Vicore Pharma Holding

Interim Report • Aug 22, 2025

Interim report Apr 1 - Jun 30, 2025

Vicore Pharma Holding AB (publ)

1 | Vicore Pharma Holding AB Interim report, Q2 2025

vicorepharma.com

Table of Contents

Summary of the Period3
CEO Comments4
Pipeline 5
Financial Information6
Sustainability at Vicore8
Other Information9
Financial Reports - Group 11
Financial Reports - Parent Company 13
Notes 15
Key Performance Measures18
Contact Information20

Summary of the Period

Significant events during the second quarter

• Continued activation of clinical sites and enrollment of patients in the ASPIRE trial progressing as planned, remaining on track to complete enrollment in the first half of 2026.
• In May, Vicore presented at the 2025 American Thoracic Society International Conference, showcasing new translational data demonstrating buloxibutid's unique upstream mechanism of action, a further analysis of buloxibutid's Phase 2a data in idiopathic pulmonary fibrosis (IPF) patients reflecting disease-modifying potential, and the patient-centric approaches that Vicore has taken in both the ongoing Phase 2b ASPIRE study in IPF patients and in digital health innovation.
• Vicore participated in several investor conferences in Q2, including Jefferies Global Healthcare Conference, the Van Lanschot Kempen Life Sciences Conference, and the Nordea Equities Healthcare Seminar.
• Successful completion of the merger between INIM Pharma AB and its parent company, Vicore Pharma Holding AB.

Significant events after the period

No significant events occurred after the second quarter.

The group ("Vicore") consists of Vicore Pharma Holding AB (publ) and its subsidiaries Vicore Pharma AB and Vicore Pharma US Inc.

Financial overview for the period

April 1 - June 30, 2025

• Revenue amounted to SEK 1.7 million and SEK 0.0 million for the three months ended June 30, 2025 and 2024, respectively.
• Operating loss amounted to SEK 111.2 million and SEK 63.1 million for the three months ended June 30, 2025 and 2024, respectively.
• Loss for the period amounted to SEK 115.4 million and SEK 56.3 million for the three months ended June 30, 2025 and 2024, respectively.
• Loss per share, before and after dilution, amounted to SEK 0.49 and SEK 0.50 for the three months ended June 30, 2025 and 2024, respectively.
• On June 30, 2025, cash, cash equivalents, and shortterm investments amounted to SEK 937.0 million, equivalent to USD 98.5 million (SEK 1,156.0 million as of December 31, 2024).

January 1 - June 30, 2025

• Revenue amounted to SEK 2.6 million and SEK 104.2 million for the six months ended June 30, 2025 and 2024, respectively.
• Operating loss amounted to SEK 202.7 million and SEK 40.0 million for the six months ended June 30, 2025 and 2024, respectively.
• Loss amounted to SEK 226.9 million and SEK 24.6 million for the six months ended June 30, 2025 and 2024, respectively.
• Loss per share, before and after dilution, amounted to SEK 0.97 and SEK 0.22 for the six months ended June 30, 2025 and 2024, respectively.

Financial summary of the group

	2025	2024	2025	2024	2024
Amounts in SEK million	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
Revenue	1.7	0.0	2.6	104.2	109.4
Operating profit/(loss)	(111.2)	(63.1)	(202.7)	(40.0)	(194.2)
Profit/(loss) for the period	(115.4)	(56.3)	(226.9)	(24.6)	(168.6)
Profit/(loss) per share, before/after dilution (SEK)1	(0.49)	(0.50)	(0.97)	(0.22)	(1.23)
Research and development costs/ operating costs (%)2	87.3	79.1	86.0	81.8	81.7
Equity at the end of the period	908.3	435.0	908.3	435.0	1,129.3
Cash flow from operating activities	(106.5)	(49.6)	(192.6)	(26.5)	(165.0)
Cash and cash equivalents and short-term investments at the end of the period	937.0	466.4	937.0	466.4	1,156.0

1 No dilutive effect arises for potential common shares for periods when the result is negative or when the exercise price for options or share awards exceeds the average market price. 2 Alternative performance measure (APM). Defined on page 19.

CEO Comments

Vicore's Phase 2b ASPIRE trial remains on track and is expected to complete enrollment in the first half of next year.

During the second quarter, Vicore continued to execute with focus, ensuring efficient site activation and enrollment for the global, randomized Phase 2b ASPIRE trial. The company has a clear path forward for the development of buloxibutid in IPF and has maintained a strong financial position to allow the company to complete this impactful trial with additional cash runway thereafter.

The ASPIRE trial was initiated after regulatory clearance in September 2024 and designed to study the change in forced vital capacity (FVC) from baseline over 52-weeks, the registrational endpoint for IPF. We remain on track to enroll the last patient into the study in the first half of 2026, as we

have secured regulatory approvals in all 14 participating countries, patient enrollment is progressing as planned, and the quality of participating sites and patient engagement has been very good. We are particularly encouraged by the enthusiasm from the clinical community and the recognition of the transformative potential of buloxibutid's differentiated mechanism of action. Given the unique mechanism of this first-in-class program, buloxibutid has the potential to redefine the treatment paradigm in fibrotic lung disease - not merely slowing disease progression but potentially preserving or improving lung function.

We continue to see strong interest in the trial, supported by the limited number of programs in late-stage development for IPF and the need for more effective and better tolerated therapies. Physicians and patients are also enthusiastic about the trial because of early signal of the excellent tolerability in the Phase 2a study and the patientfriendly trial design. This bodes well for our recruitment plans heading into the second half of 2025.

With the ASPIRE trial and Phase 3 readiness activities progressing, Vicore's management team continued to attend scientific and banking conferences throughout the quarter to keep stakeholders updated on the potential

of buloxibutid in IPF and Vicore's future ambitions. Vicore presented multiple oral presentations and posters at the 2025 American Thoracic Society International Conference in May, where the team had the opportunity to highlight new preclinical data supporting buloxibutid's unique mechanism of action. Toby Maher, MD, PhD, Professor of Clinical Medicine at the Keck School of Medicine of the University of Southern California, also presented further detail from the Phase 2a AIR trial evaluating buloxibutid in IPF, including a synthetic control arm analysis utilizing real world data from a large cohort of

IPF patients, which provided additional support for the robust treatment effect of buloxibutid observed in the Phase 2a AIR study.

Despite the ongoing market volatility driven by continued uncertainty around US tariff policy and broader macroeconomic stability, Vicore is in a fortunate position thanks to the SEK 880 million (USD ~85 million) capital raise during the fourth quarter of 2024.

I want to thank everyone whose support has helped to bring Vicore to where we are today. I'm fortunate to be working alongside a dedicated and talented team and to be supported by

shareholders and partners who share our vision and believe in our long-term ambitions. We are entering the second half of the year with strong momentum and a clear sense of purpose: to bring transformational therapies to patients suffering from severe fibrotic diseases. This mission is all the more critical given both the high unmet need that exists for this deadly disease today and the limited late-stage development pipeline.

Ahmed Mousa

CEO

Vicore pipeline

Compound	Indication	Preclinical	Phase 1	Phase 2	Phase 3	Comments	Partnerships
Buloxibutid (C21)	IPF					Phase 2b study ongoing (NCT06588686)	Japan:
New ATRAGs*	Multiple indications					Preclinical studies

For more information about Vicore's development projects, see www.vicorepharma.com. * ATRAG - Angiotensin II type 2 receptor agonists

Financial Information

Operating income

Revenue amounted to SEK 1.7 million and SEK 0.0 million for the three months ended June 30, 2025 and 2024, respectively. Revenue for the three months ended June 30, 2025 is attributable to cost reimbursements for manufacturing expenses under the license agreement with Nippon Shinyaku for the development and commercialization of buloxibutid in Japan.

Operating expenses

Operating expenses amounted to SEK 113.8 million and SEK 63.3 million for the three months ended June 30, 2025 and 2024, respectively.

Administrative expenses

Administrative expenses amounted to SEK 14.1 million and SEK 12.7 million for the three months ended June 30, 2025 and 2024, respectively. Costs for share-based incentive programs related to administrative staff amounted to SEK 3.1 million and SEK 2.7 million for the three months ended June 30, 2025 and 2024, respectively. For further information, see "Costs for share-based incentive programs".

Research and development expenses

Research and development expenses amounted to SEK 99.4 million and SEK 50.0 million for the three months ended June 30, 2025 and 2024, respectively. The increase compared to the previous year is primarily attributable the ongoing Phase 2b clinical study with buloxibutid in IPF. Costs for share-based incentive programs related to research and development staff amounted to SEK 1.6 million and SEK 2.5 million for the three months ended June 30, 2025 and 2024, respectively. Research and development expenses relative to operating expenses, one of the company's alternative performance measures, was 87.3 percent and 79.1 percent for the three months ended June 30, 2025 and 2024, respectively.

Other operating income and expenses

Other operating income/(expense), net amounted to SEK 0.6 million and (SEK 0.4 million) for the three months ended June 30, 2025 and 2024, respectively. Other operating income and expenses mainly consist of exchange rate differences arising from supplier invoices.

Costs for share-based incentive programs

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, including IFRS 2 classified salary costs and provisions for social security contributions, amounted to SEK 4.7 million and to SEK 5.2 million for the three months ended June 30, 2025 and 2024, respectively. These costs have had no cash flow impact.

Net financial income and expenses

Net financial income/(expenses) amounted to (SEK 4.2 million) and SEK 6.7 million for the three months ended June 30, 2025 and 2024, respectively. The decrease compared to the previous year is primarily attributable to exchange rate differences on cash and short-term investments. In line with the group's treasury guidelines, cash is exchanged to foreign currency, and invested over different maturities, in order to align with the currency exposure arising from the fact that the majority of the group's agreements and expenses are

Financial calendar November 5, 2025 Interim report, Q3 February 27, 2026 Year-end report 2025

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

denominated in foreign currencies. As a result, exchange rate fluctuations do not impact the group's liquidity forecast or cash flow planning.

Tax

Tax credit amounted to SEK 0.0 million and SEK 0.1 million for the three months ended June 30, 2025 and 2024 respectively. The group's accumulated tax loss carryforwards as of December 31, 2024, amounted to SEK 1,513.4 million. 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 that management confidently estimates will lead to taxable profits.

Result for the period

For the three months ended June 30, 2025 and 2024, loss for the period amounted to SEK 115.4 million and SEK 56.3 million, and the corresponding loss per share before and after dilution amounted to SEK 0.49 and SEK 0.50, respectively.

Cash flow, investments, and financial position

Cash flow from/(used in) operating activities amounted to (SEK 106.5 million) and (SEK 49.6 million) for the three months ended June 30, 2025 and 2024, respectively. 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 program. Adjustment for items not included in the cash flow for the three months ended June 30, 2025 and 2024, amounted to SEK 4.5 million and SEK 6.1 million, respectively, and mainly consists of costs for share-based incentive programs.

Cash flow from/(used in) investing activities amounted to (SEK 250.3 million) and (SEK 24.8 million) for the three months ended June 30, 2025 and 2024, respectively. The difference compared to the previous year is mainly attributable to acquisition of short term investments.

Cash flow from/(used in) financing activities amounted to SEK 0.0 million and SEK 0.0 million for the three months ended June 30, 2025 and 2024, respectively.

As of June 30, 2025, cash and cash equivalents amounted to SEK 351.6 million (SEK 1,156.0 million as of December 31, 2024) and short-term investments amounted to SEK 585.4 million (SEK 0.0 million as of December 31, 2024). Accordingly, cash, cash equivalents, and short-term investments amounted in total to SEK 937.0 million (SEK 1,156.0 million as of December 31, 2024).

Equity

Equity as of June 30, 2025 and 2024, amounted to SEK 908.3 million and SEK 435.0 million, and the corresponding equity per share amounted to SEK 3.87 and SEK 3.89, respectively. The company's equity ratio as of June 30, 2025 and 2024, which is one of the company's alternative performance measures, was 93.0 percent and 90.9 percent, respectively. 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 Vicore Pharma US Inc. The parent company's operations mainly consist of providing business support services for the group's operating companies. The research and development operations are primarily conducted in the wholly owned subsidiary Vicore Pharma AB. In Vicore Pharma US Inc, intra-group services are conducted within research and development, and business support.

Revenue for the parent company amounted to SEK 51.9 million and SEK 6.4 million for the three months ended June 30, 2025 and 2024, respectively. Revenue mainly consists of business support fees from group companies. Administrative expenses amounted to SEK 15.9 million and SEK 10.6 million for the three months ended June 30, 2025 and 2024, respectively.

For the three months ended June 30, 2025 and 2024, the profit/(loss) for the period amounted to SEK 31.4 million and (SEK 2.1 million), respectively.

Sustainability at Vicore

Vicore's mission to develop life-changing therapies for severe fibrotic diseases is grounded in a commitment to sustainability, social responsibility, and ethical leadership. As we continue to advance our pipeline, we remain committed to operate in a way that benefits all of our stakeholders, including patients, employees, and communities.

ESG principles are integral to Vicore's business approach. In a rapidly changing world, we recognize that addressing global challenges such as climate change, health equity, and workforce diversity requires collective action. We view these challenges as opportunities to lead by example and make a meaningful impact.

Social responsibility is at the core of our purpose. At Vicore, we are focused on developing transformative therapies, and thus contributing to a healthier population, and fostering a diverse, inclusive, and equitable culture where

our employees can thrive. A workforce rich in diverse perspectives drives innovation, strengthens collaboration, and ultimately helps us deliver better patient outcomes. Additionally, we are committed to support and work closely with patient advocacy groups.

Our dedication to the environment begins with minimizing our ecological footprint. As a biopharmaceutical company, we prioritize sustainable practices across our operations, from reducing energy consumption to responsible procurements.

Our governance framework ensures

that we uphold the highest standards of integrity and transparency and conduct our operations in a responsible way. From rigorous compliance programs to robust cybersecurity measures, we are dedicated to protecting the privacy of our stakeholders and maintaining trust. We are truly motivated by the opportunity to contribute to a healthier, more equitable, and sustainable world.

Other Information

Personnel

As of June 30, 2025, the group had 33 employees, 21 of whom were women and 12 men. Of the employees, 25 were active in R&D. The group also frequently engages consultants for specialist tasks and assignments.

The share

Vicore shares are listed on Nasdaq Stockholm with the ticker VICO and ISIN SE0007577895. As of June 30, 2025, the total number of shares amounted to 234,609,771 and the market capitalization was SEK 1,785 million. The company's shares are issued in one class, each carrying one vote.

At the Annual General Meeting on May 6, 2025, it was decided, according to the Board of Directors' proposal, to authorize the Board of Directors to, at one or several times, with or without deviation from the shareholders' prefe rential rights, and until the next Annual General Meeting, decide to increase

the company's share capital through share issues. The number of shares that could be issued in accordance with the authorization may not result in a dilution exceeding 20 percent of the number of shares and votes in the company at the 2025 Annual General Meeting.

In June 2025, the number of shares and votes increased following the exercise of warrants with subsequent delivery of shares to a participant in the incentive programs Board LTIP 2023 and Board LTIP 2024. The shares were issued through the exercise of 29,473 share awards, which after recalculation taking into account the rights issue in 2024, entitled the participant to 30,652 shares.

Audit review

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

Largest shareholders

Largest shareholders in Vicore as of June 30, 2025:

Shareholder	No. of shares	%
HealthCap VII L.P.	26,308,369	11.2%
Fourth Swedish National Pension Fund	21,172,411	9.0%
HBM Healthcare Investments (Cayman) Ltd.	21,170,704	9.0%
Sanofi	14,571,428	6.2%
Capital Group	11,759,420	5.0%
Unionen	9,000,000	3.8%
The Invus Group	8,763,239	3.7%
Avanza Pension	6,744,502	2.9%
C WorldWide Asset Management	6,700,000	2.9%
Jesper Lyckeus	6,000,000	2.6%
Protem	4,220,680	1.8%
Handelsbanken Funds	4,210,221	1.8%
Third Swedish National Pension Fund	3,902,100	1.7%
Karl Perlhagen	2,747,722	1.2%
Nordnet Pension	2,123,738	0.9%
Max Mitteregger	2,000,000	0.9%
Swedbank Robur Funds	1,707,163	0.7%
Kjell Stenberg	1,694,303	0.7%
SEB Funds	1,492,352	0.6%
Other	78,321,419	33.4%
Total number of shares	234,609,771	100.0%

Source: Monitor by Modular Finance

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

Stockholm, August 22, 2025

Hans Schikan Chairman

Jacob Gunterberg Board member

Yasir Al-Wakeel Board member

Elisabeth Björk Board member

Ahmed Mousa CEO

Ann Barbier Board member Michael Buschle

Board member

Heidi Hunter Board member

Financial reports Group

Group statement of comprehensive income

(SEK in thousands except per share amount or as otherwise indicated)	2025 Apr-Jun	2024 Apr-Jun	2025 Jan-Jun	2024 Jan-Jun	2024 Jan-Dec
Revenue	1,746	0	2,638	104,243	109,346
Gross profit	1,746	0	2,638	104,243	109,346
Administrative expenses	14,077	12,710	28,203	22,591	50,443
Research and development expenses	99,419	50,021	178,147	118,209	249,263
Other operating income/(expenses), net	579	(404)	996	(3,416)	(3,829)
Operating profit/(loss)	(111,171)	(63,135)	(202,716)	(39,973)	(194,189)
Financial income	10,308	6,718	16,724	15,177	25,307
Financial expenses	(14,500)	(5)	(40,906)	(6)	8
Net financial income/(expenses)	(4,192)	6,713	(24,182)	15,171	25,299
Profit/(loss) before tax	(115,363)	(56,422)	(226,898)	(24,802)	(168,890)
Tax credit	0	96	0	192	256
Profit/(loss) for the period attributable to the parent company´s shareholders	(115,363)	(56,326)	(226,898)	(24,610)	(168,634)
Other comprehensive income
Other comprehensive income/(expenses)	(216)	(18)	(811)	451	442
Other comprehensive income/(loss) for the period net of tax	(216)	(18)	(811)	451	442
Total comprehensive income/(loss) attributable to the parent company´s shareholders	(115,579)	(56,344)	(227,709)	(24,159)	(168,192)
Profit/(loss) per share before and after dilution (SEK)1	(0.49)	(0.50)	(0.97)	(0.22)	(1.23)

1 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 where earnings have been negative.

Consolidated statement of financial position in summary

(SEK in thousands)	2025 Jun 30	2024 Jun 30	2024 Dec 31
ASSETS
Fixed assets
Patents, licenses and similar rights	0	555	0
Equipment	0	10	0
Long-term receivables	1,409	0	0
Total fixed assets	1,409	565	0
Current Assets
Other receivables	15,163	1,649	14,385
Prepaid expenses and accrued income	22,945	10,078	32,722
Short-term investments	585,380	107,787	0
Cash and cash equivalents	351,604	358,652	1,156,001
Total current assets	975,092	478,166	1,203,108
TOTAL ASSETS	976,501	478,731	1,203,108
EQUITY AND LIABILITIES
Equity attributable to parent company shareholders	908,251	434,981	1 ,129 ,329
LIABILITIES
Non-current liabilities
Other provisions	1,506	3,478	556
Deferred tax liability	303	347	315
Total non-current liabilities	1,809	3,825	871
Current liabilities
Trade payables	29,355	18,196	29,966
Current tax liability	856	792	1,932
Other liabilities	14,360	2,676	17,714
Other provisions	618	1,133	328
Deferred tax liability	0	64	0
Accrued expenses and deferred income	21,252	17,064	22,968
Total current liabilities	66,441	39,925	72,908
TOTAL LIABILITIES	68,250	43,750	73,779
TOTAL EQUITY AND LIABILITIES	976,501	478,731	1,203,108

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

	Shareholders' equity attribut able to the parent company
	2025	2024	2025	2024	2024
(SEK in thousands)	Apr-Jun	Apr-Jun	Jan-Mar	Jan-Mar	Jan-Dec
Equity at the beginning of the period	1,020,255		488,831 1,129,329	455,389	455,389
Profit/(loss) for the period	(115,363)	(56,326)	(226,898)	(24,611)	(168,634)
Other comprehensive income/(loss)	(216)	(18)	(811)	451	442
Total comprehensive income/(loss) for the period	(115,579)	(56,344)	(227,709)	(24,160)	(168,192)
Transactions with owners:
Issue of new shares	15	5	15	5	882,143
Issue costs	0	0	0	0	(48,080)
Long-term incentive program	3,560	2,489	6,616	3,747	8,069
Total transactions with owners	3,575	2,494	6,631	3,752	842,132
Equity at the end of the period	908,251	434,981	908,251		434,981 1,129,329

(SEK in thousands)	2025 Apr-Jun	2024 Apr-Jun	2025 Jan-Jun	2024 Jan-Jun	2024 Jan-Dec
Operating activities
Operating profit/(loss)	(111,171)	(63,135)	(202,716)	(39,973)	(194,189)
Adjustment for items not included in the cash flow	4,455	6,092	7,033	9,012	10,167
Interest received	895	760	1,184	2,421	20,920
Interest paid	(30)	(5)	(36)	(6)	(7)
Cash flow from/(used in) operating activities before changes in working capital	(105,851)	(56,288)	(194,535)	(28,546)	(163,109)
Cash flow from changes in working capital
Change in operating receivables	(4,659)	17,493	8,731	2,122	(35,602)
Change in operating payables	4,059	(10,763)	(6,760)	(50)	33,765
Cash flow from/(used in) operating activities	(106,451)	(49,558)	(192,564)	(26,474)	(164,946)
Investing activities
Acquisition of long-term receivables	(289)	0	(1,409)	0	0
Acquisition of short-term investments	(250,000)	(64,810)	(582,726)	(64,810)	(64,810)
Sale of short-term investments	0	40,000	0	110,000	213,848
Cash flow from/(used in) investing activities	(250,289)	(24,810)	(584,135)	45,190	149,038
Financing activities
Issue of new shares	15	5	15	5	882,143
Issue costs	0	0	0	0	(48,080)
Cash flow from/(used in) financing activities	15	5	15	5	834,063
Cash flow for the period	(356,725)	(74,363)	(776,684)	18,721	818,155
Cash and cash equivalents at the beginning of the period	715,472		431,166 1,156,001	333,620	333,620
Foreign exchange difference in cash and cash equivalents	(7,143)	1,849	(27,713)	6,311	4,226
Cash and cash equivalents at the end of the period	351,604	358,652	351,604		358,652 1,156,001

Financial reports Parent company

Parent company's income statement

(SEK in thousands)	2025 Apr-Jun	2024 Apr-Jun	2025 Jan-Jun	2024 Jan-Jun	2024 Jan-Dec
Revenue	51,860	6,365	51,860	11,171	74,516
Gross profit	51,860	6,365	51,860	11,171	74,516
Administrative expenses	15,859	10,604	27,247	18,952	39,923
Research and development expenses	393	393	786	1,170	1,956
Other operating income/(expenses), net	(2)	(4)	(188)	(2)	(77)
Operating profit/(loss)	35,606	(4,636)	23,639	(8,953)	32,560
Interest income and similar profit items	8,420	2,514	14,021	5,888	15,522
Interest expenses and similar profit items	(12,645)	0	(37,705)	0	1
Net financial income/(expenses)	(4,225)	2,514	(23,684)	5,888	15,521
Profit/(loss) before tax	31,381	(2,122)	(45)	(3,065)	48,081
Tax	0	0	0	0	0
Profit/(loss) for the period	31,381	(2,122)	(45)	(3,065)	48,081

Parent company's statement of comprehensive income

(SEK in thousands)	2025 Apr-Jun	2024 Apr-Jun	2025 Jan-Jun	2024 Jan-Jun	2024 Jan-Dec
Profit/(loss) for the period	31,381	(2,122)	(45)	(3,065)	48,081
Other comprehensive income/(loss)	0	0	0	0	0
Total comprehensive income/(loss) for the period	31,381	(2,122)	(45)	(3,065)	48,081

	2025	2024	2024
(SEK in thousands)	Jun 30	Jun 30	Dec 31
ASSETS
Fixed assets
Participations in group companies	1,686,792	1,299,131	1,400,242
Total fixed assets	1,686,792	1,299,131	1,400,242
Current assets
Receivables
Receivables from group companies	116,471	0	67,449
Other receivables	47	79	508
Prepaid expenses and accrued income	8,114	11,461	581
	124,632	11,540	68,538
Short-term investments	576,349	39,039	0
Cash and cash equivalents	116,795	244,178	1,027,871
Total current assets	817,776	294,757	1,096,409
TOTAL ASSETS	2,504,568	1,593,888	2,496,651

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

(SEK in thousands)	2025 Jun 30	2024 Jun 30	2024 Dec 31
EQUITY AND LIABILITIES
EQUITY
Restricted equity
Share capital	117,305	55,867	117,290
Total restricted equity	117,305	55,867	117,290
Non-restricted equity
Share premium reserve	2,417,625	1,644,990	2,417,625
Accumulated profit/(loss)	(53,833)	(112,487)	(108,164)
Profit/(loss) for the period	0	(3,066)	48,081
Total non-restricted equity	2,363,792	1,529,437	2,357,542
TOTAL EQUITY	2,481,097	1,585,304	2,474,832
LIABILITIES
Provisions
Other provisions	1,454	2,189	604
Deferred tax liability	303	347	315
Total provisions	1,757	2,536	919
Current liabilities
Trade payables	1,251	1,862	1,649
Liabilities to group companies	4,373	0	678
Current tax liability	195	253	763
Other liabilities	13,753	1,683	15,166
Accrued expenses and deferred income	2,142	2,250	2,644
Total current liabilities	21,714	6,048	20,900
TOTAL LIABILITIES	23,471	8,584	21,819
TOTAL EQUITY AND LIABILITIES	2,504,568	1,593,888	2,496,651

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 Vicore Pharma AB and Vicore Pharma US Inc. The parent company is a limited liability company registered in Stockholm, Sweden. The address of the main office is Kornhamnstorg 53, 111 27 Stockholm, Sweden. The group's main operation is research and development of pharmaceutical products.

The interim report for the second quarter 2025 was approved for publication on August 22, 2025, in accordance with a board decision on August 21, 2025.

Note 2. Accounting principles

Vicore's consolidated accounts have been prepared in accordance with the IFRS Accounting Standards 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 can be found on pages 35-36 of the 2024 Annual Report. In addition, the accounting principles

for financial assets and liabilities are presented below.

The interim report 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 and throughout in the interim report.

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

As of January 1, 2025, the Parent Company applies IFRS 9 Financial Instruments in full, in accordance with RFR 2 Accounting for Legal Entities. The accounting policy is consistent with that applied in the group. Previously, the Parent Company applied the acquisition cost method under the Swedish Annual Accounts Act. The change has not had any material impact on the reported amounts, and therefore comparative figures have not been restated. The accounting principles and calculation methods, with the exception of the changes described above, are unchanged from those applied in the Annual Report for the financial year January 1 - December 31, 2024.

Financial assets and liabilities

A financial asset or financial liability is recognized in the balance sheet when the group becomes a party according to the instrument's contractual terms. A financial asset is removed from the

balance sheet when the rights in the agreement are realized, expire or when the group loses control over them. The same applies to a part of a financial asset. A financial liability is removed from the balance sheet when the obligation in the agreement is fulfilled or otherwise extinguished. The same applies to a part of a financial debt. Acquisitions and divestments of financial assets are reported on the trade date. The trade date constitutes the day when the company undertakes

to acquire or divest the asset. Financial instruments are classified on initial recognition, including on the basis of what purpose the instrument was acquired and managed. This classification determines the valuation of the instruments.

Classification and valuation of financial assets

The classification of financial assets that are debt instruments, is based on the group's business model for managing the asset and the nature of the asset's contractual cash flows. Assets are classified according to:

• Amortized cost
• Fair value through profit or loss, or
• Fair value through other comprehensive income

The group's financial assets that are classified at amortized cost include accounts receivable, certain other receivables, short-term investments, and

cash and cash equivalents. Financial assets classified at amortised cost are initially measured at fair value with the addition of transaction costs. After initial recognition, the assets are valued at amortized cost after a deduction of a loss reserve for expected credit losses. Assets classified at amortized cost are held according to the business model to collect contractual cash flows, which are solely payments of principal and interest on the outstanding principal amount.

The group's financial assets that are classified at fair value through profit or loss relate to holdings in listed and non-listed shares.

Impairment of financial assets

The group's impairment model is based on expected credit losses, and takes into account prospective information. A loss reserve is made when there is an exposure to credit risk, usually at initial recognition for an asset or receivable.

Classification and valuation of financial liabilities

The group's financial liabilities consist of accounts payable and other current liabilities, which are all classified at amortized cost. Financial liabilities recognized at amortized cost are initially measured at fair value including transaction costs. After the initial recognition, they are valued according to the effective interest method.

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 during the three months ended June 30, 2025 and the first six months 2025:

Vicore Pharma Holding AB invoiced the subsidiary Vicore Pharma AB SEK 51.9 million for the three months ended June 30, 2025, for business support fee. For the six months ended June 30, 2025, Vicore Pharma Holding AB invoiced the subsidiary SEK 51.9 million for business support fee.

Vicore Pharma US Inc. invoiced the parent company Vicore Pharma Holding AB SEK 2.0 million for the three monts ended June 30, 2025, for business support fee. For the six months ended June 30, 2025, Vicore Pharma US Inc. invoiced the parent company Vicore Pharma Holding AB SEK 2.0 million for business support fee.

Vicore Pharma US Inc. invoiced the sister company Vicore Pharma AB SEK 1.9 million for the three monts ended June 30, 2025, for services within research and development. For the six months ended June 30, 2025, Vicore Pharma US Inc. invoiced the sister company Vicore Pharma AB SEK 1.9 million for services within research and development.

For the three months ended June 30, 2025, shareholder contributions amounting to SEK 200.0 million were provided from Vicore Pharma Holding AB to the subsidiary Vicore Pharma AB. No other related party transactions have occured during the period other 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 AB. 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 technical risks, including the risk of insufficient efficacy, intolerable side effects or manufacturing problems. Apart from the one-time payment related to the license agreement with Nippon Shinyaku, Vicore has not generated significant revenue. Vicore's expansion and development related to the development projects may be delayed and/or incur greater costs and capital need than expected. Delays can occur for various 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, or other events outside Vicore's control.

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. Decisions from public authorities, including decisions related to approvals, reimbursement and price changes, may also negatively impact the operations.

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 risks. The main refinancing risk is 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 and other risk factors, see the Annual Report for 2024, available on the company's website, www.vicorepharma.com.

Note 5. Financial instruments

Vicore's financial assets and liabilities comprise cash, cash equivalents, shortterm investments, trade payables and accrued expenses. The fair value of all financial instruments is materially equal to their carrying amounts.

Note 6. Depreciation, amortization and impairment

Allocation by function

(SEK in thousands)	2025 Apr-Jun	2024 Apr-Jun	2025 Jan-Jun	2024 Jan-Jun	2024 Jan-Dec
Research and development expenses	0	839	0	1,679	2,242
Total	0	839	0	1,679	2,242

Amortization attributable to research and development expenses mainly relates to the amortization of acquired intangible assets. This consists of a patent portfolio related to buloxibutid, whose main patent expired 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.

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 and other employees in line with the interests of the shareholders. Vicore currently has four active programs that include the management team, employees and board members.

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

At the Annual General Meeting on May 11, 2023, it was resolved to implement two new incentive programs: a maximum of 5,000,000 employee stock options to senior leaders and key persons ("Co-worker LTIP 2023"), and a maximum of 120,000 share awards to the board members ("Board LTIP 2023").

At the Annual General Meeting on May 7, 2024, it was resolved to implement a new incentive program: a maximum of 297,000 share awards to the board members ("Board LTIP 2024").

At the Annual General Meeting on May 6, 2025, it was resolved to implement two new incentive programs: a maximum of 7,000,000 employee stock options to senior leaders and key persons ("Co-worker LTIP 2025"), and a maximum of 1,070,000 restricted share units (RSUs) to the board members ("Board RSU 2025").For further information about these programs, see the 2024 Annual Report and the company's website, www.vicorepharma.com.

On September 10, 2024, Vicore's board decided to increase the company's share capital through a new issue of shares with preferential rights for Vicore's existing shareholders. The rights issue was completed on October 7, 2024. Therefore, the number of instruments, the exercise price and the number of shares each option or warrant in the company's incentive program entitles to have been recalculated. Initially, and according to the decision of the relevant Annual General Meeting, each vested instrument entitled the participant to one (1) share in Vicore. After the recalculation, each vested instrument will entitle the participant to 1.04 shares in Vicore.

Assuming full utilization of all granted employee stock options and share awards as of June 30, 2025, and taking into account the recalculation of the number of shares that each instrument gives the right to subscribe for as a result of the rights issue, this would correspond to maximum dilution of 3.4 percent. Considering non-granted employee stock options and warrants that may be used as hedge for social security contributions, the maximum dilution level as of June 30, 2025, amounts to 6.0 percent.

The table on the top right summarizes of the changes in existing incentive programs for the first six months 2025. The table on the bottom summarizes the total number of employee stock options and share awards granted as of June 30, 2025.

Changes in existing incentive programs for the first six months 2025
Opening balance as of January 1, 2025	3,406,382
Granted instruments
Co-worker LTIP 2023:2	3,369,375
Co-worker LTIP 2025:1	1,150,000
Board RSU 2025	321,183
Forfeited/lapsed/exercised instruments
Co-worker LTIP 2021:2	(16,667)
Co-worker LTIP 2021:3	(33,334)
Co-worker LTIP 2023:2	(150,000)
Board LTIP 2023	(11,025)
Board LTIP 2024	(18,448)
Total change	4,611,084
Closing balance as of June 30, 2025	8,017,466

Total number of employee stock options and share awards granted as of June 30, 2025

Employee stock options
Co-worker LTIP 2021:1	688,615
Co-worker LTIP 2021:2	697,667
Co-worker LTIP 2021:3	913,332
Co-worker LTIP 2023:1	827,979
Co-worker LTIP 2023:2	3,219,375
Co-worker LTIP 2025:1	1,150,000
Total number of employee stock options granted	7,496,968
Share awards
Board LTIP 2023	57,881
Board LTIP 2024	141,434
Board RSU 2025	321,183
Total number of share awards granted	520,498

granted 8,017,466

Total number of employee stock options and share awards

Key Performance Measures

Vicore applies the guidelines issued by ESMA (European Securities and Markets Authority) for alternative performance measures (APMs). APMs 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 but are central to understanding and evaluating Vicore's operations.

In this report, Vicore presents key performance measures, including two alternative performance measures not defined under IFRS, namely equity ratio and research and development expenses/operating expenses. The company believes these key performance measures are useful to readers of the financial reports as a complement to other key performance measures, as they enable a better evaluation of the company's financial trends. These alternative performance measures should not be viewed in isolation or be considered replacements for the performance indicators 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

	2025	2024	2025	2024	2024
	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
Share capital at the end of period (SEK in thousands)	117,305	55,867	117,305	55,867	117,290
Total registered shares at the beginning of period			234,579,119 111,722,979 234,579,119 111,722,979		111,722,979
Total registered shares at the end of period			234,609,771 111,734,004 234,609,771 111,734,004		234,579,119
Average number of ordinary shares			234,583,887 111,727,879 234,581,503 111,725,415		136,844,506
Profit/(loss) attributable to shareholders of the parent company (SEK in thousands)	(115,363)	(56,326)	(226,898)	(24,610)	(168,634)
Profit/(loss) per share before and after dilution (SEK)1	(0.49)	(0.50)	(0.97)	(0.22)	(1.23)
Equity ratio at the end of the period (%)2	93.0	90.9	93.0	90.9	93.9
Research and development expenses/operating expenses (%)3	87.3	79.1	86.0	81.8	81.7

1 Profit/(loss) per share before (after) dilution is calculated by dividing loss 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 where earnings have been negative.

2 Equity ratio is the company's APM and is defined on the next page.

3 Research and development expenses/operating expenses (%) is the company's APM.

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 regarding 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, marketing and distribution 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

	2025 Apr-Jun	2024 Apr-Jun	2025 Jan-Jun	2024 Jan-Jun	2024 Jan-Dec
Equity ratio at the end of the period (%)
Total shareholders' equity at the end of the period (SEK in thousands)	908,251	434,981	908,251	434,981	1,129,329
Total assets at the end of the period (SEK in thousands)	976,501	478,731	976,501	478,731	1,203,108
Equity ratio at the end of the period (%)	93.0	90.9	93.0	90.9	93.9
Research and development expenses/operating expenses (%)
Research and development expenses (SEK in thousands)	99,419	50,021	178,147	118,209	249,263
Administrative expenses (SEK in thousands)	14,077	12,710	28,203	22,591	50,443
Other operating expenses (SEK in thousands)	333	524	865	3,643	5,303
Operating expenses (SEK in thousands)	113,829	63,255	207,215	144,443	305,009
Research and development expenses/operating expenses (%)	87.3	79.1	86.0	81.8	81.7

Contact Information

Address

Vicore Pharma Holding AB

Kornhamnstorg 53 SE-111 27 Stockholm, Sweden

Tel: + 46 (0)31 788 05 60 Org.no.: 556680-3804 www.vicorepharma.com

Contact

Ahmed Mousa, CEO

Tel: +1 (607) 437-0235 ahmed.mousa@vicorepharma.com

Hans Jeppsson, CFO

Tel: +46 (0)70 553 14 65 hans.jeppsson@vicorepharma.com

Megan Richards, Investor Relations

Tel: +1 (978) 269-4372 megan.richards@vicorepharma.com