Lifecare Asa · OSL:LIFE
Lifecare Asa — Q2 2025 Earnings Presentation
25 slides from Lifecare Asa's earnings presentation, August 2025
Slide 1: Q2 2025
Q2 2025
Slide 2: Disclaimer
Disclaimer The information in this presentation has been prepared by Lifecare (the “Company”). This presentation does not constitute a recommendation regarding any securities of the Company. By accepting to attend this presentation and/or receive this information, you agree to be bound by the follow
Slide 3: Content
Content About Lifecare Operational highlights Financial review Operational review Outlook & Summary Q&A 3
Slide 4: Lifecare represents high-growth MedTech opportunity
Lifecare represents high-growth MedTech opportunity Next-generation ~ USD 5 billion Capital efficient path diabetes medtech addressable market to commercialization Near-term value 2nd mover advantage, Peak revenue potential inflection points initial focus on Europe of USD 1 billion + 4
Slide 5: Diabetes – an unresolved, growing global health crisis
Diabetes – an unresolved, growing global health crisis Diabetes is a chronic trillion-dollar health care challenge ~600 million people living with diabetes, of which 110 million need glucose monitoring Diabetes caused 3.4 million deaths in 2024 – 1 death every 6 seconds So urce: IDF Atlas, 11th edit
Slide 6: CGMs have become the de facto standard for diabetes management
CGMs have become the de facto standard for diabetes management – the future is “inject and forget” The past The present The future Pin prick blood glucose Lifecare seamless CGMs – Body-worn CGMs monitoring inject and forget 6
Slide 7: The future of CGM: what sets Lifecare apart
The future of CGM: what sets Lifecare apart Existing CGM First implantable Lifecare Lifecare - future systems current product Dexcom, Senseonics Lifecare Lifecare Medtronic, Abbott (Eversense) 7 – 15 days 365 days 180 days 550 days Body-worn patch Small capsule Small capsule Grain of rice Glucose ox
Slide 8: Focused, capital efficient path to commercialization
Focused, capital efficient path to commercialization Key developments to date 2025 2026 2027 • In-vitro tests confirm efficacy of miniaturized sensors • Human study confirms accuracy with 9.6% MARD Pre-CE study CE mark (human) Europe launch (human) • Biocompatibility and longevity study with CGM ref
Slide 9: Highlights Q2 2025
Highlights Q2 2025 Achieved design freeze for first-in-human trials and veterinary launch Appointed Principal Investigator and trial sites for upcoming trial Filed for first-in-human trials, paving the way for CE mark Started preparations towards CE marking Supported funding through warrant exercise
Slide 10: Financial review
Financial review 10
Slide 11: Profit & loss
Profit & loss Q2 2024 Operating expenses (NOK million) Q3 2024 Q4 2024 Q1 2025 Q2 2025 0 -5 30 -10 25 Profit & loss (NOK 1 000) Q2 2025 Q1 2025 Q2 2024 YTD 2025 YTD 2024 -15 20 -20 15 Revenue and other income 7 4 6 439 12 6 850 -25 10 -30 -35 5 Employee benefits expense -8 540 -9 526 -9 056 -18 066
Slide 12: Cash flow
Cash flow • Secured NOK 17 million from warrant exercise in June, with net proceeds of NOK 16 million • R&D expenses of NOK 19 million according to plan Changes in cash (NOK million) 16 • Other opex of NOK 4 million stable due to lean operational structure 40 • Cash at quarter end of NOK 32 million
Slide 13: Capital plan aligned with milestones (2H 2025-2027)
Capital plan aligned with milestones (2H 2025-2027) Capital use Financing Production scale-up capex Regulatory trials R&D Opex Equity Grants Strategic capital Revenue • Capital use tied to clinical trials and CE-mark readiness 300 300 • Funded mainly by equity, exploring additional funding sources N
Slide 14: Operational review
Operational review
Slide 15: Product development
Product development • Finalized product design, reaching a design freeze of implantable device. • Initial validation of the implant successfully completed. • First-in-human expected to be concluded in 2025. • Pivotal trial is expected to conclude in 2026. • Commercial launch of CGM device for use is
Slide 16: From dogs to first-in-human
From dogs to first-in-human • Longevity study in dogs continues, providing confidence in the safety and functional stability of the device. • Plan to conduct trials in Norway and Germany in the second half of 2025. • Principal Investigator appointed. • Ethical approval to initiate first-in-human cli
Slide 17: Towards fully regulated medical device
Towards fully regulated medical device • Started the process to achieve CE marking of our CGM system. • Implementing a solid QMS (based on fully traceable framework). • Regulatory compliance of electronics expected Q3 2025. 17
Slide 18: Lifecare's implantable CGM
Lifecare's implantable CGM 18
Slide 19: jrscass 2502-003
jrscass 2502-003 DO NOT OPEN Sitin eescroat RAR 19
Slide 20: Q vcore
Q vcore re) LIFECARE 30 0 39 Bluetooth Connected 12:00 Glucose 13:00 Now Settings 20
Slide 21: @ i )
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Slide 22: Outlook & Summary
Outlook & Summary
Slide 23: Outlook
Outlook • Strategic focus on capital-efficient development with clear milestones in production, regulatory processes, and market entry. • Expect approval for first-in-human trials in Norway and Germany in Q3. • Anticipate achieving compliance with all relevant standards for CE marking of electronics
Slide 24: Summary
Summary • Implantables set to drive the next wave of CGM innovation • ~ USD 5 billion adressable market • Lifecare aims to offer the smallest, calibration free implantable • Peak revenue potential of USD 1 billion+ • Capital-efficient model and clear path to commercialization • Design freeze and fir
Slide 25: Q2 2025 report available for download
Q2 2025 report is available for download at lifecare.no/investor/reports-presentations/ Upcoming financial results Q3 2025: 12 November 2025