Interim report
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Interim Report SOFTOX SOLUTIONS AS H1 2026 TICKER: SOFTX • Euronext Growth Oslo Clinical-stage pharmaceutical company developing a novel anti-infective therapy for airway infections The SoftOx Solutions Group (SoftOx) comprises the holding company SoftOx Solutions AS, company org. no. 998 516 390, and the subsidiaries Water Innovation AB and SoftOx Defense Solutions AS. SoftOx Solutions Group is based in Oslo, Norway, with a subsidiary in Malmö, Sweden, and Clinical Operations in Copenhagen, Denmark.
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| 2 Two clinical programs advancing toward key value inflection points CLINICAL AND CORPORATE HIGHLIGHTS H1 2026 & SUBSEQUENT EVENTS Strong clinical execution in H1 2026, positive safety foundation established, first patient dosed in SIS-03, disciplined capital allocation, and preparation for upcoming value inflection milestones. SoftOx enters H2 2026 with two active clinical programs, SIS-03 advanced into patients, and a positive safety foundation established. Focus now shifts toward generating patient proof-of-concept data and reaching the next major clinical value inflection point. ✓ Value Inflection Point SIS-02 Phase 1 Biodefense Trial (Healthy Volunteers) Assessing safety and immunological activity of SIS for biodefense preparedness ✓ First Participant Dosed University of Galway June 2026 Dose Escalation Ongoing In healthy volunteers Study Completion H1 2027 (anticipated) Safety & Immunological Data H1 2027 (anticipated) Primary Readout SIS-03 Phase 2a Trial (Chronic Airway Infections / CF) Advancing toward patient proof-of-concept in chronic airway infections ✓ Dose-Escalation Completed June 2026 ✓ Positive Top-line Safety Data June 2026 ✓ First Patient Dosed August 2026 Subsequent event Proof-of-Concept Focus F A C I L I T Y P L A C E M E N T S Long State investment facility Feb '26 45m @ 0.0725 Mar '26 60m @ 0.06 Apr '26 60m @ 0.12 June '26 46m @ 0.13 Direct Placement Jul ‘26: 54m @ 0.105 C A P I T A L A L L O C A T I O N ◔ ~70% of operating costs directed toward R&D, clinical execution and related activities → Strengthened capital position Runway extended to support clinical programs. H1 2027 (anticipated) Subsequent event Primary Readout
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| 3 Chairman’s Reflections YEAR - TO - DATE REVIEW The first half of 2026 marked an important transition for SoftOx as the Company moved from clinical preparation into active execution across both of its clinical programs. During the period and subsequent events, SoftOx achieved several important clinical milestones. Most notably, the dose-escalation phase of the SIS-03 Phase 2a Chronic Airway Infection clinical program was completed, with all planned dose levels evaluated. The topline safety review reported no serious adverse events and no severe tolerability issues, providing an important safety foundation for the continued development of SIS. Following completion of dose escalation, SIS-03 advanced into the proof-of-concept patient phase, designed to evaluate SIS in patients with chronic airway infections and assess clinical and microbiological signals, including bacterial load reduction in the airways. The first patient was subsequently dosed in August 2026. The Company expects the proof-of-concept phase to conclude in H1 2027. In parallel, the SIS-02 Phase 1 biodefense study entered clinical execution, with the first participant dosed at the University of Galway in June 2026. SIS-02 is being conducted as part of the COUNTERACT collaboration, supported by the European Defence Fund and national defence partners. The study is evaluating the safety, tolerability, and pulmonary exposure of SIS in healthy volunteers and is expected to provide further clinical evidence supporting the broader potential of the SIS platform. Readout is expected in H1 2027. SoftOx maintained a disciplined operational and capital-allocation model during H1 2026, with approximately 70% of operating costs directed toward R&D, manufacturing, clinical execution, and related activities. The Company also continued to utilize its investment facility during the period and completed a subsequent direct placement in July, strengthening the capital position to supportcontinued clinical execution and upcoming value-driving milestones. Looking ahead, the Company's primary focus is on advancing SIS-03 and SIS-02 toward their H1 2027 value inflection points, while preparing for future financing and potential partnerships.. The Board believes SoftOx has entered an important value inflection phase, with two clinical programs now advancing in parallel and SIS- 03 progressing from healthy volunteers into patients. Successful generation of patient proof-of-concept data represents the Company's most important near-term opportunity to further validate the SIS platform and strengthen its clinical and commercial potential. Ulrik Spork Chairman of the Board SoftOx Solutions AS
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| 4 A non-antibiotic inhaled anti-infective therapy SOFT - OX INHALED PLATFORM THE PROBLEM Respiratory infections are a massive global burden with limited treatment options. • Rising antimicrobial drug resistance • No broad-spectrum, non-antibiotic therapies delivered locally to the lungs • High unmet need in cystic fibrosis, non-cystic fibrosis bronchiectasis, etc. ✓ Broad activity against bacteria, viruses, fungi, and biofilms ✓ Local delivery – high lung concentration, low systemic exposure ✓ Potential across multiple indications with significant market opportunities Solving high unmet needs in Airway & Lung Infections OUR SOLUTION: – THE SIS THERAPY SIS is a novel, non-antibiotic, broad anti- infective therapy delivered by inhalation. KEY INVESTMENT HIGHLIGHTS MARKET OPPORTUNITY DEVELOPMENT & VALUE CREATION TIMELINE Large market opportunity Multi-billion USD markets across cystic fibrosis (CF), non- cystic fibrosis bronchiectasis (NCFB), ventilator-associated pneumonia (VAP), hospital-acquired pneumonia (HAP), and other respiratory and airway infections Strong differentiation Non-antibiotic mechanism of action (MoA) with broad anti- infective activity and local delivery Clear value inflection Proof-of-Concept (CF) readout H1 2027 Strategic optionality Partner or advance independently – controlled path to value PoC Readout SIS-03 Chronic Airway Infections (H1 2027) Readout SIS-02 Biodefense (H1 2027) Topline Safety Data SIS-03 Chronic Airway Infections (H1 2026) Value Realization Post PoC (Partnership or Phase II advancement) FSFD SIS-02 Biodefense (H1 2026) ✓ ✓ First Patient- Dosed SIS-03 Chronic Airway Infections (August 2026) ✓
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| 5 FINANCIAL UPDATE | H 1 2 0 2 6 H1 2026 & subsequent financing highlights Financial position and funding activity at a glance H1 2026 figures unaudited. Comparable figures: H1 2025 (P&L lines) or 31.12.2025 (balance sheet lines). Values rounded to NOK0.1m for presentation. ▼ NOK 5.8m O P E R A T I N G R E V E N U E H1 2025: 7.5m · EDF project timing ▼ NOK (13.6m) P R E- T A X L O S S H1 2025: (1.4m) · SIS-02 & SIS-03 study ramp-up ▲ NOK 21.4m C A S H P O S I T I O N 31.12.25: 19.8m · +1.6m in H1 ▲ NOK 29.6m T O T A L E Q U I T Y 31.12.25: 23.0m · +6.6m vs YE F U N D I N G A C T I V I T Y | H 1 2 0 2 6 + J U L Y 2 0 2 6 Long State facility up to NOK 50m / 24m · extendable to NOK 80m / 36m Equity line of credit + supplemental direct placements. F E B 2 0 2 6 Long State 45m @ 0.0725 M A R 2 0 2 6 Long State 60m @ 0.06 A P R 2 0 2 6 Long State 60m @ 0.12 ↑ J U L 2 0 2 6 Direct placement 54.8m @ 0.105 O P E R A T I O N A L A C T I V I T Y Higher operating expenses reflect increased clinical and development activity across SIS-02 and SIS-03. L I Q U I D I T Y P O S I T I O N H1 raises of NOK 20.1m + July direct placement strengthen balance sheet for continued clinical execution. J U N E 2 0 2 6 Long State 46m @ 0.13 ↑
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| 6 ABOUT SOFT-OX
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| 7 Multi-pathogen therapy for respiratory infections with clear Proof-of-Concept path SIS: A THERAPY WITH SIGNIFICANT POTENTIAL SoftOx Solutions AS is developing SIS, a novel inhaled anti-infective therapy for respiratory infections in the airways and lungs. Delivered by nebulizer, SIS is being developed to address bacterial, viral, and fungal pathogens through local delivery directly at the site of infection, without systemic exposure to the remainder of the human body, with a mechanism of action (MoA) not expected to drive antimicrobial resistance (AMR). Its broad pathogen relevance positions SIS as a distinct therapeutic in respiratory infections. A favorable safety profile has already been demonstrated in first-in-human studies, supporting progression into patient trials. The next key step is to establish a clinical proof- of-concept to support further clinical progression and partnering. T H R E E S I G N I F I C A N T U N M E T M E D I C A L N E E D S 1 Chronic respiratory infections CF, NCFB, and biofilm-driven infections with limited treatment options. 2 Multi-drug-resistant pathogens As AMR emerges, the existing standard-of-care becomes less effective 3 Biological threat countermeasures Biodefence: Preparedness potential against airborne biological threats Strategy: clinical validation → Proof-of- Concept → partnering for late-stage development
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| 8 SOFTOX’S MARKET OPPORTUNITY | 8 Respiratory infections represent a multi- billion-dollar market SoftOx is targeting well-defined respiratory segments with high unmet medical need, using chronic lung disease in Cystic Fibrosis as the initial proof-of-concept (PoC) setting to support broader future expansion across multiple respiratory indications. O P T I O N A L I T Y A Cystic Fibrosis (CF) Addressable market $600M O P T I O N A L I T Y B Non-CF Bronchiectasis (NCFB) Addressable market $5B O P T I O N A L I T Y C . . X Biodefense, Pneumonia, VAP Addressable market Multi-billion Successful Proof-of-Concept in Cystic Fibrosis (CF) unlocks expansion into significantly larger respiratory markets and multiple high-value indications
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| 9 Antimicrobial resistance (AMR) drives need for complementary anti-infective therapies ANTI - INFECTIVES: A LARGE MARKET, INCREASINGLY SHAPED BY AMR Antibiotics, antifungal, and antivirals have been the foundation of infection treatment for decades, but rising antimicrobial resistance is reducing effectiveness in important settings and increasing the need for complementary treatment approaches. This is highly relevant in respiratory infections, where treatment limitations, recurrent infections, and resistant pathogens create demand for non-antibiotic options that can work alongside standard of care. AMR increases the relevance of complementary, non-antibiotic approaches in respiratory infections. 1.27 million deaths per year attributable to AMR globally (Lancet, 2022) — projected to rise sharply by 2050.
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| 10 HYPOCHLOROUS ACID Documented broad antimicrobial effect ORGANIC ACID Antimicrobial stabilizer & biofilm eradicator A non-antibiotic inhaled anti-infective therapy THE SOFTOX TECHNOLOGY A non-antibiotic therapy designed to deliver effective infection control without contributing to antimicrobial resistance. S Y N E R G Y SoftOx Inhalation Solution (SIS) Unique ability to eradicate infections at the site Broad pan-spectrum effect Virucidal and bactericidal activity across diverse pathogens Effective against tolerant bacteria Targets biofilms where traditional antibiotics fail No induction of resistance No evidence of contributing to AMR development Favorable safety profile No systemic side effects in first-in-human study Stabilized formulation Maintains efficacy throughout shelf life No severe adverse effects in Phase 1 trial 27.9% adverse effects (SIS) vs 21.4% (placebo) — all mild Completed all pre-clinical Studies All necessary preclinical studies have been completed. ◎ Anti-infective, not antibiotic Novel mechanism and delivery. Complement, not compete Designed to work alongside existing therapies. + O U R P O S I T I O N I N G ◊ Focus where need is high Respiratory infections — major driver of mortality. Large market potential Growing market, room for differentiated solutions. ★ Long-term value Better outcomes and antibiotic stewardship. SIS A non-antibiotic inhaled anti-infective therapy
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| 11 SOFT - OX INHALED THERAPY – MECHANISM of ACTION SoftOx vs Conventional Antibiotics A hypochlorous acid (HOCL) based oxidative antimicrobial approach differs from target-specific antibiotic therapy High local exposure and broad oxidative microbial inactivation may increase the potential for clinical benefit while reducing the selective pressure driving antimicrobial resistance.
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| 12 Clinical Development Roadmap CLINICAL PROGRAMS WITH FUTURE EXPANSION POTENTIAL Indication Pre- Clinical Phase I Phase II Phase III SIS SIS-03 | Chronic Lung Infections (CF) Clinical proof-of-concept expected H1 2027 SIS-02 | Biodefense (CBRN) Biodefense (CBRN) — funded program with EDF & Norwegian MoD SIS | CF, NCFB, VAP … (TBD) Pipeline expansion: Follow-on indications post PoC 1b/2a TBD One inhaled antimicrobial platform advancing multiple respiratory indications toward clinical Proof-of-Concept and value-creating partnerships.
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| 13 SOFT - OX INHALED THERAPIES – WHY NOW? A Broad-Spectrum Inhaled Anti-Infective Opportunity Rising antimicrobial resistance, limited treatment options, and increasing focus on biodefense are driving demand for new localized anti-infective therapies. High local exposure combined with broad oxidative microbial inactivation may increase the potential for clinical benefit while reducing the selective pressure driving antimicrobial resistance. SIS is being developed as a novel inhaled anti- infective therapy designed to reduce bacterial burden directly in the airways and lungs.
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| 14 AIRWAY & LUNG INFECTION APPLICATIONS (Lead Clinical Program SIS-03)
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| 15 Lead clinical program: SIS-03 phase 2a in Chronic Lung Infections AIRWAY & LUNG INFECTION APPLICATIONS T R I A L D E S I G N PART A • Dose Escalation 24-30 healthy volunteers | H1 2026 Safety & dosing foundation ➜ PART B • Proof of Concept 15–25 patients | completes Q1 2027 Bacterial load reduction R E G U L A T O R Y M I L E S T O N E S CTA submitted Sep 2025 ✓ Approved by Danish Medicines Agency (DKMA) Dec 2025 ✓ First volunteer dosed Mar 2026 ✓ S T R O N G S T U D Y D E S I G N Well-defined patient population Rigshospitalet specializes in chronic airway infections Designed per EMA/FDA guidance M A N U F A C T U R I N G GMP drug substance ✓ GMP drug product ✓ Clinical supply secured ✓ Clinical proof- of-concept readout expected H1 2027 Dose Escalation Readout June 2026 ✓ Our mission is to transform the treatment of chronic airway infections by delivering a broad-spectrum inhaled anti-infective therapy designed to target infections locally in the lungs without systemic exposure. SIS is being developed as a novel inhaled anti-infective therapy designed to reduce bacterial burden directly in the lungs with limited risk of driving antimicrobial resistance. Topline Safety Data June 2026 ✓ First Patient Dosed August 2026 ✓
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| 19 SIS-03: Advancing into Proof-of-Concept in Chronic Airway Infections AIRWAY & LUNG INFECTION APPLICATIONS - SIS - 03 PATHWAY TO PoC FOUNDATION ESTABLISHED Clinical & Regulatory Foundation • Chronic airway infection PoC strategy established • SIS-03 approved by Danish Medicines Agency CMC & Manufacturing established • New drug substance developed and GMP manufactured • GMP drug product and clinical supply secured H1 2026 & SUBSEQUENT EVENTS NEXT VALUE INFLECTION PATIENT PROOF-OF-CONCEPT Now underway • Evaluate clinical and microbiological signals • Assess bacterial load reduction in patients' airways • 15–25 patients planned Next major milestone • PoC phase expected to conclude H1 2027 • Data to inform further clinical development and potential partnering Dose escalation completed with positive topline safety data, advancing SIS-03 into patient Proof-of-Concept — the program’s next major value inflection phase SIS-03 has progressed from clinical preparation through dose escalation and positive topline safety to Proof-of-Concept evaluation in patients with chronic airway infections. SIS is being developed as a novel inhaled anti- infective therapy designed to reduce bacterial burden directly in the lungs. Clinical Execution Delivered • Phase 2a initiated – first healthy volunteer dosed March 2026 • Dose escalation completed – all planned dose levels evaluated • Positive topline safety data – no serious adverse events or severe tolerability issues • Additional GMP drug product manufactured Subsequent Event – August 2026 • First patient with chronic airway infection dosed • Proof-of-Concept patient phase initiated
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| 20 MEDICAL BIODEFENCE APPLICATION (SIS-02)
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| 21 Biodefense program: SIS-02: Advancing into Phase 1 MEDICAL COUNTERMEASURE APPLICATION – SIS - 02 PATHWAY to PHASE 1 SoftOx is advancing its inhaled antimicrobial therapy as a medical countermeasure against biological threats, supported by European and Norwegian defense programs. C O U N T E R A C T P R O G R A M P A R T N E R S European Defence Fund Program funding from EDF Norwegian MoD National co-funding FFI (Norway) Defence Research Establishment European Partners EU COUNTERACT Consortium D e m o n s t r a t e d b r o a d- s p e c t r u m a c t i v i t y Preclinical results › Gram-negative bacteria (e.g. P. aeruginosa) › Gram-positive bacteria (e.g. S. pneumoniae) › Resistance patogens (e.g. Klebsiella pneumoniae) › Viral pathogens (e.g. influenza) When it matters most. BREATHE. NEUTRALIZE. PROTECT. Rapid Action Broad Spectrum Protects People & Mission Our mission is to develop a broad-spectrum anti-infective inhalation therapy that can rapidly neutralize biological threats, protecting warfighters and civilians when it matters most SoftOx Inhalation Solution (SIS) – designed to rapidly neutralize a wide range of biological threats at the source.
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| 22 SIS-02: Phase 1 Clinical Study Underway MEDICAL COUNTERMEASURE APPLICATION - SIS - 02 PATHWAY to PHASE 1 ACHIEVED BEFORE 2026 COUNTERACT program established • European Defence Fund-supported collaboration established • SoftOx leads development of the inhaled anti- infective component Preclinical foundation established • In vitro and in vivo airway infection studies completed • Activity demonstrated against relevant pathogens CMC & manufacturing established • GMP drug substance successfully manufactured • GMP drug product manufactured and released KEY ACHEIVEMENTS H1 2026 Regulatory approval achieved • SIS-02 Clinical Trial Application approved by HPRA in Ireland • Regulatory clearance enabled initiation of the Phase 1 study Phase 1 clinical study initiated • First participant dosed in June 2026 • Clinical evaluation of safety, tolerability and pulmonary exposure underway Clinical execution established • Study activated at University of Galway • Clinical operations, logistics and study supply in place GMP manufacturing delivered • Additional GMP drug product manufactured to support clinical execution and continued development OUTLOOK Continue Phase 1 execution • Complete planned healthy-volunteer clinical evaluation • Assess safety, tolerability, and pulmonary exposure Generate additional clinical evidence • Strengthen the human clinical evidence base for SIS • Support continued development across respiratory infection and biological preparedness applications Next clinical milestone • SIS-02 readout expected H1 2027 • Results to inform subsequent development activities. Broad-spectrum inhaled anti-infective program supporting respiratory infection and biological preparedness applications, with Phase 1 clinical evaluation now underway. SIS-02 is now in clinical execution — with the first participant dosed and Phase 1 readout expected in H1 2027 SoftOx Inhalation Solution (SIS) – designed to rapidly neutralize a wide range of biological threats at the source.
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| 23 SOFTOX SOLUTIONS GROUP Confirmation from the Board Outlook & Objectives SoftOx has entered an important value inflection phase with two clinical programs now in active execution and key near- term milestones ahead. SIS-03 Phase 2a in chronic airway infections has advanced from dose escalation to the patient Proof-of-Concept phase. The first patient was dosed in August 2026, and the program is designed to assess clinical and microbiological signals, including reduction of bacterial load in the airways. Topline PoC results are expected in H1 2027. SIS-02 Phase 1 biodefense study is underway in healthy volunteers following HPRA approval in Ireland. The first participant was dosed in June 2026, and the study is evaluating safety, tolerability, and pulmonary exposure, with readout expected in H1 2027. The upcoming clinical milestones represent important value inflection points and form the basis for potential partnering discussions and further strategic opportunities. The Company will continue to focus on disciplined capital allocation, efficient execution of both clinical programs and maintaining a lean operating model through to key value- creating milestones. Confirmation from the Board of Directors The Board confirms that, to the best of its knowledge, the financial statements for the period 1 January to 30 June 2026 have been prepared in accordance with applicable accounting standards and give a true and fair view of the Group’s and the Company’s assets, liabilities, financial position, and results of operations. The Board further confirms that the report provides a true and fair overview of the development and performance of the business, as well as a description of key risks and uncertainties. Lysaker, 22nd of September 2026 The Board of Directors of SoftOx Solutions AS Ulrik Spork Chairman of the Board Christian Vinding Thompsen Vice Chair Tore Duvold Board Member Adrian Bignami Board Member Going Concern The Board considers that the Company has sufficient flexibility through its existing financing arrangements, investment facility, and cash position to support planned operations in the near term. Continued access to capital remains important to execute the Company’s strategy and to advance both clinical programs through their respective milestones. The Board will actively pursue additional financing as required.
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| 24 FINANCIAL STATEMENTS
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| 25 FINANCIAL UPDATE | Q 2 / H 1 2 0 2 6 Key Financial Figures SoftOx Solutions Group | All amounts in NOK 1,000 unless stated otherwise | (X,XXX) = negative figures H1 2026 figures are unaudited. Year columns show comparative full-year 2025 figures from the audited annual report. Outstanding shares shown in raw count. K E Y F I N A N C I A L F I G U R E S S E C O N D Q U A R T E R F I R S T H A L F Y E A R F U L L Y E A R 2026 2025 2026 2025 2026 2025 O P E R A T I N G P E R F O R M A N C E Total operating revenue 1,906 4,291 5,807 7,507 5,807 15,584 Total operating expenses 10,431 7,573 19,462 9,503 19,462 26,955 Operating result (8,526) (3,282) (13,655) (1,996) (13,655) (11,371) Profit before tax (8,498) (3,343) (13,601) (1,390) (13,601) (10,813) L I Q U I D I T Y Net proceeds from equity issues 13,229 2,925 20,092 9,055 20,092 19,089 Net change in cash and equivalents 1,766 (3,043) 1,578 9,260 1,578 9,281 Cash and equivalents at end of period 21,372 19,773 21,372 19,773 21,372 19,794 E F F I C I E N C Y R&D costs as % of operating costs 66 % — 70 % — 70 % — S H A R E C O U N T ( i n s h a r e s ) Outstanding shares, beginning of period 2,495,416,994 1,951,253,942 2,390,416,994 1,951,253,942 2,390,416,994 1,951,253,942 Outstanding shares, end of period 2,601,797,517 2,240,416,994 2,601,797,517 2,240,416,994 2,601,797,517 2,390,416,994
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| 26 FINANCIAL UPDATE | Q 2 / H 1 2 0 2 6 Profit & Loss Statement SoftOx Solutions Group | All amounts in NOK 1,000 unless stated otherwise | (X,XXX) = negative figures H1 2026 figures are unaudited. Year columns: 2026 = year-to-date through Q2; 2025 = full audited year. H1 2026 = Q1 + Q2 cumulative. Figures may differ from earlier interim reports as a result of subsequent adjustments. P R O F I T & L O S S S E C O N D Q U A R T E R F I R S T H A L F Y E A R F U L L Y E A R 2026 2025 2026 2025 2026 2025 O P E R A T I N G R E V E N U E Other operating revenues 1,906 4,291 5,807 7,507 5,807 15,584 Total operating revenues 1,906 4,291 5,807 7,507 5,807 15,584 O P E R A T I N G E X P E N S E S Personnel expenses 908 1,838 2,503 3,241 2,503 6,087 Other operating expenses 8,609 4,955 15,160 4,704 15,160 17,677 Depreciation 914 779 1,799 1,558 1,799 3,192 Total operating expenses 10,431 7,573 19,462 9,503 19,462 26,955 Operating result (8,526) (3,282) (13,655) (1,996) (13,655) (11,371) F I N A N C I A L I T E M S Net financial items 28 (62) 54 606 54 558 Profit before tax (8,498) (3,343) (13,601) (1,390) (13,601) (10,813) Tax — — — — — — Net profit (loss) for the period (8,498) (3,343) (13,601) (1,390) (13,601) (10,813)
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| 27 FINANCIAL UPDATE | Q 2 / H 1 2 0 2 6 Balance Sheet SoftOx Solutions Group | All amounts in NOK 1,000 unless stated otherwise | (X,XXX) = negative figures H1 2026 figures are unaudited. 31.12.2025 column is the audited year-end anchor. Total assets tie to total equity and liabilities. B A L A N C E S H E E T A S A T 30.06.2026 30.06.2025 31.12.2025 A S S E T S Other intangible assets 13,300 14,039 14,137 Deferred tax asset — 84,203 — Total non-current assets 13,300 98,242 14,137 Cash and cash equivalents 21,372 19,773 19,794 Total current assets 21,372 19,773 19,794 Total assets 34,672 118,015 33,931 E Q U I T Y & L I A B I L I T I E S Share capital 52,036 44,808 47,808 Share premium reserve (8,648) 63,238 (24,494) Other equity (13,791) (3,745) (361) Total equity 29,598 104,301 22,954 Public duties payable (394) (160) (243) Other current liabilities 2,484 10,386 10,223 Accounts payable 2,984 3,488 997 Total current liabilities 5,074 13,714 10,977 Total equity and liabilities 34,672 118,015 33,931
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| 28 FINANCIAL UPDATE | Q 2 / H 1 2 0 2 6 Cash Flow Statement SoftOx Solutions Group | All amounts in NOK 1,000 unless stated otherwise | (X,XXX) = negative figures Indirect method. Q2 2026 figures are unaudited. Year columns: 2026 = year-to-date; 2025 = full audited year. Closing cash balance ties to the balance sheet.. C A S H F L O W S T A T E M E N T S E C O N D Q U A R T E R F I R S T H A L F Y E A R F U L L Y E A R 2026 2025 2026 2025 2026 2025 O P E R A T I N G A C T I V I T I E S Net result before taxes (8,498) (3,343) (13,601) (1,390) (13,601) (10,813) Depreciation 914 779 1,799 1,558 1,799 3,192 Change in current assets 274 — — 13 — 13 Change in current liabilities (3,770) (4,423) (5,903) (12,242) (5,903) (14,979) Conversion of debts / dividend — 609 — 1,066 — 3,721 Net cash from operating activities (11,080) (6,379) (17,705) (10,995) (17,705) (18,866) I N V E S T I N G A C T I V I T I E S Investments in non-current assets (572) — (962) 10,815 (962) 9,083 Net cash from investing activities (572) — (962) 10,815 (962) 9,083 F I N A N C I N G A C T I V I T I E S Proceeds from equity issues 13,229 2,925 20,092 9,055 20,092 19,089 Other financing activities — 410 — 410 — — Translation differences 188 — 154 (23) 154 (22) Net cash from financing activities 13,417 3,335 20,246 9,442 20,246 19,066 Net change in cash & equivalents 1,766 (3,043) 1,578 9,260 1,578 9,281 Cash & equivalents at beginning of period 19,606 22,816 19,794 10,513 19,794 10,513 Cash & equivalents at end of period 21,372 19,773 21,372 19,773 21,372 19,794
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| 29 FINANCIAL UPDATE | Q 2 / H 1 2 0 2 6 Key Financial Figures SoftOx Solutions Group | All amounts in NOK 1,000 unless stated otherwise | (X,XXX) = negative figures H1 2026 figures are unaudited. Year columns show comparative full-year 2025 figures from the audited annual report. P& L Profit & Loss — H1 2026 O p e r a t i n g r e v e n u e Recognized NOK 5.8m (7.5m) from European Defence Fund (EDF) project funding, reflecting project milestone timing. P e r s o n n e l c o s t s NOK 2.5m (3.2m). Significant portion relates to the SIS-02/EDF project. O t h e r o p e r a t i n g c o s t s NOK 15.2m (4.7m). Driven by SIS-03 study execution and the SIS-02 /EDF project. R&D/Operating Costs in % 70 %. N e t f i n a n c i a l i t e m s NOK 0.05m (0.6m). H 1 p r e- t a x l o s s NOK 13.6m loss (NOK 1.4m loss H1 2025) B S / C F Balance Sheet & Cash Flow C a p i t a l i z e d a s s e t s IP and patent costs NOK 13.3m (14.0m), depreciated over 5 years. C a s h p o s i t i o n NOK 21.4m at end of H1 2026 (31.12.2025: NOK 19.8m). Net H1 cash change +NOK 1.6m despite the widened R&D burn. F i n a n c i n g a c t i v i t y H1 raises of NOK 20.1m from three Long State placements (Feb, Mar, Apr 2026). July 2026: additional direct placement of NOK 5.75m (54.8m shares @ NOK 0.105) further strengthens the balance sheet. P L A C E M E N T S Feb '26: 45m @ 0.0725 · Mar '26: 60m @ 0.06 · Apr '26: 60m @ 0.12 · Jul '26: 54.8m @ 0.105 (direct)
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| 30 FINANCIAL UPDATE | Q 2 / H 1 2 0 2 6 Statement of Changes of Equity SoftOx Solutions Group | All amounts in NOK 1,000 unless stated otherwise | (X,XXX) = negative figures H1 2026 figures are unaudited. "Other changes in equity" for 2025 full year reflects the de-recognition of the deferred tax asset (NOK 84.2m, see Note 4 in the 2025 annual report). C H A N G E S I N E Q U I T Y S E C O N D Q U A R T E R F I R S T H A L F Y E A R F U L L Y E A R 2026 2025 2026 2025 2026 2025 Equity at end of prior period 24,678 103,700 22,954 95,185 22,954 95,185 Share issues (equity / debt conversion) 13,229 3,991 20,092 10,531 20,092 22,810 Loss for the period (8,498) (3,343) (13,601) (1,390) (13,601) (10,813) Other changes in equity 188 (47) 152 (25) 152 (84,227) Equity at end of period 29,598 104,301 29,598 104,301 29,598 22,954 E Q U I T Y M O V E M E N T H 1 2 0 2 6 Net equity change of +6,644 driven by NOK 20,092 in new equity proceeds (Long State facility placements), partially offset by the H1 loss of NOK 13,601. The 2025 comparable reflects the NOK 84.2m deferred tax write-off recognised in "Other changes".
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| 31 FINANCIAL UPDATE | Q 2 / H 1 2 0 2 6 Warrants & Incentive Program Three warrant programs are in force following the 24 June 2026 General Meeting. All programs have accelerated vesting clauses. Full allocation tables in the 2025 Annual Report, Note 11 T O T A L W A R R A N T S O U T S T A N D I N G 266,776,074 ≈ 10 % of outstanding shares if fully exercised (9.1% fully diluted) P O T E N T I A L C A S H I N F L O W ~NOK 26m if all outstanding warrants exercised at their respective strike prices 2 0 2 4 G M Approved 28 June 2024 11,734,375 warrants outstanding S T R I K E NOK 0.40 D U R A T I O N 5 years S T R U C T U R E Stand-alone rights R E C I P I E N T S Key personnel + Board 2 0 2 5 G M Approved 27 June 2025 196,036,487 warrants outstanding · 8.75% equity S T R I K E NOK 0.052 / 0.079 V E S T I N G 3 years + accelerated S T R U C T U R E Upfront + vesting R E C I P I E N T S Management, Board, ESOP 2 0 2 6 G M Approved 24 June 2026 59,005,212 warrants outstanding · 2.31% equity S T R I K E NOK 0.113 V E S T I N G 3 years + accelerated S T R U C T U R E Vesting only (no upfront) R E C I P I E N T S Management, Board, ESOP 2 0 2 6 P R O G R A M V E S T I N G 12.06.2027: 13.5m · 12.06.2028: 13.5m · 12.06.2029: 13.5m (40.5m named recipients + 18.5m ESOP TBD)
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| 32 General Notes FINANCIAL UPDATE | Q 2 / H 1 2 0 2 6 Basis of preparation, accounting principles, and material disclosures for the interim period N O T E 4 Significant estimates • IP & patent costs — straight-line over 5 years. • Deferred tax — disclosed in notes only (see 2025 AR Note 4). • EDF grant — recognised as project costs are incurred. N O T E 8 Patent strategy The Company pursues an active patent strategy — including improvements, pruning of the existing portfolio, and filing of new applications to further protect the SoftOx technology platform. The Company is advised by a qualified external IP / patent advisory team. N O T E 3 Going concern The financial statements have been prepared on a going concern basis, supported by the cash position at quarter-end and the Long State financing facility (up to NOK 80m available, see Note 5). Management continues to assess additional financing to fund operations through 2027. . N O T E 7 Legal matters Per stock notice 27 Feb 2025, a former- consultant bonus claim was settled: MNOK 1.5 + MNOK 0.8 (ex VAT, latter due 30.06.2026). The claim is fully paid per H1 26. An IP-rights matter was settled by issuing 16.5m shares to the counterpart. No other material proceedings pending or threatened.. N O T E 2 Currency & presentation Functional and presentation currency: Norwegian Krone (NOK). All amounts in NOK 1,000 unless otherwise stated. Foreign currency transactions are translated at the exchange rate on the transaction date; FX gains/losses are recognised in the income statement. N O T E 6 Subsequent events Events after the balance sheet date: • July 2026 — Direct Placement: 54.8 m shares @ NOK 0.105. • Clinical milestones — First patient with chronic airway infection dosed in the SIS-03 Proof-of-Concept patient phase (August 2026), marking the initiation of patient PoC evaluation. N O T E 1 Basis of preparation The interim financial statements have been prepared in accordance with the Norwegian Accounting Act/Norwegian GAAP for other enterprises (“Øvrige foretak”), applying the same accounting policies as the 2025 annual report. Figures are unaudited. N O T E 5 Equity & financing Long State Investments facility (Aug 2025): up to NOK 50m / 24m, extendable to NOK 80m / 36m. Equity line of credit; Company not obliged to draw. Placements completed in Q2 2026 and after period-end disclosed in the changes- in-equity statement. These notes accompany the interim financial statements for Q2 2026. The full disclosure framework is available in the audited 2025 Annual Report.
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| 33 | 33 FINANCIAL STATEMENTS General Accounting Principles Prepared in accordance with the Norwegian Accounting Act /GAAP for other enterprises ("øvrige foretak"). U S E OF E S T IM AT E S Management has applied estimates and assumptions affecting reported amounts of assets, liabilities, income, and expenses. FOR E IGN CU R R E NCY Transactions translated at transaction-date rates. Monetary items at year-end rates; differences recognized in the income statement. R E V E NU E R E COGNIT IO N Recognized when control and risk transfer, or in line with project completion, where outcomes are reliably measurable. R E S E AR CH & DE V E L OPM E NT Development costs are capitalized only when the criteria are met; otherwise, expensed. Research costs are expensed as incurred. PP&E Recognized at cost and depreciated over useful life. Impairment is recognized when the carrying value exceeds the recoverable amount. INCOM E T AX Tax expense includes current and deferred tax. Deferred tax assets recognized only to the extent probable; otherwise disclosed in notes. INV E NT OR IE S Measured at the lower of cost (FIFO) and net realizable value. R E CE IV ABL E S & PE NS IONS Receivables at nominal value, less provisions for expected losses. Defined contribution pension schemes. CONS OL IDAT I O N Includes subsidiaries where control exists (>50%). Intercompany transactions eliminated. Acquisition method for business combinations; equity method for 20–50% associates. BAL ANCE S H E E T CL AS IFICAT I O N Assets and liabilities are classified as current or non- current based on maturity. Assets are measured at historical cost unless otherwise required by accounting principles. CAS H FL OW S T AT E M E NT Prepared using the indirect method. Cash and cash equivalents include cash, bank deposits, and short-term liquid investments. S U BS IDIAR IE S Investments are recorded at cost less impairment.
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| 34 Risk Factors & Risk Management GOVERNANCE & RISK Risks are mitigated through study design, CRO partnerships, diversified IP, disciplined cash management, and continuous board-level oversight. SoftOx's risk management is an integral part of operations, with ongoing monitoring by management and the Board. Risks are grouped across four principal categories. O P E R A T I O N A L R I S K • Clinical trial outcomes and timelines • Regulatory requirements and approvals • CRO and partner dependency F I N A N C I A L R I S K • Liquidity and access to capital • FX exposure (DKK, EUR, USD) • Interest rate risk on cash C O M M E R C I A L R I S K • Market access, pricing, reimbursement • Competition in respiratory infection • Strength of partnering proposition L E G A L & I P R I S K • Patent prosecution and enforcement • Regulatory compliance • No material proceedings pending (2025)
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35 Contact Information SoftOx Solutions AS Fridtjof Nansens vei 16 1366 Lysaker, Norway G E N E R A L I N Q U I R I E S post@soft-ox.com I N V E S T O R R E L A T I O N S ir@soft-ox.com Key Contacts I N V E S T M E N T Ulrik Spork Chairman of the Board us@sporcon.dk +45 [TBC] I N V E S T M E N T Ingrid Juven CFO ingrid@soft-ox.com +47 918 76 165 S C I E N C E Thomas Bjarnsholt CEO & CSO thomas.bjarnsholt@soft-ox.com +45 [TBC]
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| 36 LEGAL Disclaimer This presentation has been prepared by SoftOx Solutions AS (the “Company”) for information purposes only. The information contained herein is subject to change without notice and does not constitute, or form part of, an offer to sell or a solicitation of an offer to purchase any securities in any jurisdiction. No representation or warranty (express or implied) is made as to the accuracy, completeness or fairness of the information, and no reliance should be placed on it. The Company and its representatives accept no liability whatsoever for any loss arising directly or indirectly from the use of this presentation. This presentation contains forward-looking statements that reflect the Company’s current views with respect to future events and financial and operational performance. Such statements involve known and unknown risks and uncertainties, and actual results may differ materially from those expressed or implied. The Company undertakes no obligation to update or revise any forward-looking statements, except as required by applicable law. An investment in the Company involves risk. Prospective investors should conduct their own independent analysis of the Company and its business, financial condition, results of operations, and prospects. This presentation is directed only at persons who are permitted to receive it under applicable laws and regulations, including persons who are qualified or professional investors. In the United Kingdom, this presentation is directed only at persons who have professional experience in matters relating to investments. In the United States, this presentation is intended only for persons who qualify as “qualified institutional buyers” or other persons to whom it may lawfully be communicated, in transactions exempt from registration under applicable securities laws. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or under any applicable securities laws of any state or other jurisdiction of the United States, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from registration requirements. Figures, conceptual models and selected visual elements have been developed using AI-assisted visualization tools to support communication of scientific, strategic and operational concepts. This presentation is confidential and may not be reproduced or distributed, in whole or in part, without the prior written consent of the Company.