Xbrane Biopharma

Quarterly Report • Oct 24, 2025

Interim report January – September 2025

FINANCIAL SUMMARY FOR THE GROUP

	2025 Jul – Sep	2024 Jul – Sep	2025 Jan – Sep	2024 Jan – Sep	2024 Full year
Revenue, (SEK 000)	10,119	16,187	143,267	82,290	148,098
Research and development costs, (SEK 000)	-9,843	-7,810	-58,995	-143,311	-162,014
R&D costs as percentage of total costs	59%	39%	58%	79%	68%
Operating profit/loss, (SEK 000)	-23,532	-25,356	-3,586	-106,140	-97,224
EBITDA, (SEK 000)	-20,745	-20,371	8,246	-91,120	-77,335
Profit/loss for the period, (SEK 000)	-24,030	-45,115	153,722	-213,022	-266,220
Cash and cash equivalents, (SEK 000)	93,563	30,591	93,563	30,591	124,330
Equity ratio, %	84%	31%	84%	31%	25%
Earnings per share before dilution, SEK	-0.02	-0.03	0.10	-0.19	-0.22
Earnings per share after dilution, SEK	-0.02	-0.03	0.10	-0.19	-0.22
Number of employees on balance sheet date	26	65	26	65	65

FINANCIAL OVERVIEW THIRD QUARTER 2025*

• Revenue amounted to SEK 10.1 m (16.2).
• Other operating income was SEK –1.9 m (0.8).
• EBITDA amounted to SEK –20.7 m (–20.4).
• R&D costs amounted to SEK -9.8 m (-7.8), corresponding to 59 percent (39) of total operating costs
• The loss for the period was SEK 24.0 m (-45.1).
• Earnings per share was SEK -0.02 (-0.03).
• · Cash and cash equivalents at the end of the period amounted to SEK 93.6 m (30.6).

FINANCIAL OVERVIEW JANUARY - SEPTEMBER 2025

• Revenue amounted to SEK 143.3 m (82.3).
• Other operating income was SEK 10.0 m (6.8).
• FBITDA amounted to SFK 8.2 m (91.1)

• R&D costs amounted to SEK -59.0 m (-143.3), corresponding to 58 percent (79) of total operating costs

• The profit for the period was SEK 153.7 m (-213.0).

• Earnings per share was SEK 0.10 (-0.19).
• · Cash and cash equivalents at the end of the period amounted to SEK 93.6 m (30.6).
• On June 2, Xbrane completed its transaction with Alvotech, and in connection with this, a post-tax gain from the disposal of operations amounting to SEK 168.9 m was reported.1)

SIGNIFICANT EVENTS DURING THE THIRD QUARTER 2025

On July 3, an extraordinary general meeting (EGM) decided, in accordance with the Board's proposal, to approve the board's decision on a new share issue. The new share issue raised approximately SEK 240 m before issue costs for the Company.

On September 10, the Board of Directors called an EGM to decide on amendments to the articles of association, including a decision to merge the Company's shares in a ratio of 1:125, whereby 125 existing shares shall be merged into 1 new share. The total number of shares in the Company will, through the merger, decrease from 2.575.668.555 shares to 20.605.348 shares (rounded down). A decision will be made regarding the adjustment of the limits for the number of shares and the adjustment of the limits for share capital. An EGM will also decide on a reduction of the share capital to cover losses from previous years and a reduction of share capital for allocation to unrestricted equity. Furthermore, an EGM will decide on the authorization for the Board of Directors to issue shares, warrants and/or convertibles

SIGNIFICANT EVENTS AFTER THE END OF THE QUARTER

• On October 13, an EGM decided, in accordance with the Board's proposal, to approve the Board's proposal from September 10, 2025 in its entirety.
• · On October 17, the Board of Directors and management of Xbrane resolved to strengthen the company's financing in order to meet its working capital requirements. As a proactive measure. Xbrane has therefore secured a loan of SEK 60 million
• On October 19. Xbrane announced that the company had received a Complete Response Letter (CRL) from the FDA, outlining unresolved observations following the inspection of one of the manufacturing facilities. Xbrane is now awaiting further communication from the FDA in order to plan the next steps together with the contract manufacturer.

This document is a translation of the original Swedish version. In the event of any inconsistency or discrepancy between this translation and the Swedish original, the Swedish version shall be deemed the legally binding and prevailing document.

* Figures in parentheses refer to the corresponding period in the previous year. 1 For more information, see page 5.

During the third quarter of 2025, the clinical study for Xdivane was initiated.

CEO's letter

Dear shareholders.

Over the past few months, Xbrane has faced significant challenges. The divestment of parts of our business to Alvotech marks an important strategic step, while the FDA's Complete Response Letter (CRL) regarding our ranibizumab biosimilar application delays our planned launch. This experience highlights the challenges inherent in the biotech industry and the importance of maintaining focus on our leading products and long-term strategy.

Continued strong growth for Ximluci® in Europe and ongoing regulatory process in the US

Ximluci® has now been launched in 24 countries, 20 of which are in Europe. Overall, volume growth in Q3 2025 more or less compared to Q2 2025. Ximluci®'s market share in Europe by volume within the ranibizumab market (Lucentis and Lucentis biosimilars) remained at 8%. We continue to see significant potential for Ximluci® togain additional market share, but price pressure remains substantial and together with our partner STADA, we are currently undertaking several initiatives to reduce production costs..Regarding the U.S. market. Xbrane received a so-called 'Complete Response Letter' related to the marketing authorization application for Ximluci from the FDA. The agency stated that certain actions in response to observations from the inspection of one of the manufacturing facilities must be completed before approval can be granted. We are now awaiting further information from the FDA to determine the timing for resubmission of the application. We are, of course, disappointed by this outcome but are now working with our contract manufacturer to resolve the outstanding issues as quickly as possible.

Initiation of clinical trial for Xdivane™

In October, the first patient in the registration-enabling clinical study for Xdivane™ is expected to be enrolled. We currently estimate that all patients will be recruited within the next 12 months, and that an application to the FDA can be submitted in Q4 2027. Xbrane is now leading the work, together with the selected contract manufacturer, to validate the production process and generate all production-related data for the marketing authorization application. For Xdivane™, Xbrane and Intas are working with a major contract manufacturer whose two production sites that make the substance (DS) as well as fill the substance into vials (DP) have long been approved by the FDA and manufacture the product commercially for the USA.

Strengthened financial position in connection with the completed directed share issue

In July, Xbrane completed a directed share issue of SEK 240 m before transaction costs. A significant portion of the proceeds were used to repay the last outstanding liabilities. At the end of Q3, Xbrane had SEK 93 m in cash. In connection with the current delay

in FDA approval for Ximluci®, Xbrane has received an opportunity financing from Fenja SEK 60 m to secure the company's working capital requirements during the delay.

We look forward to continuing our journey as a focused and financially stronger company, with the goal of providing cost-effective biological drugs to patients worldwide through partnerships.

Solna, October 24 2025

Martin Åmark

Portfolio of biosimilar candidates

PRODUCT

PORTFOLIO

Xbrane has a portfolio of three biosimilar candidates, for different treatment areas. These include a number of serious eye diseases and several different types of cancer.

Ximluci^®

Ximluci® is a biosimilar candidate to ranibizumab, the original drug Lucentis®, a VEGFa inhibitor used to treat a number of serious eve diseases. Ximluci® addresses a market of around EUR 14 bn¹) per

The European Medicines Agency (EMA) approved Ximluci® for the treatment of wet age-related macular degeneration (AMD), diabetic macular edema (DME), diabetic retinopathy (PDR), retinal vein occlusion (RVO) and visual impairment due to choroidal neovascularization (CNV) in 27 member states in Europe in 2022. Ximluci® was launched by Xbrane's partner STADA Arzneimittel AG (STADA) in Q1 2023 and by the end of the quarter, Ximluci® was available in twenty markets in Europe and four markets outside Europe.

On October 19. Xbrane announced that it had received a Complete Response Letter (CRL) regarding the company's Biologics License Application (BLA). Xbrane and its contract manufacturer

are now awaiting further communication from the FDA to better understand the obstacles to approval. Xbrane will collaborate with the manufacturing facility to address the identified issues and enable a resubmission of the BLA as soon as possible.

STADA is also working actively to bring Ximluci® to other regions such as the Middle East, Latin America, and Southeast Asia, where applications for market approval have been submitted to various regulatory authorities. In May 2024, STADA and Xbrane signed a collaboration agreement with Valorum, which will commercialize Ximluci® in the US

Ximluci® is approved in Europe in a vial containing the active substance, from which the ophthalmologist extracts the product into a syringe for injecting into the eye. Xbrane also plans to submit an application for approval of a pre-filled syringe in 2026.

1) Evaluate Pharma: "Originator Peak Sales Estimate 2026".

Product portfolio

Product	Original drug	Primary indication	Estimated annual sales of original drug 1)	Patent expiration for original drug	Development stage
Ximluci®	Ranibizumab (Lucentis®)	Wet age-related macular degeneration, diabetes-related eye damage and retinal vein occlusion.	EUR 1 bn 2)	2022 (Europe) 2020 (US)	Launch phase
Xdivane™	Nivolumab (Opdivo®)	Skin cancer, lung cancer, kidney cell cancer, head and neck cancer and bladder and urinary tract cancer.	EUR 12 bn 3)	2026–2031 depending on country	Clinical phase
Xdarzane™	Daratumumab (Darzalex ®)	Multiple Myeloma.	EUR 9 nb 1)	2029–2031 depending on country	Preclinical phase
			EUR 23 bn¹)

Source: 1) Evaluate Pharma; "Originator Peak Sales Estimate 2026". 2) Novartis Annual Report 2024, Roche Annual Report 2024 3) BMS Annual Report, Global Data

Xdivane™

Xdivane™ is the first product on Xbrane's mammalian cell-based technology platform. Xdivane™ is a biosimilar to the programmed cell death protein 1 (PD1) inhibitor nivolumab (Opdivo®), a renowned immuno-oncology product. Opdivo® is expected to generate sales of EUR 12 bn1) and lose its patent protection in December 2028 in the US and June 2030 in Europe. Xbrane's clear ambition for Xdivane™ is to become the leading biosimilar to Opdivo^®, both in terms of cost-effectiveness and the time of launch. Xbrane expects that Xdivane^™ can be launched in conjunction with the expiration of the Opdivo® patent, which will occur between 2028 and 2031 depending on the country. In November 2024, Xbrane entered into a strategic partnership with Intas for the development and commercialization of Xdivane™. The Company has sought approval from the regulatory authorities for a reduced clinical development program and received positive feedback from both the EMA and the FDA. This affects the program's timeline and increases the value of the business case, as a reduced clinical development plan entails significant cost savings. For Xdivane™. development is proceeding according to plan, with the production process scaled up at contract manufacturers and demonstrating scalability, which minimizes the risks for the Company's future production of clinical material. The next step in the development is to initiate the clinical study, which the Company's partner INTAS will run and has also started

Xdarzane™

Xdarzane™ is a biosimilar candidate to daratumumab, original drug Darzalex®, an antibody that binds to CD38 for the treatment of multiple myeloma (around EUR 9 bn1 in estimated sales). The patent protection for Darzalex® is expected to expire in 2029–2031 depending on the country.

The development of Xdarzane™ is proceeding according to plan and is undergoing continued preclinical development with a focus on developing a cost-effective production process and demonstrating biochemical similarity to the original drug.

Xbrane – An investment in the future of drugs

World-leading in biosimilars

Xbrane Biopharma combines ground-breaking technology with global reach to revolutionize access to biologic drugs. Through smart partnerships and patented platform technology, Xbrane develops biosimilars that are both cost-effective and lifechanging.

Proven growth – Ximluci®

• First product: Ximluci® (biosimilar to Lucentis®)
• Launched Q1 2023 available today in 24 countries
• In a market worth EUR 5 bn

A strong debut with continual growth potential.

World-class strategic partnerships

Xbrane collaborates with global drug companies to:

• Upscale development
• Maximize market penetration
• Accelerate launches

Low risk – high potential returns.

Unique technology = competitive advantage

• Proprietary and patented platform technology
• Ensures low costs and high scalability
• Enables development of world-class biosimilars

Why invest in Xbrane?

• Proven commercial success
• Clear route to more market launches
• Strong partners
• Significant market potential
• Solution to a global health problem

Financial overview

Group results

Revenue

The Group's net revenue for the quarter amounted to SEK 10.1 m (16.2) including an adjustment of expected profit share amounting to SEK –10.0 m. During the period January through September, net revenue amounted to SEK 143.3 m (82.3).

Gross profit

The cost of goods sold for the quarter amounted to SEK –15.1 m (–22.2) and SEK –55.4 m (–13.5) for the period January through September. The gross loss for the quarter was, due to the adjustment of the net revenue, SEK 5.0 m (–6.0) and the gross profit for January through September was SEK 87.9 m (68.8).

Operating expenses

Operating expenses for the quarter, excluding cost of goods sold, amounted to SEK –16.7 m (–20.1) and SEK –101.5 m (–181.7) for January through September.

Administrative costs

Administrative costs for the quarter amounted to SEK –8.0 m (–9.8) and SEK –37.2 m (–30.5) for January through September.

Research and development costs.

Research and development costs for the quarter amounted to SEK –9.8 m (–7.8) and SEK –59.0 m (–143.3) for January through September. R&D costs including capitalized development expenditure amounted to SEK –81.3 m (–31.7) for the quarter and SEK –203.4 m (–177.76) for January through September.

Other operating expenses

Other operating expenses for the quarter amounted to SEK 1.1 m (–2.5) and for SEK –5.2 m (–7.9) for January through September. The expenses consist primarily of exchange rate losses on receivables and operating liabilities.

Profit/loss and tax

The operating loss for the quarter was SEK 23.5 m (–25.4) and SEK –3.6 m (–106.1) for January through September. EBITDA for continuing operations amounted to SEK –20.7 m (–20.4) for the quarter and SEK 8.2 million (–91.1) for January through September. The loss before tax for the quarter was SEK 23.7 m (–32.0) and SEK –17.7 million (–129.7) for January through September. The tax cost for the quarter was SEK 0.0 (0.0) and SEK –2.2 m (0.0) for January through September. The tax expense is attributable to the milestone income from the agreement with Intas. The loss after tax from continuing operations for the quarter thus amounted to SEK 23.7 m (–32.0) and SEK 20.0 m (–129.7) for January through September. The loss from discontinued operations for the quarter was SEK 0.3 m (–13.1) and was a profit of SEK 173.7 m (–83.3) for January through September. In connection with Xbrane entering into an agreement with Alvotech to divest XB003 and parts of the organization, items attributable to the divestment are reported as Profit/loss from discontinued operations in the income statement. The comparative figure for the previous year has also been adjusted for discontinued operations. The loss for the quarter was SEK 24.0 m (–45.1) and there was a profit of SEK 153.7 m (–213.0) for January through September. Earnings per share for continuing operations for the quarter amounted to SEK –0.02 (–0.02) and earnings per share amounted to SEK –0.02 (–0.03). During the period January through September, earnings per share for continuing operations amounted to SEK –0.01 (–0.11) and earnings per share amounted to SEK 0.10 (–0.19).

The Group's cash flow

Cash flow from operating activities amounted to SEK –49.4 m (–14.9) for the quarter and SEK –183.1 m (–227.6) for January through September. Cash flow from investment activities amounted to SEK –66.5 m (–23.9) for the quarter and SEK –41.9 m (–34.9) for January through September. This is mainly attributable to the divested part of the business.

Cash flow from financing activities amounted to SEK 206.0 m (–3.2) for the quarter and SEK 198.2 m (226.9) for January through September. A rights issue was carried out during the quarter, which raised net proceeds of SEK 226.0 m. Cash flow amounted to SEK 90.1 m (–42.0) for the quarter and SEK –26.9 m (–35.7) for January through September.

Divestment of Discontinued Operations

In the first quarter of 2025, the company entered into an agreement with Alvotech hf regarding the divestment of the drug candidate XB003 and parts of the organization, including associated assets. In connection with the resolution at the general meeting, related assets and liabilities were reclassified in accordance with IFRS 5. The results from the discontinued operations are reported separately in the income statement, and comparative figures have been adjusted accordingly.

At the time of the divestment, the assets amounted to SEK 124.3 m, including fixed assets amounting to SEK 55.4 m. Total liabilities amounted to SEK 38.5 m. The total profit from the divestment of the discontinued operations after taxes amounted to SEK 168.9 m.

The Group's financial position and continued operations The Board of Directors and the CEO continuously monitor the Group's liquidity and financial resources in both the short and long term. As of September 30, the company's cash and cash equivalents amounted to SEK 93.6 m (30.6).

After the end of the reporting period, the company secured a loan facility amounting to SEK 60 million as part of its liquidity strategy. In addition, discussions are ongoing with stakeholders regarding the capital requirements for the ongoing Xdivane project.

The Board of Directors and the CEO therefore believe that there are alternatives with good opportunities to ensure the company's financing for at least the coming twelve-month period. If key assumptions about these options change or prove not to be feasible, there is a risk to the company's ability to continue operations, which could cast significant doubt on the company's ability to continue as a going concern.

Changes in equity

Share capital on the balance sheet date amounted to SEK 577.4 m (342.9). Other contributed capital amounted to SEK 1,386.0 m (1,394.1). Total equity amounted to SEK 587.0 m (260.1), and the equity ratio was 84 percent (31).

Parent Company

The core business of Xbrane, i.e., the development of biosimilars, is conducted in the parent company. As the parent company constitutes such a large part of the Group, a statement of the company's current results, financial position and cash flow does not

provide any additional information beyond what is described in the Group report. Therefore, this is presented only in report format on pages 11–12. The effects of assets held for sale and profit/loss from discontinued operations have not been separated in the income statement or the balance sheet for the parent company. See note 6 for further information.

Share information

Xbrane's share capital at the end of the period was SEK 577.4 m (342.9), divided into 2,575,668,555 registered shares (1,529,483,397). The quota value of all shares per 30 September was SEK 0.224, and all the shares have equal rights to the company's assets and earnings. Since September 23, 2019, Xbrane's shares have been listed on the Nasdaq OMX main list under the XBRANE ticker. Xbrane had around 14,000 shareholders on the balance sheet date. The closing price of the share on the balance sheet date was SEK 0.2606, generating a market capitalization of around SEK 671 m.

Organization and employees

Xbrane is headquartered at Campus Solna, outside of Stockholm, Sweden. On the balance sheet date, the Group had a total of 23 employees (71), of which 23 (71) in the parent company.

Annual General Meeting

The Annual General Meeting for 2025 was held on May 5, 2025. The minutes and communiqué from the AGM are available on Xbrane's website, www.xbrane.com

Auditor's review

This interim report has not been subject to review by the company's auditor.

Presentation of the interim report

The presentation of the interim report for January to September 2025 will take place virtually on October 24 at 9:00, where CEO Martin Åmark and CFO Jane Benyamin will present the interim report. The presentation will be held in English and is expected to last about 20 minutes, after which there will be the opportunity for questions. To participate in the presentation, follow the link below: https://xbrane-biopharma.events.inderes.com/q3-report-2025

Consolidated income statement

Amounts in SEK thousand Notes	2025 Jul – Sep	2024 Jul – Sep	2025 Jan – Sep	2024 Jan – Sep	2024 Full year
Revenues 2	10,119	16,187	143,267	82,290	148,098
Cost of goods sold	–15,102	–22,160	–55,402	–13,528	–18,225
Gross profit	–4,983	–5,973	87,865	68,762	129,873
Other operating income	–1,878	758	10,021	6,805	11,659
Administrative expenses	–7,953	–9,836	–37,242	–30,530	–40,805
Research and development expenses	–9,843	–7,810	–58,995	–143,311	–162,014
Other operating expenses	1,126	–2,495	–5,235	–7,865	–35,936
Operating profit/loss	–23,532	–25,356	–3,586	–106,140	–97,224
Net financial costs	–196	–6,673	–14,151	–23,566	−32,498
Profit/loss before tax	–23,728	–32,029	–17,737	–129,706	–129 ,723
Tax	–6	−	–2,234	−	–11,589
Profit/loss for the period from continuing operations	–23,734	–32,029	–19,971	–129,706	–141,311
Profit/loss from discontinued operations 6	–296	–13,086	173,693	–83,316	–124 ,908
Profit/loss for the period	–24,030	–45,115	153,722	–213,022	–266,220
Profit/loss for the period attributable to:
– Owners of the Company	–24,030	–45,115	153,722	–213,022	–266,220
– Non-controlling interests	−	−	−	–	−
Total comprehensive income for the period	–24,030	–45,115	153,722	–213,022	–266,220
Earnings per share from continuing operations
– Before dilution (SEK)	–0.02	–0.02	–0.01	–0.11	–0.11
– After dilution (SEK)	–0.02	–0.02	–0.01	–0.11	–0.11
Earnings per share
– Before dilution (SEK)	–0.02	–0.03	0.10	–0.19	–0.22
– After dilution (SEK)	–0.02	–0.03	0.10	–0.19	–0.22

Amounts in SEK thousand Notes	2025 Jul – Sep	2024 Jul – Sep	2025 Jan – Sep	2024 Jan – Sep	2024 Full year
Number of outstanding shares at the end of the reporting period
– Before dilution		2 575 668 555 1,529,483,397 2 575 668 555 1,529,483,397 1,529,483,397
– After dilution		2 577 895 273 1,529,483,397 2 577 895 273 1,529,483,397 1,532,162,295
Average number of outstanding shares
– Before dilution		2 577 895 273 1,529,483,397 2 577 895 273 1,129,325,938 1,229,911,966
– After dilution		2 577 895 273 1,529,483,397 2 577 895 273 1,129,325,938 1,230,021,757

Consolidated income statement and other comprehensive income

Amounts in SEK thousand	2025 Jul – Sep	2024 Jul – Sep	2025 Jan – Sep	2024 Jan – Sep	2024 Full year
Profit/loss for the period	–24,030	–45,115	153,722	–213,022	−266,220
Other comprehensive income
Items that have been transferred to, or can be transferred to the profit/loss for the year
Reclassification of foreign currency translation differences	–8	–23	–79	59	111
Comprehensive income for the period	–8	–23	–79	59	111
Total comprehensive profit/loss attributable to:
– Owners of the Company	–24,037	–45,138	153,643	–212,964	–266,109
– Non-controlling interests	−	–	0	–	−
Total comprehensive income for the period	–24,037	–45,138	153,643	–212,964	–266,109

Consolidated statement of financial position

Amounts in SEK thousand	Notes	09-30-2025	09-30-2024	12-31-2024
ASSETS
Intangible assets		303,940	125,960	167,687
Property, plant and equipment		86	26,058	23,855
Right of use assets		−	44,671	41,044
Long-term receivables		−	3,945	3,945
Non-current assets		304,026	200,634	236,532
Inventory	3	201,728	212,968	246,902
Accounts receivables		3,900	79,692	16,854
Other receivables		5,465	61,129	16,973
Prepaid expenses and accrued income		91,932	252,355	198,851
Cash and cash equivalents		93,563	30,591	124,330
Assets held for sale		863	2,299	1,988
Current assets		397,450	639,033	605,898
TOTAL ASSETS		701,476	839,667	842,429

Amounts in SEK thousand	Notes	09-30-2025	09-30-2024	12-31-2024
EQUITY
Share capital		577,429	342,889	343,496
Other contributed capital		1,385,962	1,394,101	1,395,030
Reserves		10,152	10,179	10,231
Retained earnings including profit/loss for the year		–1,386,496	–1,487,021	–1,540,218
Equity attributable to parent company's owners		587,048	260,148	208,539
Non-controlling interests		−	–	−
TOTAL EQUITY		587,048	260,148	208,539
LIABILITIES
Long-term interest-bearing liabilities	5	−	72,097	66,371
Leasing liabilities		−	33,264	29,580
Long-term non interest-bearing liabilities		−	–	–
Total long-term liabilities		−	105,360	95,950
Short-term interest- bearing liabilities	4, 5	−	52,083	82,500
Accounts payable		39,667	194,719	242,570
Other liabilities		1,177	2,446	10,748
Leasing liabilities		−	12,913	13,267
Accrued expenses and prepaid income		73,364	211,551	188,449
Liabilities attributable to assets held for sale		220	446	407
Total short-term liabilities		114,429	474,159	537,940
TOTAL LIABILITIES		114,429	579,519	633,890
TOTAL LIABILITIES AND EQUITY		701,476	839,667	842,429

Consolidated statement of changes in equity

Amounts in SEK thousand	Share Capital	Other contributed capital	Translation reserve	Retained earnings incl. profit/loss for the period	Total
Opening balance 01-01-2025	343,496	1,395,030	10,231	–1,540,218	208,539
Total comprehensive income for the period
Profit/loss for the period				153,722	153,722
Other comprehensive income for the period			–79		–79
Total comprehensive income for the period	−	−	–79	153,722	153,643
Transactions with group shareholder
New share issue	233,933	6,067	−	−	240,000
Issue expenses		–14,043	−	−	–14,043
Share savings program		–1,092	−	−	–1,092
Total contributions from and distributions to shareholders	233,933	–9,068	−		224,865
Closing balance 09-30-2025	577,429	1,385,962	10,152	–1,386,496	587,048

Amounts in SEK thousand	Share Capital	Other contributed capital	Translation reserve	Retained earnings incl. profit/loss for the period	Total
Opening balance 01-01-2024	6,683	1,428,530	10,121	–1,273,999	171,335
Total comprehensive income for the period
Profit/loss for the period				–266,220	–266,220
Other comprehensive income for the period			111		111
Total comprehensive income for the period	−	−	111	–266,220	–266,109
Transactions with group shareholder
New issue, net	336,813	–36,264	−	−	300,548
New share issue	336,206	8,719			344,925
Ongoing share issue	607	178			785
Issue expenses		–45,161			–45,161
Share savings program		2,765			2,765
Total contributions from and distributions to shareholders	336,813	–33,500	−	−	303,313
Closing balance 12-31-2024	343,496	1,395,030	10,231	–1,540,218	208,539

Consolidated cash flow statement

Amounts in SEK thousand	2025 Jul – Sep	2024 Jul – Sep	2025 Jan – Sep	2024 Jan – Sep	2024 Full year
Cash flow from operating activities
Profit/loss for the period before tax	–23,728	–45,115	–17,737	–213,022	–129,723,
Profit/loss from discontinued operations	–296	–	173,693	–	–124,908,
Adjustments for items not included in cash flow	11,699	15,372	–138,451	28,615	90,225
Paid income taxes	–2,234	–	–2,234	−	–11,589
Total	–14,558	–29,743	15,271	–184,407	–175,995
Increase (–)/Decrease (+) of inventory	10,332	1,394	45,952	–131,569	–166,002
Increase (–)/Decrease (+) of trade and other receivables	29,597	–35,171	62,586	–96,040	–4,555
Increase (+)/Decrease (–) of trade and other payables	–74,805	48,618	–306,941	184,376	212,824
Cash flow from current operations	–49,434	–14,902	–183,132	–227,640	–133,728
Cash flow from investing activities
Acquisition of property, plant and equipment	−	–	−	–501	–501
Acquisition of property, plant and equipment*	–71,458	–23,898	–144,408	–34,445	–51,745
Disposal of discontinued operations, net cash effect	5,000	−	102,500	−	–
Cash flow from investing activities	–66,458	–23,898	–41,908	–34,946	–52,246

Amounts in SEK thousand	2025 Jul – Sep	2024 Jul – Sep	2025 Jan – Sep	2024 Jan – Sep	2024 Full year
Cash flow from financing activities
Stock options redeemed by staff	−	–	−	−	−
New share issue	240,000	–	240,000	337,242	337,242
Issue expenses	–14,000	–	–14,043	–37,479	–37,479
Loans taken out	−	–	20,000	50,000	70,000
Amortization of loans	–20,000	–	–43,500	–112,499	–112,500
Amortization of lease liability	−	–3,192	–4,280	–10,396	–13,640
Cash flow from financing activities	206,000	–3,192	198,177	226,868	243,623
Cash flow for the period	90,108	–41,993	–26,863	–35,718	57,650
Cash and cash equivalents reported in assets held for sale	–341	–817	–341	–817	–727
Cash and cash equivalents at beginning of period	7,134	72,835	124,330	65,402	65,402
Cash and cash equivalents at beginning of period (reported in assets held for sale)	483	877	727	1,166	1,166
Exchange rate differences in cash and cash equivalents	–3,821	–311	–4,291	558	839
Cash and cash equivalents at end of period	93,563	30,591	93,563	30,591	124,330

Income statement, Parent company

Amounts in SEK thousand	2025 Jul – Sep	2024 Jul – Sep	2025 Jan – Sep	2024 Jan – Sep	2024 Full year
Revenues	10,119	66,811	143,267	132,913	198,721
Cost of goods sold	–15,102	–22,160	–55,402	–13,528	–18,225
Gross profit	–4,983	44,650	87,865	119,385	180,496
Other operating income	–1,878	2,721	187,846	8,772	15,827
Administrative expenses	–7,953	–10,217	–37,819	–31,514	–42,133
Research and development expenses	–9,843	–72,673	–64,751	–276,902	–313,359
Other operating expenses	1,126	–2,495	–5,235	–7,865	–61,246
Operating profit/loss	–23,532	–38,014	167,906	–188,123	–220,414
Financial items
Impairment loss on shares in subsidiary	−	–	−	–	−
Financial expenses	–196	–6,673	–14,151	–23,566	−32,498
Net finance costs	–196	–6,673	–14,151	–23,566	−32,498
Profit/loss before tax	–23,728	–44,687	153,755	–211,690	–252,912
Tax	–6	–	–2,234	–	–11,589
Profit/loss for the period	–23,734	–44,687	151,521	–211,690	–264,501

Income statement and other comprehensive income, Parent company

Amounts in SEK thousand	2025 Jul – Sep	2024 Jul – Sep	2025 Jan – Sep	2024 Jan – Sep	2024 Full year
Profit/loss for the period	–23,734	–44,687	151,521	–211,690	–264,501
Other comprehensive income	−	–	−	–	−
Comprehensive income for the period	–23,734	–44,687	151,521	–211,690	–264,501

Balance sheet, Parent company

Amounts in SEK thousand	09-30-2025	09-30-2024	12-31-2024
ASSETS
Fixed assets
Intangible assets	303,940	125,960	167,687
Property, plant and equipment	86	26,058	23,855
Financial assets
Shares in group companies	3,766	3,766	3,766
Other non-current receivables	−	3,945	3,945
Total financial assets	3,766	7,711	7,711
Total non-current assets	307,792	159,729	199,253
Current assets
Current receivables
Inventory	201,728	212,968	246,902
Accounts receivables	3,900	79,692	16,854
Other receivables	5,465	61,129	16,973
Prepaid expenses and accrued income	91,932	253,869	200,148
Total current receivables	303,025	607,657	480,877
Cash and bank	93,563	30,591	124,330
Current assets	396,588	638,248	605,207
TOTAL ASSETS	704,380	797,977	804,461

Amounts in SEK thousand	09-30-2025	09-30-2024	12-31-2024
EQUITY AND LIABILITIES
Equity
Restricted equity
Share capital	577,429	342,889	343,496
Reserve for development expenditure	303,940	125,960	167,687
Unrestricted equity
Share premium	1,385,962	1,394,101	1,395,030
Retained earnings	–1,829,707	–1,387,226	–1,428,954
Profit/loss for the period	151,521	–211,690	–264,501
TOTAL EQUITY	589,145	264,034	212,759
Long-term liabilities
Long-term interest-bearing liabilities	−	72,097	66,371
Long-term non interest-bearing liabilities	−	–	−
Total long-term liabilities	−	72,097	66,371
Current liabilities
Short-term interest-bearing liabilities	−	52,083	82,500
Liabilities to subsidiaries	1,026	1,047	1,062
Accounts payables	39,667	194,719	242,570
Other current liabilities	1,177	2,446	10,751
Deferred income and prepaid revenue	73,364	211,551	188,449
Current liabilities	115,235	461,846	525,331
TOTAL LIABILITIES	115,235	533,943	591,702
TOTAL EQUITY AND LIABILITIES	704,380	797,977	804,461

Notes

NOTE 1 Accounting principles

This consolidated interim report for the Group has been prepared in accordance with IAS 34, Interim Financial Reporting, as well as applicable regulations from the Annual Accounts Act. The interim report for the parent company has been prepared according to the Annual Accounts Act, chapter 9, Interim Reports. For the Group and the parent company the same accounting principles and calculation bases as the previous annual report have been applied except for the changed or additional accounting principles described below. Information according to IAS 34.16A is included in these financial statements and related notes as well as in other parts of this interim report.

NOTE 2 Revenue from contracts with customers

Amounts in SEK m	2025 Jul – Sep	2024 Jul – Sep	2025 Jan – Sep	2024 Jan – Sep	2024 Full year
Revenue
License revenue	0.2	–0.1	84.7	27.1	81.4
Product sales	9.9	16.2	58.6	51.9	63.4
Contract manufacturing	0.0	0.0	0.0	0.0	0.0
Other	0.0	0.0	0.0	3.2	3.3
Total	10.1	16.2	143.3	82.3	148.1
Of which North America	0.0	-0.1	0.1	0.7	26.4
Of which Germany	9.9	16.2	58.6	81.4	66.5
Of which India	0.0	−	84.3	−	54.1
Of which Other	0.2	−	0.4	−	1.1

For the year, there are two individual customers that account for more than 10 percent of revenue. These account for SEK 58.6 m (81.4) and SEK 84.1 m (0.0) of revenue, respectively. See NOTE 1 in the 2024 Annual Report for information on Xbrane's accounting principles regarding revenue recognition.

NOTE 3 Inventory

Amounts in SEK 000	09-30-2025	09-30-2024	12-31-2024
Products in progress	201,728	212,968	246,902
Finished goods	−	−	–
Total inventory	201,728	212,968	246,902

NOTE 3 Inventory

Reported amounts in the income statement

During the 2025 financial year, the cost of goods sold has been reported in the income statement as SEK −55.4 m (SEK −13.5 m). Inventory includes a reserve for obsolete goods of SEK −2.9 m (SEK −3.2 m). The inventory has not been written down.

NOTE 4 Transactions with related parties

During the Q1 2025, Xbrane took out a short-term loan from Systematic Group AB amounting to SEK 20 m with an interest rate of 1 percent for the first quarter and 3 percent thereafter. The transaction was made on market terms. The loan was repaid in July 2025.

NOTE 5 Convertible bonds

In June 2025, the convertible bond was taken over in its entirety by Alvotech as part of the divestment. As of June 30, 2025, there is no value attributable to the convertible bond in the balance sheet..

NOTE 6 Assets held for sale and classification of divested operations

Effects of planned sale of Primm Pharma

Xbrane's continues to work towards a sale of the subsidiary Primm Pharma, in accordance with previously taken decisions. In the interim report January–March 2021, Primm Pharma's assets and liabilities were reclassified to "Assets held for sale" and "Liabilities attributable to assets held for sale" in the consolidated balance sheet. In the income statement, Primm Pharma's results are reported separately as "Profit/loss from discontinued operations."

Effects of sale of operations to Alvotech

During Q1 2025, an agreement was signed with Alvotech hf regarding the sale of XB003 and parts of the organization with its associated assets. In connection with the EGM voting in favor of the proposal, assets and liabilities attributable to the sold operations were reclassified to "Assets held for sale" and "Liabilities attributable to assets held for sale" in the consolidated balance sheet. In the income statement, the result of the discontinued operations is reported separately as "Profit/loss from discontinued operations." The reclassification has also been made to income and expenses for the comparative year, which means that comparative figures are no longer consistent with previous reports. The operation was divested on June 2, 2025 and is reported in the current period as a discontinued operation.

NOTE 6 Assets held for sale and classification of divested operations

Effects of the sale of operations to Alvotech

The financial information presented below refers to the time up to the divestment on June 2, 2025, as well as 2024.

Amounts in SEK 000			2025 Q3 2024 Q3 2025 Ack 2024 Ack		2024FY
Revenue	−	−	0	4	50,624
Other operating profit/loss	−	–	12 061	−	–21,141
Expenses		− –56,718		–5 360 –68,024 –150,180
Operating profit/loss		− –56,718		6 701 –68,020 –120,697
Net financial items	−	–779	–1 012	–1,609	–3,010
Profit/loss after financial items		− –57,497		5 689 –69,629 –123,707
Tax	−	−	0	−	−
Profit/loss for the period after tax, discontinued operations		− –57,497		5 689 –69,629 –123,707
Capital gains from divestment of operations	−		− 168 902	−	−
Profit/loss from divested operations				− –57,497 174 591 –69,629 –123,707

Divestment of operations

Purchase price received in SEK 000	2025
Cash and cash equivalents	102,500
Fair value of convertible bonds	132,233
Assumption of liability, contract manufacturers	20,000
Total purchase price	254,733
Divested net assets	–85,831
Profit on divestment of operations before tax	168,902
Tax expense on profit from divestment of operations	−
Profit from divestment of operations after tax	168,902

FIRST PAGE CEO'S LETTER PRODUCT

FINANCIAL

FINANCIAL REPORTS

NOTE 6 Assets held for sale and classification of divested operations

Reported values for assets and liabilities divested as of June 2, 2025

Amounts in SEK 000	2025
Tangible fixed assets¹	55,410
Total fixed assets	55,410
Prepaid expenses and accrued income	68,929
Total assets	124,339
Leasing liabilities	38,508
Total liabilities	38,508
Net assets	85,831

¹⁾ Inkl. nyttjanderättstillgångar

NOTE 7 Risks and uncertainties

Risks and uncertainties

Risks and uncertainties are described in the 2024 Annual Report on pages 44–45, available on the company's website, www.xbrane.com. Despite the divestment of parts of the business to Alvotech, these have not changed in any material respect at the time of publication of this interim report.

NOTE 8 Pledged collateral

Redovisade belopp för tillgångar som ställts som säkerhet för kortfristiga och långfristiga skulder:

Amounts in SEK 000		09-30-2025 09-30-2024 12-31-2024
Tangible fixed assets	−	−	24,445
Inventory	155,824	43,777	156,697
Chattel mortgages	−	−	25,000
Total	155,824	43,777	206,142

The Group's pledged assets amounted to SEK 155.8 m (43.8) of which SEK 112.6 m is collateral pledged to contract manufacturers for the fulfillment of accounts receivable and future production. In addition, the Group has provided collateral for an advance payment from STADA of SEK 25.3 m (0.0).

In connection with entering into the license and development agreement with Intas Pharmaceuticals, Xbrane has pledged patents related to Xdivane™ as collateral for the fulfillment of obligations.

NOTE 9 Significant estimates and assessments

The management has discussed with the Audit Committee the development, selection and disclosure of the Group's significant accounting policies and estimates and the application of these policies and estimates.

Significant sources of uncertainty in estimates

The sources of uncertainty in estimates set out below are those that involve a significant risk that the value of assets or liabilities may need to be adjusted to a significant extent during the coming financial year.

The Group's financial position and continued operations The interim report has been prepared on the assumption that the company has the ability to continue operations during the coming 12 months, in accordance with the going concern principle.

Capitalization of development expenses

Capitalized expenses are attributable to the development of Ximluci® and Xdivane™.

According to Note 1, "Accounting principles" in the 2024 Annual Report, development expenses are recognized as an asset when the product or process is technically or commercially viable and the company has sufficient resources to complete the development and subsequently use or sell the intangible asset. The company has assessed that all criteria for capitalization of the development expenses of Ximluci® have been met from July 2021. From July 1, 2024, the Group has capitalized development expenses for Xdivane™, i.e., at the time when the criteria for capitalization in accordance with IFRS were deemed to be met. The technical risk in the program is considered limited as analytical similarity has been demonstrated on a commercial production scale and a reduced clinical program has been agreed with the EMA and FDA. In November 2024, the Group signed a global license and collaboration agreement with Intas Pharmaceuticals Ltd. Under the license and development agreement, Intas will finance and be responsible for clinical and regulatory development activities, as well as the global commercialization of the Nivolumab biosimilar candidate. This further strengthens the company's assessment that the opportunities for financing and continued development are good.

Certification

The Board of Directors and the CEO hereby certify that this Interim report provides a true and fair view of the Parent Company and the Group's operations, position and results and describes significant risks and uncertainties faced by the Company and the companies that are part of the Group.

Stockholm, October 24, 2025

Anders Tullgren Chairman of the Board

Eva Nilsagård Board member

Mats Thorén Board member

Kirsti Gjellan Board member Kristoffer Bissessar Board member

Martin Åmark CEO

Revisorns granskningsrapport

To the Board of directors in Xbrane Biopharma AB (publ), corporate identity number 556749-2375

Introduction

We have conducted a limited review of the condensed interim financial information (interim report) for Xbrane Biopharma AB (publ)as of September 30, 2025, and the nine-month period ending on that date. The board of directors and the managing director are responsible for preparing and presenting 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 limited review.

The focus and scope of the limited review

We have conducted our limited review in accordance with the International Standard on Review Engagements ISRE 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity." A limited review consists of making inquiries, primarily of persons responsible for financial and accounting matters, performing analytical procedures, and other review procedures. A limited review has a different focus and a significantly

smaller scope compared to the focus and scope of an audit conducted in accordance with ISA and generally accepted auditing standards. The review procedures taken in a limited review do not enable us to obtain the assurance that we would become aware of all significant matters that might have been identified in an audit. Therefore, the conclusion expressed based on a limited review does not have the assurance that a conclusion expressed based on an audit has.

Emphasis of matter

We would like to draw attention to the section The group's financial position and continued operations on page 5-6, where it's stated that the company's financing for the next 12-month period is not secured. This indicates the existence of a material uncertainty that may cast significant doubt on the company's ability to continue as a going concern. Our statement is not modified in this regard.

Conclusion

Based on our limited review, nothing has come to our attention that causes us to believe that the interim report is not, in all material respects, prepared for the group in accordance with IAS 34 and the Annual Accounts Act and for the parent company in accordance with the Annual Accounts Act.

Stockholm, 24 October 2025

Öhrlings PricewaterhouseCoopers AB

Magnus Lagerberg Authorized Public Accountant

This is a translation of the Swedish language original. In the event of any differences between this translation and the Swedish language original, the latter shall prevail.

Alternative performance measures

The company presents certain financial performance indicators in the interim report that are not defined in accordance with IFRS. The company believes that these indicators provide valuable supplementary information to investors and the company's management as they enable the evaluation of the company's performance. Since not all companies calculate financial indicators in the same way, these are not always comparable with performance indicators used by other companies. These financial indicators should therefore not be seen as a substitute for performance indicators defined in accordance with IFRS. The tables below present indicators that are not defined in accordance with IFRS.

Gross margin

The gross margin is a measure that the Group considers important for understanding the products' profitability. The gross margin is calculated as gross profit in relation to the revenue. The gross profit is revenue minus cost of goods sold.

Amounts in SEK thousand	2025 Jul–Sep	2024 Jul–Sep	2025 Jan–Sep	2024 Jan–Sep	2024 Full year
Gross profit	–4,983	44,650	87,865	119,385	129,873
Gross margin	–49%	67%	61%	90%	88%

EBITDA

EBITDA is a measure that the Group considers relevant for an investor who wants to understand profit generation before investing in fixed assets. EBITDA shows the business's earning capacity from cash flow from operating activities without regard to capital structure and tax situation and is intended to facilitate comparisons with other companies in the same industry.

Amounts in SEK thousand	2025 Jul–Sep	2024 Jul–Sep	2025 Jan–Sep	2024 Jan–Sep	2024 Full year
Operating profit/loss	–23,532	–37,422		–3,586 –186,226	–97,224
Depreciation and impairment	2,787	8,564	11,832	26,617	19,890
EBITDA	–20,745	–28,858		8,246 –159,609	–77,335

Research and development expenses as a percentage of operating expenses

The company's direct expenses for research and development refer to costs for personnel, materials and external services. Research and development expenses as a percentage of operating expenses show how large a proportion of operating expenses are related to research and development. This is calculated by dividing research and development expenses by total operating expenses. Total operating expenses consist of selling expenses, administrative expenses, research and development costs and other operating expenses.

Amounts in SEK thousand	2025 Jul–Sep	2024 Jul–Sep	2025 Jan–Sep	2024 Jan–Sep	2024 Full year
Research and development expenses	–9,843	–72,586		–58,995 –276,521 –162,014
Operating expenses	–16,671			–84,794 –101,472 –314,383 –238,756
Research and development expenses as a percentage of operating expenses	59%	86%	58%	88%	68%

Equity ratio

The equity ratio is a measure that the Group considers relevant for an investor who wants to understand the distribution between equity and liabilities. The equity ratio consists of the proportion of assets that are financed with equity to show the company's long-term solvency, i.e. equity divided by total assets.

Amounts in SEK thousand	09-30-2025	09-30-2024	12-31-2024
Total equity	587,048	260,148	208,539
Divided by total assets	701,476	839,667	842,429
Equity ratio	84%	31%	25%

Our objective – to contribute to health equality for everyone

Xbrane is a purpose-driven organization and our objective – to promote access to cost-effective drugs – is part of everything we do. Biological drugs are very effective in treating a number of serious medical conditions that affect many people. At the same time, biological drugs are expensive and only a fraction of the world's population has access to them.

Our purpose is clear – to be able to contribute to health equality for everyone. If there is a treatment, it should be available to everyone who needs it. By applying the latest science, Xbrane can develop cost-effective biological drugs at a lower price. This makes the treatment available to more people.

Xbrane in brief

Xbrane: a world-leading developer of biosimilars

Xbrane Biopharma AB is a biotechnology company that develops biosimilars, i.e. follow-up drugs on already approved biological drugs that can be introduced at a lower price after the patent expires on the original drug.

Xbrane has a patented platform technology that leads to a lower production cost of biological drugs compared to competing systems.

Xbrane has a team with expertise in taking biosimilars from cell-line to approval with long collective experience in drug development.

Xbrane has its headquarters and development lab at Campus Solna, just outside Stockholm. Since September 2019, Xbrane has been listed on Nasdaq Stockholm, with the ticker XBRANE.

FINANCIAL CALENDAR

Interim report January–December 2025	February 20, 2026
Annual Report 2025	March 31, 2026
Annual General Meeting	May 5, 2026
Interim report January–March 2026	May 5, 2026

FOR FURTHER INFORMATION

Martin Åmark,

CEO

martin.amark@xbrane.com

• 46 76-309 37 77

Jane Benyamin,

CFO

jane.benyamin@xbrane.com +46 73-360 37 33

www.xbrane.com

This is information which Xbrane Biopharma is required to publish in accordance with the EU's Market Abuse Regulation. The information was submitted for publication by the authority of the CEO on October 24, 2025 at 08:00 CET.

Xbrane Biopharma AB Scheeles väg 5, 171 65 Solna, Sweden | www.xbrane.com