Zelluna ASA — Earnings Release 2024

Nov 6, 2024

Ultimovacs ASA Reports Third Quarter 2024 Financial Results and Provides General Business Update

Ultimovacs ASA Reports Third Quarter 2024 Financial Results and Provides General Business Update

Oslo, November 6, 2024: Ultimovacs ASA ("Ultimovacs") (OSE ULTI), a clinical-

stage biotechnology company developing novel immunotherapies against cancer,

announces its third quarter 2024 results today.

Conference call and webcast scheduled for November 6, 2024, at 14:00 (CET). Link

to webcast here

(https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20241106_6).

Third Quarter 2024 Business Update

Highlights

* Ultimovacs implemented cash preservation initiatives during the second

quarter of 2024. During the third quarter of 2024, additional cash

preservation opportunities have been identified which extend the anticipated

cash runway through the first quarter of 2026.

* In August 2024, Ultimovacs reported topline results from the Phase II FOCUS

trial in head and neck cancer. The trial did not meet the primary endpoint

of improved progression-free survival (PFS). Moreover, the data did not show

improvement in overall survival. The safety profile was consistent between

the two arms, confirming UV1's good safety and tolerability. The key

findings and analyses from the FOCUS trial were published in October 2024.

* Ultimovacs is currently conducting pre-clinical research on a novel drug

conjugation platform. This flexible conjugation technology, initially

developed to support the expansion of our vaccine pipeline, has broad

potential applicability, including additional therapeutic modalities for

multiple disease areas, such as innovative drug conjugates with favourable

pharmacological properties. Ultimovacs will provide an update on this

technology platform to the market before the end of 2024.

* DOVACC (ovarian cancer): Evaluating olaparib and durvalumab +/- UV1 vs.

olaparib alone as second-line maintenance treatment in high-grade BRCA

negative ovarian cancer. As of reporting date, 148 out of 184 patients have

been enrolled in 31 participating hospitals in nine European countries, in

comparison to 120 patients as per the previous quarterly report. The readout

is expected in the first half of 2025.

* LUNGVAC (non-small cell lung cancer): Evaluating PD-1 check point inhibitor

+/- UV1 as first-line treatment of advanced or metastatic non-small cell

lung cancer (NSCLC). As of September 2024, recruitment of patients was

discontinued due to the very slow rate of patient enrollment in the study.

The 31 patients already included in the trial will be treated and followed

up as per the protocol. The readout is expected in the first half of 2025.

Financial update

* Ultimovacs implemented cash preservation initiatives during the second

quarter of 2024. During the third quarter of 2024, additional cash

preservation opportunities have been identified and implemented, which

extend the anticipated cash runway through the first quarter of 2026.

* Total operating expenses amounted to MNOK 28.8 in Q3 2024, and MNOK 102.7

YTD. Total loss was MNOK 25.9 for the period and MNOK 93.3 YTD.

* Net negative cash flow from operations was MNOK 42.0 in Q3 2024, and net

decrease in cash and cash equivalents, not including currency effects, was

MNOK 40.9 during Q3 2024. Cash and cash equivalents amounted to MNOK 131.0

as per September 30, 2024.

The quarterly report and presentation will be published at 07:00 CET on November

6, 2024, and will be publicly available on the Ultimovacs website. The Company

will conduct a conference call and webcast at 14:00 CET the same day. Questions

can be submitted throughout the event. The webcast will be archived for replay

following the conference call. Link to webcast here

(https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20241106_6).

For further information, please see www.ultimovacs.com or contact:

Carlos de Sousa, CEO

Email: carlos.desousa@ultimovacs.com

Phone: +47 908 92507

Hans Vassgård Eid, CFO

Email: hans.eid@ultimovacs.com

Phone: +47 482 48632

About Ultimovacs

Ultimovacs is a clinical-stage biotechnology company developing novel

immunotherapies against cancer. The product candidate UV1 is an off-the-shelf

therapeutic cancer vaccine designed to enhance the benefits of immunotherapy and

improve cancer treatment efficacy for patients. UV1 triggers an immune response

against the shared cancer antigen telomerase, a target present in 85-90% of all

cancer indications across disease stages.

Ultimovacs is investigating the safety and efficacy of UV1 in a wide-ranging

clinical development program including various cancer indications and different

immunotherapy combinations. The ongoing Phase II program comprises five

randomized clinical trials in melanoma, mesothelioma, head and neck cancer,

ovarian cancer, and non-small cell lung cancer. More than 640 patients in the

U.S., Europe, and Australia are being enrolled in all Phase I and Phase II

trials in the current program.

Furthermore, Ultimovacs is developing a novel conjugation technology, initially

formed to support the expansion of our vaccine pipeline. With the objective of

driving value and future pipeline growth, this flexible conjugation technology

has the potential to be broadly applicable to a variety of therapeutic

modalities, such as innovative drug conjugates with favorable pharmacological

properties, and in multiple disease areas.

Ultimovacs is listed on the Euronext Oslo Stock Exchange (OSE:ULTI).

This information is subject of the disclosure requirements pursuant to Section

5-12 in the Norwegian Securities Trading Act.

This stock exchange announcement was published by Joachim Midttun, Financial

Manager at Ultimovacs ASA, on November 6, 2024 at 07:00 CET.