ViroGates A/S : Interim Report, Q1 2024

Interim Report, Q1 2024

May 2024

2

Forward-looking statement

Certain information set forth and given in this presentation contains "forward-looking information", including "future-oriented financial information" and "financial outlook", under applicable securities laws (collectively referred to herein as forward-looking statements). Except for statements of historical fact, information contained herein constitutes forward-looking statements and includes, but is not limited to, the (i) projected financial performance of ViroGates A/S (ViroGates); (ii) the expected development of ViroGates' business, projects and joint ventures; (iii) execution of ViroGates' vision and growth strategy, including with respect to future M&A activity and global growth; (iv) sources and availability of third-party financing for ViroGates' projects; (v) completion of ViroGates' projects that are currently underway, in development or otherwise under consideration; (vi) renewal of ViroGates' current customer, supplier and other material agreements; and (vii) future liquidity, working capital, and capital requirements.

Forward-looking statements are provided to allow potential investors the opportunity to understand management's beliefs and opinions in respect of the future so that they may use such beliefs and opinions as one factor in evaluating an investment.

These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements.

Although forward-looking statements contained in this presentation are based upon what management of ViroGates believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. ViroGates undertakes no obligation to update forward- looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.

Contents

Summary4

Management review

8

Financial statements

13

Statement by the Board and

23

Executive Management

3

On 2 May 2024, the Board of Directors has accepted the interim report for the first quarter of 2024 (the period 1 January

• 31 March 2024) for ViroGates A/S. The interim report is unaudited.

4

Contents

Summary	4
Management review	8

Financial statements

13

Statement by the Board and

23

Executive Management

5

The performance of Q1, 2024, reflects that there is still much work to be done on the revamping of hospital customers as well as building up business in general health, and quarterly revenue amounted to ~1.2 DKKm

Financial results in Q1, 2024

(Q1, 2023 results in brackets)

• Revenue increased by 14% to TDKK 1,199 (TDKK 1,049)
• Operating expenses increased by 18% to TDKK -4,916 (TDKK -4,165)
• Operating loss increased by 13% to TDKK -3,710 (TDKK -3,279)
• Net loss increased by 22% to TDKK -3,596 (TDKK -2,942)
• Cash and cash equivalents at the end of the period amounted to TDKK 12,229 (TDKK 6,462)

TDKK+14%

Revenue 1,049 1,199

Operating+13% loss

-3,279-3,710

"Our revenue for the first quarter of 2024 reflects that customer activity, especially in the hospital segment, is still in the lower end. While continuing our work to get the hospital customers to place orders, both in acute care and in guiding treatment, we are also excited to build up a whole new customer segment within general health and longevity. Sales cycles in this segment are shorter, however, the volume of purchasing orders are also lower than those in the hospital segment."

Josephine Baum Jørgensen, CFO

Josephine Baum

Jørgensen

12,229

6,462

Cash balance

Q1, 2023

Q1, 2024

6

In Q1, 2024, we promoted the sepsis application to hospital customers, continued the close collaboration with Sobi on making suPARnostic® available in the US market, and reached +1,000 papers on suPAR

Business highlights in Q1, 2024		"The continuing low revenue levels stems
•	Promoted the sepsis application case to existing and new
	from the transition period that ViroGates is
	hospital customers and booked the first revenue based on the		currently in, having to rebuild most of our
	implementation of suPARnostic® in sepsis treatment		business in acute care and starting from
		scratch in the general health and longevity
• Continued working closely with Sobi on commercializing		market. However, we are appreciative of our
	suPARnostic® in the US in response to the EUA post-		strengthened position in sepsis, as this
		presents a very concrete selling point to our
	Jakob Knudsen
	authorization requirement by the FDA from 2022 for Sobi's	hospital customers and serves to the clear
	Kineret® product		benefit of sepsis patients. We are also very
•	Reached 1,000 papers on suPAR on PubMed, manifesting the		excited to enter the market of general
	health and have worked to align our
	importance of suPAR and chronic inflammation in disease		marketing and sales material accordingly."

development, progression, and risk of premature mortality	Jakob Knudsen, CEO

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The full year financial guidance for 2024 is maintained at 8 to 10 DKKm in revenue - EBIT is expected to be between -10 and -12 DKKm

Full year outlook, 2024

• Revenue levels continue to be in the lower end, but we expect our efforts in revamping hospital customers and the traction within general health to pay off into Q2, 2024 and forward.
• We also continue to see revenue from research customers globally, and despite revenue from this segment typically being one-off sales to a specific project, several of our research customers (e.g. universities and medical institutes) are placing recurring orders spread across the year.
• In addition, we are working actively to broaden our distributor network into markets that have not previously been serviced
  - this enables us, with a relatively low added cost, to widen our reach and tap into a larger potential for suPARnostic®.
• We therefore maintain our financial guidance for 2024.

Full year financial guidance, 2024

8 to 10 DKKm

revenue in 2024

-10 to -12 DKKm

EBIT in 2024

8

Contents

Summary4

Management review	8
Financial statements	13

Statement by the Board and

23

Executive Management

9

In Q1, 2024, ViroGates witnessed continued lower activity among hospital customers, promoted new use cases, and continued the collaboration with

Sobi on a 510K/"De Novo" application with the US FDA

Jakob Knudsen,

CEO

Low customer activity	Promoting new use cases
Although the quarter is slightly up in terms	Our sales and marketing teams have, throughout Q1,
of revenue compared to the same period	2024, worked actively to promote suPARnostic® in guiding
last year (+14%), revenue continues to be	sepsis treatment to existing and new hospital customers
too low. We are working hard at reigniting	and have succeeded in booking the first revenue based
previous hospital leads with new	on this use case. We have simultaneously continued our
application areas while also working to	efforts in gaining territory in the general health and
get traction among health clinics, but the	longevity area, both in Denmark and the rest of Europe,
effect on revenue is yet to be seen.	and have targeted both larger central labs and clinics.

Close collaboration with Sobi

As previously reported, the US FDA published a post- authorization requirement regarding the Emergency Use Authorization for Sobi's Anakinra drug (Kineret®) in 2022, stating that suPAR should be made commercially available in the US. We are working closely with Sobi on the matter, and in Q1, 2024, a collective Q-Submission filing was made to the US FDA, laying the ground for a clarifying meeting in April 2024. The latest developments in the collaboration are reported in Company Announcement No. 03-2024, published April 15, 2024.

Status of suPARnostic® POC+

Upon commercial launch and the initial placement of the POC+ among customers, we received feedback that necessitated a troubleshooting process on the product. We are working closely with the manufacturer, Genspeed Biotech GmbH, on further product development. The POC+ is, therefore, not actively marketed, but we look forward to offering the product to customers once the development is finalied.

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Financial highlights

Key figures and ratios

				%						%
DKK ('000) unless otherwise stated	Q1, 2024	Q1, 2023	change	2023		DKK unless otherwise stated	Q1, 2024	Q1, 2023	change	2023
	Net revenue	1,199	1,049	14%	5,582		Rate of return (%)	-54.20	-47.21	15%	-182.00
	Other income	337	42	698%	1,405		Market share price, end of period	6.50	47.0	-86%	6.02
INCOME	Gross profit/loss	1,206	886	36%	5.805		Equity ratio (%)	66%	93%	-29%	69%
Operating profit/loss	-3,710	-3,279	13%	-12,565		Employees, end of period (#)	10	10	0%	10
STATEMENT
	Financial income and expenses, net	-156	1	n/a	-525
	Profit/loss for the period before tax	-3,866	-3,278	18%	-13,090
	Profit/loss for the period	-3,596	-2,942	22%	-12,096
BALANCE	Assets	20,177	14,114	43%	24,555
Equity	13,411	13,146	2%	17,007
SHEET
Liabilities	6,766	968	599%	7,548
	Cash flows from operating activities	-3,798	-3,435	11%	-12,179
CASHFLOW	Cash flows from investment activities	0	19	-	12
Cash flows from financing activities	0	0	-	18,315
STATEMENT	Investment in tangible fixed assets	0	0	-	0
	Total cash flows	-3,798	-3,417	11%	6,149