Annual Report (Immunovia AB publ Annual Report 2025)

ANNUAL REPORT 2025

Leading the Way in Pancreatic Cancer Diagnostics

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Table of contents

Important events 2025 3

This is Immunovia 4

CEO Statement 5

Sustainability Report 7

Corporate Governance Report 10

Share information 17

Board of Directors 20

Management 23

The Auditor's Examination of the

Corporate Governance Statement 27

Statutory Administration Report 28

Financial Statements 31

Group Key Indicators 32

Consolidated Income Statement 33

Consolidated Statement of Comprehensive Income 33

Comments on the Income Statement 33

Consolidated Balance Sheet 34

Comments on the Balance Sheet 34

Consolidated Statement of Changes in Equity 35

Consolidated Cash Flow Statement 36

Comments on the Cash Flow Statement 36

Parent Company Income Statement 37

Parent Company Statement of Comprehensive Income 37

Parent Company Balance Sheet 38

Parent Company Statement of Changes in Equity 39

Parent Company Cash Flow Statement 40

Additional Information 41

Board of Directors' and Chief Executive Officer's

Certification 62

Audit Report 63

Definitions 67

Glossary 68

Shareholder information 70

This information was submitted for publication on April 10, 2026, at 08:30 (CET)

This financial statement has been produced in accordance with IFRS for the Immunovia Group which comprises Immunovia AB and the wholly-owned subsidiaries Immunovia Inc, Immunovia GmbH and Immunovia Incentive AB.

Immunovia AB (publ), Swedish Corporate Identity Number 556730-4299, Medicon Village, Scheelevägen 8, 223 63 Lund, Sweden

helloir@immunovia.com, +46 46 2756 000

Important events 2025

• PancreaSure commercially launched in the United States, with seven high-risk surveillance centers agreeing to use the test in the first month of launch.

• Five clinical studies published in peer-reviewed scientific journals, including the pivotal CLARITI study in Gastroenterology.

• CLARITI study recognized as "Best of DDW" at the world's largest gastroenterology conference, Digestive Disease Week.

• Medicare reimbursement rate of $897 secured for PancreaSure on the Clinical Laboratory Fee Schedule.

• College of American Pathologists (CAP) accreditation received for Immunovia's laboratory in North Carolina, affirming rigorous quality standards.

• Twelve high-risk surveillance centers implemented PancreaSure testing by year-end, including Harvard-affiliated Beth Israel Deaconess Medical Center and NYU Perlmutter Cancer Center.

• Over SEK 140 million raised through a rights issue and warrant exercises to fund the commercial launch and clinical program.

• AFFIRM study interim analysis demonstrated 87.9% cancer detection in stage III and IV pancreatic cancer with 97.7% specificity in healthy controls.

• Licensing agreement signed with Proteomedix, securing manufacturing independence and reducing costs of goods sold.

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1. Expand commercial adoption of PancreaSure with a dedicated sales team.

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2. Submit for Medicare coverage and begin billing insurance companies.

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3. Secure a strategic commercialization partner to accelerate growth.

Building on the strong commercial and clinical momentum of 2025, Immunovia is positioned to drive meaningful test volume growth and take important steps toward reimbursement. With a proven, accurate test, growing physician demand, and a clear path to coverage, the future is bright for Immunovia in 2026 and beyond.

This is Immunovia

Immunovia is focused on the commercialization of a convenient blood test to detect proteins and antibodies that indicate if high-risk individuals have developed pancreatic cancer.

A challenge with pancreatic cancer is that the disease is usually detected at stage 3 or 4, when the tumor has grown or spread to other organs, making it exceedingly difficult to treat. There is a huge unmet need for better diagnostic tools to detect the disease early, so treatment can be initiated sooner, increasing survival.

During 2025 Immunovia demonstrated the accuracy of its PancreaSure early detection test in multiple clinical validation studies. The test's development and validation were highlighted by the scientific community in prestigious presentations and publications throughout the year.

Immunovia launched the PancreaSure test in the U.S. market in September 2025. The company collaborated with top pancreatic cancer specialists and surveillance programs to offer the test to high-risk individuals. In 2025, selling efforts were conducted by Immunovia management. In Q1 2026, the Company hired three Strategic Account Managers to expand selling capacity and capability. The company is in active discussions with potential strategic partners to accelerate commercialization of the test.

USA is the world's largest market for detection of pancreatic cancer. The company estimates that in the USA alone, 1.8 million individuals are at high-risk for pancreatic cancer and would benefit from annual surveillance testing.

Immunovia AB is headquartered in Lund, Sweden, and operates a distributed business model in which employees and contractors are located in Sweden and the United States. Commercial activities, clinical research and lab operations are conducted in the Company's U.S. subsidiary, Immunovia, Inc.

The number of employees at the end 2025 was 13 (9).

Immunovia's share was listed on Nasdaq Stockholm First North Growth Market on 1 December 2015 and has been traded on Nasdaq Stockholm since 3 April 2018 (ticker: IMMNOV).

CEO Comment

We launched PancreaSure in September 2025, and by year's end twelve high-risk surveillance centers were ordering the test, including leading institutions such as the University of Pennsylvania, Harvard-affiliated Beth-Israel Deaconess Medical Center, New York University Perlmutter Cancer Center, and Northwestern University Medicine. This initial adoption was achieved entirely through the management team's sales efforts as we had no dedicated sales representatives.

Early adopters are demonstrating strong volume potential. UC Health at the University of Colorado placed over 100 test orders by year-end, and both Honor Health and Northwestern ordered at least 40 tests each. These volumes illustrate the potential for growth as centers complete the process of integrating PancreaSure into their surveillance protocols.

Growing our commercial capacity

As we enter 2026, we will accelerate commercial adoption. In the first quarter, we hired three experienced Strategic Account Managers from leading diagnostics companies. These highly capable individuals have expanded our sales capacity across the country - adding new prospects to the pipeline, moving centers through the adoption process faster, integrating PancreaSure into clinical protocols, and engaging the full cross-functional teams at each surveillance center.

Strong pipeline growth

Our sales pipeline is gaining strong momentum. At year-end, eight additional centers had registered to begin using PancreaSure, nine were in late-stage discussions, and fifteen were early-stage prospects.

Expanding regulatory approvals

Two important regulatory approvals will expand our addressable market. In January 2026, we received California state approval, unlocking a large and strategically important market with numerous leading surveillance programs. We also expect to receive New York State approval shortly, which will open the door to one of the country's most concentrated hubs of academic medical centers and give us access to all 50 states across the U.S.

We have completed two of the three critical steps toward Medicare reimbursement: securing a billing code and an attractive reimbursement rate of $897 on the Clinical Laboratory Fee Schedule. The remaining step is obtaining a coverage determination.

For this final step, we must show the clinical utility of PancreaSure, and to do that we are pursuing a multi-pronged approach. We are conducting quick-turnaround survey studies that will provide initial clinical utility data in the second quarter of 2026. We are also initiating a registry study targeting approximately 400 patients during 2026 to gather real-world evidence on how PancreaSure improves physician decision-making and patient outcomes. In addition, two prospective clinical studies funded by the U.S. National Institutes of Health are well underway to generate more rigorous evidence over time. We plan to submit for Medicare coverage mid-2026, using the survey data as an initial door-opener and augmenting the submission with registry and clinical study data as it becomes available. In the meantime, we began

billing insurance companies in early 2026. While reimbursement will be limited without formal coverage decisions, submitting these claims establishes claims history and demonstrates demand to payers.

To significantly accelerate test volume and revenue, we are actively seeking a strategic commercialization partner. Since the beginning of 2026, I have met with more than a dozen potential partners, and the discussions are ongoing and positive. Potential partners are impressed by the quality of our clinical

data, the pace of our progress, the strong clinician interest in PancreaSure, and our clear road map to reimbursement. While these kinds of agreements are complex to establish and timing is difficult to predict, we are focused on securing a structure that is attractive to our shareholders.

Throughout 2025, we maintained strict financial discipline. Each quarter, our burn rate was at or below our guidance of 8 to 10 MSEK per month. The successful rights issue completed in October raised 90.3 MSEK after fees, and the cash position at year-end amounted to 77.5 MSEK.

We recognize that additional capital will be needed before full reimbursement is in place. With a clear priority on minimizing further dilution, we are pursuing a range of options, including potential cash infusions from strategic commercial partners, grants from government and non-profit organizations, and more conventional transaction structures. We will continue to manage our resources with discipline, focusing spending on the milestones that create the most value.

Our focus in the first half of 2026 is clear: complete initial clinical utility studies and prepare our Medicare submission. But most importantly, with our new sales team in place, we will expand the number of high-risk surveillance centers utilizing PancreaSure. In the second half, we will shift emphasis toward building test volume, supported by the growing number of centers adopting our test, the registry study, and progressing our interactions with payers.

Immunovia estimates that 1.8 million individuals in the United States are at high risk for pancreatic cancer and could benefit from annual surveillance testing. PancreaSure offers these individuals and their physicians a convenient, accurate, blood-based test that complements existing imaging approaches.

Our mission is to save lives through early detection of pancreatic cancer, and in 2025 we took the most important step yet toward fulfilling that mission. I thank our shareholders for their continued support, and as we enter 2026, I feel confident that the milestones ahead will further demonstrate the value of PancreaSure and accelerate our commercial growth.

April 10, 2026 Jeff Borcherding

CEO & President, Immunovia AB

Sustainability Report

This sustainability report refers to financial year 2025 and applies to the parent company Immunovia AB (publ) (org. no. 556730-4299) and all entities consolidated in Immunovia's consolidated accounts for the same period. These are stated in Note 22 of the Annual Report 2025. This report has been prepared without Immunovia having any legally mandatory requirement to do so. The report is not based on any specific sustainability standard but on the regulations of the Swedish Annual Accounts Act.

The Board of Directors and CEO have also approved the sustainability report when signing off the annual report and the consolidated accounts.

To guide the sustainability work Immunovia has implemented a set of company policies.

With the decision in July 2023 to withdraw the IMMray™ PanCan-d test from the market and to restructure operations, the scope of Immunovia's operations and number of employees have declined substantially and thereby also the scope of the sustainability report. Against this backdrop, the sustainability report from 2024 onwards is significantly shorter compared with previous years.

The sustainability work within Immunovia relates to three focus areas: Public Welfare, Sustainable Products and Sustainable Workplace.

Immunovia's ambition is to create value by being able to detect pancreatic cancer considerably earlier and more precisely than what is currently possible.

Immunovia AB is a diagnostic company whose mission is to increase survival rates for patients with pancreatic cancer through early detection.

Immunovia is focused on the commercialization of simple blood-based testing to detect proteins and antibodies that indicate if a high-risk individual has developed pancreatic cancer.

The prerequisite for sustainable business development and success lies in creating long-term relationships with our employees, customers and suppliers.

Collaboration with partners is key to Immunovia's success. Working with world-renowned research centers and clinics provides the necessary access to patient samples and data, as well as crucial clinical expertise. Ongoing close relationships with key opinion leaders and patient advocacy organizations is also essential, as they provide important insights, knowledge and ability to influence change.

These partnerships and others have, by way of example, enabled Immunovia to acquire the samples needed to develop its next-generation test. These relationships are

also important to the cost-efficient, rapid study of the PancreaSure test because these key opinion leaders are able to incorporate Immunovia's test into larger clinical studies they are conducting.

Solid business ethics are essential, and guidelines are regulated in Immunovia's Code of Conduct. The company has pronounced zero tolerance to corruption and does not accept bribes or unfair anti-compe-titive measures.

No cases of corruption or any other unethical business conduct were detected during the year.

Immunovia has during 2025 developed and validated its next-generation blood test to detect pancreatic cancer in high-risk individuals. In doing so, the company has switched to using the commercially available ELISA platform for the new test to enable faster and more cost-effective production of the test compared to the previous proprietary IMMray™ platform.

During the remainder of 2026, Immunovia will continue to conduct additional clinical studies of the PancreaSure test to further characterize the accuracy of the test as well as its utility in screening high-risk individuals.

The Company has chosen to first commercialize its next-generation test in the United States. The appeal and priority of the U.S. market is primarily driven by four factors. First, the potential market is very large. Second, the regulatory framework allowed the Company to launch the test as a lab-develo-ped test, which is a shorter regulatory pathway to launch. Third, prices for diagnostic tests are generally higher in the United States than in Europe or Asia. Finally, Immunovia has developed relationships with numerous U.S. experts in pancreatic cancer, which facilitates the commercial introduction of PancreaSu-re.

To commercialize the test, Immunovia expects to partner with a large diagnostics company that has an existing sales force. Partnering to commercialize the test will reduce the company's costs and will require less investment than building a large sales team of its own. It should also accelerate adoption by leveraging the existing relationships between the commercialization partner's sales reps and their clinicians.

Reimbursement from public and private sector insurers in the US market is crucial for market uptake of new tests. Immunovia conducted studies in 2025 and will conduct additional clinical studies in 2026 and beyond to secure the clinical data required to secure reimbursement from US payers.

End of 2025 the number of employees was 13 (9).

Immunovia's employees are an absolute prerequisite for the company to be successful, especially considering the very lean organization.

Immunovia operates in a global environment with employees from a variety of backgrounds. Equality and diversity are about a fair distribution of power, influence and resources and are key factors that determine success of the company.

The 2025 sustainability report for Immunovia gives a brief summary of the company's focus on sustainability and outlines how the Company is building and nurturing a sustainable organization.

Corporate Governance Report

The Board of Directors are responsible for the Corporate Governance Report. The Corporate Governance Report for the financial year 2025 has been reviewed by the company's auditor, which is described in the "Auditor's examination of the corporate governance statement".

Immunovia is a Swedish public limited company, whose shares have been listed for trading on Nasdaq Stockholm's main list since April 3, 2018. Immunovia complies with the corporate governance guidelines stated in internal and external rules and regulations. In its capacity as a limited company listed on Nasdaq Stockholm, Immunovia is regulated by the Swedish Companies Act and the Swedish Annual Accounts Act, other applicable Swedish and foreign laws and regulations, including Nasdaq Stockholm's Rulebook for Issuers.

To ensure compliance with all applicable legal standards, Immunovia has also adopted internal instructions and policies, which are reviewed below. The Board of Directors has also adopted and implemented Rules of Procedure for its work, and adopted instructions for the Chief Executive Officer, with instructions for financial reporting as well as an Authorization Policy.

Immunovia's shares are listed for trading on Nasdaq Stockholm's main list and thereby the company is required to comply with the Swedish Code of Corporate Governance (the "Code"). The Code forms part of the Swedish self-regulation and it defines standards for good corporate governance. The Swedish Corporate Governance Board manages the Code, and it is available on their website (www.corporatego-vernanceboard.se). The Code is based on the principle of "comply or explain" which means that companies are not obliged to always comply but are allowed the freedom to choose alternative solutions which for them are better suited, but when doing so they are required to openly report deviation and explain the reason for deviating.

At an extraordinary general meeting, November 21, 2023, shareholders voted to adopt an equity incentive program program for the Company's board of directors, based on the rationale that an equity-based incentive program in the form of stock options is a central part of a competitive remuneration package in order to attract, retain and motivate competent board members in Immunovia and to focus the participants on delivering exceptional performance which contributes to value creation for all shareholders. The proposed program is designed to match US market practices, reflecting the importance of attracting US-based board members. This was the only deviation from the Code during the financial year 2023.

For the financial year 2025, the following deviations occurred:

• The number of board members attending the annual general meeting was below the quorum typically required for a board meeting This was due to the international composition of the Board, with several members based in the United States. Some board members did not travel to the annual general meeting in order to reduce spending and preserve cash.

• At the annual general meeting held on 14 May 2025, it was resolved to adopt a share-related incentive programme for the company's board members. The purpose of the option programme is that the nomination committee considers a share-related incentive programme in the form of

  options to be a key component of an attractive and competitive remuneration package in order to attract, retain and motivate qualified board members in the company and to focus the participants on delivering exceptional performance that contributes to value creation for all shareholders. The proposed programme is designed to reflect market practice in the United States and has been developed to attract board members in the United States.

• At the annual general meeting held on 14 May 2025, it was resolved to adopt a share-related incentive programme for the company's senior executives and key individuals (including employees and consultants). The purpose of the option programme is that the board of directors considers a share-related incentive programme in the form of options to be a key component of an attractive and competitive remuneration package in order to attract, retain and motivate senior executives and key individuals in the Immunovia group and to motivate the participants to deliver exceptional performance that contributes to value creation for all shareholders. The proposed programme is designed to reflect market practice in the United States and has been developed to attract senior executives and key individuals (including employees and consultants) in the United States.

  As of December 2025, Immunovia had three outstanding incentive programs aimed at employees and board directors in the company, comprising of 9,651,167 options with the right to subscribe for 12,929,802 shares.

  Auditors AGM Nomination Committee Audit Committee Board of Directors Remuneration Committee Science Committee

  Management

Immunovia's Articles of Association, which are the basis of governing the company's operations, states the company's name, registered office, the aim of business operations, the company's shares and share capital, and it also includes rules governing shareholders' meetings. The Articles of Association state no limitations in terms of how many votes each shareholder is entitled to cast at shareholders' meetings, nor any stipulations regarding appointing and dismissing Directors, or amending the Articles of Association.

The Articles of Association are stated at https://www.immunovia.com.

The total number of shares and votes of the company as of December 31, 2025, equaled 672,666,892.

The shares are denominated in SEK and each share has a quota value of SEK 0.03. Total share capital was 20,180,006.76 SEK. The shares in the Company have been issued in accordance with Swedish law and all issued shares are fully paid and freely transferable. The shares in the Company are of the same share class, each share carries one vote, and all shares grant equal right to the company's assets and earnings. The company had approximately 13,000 shareholders as of December 31, 2025. The compa-ny's largest shareholders as of December 31, 2025 are listed on page 18.

According to the company's knowledge, all other significant relationships between Immunovia and the company's largest shareholders are listed in Note 31 titled "Transactions with related parties". The Board of Directors is not aware of any shareholders' agreements or other agreements regarding voting rights or other shareholders' rights.

The AGM is the company's highest decision-making body. The AGM must be held within six months after the end of the financial year. The AGM elects the Board of Directors and auditors. The AGM also adopts the Income Statement and Balance Sheet, and considers matters of the dividend, discharging the Directors and Chief Executive Officer from liability, and approving fees to the Board of Directors and auditors. The AGM also deals with matters that it is subject to according to the Swedish Companies Act and the Articles of Association.

The company's ambition is for the AGM to be a satisfactory body for shareholders, and accordingly, the aim is for members of the Board, at least one representative of the Nomination Committee, the Chief Executive Officer and the auditor, to attend the AGM. The Board is to call for an Extraordinary General Meetings (EGM) if a shareholder minority representing at least ten per cent of the company's shares or the auditor so requests. The board may also call an extraordinary general meeting on its own initiative.

In accordance with Immunovia's Articles of Association, notices convening AGMs and EGMs are through an announcement in a Swedish Official Gazette (Post- och Inrikes Tidningar), and by making the notice available on the company's website. Issuance of the convening notice is announced in the Swedish daily newspaper Dagens Industri.

Resolutions of meetings are published in press releases and are available on the company website. The 2026 AGM will be held on May 13 at Medicon Village in Lund.

All shareholders directly registered in the share register maintained by Euroclear Sweden AB five days prior to the AGM and have notified the company of their intention to attend (with potential assistants) by no later than the date stated in the convening notice of the AGM, are entitled to attend the AGM, and vote for the number of shares they own. Shareholders can attend the AGM personally or by proxy and may also be assisted by a maximum of two people. Normally, shareholders can register in several different ways, as stated in the convening notice.

Each shareholder also has the right, regardless of the number of shares held, to have items included on the agenda of the meeting to be considered at the AGM. Prerequisite is that the request has been submitted to the board of directors in sufficient time for the item to be included in the notice of meeting.

The company must have a nomination committee with the task of preparing and submitting proposals to the AGM, and where appropriate, to the EGM in resolutions on elections and remuneration issues and, where applicable, in procedural matters for the next nomination committee.

The nomination committee shall propose:

• The chair of the AGM

• Candidates for the post of chair and other members of the Board

• Fees and other remuneration for board assignments to each of the Board members

• Remuneration to members of committees within the board

• Election and remuneration of the company's auditor

• Principles for the Nomination Committee

  The Nomination Committee shall, when assessing the Board's evaluation and in its proposals, consider the requirement on the versatility and breadth of the board and the requirement to strive for a balanced gender distribution. Nomination Committee members, regardless of how they have been appointed, shall

  safeguard the interest of shareholders in the company. Any changes in the composition of the Nomination Committee shall immediately be made public.

  The Nomination Committee should consist of four members, three of whom should be appointed by the company's largest shareholders in terms of votes, and the fourth member should be the Chair of the Board. When evaluating which shareholder should be considered the largest shareholder of the company, calculations of participating interest should include ownership based on groups of shareholders that collaborate in the company's administration. As soon as possible after the end of the third quarter each year, the Chair of the Board should contact the three largest shareholders at this date in an appropriate manner and encourage them to, in writing, designate the individual they wish to appoint as a member of the Nomination Committee. This should be done within a reasonable time that does not exceed 30 days. If one of the three largest shareholders do not exercise his or her right to appoint a member of the Nomination Committee, the next shareholder in line should be offered the right to appoint a member of the Nomination Committee.

  In cases where several shareholders decline the right to appoint members of the Nomination Committee, the Chair of the Board should not have to contact more than eight shareholders, unless necessary to compose a Nomination Committee with at least three members.

  Unless otherwise agreed between members, the Chair of the Nomination Committee should represent the largest shareholder. The Chair of the Board or other Directors may not serve as Chair of the Nomination Committee. Employees of the Company may not be members of the Nomination Committee.

  If a shareholder who has appointed a member of the Nomination Committee ceases to be one of the company's three largest shareholders in the year, the member elected by such a shareholder should resign from the Nomination Committee. Instead, a new shareholder among the three largest shareholders will be entitled, independently and at their own discretion, to appoint a member of the Nomination Committee. However, no marginal differences in shareholdings and changes to shareholdings arising later than three months prior to the AGM should cause any changes to the composition of the Nomination Committee, unless in special circumstances.

  If a member of the Nomination Committee leaves before the Nomination Committee has completed

  its assignment due to reasons other than those stated in the preceding paragraph, that shareholder that appointed such member shall be entitled, independently and at their own discretion, to appoint a replacement. If the Chair of the Board leaves the Board of Directors, his/her replacement should also replace the Chair of the Board on the Nomination Committee.

  No fees are payable to members of the Nomination Committee. However, the company will pay expenses that the Nomination Committee considers necessary to complete its assignment.

  The current Nomination Committee members are:

• Christer Køhler, representing Samantha Förvaltning AB

• Anders Rylander, representing Vincent Saldell

• Carl Borrebaeck, representing himself and,

• Peter Høngaard Andersen in his capacity as Chair of the Board of Directors

The composition of the Nomination Committee must be published on the company's website no later than six months before the AGM.

AGM was held on May 14, 2025. The annual general meeting resolved in accordance with the Nomination Committee's proposal to re-elect Melissa Farina, Valerie Bogdan-Powers, Hans Johansson, Martin Møller and Peter Høngaard Andersen as board members and to elect Bryan Riggsbee as a new member of the board. Peter Høngaard Andersen was re-elected as chairman of the board. Former board member Michael Löfman was not available for re-election.

The annual general meeting further resolved that board fees shall be paid with SEK 420,000 to the chairman of the board and that each of the other members of the board of directors shall receive SEK 180,000. It was further resolved that remuneration for committee work shall be paid in the amount of SEK 25,000 to members of the Audit, Research and Remuneration Committees and in the amount of SEK 40,000 to the chairmen of the Audit, Research and Remuneration Committees. Travel expenses will be reimbursed in accordance with the company's policy.

Finally, the annual general meeting resolved to elect the authorized public accountant Martin Gustafsson, HLB Auditoriet AB, as auditor and that the auditors' fees shall be paid in accordance with approved invoices.

The annual general meeting resolved in accordance with the proposal from the board of directors to implement an employee option program for members of management and key persons (including employees and consultants).

The employee warrant program shall comprise a maximum of 6,278,626 options. Each option entitles the holders a right to acquire one new share in the company against cash consideration at an exercise price amounting to 100 per cent of the volume weighted average share price of the company's share on Nasdaq Stockholm during five trading days immediately prior to the date of grant. Grants shall be made prior to the annual general meeting in 2026. The warrants are subject to a four-year vesting schedule, with 25 percent vesting after first year of the grant date and the remaining 75 percent vesting in equal

monthly instalments thereafter. Vesting is conditional upon that the participant remains in employment or service with the group as of the date when the respective vesting occurs. The holders can exercise vested warrants as from vesting until the date that falls eight years after the grant date. Exercises can however only be made during "exercise windows" that occurs 14 calendar days after each quarterly report. For a participant that ceases to be employed or in a service relationship with the group, vested warrants must be exercised within four months from the date when the participant ceased to be employed or in a service relationship with the group.

In order to enable the company's delivery of shares under the employee warrant program, the general meeting further resolved on a directed issue of a maximum of 6,648,632 warrants to the company or a subsidiary in the company's group. In addition, the general meeting resolved to approve that the company or a subsidiary in the company's group may transfer warrants to the participants in the employee warrant program (or to a financial intermediary assisting with the delivery of shares to the participants) without consideration in connection with the exercise of employee options.

The annual general meeting resolved in accordance with the proposal from the Nomination Committee to implement an warrant program for board members.

The warrant program shall comprise a maximum of 1,569,654 warrant. Each warrant entitles the holders a right to acquire one new share in the company against cash consideration at an exercise price amounting to 100 per cent of the volume weighted average share price of the company's share on Nasdaq Stockholm during the five trading days immediately after the annual general meeting on 14 May 2025. The warrants shall vest on the date of the company's annual general meeting 2026, provided that the participant is still a board member in the company on said date. The holders can exercise vested warrants as from vesting until the date that falls eight years after the grant date. Exercises can however only be made during "exer-cise windows" that occurs 14 calendar days after each quarterly report. For a participant that ceases to be a board member, vested warrants must be exercised within four months from the date when the participant ceased to be a board member.

In order to enable the company's delivery of shares under the warrant program, the general meeting further resolved on a directed issue of a maximum of 1,662,156 warrants to the company or a subsidiary in the company's group. In addition, the general meeting resolved to approve that the company or a subsidiary in the company's group may transfer warrants to the participants in the warrant program (or to a financial intermediary assisting with the delivery of shares to the participants) without consideration in connection with the exercise of warrants.

The AGM also resolved in accordance with the board's proposal to authorize the board to resolve on one or several occasions before the next annual general meeting, on an issue of shares. The issue may result in an aggregate increase in the share capital corresponding to the issue of a maximum of 20% of the number of shares outstanding in the company at the time of the first issue decision made based on the authorization.

EGM was held on September 26, 2025. The meeting resolved to amend the Articles of Association so that the limits for the share capital and the number of shares in the Company are changed. The limits that have been registered with the Swedish Companies Registration Office reflect the number of shares subscribed and paid for in the Rights Issue (see definition below).

The meeting resolved to approve the board of directors' resolution of 27 August 2025 on a rights issue of shares (the "Rights Issue"). Upon full subscription in the Rights Issue, the company will receive approximately SEK 100 million before issue costs. In accordance with the announcement on 25 September 2025, the terms and conditions for the Rights Issue, determined by the board of directors, entail that each share held in the company on the record date for participation in the Rights Issue, 3 October 2025, entitles to twelve (12) subscription rights and that eleven (11) subscription rights entitle to subscription of one (1) share at a subscription price of SEK 0.30 per share. In total, the Rights Issue comprises a maximum of 333,908,814 shares and upon full subscription of all shares that are issued in the Rights Issue, the share capital will increase by a maximum of SEK 10,017,264.42. The subscription period in the Rights Issue runs during the period from and including 7 October 2025 up to and including 21 October 2025.

The meeting resolved, in order to enable the issuance of shares as compensation to those who have entered into guarantee commitments (the "Guarantors") to secure the Rights Issue, to authorize the board of directors, for the period until the next annual general meeting, on one or several occasions, with deviation from the shareholders' preferential rights and with or without provisions regarding set-off or other conditions, to resolve on issue of shares to the Guarantors. Upon exercise of the authorization, the terms and conditions for the issue shall be the same as in the Rights Issue, including the subscription price per share.

The purpose of the authorization and the reason for the deviation from the shareholders' preferential rights was to be able to carry out an issue of shares as compensation to the Guarantors. The number of shares that may be issued pursuant to the authorization may not exceed the total number of shares

corresponding to the agreed fee that the company has to pay to the Guarantors pursuant to the guarantee commitments.

The Board of Directors is the highest decision-making body after the AGM. The responsibilities of the Board of Directors are regulated through means including the Swedish Companies Act, the company's Articles of Association and other laws and regulations, as well as the Board of Directors' Rules of Procedure and other internal policies.

Pursuant to the Swedish Companies Act, the Board of Directors is responsible for the company's administration and organization, which means that the Board is responsible for matters including setting goals and strategies, ensuring procedures and systems for evaluating established goals, continuously evaluating Immunovia's financial position and results of operations, as well as appraising executive management. The Board of Directors is also responsible for ensuring that the Annual Accounts and Consolidated Accounts, as well as Interim Reports, are prepared on time. The Board also appoints the CEO.

The Directors are elected by the AGM each year, or where appropriate, by an EGM, for the period until the end of the next AGM. The Chair is elected by the AGM, or where appropriate, an EGM, and has a special responsibility to lead the work of the Board of Directors and for the work of the Board being well organized and conducted effectively.

The Board of Directors follows written Rules of Procedure, which are reviewed yearly and adopted at the Board Meeting following election each year, or as necessary. The Rules of Procedure divide responsibilities for the work of the Board between the Board and its Committees, and between the Board and the CEO. Pursuant to the Articles of Association, the Board should decide on strategies and budgets, adopt the Annual Accounts and other financial statements, important policies and authorization policy, appoint the CEO and appraise the work of the CEO, adopt rules governing internal controls and monitoring how internal controls are functioning, decide on major investments and far-reaching agreements, decide on the direction of the work of the Board of Directors, appoint the Audit, Remuneration and Science Committees, and appraise the work of the Board's Committees.

The Chair of the Board leads the work of the Board. The Chair of the Board should monitor the company's progress and ensure that the Board receives the information necessary for the Board to perform its duties.

The Board meets in accordance with an annual schedule that is approved in advance. In addition to these meetings, further meetings can be arranged to deal with issues that cannot be considered at a scheduled meeting. In addition to Board meetings, the Chair and CEO maintain an ongoing and regular dialogue regarding management of the company.

Meetings of the Board of Directors are prepared by the Chair of the Board together with the Company's Chief Executive Officer. Prior to each meeting, the Board receives written materials. Certain matters are prepared by the Audit Committee, which consists of Hans Johansson, Melissa Farina and Bryan Riggsbee. Recurring items at Board meetings include reviews of the business situation and financial reporting. Minutes of the Board meetings are taken by the Company's Chief Financial Officer or Chief Executive Officer.

Pursuant to the Articles of Association, the Board appraises its work each year. The work of the Board is evaluated yearly through a systematic and structured process that is designed to produce good supporting data for improvements of the Board's own work. The appraisal is conducted partly individually, and partly through discussions at Board meetings. The aim of the appraisal is to provide the Chair of the Board with information on how Directors perceive the efficiency and aggregate competence of the Board, and if there is a need for changes within the Board. The other Directors appraise the Chair of the Board. The Chair of the Board informs the Nomination Committee of these results.

In 2025, the Board held 18 meetings. Matters considered apart from scheduled items included continuous reviews of long-term strategies, product development, and the liquidity of the company.

Pursuant to the company's Articles of Association, where elected by the AGM, the Board should consist of a minimum of three and a maximum of ten directors and maximum of ten deputies. There is otherwise no stipulation in the Articles of Association regarding appointing or dismissing directors. Pursuant to the Code, a majority of the directors elected by shareholders' meetings should be independent of the company and its management. At least two should also be independent of the company's major shareholders. Immunovia considers that the Board satisfies the requirements of independence.

At present, the company's Board of Directors consists of six members elected by shareholders' meetings.

Share information

The number of registered shares amounted to 672,666,892 shares at the end of the reporting period. The share's nominal value is SEK 0.03.

Source: Monitor by Modular Finance AB. Compiled and processed data from Euroclear, Morningstar and the Swedish Financial Supervisory Authority, among others.

Immunovia's board of consists of six members, including the chair of the board. The board's members and their independence as well as shareholdings are shown in the table below and refer to the calendar year 2025 and based on the election at the AGM in May.

* Bryan Riggsbee joined the Board at the AGM in May 2025 and therefore did not attend Board, Audit Committee or Remuneration Committee meetings held prior to that date. Following his appointment, he attended all meetings.

Board of Directors

B.Sc. in chemistry, M.Sc. in biochemistry and Dr. Med.

Chair of the Board of KyNexis BV and Sidera Bio ApS. Owner and CEO of Hongaard Consulting ApS and Hongaard Holding. Operating Partner at Forbion. Member of the Board of Immunovia Incentive AB.

Founder and Managing Partner of Innovation Fund Denmark, member of the executive committee of IC Permed (the International Consortium of Personalized Medicine). Chair of the board in Scandion Oncology A/S, Prexton Therapeutics Ltd and Edvince AB, and member of the board in Monsenso A/S

1 Peter Høngaard Andersen was elected as a member of the Board May 7, 2020, and was elected as Chair of the Board on May 26, 2023.

M.Sc. (Eng.) in chemical engineering

Chair of the board in Myrtila AB. Member of the board in Q-linea AB and Duvbo Projekt-konsult AB.

Chair of the board in Doloradix Clinics AB and member of the board in Single Technologies AB, Uppsala Innovation Centre AB and Swelife. MD of Personal Chemistry/Pyrosequen-cing (Biotage AB), MD for Sidec AB, Vice President, responsible for" Companion Diag-nostics", in ThermoFishers Speciality Diagnostics Group, Manager global marketing and commercial development, ThermoFishers Immuno-Diagnostic Division and responsible for the Laboratory business area at Pharmacia Biotechnology AB.

University degree in humanities.

Chair of the board of Re-Zip ApS, owner and MD of MM Advisory v/ Martin Møller.

Senior Partner, McKinsey & Company. Chair of the board of McKinsey & Company Denmark P/S and Scandion Oncology A/S, member of the board of Rehaler ApS and Edvince AB.

M.B.A Northwestern University, Illinois

Senior Vice President and Chief Financial Officer, Neogen Corporation and Board Member, CareDx, Inc.

Senior Vice President and Chief Financial Officer - North America, bioMérieux and executive Vice President, Chief Financial Officer and Treasurer, Myriad Genetics.

M.B.A. Rice University, Houston, Texas.

Chief Financial Officer, Conformal Medical Inc.

Chief Financial Officer and deputy CEO of Neuspera, Med Tech Sector. CFO of Halma PLC. VP finance and IR LivaNova PLC

BA in American History, Harvard University.

President of Hub Heartland, of Hub International.

Marketing director Procter & Gamble Pharmaceuticals, President of HORAN Health.

Hans Johansson is Chair of the Audit Committee and Bryan Riggsbee and Melissa Farina members. The primary duty of the Committee is to ensure the quality of financial reporting, which includes internal controls, reviews of material accounting and measurement issues, and reviews of the company's

external reporting. Prior to the AGM, the Committee shall also provide the Nomination Committee with proposals regarding audit fees. The Audit Committee also determines which other services apart from auditing the company may purchase from the company's auditors. The auditors meet the full Board of Directors and Audit Committee each year, both with and without management in attendance.

Minutes are taken at all Audit Committee meetings and distributed to all Directors. The Committee also provides regular reports to the board on its work through the Chairman of the Committee verbally reporting at board meetings. The audit committee monitors the company's internal controls through continuous feedback and maintains regular contact with the external auditors.

The AGM May 2025 resolved that the Chairman of the audit committee would receive a fee of

SEK 40,000 and that the other members should each receive SEK 25,000 as well as travel expenses in accordance with corporate policy.

Martin Møller is Chair of the Remuneration Committee and Peter Høngaard Andersen and Bryan Riggsbee members. Its primary duty is to consult on salary, other benefits and employment terms for the CEO and other senior executives, as well as incentive schemes for each group. The Remuneration Committee should ensure compliance with the established guidelines for the remuneration of senior executives.

Minutes are taken at all Remuneration Committee meetings and distributed to all Directors. The Committee also provides regular reports to the board on its work through a verbal report from the Chairman of the Committee at board meetings.

The AGM May 2025 resolved that the Chairman of the Remuneration Committee would receive a fee of SEK 40,000 and that the other members should each receive SEK 25,000 as well as travel expenses in accordance with corporate policy.

Hans Johansson is Chair of the Science Committee and Peter Høngaard Andersen together with Valerie Bogdan-Powers members. The Science Committee shall evaluate the project that management and the board have to decide on and also monitor the Company's R&D from a scientific perspective.

Minutes are taken at all Science Committee meetings and distributed to all Directors. The Committee also provides regular reports to the board on its work through a verbal report from the

Chairman of the Committee at board meetings.

The AGM May 2025 resolved that the Chairman of the Science Committee would receive a fee of SEK 40,000 and that the other members should each receive SEK 25,000 as well as travel expenses in accordance with corporate policy.

At the AGM May 2025, authorized accountant Martin Gustafsson was appointed as auditor for the period until the end of the 2026 AGM, HLB Auditoriet AB. Information on fees can be found in note (9).

Management

The CEO is appointed by the board and has the primary responsibility for the Company's ongoing administration and daily operations. The segregation of duties between the Board and CEO is stated in the Rules of Procedure of the Board of Directors and instructions for the CEO. The CEO and Group management are also responsible for preparing reports for board meetings and present this material at Board meetings. The CEO is responsible for the company's financial reporting and should ensure that

the board possesses sufficient information to enable continuous evaluation the company's financial position. Accordingly, and jointly with the rest of Group management, the CEO is responsible for compliance with the Group's overall strategy, financial and business controls, capital structure, risk management and acquisitions. This includes the preparation of financial statements and communication with the capital markets.

Attended Indiana University, B.Sc. in business and a M.B.A. from Kellogg Graduate School of Management of Northwestern University.

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Chief Marketing Officer, Myriad Genetics, VP Sales & Marketing, Assurex Health, Brand manager Procter & Gamble.

Attended Georgetown University, Ph.D. in Pharmacology and Toxicology; University of California San Diego, B.Sc. in Psychology and Biology.

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VP Medical Affairs, Aadi Bioscience; Head of Scientific and Medical Affairs Kaleido Biosci-ence; Global Publications and Scientific Communications Lead, Agios Pharmaceuticals

Attended University of California, Los Angeles, B.Sc. in Chemistry; Duke University, Ph.D. in Bio-organic Chemistry.

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Director, Clinical and Targeted Analysis; Associate Director, Clinical Laboratory Operations and Targeted Analysis, Metabolon, Inc.

Attended Washington University in St. Louis, M.D. and Ph.D.

Adjunct Associate Professor, School of Health Professions, Rutgers, The State University of New Jersey, Newark, NJ.

Director, Medpace Holdings, Inc.; Chief of Pathology and Laboratory Medicine, St. Vincent Hospital, Worcester

Attended Boston University School of Management, B.Sc. in Business Administration, graduating summa cum laude (now the Questrom School of Business).

-

VP Market Access & Reimbursement, Lucid Diagnostics Inc.; Market Access Director, Scipher Medicine; Market Access & Sales, Myriad Genetics

Attended Ohio University, B.Sc. in Journalism, and Xavier University, M.Ed. in Sport Administration and Marketing.

Board of Directors, Cincinnati Parks Foundation

Senior Director, Marketing; Regional Business Manager, Sales, Myriad Genetics

The total remuneration and other compensation granted, directly or indirectly, by the Company to members of Group Management are disclosed in Note 10. The Company has not granted any loans to members of Group Management.

The prerequisite for a successful implementation of the company's business strategy and the safeguarding of its long-term interests, including its sustainability, is that the company can recruit and retain qualified employees. This requires that the company can offer competitive remuneration. According to the remuneration guidelines, the remuneration to senior executives shall be marketbased and may

consist of a fixed salary, any variable cash compensation, other customary benefits and pension. The variable cash compensation shall be linked to predetermined and measurable criteria that can be financial or non-financial. They can consist of individualized quantitative or qualitative goals. The criteria must be designed so that they promote the company's business strategy and long-term interests, including its sustainability, by, for example, having a clear connection to the business strategy or promoting the executive's long-term development.

Issues regarding salary and other remuneration for the CEO and other senior executives are prepaired by the remuneration committée and decided by the Board.

The Group is small with a straightforward legal and operational structure with established governance and internal control systems. In light of this, the Board has chosen not to have a special

internal audit function.

The Board's responsibility for internal control and governance is regulated by the Swedish Companies Act and the Swedish Annual Accounts Act, and the Code is also applied. Immunovia aims to manage its operations as efficiently as possible. Financial reporting should be reliable and reflect the company's operations accurately and be prepared in accordance with applicable laws and ordinances. The Board determines which reports should be produced for the Board to be able to monitor the company's progress. Initially, the quality of financial reporting to the Board is evaluated by the Audit Committee.

The Board of Directors' responsibility for internal controls is regulated by the Swedish Companies

Act and the Swedish Annual Accounts Act, and the Code which stipulates that information on the most important elements of the company's systems for internal controls and risk management relating to financial reporting should be included in the Corporate Governance Report. The Board's

duties include ensuring that the company has good internal controls and formal procedures that ensure compliance with established principles for financial reporting and internal controls, and that expedient systems for monitoring and controlling the company's operations and the risks the company and

its operations are associated with, are in place. Decision channels, authorizations and responsibilities being clearly defined and communicated between different levels of the organization, as well as control documentation such as policies and guidelines covering all material segments, and providing guidan-

ce to different executives within the group, are an important component of the control environment. During the year, internal processes and controls were reviewed by the auditor, and improvements were implemented accordingly.

One important part of the Board's work is to formulate and approve a number of fundamental policies, guidelines and frameworks. These include the Board's Rules of Procedure, the Instructions for the CEO and the Authorization Policy. The purposes of these policies include providing a foundation for good internal controls. All policies are subject to annual review and approval by management or the Board. Additionally, the Board should aim for its organizational culture to provide clearly defined roles, responsibilities and processes that favor efficient management of the operation's risks and enable targets to be achieved.

The overall purpose of internal controls is to ensure that the company is following up on its operational strategies and goals, and its owners' investments are protected. Additionally, internal controls should ensure that there is reasonable assurance that financial reporting is reliable and prepared consistently with generally accepted accounting practice, compliant with applicable laws and ordinances and the standards applying to listed companies.

The Board has an overall responsibility for internal controls over financial reporting. With the aim

of creating and maintaining a functional control environment, the Board has adopted a number of policies and control documents that regulate financial reporting. They mainly consist of the Board's

Rules of Procedure, Instructions for the CEO and instructions for financial reporting. The Board has also adopted a dedicated authorization policy and Finance Policy. The company has an accoun-

ting handbook stating the principles, guidelines, and process definitions for accounting and financial reporting. Additionally, the Board has established an Audit Committee whose primary duty is to ensure compliance with established principles for financial reporting and internal controls, and to maintain regular contact with the company's auditors. Responsibility for maintaining an effective control environment and ongoing work on internal controls over financial reporting has been delegated to the compa-ny's CEO. The CEO provides regular reports to the Board pursuant to the established instructions for the CEO, and instructions for financial reporting. The Board also receives reports from the company's auditor. Based on a control environment perceived as effective and external examination by auditors, the Board judges that there are no special circumstances in the operation, or other conditions, that would justify establishing an internal audit function.

Risk assessment includes identifying risks that may arise if the fundamental standards applying to the company's financial reporting is not satisfied. The company's management has identified and evaluated the risks that are relevant to the company's operations and evaluated how these risks can

be managed in a dedicated risk assessment document. Within the Board, the Audit Committee has the primary responsibility for continuously evaluating the company's risk situation, with the Board subsequently conducting an annual review of the risk situation. Impairment tests are conducted when necessary.

Control activities should limit identified risks and ensure accurate and reliable financial reporting. The Board is responsible for internal controls and monitoring management. This is conducted through internal and external control activities, and by examining and following up on the company's control documents related to risk management.

The company has information and communication pathways intended to promote the accuracy of financial reporting and enable reporting and feedback from operations to the Board and management, through means including making control documents in the form of internal policies, guidelines, and instructions for financial reporting available and familiar to the affected staff. The Board has also adopted a Corporate Communication Policy that formalizes the company's communication through financial information in the form of interim reports, financial statements, annual accounts and press releases in tandem with significant events that may be share price sensitive. Corporate communication complies with the standards stated in Nasdaq Stockholm's Rulebook for Issuers. The Board reviews external financial reports prior to publication. The Corporate Communication Policy also stipulates how communication can be affected, and which parties may represent the company. Information distributed through press releases is also available on the company's website, as is other information considered relevant.

The compliance with, and effectiveness of, internal controls are subject to regular monitoring. The CEO ensures that the Board receives regular reports on the progress of the company's operations, including the process of the company's results of operations and financial position, and information on important events, such as research outcomes and important agreements. The CEO also reports these issues at each Board meeting.

The Auditor's Examination of the Corporate Governance Statement

The Board of Directors is responsible for that the corporate governance statement for 2025 on pages 10-26 has been prepared in accordance with the Annual Accounts Act.

My examination of the corporate governance statement is conducted in accordance with FAR's auditing standard Rev R16 The auditor's examination of the corporate governance statement. This means that my 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. I believe that the examination has provided us with sufficient basis for my opinions.

A corporate governance statement has been prepared. Information in accordance with chapter 6 § 6 second paragraph points 2-6 of the Annual Accounts Act and chapter 7 § 31 second paragraph of the same law are compatible with the annual report and the consolidated accounts and are in accordance with the Annual Accounts Act.

Lund, April 10, 2026

Martin Gustafsson Authorized public accountant

Statutory Administration Report

Immunovia AB is a diagnostic company whose mission is to increase survival rates for patients with pancreatic cancer through early detection. Immunovia is focused on the development and commercialization of simple blood-based testing to detect proteins and antibodies that indicate if a high-risk individual has developed pancreatic cancer.

The business is conducted in both the parent company Immunovia AB and the subsidiary Immunovia Inc. and the comments refer to the group when nothing else is stated. No operational activities occur in the subsidiaries Immunovia Incentive AB and Immunovia GmbH.

During 2025, Immunovia's primary operating activities included commercial efforts to drive adoption of the PancreaSure test, clinical studies to evaluate test performance, and lab operations to process

PancreaSure tests for commercial patients and clinical operations. All of these activities were conducted in the USA by employees of Immunovia Inc.

In 2025 Immunovia engaged Pro Rata AB to perform accounting and finance functions for the company. These activities were conducted in Sweden by Pro Rata consultants.

In September 2025, PancreaSure commercially launched in the United States. Targeted selling activity in 2025 was executed by Immunovia management. Twelve high-risk surveillance centers implemented PancreaSure testing by year-end.

Over the course of the year, five clinical studies of the PancreaSure test were published in peer-re-viewed scientific journals, including the pivotal CLARITI study in Gastroenterology. PancreaSure data was also presented by key opinion leaders at several key scientific conferences.

Following the completion of two prior clinical validation studies, the AFFIRM study demonstrated 87.9% cancer detection in stage III and IV pancreatic cancer with 97.7% specificity in healthy controls.

Immunovia secured a Medicare reimbursement rate of $897 for PancreaSure on the Clinical Laboratory Fee Schedule, the second of three steps toward securing Medicare reimbursement.

The College of American Pathologists (CAP) accredited Immunovia's laboratory in North Carolina, affirming its rigorous quality standards.

Immunovia signed a licensing agreement with Proteomedix, securing manufacturing independence and reducing cost of goods sold for the PancreaSure test.

To secure the Company's working capital needs, warrants of series TO2 were exercised during January 2-16, 2025, resulting in the issuance of 92,197,387 new shares at SEK 0.46 per share and gross proceeds of approximately 42.4 MSEK before costs. This was followed by the exercise of warrants of series TO3 during April 1-15, 2025, resulting in 44,174,217 new shares at SEK 0.24 per share and gross proceeds of approximately 10.6 MSEK before costs. In November 2025, the Company carried out a fully subscribed rights issue, generating gross proceeds of approximately SEK 100 million (approximately SEK 80 million net of transaction costs).

Immunovia's operations and market are subject to several risks that could negatively impact the company. The risks are related to Immunovia's operations, industry and market, legal and regulatory risks, and financial risks.

After launching the PancreaSure test in 2025, Immunovia faces several risks as it seeks to drive adoption of the test and secure reimbursement. The risk factors below are described without ranking and without claiming to be comprehensive.

Market adoption: To drive PancreaSure test adoption, Immunovia must convince physicians to change their approach to high-risk surveillance to incorporate a blood test along with, or in place of, imaging. This process of changing of protocols and behavior can be difficult. PancreaSure's commercial success in 2026 will depend on the performance of its small, targeted sales team, which was hired in Q1, 2026. To fully capitalize on the volume potential of the PancreaSure test, Immunovia must secure a commercial partnership with a large diagnostics company.

Clinical: Immunovia has successfully completed three clinical validation studies of the PancreaSure test. The next challenge is to demonstrate the clinical utility of the test in prospective studies, showing that the test impacts physician decisions and leads to better clinical outcomes for patients.

Reimbursement: Generating meaningful PancreaSure revenue will require securing positive coverage decisions from Medicare and private commercial payers. Failure to secure coverage would substantially limit average sales price per test and total revenue.

Competition: Immunovia's early detection test competes directly with multiple pancreatic cancer detection tests and several multi-cancer early detection tests. Most of these competitors are better funded than Immunovia, enabling these competitors to deploy larger sales teams and to conduct larger and more costly clinical studies.

Based on the assessment of the board and CEO, a cash balance of 77,5 MSEK at the end of the year will secure the company's working capital needs through Q3 2026.

For a review of the financial risks, please refer to Note (3).

The Group had an average of 10 (10) employees in the period, and at the end of the period, there were 13 (9) employees.

Detailed information on the company's outstanding warrant programs is in note (10) below.

Immunovia does not conduct any operations that are hazardous to the environment that require permits or notification pursuant to the Swedish Environmental Code. Please refer to the Sustainability Report on pages 7-9.

The corporate governance report is prepared separately and can be found on pages 10-26.

The Board of Directors is proposing that no dividend is paid for the financial year 2025.

In January, Immunovia received regulatory approval from California to sell PancreaSure in the state. PancreaSure is now approved for sale in 49 of 50 US states.

In 2026, Immunovia will pursue three primary priorities:

1. Expand commercial adoption of PancreaSure with a dedicated sales team.

2. Secure a strategic commercialization partner to accelerate growth.

3. Submit for Medicare coverage after completing clinical utility studies; begin billing insurance companies.

Immunovia Annual Report 2025