Acarix : 2025 ANNUAL REPORT-ENGLISH (Acarix English Annual 2025 Report Final)

About this update from Acarix Ab

Table of Content Acarix in Brief 3 A Message from the CEO 4 CADScor System 5 The Market 6 The Share and the Owners 8 Corporate Governance Report 11 Risks and Uncertainties 21 Board of Directors 24 Management Team 26 Administration Report 29 Financial Information 33 Notes 41 Statements 62 Acarix In Brief Acarix is transforming early cardiac diagnostics with the CADScor® System, an innovative, non-invasive, and radiation-free technology designed to rapidly and accurately rule out coronary artery disease (CAD) at the point of care. The system supports clinicians in evaluating patients experiencing symptoms such as non-acute chest pain or shortness of breath by utilizing advanced acoustic analysis to assess coronary blood flow, arterial compliance, and heart rhythm. By generating a patient specific CAD-score that incorporates clinical risk factors including age, gender, and hypertension, the CADScor System enables risk stratification while helping reduce unnecessary, invasive, and costly diagnostic procedures. Chest pain remains one of the most common reasons for emergency department and outpatient visits in the U.S., though most patients do not have significant CAD. 1,2,3 Clinical studies demonstrates that in populations with approximately a 10% prevalence of CAD, the CADScor System can rule out more than a third of patients from further diagnostic testing with at least 96.2% certainty. 4,5,6 This capability provides meaningful clinical and economic value, particularly in underserviced and resource limited healthcare settings. Acarix, a Swedish medical device company, is a pioneer in acoustic-based cardiovascular risk assessment solutions for coronary artery disease. The CE marked under EU Medical Device Regulation (MDR)and FDA De Novo-cleared CADScor System has been used in over 60,000 patient assessments, combining highly sensitive acoustic detection with advanced computational analysis to support clinical decision making at the point of care. Building on its foundation as a R&D company with initial commercialization in Europe, Acarix has strategically expanded its operational and commercial focus toward the U.S. market. During 2025, the company solidified its commitment to this market through the establishment of key strategic commercial partnerships aimed at accelerating adoption and reimbursement progress. Acarix is publicly listed on the Nasdaq First North Premier Growth Market in Stockholm (ACARIX) and cross-traded on the OTCQB market in the U.S. (ACIXF). Carnegie Investment Bank serves as the company's Certified Advisor. For more information, visit https://www.acarix.com . Ref: Cairns C, Kang K. National Hospital Ambulatory Medical Care Survey: 2021 emergency department summary tables. Available from: https://ftp.cdc.gov/pub/Health_Statistics/NCHS Dataset_ Documentation/NHAMCS/doc21-ed-508.pdf. Santo L, Kang K. National Ambulatory Medical Care Survey: 2019 National Summary Tables. Available from: DOI: https://dx.doi.org/10.15620/cdc:123251 Therming C, et al. Eur Heart J Qual Care Clin Outcomes. 2018; 4:301-308 64) Winther S, et al. Heart 2018;104:928-935 (Dan-NICAD I) Rasmussen et al. Heart 2023;109:1223-1230 (Dan-NICAD II) 01662-1 https://pubmed.ncbi.nlm.nih.gov/31273633/ . Schmidt SE, Winther S, Larsen BS, et al. Coronary artery disease risk reclassification by a new acoustic-based score. Int J Cardiovasc Imaging. 2019;35(11):2019-2028. doi:10.1007/ s10554019 A Message from the CEO 2025 marked an important year for Acarix as we continued advancing our mission to transform early cardiac diagnostics through innovative, non-invasive technology. Throughout the year, we strengthened our commercial foundation, expanded into new geographic markets, and further demonstrated the clinical and economic value of the CADScor® System. A key focus during the year was accelerating market adoption, particularly in the United States. Commercial outreach in key markets such as Oklahoma City and Houston contributed to increased clinical adoption and strong demand for both systems and consumables. In total, the number of CADScor Systems deployed increased significantly to 101 units, representing a 63% increase compared with the previous year. Revenue for the year reached SEK 7.4 million, reflecting a 19% increase year-over-year, primarily driven by continued expansion in the U.S. market and our initial entry into the Middle East and North Africa region through early distributor sales. In parallel with our commercial progress, we continued building the economic and clinical evidence supporting our technology. A health economic analysis published in PharmacoEconomics highlighted the potential impact of a CADScor-first diagnostic strategy, estimating healthcare cost savings of approximately USD 7.3-15.3 million per 10,000 patients presenting with low-risk chest pain in emergency department settings. These findings further reinforce the value proposition of the CADScor System for healthcare providers and payors. Geographic expansion also played a key role in our strategy during the year. We initiated entry into the Middle East and North Africa (MENA) region, beginning with Iraq, as part of our broader international growth plan. Operationally, we made meaningful progress in strengthening the company's financial discipline. Total operating expenses decreased by 25% compared to the previous year, reflecting the successful implementation of cost-saving initiatives and continued focus on operational efficiency. At the same time, our net loss improved by 27% year over year, demonstrating the impact of these efforts as we work toward long-term financial sustainability. Following the end of the year, we achieved another important milestone with the CADScor System receiving certification under the European Union Medical Device Regulation (EU MDR 2017/745). This certification confirms that the system meets the EU's most stringent regulatory requirements and supports continued commercialization across European markets. Additionally, we entered into a strategic distribution partnership in the Kingdom of Saudi Arabia, which is expected to generate initial product orders of approximately SEK 9.8 million within the first six months following regulatory approval. Looking ahead, our priorities remain clear: expanding global market access, strengthening reimbursement pathways, and continuing to build clinical evidence that supports the adoption of the CADScor System as an early diagnostic tool for coronary artery disease. With growing commercial momentum in the United States, expansion into new international markets, and continued operational discipline, we believe Acarix is well positioned to scale adoption and deliver long-term value for patients, providers, and our shareholders. Finally, I would like to extend my sincere appreciation to our employees, partners, customers, and shareholders for their continued support. Their dedication and confidence remain fundamental to Acarix's progress as we pursue our long-term vision of improving the way coronary artery disease is evaluated and diagnosed. Aamir Mahmood President & CEO CADScor System Clinical Use of Acoustic Technology in Diagnostics The CADScor System employs advanced acoustic technology to detect blood flow in coronary arteries, capturing sounds not detectable by the human ear. Healthy arteries produce a smooth flow sound, while blockages, stenosis, or plaque create turbulence or murmurs. These sounds are analyzed by the CADScor System using an algorithm originally developed at Aalborg University, Denmark, to rule out suspected coronary artery disease. Acarix is committed to enhancing this patented algorithm, focusing on noise-cancellation to refine its accuracy, making the system a precise tool for safely excluding coronary artery disease. Comprehensive Patent Protection The CADScor System's acoustic and computational technology is safeguarded by 45 patents within 12 patent families, primarily targeting the U.S. and EU markets. These patents cover classification by phonocardiography of cardiovascular signals for the identification of coronary artery disease, proprietary methods and procedures for U.S. applications, product design and construction, adaptive signal filtering, and one concerns the classification of heart failure by seismocardiography. Clinical Use of the CADScor System Ruling out coronary artery disease (CAD) in patients with chest pain often requires invasive, time consuming, and costly diagnostic investigations, many of which are unnecessary. Although patients are frequently referred for additional testing nine out of ten are found not to have significant CAD and could have been directed toward alternative evaluations or excluded 7,8 . The CADScor System was developed to address this clinical challenge by enabling: Early and accessible assessment of patients with suspected coronary artery disease Rapid evaluation with results delivered quickly at the point of care. Reliable risk assessment with a high degree of certainty A First-Line Diagnostic Aid The CADScor System is designed for early use as a diagnostic aid before other non-invasive tests. The evaluation, which takes ten minutes and includes a three-minute acoustic examination, requires a quiet setting and is conducted by healthcare professionals. A specially designed disposable acoustic patch is attached to the device, which is placed on the patient's chest. Utilizing ultra-sensitive phonocardiography, the system records sounds and analyzes blood flow murmurs. These murmurs, produced by blood flowing through narrowed coronary arteries, create an abnormal sound pattern undetectable by the human ear or a stethoscope. Once recorded, AI-based technology immediately analyzes the sounds, displaying the results on the device's intuitive touch screen. The CADScor System employs sensitive acoustics and advanced algorithms to deliver a CAD-score (0-99), assessing the patient's risk of significant coronary artery disease (CAD). CAD-score ≤ 20: Indicates low risk for significant CAD, suggesting a need to explore other potential causes for symptoms. CAD-score > 20: Signals an elevated risk of significant CAD, meaning CAD cannot be ruled out, warranting further diagnostic testing. The CAD-score result can be integrated into patient records by scanning a GDPR-compliant QR code with the CADScor System app, available for download from the Apple App Store or Google Play Store free of charge. Results can be emailed or printed, and all recordings are securely stored in the device for future reference. Winther S, et al. Heart 2018;104:928-935 (Dan-NICAD I) Douglas et al, N Engl J Med 2015;372:1291-300 (Promise) The Market Heart disease remains a critical health issue in the United States, with Coronary artery disease (CAD) representing the most common form of cardiovascular disease, with CAD affecting more than 20.5 million adults over the age of 20. 9,10 By 2050, the cost of cardiovascular diseases is projected to triple due to population shifts and risk factors, emphasizing the urgent need for efficient, cost-effective diagnostic solutions. 11 With around 13.5 million U.S. patients experiencing chest pain annually, there is a strong demand for immediate results. 12,13 The CADScor System, with FDA De Novo clearance and a CPT III code, offers an innovative approach to swiftly ruling out significant CAD, addressing the needs of tens of thousands of clinics. Acarix delivers this solution at attractive pricing, presenting an appealing return on investment for healthcare providers. By identifying low-risk patients early, the CADScor System reduces unnecessary tests and focuses resources on those needing treatment, enhancing diagnostic efficiency, tapping into early-diagnosis markets, and significantly reducing healthcare costs. Strategic Expansion into MENA 2025: Acarix has initiated expansion into the Middle East and North Africa (MENA) region, beginning with market entry in Iraq as part of its broader international growth strategy. The region presents significant opportunities driven by increasing cardiovascular disease prevalence, growing healthcare investment, and demand for cost-effective diagnostic solutions. The CADScor® System supports regional healthcare priorities by enabling rapid, non-invasive assessment of suspected coronary artery disease at the point of care, particularly in settings with limited access to advanced diagnostic imaging. Expansion across additional MENA markets is expected to contribute to long-term commercial growth. Enhanced U.S. Market Strategy 2025 Acarix continues to advance commercialization of the CADScor® System in the United States through clinical evidence generation, reimbursement expansion, and targeted market adoption initiatives. Publication of a health economic analysis in PharmacoEconomics demonstrated that a CADScor-first diagnostic strategy in emergency department settings could generate estimated healthcare cost savings of approximately USD 7.3-15.3 million per 10,000 patients presenting with low-risk chest pain14. These findings further support the economic value proposition for payors considering reimbursement of 0716T. As part of the Company's long-term reimbursement strategy, a comprehensive systematic literature review has been completed, representing a key milestone toward submission for CPT Category I consideration. Commercial outreach efforts focused on high-opportunity U.S. markets, including Oklahoma City and Houston, have resulted in increased clinical adoption and significant system and consumable orders, demonstrating growing market awareness and strengthening Acarix's commercial presence. National Center for Health Statistics. (2023). Multiple cause of death 2018-2021 on CDC WONDER database. Retrieved from https://wonder.cdc.gov/mcd-icd10.html National Center for Biotechnology Information. (n.d.). Managing chronic conditions: Identifying challenges and interventions. In NCBI Bookshelf. Retrieved from https://www.ncbi.nlm.nih.gov/ books/NBK554410 113) American Heart Association. (2025). Heart disease and stroke statistics-2025 update: At-a-glance. Retrieved from https://www.heart.org/en/-/media/PHD-Files-2/ScienceNews/2/2025-Heart and-Stroke-Stat-Update/2025-Statistics-At-A-Glance.pdf?sc_lang=en 12)Cairns, C., & Kang, K. (2021). National hospital ambulatory medical care survey: 2021 emergency department summary tables. Retrieved from https://ftp.cdc.gov/pub/Health_Statistics/NCHS/ Dataset_ Documentation/NHAMCS/doc21-ed-508.pdf Santo, L., & Kang, K. (2019). National ambulatory medical care survey: 2019 national summary tables. Retrieved from https://dx.doi.org/10.15620/cdc:12325117 Baron Et Al.Pharmacoecon2025 Sep;9(5):805-814. The Share and the Owners Acarix AB (publ) is the Parent Company of the Group, which comprises three wholly owned subsidiaries. The Acarix share has been traded on the First North Growth Market in the Premier segment since December 19, 2016. The share was introduced at a price of SEK 17.60 per share and the final closing price at December 30, 2025 was SEK 0.27 (previous year SE 0.25). In 2025, the highest price paid was SEK 0,47 on July 16, 2025, and the lowest price paid was SEK 0.19 on May 13, 2025. During the year 2024, the Acarix shares began trading on the OTCQB Market in the US. Acarix ́s shares are, in parallel to its current Nasdaq First North Growth market listing in Stockholm, traded with a US ticker symbol (ACIXF) and a share price in USD. Directed Issue In December, it was decided to carry out a directed new share issue of 117,236,844 shares at a subscription price of SEK 0.285 per share. This amounts to an issue proceeds of approximately SEK 33.4 million before deducting transaction-related costs. This issuance will increase the company's share capital by up to SEK 1,172,368.44, from SEK 11,233,201.42 to SEK 12,405,569.86. As of December 31, 2025, the issuance was ongoing, with a partial registration of 41,377,194 shares corresponding to SEK 11,792,500. Miscellaneous The stock is traded under the name ACARIX and ISIN code SE0009268717 and is listed on Nasdaq First North Healthcare GI, which decreased by 2,8 percent in 2024 and decreased by 27,1 percent in 2025. The number of shares in the company at the end of the year amounted to 1,164,697,336 (1,123,320,142), with a total market value of 312.1 million SEK (280.8 million SEK) as of December 30, 2025. The number of shareholders amounts to approximately 5,700, and Acarix shares are regularly followed by analysts at Redeye.Acarix shares are regularly followed by analysts at Redeye. Shareholder register December 31, 2025 Number of shares Votes and capital Ibkr Financial Services AG (several shareholders) 209,788,897 18.0% Försäkringsaktiebolaget Avanza Pension (several shareholders) 54,117,303 4.6% Life Science Invest Fund 1 Aps 38,677,762 3.3% Cbny-Charles Schwab Fbo Customer (several shareholders) 36,897,148 3.2% Carl Johan Mikael Thoren 34,205,022 2.9% Ubp Client 211/0505602 (several shareholders) 27,329,555 2.3% Filip Fröjden 26,367,752 2.3% Saxo Bank A/s - Danish Client Asset (several shareholders) 24,488,295 2.1% Microtech Software AS 20,513,884 1.8% Morgan Stanley Smith Barney LLC (several shareholders) 13,953,096 1.2% 10 largest owners 486,338,714 41.8% Other owners 678,358,622 58.2% Total as of December 31, 2025 1,164,697,336 100.0% Voting rights and right to dividends Each share entitles the holder to one (1) vote at the general meeting. If the company issues new shares, subscription options, or convertibles through a cash issue or a set-off issue, existing shareholders have pre-emptive rights to subscribe for such securities in proportion to the number of shares they held prior to the issuance. All shares in the company carry equal rights to dividends, as well as to the company's assets and any surplus in the event of liquidation. Employee stock option program 2022/2026 At the Annual General Meeting on May 11, 2022, a resolution was passed on an employee stock option program that entitles the participants to subscribe for shares. Senior executives, employees and certain key employees consist of the issuance of a maximum of 3,500,000 employee stock options. Each employee stock option entitles the holder to acquire one new share in the Company at an exercise price of SEK 0,3588, corresponding to 130 percent of the volume-weighted average price on Nasdaq First North Premier Growth Market during the period from and including 30 December 2022 up to and including 13 January 2023. Granted employee stock options vest over three years as follows: 40 percent of granted employee stock options vest on January 31, 2023, and 60 percent of granted employee stock options vest in linear quarterly from February 1, 2023 through March 1, 2026. The employee stock options are granted free of charge. The accounting salary costs for the options amounts to a total of approximately kSEK 950 including social security costs during the period 2021-2024. In 2024, SEK 285 thousand has been charged to earnings. The options may be exercised up to and including May 31, 2026. As of the signature date of the annual report, no options have been exercised. Employee stock option program 2024/2027 At the Annual General Meeting on February 21, 2024, a resolution was passed on an employee stock option program that entitles the participants to subscribe for shares. Senior executives, employees and certain key employees consist of the issuance of a maximum of 70,000,000 employee stock options. Each employee stock option entitles the holder to acquire one new share in the Company at an exercise price of SEK 0,23, corresponding to 125 percent of the volume-weighted average price on Nasdaq First North Premier Growth Market during the period from and including 19 January up to and including February 1 2024. Granted employee stock options vest over three years as follows: 1/3 of granted employee stock options vest on February 28, 2025, and 2/3 of granted employee stock options vest in linear quarterly from March 1, 2025 through March 1, 2027. The employee stock options are granted free of charge. The accounting salary costs for the options are estimated to amount to a total of approximately SEK 5,476,000 including social security costs during the period 2024-2027. In 2025, SEK 1.095 thousand has been charged to earnings. Exercise of the Stock Options may take place during the period from February 28, 2027 up to and including June 30, 2027 Employee stock option program 2025/2028 At the annual general meeting held on 13 May 2025, a decision was made on a personal option programme for the Company's Managing Director and CEO, comprising 20,000,000 personal options. Each personal option entitles the holder to purchase a new share in the Company at an exercise price of SEK 0.2134, which corresponds to 100% of the volume-weighted average price on Nasdaq First North Premier Growth Market during the period of twenty (20) trading days preceding 13 May 2025. The allotted personal options vest over a period of three years as follows: One-half (1/2) vests immediately upon allocation, All personal options vest on June 13th, 2026 The employee stock options are granted free of charge. The accounting salary costs for the options are estimated to amount to a total of approximately SEK 2,900,000 including social security costs during the period 2025-2028. No allotment has been made during 2025, which means that no costs have been charged to the result. The company's CEO may exercise granted and earned stock options during the period from May 13, 2028, to November 30, 2028. Employee stock option program 2025/2029 At the Annual General Meeting on May 13 2025, a resolution was passed on an employee stock option program that entitles the participants to subscribe for shares. Senior executives, key employees and consultants consist of the issuance of a maximum of 20,000,000 employee stock options. Each employee stock option entitles the holder to acquire one new share in the Company at a strike price of 0.2667 SEK, which corresponds to 125% of the volume-weighted average price on Nasdaq First North Premier Growth Market over 20 trading days prior to May 13, 2025.Granted employee stock options vest over three years as follows: One third (1/3) of the Employee Stock Options will vest immediately upon allotment. Two thirds (2/3) of the Stock Options will be vested two (2) years after allotment. All allocated Employee Stock Options will be vested three (3) years after allotment. The employee stock options are granted free of charge. The accounting salary costs for the options are estimated to amount to a total of approximately SEK 2,900,000 including social security costs during the period 2026-2029. No grants were made in 2025, which means that no costs have been charged to income. Exercise of the Stock Options can be made in accordance with the vesting schedule, during the period starting twelve (12) months from the date of this Agreement and ending on November 30, 2029 Annual General Meeting The Annual General Meeting of Acarix AB (publ) will take place on May 13, 2026, at the offices of Lindahls Law Firm, Smålandsgatan 16, 111 46 Stockholm. Registration for participation in the Annual General Meeting will be published on Acarix's website https://www.acarix.com . Resolutions on Profit Distribution in LLCs The right to receive dividends belongs to the individual who, on the record date determined by the shareholders' meeting, is registered as a shareholder in the share register maintained by Euroclear Sweden. Dividends are usually paid to shareholders as a cash amount per share through Euroclear Sweden, but payment can also be made in forms other than cash (non-cash dividends). There are no restrictions regarding the entitlement to dividends for shareholders residing outside of Sweden. Shareholders who are not tax residents in Sweden are typically subject to Swedish withholding tax. Corporate Governance Report Introduction Acarix AB (publ) is a Swedish public limited liability company with its head office and registered office in Malmö and whose shares are traded on the Nasdaq First North Growth Market in the Premier segment. Acarix has about 5,700 shareholders. In addition to the Parent Company, the Group consists of the following wholly owned subsidiaries: Acarix USA Inc. Oklahoma, USA Acarix A/S, Hellerup i Danmark Acarix GmbH, Köln i Tyskland (under liquidation) The Board of Directors of Acarix AB (publ), Corp. Reg. No. 559009-0667 (" the company ") hereby submits its Corporate Governance Report for 2025 based on Swedish law, such as the Swedish Companies Act and the Swedish Annual Accounts Act, and external control instruments, including First North's Rule Book for Issuers and the Swedish Corporate Governance Code ("the Code"). The Code is based on the "comply or explain" approach, which means that a company that applies the Code need not comply with every rule of the Code at every point in time; instead it is permitted to apply alternative solutions regarded as more suitable to the company's special circumstances. A prerequisite for this is that every deviation is reported, that the solution chosen instead is described and that an explanation for the deviation is reported. Comments on deviations from the Code's regulations for the fiscal year are provided under the relevant section of the report. The comments on the deviations pertain to background and cause and to what extent the decided changes will be implemented in forthcoming fiscal years. No infringements of First North's Rule Book for Issuers or of generally accepted stock market practices according to decisions of Nasdaq Stockholm's Disciplinary Committee or the Swedish Securities Council occurred during the fiscal year. The internal governance documents that impact Acarix's corporate governance include the Articles of Association and the instructions and rules of procedure for the Board of Directors and the CEO. The Articles of Association are available on Acarix's website www.acarix. com under Corporate Governance. General Meeting The company's highest decision-making body is the general meeting of shareholders, and the shareholders can exercise their control over the company at such a general meeting. Shareholders wishing to participate in a general meeting, personally or by proxy, must be entered in the shareholder register maintained by Euroclear Sweden AB five days before the general meeting - the exact date is shown in the official notice of the AGM - and must notify the company of their intention to attend in the manner stated in the official notice. Official notice of a general meeting occurs through an advertisement and via the company's website ( https://www.acarix.com ). The AGM is to be held within six months of the end of the fiscal year. Shareholders wishing to have a matter addressed at an AGM must submit a written request to the company in ample time, normally about seven weeks prior to the AGM, to ensure that the matter can be included in the official notice of the AGM. At the AGM, the shareholders resolve on various matters, including the election of the Board of Directors and where appropriate of auditors, how the Nomination Commit- tee is to be appointed and whether to discharge the Board of Directors and the CEO from liability for the past year. Resolutions are also made concerning the adoption of the annual re- port, appropriation of profit or the treatment of any loss, and fees to be paid to the Board of Directors and the auditors. Ac- cording to the Articles of Association, the Board is to consist of at least three and at most ten AGM-elected members. The Articles of Association contain no specific clauses governing the appointment or dismissal of Board members or regarding amendments to the Articles of Association. Extraordinary general meetings are held when necessary. Annual General Meeting 2025 Acarix's Annual General Meeting for the year 2025 was held on May 13th in Stockholm. The following decisions were made at the meeting: Approval of the annual report for 2024. In accordance with the proposal in the notice, it was decided that no dividend would be distributed for 2024. Granting discharge from liability to the members of the Board of Directors and the CEO for the financial year 2024. According to the proposal from the nomination committee, the Board of Directors shall consist of four members and no deputies. The number of auditors shall be one registered audit firm. In accordance with the proposal from the nomination committee, the remuneration for the Chairman of the Board shall be SEK 500,000 ( SEK 400,000) and SEK 300,000 (SEK 200,000) for each of the other members. No fees shall be paid to the Chairman of the Audit or Remuneration Committees. In accordance with the Nomination Committee's proposal, the current board members Marlou Janssen-Counotte, Ken Nelson, and Dr. Tony Das were re-elected. Jan Poulsen was elected as a new board member. Jan Poulsen was also elected as the chairman of the board. Approval of the re-election proposal of the registered audit firm Öhrlings PricewaterhousCoopers AB, with authorized auditor Alexander Ståhl as the responsible auditor. Adoption of the nomination committee principles as proposed. Approval of the proposed guidelines for compensation to senior executives. Authorization of the Board to decide on the issuance of shares and/or convertibles and/or warrants according to the Board's proposal. Introduction of a stock option program for senior executives, employees, key personnel within the company, and certain consultants through the issuance and transfer of warrants as proposed by the Board. introduce an employee stock option program for the CEO warrants as proposed by the Board. Approval of the Board's decision on a new share issue with deviations from shareholders' pre-emption rights. The minutes from the Annual General Meeting 2025, instructions for the nomination committee's work, and other information are available at https://www.acarix.com . Annual General Meeting 2026 The Annual General Meeting of Acarix AB (publ) will take place on May 13, 2026, at the offices of Lindahls Law Firm, Smålandsgatan 16, 111 46 Stockholm. The notice will be published through advertisements in the Post and Inrikes Tidningar and will also be made available on the company's website. For matters to be addressed to the nomination committee and the Annual General Meeting, please refer to Acarix's website or contact [email protected] or [email protected] . Extraordinary General Meeting Acarix held an extraordinary general meeting on October 27th, 2025. At the extraordinary general meeting, it was decided to amend the terms of the Employee Option Program 2025/2029 as follows: Employee options from the Employee Option Program 2025/2029 may be granted to both consultants and employees of the Company (or its group companies). Previously separate conditions and criteria for the CEO compared to other employees are removed; all employees shall be treated under uniform terms. Participation in the Employee Option Program 2025/2029 is not conditioned by geographical restrictions and can therefore be offered to participants outside Sweden. Employee options granted to consultants shall, as a general rule, vest fifty (50) percent twelve (12) months after the grant and an additional fifty (50) percent twenty-four (24) months after the grant. Employees shall vest their granted employee options over three years as follows: One-third (1/3) vests immediately upon grant; Two-thirds (2/3) vest two years after the grant; and All employee options shall be vested three years after the grant. The Board may, for commercial reasons, decide on reasonable deviations from the above vesting schedules for one or more participants, provided that such deviations are documented and do not materially alter the fundamental structure of the Program. Participation in the Program, vesting, granting, or exercising of employee options is not conditioned on any strategic or operational goals (but the Board has the right to introduce such goals for one or more participants). The Nomination Committee The work of the Nomination Committee is regulated by the instruction adopted at the Annual General Meeting. The Nomination Committee's task is to prepare and submit proposals for the election of board members, the chairman of the board, the chairman of the meeting, and auditors. The Nomination Committee shall also propose remuneration for board members and auditors. The members of the Nomination Committee shall be disclosed no later than six months before the Annual General Meeting on the Company's website. The Nomination Committee, to be appointed until a new Nomination Committee has been appointed, shall consist of three members, two of whom shall be appointed by the Company's two largest shareholders by voting power, and the third shall be the chairman of the board. As soon as reasonably possible after the end of the third quarter, the chairman of the board shall contact the two largest shareholders registered in the shareholder register kept by Euroclear Sweden AB at that time and urge them, within a reasonable time not exceeding 30 days under the circumstances, to nominate in writing to the Nomination Committee the person the shareholder wishes to appoint as a member of the Nomination Committee. If one of the three largest shareholders chooses not to exercise its right to appoint a member of the Nomination Committee, the next shareholder in order shall be offered the right to appoint a member of the Nomination Committee. In the event that several shareholders refrain from their right to appoint members of the Nomination Committee, the chairman of the board shall not need to contact more than eight shareholders, unless necessary to form a Nomination Committee consisting of at least three members. The Nomination Committee is to formulate the following proposals for the AGM: Chairman of the AGM Candidates for the position of Chairman and other members of the Board Fees to be paid to the Board members and Chairman Fees to be paid to members of committees within the Board of Directors Election of and fees to be paid to the company's auditor, and Principles for the Nomination Committee When preparing its proposal for the board, the Nomination Committee shall review the board's evaluation of its work and consider the requirements for the composition of the board as stipulated by the Companies Act, the Swedish Code of Corporate Governance, and Nasdaq Stockholm's rules for issuers. The Nomination Committee shall, in preparing its proposals, consider that the board should have a composition appropriate to the Company's operations, stage of development, and other circumstances, characterized by diversity and breadth in terms of the competence, experience, and background of the members. Gender balance shall be sought. The Nomination Committee for the 2026 Annual General Meeting has been selected in accordance with these principles and consists of Mikael Fröjdén-Thorén, Jan Poulsen (Chairman), and Jake Nossaman. The company deviates from the Code's rules as the publication of the Nomination Committee has been delayed due to an ongoing rights issue that has changed the ownership structure among the top 10 shareholders. The Nomination Committee was announced in the month of March. Board of Directors According to the company's articles of association, Acarix's board of directors shall consist of at least 3 and at most 10 members elected by the general meeting of shareholders until the end of the next annual general meeting. Board members are elected annually at the annual general meeting until the end of the next annual general meeting. At the Annual General Meeting on May 13, 2025, three board members were re-elected, and a new board member was elected, who also became the company's chairman. The company's legal counsel served as the board's secretary. Other officers of Acarix participate in the board meetings as presenters on specific matters. According to the Code, a majority of the board members elected by the general meeting of shareholders must be independent in relation to Acarix and the executive management. Furthermore, according to the Code, at least two of the board members who are independent in relation to Acarix and the executive management must also be independent in relation to the company's major shareholders. The composition of the board of directors at Acarix meets the requirements for independence in the Code. Individual board members' shareholdings, their independence in relation to the company, executive management, and the company's major shareholders, as well as other positions in other companies, are detailed in the table below and in the presentation of the board members on pages 24-28. The board of directors shall manage the company's affairs on behalf of the shareholders in such a way that the shareholders' interests in capital return are best served. The board is responsible for the organization of the company and the management of its affairs. However, in its management, the board is obliged to comply with specific regulations that may have been issued by the general meeting of shareholders, provided that the regulation in question does not contravene the law or the articles of association. The board is responsible for the company's organization. In this regard, the board shall, among other things: Establish the company's overriding objective, strategies, financial objectives and action plans. Ensure that the company has a satisfactory organization for its operations and that the company is managed in a satisfactory manner and in compliance with the company's Articles of Association, the Swedish Companies Act and other laws and ordinances. The Board of Directors also has overall responsibility for the supervision of the company's subsidiaries, regardless of where they are located or the legislation that is applicable. Ensure that the company has appropriate systems for the follow-up and control of the company's operations and the risks to which the company and its operations are exposed. Ensure that the company has appropriate governance and reporting procedures. Ensure that the company has adequate internal controls and continuously keeps itself informed of and evaluates how the company's system for internal control functions. Establish and evaluate key policies and guidelines for the company, such as a policy governing inside information, including procedures for lists of insiders and an information policy. Where appropriate, annual commission and establish a Corporate Governance Report. Continuously discuss the risks to which the company is exposed. Ensure that the company's information disclosure is characterized by transparency and is correct, relevant and reliable. Ensure that the company complies with applicable legislation, the Articles of Association and regulations in respect of procedures for the official notice of the AGM. Review and monitor plans, budgets and similar items, and make decisions on reports about the company's liquidity, incoming orders, significant appropriations, overall insurance conditions, financing conditions (i.e. making decisions on whether the company's access to funds is satisfactory at any given time in relation to the company's operations), cash flow and special risks. Make decisions on reports from the company's auditor and ensure that the company's bookkeeping and asset management are checked in a manner that is satisfactory in relation to the company's circumstances. Continuously during the fiscal year, examine the company's periodic reports and periodic accounts and, in connection therewith, check any deviations from the year's budget. Appoint and dismiss the company's CEO. Exercise supervision over the CEO and other members of management. Annually evaluate the CEO's work. The Chairman of the Board prepares for Board meetings together with the CEO. The Chairman of the Board is to approve the agenda prepared by the CEO, which is then to be sent to the Board members together with comprehensive decision-making documentation prior to every Board meeting. At every scheduled Board meeting, a review is conducted of the operations, including performance and progress in research and development, clinical studies, business development, the Group's earnings and financial position, financial reporting and forecasts. Work and evaluation of the Board of Directors Every year, the Board of Directors adopts rules of procedure for its work. This occurs in conjunction with the statutory Board meeting after the AGM and thereafter the rules of procedure are updated where necessary. The rules of procedure describe such matters as the Board of Directors' responsibilities and duties, the internal division of work and work methods as well as the division of work between the Board of Directors and the CEO. The current rules of procedure were adopted on May 13, 2025. Once annually, the Chairman evaluates work on the Board of Directors. Chairman of the Board's responsibilities The Chairman of the Board monitors Acarix's operations by maintaining continuous contact with the CEO. The Chairman organizes and leads the work of the Board of Directors and is responsible for ensuring that the other Board members receive satisfactory information and decision-making documentation. The Chairman is also responsible for ensuring that new Board members are continuously updated and add to their knowledge of Acarix and otherwise receive the training required for the Board's work to be conducted efficiently. In addition, the Chairman is responsible for contacts with shareholders concerning shareholder issues and for ensuring that the Board conducts an annual evaluation of its work. Work of the Board of Directors 2025 During the fiscal year, a total of 7 minutes of board meetings were held: five regular, one constituent and one per capsulam related to preferential issues. The board meetings follow a recurring structure with specific agenda items. Information materials and decision documents for the board meetings are typically distributed approximately one week before each meeting. Evaluation of Board work Evaluation of the Board's WorkAccording to the Code, the Board shall annually evaluate its work through a systematic and structured process with the aim of developing its working methods and effectiveness. The evaluation of the Board's work for 2025 is planned to be carried out during the second quarter of 2026 and therefore constitutes a deviation from the Code. The evaluation is conducted by having all Board members complete a questionnaire regarding the Board's activities. The results of the evaluation are compiled into a report and presented to the Board and the Nomination Committee members. Board of Directors' committees The Board of Directors has established two formal committees, the Audit Committee and the Remuneration Committee. The Audit Committee's duties include maintaining and enhancing the efficiency of contacts with the Group's auditor, and exercising supervision over procedures for accounting and financial reporting. The company's auditors participated in all of the Audit Committee's meetings. The Committee and the auditors jointly discussed and established the scope of the audit. The duties of the Remuneration Committee are to prepare matters concerning remuneration and terms of employment for the Group management. Board Member Elected Attendance at Board Meetings Attendance at Remuneration Committee Meetings Attendance at Audit Committee Meetings Independent In Relation To the Company and Group Management Independent In Relation To The Company's Major Shareholders Philip Siberg 2021 3 (3) 1 (1) Yes Yes Jan Poulsen 2025 4 (4) 0 (0) 1 (1) Yes No Marlou Janssen 2020 7 (7) 0 (0) 2 (2) Yes Yes Kenneth Nelson 2024 7 (7) Yes Yes Tony Das 2024 6 (7) Yes Yes A total of seven board meetings were held during the year, including one inaugural and one per capsulam board meeting. Remuneration of Board of Directors and Management, 2025, kSEK Director's Fee/ Base Salary Director's Additional Services Bonus Pension Costs Other Social Security Costs Total Philip Siberg 188 - - - 59 246 Jan Poulsen 313 - - - 98 411 Marlou Janssen 300 - - - 94 394 Kenneth Nelson 300 301 - - 94 696 Tony Das 300 - - - 94 394 Total Board of Directors 1,400 301 0 0 440 2,141 Aamir Mahmood 4,534 - - 132 157 4,824 Other Executive Management 8,721 - 367 395 1,175 10,657 Total Executive Management 13,255 0 367 527 1,332 15,481 Total 14,655 301 376 527 1,772 17,623 Group management CEO and group management The Board of Directors appoints the CEO to manage the company. In his role, the CEO reports to the Board of Directors and his main duty is the everyday management of the company's operations. The Board of Directors' rules of procedure and the instructions for the CEO establish which matters the company's Board is to make decisions on and which decisions fall within the CEO's area of responsibility. The CEO is also responsible for formulating reports and the decision-making documentation required ahead of Board meetings and serves as a reporter of this material at the Board meetings. The CEO is to take the actions necessary to ensure that the company's accounting complies with the law and to ensure that the company's funds are managed in a satisfactory manner. It is therefore the CEO's responsibility to ensure that the company has efficient internal controls and procedures for ensuring that the established principles for financial reporting and internal control are applied. The CEO is obligated to attend all general meetings in the company, whether they be the AGM or an extraordinary general meeting. In a serious crisis, it is also the CEO's duty to immediately inform the Board of Directors and, if necessary, to establish and instruct a crisis committee and formulate a contingency plan for the business. As soon as the CEO suspects that an event or a practice could have a significantly adverse impact on the business or the company's position, for example a liquidity crisis, he must report this to the Chairman of the Board. The CEO has not been physically present at extraordinary general meetings during the year. The instructions for the CEO also apply to the Deputy CEO, when acting on behalf of the CEO. The CEO is also responsible for leading the work of the company management. In 2025, the company management, in addition to the CEO, consisted of the Chief Financial Officer (CFO), Head of Operation and Customer Excellence, Head of Global Strategy & Therapy Development, Head of Reimbursement & Market Access and Chief Medical Advisor. As of December 31, 2025, the company management consists of 6 individuals. For more information about the new executives at Acarix, please refer to page 26-28 in the annual report. Internal control and risk management of financial reporting The Board of Directors is responsible for ensuring that there is an efficient system for internal control and risk management. The responsibility for creating favorable conditions for working on these matters has been delegated to the CEO. Both Group management and managers at various levels in the company have this responsibility within their respective areas. Authorities and responsibilities are defined in policies, guidelines, job descriptions and instructions for authorization rights. The Board has decided not to establish a special audit function (internal audit). The Board of Directors' annual evaluation concerning the need for such a function shows that is not warranted in view of the business's scope and risk exposure. Pursuant to both the Companies Act and the Code, the Board is responsible for ensuring that the company maintains adequate internal controls and keeps itself continuously informed of and evaluates how the company's system for internal control functions. Control environment The procedures for internal control, risk assessment, control activities and the follow-up of financial reporting have been designed to ensure reliable overall financial reporting and external financial reporting in accordance with IFRS, applicable laws and regulations as well as other requirements that are to be applied by companies listed on Nasdaq First North Premier. This work involves the Board, Acarix's Group management and other employees. In 2024, Acarix implemented a unified business system, which went live on January 1, 2024, in the USA and on January 1, 2025, in Denmark and Sweden. Following the company's IPO, Acarix chose to outsource ongoing accounting and payroll services. However, from January 1, 2025, the company decided to handle accounting internally in Sweden and the USA using its own staff. In the Danish subsidiary, accounting and payroll services continue to be managed through outsourcing. The analysis work and financial reporting are handled internally within the company's finance function. The company's control environment is continually further developed and its control activities are in progress and gradually being aligned to the company's size and business complexity. A distinct division of roles and responsibilities for efficient management of the operations' risks is ensured, for example, through compliance with the Board of Directors' rules of procedure, the CEO's instructions and the governance documents adopted by the Board, including authorization orders. Risk assessment Acarix's Board of Directors works continuously and systematically with risk assessments to identify risks and take action regarding them. The company has a continuous risk review where risks are identified from a company perspective. The risk process is further developed in line with the company's growth and complexity. Information and communication To achieve correct information disclosure and clear external communications, the company has issued an information policy concerning the management of information involving external parties. The policy stipulates guidelines for how such communication should be conducted, and who is authorized to provide specific types of information. This is designed to ensure compliance with information obligations according to the law and listing agreements and to ensure that investors receive timely information. Follow-up, evaluation and reporting The CEO is responsible for ensuring that the Board continuously receives reports on the development of the company's operations, including the development of the company's earnings and financial position, as well as information about significant events, such as clinical results and important agreements. The Board of Directors meets the company's auditor annually, during which the company's internal controls and financial reporting are discussed. Internal audit Acarix has no specific audit function (internal audit). The company has an uncomplicated legal and operational structure whereby the Board of Directors continuously monitors the company's internal control in conjunction with external and internal financial reporting. In addition, the Audit Committee monitors the efficiency of the internal controls and risk management in respect of financial reporting. Against this background, the Board of Directors has chosen not to establish a specific internal audit function. External audit The company's auditor is normally elected by the AGM for the period until the end of the next AGM. The auditor examines the annual accounts and accounting records as well as the administration of the business by the Board of Directors and the CEO. Following each fiscal year, the auditor is to submit an audit report to the AGM. Each year, the company's auditor also reports his/her audit observations and assessment of the company's internal control to the Board. This is a literal translation of the Swedish original report included in RevR 16. Auditor's report on the Corporate Governance Statement To the general meeting of the shareholders in Acarix AB, corporate identity number 559009-0667 Engagement and responsibility It is the board of directors who is responsible for the corporate governance statement for the year 2025 on pages 11-19 and that it has been prepared in accordance with the Annual Accounts Act. The scope of the audit Our examination has been conducted in accordance with FAR's standard RevR 16 The auditor's examination of the corporate governance statement. This means that our examination of the corporate governance statement is different and substantially less in scope than an audit conducted in accordance with International Standards on Auditing and generally accepted auditing standards in Sweden. We believe that the examination has provided us with sufficient basis for our opinions. Opinions A corporate governance statement has been prepared. Disclosures in accordance with chapter 6 section 6 the second paragraph points 2-6 the Annual Accounts Act and chapter 7 section 31 the second paragraph the same law are consistent with the annual accounts and the consolidated accounts and are in accordance with the Annual Accounts Act. Malmö, April 15 2026 Öhrlings PricewaterhouseCoopers AB Alexander Ståhl Authorized Public Accountant This is a translation of the Swedish language original. In the event of any differences between this translation and the Swedish language original, the later shall prevail. Risks and Uncertainties Acarix's operations and market are exposed to a number of risks that are fully or partly beyond the control of the company and that influence or could influence the company's operations, financial position and earnings. The risk factors below, which are not exhaustive and are not ranked in any order of significance, are deemed significant to Acarix's future development. Market growth and general economic conditions Start-ups in other countries, particularly countries in which the company has no previous experience, carry risks that can be difficult to foresee. In addition, external factors such as the general economic situation, access to products essential for the company, demand for the company's products, interest rates, prices or rates of inflation can all be subject to change over time, which could have a negative impact on the willingness of financiers to invest or on the company's revenue stream. Products and market acceptance There is a risk that the company's products will not generate revenue that justifies the company's presence in the market. If the company's products do not generate revenue, become obsolete or for some other reason are not at the forefront of its field or are not included in state reimbursement programs and/or directives, this could have a negative impact on Acarix's operations, financial position or earnings. Risks related to future commercialization The company intends to continue applying for licenses or registration from state authorities or other administrative bodies in relevant markets to enable the marketing and sale of the company's products. There is a risk that the company's launches in individual markets will be delayed, become more expensive or will not materialize, which could have a negative effect on Acarix's operations, financial position or earnings. Competition There is a risk that competitors, both known and unknown, will develop a more effective pathway for the rule-out of CAD or that competitors' products will be included in insurance companies' reimbursement programs and/or be included in state directives for the treatment of CAD, which could have a negative effect on Acarix's operations, financial position or earnings. Licenses and approval Acarix is a commercial player operating in a market requiring certain permissions from the authorities. Acarix operates in a market that in various jurisdictions is subject to various regulatory permits, approval or demands from state authorities or other administrative bodies. Licenses are required and the company's products must be registered with relevant bodies in the various jurisdictions before they can be sold. If permission or registration is not granted or is withdrawn, this could have a significant negative impact. Research and development Continuing to develop the company's product, which is a result of more than ten years' research, and continuing to verify the results of the use of the product will require further investments in research and development. There is a risk that investments in research and development will not provide the company with the anticipated benefit. Development costs Developing commercial marketable products within the company's business area is generally extremely costly. The complexity associated with product development means that it is difficult to predict, or to determine in advance, what costs might arise. This creates a risk that planned product development will be more time consuming and/ or more costly than planned. Key person dependency For the continued development of the company, Acarix is dependent on certain key persons who at the time of this annual report or hereafter will be working as experts within the company in several leading positions. The company is thus dependent on the key persons' expertise. Should key persons or other qualified staff leave the company, and the company cannot replace them in a timely and adequate way, this could have a negative effect on Acarix. Product liability In view of the nature of Acarix's business, it is relevant to consider the product liability that arises when the company develops and commercializes products. The Board of Directors is of the opinion that the company's current insurance cover is satisfactory, in view of the nature and scope of the business. However, there are no guarantees that the company's insurance cover will fully be able to cover potential future legal requirements, which could adversely affect Acarix's operations and earnings. Intellectual property rights There is a risk that the company will be unable to maintain or protect its patent families or that other innovations developed by the company may in the future be unable to obtain adequate protection. There is also a risk that the company may infringe, or be alleged to infringe, upon a third party's intellectual property rights or that a third party may infringe, or be alleged to infringe, upon the company's intellectual property rights. This could result in the company needing to defend itself against an alleged infringement or defend its intellectual property rights. If one or more of these risks are realized, this could have a negative effect on Acarix's operations, financial position or earnings. Financing Acarix may in the future become dependent on financing from lenders or shareholders and/or other forms of financing. Market conditions, the general availability of credit, the company's credit rating and uncertainty and/or disruptions in the capital and credit markets could also influence the company's access to financing. There is a risk that the company will not be able to obtain financing or that it will not be possible to obtain financing on terms that are favorable to Acarix or that the capital procured will not be sufficient to meet the Group's financing needs. Tax Acarix is domiciled in Malmö, Sweden, but conducts the predominant part of its operational activities in Denmark and its sales activities in the DACH region, the US and the Nordics. Acarix conducts, and has conducted, its operations in accordance with the company's interpretation of the tax legislation applicable at each respective time, the requirements of relevant tax authorities, applicable administrative general practices, and, where appropriate, tax agreements. There is a risk that the company's interpretation and application of tax legislation may be incorrect, or that such rules could be changed retroactively. Legislation and regulations Should Acarix's operations become subject to restrictions from authorities or should the company fail to obtain necessary future government approvals, this could adversely affect Acarix commercially and financially. Disputes The company may occasionally become involved in legal disputes or be the subject of claims, investigations or other administrative proceedings that could result in Acarix being liable to pay compensation or to discontinue a certain activity or in members of the Board or other employees of the com- pany risking sanctions under criminal law. Such proceedings are generally time-consuming and costly, disrupt the ongoing operations of the company and the outcome can be difficult to predict, which could have a negative effect on Acarix's operations, financial position or earnings. Customs regulations and trade agreements A significant risk to the company's operations is potential changes in tariffs and trade agreements, which could affect the costs of importing and exporting goods. Changes in tariff rates, the implementation of new trade restrictions, or modifications to existing agreements can lead to increased costs for raw materials and components, which in turn may impact the company's profitability and pricing strategy. Geopolitical conflicts and ongoing crises A significant risk to the company's operations is the prevailing geopolitical conflicts and ongoing crises in various parts of the world. These conflicts can lead to disruptions in global supply chains, increased costs for raw materials and components, and restrictions on international trade flows. Additionally, political tensions and uncertainties may affect exchange rates and the investment climate, which could negatively impact the company's growth opportunities and financial stability. See also Note 5, Financial risks. Board of Directors Jan Poulsen Chairman Year of entry: 2025 Year of birth: 1961 Location: Denmark Education: Economics at the University of Aarhus, Denmark. Previous engagements/experience: Jan Poulsen has extensive experience from investing in companies in the Biotech and Medtech space for almost 40 years. Jan has 35+ years of experience as a CEO in various companies including being founder and CEO in Life Science Invest Fund (LSIF). LSIF has a portfolio of investments in the Biotech and Medtech space especially focusing on commercial stage companies like Acarix. He brings in a network within financing as well as Medtech and has extensive experience as a member of boards including being chairman. Other Significant/Ongoing Assignments: Member of the board in AcuCort AB. CEO in Life Science Invest Fund 1 ApS, MicroTech Software A/S and DanskTysk Ejendomsrådgivning ApS. Holdings in Acarix: Shares : 42,612,476 | Options: 0 Ken Nelson Board Member Year of Entry: 2024 Year of Birth: 1974 Location: U.S. Education: B.A. in Economics from Vanderbilt University, and is a graduate of Phillips Exeter Academy. Previous Engagements/Experience: Ken Nelson is a 20-year digital health, medical device, and remote patient monitoring executive and innovator with successful senior leadership experience ranging from a Fortune 500 company (Guidant/Boston Scientific in Cardiac Rhythm Management) to a #1 market share leading medium-sized company (Biotelemetry, acquisition by Philips for $2.8 Billion announced in December '20) to 3 start-ups, 1 of which eventually led to an extremely successful IPO (iRhythm) and another which was just acquired by HillRom/ Baxter (Bardy Diagnostics) in August 2021 for $450M+ after milestone payments. Other Significant/Ongoing Assignments: Partner in Nelson Jennings Ventures, which collaborates closely with Medtech Innovator ( https://www.medtechinnovator.org ). He is also a Venture Partner in Star51 Capital. In addition, he serves on the Boards of Directors of CardiaCare, HeartBeam (NASDAQ: BEAT), EchoIQ (ASX: EIQ), Epitel, and Happitech. He is also on the advisory boards and/or planning committees, for SmartCardia, Bloomlife, AccurKardia, HeartX (MedAxiom/ ACC), HRX (Digital Health Summit of Heart Rhythm Society), and the American Heart Association. Holdings in Acarix: Shares: 0 | Employee Options: 2,000,000 Marlou Janssen-Counotte Board Member Year of Entry: 2020 Year of Birth: 1965 Location: Netherlands Education: Hotel Management at TIO. Previous Engagements/Experience: Marlou Janssen-Counotte has more than 30 years of experience in the medical technology industry. She began her career at Medtronic and over the past 20 years held senior positions as Executive Vice President at St. Jude Medical, Vice President of International Marketing and Sales at Biotronik, President US Biotronik Inc.and General Manager of EPD Solutions at Philips Medical Systems. Other Significant/Ongoing Assignments: Member of the Board of Directors at the following companies; Sonion, EBAMed SA, Inspiration Healthcare Group PLC, and Board advisor at Field Medical Inc, Senior Advisor at Vektor Medical Inc. Holdings in Acarix: Shares: 0 | Employee Options: 0 Tony Das, MD Board Member Year of Entry: 2024 Year of Birth: 1964 Location: U.S. Education: MIT Sloan School of Management Blockchain Technologies: Business Innovation and Application Course 2021, Stanford School of Business LEAD Corporate Innovation Program 2020, Texas Heart Institute- Interventional Cardiology and Endovascular Fellowship Harvard Mass General- Internal Medicine Residency, and Baylor College of Medicine-MD. Previous Engagements/Experience: Tony Das, MD is a distinguished Interventional Cardiologist and Founder of Connected Cardiovascular Care Associates (C3), the first U.S. cardiology practice focusing on a digital-first approach through remote physiological monitoring. With over 25 years in the industry, he's performed over 20,000 procedures and leads strategic cardiac innovation at Baylor Scott and White Healthcare. Dr. Das provides advisory support to Med Tech funds and equity groups managing $500M+ and has been recognized as a top cardiologist in Dallas and nationwide. Other Significant/Ongoing Assignments: Stanford Business School: LEAD Corporate Innovation Program 2019, American College of Cardiology (ACC) Member CV Management Section, American College of Cardiology (ACC) Member Innovations Section and Digital Health and Wearables Working Group, Biostar Ventures Medical Venture Partner and Advisor, and Sheltowee VC Fund Medical Advisor Holdings in Acarix: Shares: 2,000,600| Employee Options: 3,000,000 Management Team Aamir Mahmood President & CEO Year of Entry: 2024 Year of Birth: 1976 Location: U.S. Education: B.S. in Marketing and Management from Oklahoma State University, an MBA from Oklahoma City University, and Executive Education from Harvard Business School. Previous Engagements/Experience: Aamir Mahmood has more than twenty years of executive experience in the medical device industry, demonstrating a proven track record in commercial roles within Global cardiovascular device markets. His expertise spans sales, marketing, and strategy functions at organizations such as LivaNova, Boston Scientific, and Merck. Most recently, Aamir served as the General Manager/Vice President, Americas, at MicroPort CRM (MicroPort acquired the organization from LivaNova in 2017), a cardiovascular medical device company with primary focus on cardiac rhythm management, electrophysiology, arrhythmia assessment, and other cardiac devices used for diagnosing, treating, and managing heart rhythm disorders and heart failure. Prior to overseeing the Americas for MicroPort, Aamir rotated through two EXPAT assignments in Europe running Global Sales, followed by Global Marketing and Strategy, including M&A. Other Significant/Ongoing Assignments: Aceco Valves Member, Board of Directors, Biozen Member, Board of Directors, YPO Member. Holdings in Acarix: Shares: 10,904,824 | Employee Options: 70,000,000 Christian Lindholm CFO Year of Entry: 2016 Year of Birth: 1964 Location: Sweden Education: B.A. in University of Växjö Previous Engagements/Experience: For the past 17 years, Christian Lindholm has held positions as CFO in both private and listed companies. Prior to joining Acarix, Christian Lindholm was CFO of Doro AB and TFS International AB. Holdings in Acarix: Shares: 338,162| Employee Options: 4,500,000 Carma Connely Head of Operations & Customer Excellence Year of Entry: 2022 Year of Birth: 1975 Location: U.S. Education: B.S. in Chemistry from Butler University and M.S. in Biochemistry from University of Denver. Previous Engagements/Experience: Carma Connely has over 20 years of experience in the medical device field with a focus on neurosurgery and cardiology. She has experience in sales, product management, quality, regulatory, operations, clinical education, and finance. Carma previously held roles as Vice President of Operations at Coala Life, Product Management at Raumedic and launched multiple European companies into the U.S. market. Holdings in Acarix: Shares: 408,520 | Employee Options: 750,000 Beji George Head of Global Strategy & Therapy Development Year of entry: 2025 Year of birth: 1978 Education: B.S. in Kinesiology from the University of Houston, Radiologic Sciences degree from PIMA Medical Institute, Executive MBA from the University of East London - Ducere Global Business School (April 2026) Previous Engagements/Experience: Beji brings over 25 years of leadership experience in the MedTech industry, with deep expertise in cardiac therapy development and global commercialization. His ability to bridge clinical insight with strategic execution will be a strong driver as we accelerate our global initiatives. Most recently, Beji served as Senior Director of Global Field Operations & Therapy Development at Heart Medical, where he led a pivotal Class III IDE trial. Prior to that, he served as US Leadless Clinical Manager at Abbott Laboratories, spearheading field clinical operations for the launch of Abbott's first Leadless pacemakers - Aveir VR and DR. He also held the role of Senior Therapy Development Manager at EBR Systems, where he led efforts on the WiSE SOLVE-CRT trial. His career spans additional impactful roles at Boston Scientific and Medtronic, making him uniquely equipped to help shape Acarix's next phase of growth. Holdings in Acarix: Shares: 0 | Employee Options: 1,000,000 Daniel Burke Head of Reimbursement & Market Access Year of Entry: 2025 Year of Birth: 1974 Location: U.S. Education: B.S. in Business Administration/Health Care Administration and an MBA from LaSalle University. Previous Engagements/Experience: Daniel Burke has more than 20 years of executive experience in the medical device industry, demonstrating a proven track record with establishing reimbursement and creating access. His experience spans sales, marketing, network management, contracting, medical policy, and strategy functions at organizations such as Blue Cross, Aetna, CIGNA, CCS Medical, Liberty (now part of Cardinal Health), ADS and Bardy Diagnostics (now part of Baxter Healthcare). Most recently, Dan led the commercialization efforts with payer access/reimbursement of a cardiac monitoring startup called Bardy Diagnostics which was acquired by HillRom/ Baxter. Other Significant/Ongoing Assignments: Awarded Philadelphia Business Journal Top 40 under 40 for contributions in the industry and community and Variety Club- The Children's Charity- served as a Board Member and was Awarded Volunteer of the Year. Actively involved with the American College of Healthcare Executives. Holdings in Acarix: Shares: 0 | Employee Options: 1,250,000 George Chrysant, MD Chief Medical Advisor Year of Entry: 2024 Year of Birth: 1969 Location: U.S. Education: Attended the nationally ranked Barnes-Jewish Hospital/Washington University in St. Louis for his fellowship and is board certified in cardiology, cardiac CT and interventional cardiology with advanced training in cardiac CT and level III cardiac MRI. Previous Engagements/Experience: George Chrysant, MD serves as the Chief Medical Officer for INTEGRIS Cardiovascular Physicians. He is board-certified in Cardiovascular Diseases, Interventional Cardiology, and Cardiac CT, with a particular interest in complex coronary imaging and physiology, as well as cardiac CT and FFRct. Dr. Chrysant has also acted as the local principal investigator in both the PROMISE and PRECISE trials. Holdings in Acarix: Shares: 1,500,000 | Employee Options: 3,000,000 Administration Report Acarix AB (publ), Corp. Reg. No. 559009-0667 The Board of Directors and the CEO hereby present the annual accounts for the Parent Company and the Group for the 2025 fiscal year. The consolidated balance sheet and income statement and the balance sheet and income statement for the Parent Company will be presented for adoption to the AGM on May 13, 2026. Group Acarix AB (publ) is the Parent Company of the Group also comprising the wholly owned subsidiaries: Acarix A/S, Hellerup, Denmark Acarix USA Inc. Oklahoma, USA Acarix GmbH, Cologne, Germany (under liquidation) Acarix Ltd, Stockport i UK The Parent Company Acarix AB is a Swedish public limited liability company that was formed in Sweden and whose current registered name was registered with the Swedish Companies Registration Office on September 30, 2016. Acarix's operating activities have been conducted in Denmark since 2009. The company's corporate registration number is 559009- 0667. Acarix is domiciled in Malmö. Business orientation Acarix is a Swedish medical technology company that develops solutions for rapid AI-based coronary artery disease (CAD) assessment. The Acarix CADScor®System is CE-marked and FDA De Novo cleared for patients experiencing chest pains with suspected CAD. It is designed to reduce millions of unnecessary, invasive, costly diagnostic procedures. The CADScor System calculates a patient-specific CAD score non-invasively with 96% accuracy. Acarix is listed on the Nasdaq First North Premier Growth Market (ticker: ACARIX). During July the Acarix shares was introduced on the OTCQB Market in the US. Acarix ́s shares are, in parallel to its current Nasdaq First North Growth market listing in Stockholm, traded with a US ticker symbol (ACIXF) and a share price in USD. Financial Development Profit / Loss Statement Revenue for the year amounted to SEK 7,361 thousand, an increase of 19% compared to SEK 6,202 thousand in the previous year. This growth was primarily driven by ongoing expansion in the U.S. market and the company's initial entry into the MENA region through the first distributor sales. The total number of systems increased to 101 from 62 last year, representing a growth of 63%. Gross profit for the year reached SEK 6,238 thousand, yielding a gross margin of 85%. This compares to SEK 5,595 thousand and a gross margin of 90% in 2024. The slight decline in gross margin by 5 percentage points is mainly attributable to two one-time, strategically priced orders and increased system sales during the year with lower margin compared to patches. Total operating expenses for the year were SEK 54,250 thousand, representing a reduction of SEK 17,718 thousand, or 25%, from SEK 71,968 thousand in the previous year. The net loss for the period was SEK -48,091 thousand, reflecting an improvement of SEK 18,096 thousand, or 27%, compared to the previous year. The earnings per share amounted to -0.04 SEK compared to -0.07 SEK the previous year. There was no dilution effect. Financial Position Tangible assets amounted to SEK 372 thousand and pertain to the net assets of CADScor Systems placed under the consignment model in the U.S. market. Intangible assets include the net value of patents and development costs, with a reported value of SEK 6,475 thousand (SEK 9,683 thousand) as of December 31, 2025. No acquisitions were made during the period. The inventory value amounts to SEK 6,460 thousand, representing a 9% decrease compared to the same period last year (SEK 7,083 thousand). As of December 31, the company's cash balance was SEK 18,274 thousand, down from SEK 58,615 thousand in December 2024. Equity as of December 31 amounted to SEK 38,171 thousand, compared to SEK 75,697 thousand at the end of the previous year. The share capital was SEK 11,647 thousand, with a total of 1,164,697,339 shares registered with the Swedish Companies Registration Office. Total current liabilities decreased to SEK 10,159 thousand from SEK 5,064 thousand in the previous year. Cash Flow and Financing Cash flow from operating activities, including changes in working capital, was SEK -37,278 thousand (compared to SEK -63,325 thousand). The negative cash flow mainly reflects the net loss for the year. Under the item Changes in receivables and prepayments 2025, SEK 11,793 thousand is included as a receivable from the share issue bank, which as of the balance sheet date holds liquid funds for registered shares in the ongoing issue. The payment was made to the company during January 2026. Under the item Changes in trade and other liabilities 2025, SEK 4,415 thousand is included, representing a paid-up share issue amount that has not yet been registered with the Swedish Companies Registration Office as of the balance sheet date. Cash flow from investing activities was SEK -757 thousand (versus SEK -920 thousand), primarily due to the capitalization of consigned CADScor systems. The total net change in cash and cash equivalents for the period was SEK -38,035 thousand (compared to SEK 22,735 thousand). Capitalization At the start of the fourth quarter, the Board approved a directed share issue to U.S. and Nordic investors, which is expected to raise approximately SEK 33.4 million gross before issuance costs. By December 31, 2025, SEK 11.8 million had been paid into the company's share issue bank, and corresponding shares had been registered. The share issuance is currently in progress, and full payment is anticipated to be completed within the first six months of 2026. The Board of Directors and executive management work continuously to secure the company's long-term financing to ensure the operation of the business. The company's growth plan is continuously balanced against the financial resources available at any given time. The established growth plan, which is driven by market demand, may require additional financing later in the fourth quarter of 2026, which could be obtained through, for example, loans or share issuance. The company's financing and ongoing operations are expected to remain secured until later in the fourth quarter of 2026 through the ongoing directed share issue. In addition, management has continued to work on a cost-saving program during 2025, which has significantly reduced the company's expenses. The Board of Directors and executive management have a positive view of being able to carry out additional capital raises on favorable terms if required. Consequently, the financial statements have been prepared based on the going concern basis. If a capital raise cannot be carried out as planned, there is significant uncertainty that means that there are significant doubts regarding the company's ability to continue as a going concern. Significant risks and uncertainties Acarix's earnings have been affected, and will be affected going forward, by several factors, wholly or partly beyond the company's control. The company's main operating and financial risks are market processing and the time it takes to create acceptance for CADScor®System and thereby generate revenue. The risks may also be attributable to events in the external environment and may affect some industries more than others. Risk management is therefore an important and an integral part of the company's operations and strategy. Acarix is exposed to certain specific risk categories: Operational risks, for example attributable to the capital-intensive and risky development of new medical devices, dependence on external parties, risks in clinical trials, dependence on qualified personnel and key personnel. External risks such as patent infringement, competition, rapid technological development, regulatory requirements, pricing and compensation for costs. Financial risks, such as exchange rate risk, interest rate risk, credit risk and financing risk. Risks related to pandemics, such as Covid-19. Risks related to armed conflicts and relations between different countries. Further information on risks can be found on page 20 in the Annual Report. Events after the balance sheet date Acarix announced that its CADScor System has successfully achieved certification under the European Union Medical Device Regulation (EU MDR 2017/745). The MDR certification confirms that the CADScor System meets the European Union's most stringent regulatory requirements for safety, quality, and clinical performance. This milestone ensures continued and expanded access to the CADScor System across European markets and supports Acarix's long-term growth strategy in the region. Acarix announced that it has entered into a strategic distribution partnership with a new partner in the Kingdom of Saudi Arabia. Under the agreement, the distribution partner will lead local regulatory approval activities for the CADScor® System in Saudi Arabia at the distributors expense. Following successful regulatory approval which is supported by the recently announced MDR approval, the partner has forecasted product orders totaling approximately SEK 9,8 million within the first 6 months after approval. Information about the share The company's shares are of the same class, and there is no difference in voting rights. The shares are traded on the NASDAQ First North Growth Market under the name ACARIX and ISIN code SE0009268717, and the shares are listed on the Premier segment. For more information about the stock and its owners, please refer to the section "The Share and the Owners" on page 8. Certified advisor Tappers Partner AB serves as the Certified Advisor to Acarix. Proposed appropriation of the company's profits: Unrestricted shareholder´s equity in the parent company SEK SEK Share premium reserve 470,163,700 Result brought forward -379,579,260 Result of the year -40,836,993 Total 49,747,447 The Board of Directors proposes that the profit available for distribution and unrestricted reserves be allocated as follows: Carry forward 49,747,447 Financial Information Group - Consolidated Statement of Income kSEK Note Year 2025 Year 2024 Revenue 13 7,361 6,202 Cost of goods sold -1,123 -607 Gross profit 6,238 5,595 Research and development costs -14,755 -25,385 Sales, general and administrative costs -39,495 -46,583 Operating profit 6,7,8 -48,012 -66,373 Financial income 9 406 453 Financial costs 9 -485 -267 Profit before tax -48,091 -66,187 Tax 10 - - Net loss for the Year -48,091 -66,187 Net income attributable to parent company's shareholders -48,091 -66,187 Basic earnings per share (SEK) (1) 11 -0.04 -0.07 Diluted earnings per share (SEK) 11 -0.04 -0.07 Average number of shares, before dilution (thousands) 1,126,768 920,813 Average number of shares, after dilution (thousands) 1,126,768 920,813 1) EPS - Net profit for the year, attributable to shareholders of the Parent Company, divided by average number of shares outstanding. Group - Consolidated Statement of Comprehensive Income kSEK Year 2025 Year 2024 Net loss for the year after tax -48,091 -66,187 Items that may be reclassified to profit or loss Foreign currency translation adjustment -2,774 1,105 Other comprehensive income for the period, net of tax -50,865 -65,082 Total comprehensive income for the period, net of tax -50,865 -65,082 Total comprehensive income attributable to: Owners of Acarix -50,865 -65,082 Group - Consolidated Statement of Financial Position kSEK Note December 31, 2025 December 31, 2024 Assets Tangible assets Tangible assets 372 470 Total tangible assets 372 470 Intangible assets Acquired rights 3,119 3,603 Development projects, capitalized 3,356 6,080 Total intangible assets 12 6,475 9,683 Current assets Inventory 14 6,460 7,083 Accounts receivables 2,179 2,195 Other receivables 15 14,570 2,715 Cash and cash equivalents 16 18,274 58,615 Total current assets 41,483 70,608 Total assets 48,330 80,761 Shareholders's equity and liabilities Equity Share capital 17 11,647 11,233 Other contributed capital 686,269 675,272 Reserves 2,441 5,215 Retained earnings -614,095 -549,836 Result for the year -48,091 -66,187 Total equity 38,171 75,697 Current liabilities Accounts payable 18,20 3,108 1,394 Other liabilities 19 7,051 3,670 Total current liabilities 10,159 5,064 Total equity and liabilities 48,330 80,761 Group - Consolidated Statement of Changes In Equity kSEK Share capital Share premium Other reserved Retained earnings & result of the year Total shareholders equity As at January 1, 2025 11,233 675,272 5,215 -616,023 75,697 Profit/loss for the year -48,091 -48,091 Other comprehensive income: Foreign exchange rate adjustment -2774 -2774 Total 11,233 675,272 2,441 -664,114 24,832 Transactions with owners: Issue of warrants 1,928 1,928 Ongoing Share issue 414 11,379 11,793 Costs related to share issue -382 -382 At December 31 2025 11,647 686,269 2,441 -662,186 38,171 kSEK Share capital Share premium Other reserved Retained earnings & result of the year Total shareholders equity As at January 1, 2024 7,372 592,153 4,110 -551,750 51,885 Profit/loss for the year -66,187 -66,187 Other comprehensive income: Foreign exchange rate adjustment 1105 1105 Total 7,372 592,153 5,215 -617,937 -13,197 Transactions with owners: Issue of warrants 1,914 1,914 Share issue 3,861 86,951 90,812 Costs related to share issue -3,832 -3,832 At December 31 2024 11,233 675,272 5,215 -616,023 75,697 Group - Consolidated Statement of Cash Flow kSEK Year 2025 Year 2024 Operating activities Operating result -48,012 -66,373 Adjustment for depreciation 3,477 3,290 Other non-cash items - 878 Financial items -79 186 Cash-flow before change of working capital -44,613 -62,019 Working capital adjustments: Change in inventory 623 -181 Change in receivables and prepayments 13,266 2,060 Change in trade and other payables -6,554 -3,185 Total change in working capital 7,335 -1,306 Cash flow from operating activities -37,278 -63,325 Investing activities Investment in fixed assets -757 -920 Cash flow from investing activities -757 -920 Financing activities Rights issue after deduction of transaction costs - 86,980 Cash flow from financing activities - 86,980 Cash flow for the year -38,035 22,735 Currency translation differences -2,306 731 Cash and cash equivalents, beginning of period 58,615 35,149 Cash and cash equivalents, end of period 18,274 58,615 Under the item Changes in receivables and prepayments 2025, SEK 11,793 thousand is included as a receivable from the share issue bank, which as of the balance sheet date holds liquid funds for registered shares in the ongoing issue. The payment was made to the company during January 2026. Under the item Changes in trade and other liabilities 2025, SEK 4,415 thousand is included, representing a paid-up share issue amount that has not yet been registered with the Swedish Companies Registration Office as of the balance sheet date. Parent Company - Income Statement kSEK Note Year 2025 Year 2024 Other revenues 8,310 11,231 Sales, general and administrative costs 6,7,8 -15,701 -22,901 Operating result -7,391 -11,670 Profit / Loss from shares in group companies -33,776 -54,302 Financial income 9 330 334 Financial expense 9 - -68 Profit before tax -40,837 -65,706 Tax - - Net loss for the year -40,837 -65,706 Net income attributable to Parent Company´s Shareholder -40,837 -65,706 Parent Company - Balance Sheet kSEK Note December 31 , 2025 December 31 , 2024 Assets Financial assets Participations in subsidiaries 20 44,592 44,868 Total financial assets 44,592 44,868 Current assets Other receivables 14 12,630 549 Cash and cash equivalents 15 14,031 49,655 Total current assets 26,661 50,204 Total assets 71,253 95,072 Shareholders' equity and liabilities Equity Share capital 16 11,647 11,233 Other capital contribution 470,164 459,167 Retained earnings -420,417 -379,580 Total equity 61,394 90,820 Current liabilities Accounts payable 17 1,069 196 Intercompany payables 2,710 2,681 Other liabilities 19 6,080 1,375 Total current liabilities 9,859 4,252 Total equity and liabilities 71,253 95,072 Parent company - Statement of Changes In Equity kSEK Share capital Share premium Retained earnings & result of the year Total shareholders equity As at January 1, 2025 11,233 459,167 -379,580 90,820 Profit/loss for the year -40,837 -40,837 Total comprehensive income 11,233 459,167 -420,417 49,983 Transactions with owners: Ongoing share issue 414 11,379 11,793 Costs related to share issue -382 -382 Total transactions with owners 414 10,997 11,411 At December 31,2025 11,647 470,164 -420,417 61,394 kSEK Share capital Share premium Retained earnings & result of the year Total shareholders equity As at January 1, 2024 7,372 376,048 -313,874 69,546 Profit/loss for the year -65,706 -65,706 Total comprehensive income 7,372 376,048 -379,580 3,840 Transactions with owners: Ongoing share issue 3,861 86,951 90,812 Costs related to share issue -3,832 -3,832 Total transactions with owners 3,861 83,119 86,980 At December 31, 2024 11,233 459,167 -379,580 90,820 Parent Company - Statement of Cash Flow kSEK Year 2025 Year 2024 Operating activities Operating result -7,391 -11,670 Adjustment for depreciation - 6 Financial items 330 266 Cash-flow before change of working capital -7,061 -11,398 Working capital adjustments: Change in receivables and prepayments 11,647 -161 Change in trade and other payables -6,434 2,625 Total change in working capital 5,213 2,464 Cash flow from operating activities -1,848 -8,934 Investing activities Shareholder contribution -33,776 -54,302 Cash flow from investing activities -33,776 -54,302 Financing activities Rights issue after deduction of transaction costs - 86,980 Cash flow from financing activities - 86,980 Cash flow for the period -35,624 23,744 Cash and cash equivalents, beginning of year 49,655 25,911 Cash and cash equivalents, end of year 14,031 49,655 Under the item Changes in receivables and prepayments 2025, SEK 11,793 thousand is included as a receivable from the share issue bank, which as of the balance sheet date holds liquid funds for registered shares in the ongoing issue. The payment was made to the company during January 2026. Under the item Changes in trade and other liabilities 2025, SEK 4,415 thousand is included, representing a paid-up share issue amount that has not yet been registered with the Swedish Companies Registration Office as of the balance sheet date.

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