Vicore Pharma Holding — Interim / Quarterly Report 2021

Nov 4, 2021

Interim report Jul 1- Sep 30, 2021

Vicore Pharma Holding AB (publ)

1 | Interim report Q3 2021 Vicore Pharma Holding AB (publ)

vicorepharma.com

Table of Contents

Summary of the Period3
CEO Comments4
Business and Focus Areas6
Program Overview7
The AT2-receptor - a new foundation in medicine 9
Financial Information10
Other Information12
Financial Reports - Group14
Financial Reports - Parent company16
Notes 18
Key Performance Measures21
Contact Information23
Auditors' review report24

Summary of the Period

Important events during the third quarter

• In August, Vicore announced a strenghtened management team with three senior recruitments; Jessica Shull, Head of Digital Therapeutics, Åsa Magnusson, Chief Commercial Officer and Mikael Nygård, VP Business Development.
• In September, Vicore announced that the first patients in the global phase 3 trial with C21 in COVID-19 (AT-TRACT-3) were dosed.
• In September, Vicore announced that the company was granted a patent in the US covering the use of C21 to treat infections caused by Severe Acute Respiratory Syndrome (SARS) coronavirus (CoV), including SARS CoV-2.

Important events after the period

• In October, Vicore announced that the results from the phase 2 trial in COVID-19 (ATTRACT) were published in EClinicalMedicine, a scientific journal published by the Lancet.
• In November, Vicore announced results from the ATTRACT phase 2 extension trial showing that C21 reduced long-term lung injury after COVID-19.

Financial overview for the period

July 1 - September 30, 2021

• Net sales amounted to 0.0 MSEK (0.0)
• The operating loss was -97.8 MSEK (-34.4)
• Loss for the period amounted to -97.6 MSEK (-36.0)
• Loss per share, before and after dilution, was -1.36 SEK (-0.65)
• On September 30, 2021, cash and cash equivalents and short-term investments amounted to 446.9 MSEK (318.7 MSEK as of December 31, 2020)

January 1 - September 30, 2021

• Net sales amounted to 0.0 MSEK (0.0)
• The operating loss was -213.7 MSEK (-90.7)
• Loss for the period amounted to -216.1 MSEK (-88.6)
• Loss per share, before and after dilution, was -3.13 SEK (-1.70)

Financial summary of the group

Amounts in MSEK	2021 Jul-Sep	2020 Jul-Sep	2021 Jan-Sep	2020 Jan-Sep	2020 Jan-Dec
Net sales	0.0	0.0	0.0	0.0	0.0
Operating loss	-97.8	-34.4	-213.7	-90.7	-149.5
Loss for the period	-97.6	-36.0	-216.1	-88.6	-146.9
Loss per share, before/after dilution (SEK)1	-1.36	-0.65	-3.13	-1.70	-2.71
Research and development costs/ operating costs (%)2	93.5	85.2	92.2	84.8	84.7
Equity at the end of the period	462.6	412.0	462.6	412.0	354.5
Cash flow from operating activities	-68.4	-25.7	-189.9	-80.8	-119.9
Cash and cash equivalents and short-term investments at the end of the period	446.9	361.4	446.9	361.4	318.7

1 There is no dilution effect for potential ordinary shares for periods where earnings have been negative. 2 Alternative performance measure (APM). Defined on page 21.

1 The group ("Vicore") consists of the parent company, Vicore Pharma Holding AB (publ) and the subsidiaries Vicore Pharma AB and INIM Pharma AB.

CEO Comments

Vicore made significant progress during the third quarter of 2021 in the clinic, in preclinical studies and in building its patent estate. The company stands at the threshold of a new phase.

The company is expanding in many ways. In August, we welcomed both Åsa Magnusson as Chief Commercial Officer and Mikael Nygård as VP of Business Development. They join a strengthened Vicore management team along with Jessica Shull, our Head of Digital Therapeutics who joined the company in May 2021.

Our clinical programs are gaining momentum. In September, the first patients were recruited to Vicore's ATTRACT-3, phase 3, multinational, multi-centre placebo-controlled pivotal study in COVID-19. Vicore has so far activated clinical trial sites in the US, Czech Republic, Ukraine, South Africa, India and Philippines.

The commercial value of ATTRACT-3 to Vicore was strengthened in September when the U.S. Patent and Trademark Office granted the company a patent covering the use of C21 for treating all SARS coronavirus infections. Vicore now has patent protection in the US market until December 2040 for C21 as a symptomatic treatment improving lung function for SARS-CoV-2, including any variants that arise in the present pandemic and any newly emergent SARS coronaviruses that underlie future diseases.

After the completion of the quarter, Lancet's EClinicalMedicine, a peer-reviewed journal, published the full results of the phase 2 clinical trial, ATTRACT, that preceded the ATTRACT-3 study. The study showed how a 7-day treatment with C21 reduced the proportion of patients requiring supplemental oxygen and aided faster patient recovery.

In November, we published the results from the extension trial, ATTRACT-2, where C21 continues to present good effects, 3-6 months after end of treatment. The results show nearly 50% reduction in lung injury in the C21 group compared to the placebo group, further strengthening evidence that C21 can accelerate recovery after COVID-19.

There have been further exciting developments in Vicore's key clinical indication of Idiopathic Pulmonary Fibrosis (IPF). The first patients have completed treatment in the ongoing multinational, open-label phase 2 clinical trial with C21, the AIR study. AIR is on track for read-out in Q4 2022, with clinical centres activated in all the countries involved in what has been described by clinical experts as a patient-friendly clinical trial, easy to recruit.

Vicore's other programs encompassing our 'suite of products' for IPF are also on track. The company expects to start a GLP toxicology study with VP02, the inhaled thalidomide product for IPF and IPF cough, by the end of 2021. Vicore's proprietary digital therapeutic, VP04, designed as a channel for cognitive behavioural therapy for patients suffering from IPF will enter clinical

studies during Q2, 2022. VP03, our C21 follow-on program, is expected to enter into the clinic during H1 2022, we will provide details in the near future. The new molecule is a modulator of AT2R – the target on which C21 acts. AT2R is the inducible arm of the Renin-Angiotensin-System (RAS), an unexploited regenerative biological system with great potential for pharmaceutical development in a wide range of disease areas. Our C21 R&D programs have provided Vicore with an understanding of the biology of the receptor and the physiological consequences of

targeting it. With C21 in clinical trials, we have shown that AT2R is druggable and have established broad intellectual property protection around the class of AT2R stimulating drugs.

As we enter this new and expansive phase, I would like to thank our growing group of employees, participants in our clinical trials, our clinical collaborators around the world and our shareholders for their continued support of Vicore's work.

Carl-Johan Dalsgaard, CEO

Business and Focus Areas

Vicore is a clinical-stage pharmaceutical company focused on severe lung disease and related indications. The company currently has four development programs, VP01, VP02, VP03 and VP04 in IPF and other related lung indications.The goal is to build significant value by generating strong clinical data and thereby creating the prerequisites for future financing and commercial collaborations.

Further down the road, our goal is to obtain regulatory approval and launch drugs to help patients suffering from severe lung disease. Orphan indications, such as IPF, offer the opportunity for commercialisation with targeted marketing and reimbursement. Fibrotic lung disease is an area where there is great need for new and effective treatments, attracting considerable interest from large pharmaceutical companies for commercial partnerships.

Patient focus

Patient focus is something Vicore demonstrates in all of its actions. Vicore works with patient groups in severe lung diseases, non-profit organizations started by patients, caregivers, family members or healthcare professionals to understand their experiences and needs. Vicore is a silversponsor of EU-IPFF, the European charity and patient organization for IPF. Vicore's shares are listed on the Nasdaq Stockholm main market.

"Vicore is a clinicalstage pharmaceutical company focused on severe lung disease and related indications."

Goal

Vicore's goal is to establish itself as a leading company in severe lung disease and related indications. Through clinical studies, Vicore will document the therapeutic properties of VP01 (C21), VP02 (the IMiD-technology), VP03 (new AT2R agonists) and VP04 (digital therapeutics) in IPF and other indications. By generating strong clinical data, Vicore will build significant value in the company and thereby create the prerequisites for future financing and commercial collaborations. The company's long-term goal is to obtain regulatory approval and launch medicines to help patients suffering from severe lung disease.

Vision

Vicore's vision is to remove the pain and suffering caused by severe lung disease. As a company, we pride ourselves on our collaborative approach to science and are committed to working closely with the patient community, scientific experts and clinicians to find innovative solutions that meet their needs.

VP04 (Digital Therapeutic, DTx) Cognitive Behavioural Therapy (CBT) for

idiopathic pulmonary fibrosis (IPF)

Ongoing Finalized

Pipeline

Program	Indication	Explorative	Preclinical	Phase 1	Phase 2	Phase 3
VP01 (C21)	Idiopathic pulmonary fibrosis (IPF)
	COVID-19
VP02 (IMiD)	IPF and IPF cough
VP03 (New AT2R agonists)	Multiple indications
Program	Indication	Technical develop ment and testing	Clinical trial	Regulatory approval	Launch

VP01 - AT2 receptor agonist - first in class

Vicore's drug candidate C21 (VP01 program) originates from extensive research on the Renin-Angiotensin System (RAS). RAS is a hormone system that regulates several important physiological processes. In the RAS cascade, the circulating hormone precursor angiotensinogen is converted to Angiotensin I by the enzyme renin released from the kidneys when blood pressure drops. Angiotensin I is then converted to Angiotensin II (Ang II) by angiotensin-converting enzyme (ACE). Ang II acts via two specific receptors, the angiotensin II type 1 receptor (AT1R) and the angiotensin II type 2 receptor (AT2R).

1. NCT04533022

The AT1R is widespread and continuously active. The expression of the AT2R, on the other hand, is normally low in adult tissues but can be upregulated during repair and regeneration. Interestingly, the AT2R is relatively highly expressed in type II alveolar epithelial cells in the normal lung where these cells play an important role in maintaining normal alveolar function. These cells are also known to contribute to pulmonary fibrosis when they lose their normal function, for example following excessive exposure to inhaled toxic materials and microorganisms.

The AT1R is mainly involved in blood pressure regulation through several different mechanisms related to constriction of blood vessels and fluid retention, but also contributes to innate immunity through pro-inflammatory

actions. The vasoconstrictive effect of the AT1R arm of the RAS is an important rescue mechanism following hypotension due to trauma and blood loss. However, when this system "over-shoots", it can also contribute to the pathogenesis of diseases such as hypertension, myocardial infarction and different fibrotic conditions including pulmonary fibrosis and chronic kidney disease.

The AT2R is on the other hand an inducible system that can be seen as a mechanism responsible for resolution and regeneration following the defensive immune and vascular reactions to injury. Natural ligands/ agonists of AT2R such as Ang 1-9 and Ang 1-7 are fragments of Angiotensin I and II cleaved by angiotensin-converting enzyme 2 (ACE2).

Vicore's candidate drug C21 is an AT2R agonist, i.e. it binds to and activates AT2R.

Vicore has shown pronounced effects with C21 in a gold-standard preclinical model considered predictive of human pulmonary hypertension (PH), the so called Sugen-Hypoxia-induced PH model. PH is a common and serious complication of interstitial lung disease, including IPF, and treatment options are extremely limited.

C21 has also shown robust effects in idiopathic pulmonary fibrosis (IPF) lung tissue. Human IPF lung tissue harvested from a patient during lung transplantation showed stable expression of AT2R, the C21 target, and treatment with clinically relevant concentrations of C21 caused a dose-dependent decrease of TGFβ1, a key growth factor in fibrosis development.

C21 has previously shown very good effects in animal models with pulmonary fibrosis and is now being evaluated in a phase 2 trial in patients with IPF and a phase 3 trial in COVID-19.

Vicore has received the FDA and EMA Orphan Drug Designation for C21 in IPF. Among other benefits, this designation provides for up to ten years of market exclusivity (from the date of registration of an approved drug) in Europe and seven years in the United States.

Program status VP01

Idiopathic pulmonary fibrosis (IPF)

The phase 2 trial in IPF (AIR¹ ) has been designed in collaboration with international clinical experts in IPF and will investigate both safety and lung

function. The trial aims to support the decision to initiate a confirmatory phase 2b/3 trial and is performed in the UK, India, Ukraine and Russia.

The study is designed as an open-label six month trial in approximately 60 patients and also offers patients the opportunity to continue treatment for an additional three months. The goal is to perform the best possible trial to answer the question if C21 can significantly slow the decline in lung function in patients with IPF.

The first patient was dosed in India in November 2020. The trial is estimated to read-out in Q4 2022 at current recruiting plan and outlook.

COVID-19

During 2020, Vicore conducted a phase 2 trial with C21 in 106 patients with COVID-19 (ATTRACT2 ). In October 2020, the company reported that the trial was fully recruited. Top-line data was published in December 2020.

The study was designed as a randomized, double blind, placebo-controlled trial in patients with moderately severe disease, requiring basic respiratory support, but not mechanical ventilation. It investigated the safety and efficacy of C21 on respiratory failure and other functional outcomes. The vast majority of the patients received corticosteriod treatment as part of standard of care.

The clinical results from the trial were positive demonstrating that C21 can restore lung function in COVID-19, suggesting that C21 can prevent disease progression.

Summarized, the trial showed that the risk for patients of needing oxygen supplementation in the C21 group was decreased by 58% (p=0.026) at day 8

after start of treatment. At day 14 there was only one patient in the C21 group in need of oxygen supplementation compared to eleven patients in the placebo group (p=0.003), a reduction of more than 90%.

In the subgroup of patients needing oxygen supplementation (about 30 patients per treatment group), C21 produced a more distinct reduction of CRP (C-reactive protein). There was also a clear trend for C21 reducing the number of patients needing mechanical ventilation and a trend for C21 reducing mortality. The treatment was reported safe and well tolerated. There were no treatment-related side effects.

The results from an extension trial, 3-6 months after treatment, including a subset of 33 patients (ATTRACT-23 ) showed that patients receiving C21 (n=17) displayed reduced pathological abnormalities compared to the placebo group (n=16). In the C21 group, on average 10.3% of the lung was affected compared to 19.2% in the placebo group. The dominating radiological change was ground glass opacity, a pathological characteristic following viral respiratory infection.

In June 2021, Vicore received approval from the U.S. Food and Drug Administration (FDA) to start a pivotal phase 3 trial with C21 in COVID-19 (ATTRACT-3⁴ ) and in September the first patients in the trial where dosed.

The study is designed as a randomized, double-blind, placebo-controlled, multinational, phase 3 trial that will include 600 adult patients hospitalized with COVID-19 and requiring oxygen support but not invasive mechanical ventilation. The primary objective is to evaluate the effect of C21 on recovery

from COVID-19. The patients will be randomized to receive 100 mg C21 or placebo twice daily on top of standard of care (SoC) for 14 days and patients will be followed for 60 days. The trial has currently been activated in the US, Czech Republic, Ukraine, South Africa, India and Philippines. Topline data from ATTRACT-3 is expected during the first half of 2022 at current recruiting plan and outlook.

VP02 – Targeting IPF and IPF-related cough

In the VP02 program, Vicore is developing a novel formulation of thalidomide, which is an existing immunomodulatory drug (IMiD), to be administered locally to the lung by loading the drug molecules into inhalable amorphous silica particles. It is thought that the actions of thalidomide suppress pathways involved in the cough reflex together with antifibrotic effects.

Many IPF patients suffer from a chronic intractable cough which considerably affects the patients' quality of life due to sleep disturbances, difficulties at work and stress incontinence⁵ . Currently, there is no established therapy for IPF-related cough and standard cough medications have little or no effect on the disease. The anti-cough mechanism of VP02 in IPF is unknown, but the cough is thought to be due to structural changes in the lungs, increased sensitivity of the cough reflex, airway inflammation and/or changes in mucus production and clearance6 .

Using IMiDs to treat IPF-related cough is a breakthrough finding which has been shown to have clinical validity. IMiDs have documented antifibrotic and anti-inflammatory attributes and may therefore be well suited for treatment of a number of interstitial lung diseases. In a clinical trial, an IMiD given orally demonstrated a significant positive effect on patients with IPF, reducing the cough and dramatically improving quality of life which is not seen in other interventional clinical trials7 .

However, the high risk of severe side effects such as peripheral neuropathy, constipation and sedation due to systemic IMiD exposure has limited their use. Vicore's novel VP02 program aims to eliminate the negative aspects of systemic exposure by developing thalidomide for local administration to the lungs.

Program status VP02

The inhaled formulation for local delivery of thalidomide to treat IPF-related cough is in preclinical development, finetuning the formulation and preparing for the toxicological studies. In order to manufacture the amorphous silica particles for the first clinical trial, Vicore has entered into an agreement with Nanologica AB for tech transfer to the UK manufacturer Sterling Ltd.

GLP toxicity studies with VP02 are estimated to start by the end of 2021 followed by a phase 1 study during 2022.

VP03 – New AT2R agonists

Within this program, Vicore aims to develop new patentable AT2R agonists. The objective is to develop competitive pharmaceutical products also for broader indications. In November, Vicore strengthened

its portfolio of new chemical entities for the VP03 program by acquiring the intellectual property rights (IPR) to a series of novel AT2R agonists from HaLaCore Pharma.

Program status VP03

The VP03 program, which is in the preclinical phase, is progressing well and potential drug candidates are under evaluation. The development work is done in collaboration with Emeriti Bio and HaLaCore Pharma.

The aim is to have a candidate drug by year-end and start a phase 1 trial during the first six months of 2022.

VP04 – Digital Therapeutics – a broader perspective

The VP04-program consists of a digital therapeutic (DTx) based on cognitive behavioral therapy (CBT) to address the psychological impact of living with IPF. Vicore is collaborating with Alex Therapeutics for the development. Alex Therapeutics is a Swedish medtech company specializing in design and development of medical device software, with expertise in technology and clinical psychology.

The product will be evaluated through real-world pilots and clinical trials as well as regulatory approvals, similar to medical device development.

Program status VP04

In 2021, the focus is on technical development of the software with the goal of starting a clinical trial in Q2 2022.

The Angiotensin II type 2 receptor (AT2R)

- a new foundation in medicine

There is strong scientific evidence for an important protective role of AT2R activation in several serious diseases related to cellular senescence and microvascular dysfunction. In addition to IPF, these include pulmonary hypertension, chronic kidney disease, atherosclerosis, heart failure and cognitive disorders. This is based on more than 100 preclinical studies from different research laboratories around the world. The upregulation and distribution of the receptor in human diseases suggests that the protective effects are relevant in human medicine and not limited to animal models.

Clinical evidence is now accumulating, validating the preclinical results; in COVID-19 the patients treated with the AT2R agonist C21 had a significantly lower risk of needing oxygen supplementation by the end of study, suggesting a restoration of lung function by the drug. In addition, at the 3-month follow-up, treated patients had fewer pathological signs on chest computer tomography's. Vascular effects of C21, confirming preclinical results, were demonstrated in systemic sclerosis patients with severe vasculopathy and fibrosis. The total body of evidence suggest that the AT2R is a relevant

target far beyond COVID-19, systemic sclerosis and IPF.

Vicore has during the last years built a strong position in AT2R agonist chemistry. C21, now in phase 3 for the treatment of COVID-19 and in phase 2 for the treatment of IPF, is a first-in-class compound and the company has a platform of molecules with patent protection to 2040 and beyond. The first new compound is expected to enter clinical trials in the first half of 2022 to explore the opportunities in indications outside lung disease. This would be a major step for Vicore, spearheading the AT2R biology in treatment of disease.

Financial Information

Operating income

Net sales for the third quarter amounted to 0.0 MSEK (0.0) and to 0.0 MSEK (0.0) for the first nine months of the year.

Operating expenses

Operating expenses for the third quarter amounted to -97.8 MSEK (-40.5) and to -214.2 MSEK (-104.1) for the first nine months of the year. The increase in operating expenses is according to plan and is mainly attributable to increasing research and development expenses.

Administrative expenses

Administrative expenses for the third quarter amounted to -5.9 MSEK (-5.8) and to -15.1 MSEK (-15.3) for the first nine months of the year. The costs for share-based incentive programs related to administrative staff amounted to 0.0 MSEK (-2.0) for the third quarter and to +1.9 MSEK (-3.3) for the first nine months of the year. The positive values represent a reversal of booked provisions for social security contributions linked to the incentive programs due to a change in the underlying share price. For further information, see "Costs for share-based incentive programs.

Research and development expenses

Research and development expenses for the third quarter amounted to -91.5 MSEK (-34.5) and to -197.5 MSEK (-88.3) for the first nine months of the year. The increase is mainly explained by a rise in clinical costs due to increased activity in the ongoing clinical studies AIR (IPF) and ATTRACT-3 (COVID-19). The costs for share-based incentive programs related to research and development staff amounted to -0.3 MSEK (-0.4) for the third quarter and to -0.5 MSEK (-0.7) for the first nine months of the year. Research and development expenses relative to operating expenses, which is one of the company's alternative performance measures, for the third quarter were 93.5 percent (85.2).

Other operating income and expenses

Other operating income and expenses for the third quarter amounted to -0.4 MSEK (5.9) and to -1.1 MSEK (12.9) for the first nine months of the year. Other operating income and expenses mainly consist of exchange rate differences on supplier invoices.

Costs for share-based incentive programs

The cost for social contributions for share-based incentive programs varies from quarter to quarter due to the change in the underlying share price. Associated provisions are reported as other provisions under non-current and current liabilities. The total costs for the share-based incentive programs for the third quarter amounted to -0.3 MSEK (-2.3) and to +1.4 MSEK (-4,0) for the first nine months of the year. Of the -0.3 MSEK (-2.3) for the third quarter, -1.0 MSEK (-0.7) consists of IFRS 2 classified salary costs and +0.6 MSEK (-1.7) provisions for social security contributions. These costs have had no cash flow impact.

Result

The operating loss for the third quarter amounted to -97.8 MSEK (-34.4) and to -213.7 MSEK (-90.7) for the first nine months of the year. The result from financial items amounted to 0.1 MSEK (-1.7) for the third quarter and to -2.7 MSEK (1.8) for the first nine months of the year. This is mainly attributable to changes in the value of the company's long-term investment (I-Tech), foreign exchange differences on the company's currency accounts and interest earned on short-term investments in fixed-rate

April 7, 2022 Annual report 2021 May 5, 2022 Interim report, Q1 May 11, 2022 Annual General Meeting 2022 August 25, 2022 Interim report, Q2 November 3, 2022 Interim report, Q3 February 28, 2023 Year-end report 2022

Financial reports are available on the company's website www.vicorepharma.com from the day of publication.

accounts. The result after financial items for the third quarter amounted to -97.7 MSEK (-36.1) and to -216.4 MSEK (-88.9) for the first nine months of the year.

Tax for the third quarter amounted to 0.1 MSEK (0.1) and to 0.3 MSEK (0.3) for the first nine months of the year. Tax is related to a change in deferred tax liability attributable to acquired intangible assets. The group's accumulated tax loss carryforwards according to the Annual Report for 2020 amounted to 413.2 MSEK. The group's tax loss carryforwards have not been valued and are not recognized as a deferred tax asset. These tax loss carryforwards will be accounted for only when the group has established a level of earnings which management with confidence estimates will lead to taxable profits.

The loss for the third quarter amounted to -97.6 MSEK (-36.0) and to -216.1 MSEK (-88.6) for the first nine months of the year. Earnings per share before and after dilution amounted to -1.36 SEK (-0.65) for the third quarter and to -3.13 SEK (-1.70) for the first nine months of the year.

Cash flow, investments and financial position

Cash flow from operating activities for the third quarter amounted to -68.4 MSEK (-25.7) and to -189.9 MSEK (-80.8) for the first nine months of the year. The continued negative cash flow from the operating activities is according to plan and is explained by the company's increasing investment in the clinical development programs. Adjustment for items not included in the cash flow for

the third quarter amounted to 1.2 MSEK (1.5) and mainly comprised of costs for share-based incentive programs and amortization of acquired intangible assets.

Cash flow from investing activities for the third quarter amounted to 70.0 MSEK (-70.0) and to -7.0 MSEK (-70.0) for the first nine months of the year. The difference compared with the previous year is mainly attributable to changes in short-term interest-bearing investments.

Cash flow from financing activities for the third quarter amounted to -0.1 MSEK (174.6) and to 318.2 MSEK (177.0) for the first nine months of the year. On February 10, 2021, the company completed a directed share issue of 336 MSEK before transaction costs amounting to approximately 17.6 MSEK. The directed share issue was approved at an Extraordinary General Meeting in March 2021.

As of September 30, 2021, cash and cash equivalents amounted to 369.6 MSEK (248.6 MSEK as of December 31, 2020) and short-term investments amounted to 77.3 MSEK (70.1 MSEK as of December 31, 2020). Accordingly, cash, cash equivalents and short-term investments amounted in total to 446.9 MSEK (318.7 MSEK as of December 31, 2020).

Equity

Equity as of September 30, 2021, amounted to 462.6 MSEK (412.0), corresponding to 6.45 SEK (6.82) per share. The company's equity ratio at the end of the period, which is one of the company's alternative performance measures, was 87.4 percent (93.6 percent). The company believes that this key ratio provides investors with useful information of the company's capital structure.

Parent company

The group ("Vicore") consists of the parent company, Vicore Pharma Holding AB (publ) and the subsidiaries Vicore Pharma AB and INIM Pharma AB. The parent company's operations mainly consist of providing management and administrative services for the group's operative companies. In addition, the parent company manages groupwide issues, such as activities and information related to the stock market, as well as other group management issues. The research and development operations are conducted in the wholly owned subsidiaries Vicore Pharma AB and INIM Pharma AB.

Net sales for the parent company for the third quarter amounted to 2.0 MSEK (0.9) and to 4.6 MSEK (2.8) for the first nine months of the year. Net sales mainly consisted of management fees from group companies. Administrative expenses for the third quarter amounted to -5.8 MSEK (-5.8) and to -14.9 MSEK (-15.0) for the first nine months of the year. The operating loss for the third quarter amounted to -4.2 MSEK (-5.3) and to -11.6 MSEK (-13.5) for the first nine months of the year. The loss for the third quarter amounted to -4.0 MSEK (-5.1) and to -11.0 MSEK (-12.9) for the first nine months of the year. During the first nine months, shareholder contributions amounting to 300 MSEK were provided to the subsidiaries.

Financial summary of the group

Amounts in MSEK	2021 Jul-Sep	2020 Jul-Sep	2021 Jan-Sep	2020 Jan-Sep	2020 Jan-Dec
Net sales	0.0	0.0	0.0	0.0	0.0
Operating loss	-97.8	-34.4	-213.7	-90.7	-149.5
Loss for the period	-97.6	-36.0	-216.1	-88.6	-146.9
Loss per share, before/after dilution (SEK)1	-1.36	-0.65	-3.13	-1.70	-2.71
Research and development costs/ operating costs (%)2	93.5	85.2	92.2	84.8	84.7
Equity at the end of the period	462.6	412.0	462.6	412.0	354.5
Cash flow from operating activities	-68.4	-25.7	-189.9	-80.8	-119.9
Cash and cash equivalents and short-term investments at the end of the period	446.9	361.4	446.9	361.4	318.7

1 There is no dilution effect for potential ordinary shares for periods were earnings have been negative. 2 Alternative performance measure (APM). Defined on page 21.

Other Information

Personnel

As of September 30, 2021, the group had 19 employees, of whom 13 were women and six men. Of the employees, 15 are active in R&D. The group also engages consultants for specialist tasks and assignments on a frequent basis.

The share

Vicore's shares are listed on Nasdaq Stockholm with the ticker VICO and ISIN SE0007577895. As of September 30, 2021, the total number of shares amounted to 71,760,293 and the market capitalization was 1,453 MSEK. The company's shares are issued in one class and each share carries one vote.

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 and other co-workers in line with the interests of the shareholders. Vicore currently has two active programs that include the management team, certain board members, key employees and key consultants. At the Extraordinary General Meeting on August 13, 2018, it was resolved to

implement two new incentive programs: a maximum of 2,000,000 employee stock options to senior leaders and key persons ("Co-worker LTIP 2018"); and a maximum of 475,000 share awards to board members ("Board LTIP 2018").

At the Annual General Meeting on May 20, 2020, it was resolved to implement a new incentive program for certain board members ("Board LTIP 2020") amounting to a maximum of 525,000 share awards.

At the Annual General Meeting on May 11, 2021, it was resolved to implement two new incentive programs: a maximum of 3,000,000 employee stock options to senior leaders and key persons ("Co-worker LTIP 2021"); and a maximum of 73,000 share awards to certain board members ("Board LTIP 2021").

All these programs are performance-based programs entitling the holder to a maximum of one common share in Vicore per option or share award after three years.

Largest shareholders

Largest shareholders in Vicore as of September 30, 2021:

Shareholder	No. of shares	%
HealthCap VII L.P.	15,834,834	22.1%
Swedbank Robur	7,130,936	9.9%
Fourth Swedish National Pension Fund	6,632,041	9.2%
Handelsbanken Funds	4,317,766	6.0%
Göran Wessman1	4,030,340	5.6%
HBM Healthcare Investments (Cayman) Ltd.	2,752,920	3.8%
Third Swedish National Pension Fund	1,891,425	2.6%
Länsförsäkringar Funds	1,793,263	2.5%
Unionen	1,663,990	2.3%
Kjell Stenberg	1,531,303	2.1%
Second Swedish National Pension Fund	1,050,000	1.5%
Alfred Berg Funds	703,691	1.0%
Other	22,427,784	31.3%
Total number of shares	71,760,293	100.0%

Shareholdings privately and through Protem Wessman AB where Göran Wessman controls 40 percent of votes/capital.

1

For further information about these programs, see the Annual Report 2020, the minutes of the Extraordinary General Meeting 2018, the minutes of the Annual General Meeting 2020 and the minutes of the Annual General Meeting 2021, which are published on the company's website, www.vicorepharma.com.

During the third quarter of 2021, Board LTIP 2018 expired. As the share price increased by less than 50 percent during the measurement period no share awards were earned. The program is now closed.

The increase in the company's share capital, assuming full utilization and maximum goal achievement of all actíve incentive programs (i.e. including non-granted employee stock options and warrants that may be used as hedge for

social security contributions), amounts to a maximum of SEK 2,793,387, corresponding to a dilution of 7.2 percent of the total number of shares.

As of September 30, 2021, a total of 525,000 share awards have been granted in the Board LTIP 2020 program, 61,773 share awards have been granted in the Board LTIP 2021 program, employee stock options corresponding to 1,325,800 shares have been granted in the Co-worker LTIP 2018 program and employee stock options corresponding to 807,600 shares have been granted in the Co-worker LTIP 2021 program. Assuming full utilization and maximum goal achievement of all granted share awards and employee stock options as of September 30, 2021, the programs amount to 2,720,173 shares, corresponding to a dilution of 3.7 percent of the total number of shares. The table below provides a summary of the total number of shares that granted share awards and employee stock options may entitle to as of September 30, 2021.

Other financial asset

Vicore holds 91,829 shares in I-Tech AB (publ), which are classified as a financial asset. As of September 30, 2021, the value of the financial asset was 4.6 MSEK.

Audit review

This interim report has been reviewed by the company's auditor.

Summary of the number of shares which granted employee stock options and share awards may entitle to as of September 30, 2021

Total number of shares granted employee stock options and share awards may entitle to	2,720,173
Total number of shares that granted share awards may entitle to	586,773
Board LTIP 2021	61,773
Board LTIP 2020	525,000
Share awards
Total number of shares that granted employee stock options may entitle to	2,133,400
Co-worker LTIP 2021	807,600
Co-worker LTIP 2018	1,325,800
Employee stock options

The Board of Directors and the CEO provide their assurance that the interim report provides a fair and true overview of the parent company's and the group's operations, financial position and results, and describes material risks and uncertainties faced by the parent company and the companies in the group.

Gothenburg, November 4, 2021

Michael Wolff-Jensen Chairman

Hans Schikan Board member

Sara Malcus Board member

Jacob Gunterberg Board member

Heidi Hunter Board member

Maarten Kraan Board member

Carl-Johan Dalsgaard CEO

Financial reports Group

Group statement of comprehensive income in summary

KSEK	2021 Jul-Sep	2020 Jul-Sep	2021 Jan-Sep	2020 Jan-Sep	2020 Jan-Dec
Net sales	0	0	0	0	0
Gross profit	0	0	0	0	0
Administrative expenses	-5,918	-5,847	-15,127	-15,319	-24,986
Research and development expenses	-91,485	-34,530	-197,512	-88,315	-142,021
Other operating income and expenses	-354	5,935	-1,090	12,937	17,469
Profit/loss from operations	-97,757	-34,442	-213,729	-90,697	-149,538
Financial income	1,292	208	524	1,763	2,229
Financial expenses	-1,203	-1,875	-3,236	-2	-6
Net financial income/expense	89	-1,667	-2,712	1,761	2,223
Profit/loss before tax	-97,668	-36,109	-216,441	-88,936	-147,315
Tax	114	114	342	345	453
Loss for the period attributable to the parent company´s shareholders	-97,554	-35,995	-216,099	-88,591	-146,862
Other comprehensive income
Other comprehensive income	0	0	0	0	0
Other comprehensive income for the period, net of tax	0	0	0	0	0
Total comprehensive income attributable to the parent company´s shareholders	-97,554	-35,995	-216,099	-88,591	-146,862
Earnings per share, before and after dilution (SEK)	-1.36	-0.65	-3.13	-1.70	-2.71

Consolidated statement of financial position in summary

KSEK	2021 Sep 30	2020 Sep 30	2020 Dec 31
ASSETS
Fixed assets
Patent, licenses and similar rights	68,259	65,586	70,755
Equipment	91	120	113
Contract asset	380	209	139
Long-term investments	4,619	7,310	7,530
Deferred tax asset	184	119	131
Total fixed assets	73,533	73,344	78,668
Current Assets
Other receivables	1,552	1,454	5,354
Prepaid expenses and accrued income	6,996	3,869	3,757
Short-term investments	77,270	147,600	70,118
Cash and cash equivalents	369,645	213,780	248,618
Total current assets	455,463	366,703	327,847
TOTAL ASSETS	528,996	440,047	406,515
EQUITY AND LIABILITIES
Equity attributable to parent company shareholders	462,598	411,993	354,513
LIABILITIES
Non-current liabilities
Contract liability	382	0	0
Other provisions	1,770	987	2,385
Deferred tax liability	1,290	1,616	1,531
Total non-current liabilities	3,442	2,603	3,916
Current liabilities
Contract liability	0	210	140
Trade payables	21,437	6,322	10,943
Current tax liability	256	531	553
Other liabilities	1,122	497	3,132
Other provisions	212	1,764	3,792
Accrued expenses and deferred income	39,929	16,127	29,526
Total current liabilities	62,956	25,451	48,086
TOTAL LIABILITIES	66,398	28,054	52,002
TOTAL EQUITY AND LIABILITIES	528,996	440,047	406,515

Consolidated statement of changes in shareholders' equity in summary Consolidated statement of cash flow

	Shareholders' equity attributable to the parent company
	2021	2020	2021	2020	2020
KSEK	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	Jan-Dec
Equity at the beginning of the period	559,196	272,732	354,512	321,597	321,597
Profit for the period	-97,554	-35,995	-216,099	-88,591	-146,862
Other comprehensive income for the period	0	0	0	0	0
Total comprehensive income for the period	-97,554	-35,995	-216,099	-88,591	-146,862
Transactions with owners:
Issue in kind	0	0	3,000	0	0
Issue of new shares	0	185,000	336,000	187,550	187,550
Issue costs	0	-10,404	-17,578	-10,404	-10,404
Long-term incentive program	956	660	2,763	1,841	2,632
Total transactions with owners	956	175,256	324,185	178,987	179,778
Equity at the end of the period	462,598	411,993	462,598	411,993	354,513

KSEK	2021 Jul-Sep	2020 Jul-Sep	2021 Jan-Sep	2020 Jan-Sep	2020 Jan-Dec
Operating activities
Operating profit	-97,757	-34,442	-213,729	-90,697	-149,538
Adjustment for items not included in the cash flow	1,217	1,543	4,816	4,501	6,202
Interest received	372	0	372	0	726
Interest paid	-1	0	-8	-3	-6
Cash flow from operating activities before changes in working capital	-96,169	-32,899	-208,549	-86,199	-142,616
Cash flow from changes in working capital
Change in operating receivables	19,302	-2,133	-2,437	-3,078	-3,867
Change in operating payables	8,486	9,285	21,083	8,435	26,548
Cash flow from operating activities	-68,381	-25,747	-189,903	-80,842	-119,935
Investing activities
Acquisition of intangible assets	0	0	0	0	-3,000
Acquisition of short-term investments	0	-70,000	-77,000	-70,000	-70,000
Sale of short-term investments	70,000	0	70,000	0	77,000
Cash flow from investing activities	70,000	-70,000	-7,000	-70,000	4,000
Financing activities
Amortization contract liability	-63	-44	-176	-110	-179
Issue of new shares	0	185 000	336 000	187 550	187,550
Issue costs	0	-10 404	-17 578	-10 404	-10,404
Cash flow from financing activities	-63	174,552	318,246	177,036	176,967
Cash flow for the period	1,556	78,805	121,343	26,194	61,032
Cash and cash equivalents at the beginning of the period	366,980	134,975	248,618	187,586	187,586
Foreign exchange difference in cash and cash equivalents	1,109	0	-316	0	0
Cash and cash equivalents at the end of the period	369,645	213,780	369,645	213,780	248,618

Financial reports Parent company

Parent company's income statement

KSEK	2021 Jul-Sep	2020 Jul-Sep	2021 Jan-Sep	2020 Jan-Sep	2020 Jan-Dec
Net sales	2,031	918	4,588	2,754	3,672
Gross profit	2,031	918	4,588	2,754	3,672
Administrative expenses	-5,829	-5,825	-14,867	-15,020	-24,663
Research and development expenses	-414	-414	-1,242	-1,244	-1,658
Other operating income and expenses	-20	1	-58	47	44
Profit/loss from operations	-4,232	-5,320	-11,579	-13,463	-22,605
Interest income and similar profit items	265	208	603	572	817
Interest expenses and similar loss items	-80	0	-82	-36	-38
Net financial income/expense	185	208	521	536	779
Result after financial items	-4,047	-5,112	-11,058	-12,927	-21,826
Tax	18	18	54	57	69
The result for the period	-4,029	-5,094	-11,004	-12,870	-21,757

Parent company's statement of comprehensive income

KSEK	2021 Jul-Sep	2020 Jul-Sep	2021 Jan-Sep	2020 Jan-Sep	2020 Jan-Dec
The result for the period	-4,029	-5,094	-11,004	-12,870	-21,757
Other comprehensive income	0	0	0	0	0
Total comprehensive income for the period	-4,029	-5,094	-11,004	-12,870	-21,757

Parent company's balance sheet Parent company's balance sheet

	2021	2020	2020
KSEK	Sep 30	Sep 30	Dec 31
ASSETS
Fixed assets
Patent, licenses and similar rights	0	0	6,000
Participations in group companies	695,888	276,182	396,303
Long-term investments	565	565	565
Deferred tax asset	184	119	131
Total fixed assets	696,637	276,866	402,999
Current assets
Receivables
Receivables from group companies	0	40,000	0
Other receivables	389	632	305
Prepaid expenses and accrued income	736	210	270
	1,125	40,842	575
Short-term investments	77,270	147,600	70,118
Cash and cash equivalents	197,960	202,823	195,822
Total current assets	276,355	391,265	266,515
TOTAL ASSETS	972,992	668,131	669,514

KSEK	2021 Sep 30	2020 Sep 30	2020 Dec 31
EQUITY AND LIABILITIES
EQUITY
Restricted equity
Share capital	35,880	30,209	30,209
Total restricted equity	35,880	30,209	30,209
Non-restricted equity
Share premium reserve	1,003,762	688,011	688,011
Accumulated profit or loss	-61,477	-43,275	-42,483
Profit (loss) for the period	-11,004	-12,870	-21,757
Total non-restricted equity	931,281	631,866	623,771
TOTAL EQUITY	967,161	662,075	653,980
LIABILITIES
Provisions
Other provisions	1,502	2,368	5,312
Deferred tax liability	168	109	120
Total provisions	1,670	2,477	5,432
Current liabilities
Trade payables	1,003	623	764
Current tax liability	62	368	385
Other liabilities	709	366	1,725
Accrued expenses and deferred income	2,387	2,222	7,228
Total current liabilities	4,161	3,579	10,102
TOTAL LIABILITIES	5,831	6,056	15,534
TOTAL EQUITY AND LIABILITIES	972,992	668,131	669,514

Notes

Note 1 General information

This report covers the Swedish parent company Vicore Pharma Holding AB (publ), corporate registration number 556680-3804, and its subsidiaries. The parent company is a limited liability company with its registered office in Gothenburg, Sweden. The address of the main office is Kronhusgatan 11, 411 05 Gothenburg, Sweden. The main operation of the group is research and development of pharmaceutical products.

The interim report for the third quarter 2021 was approved for publication on November 4, 2021, in accordance with a board decision on November 3, 2021.

Note 2 Accounting principles

Vicore's consolidated accounts have been prepared in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) as well as the interpretations from the IFRS Interpretation Committee (IFRS IC) as adopted by the European Union (EU). Furthermore, the group also applies the Annual Accounts Act (1995: 1554) and the Swedish Financial Reporting Board's recommendation RFR 1 "Supplementary Accounting Rules for Groups." Relevant

accounting and valuation principles could be found on pages 42-45 of the Annual Report for 2020.

The interim report for the third quarter has been prepared in accordance with IAS 34 Interim Financial Reporting. The parent company applies the Annual Accounts Act and RFR 2 Accounting for Legal Entities.

Disclosures in accordance with IAS 34.16A are provided both in the notes as well as elsewhere in the interim report.

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

The accounting principles and calculation methods remain unchanged from those applied in the Annual Report for finan¬cial year 1 Jan - 31 December 2020 with the exception of what is described below.

Social security contributions for share-based incentive programs were reported in the Annual Report in the cash flow analysis as changes in operating liabilities, but have as of the interim report for the third quarter of 2021 been reclassified to "Adjustment for items not included in the cash flow". Historical figures have not been adjusted.

Note 3 Related-party transactions

During the period, remuneration to the group's senior executives and the board has been paid in accordance with current policies. The following intragroup transactions took place for the third quarter and the first nine months of the year:

Vicore Pharma AB invoiced INIM Pharma AB approximately 0.7 MSEK during the third quarter and approximately 2.2 MSEK for the first nine months for management fee.

Vicore Pharma Holding AB has invoiced the subsidiary Vicore Pharma AB approximately 1.7 MSEK during the third quarter and approximately 3.1 MSEK for the first nine months for management fee. Vicore Pharma Holding AB has invoiced the subsidiary Vicore Pharma AB approximately 0.0 MSEK during the third quarter and approximately 6.7 MSEK for the first nine months for reinvoiced consulting costs.

Vicore Pharma Holding AB has invoiced the subsidiary INIM Pharma AB approximately 0.3 MSEK during the third quarter and approximately 0.8 MSEK for the first nine months for management fee.

No other related party transactions have taken place during the period than previously stated.

Note 4 Risks and uncertainties in the group and the parent company

Operational risks

Vicore is engaged in research and development operations through its subsidiary Vicore Pharma. Research and development involve a significant inherent level of risk and is a capital-intensive process. The majority of initiated projects in the drug development industry will never reach market registration due to technological risks, including the risk for insufficient efficacy, intolerable side effects or manufacturing problems. Up until today, Vicore has not yet generated significant revenue. Vicore's expansion and development related to VP01 and VP02 may be delayed and/ or incur greater costs and capital need than expected. Delays can occur for a variety of reasons, including difficulties in reaching agreements with clinics about participation in clinical studies under acceptable conditions, problems in identifying patients for studies, patients not completing a trial, or not returning for follow-up.

Patents that the company has applied for may not be granted and granted patents may be challenged leading to loss of patent protection. If competing

pharmaceuticals capture market share or reach the market faster, or if competing research projects achieve better product profiles, the future value of the product portfolio may be lower than expected. The operations may also be impacted negatively by decisions from public authorities, including decisions related to approvals, reimbursement and price changes.

Financial risks

Through its operations, Vicore is exposed to various types of financial risk; credit risks, market risks (foreign exchange risk, interest rate risk and other price risks) and liquidity risks including refinancing risk. The main refinancing risk relates to the risk of not receiving additional investments from shareholders and other investors. The group's overall risk management objective focuses on the unpredictability of financial markets and strives to minimize potentially unfavorable consequences for the group's financial position and performance.

For more information about operational and financial risks as well as other risk factors, see the Annual Report 2020, which can be downloaded from the company's website, www.vicorepharma. com.

COVID-19-pandemic

The outbreak of the COVID-19 pandemic throughout the world has led to major disruptions in the economies of many countries and has affected the group's ability to carry out clinical studies. The duration and expected development of the COVID-19 pandemic are unknown, and no predictions can be made in relation to the length of present and further measures that different countries and others may take in response to the crisis. However, any prolongation or worsening of the virus outbreak may lead to e.g. the following:

• the availability and recruitment of potential trial participants in clinical studies as well as their possibility of carrying out non-essential hospital visits is negatively affected. This could lead to delays of the studies, greater study costs and capital need than anticipated,
• disruptions in the operations of third-party manufacturers, clinical research organizations, and other parties on whom Vicore relies, the availability or cost of materials,

which could damage Vicore's supply chain or otherwise limit its ability to obtain sufficient materials to manufacture Vicore's drug candidates to be used in clinical trials,

• important suppliers or contract research organisations are experiencing financial distress,
• impairments of intangible assets, and/or
• disruption of financial markets, which can impact the company's refinancing abilities.

Given the evolving nature of the pandemic, the above list is by no means exhaustive, but each of these events, or any combination of them, could amplify the negative impact of the crisis on the group's financial performance and have material adverse effect on the group's business, financial development and shareholder value.

The pandemic is, however, currently not considered to have a significant negative impact on the finances of the company.

Note 5 Financial instruments

Vicore's financial assets and liabilities comprise cash, cash equivalents, long-term investments (I-Tech AB), short-term investments, trade payables, contract liabilities and accrued expenses. The fair value of all financial instruments is materially equal to their carrying amounts. The financial instruments reported at fair value in the balance sheet are comprised of the group's holding of shares in I-Tech AB, which are listed on Nasdaq First North Growth Market. The shares are valued at level 1 in the fair value hierarchy.

Note 6. Depreciation and amortization

Allocation by function

KSEK	2021 Jul-Sep	2020 Jul-Sep	2021 Jan-Sep	2020 Jan-Sep	2020 Jan-Dec
Administrative expenses	0	0	0	0	0
Research and development expenses	-903	-883	-2,695	-2,628	-3,537
Total	-903	-883	-2,695	-2,628	-3,537

Amortization attributable to research and development expenses mainly relates to the amortization of acquired intangible assets. This consists of a patent portfolio related to C21, whose main patent expires in the US in September 2024. Amortization began in September 2019 and is amortized over its estimated useful life, which is the remaining patent period. Amortization has not yet begun for the group's other intangible assets.

Key Performance Measures

Vicore applies the guidelines issued by ESMA (European Securities and Markets Authority) for alternative performance measures. Alternative performance measures are financial measurements of historical or future earnings, financial position, financial results or cash flows that are not defined or specified in the applicable financial reporting rules and which are central to the understanding and evaluation of Vicore's operations. In this report, Vicore presents certain

key performance measures, including two alternative performance measures that are not defined under IFRS, namely equity ratio and research and development expenses/operating expenses. The company believes that these key performance measures are useful for readers of the financial reports as a complement to other key performance measures, as it enables a better evaluation of the company's financial trends. These alternative performance measures should not be viewed in

isolation or be considered to replace the performance indicators that have been prepared in accordance with IFRS. In addition, such performance measures, as the company has defined them, should not be compared with other performance measures with similar names used by other companies. This is because the above-mentioned performance measures are not always defined in the same manner, and other companies may calculate them differently.

Key performance measures

	2021 Jul-Sep	2020 Jul-Sep	2021 Jan-Sep	2020 Jan-Sep	2020 Jan-Dec
Share capital at the end of period (KSEK)	35,880	30,209	35,880	30,209	30,209
Total registered shares at the beginning of period	71,760,293	50,418,239	60,418,239	50,174,714	50,174,714
Total registered shares at the end of period	71,760,293	60,418,239	71,760,293	60,418,239	60,418,239
Average number of ordinary shares	71,760,293	55,692,964	68,974,312	52,170,237	54,249,185
Total number of shares allocated options and share awards may entitle to	2,729,173	2,265,800	2,729,173	2,265,800	2,325,800
Profit for the period attributable to shareholders of the parent company (KSEK)	-97,554	-35,995	-216,099	-88,591	-146,862
Earnings per share before and after dilution (SEK)1	-1.36	-0.65	-3.13	-1.70	-2.71
Equity ratio at the end of the period (%)2	87.4	93.6	87.4	93.6	87.2
Research and development expenses/operating expenses (%)3	93.5	85.2	92.2	84.8	84.7

1 Earnings per share before (after) dilution are calculated by dividing earnings attributable to shareholders of the parent company by a weighted average number of outstanding shares before (after) dilution during the period. The average number of outstanding shares has been adjusted for bonus shares in new stock issued targeted towards existing shareholders. There is no dilution effect for potential ordinary shares for periods were earnings have been negative.

2 Equity ratio is the company's alternative performance measure (APM) and is defined on the next page.

3 Research and development expenses/operating expenses (%) is the company's alternative performance measure (APM) and is defined on the next page.

Definitions and reconciliation of alternative performance measures

Alternative performance
measures	Definition	Justification
Equity ratio	Total shareholders' equity divided by total assets	The company believes that this key ratio provides investors with useful information of the company's capital structure
Research and development expenses/operating expenses (%)	Research and development expenses divided by operating expenses. Operating expenses consist of the items administra tive expenses, research and development expenses and other operating expenses	The company believes that the research and development expenses/operating expenses ratio is an important comple ment because it allows for a better evaluation of the compa ny's economic trends and the proportion of its expenses that are attributable to the company's core business

Derivation

	2021	2020	2021	2020	2020
	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	Jan-Dec
Equity ratio at the end of the period (%)
Total shareholders' equity at the end of the period (KSEK)	462,598	411,993	462,598	411,993	354,513
Total assets at the end of the period (KSEK)	528,996	440,047	528,996	440,047	406,515
Equity ratio at the end of the period (%)	87.4	93.6	87.4	93.6	87.2
Research and development expenses/operating expenses (%)
Research and development expenses (KSEK)	-91,485	-34,530	-197,512	-88,315	-142,021
Administrative expenses (KSEK)	-5,918	-5,847	-15,127	-15,319	-24,986
Other operating expenses (KSEK)	-416	-141	-1,601	-488	-721
Operating expenses (KSEK)	-97,819	-40,518	-214,240	-104,122	-167,728
Research and development expenses/operating expenses (%)	93.5	85.2	92.2	84.8	84.7

Contact Information

Address

Vicore Pharma Holding AB

Kronhusgatan 11 SE-411 05 Gothenburg, Sweden

Vicore Pharma Holding AB

Kornhamnstorg 53 SE-111 27 Stockholm, Sweden

Tel: + 46 31 788 05 60 Org.no.: 556680-3804

www.vicorepharma.com

This information was submitted for publication on November 4, 2021 at 08:00 CET.

Contact

Carl-Johan Dalsgaard, CEO Tel: +46 70 975 98 63 carl-johan.dalsgaard@vicorepharma.com

Hans Jeppsson, CFO Tel: +46 70 553 14 65

hans.jeppsson@vicorepharma.com

Auditors' review report

THIS IS A TRANSLATION FROM THE SWEDISH ORIGINAL

Review report

Vicore Pharma Holding AB, org.nr 556680-3804

Introduction

We have reviewed the condensed interim report for Vicore Pharma Holding AB as at September 30, 2021 and for the nine months period then ended. The Board of Directors and the Managing Director are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.

Scope of review

We conducted our review in accordance with the International Standard on Review Engagements, ISRE 2410 Review of Interim Financial Statements Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act regarding the Group, and in accordance with the Swedish Annual Accounts Act regarding the Parent Company.

Gothenburg the date shown in electronic signature

Ernst & Young AB

Andreas Mast Authorized Public Accountant