2025, Half-Year Financial Report as of 30 June 2025

Condensed consolidated interim financial statements as of

30 June 2025 3

Management and Activity Report 20

Clinical and Business Overview 20

Financial Highlights 25

Transactions between Related Parties 29

Risk Factors 30

Declaration by the Person Responsible for 2025

Half-Year Financial Report 31

This Half-Year Financial Report includes forward-looking statements. All statements other than statements of historical facts may be forward-looking statements. Forward looking statements reflect only TME Pharma's current views and assumptions regarding future events, many of which are by nature inherently uncertain and beyond TME Pharma N.V.'s control. Actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to, those identified under the section "Risk Factors" in this Half-Year Financial Report.

Many of these forward-looking statements contained in this Half-Year Financial Report can, be identified by the context of such statements or words such as "anticipate," "believe", "estimate", "expect", "intend", "plan", "project", "target", "may", "will", "would", "could", "might" or "should" or "potential" or similar terminology. Forward-looking statements speak only as of the date they are made and TME Pharma does not intend to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of unanticipated events, nor does TME Pharma assume any obligation to do so.

Condensed consolidated interim statements of financial position as of 30 June 2025

Condensed consolidated interim statements of comprehensive loss for the six-month period ended 30 June 2025

Condensed consolidated interim cash-flow statements for the six-month period ended 30 June 2025

Condensed consolidated interim statements of changes in shareholder's equity for the six-month period ended 30 June 2025

Notes to the condensed consolidated interim financial statements as of 30 June 2025

TME Pharma N.V., Amsterdam, Netherlands

Condensed Consolidated Interim Statements of Financial Position as of 30 June 2025

Equity

Non-current assets

Note 30 June 2025 31 Dec. 2024

Equity and liabilities

Note 30 June 2025 31 Dec. 2024

Assets

(in thousands of €)

4

TME Pharma N.V., Amsterdam, Netherlands

Condensed Consolidated Interim Statements of Comprehensive Loss for the Six-Month Period Ended 30 June 2025

For the six months ended

TME Pharma N.V., Amsterdam, Netherlands

Condensed Consolidated Interim Cash-Flow Statements for the Six-Month Period Ended 30 June 2025

(in thousands of €)

For the six months ended 30 June 2025 30 June 2024

Note

Cash at the end of the period

2.060

2.703

TME Pharma N.V., Amsterdam, Netherlands

Condensed Consolidated Interim Statements of Changes in Shareholders' Equity for the Six-Month Period ended 30 June 2025

(in thousands of €)

Ordinary shares

Attributable to owners of the Company

7

1. Corporate Information

   TME Pharma N.V. (in the following also the "Company") is a Dutch public company with limited liability (naamloze vennootschap) and has its corporate seat in Amsterdam, the Netherlands and its headquarters in Berlin, Germany. The Company's ordinary shares are listed under the symbol "ALTME" with ISIN NL0015000YE1 on the public offering compartment of the Euronext Growth stock exchange Paris, France. As of the balance sheet date all Warrants Z issued concurrently with the issuance of ordinary shares in the course the exercise of Warrants Y of a preferential rights issue in December 2023 that were listed under ISIN NL0015001SR3 on Euronext Growth stock exchange Paris, France have either been exercised or expired at maturity on 30 June 2025. Following debt and warrant agreements announced on May 21/27 and Aug25/Sept 1 private debt was issued in conjunction with private warrants. TME Pharma N.V. is a management holding providing corporate and administrative services, financial and business advice and asset management to its German subsidiary TME Pharma AG.

   TME Pharma NV transitioned its organization to a virtual and outsourcing model during the first half of 2025. Furthermore, the company has stated its intention to pursue stable, cash-generating business opportunities to achieve positive operating cash flow. This could be achieved in part by utilizing tax loss carryforwards. The Company's business address is in Berlin, Germany, with the address of Max-Dohrn-Str. 8-10, 10589 Berlin.

   The unaudited condensed consolidated interim financial statements of TME Pharma N.V. as of and for the six months ended 30 June 2025 and 2024 ("interim financial statements") comprise the Company and its wholly owned subsidiaries, TME Pharma AG, Berlin, Germany and for 2024 only, TME Pharma Inc., Delaware, United States, which was liquidated in 2024 to reduce associated costs (all entities in the following also the Group or TME Pharma).

   About TME Pharma

   TME Pharma is a clinical-stage biotechnology company specializing in the development of novel therapies for cancer and eye diseases. The Company's lead compounds have been designed to act on the tumor microenvironment (TME) and the cancer immunity cycle by breaking tumor protection barriers against the immune system and blocking tumor repair. The Company's two lead assets are:

   • NOX-A12 (olaptesed pegol, an anti-CXCL12 L-RNA aptamer), which is being studied (GLORIA Phase 1/2 clinical trial) in newly-diagnosed brain cancer patients who will not benefit clinically from standard chemotherapy. The US FDA and the German BfArM have approved the design of a randomized Phase 2 trial in glioblastoma, and TME Pharma was awarded Fast Track Designation by the FDA for NOX-A12 in combination with radiotherapy and bevacizumab for use in the treatment of the aggressive adult brain cancer, glioblastoma. NOX-A12 in combination with radiotherapy had also previously received orphan drug designation (ODD) for glioblastoma in the United States and glioma in Europe.

   • NOX-E36 (emapticap pegol, L-RNA aptamer inhibiting CCL2 and related chemokines), which is being evaluated in ophthalmic diseases with a high need for well-tolerated therapies with antifibrotic effect.

     The Company, under the leadership of its new CEO, Diede van den Ouden, who joined in the June 2025, is currently undertaking a strategic restructuring with the goal of providing the financial resources to unlock the value of NOX-A12 and NOX-E36. These steps include:

   • Raising funds from alternative sources (€1.7 million raised in May 2025, including

     €500,000 from the new CEO)

   • Pursuing stable, cash-generating business opportunities to achieve positive operational cash flow for the Company

   • Leveraging tax loss carry forwards

   • Gaining exposure to digital assets

   Further information can be found at: https://www.tmepharma.com.

   About the GLORIA Study

   GLORIA (NCT04121455) is TME Pharma's dose-escalation, Phase 1/2 study of NOX-A12 in combination with radiotherapy in first-line partially resected or unresected glioblastoma (brain cancer) patients with unmethylated MGMT promoter (resistant to standard chemotherapy). GLORIA further evaluates safety and efficacy of NOX-A12 in the expansion arm in which NOX-A12 is combined with radiotherapy and bevacizumab.

   About the OPTIMUS Study

   OPTIMUS (NCT04901741) is TME Pharma's planned open-label two-arm Phase 2 study of NOX-A12 combined with pembrolizumab and nanoliposomal irinotecan/5-FU/leucovorin or gemcitabine/nabpaclitaxel in microsatellite-stable metastatic pancreatic cancer patients

   The interim financial statements as of and for the six months ended 30 June 2025 of TME Pharma were authorized by the Management Board for issuance on 30 October 2025.

2. Basis of Preparation and Significant Group Accounting Policies

   Going Concern

   The accompanying interim financial statements have been prepared on the basis that the Group will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The Group's ability to continue as a going concern is dependent on its ability to raise additional funds to continue its research and development programs and meet its obligations. As a result, this situation indicates the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern.

   As a clinical stage biopharmaceutical company, the Group has incurred operating losses since inception and has not yet reached operating profitability. For the six months ended 30 June 2025, the Group incurred a net loss of € 2.1 million (of which the loss from operations amounted to € 1.9 million, resulting in an operating cash outflow of € 2.9 million). As of 30 June 2025, the Group had generated an accumulated deficit of € 202 million. The equity position of the Group amounts to € - 0.6 million. Due to the negative equity, the company is over-indebted in accounting terms. The over-indebtedness exists only from a balance sheet perspective. There is no over-indebtedness under insolvency law.

   To finance its research and development activities from inception through 30 June 2025, the Group raised funds from several financing instruments including equity, venture loans, convertible notes/bonds and government grants. Considering cash and cash equivalents as of 30 June 2025 of € 2.1 million and in addition cash resources from issuance of regular debt via private contractual agreements amounting to K€ 0.5 in August 2025 (see note

   12), management expects financial resources to be sufficient to finance operations into May 2026.

   The Group does not expect to generate meaningful revenues in the short to medium term and expects it will therefore incur operating losses for the foreseeable future due to, among other things, costs related to research funding, development of its product candidates and its preclinical programs, and its administrative organization.

   According to its most recent business planning, current financial resources are projected to fund the Group into May 2026. The Group will be required to raise additional funds, alternative means of financial support or execute a partnering deal for one of its product candidates in the first quarter 2026 in order to continue to execute on its plans. Management is pursuing various financing alternatives to meet the Group's future cash requirements, including seeking additional investors, pursuing industrial partnerships, or obtaining further funding from existing investors through additional funding rounds, pursuing a merger or an acquisition. The management of TME Pharma is pursuing all of these avenues in parallel with the assistance of experienced external support and with the aim of minimizing shareholders dilution whenever possible.

   Management has considered the ability of the Group to continue as a going concern and acknowledges the need for additional funds. Based on management's going concern assessment, the consolidated financial statements do not include any adjustments that may result from the outcome of these uncertainties. While management is confident in its ability to raise additional funds, if the Group is not successful in obtaining the additional funds required to continue its operational activities, there is substantial doubt that the Group will be able to continue as a going concern.

   Statement of compliance

   The interim financial statements of TME Pharma N.V. and its subsidiaries as of and for the six months ended 30 June 2025 and 2024 have been prepared in accordance with IAS 34 Interim Financial Reporting. The interim financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's annual consolidated financial statements as at 31 December 2024.

   The Group has adopted in its accounting policies all of the International Financial Reporting Standards that became effective for accounting periods beginning on or after 1 January 2025, and that are relevant to its operations. Additionally, the Group takes into consideration all Interpretations of the IFRS Interpretations Committee.

   New standards and interpretations applied for the first time

   The following new and amended standards were effective for annual periods beginning on or after 1 January 2025 and have been applied in preparing these interim consolidated financial statements.

   Standard/interpretation Effective Date

   IAS 21 Amendments Lack of Exchangeability 1 January 2025

   The standards, amendments to standards and new or amended interpretations had no significant effect on the interim financial statements of the Group.

   New standards and interpretations not yet adopted

   The following new standards, amendments to standards and interpretations are effective and will be applied in annual periods beginning after 1 January 2026.

   Standard/interpretation Effective Date

   Amendments to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments

   Amendments to IFRS 9 and IFRS 7 - Contracts Referencing Nature-dependent Electricity

   1 January 2026

   1 January 2026

   IFRS 18 Presentation and Disclosure in Financial Statements* 1 January 2027 IFRS 19 Subsidiaries without Public Accountability Disclosures* 1 January 2027

   *not yet endorsed by European Union

   Significant accounting policies

   The accounting policies applied by the Group in these interim financial statements are the same as those applied by the Group in its consolidated financial statements as at and for the year ended 31 December 2024 with the exception of new amendments to standards and new or amended interpretations applied for the first time as described above.

   Significant accounting judgments and estimates

   The preparation of the Group's interim financial statements requires management to make judgments, estimates and assumptions that affect the application of the accounting policies and the reported amounts of income, expenses, assets and liabilities, and the disclosure of contingent liabilities, at the reporting date. These estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making management judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are reviewed on an on-going basis. Actual results may differ from those estimates.

   In preparing these consolidated interim financial statements, the critical judgments made by management in applying the Group's accounting policies and the key accounting estimates were the same as those that applied to the consolidated financial statements as at and for the year ended 31 December 2024.

3. Financial Risk Management Objectives and Policies

   No significant changes were made to the Group's financial risk management objectives and policies compared to the year ended 31 December 2024. Except for the private debt and associated warrant agreements (refer to note 7), no new types of financial instruments were recognized or significant changes to the financial risks occurred during the six months ended 30 June 2025.

   Infectious disease outbreaks and geopolitical developments had no impact on the interim financial reporting and is expected to have no adverse impact on the financial statements in the second half year of 2025. For details concerning the potential impact of infectious disease outbreaks and geopolitical developments on the operations of the Group we refer to the section Clinical and Business Overview presented in the Management and Activity Report of this Half-Year Financial Report.

4. Financial assets

   Current financial assets as of 30 June 2025 consist of rental deposits. The lease agreement to which the rental deposits relate commenced in July 2024.

   The carrying amount of current financial assets is a reasonable approximation of their fair value.

5. Equity

   As of 30 June 2025, the subscribed capital of the Company amounts to K€ 942 and is divided into 94,188,981 ordinary shares each with a nominal value of € 0.01.

   As of 30 June 2025, and according to the amended articles of association of the Company as resolved by the annual general meeting on 25 June 2025, the authorized share capital of the Company amounts to € 4,700,000 and is divided into 420,000,000 ordinary shares each with a nominal value of € 0.01 and 50,000,000 preference shares each with a nominal value of € 0.01.

   In addition and also as of the balance sheet date, the articles of association provide for a transitional provision (which shall terminate and disappear once in effect) regarding the increase in authorized share capital, according to which as per the moment the Company's issued and paid-up share capital amounts to € 4,200,000, the authorized capital of the Company increases to € 21,000,000, divided into 1,890,000,000 ordinary shares and 210,000,000 preference shares, each share with a nominal value of € 0.01.

   In the first half-year 2025, the Company issued an aggregate of 3,130 ordinary shares, which proceeds to € 626 (gross) through exercise of 2,488 Warrants Z. In connection with this financing transaction there was a cash inflow of k€ - 6.5.

   As a result, additional subscribed capital of € 31 and additional paid-in capital of € 600 were recognized. Furthermore, share-based compensation of K€ - 79 in the first six months of 2025 was recognized in additional paid-in capital. As of June 30, 2025, several employees left the company, resulting in the forfeiture of the options. This resulted in a reversal of the amounts already recognized.

   As of 30 June 2025, the Company held 97,564 (31 December 2024: 73,8742) ordinary shares as treasury shares.

6. Share-based compensation

   Under the 2016 Stock option and incentive plan ("SOIP"), the Company granted 5.807.538 time-based stock options on 25 June 2025 to members of the Management Board, the Supervisory Board, employees, and consultants of the Group.

   The movements in the number of time-based stock options outstanding and their related weighted average exercise prices (in €) are as follows:

   Six months June 2025

   31 December 2024

   	Weighted average exercise price	Number of stock options	Weighted average exercise price	Number of stock options
   Outstanding at 1 January	€ 0,54	2,735,847	€ 2.19	477,264
   Outstanding at 1 January		-	€ 2.82	-
   (restated)
   Cancelled during the period	-	-	-	-
   Granted during the period	€ 0.0804	5,807,538	€ 0.1586	3,515,170
   Forfeited and expired during the	€ 0.29	1,453,781	€ 0.33	1,256.587
   period
   Outstanding at period end	€ 0.21	7,089,604	€ 0.54	2,735,847

   In the table above, time-based stock options are presented as granted in the period that the service commencement and expense recognition have started. As of 30 June 2025, 2,520,611 of the outstanding stock options are vested and exercisable (31 December 2024: 286,004 stock options), with exercise prices between € 0.0804 and € 65.00 (31 December 2024: exercise prices between € 0.15869 and € 65.00). No stock options have been exercised during the period.

   In determining the fair values of its listed ordinary shares as of each grant date, the published share price at closing for TME Pharma's ordinary shares at the Euronext Growth stock exchange was used. The fair value of the stock options issued was calculated using a Black Scholes option valuation model.

   Measurement parameters for the stock options granted in the first six months of 2025 (grant date on 25 June 2025) are summarized below:

   	25 June 2025
   Share price (in €)	0.0804
   Option exercise price (in €)	0.0804
   Volatility	68 %
   Expected life	10.0 years
   Dividend yield	0.00 %
   Risk-free rate	2.00 %
   Fair value per option (in €)	0.0250

   The fair value of the time-based stock options granted is expensed based on a graded vesting schedule. During the six months ended 30 June 2025 and 2024, the total share-based payment expense recognized for the stock options issued under the SOIP amounted to K€ - 79 and K€ 213, respectively.

7. Financial liabilities

   In May 2025, various loans were granted by investors at a nominal value of k€ 2,058. The loans have a term of 12 months and, with a payment of 83%, resulted in a cash inflow to the company of EUR 1,706. As of the reporting date of June 30, 2025, the contractually agreed repayment rate is 83.7%, meaning that the financial liability as of June 30, 2025,

   has increased to EUR 1,720. Together with the loan, the company issued private warrants to a total of 17,056,000 to the investors with an exercise price of € 0.10 per Warrant. That means for each €0.10 loaned to, and received by the Company, the lender shall be granted the private, not-tradable right to purchase one Share in the company at a price per share of €0.10.

   In addition to the repayment of the loan amount, the loan agreement includes the right to participate in capital increases. If the company raises capital between May 28, 2025, and the loan maturity date by issuing shares (with or without other instruments), the lender has the right to participate in this capital increase with the loan amount outstanding at that time on the same terms as other investors.

   The right to participate in a capital increase and the associated conversion of the loan liability into equity is not considered to have any significant value as of June 30, 2025.In connection with the private debt loan financing, total finance costs of K€ 47, therefore K€ 14 non-cash and K€33 cash related transaction costs, were recognized in the six-months ended 30 June 2025 For the initial recognition of the private Warrants, as part of the loan agreement, total finance costs of k€ 170 are accrued (all non-cash). In addition to that total finance income of K€56 was recognized, which results from the forfeit of old Warrants Z.

   In the six-months ended 30 June 2024, total finance income (all non-cash) of K€ 4 (born by convertible bonds financing) as well as nil finance cost) was recognized.

   For the six months ended 30 June 2025 and 2024, total finance income (all non-cash) of K€ 56 and K€ 4, respectively, were recognized. For the same periods, total finance cost of K€ 217 and K€ 520, respectively, were recognized for the financial instruments. Finance costs were all non-cash, except for transaction costs and interest paid for lease liabilities in prior year of K€ 33 and K€ 2, respectively.

   The following tables summarize quantitative disclosures of the Group's financial liabilities measured at their fair value.

   	Mandatorily at FVTPL - others	Level 1	Level 2	Level 3
   30 June 2025 in thousands of €
   Warrants	171	-	-	171
   Private debt loan	1.720	-		1.720
   Total	1.891		-	1.891

   	Mandatorily at FVTPL - others	Level 1	Level 2	Level 3
   31 December 2024 in thousands of €
   ABSA Warrants Z	56	56	-	-
   Total	56	56	0	0

   Fair value hierarchy

   The Group held financial liabilities for which fair values are disclosed above. These fair value measurements would be classified as level 3, respectively level 1 (in prior year), in

   the fair value hierarchy. No changes to the measurement method for calculating the fair value have occurred since initial recognition.

   For transactions subsequent to the balance sheet date impacting financial liabilities, we refer to Note 12.

8. Loss per share

The loss per share is calculated by dividing the loss attributable to owners of the Company by the weighted average number of outstanding ordinary shares (excluding treasury shares).

For the purposes of the loss per share calculation no dilutive instruments are taken into account. Share options under the share-based payment plans as well as warrants issued and outstanding were excluded because the effect would be anti-dilutive.

Research and development expenses decreased 8% from K€ 1,100 in the first six months of 2024 to K€ 1,009 in the first six months of 2025. This reduction is primarily due to the clinical trial of NOX-A12 in brain cancer completing patient activities, resulting in lower costs. As a result, TME Pharma was able to decrease drug manufacturing costs, service fees and other costs related to the clinical trials and preclinical testing, in addition to lower personnel expenses, patent costs, consulting services and other expenses. When share-based payment expenses for the six months ended 30 June 2025 and 2024 (amounting to K€ 22 and K€ 69, respectively) are excluded, the remaining personnel expenses are K€ 375 and K€ 346, respectively.

1. General and administrative expenses

   Six months ended

   in thousands of €	30 June 2025	30June 2024
   Personnel expenses	367	751
   Legal, consulting and audit fees	352	572
   Public and investor relations and related expenses	67	133
   Other	189	187
   Total	975	1,643

   General and administrative expenses decreased 41 % from K€ 1,643 in the first six months of 2024 to K€ 975 in first six months of 2025. This decrease in general and administrative expenses is mainly driven by lower legal, consulting and audit fees, personnel expenses as well as well as public and investor relations and related expenses. Other general and administrative expenses mainly comprise depreciation of equipment, supervisory board remuneration, insurance premium, and ancillary leasing costs. When non-cash share-based payment expenses for the six months ended 30 June 2025 and 2024 (amounting to K€ 101 and K€ 144, respectively) are excluded, the remaining personnel expenses are K€ 266 and K€ 607, respectively.

2. Related party transactions

   Shareholder with significant influence

   As of 30 June 2025 and as of 31 December 2024, the Company is not aware of a direct shareholder with significant influence.

   Diede van den Ouden, CEO, owned 2M shares on 6/30/2025 and 2,675,000 on 10/30/2025

   Management Board

   The sole member of the Management Board (Board of Directors of the Company) of TME Pharma N.V. is:

   Diede van den Ouden (since 25 June 2025) Chief Executive Officer

   Supervisory Board

   The members of the Supervisory Board are:

   Dr. Maurizio PetitBon

   Chairman of the Supervisory Board, Cortona (Arezzo), Italy

   Susan Coles (deputy chair)

   General Counsel and Head of Finance at Vivet Therapeutics (until May 2025), Paris, France

   Dr. C.A. (Oscar) Izeboud (until 25 June 2025)

   CEO of Scenic Biotech BV, Amsterdam, the Netherlands

   Dr. Lee Schalop (since 27 June 2024)

   Board Observer at Chimerix Inc., Durham, North Carolina, United States of America

   Dr. Alexandra Glucksmann (until 25 June 2025)

   President and CEO of Sensorium Therapeutics Inc., Boston, Massachusetts, United States of America

   Other transactions

   The Group did not conclude any new significant transactions with related parties during the reporting period.

   Remuneration

   The principles and policies of the remuneration are described in the Company's consolidated financial statements for the year ended 31 December 2024.

   For the six months ended 30 June 2025 and 2024, the short-term employee benefits for the key management personnel (Management Board and senior medical advisor on consultancy basis) comprise fixed and variable compensation of K€ 189 and K€ 289, respectively.

   On 25 June 2025, the Company granted 4,992,015 stock options under the SOIP to key management personnel with an exercise price of € 0.0804. As of 30 June 2025, the number of issued and outstanding options for key management personnel under the SOIP was 5,193,139 with a weighted average exercise price of € 0.131. Under the SOIP, the share-based payment transactions recognized as an expense during the reporting period amounted to K€ -191. In June 2025 some of the granted options to the management board were forfeited, which resulted in the reversal of the amounts already recognized in the past.

   Under the share participation models, the share-based payment transactions recognized as an expense amounted to nil in both periods.

   Thus, the total compensation for the key management personnel for the six months ended 30 June 2025 and 2024 was K€ -2 and K€ 375, respectively.

   In the six months ended 30 June 2025 and 2024, the remuneration for the Supervisory Board amounted to K€ 81 (thereof accrued expenses K€ 23), and K€ 30, respectively.

   On 25 June 2025, the Company granted 684,299 stock options under the SOIP to members of the Supervisory Board with an exercise price of € 0.0804. As of 30 June 2025, the number of issued and outstanding options for the Supervisory Board under the SOIP was 920,817 with a weighted average exercise price of € 0.175. Under the SOIP, the share-based payment transactions recognized as an expense during the reporting period amounted to K€ 15.

   Under the share participation models, the share-based payment transactions recognized as an expense amounted to nil in both periods.

   Thus, the total compensation for the supervisory board members for the six months ended

   30 June 2025 and 2024, was K€ 96 (thereof accrued expenses K€ 23) and K€ 50, respectively.

3. Events after the balance sheet date

In August 2025, the company raised new funds to a net amount of K€ 500 in the form of regular bonds repayable in cash with a 9-month maturity. The improved financial situation should strengthen the position of the company in discussion with financial and strategic partners.

Amsterdam, 31 October 2025 TME Pharma N.V.

Originally signed by:

Board of Directors

Diede van den Ouden, CEO

Management of TME Pharma N.V. (the "Company" or "TME Pharma") and its controlled subsidiaries (the "Group") hereby presents its condensed consolidated interim financial statements as of 30 June 2025 and its Management and Activity Report. The interim financial statements of the Group as of 30 June 2025 have been prepared by the management as a going concern regarding assumptions and hypothesis mentioned in the Note 2 "Going concern" of the interim financial statements.

The Group has been focused on the clinical development of NOX-A12, its anti-CXCL12 agent, in the GLORIA Phase 1/2 brain cancer clinical trial. This clinical trial evaluates NOX-A12 combined with radiotherapy (dose-escalation part), as well as NOX-A12 combined with radiotherapy and anti-angiogenic therapy (the anti-VEGF antibody, bevacizumab). Following highly encouraging clinical data from the GLORIA Phase 1/2 brain cancer trial the Company decided to prioritize the development of this indication and the NOX-A12 combination with radiotherapy and anti-VEGF in particular, since management believes that it presents the most rapid path to regulatory approval.

This combination approach of NOX-A12 will be further tested in newly diagnosed patients with aggressive brain cancer (glioblastoma) who would not clinically benefit from standard of care chemotherapy (since they carry the biomarker of an unmethylated MGMT promoter, a sign of very poor prognosis where standard of care provides limited or no clinical benefit) and where neurosurgeons are unable to remove all tumor tissue visible in an MRI scan.

Potential for Unprecedented Clinical Benefit in Glioblastoma

TME Pharma's most significant clinical accomplishment to date are survival data from the GLORIA study obtained in newly diagnosed glioblastoma patients with extremely poor prognosis that have tumors resistant to standard chemotherapy plus incomplete surgical resection. The study achieved a remarkable 19.9-month median overall survival (mOS) rate for patients receiving NOX-A12 in combination with the VEGF inhibitor bevacizumab and radiotherapy (TME Pharma Press Release on February 2, 2024). This doubles the 9.5-month mOS rate demonstrated in the standard of care matched reference cohort presented at the ESMO conference in September 2024. If this result is confirmed in a larger, randomized clinical trial, it would offer NOX-A12 a clear clinically and commercially relevant advantage over the current standard of care.

Moreover, the NOX-A12 survival results surpass those from what TME Pharma believes are all relevant competitor therapy trials in newly diagnosed glioblastoma patients resistant to standard chemotherapy. NOX A12's effectiveness is even more impressive considering the NOX-A12 GLORIA trial enrolled patients with a worse prognosis than those in the competitor trials. The NOX-A12 trial only enrolled patients with residual detectable tumor after surgery whereas competitor trials also included patients with no detectable tumor after surgery, thereby giving the patients in these competitor trials a better expected average survival outcome.

This progress highlights the immense potential of NOX-A12 to transform the treatment of glioblastoma patients, who face a devastating prognosis from this highly aggressive form of brain cancer. With a median overall survival of 9 months, a staggering 93% of patients

do not survive beyond five years and the current standard of care offers no cure and only limited survival benefit (Central Brain Tumor Registry of the United States (CBTRUS) Statistical Report: Primary Brain and Other Central Nervous System Tumors Diagnosed in the United States in 2017-2021). This huge unmet medical need demonstrates the importance of TME Pharma's goal to develop NOX-A12 to become part of the best glioblastoma therapy for newly diagnosed patients and make it available to them as fast as possible.

Clinical development plans for NOX-E36

While TME Pharma has largely focused its available resources on the clinical and business development of NOX-A12 during the recent years, TME Pharma also has another clinical stage asset, NOX-E36. On March 13th, 2025, following a fruitful research collaboration TME Pharma and the Singapore Eye Research Institute (SERI), a leading ophthalmology research institution, announced filing of patent applications covering use of NOX-E36 in glaucoma filtration surgery and other ophthalmic diseases to support NOX-E36 development through a license to an industrial partner or the creation of a new corporate entity. Then, on June 18th, 2025 TME Pharma signed an option framework agreement with SERI that established a strategic collaboration framework for NOX-E36 where TME Pharma would fund preclinical local ocular tolerance studies, while SERI will seek grants to fund and conduct the Phase 1b clinical study. As part of this agreement, TME Pharma secured an exclusive two-year option to out-license all rights related to NOX-E36 to either a newly created company or a third-party licensee.

NOX-E36 presents a very promising opportunity for development in eye diseases with a high need for well-tolerated therapies with anti-fibrotic effect. The anti-fibrotic mode of action of NOX-E36 has already been confirmed in a relevant animal model (Source: Kiew 2021), and TME Pharma believes that development in ophthalmological indications could be a promising opportunity to diversify its project portfolio through a license to an industrial partner or the creation of a new corporate entity.

Management discussion on selected risk factors

All planned clinical trials are subject to regulatory authority review and approval, and changes in the standard of care may significantly affect the strategic interest and/or feasibility of initiating or completing the contemplated clinical trials, obtaining regulatory approval and commercial success. More generally, the development of new medicines by small companies involves significant risks for investors. Please consult our most recent annual report and our prospectus for a full description of the risks.

TME Pharma continues to monitor the potential impact of infectious disease pandemics on the operations of the Group. We believe that the impact has been, for the most part, mitigated by the introduction of effective vaccines. Thus, unless we experience an outbreak of new, more aggressive strains of SARS-CoV2 that evade vaccines, we believe that future impact on the operations of the Group (in particular on clinical trials, manufacturing and other key services that the Group relies upon) will be minimal.

The Group is also monitoring the impact of geopolitical developments could have on its operations. While the Group has no direct activity in regions with geopolitical crises, potential indirect consequences on financing and operations of the Group are being monitored and evaluated in order to assess and appropriately manage these risks. Based on the currently available information, the Group does not expect the current geopolitical crises to have a material, direct impact on its operations, though we expect it to continue to make financing more challenging through its impact on macroeconomic factors that

reduce the attractiveness to investors of investing in European small-cap biotechnology companies versus other types of investments.

Financing activities

In the reporting period, the Company raised €1.71 million in cash through issuance of private debt maturing May 27th, 2026 and private warrants maturing May 27th, 2027.

In addition, the Company raised €0.6 thousand (gross) through Warrants Z exercises during the first half-year 2025, resulting from the preferential rights issue launched in November 2023. Subsequent to the reporting period, the Company raised €0.5 million in cash through issuance of further private debt maturing May 27th, 2026 and private warrants maturing May 27th, 2027.

As a company in a research and development stage, TME Pharma will need to raise additional funds in order to continue to execute on its business planning. Management is engaged in active discussions with stakeholders and is pursuing funding options through a combination of strategic alliance and/or investment from investors.

Outlook

Data from preclinical and clinical studies on NOX-A12 in glioblastoma have been selected for presentations at high-profile international cancer conferences taking place in the second half of 2024. At the European Society for Medical Oncology (ESMO) conference in September 2024, Dr. Frank Giordano, the lead investigator of the clinical trial, provided updates on the progress of the expansion arm testing NOX-A12 + radiotherapy + the anti-VEGF bevacizumab, revealing statistically significant improvement in survival for this triple combination over standard of care reference cohort as well as NOX-A12 + radiotherapy alone (without anti-VEGF).

The protocol of the planned Phase 2 clinical trial is now approved both by the FDA in the US and the German regulator, the BfArM. In the trial design and planning, strategies have been implemented to optimize timelines and reduce costs of the glioblastoma program overall. Sufficient supply of NOX-A12 is available to initiate the trial quickly upon obtaining sufficient funding to initiate the trial. TME Pharma's next milestones in the clinical development of the NOX-A12 program are financing and initiation of the randomized, controlled Phase 2 clinical trial. The Company is engaged in active discussions with relevant stakeholders to secure the funding needed. Management believes that positive data from this trial will drive significant interest in the program from the pharmaceutical industry.

TME Pharma NV transitioned its organization to a virtual and outsourcing model during the first half of 2025. Furthermore, the company has stated its intention to pursue stable, cash-generating business opportunities to achieve positive operating cash flow. This could be achieved in part by utilizing tax loss carryforwards.

In parallel, TME Pharma is collaborating with SERI to evaluate ways to externalize and monetize the Company's second clinical stage asset NOX-E36, the anti-CCL2 agent. The asset presents a promising opportunity for development in eye diseases with a high need for well-tolerated therapies with anti-fibrotic effect. This decision leverages the compound's potential, as shown by clinical and preclinical data, to safely address significant unmet medical needs in ophthalmic diseases impacted by fibrosis. Additionally, available drug supply and possibilities to perform clinical studies in the form of investigator-initiated trials (IIT) lay framework for rapid and low-cost path to Phase 2 clinical proof-of-concept.

It remains challenging for micro-cap companies to raise significant financing in Europe. TME Pharma's recent strategic shift to a lower cost base was designed to provide a company profile with a significantly reduced cash need that retains the expertise and experience needed to deliver value-creating data for both NOX-A12 and NOX-E36 with minimal dilution to its existing shareholders.

The Group will carefully monitor its available cash and calibrate additional financings through available sources in order to initiate the next stage of NOX-A12 clinical development in brain cancer and to move NOX-E36 towards a clinical trial in ophthalmology.

Equity status of TME Pharma N.V.

As a clinical stage biopharmaceutical company, TME Pharma has incurred operating losses since inception and has not yet reached operating profitability. The Group expects it will incur operating losses for the foreseeable future due to, among other things, costs related to research funding, development of its product candidates and its preclinical programs and its administrative organization.

Mainly as a result of ongoing R&D activities of the subsidiary TME Pharma AG and the May 2025 financing via a debt instrument (to be recognized as financial liability, only to be recognized as equity in case of voluntary conversion by investors), the equity position decreased in the first months of the fiscal year 2025.

As discussed at the Annual Shareholder's Meeting in June 2025, the equity has fallen below the 50% threshold and became negative in the second quarter of 2025.

Key Factors Affecting Results of Operations and Financial Condition

The Group believes that the following factors have had and will continue to have a material effect on its results of operations and financial condition.

Comparison of the First Half-Year 2025 and the First Half-Year 2024 Revenues

For the reporting period, the Group has generated little revenues, born from a recharge of expenses to another R&D company as part of a R&D cooperation project. The Group does not expect any revenues to be generated from any product candidates that it develops until the Group either signs a licensing or collaboration agreement with third parties or obtains regulatory approval and commercializes its compounds.

Other operating income

Other operating income increased from K€ 6 in the first six months of 2024 to K€ 20 in the first six months of 2025 mainly due to higher other income.

Research and development expenses

Research and development expenses consist of costs incurred that are directly attributable to the development of the Group's product candidates. For more detailed information we refer to Note 9 of the condensed consolidated interim financial statements of TME Pharma N.V..

Research and development expenses decreased 8% from K€ 1,100 in the first six months of 2024 to K€ 1,009 in the first six months of 2025. This reduction is primarily due to the Phase 1/2 part of the clinical trial of NOX-A12 in brain cancer completing patient activities, resulting in lower costs. As a result, TME Pharma was able to decrease drug manufacturing costs, service fees and other costs related to the clinical trials and preclinical testing, in addition to lower personnel expenses, patent costs, consulting services as well as other costs. When share-based payment expenses for the six months ended 30 June 2025 and 2024 (amounting to K€ 22 and K€ 69, respectively) are excluded, the remaining personnel expenses are K€ 375 and K€ 346, respectively.

Research and development costs are expensed as incurred. Management considers that due to regulatory and other uncertainties inherent in the development of pharmaceutical products, the development expenses incurred for its product candidates do not meet all of the criteria for capitalization as required in IAS 38 (Intangible Assets). Accordingly, the Group has not capitalized any development costs.

In the first half of 2025, TME Pharma transitioned to a virtual and outsourcing model. The company therefore expects costs to decrease significantly in the second half of the year due to a decline in operational costs due to reduced activity. Management is actively seeking financing partners to enable the group to restart operations.

In the meantime, the company has stated its intention to pursue stable, cash-generating business opportunities to achieve positive operating cash flow. This could be achieved in part by utilizing tax loss carryforwards.

General and administrative expenses

General and administrative expenses consist principally of salaries and related costs for personnel in executive and finance and other general and administrative functions. For more detailed information we refer to Note 10 of the condensed consolidated interim financial statements of TME Pharma N.V..

General and administrative expenses decreased 41% from K€ 1,643 in the first six months of 2024 to K€ 975 in first six months of 2025.

This decrease in general and administrative expenses is mainly driven by less legal, consulting and audit fees in connection with the financing transactions in the first six months of 2025. Other general and administrative expenses mainly comprise depreciation of equipment, supervisory board remuneration, insurance premium, and ancillary leasing costs. When non-cash share-based payment expenses for the six months ended 30 June 2025 and 2024 (amounting to K€ 101 and K€ 144, respectively) are excluded, the remaining personnel expenses are K€ 266 and K€ 607, respectively.

Foreign exchange losses

Foreign exchange result (net) increased from K€ 5 (gain) in the first six months of 2024 to K€ 4 (loss) in the first six months of 2025 due to less realized and unrealized foreign exchange gains on balances denominated in currencies other than euro.

Finance income

Finance income increased from K€ 4 in the first six months of 2024 to K€ 56 in the first six months of 2025. The increase is due to a derecognition gain of forfeited Warrants Z.

The finance income in the first six months of 2025 and in the first six months of 2024 is non-cash finance income.

Finance cost

Finance cost decreased 58% from K€ 520 in the first six months of 2024 to K€ 217 in the first six months of 2025.

Finance cost in the first six months of 2025 relates to the issuance of non-listed Warrants (K€ 170), transaction costs (K€ 33) as well as interest for private loan funds (K€ 14).

Finance cost in the first six months of 2024 relates to the exercise of Warrants Y and Z (K€ 489) and to the fair value remeasurement of Warrants Z as of 30 June 2024 (K€ 29) as well as interest paid relating to leases (K€ 2).

Finance cost in the first six months 2025 and 2024 is non-cash finance cost, except for transaction costs of K€ 33 and K€ 15, respectively, borne by the Company in conjunction with the private loan funds and the issuance of non-listed Warrants (in the first six month of 2025) as well as the exercise of ABSA warrants (in the first six months of 2024) as well as K€ 2 interest paid in connection with lease payments borne by the Company in the first six months 2024.

Loss before income tax / Net loss

As a result of the above factors, the Group's loss before income tax and net loss decreased by 35% from K€ 3,248 in the first six months of 2024 to K€ 2,103 in the first six months of 2025.The loss from operations decreased by 29% from K€ 2,732 to K€ 1,941. Nevertheless the net cash used in operating activities decreased from K€ - 2,735 to K€ -2,860 for the first six months of 2025, mainly born from an decrease of trade accounts payables and other liabilities of K€ 765 and an increase of other current assets of K€ 93 in the consolidated statement of cash flows.

Consolidated Statements of Financial Position Assets

The Group's total non-current assets include intangible assets, equipment and financial assets. Total non-current assets decreased from K€ 43 as of 31 December 2024 to K€ 18 as of 30 June 2025. This decrease is mainly due to the amortization and sold of equipment resulting in a carrying amount of K€ 34 as of 31 December 2024 and K€ 9 as of 30 June 2025, respectively.

The Group's total current assets consist of its cash and cash equivalents in cash balances, financial assets, other assets and trade accounts receivable. Other assets correspond to prepaid expenses for insurance and service contracts, contractually agreed claims against service providers, the Company's liquidity account and claims against local tax authorities for value added tax (VAT) on supplies and services received.

The movements in total current assets from 31 December 2024 to 30 June 2025 mainly relate to an decrease in cash and cash equivalents by K€ 1,180 from K€ 3,240 to K€ 2,060, resulting from cash outflow for continued research and development activities as well as general and administrative expenses (operating activities) of K€ 2,860, which was partially offset by financing activities with a cash inflow of K€ 1,706.

Equity

The Group's total equity includes its subscribed capital, additional paid-in capital, accumulated deficit and treasury shares. The change in equity from 31 December 2024 to 30 June 2025 resulted from net loss incurred for the first six months of 2025. The subscribed capital did not change in the reporting period. Additional paid-in capital decreased from K€ 200,981 to K€ 200,901.

The total equity as of 30 June 2025 amounts to K€ - 570 compared to a positive amount of K€ 1,614 as of 31 December 2024.

Liabilities

The Group's total current liabilities include financial liabilities, trade accounts payable and other liabilities. Current liabilities increased from K€ 1,792 as of 31 December 2024 to K€ 2,863 as of 30 June 2025, mainly resulting from the increase in financial liabilities, partially offset from a decrease in trade accounts payable and other liabilities.

Current financial liabilities increased by K€ 1,835 mainly as a result of the cash inflow from various loans granted by private investors by the amount of EUR 1,706.

Trade accounts payable of K€ 1,326 as of 31 December 2024 decreased to K€ 731 as of 30 June 2025 in the course of the ordinary course of business. Other liabilities decreased from K€ 410 as of 31 December 2024 to K€ 241 as of 30 June 2025 mainly as a result of decreased accrued personnel expenses.

Events After the Condensed Consolidated Interim Statements of Financial Position Date as of 30 June 2025

For Events After the Condensed Consolidated Interim Statements of Financial Position Date as of 30 June 2025 we refer to Note 12 of the condensed consolidated interim financial statements of TME Pharma N.V.

Analysis of Cash Flows

The Group's liquidity requirements primarily relate to the funding of research and development expenses, general and administrative expenses, capital expenditures and working capital requirement. To finance its research and development activities the Group raised funds in the first six months of 2025 mainly from private loan debts.

Net cash used in operating activities

Net cash used in operating activities reflects the Group's net loss before income tax for the period adjusted for, among other things, depreciation and amortization expense, finance income and finance cost, share-based compensation, other non-cash transactions and changes in operating assets and liabilities.

Net cash used in operating activities mainly derived from the net losses generated in the respective periods, which in turn is mainly driven by the research and development as well as the general and administrative expenses incurred. Research and development expenses vary over time dependent on the development stage of each clinical program and the activities related to those clinical programs.

The net cash used in operating activities declined from K€ - 2,735 in the first six months of 2024 to K€ - 2,860 in the first six months of 2025, despite an improvement in net losses from K€ 3,248 in the first six months of 2024 to K€ 2,102 in the first six month of 2025. This is mainly the result of the decrease in the trade accounts payable and other liabilities.

Net cash used in investing activities

The increase in net cash used in investing activities from K€ 8 in the first six months of 2024 compared to provided cash of K€ 8 in the first six months of 2025 results from sale of equipment.

Net cash provided by financing activities

The decrease in net cash provided by financing activities of K€ 3,202 in the first six months of 2024 to K€ 1,672 in the first six months of 2025 was mainly due to financing transactions in the first six months of 2025 and 2024 resulting in cash-inflows of K€ 1,706 and K€ 3,268 , respectively. Net cash provided by financing activities in the first six months 2025 includes a cash outflow for transaction costs relating to the financing activities of K€ 33 (first six month of 2024: K€1,155 for the redemption of outstanding convertible bonds).

The Group did not conclude any new significant transactions with related parties during the reporting period.

For related party transactions we also refer to Note 18 of the consolidated statements of financial position as of 31 December 2024 of TME Pharma N.V. and Note 11 of the condensed consolidated interim financial statements as of 30 June 2025 of TME Pharma N.V.

Risk factors evolved as described in the section Clinical and Business Overview of the Management and Activity Report of this Half-Year Financial Report (page 22 and 23), but otherwise are similar to those presented in Section Significant Risks and Uncertainties of the Management Report of the Annual Report 2024 (pages 20 to 33). This document is available on the Company's website: https://www.tmepharma.com.

For the financial risk management objectives and policies, we also refer to Note 17 of the consolidated statements of financial position as of 31 December 2024 of TME Pharma N.V.

"I declare that, to the best of my knowledge, the condensed consolidated interim financial statements as of 30 June 2025 have been prepared in accordance with applicable accounting standards and give a true and fair view of the assets and liabilities, financial position and profit and loss of the Company and all the other companies included in the scope of consolidation, and that this Half-Year Management and Activity Report includes a fair view of the important events which occurred during the first six months of the year, their impact on the half-year financial statements and the main transactions between related parties, together with a description of the principal risks and uncertainties that they face in the remaining six months of the year."

Amsterdam, 31 October 2025 TME Pharma N.V.

Diede van den Ouden, CEO