2021, is reported at the closing date. The remaining provision is reported in the consolidated balance sheet under Other current liabilities and amounted to SEK 22.7 M at the end of the first quarter.

Group Revenue	2023	2022	2022	2021
SEK thousand	Jan-Mar	Jan-Mar	Jan-Dec	Jan-Dec
Net sales
Goods	1 124	-	8 355	118 295
Total net revenue	1 124	-		8 355 118 295
Geographic market
USA	-	-		7 795 118 295
Germany	1 124	-	560

Parent Company Revenue	2023	2022	2022	2021
SEK thousand	Jan-Mar	Jan-Mar Jan-Dec		Jan-Dec
Net sales
Goods	1 124	-	560	97 577
Total net revenue	1 124	-	560	97 577
Geographic market
USA	-	-	-	97 577
Germany	1 124	-	560

NOTE 6 - RELATED PARTY TRANSACTIONS

Remuneration to senior management has been paid in accordance with current policies. No other transactions with related parties, outside of the Oncopeptides Group, occurred during the period.

NOTE 7 - SHARE BASED INCENTIVE PROGRAMS

The purpose of share-based incentive programs is to promote the company's long-term interests by motivating and rewarding the company's senior management, founders, and other co-workers in line with the interest of the shareholders. Oncopeptides has currently nine programs that include the management team, certain board members, founders and employees.

Program

• 2016; "Employee option program 2016/2023".
• 2017; "Co-worker LTIP 2017"
• 2018; "Co-worker LTIP 2018"
• 2019; "Co-worker LTIP 2019"
• 2020; "Board LTIP 2020"
• 2021; "Board LTIP 2021" and "Co-worker LTIP 2021"
• 2022; "Co-worker LTIP 2022" and "Board SHP 2022"

For more information on the programs see Note 26 in the Annual report 2022 as well as Agendas and Minutes from the relevant Annual General Meetings on the company's website www.oncopeptides.com.

At the end of the period, full utilization (including warrants for securing social security contributions), of

• Options and share awards resolved by the AGM and awarded to named individuals corresponding to 5,887,891 shares, would result in a dilution of 6.1 percent.
• Options and share awards resolved by the AGM and awarded to named individuals as well as those not yet awarded to individuals*, corresponding to 7,761,699 shares, would result in a dilution of 7.9 percent.
• * "Options and share awards not yet awarded to individuals" refers to the x C-shares related to Co-worker LTIP 2022 and held by the Company.

NOTE 8 - SIGNIFICANT EVENTS AFTER THE PERIOD

• Oncopeptides issues warrants to utilize the first loan tranche from EIB.

Key performance measures

In this report, certain key performance measures are presented, including measures that are not defined under IFRS,

• Research and development / operating expenses, %,

• Gross margin, TSEK, %. The company believes that these measurements provides valuable additional information when

evaluating the company's economic trends. These financial performance measures should not be viewed in isolation, nor be considered in replacement of performance indicators that are prepared in accordance with IFRS.

Further, such performance measures, as the company has defined them, should not be compared with other performance measures with similar names used by other companies since definitions and calculation methods may vary between companies.

Telephone conference

Financial Calendar

The Interim report for the period and an operational update will be presented by CEO Monica Shaw and members of Oncopeptides Leadership team, Thursday May 4, 2023, at 09:00 (CET).

If you wish to participate via webcast, please use the link below. Through the webcast you can ask written questions. https://ir.financialhearings.com/oncope ptides-q1-2023

provided a phone numbers and a conference ID to access the conference. You can ask questions verbally via the

https://conference.financialhearings.co m/teleconference/?id=200728

telephone conference.

Report	Datum
Interim Q1 report 2023	4 May 2023
AGM 2023	25 May 2023
Interim Q2 report 2023	10 August 2023
Interim Q3 report 2023	8 November 2023

Oncopeptides AB If you wish to participate via telephone conference, please register on the link below. After registration you will be Contact

Contact Visiting adress; Luntmakargatan 46, 111 37 Stockholm Domicile: Västra Trädgårdsgatan 15, 111 53 Stockholm, Sweden

Telephone: +46 8 615 20 40 E-mail: info@oncopeptides.com

Website: oncopeptides.com

Thesaurus
EMA	European Medicines Agency
CHMP	The European Medicines Agency's Committee for Medicinal Products for Human Use

This information is information that Oncopeptides is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 08:00 CET on May 4, 2023.

	2023	2022	2022	2021
SEK Thousand	Jan-Mar	Jan-Mar	Jan-Dec	Jan-Dec
Net sales	1 124	-	8 355	118 295
Gross profit1)	1 113	-	8 349	65 174
Gross margin2)	99%	-	100%	55%
Registered common shares outstanding beginning of period	90 368 660	75 291 841	75 291 841	67 939 715
end of period	90 368 660	75 307 217	90 368 660	75 291 841
C-shares for LTI programs3)	3 940 607	-	3 940 607	-
Registered shares; end of period including C-shares	94 309 267	75 307 217	94 309 267	75 291 841
Share capital at the end of period	10 479	8 367	10 479	8 366
Equity at the end of period	228 422	119 128	294 293	210 868
Earnings per share before/after dilution, kr4)	-0,79	-1,31	-4,11	-19,00
Operating loss	-72 740	-98 865	-349 350	-1 420 917
Research and development expenses	-30 067	-65 828	-217 657	-679 926
R&D costs/operating expenses, %5)	41%	67%	61%	46%

1) Defined by subtracting cost of goods sold from total sales. The key figure shows gross profitability of cost of goods sold in absolute numbers.

2) Defined by dividing the sum of the company's gross profit by total sales. The key figure aims to clarify the relative profitability of goods sold.

3) For more information, please see the notice to the Annual General Meeting 2022.

4) Earnings per share before dilution are calculated by dividing earnings attributable to shareholders of the Parent Company by a weighted average number of outstanding shares during the period. There is no dilution effect driven by the employee stock option program, as earnings for the periods have been negative.

5) Defined by dividing the research and development costs with total operating expenses. The key performance measure provides an indication of the proportion of expenses that are attributable to the company's core business.