Slide 1: Q4 2025 Report
Q4 2025 Report
Slide 2: Agenda
Agenda 1 Brief review of 2025 highlights 2 PancreaSure commercial results through Q4 3 Progress toward reimbursement 4 Q4 financial results & cash position 2
Slide 3: 2025 Highlights
In 2025, more than two years of development and clinical research culminated in the commercial launch of PancreaSure Key accomplishments during the year: • Commercial launch of the PancreaSure test • Five clinical studies published in scientific journals • CLARITI study named “Best of DDW” at the wo
Slide 4: PancreaSure Commercial Results
PANCREASURE COMMERCIAL RESULTS
Slide 5: PancreaSure Launch Strategy
PancreaSure Start at the top: Build advocacy and use among KOLs and top high-risk surveillance centers. Launch Tie investment to revenue: Execute a highly targeted, low-cost Strategy launch leveraging current resources and Immunovia’s strengths. Increase investment as reimbursement grows. Position f
Slide 6: Targeted Advocacy
Our objective for the first phase of the PancreaSure launch is to build TARGETED ADVOCACY Phase TARGETED ADVOCACY VOLUME BUILDING REVENUE GROWTH Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 Q2 27 Q3 27 Physician GI Groups, Pancreatologists KOLs & HRSCs Gastroenterologists & Other Targets Targets & Endo
Slide 7: Leading Pancreatic Cancer Centers
12 leading pancreatic cancer centers have ordered PancreaSure tests through year-end Note: Some universities and health systems have policies against announcing their use of commercial tests 7
Slide 8: Sales Pipeline
We closed the year with a robust sales pipeline of high-risk surveillance centers Pipeline as of December 31, 2025 8
Slide 9: Commercial Traction Catalysts
Commercial traction should accelerate in Q1 & Q2 behind key catalysts SALES CALIFORNIA NEW YORK STAFFING APPROVAL APPROVAL Hired 3 talented strategic California approval received in Lab inspection conducted in account managers in Jan/Feb January. 8 California high-risk January with very minor with e
Slide 10: Reimbursement Progress & Clinical Studies
REIMBURSEMENT PROGRESS & CLINICAL STUDIES
Slide 11: Securing Payer Reimbursement
We have taken key initial steps to secure payer reimbursement CODE COST COVERAGE Code used to bill charges for Price of the test Payer determination a test is the test (Clinical Lab Fee Schedule rate) reasonable and medically necessary Obtained a CPT code (PLA) for Secured a Clinical Lab Fee Pursuin
Slide 12: Clinical Utility Evidence
To prove medical necessity, we must generate evidence of clinical utility to complement our analytical & clinical validation studies Analytical Clinical Clinical Validation Validation Utility (AV) (CV) (CU) Analytical validation study 3 clinical validation studies 2 clinical utility studies complete
Slide 13: 2026 Reimbursement Plans
PancreaSure Conduct quick survey studies to secure preliminary evidence of clinical utility reimbursement Initiate the ASSURE registry study to gather clinical utility data plans in 2026 from clinicians using the PancreaSure test Begin billing insurance companies to generate initial payer revenue an
Slide 14: Q4 Financial Results & Cash Position
Q4 FINANCIAL RESULTS & CASH POSITION
Slide 15: Q4 Financial Results
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
Slide 16: Cash Position
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 PancreaSur
Slide 17: Questions
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