Slides
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Q4 2025 Report
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2 Agenda Brief review of 2025 highlights PancreaSure commercial results through Q4 Progress toward reimbursement Q4 financial results & cash position 1 2 3 4
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3 In 2025, more than two years of development and clinical research culminated in the commercial launch of PancreaSure • Commercial launch of the PancreaSure test • Five clinical studies published in scientific journals • CLARITI study named “Best of DDW” at the world’s largest gastroenterology conference • Selected to deliver podium presentations at five scientific meetings • Raised a total of over 140 MSEK to fund the PancreaSure launch and key clinical studies • Received strong support from multiple pancreatic cancer advocacy groups • Secured a lucrative reimbursement rate of $897 Key accomplishments during the year:
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PANCREASURE COMMERCIAL RESULTS
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5 PancreaSure Launch Strategy Start at the top: Build advocacy and use among KOLs and top high-risk surveillance centers. Tie investment to revenue: Execute a highly targeted, low-cost launch leveraging current resources and Immunovia’s strengths. Increase investment as reimbursement grows. Position for a partner: Demonstrate commercial traction and build toward reimbursement and revenue. Run lean and efficient: Focus on operational efficiency, automation, and scalability from day one. Limit fixed expenses.
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6 KOLs & HRSCs Our objective for the first phase of the PancreaSure launch is to build TARGETED ADVOCACY TARGETED ADVOCACY Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 Q2 27 Q3 27 VOLUME BUILDING REVENUE GROWTHPhase Physician Targets GI Groups, Pancreatologists & Endoscopists Gastroenterologists & Other Targets Management Team Sales Staffing Small IMMNOV Team (~3-5 Reps) Key Metrics Primary: Number of high-risk surveillance centers (HRSCs) ordering PancreaSure Secondary: Number of orders per HRSC
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7 Note: Some universities and health systems have policies against announcing their use of commercial tests 12 leading pancreatic cancer centers have ordered PancreaSure tests through year-end
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8 We closed the year with a robust sales pipeline of high-risk surveillance centers Pipeline as of December 31, 2025
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9 Commercial traction should accelerate in Q1 & Q2 behind key catalysts SALES STAFFING CALIFORNIA APPROVAL NEW YORK APPROVAL Hired 3 talented strategic account managers in Jan/Feb with experience at Exact Sciences, Quest, Myriad Genetics and other top Dx companies California approval received in January. 8 California high-risk surveillance centers in the sales pipeline Lab inspection conducted in January with very minor findings. Changes made to address all findings. New York approval pending
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REIMBURSEMENT PROGRESS & CLINICAL STUDIES
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11 We have taken key initial steps to secure payer reimbursement CODE Obtained a CPT code (PLA) for PancreaSure Code used to bill charges for the test COST Secured a Clinical Lab Fee Schedule (CLFS) rate of $897 Price of the test (Clinical Lab Fee Schedule rate) COVERAGE Pursuing clinical utility studies needed to seek coverage from Medicare and private insurers Payer determination a test is reasonable and medically necessary
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12 To prove medical necessity, we must generate evidence of clinical utility to complement our analytical & clinical validation studies Analytical Validation (AV) Clinical Validation (CV) Clinical Utility (CU) Analytical validation study completed and published 3 clinical validation studies completed CLARITI & VERIFI published Pursuing additional publications 2 clinical utility studies underway Conducting additional studies in 2026 and beyond
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13 PancreaSure reimbursement plans in 2026 Conduct quick survey studies to secure preliminary evidence of clinical utility Initiate the ASSURE registry study to gather clinical utility data from clinicians using the PancreaSure test Begin billing insurance companies to generate initial payer revenue and show evidence of demand for the PancreaSure test Launch additional clinical utility studies Submit for Medicare coverage in mid-2026
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Q4 FINANCIAL RESULTS & CASH POSITION
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15 Q4 Financial Results • Net sales of 354 KSEK, largely royalty revenue PancreaSure revenue will not be meaningful until 2026 based on the planned volume ramp and the time from test order to revenue • Operating loss was 16.4 MSEK, down from 30.1 MSEK in Q4 2024 • Financial expenses was 1,4 MSEK in Q4 is related to the bridge loan • Cash burn was 6.6 MSEK/month, well below guidance of 8 -10 MSEK/month due to lower spending on clinical studies • Cash at quarter -end of 77.5 MSEK, bolstered by the Q4 rights issue • Converted internal loans into capital contributions to reduce the impact of currency fluctuations in the P&L
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16 Cash position bolstered by successful rights issue • Guaranteed to 100% • 87.9% of rights subscribed • Raised 100.2 MSEK gross, 90.3 MSEK net of fees and issue costs • Cash infusion of 69.8 MSEK after repayment of bridge loan • Provides sufficient cash through Q3 2026 to fund the targeted PancreaSure launch and clinical studies to support reimbursement
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17 Questions