Month: September 2026

BOSTON, Sept. 30, 2026 (GLOBE NEWSWIRE) — Pyxis Oncology, Inc. (Nasdaq: PYXS), a clinical-stage company developing next-generation therapeutics for difficult-to-treat cancers, today announced the pricing of its previously announced registered public offering (the “Offering”) of 36,047,919 shares of its common stock, or in lieu of common stock to certain investors, 1,883,121 pre-funded warrants to purchase shares of common stock, and accompanying common warrants to purchase 49,310,352 shares of common stock at an exercise price of $3.50. The combined public offering price for each share of common stock and accompanying common warrant is $2.90, and the combined public offering price for each pre-funded warrant and accompanying common warrant is $2.899 (equal to the combined public offering price per share of common stock and accompanying common warrant, minus $0.001), for expected gross proceeds to Pyxis Oncology of approximately $110 million, before deducting underwriting discounts, commissions and offering expenses. If all of the common warrants and pre-funded warrants are exercised in full, Pyxis Oncology would receive additional gross proceeds of approximately $172.6 million, before deducting applicable expenses.

The common warrants will become exercisable only upon approval by the Company’s stockholders of an amendment to the Company’s certificate of incorporation to increase the number of authorized shares of common stock and the effectiveness of that amendment (the date of such effectiveness, the “Charter Amendment Effective Date”), and will expire upon the earlier of (i) the fifth anniversary of the Charter Amendment Effective Date and (ii) the 30th calendar day following the later (x) of the Charter Amendment Effective Date and (y) the Company’s public disclosure of overall survival data (the “OS Data Release Date”) from its ongoing Phase 1 monotherapy study of micvotabart pelidotin (MICVO) in second-line and beyond (2L+) recurrent/metastatic head and neck squamous cell carcinoma (R/M HNSCC), expected in the first half of 2027. All of the securities in the Offering are to be sold by Pyxis Oncology.

Leerink Partners, Guggenheim Securities and Wells Fargo Securities are acting as joint bookrunning managers for the Offering.

The Offering is expected to close on or about October 1, 2026, subject to satisfaction of customary closing conditions.

Pyxis Oncology intends to use the net proceeds from the Offering to advance its lead clinical program, MICVO, through key clinical milestones, including Headliner™, its planned Phase 3 trial in 2L+ R/M HNSCC, and for working capital and general corporate purposes.

The common stock, common warrants and pre-funded warrants are being offered pursuant to a registration statement on Form S-3 (File No. 333-291801), which was previously filed with and subsequently declared effective by the Securities and Exchange Commission (the “SEC”). The Offering is being made only by means of a prospectus supplement and accompanying prospectus that form a part of the effective registration statement. A final prospectus supplement and the accompanying base prospectus relating to the Offering will be filed with the SEC and will be available for free on the SEC’s website at www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying base prospectus may be obtained from Leerink Partners LLC, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, by telephone at 1-800-808-7525 ext. 6105, or by email at syndicate@leerink.com; Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, 8th Floor, New York, NY 10017, by telephone at (212) 518-9544, or by email at GSEquityProspectusDelivery@guggenheimpartners.com; or from Wells Fargo Securities, LLC, Attention: Equity Syndicate Department, 90 South 7th Street, 5th Floor, Minneapolis, Minnesota 55402, at (800) 645-3751 (option #5) or email a request to WFScustomerservice@wellsfargo.com.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in the Offering, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About Pyxis Oncology

Pyxis Oncology, Inc. is a clinical-stage biopharmaceutical company developing therapeutics for difficult-to-treat cancers. The Company’s lead candidate, micvotabart pelidotin (MICVO), is a first-in-concept antibody-drug conjugate (ADC) that targets extradomain-B of fibronectin (EDB+FN), a non-cellular structural component of the tumor extracellular matrix (ECM). EDB+FN is selectively overexpressed in the tumor microenvironment of a wide range of solid tumors and largely absent from normal adult tissues. MICVO is designed to treat solid tumors through a three-pronged mechanism of action: direct cancer cell killing, bystander effect and immunogenic cell death. MICVO is currently being evaluated as monotherapy in a Phase 1 clinical study in patients with recurrent and metastatic head and neck squamous cell carcinoma (R/M HNSCC) and in combination with Merck’s anti-PD-1 therapy, KEYTRUDA® (pembrolizumab) in a Phase 1/2 clinical study in patients with R/M HNSCC and other solid tumors. Pyxis Oncology is focused on advancing MICVO, with the goal of improving outcomes for patients living with R/M HNSCC and contributing to meaningful progress in cancer treatment.

KEYTRUDA® is a registered trademark of Merck Sharp & Dohme LLC, a subsidiary of Merck & Co., Inc., Rahway, NJ, USA.

Forward-Looking Statements

This press release contains forward-looking statements for the purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995 and other federal securities laws. All statements other than statements of historical facts contained in this press release, including without limitation statements regarding the Offering, including its timing, size, terms and completion and the anticipated gross proceeds therefrom (including from any exercise of the common warrants); the Company’s ability to obtain stockholder approval of, and to effect, the amendment to its certificate of incorporation required for the common warrants to become exercisable, and the timing thereof; the timing of the OS Data Release Date, which will affect the period during which the common warrants may be exercised; the Company’s intended use of the net proceeds from the Offering; the Company’s plans to develop, manufacture and commercialize MICVO; the timing and progress of the Company’s ongoing clinical trials and the expected results thereof; the plans and objectives of management; and the future results of operations and financial position of the Company, are forward-looking statements. These statements are neither promises nor guarantees, but are statements that involve known and unknown risks, uncertainties and other important factors that are in some cases beyond the Company’s control that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: market and other conditions and the Company’s ability to complete the Offering on the anticipated terms, or at all; the Company’s ability to obtain the stockholder approval required for the common warrants to become exercisable; the timing and results of the overall survival analysis from the Company’s Phase 1 monotherapy study of MICVO; the risks inherent in drug research and development; the Company’s projected cash runway and potential needs for additional funding; the lengthy, expensive and uncertain process of clinical drug development, including potential delays in or failure to obtain regulatory approvals; the Company’s reliance on third parties and collaborators to conduct clinical trials, manufacture its product candidate, and develop and commercialize its product candidate; the Company’s ability to compete successfully against other drug candidates; and volatility in the price of the Company’s common stock. Accordingly, investors should not rely upon forward-looking statements as predictions of future events. Except as required by applicable law, the Company undertakes no obligation to update publicly or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise. Additionally, investors should read the risk factors in the section titled “Risk Factors” set forth in Part II, Item 1A of the Company’s Quarterly Report on Form 10-Q filed on August 13, 2026, in the preliminary prospectus supplement relating to the Offering, and in the Company’s other filings, each of which is on file with the Securities and Exchange Commission.

Pyxis Oncology Contact:
IR@pyxisoncology.com

Schindellegi, Switzerland – 30 September 2026

Trifork Group AG
Company announcement no. 59/2026

Trifork Group AG initiates cancellation of 2.5% of its share capital

The Board of Directors has decided to initiate the legal process to cancel 2.5% of the share capital in accordance with the authorization under the existing capital band, approximately equal to the shares acquired to date under the existing buyback program. The cancellation process is expected to last approximately 60 days.

Once completed, the new number of outstanding shares will be 19,251,277.

Investor & Media contact
Frederik Svanholm
Group Investment Director
frsv@trifork.com
+41 79 357 7317

About Trifork Group
Trifork (Nasdaq Copenhagen: TRIFOR) is a global technology company specializing in designing, building, and operating advanced software for enterprise and public sector customers. With 1,118 FTEs across 16 countries, Trifork serves as an end-to-end technology partner to organizations in complex and regulated industries, including public administration, healthcare, financial services, energy, and aviation.
Learn more at trifork.com.

Attachment

• CA_59_2026_Share cancellation

Schindellegi, Switzerland – 30 September 2026

Trifork Group AG
Company announcement no. 58/2026

Trifork Group AG convenes Extraordinary General Meeting to approve special dividend and increase capital band

The Board of Directors of Trifork Group AG (the “Company”) has decided to convene an Extraordinary General Meeting (the “EGM”) with the following agenda items:

• Approval of an extraordinary dividend distribution (in the form of a distribution from capital contribution reserves) of DKK 3.00 per share, following the successful closing of the partial divestment of minority investment assets in LabsX, as communicated in Company Announcement #41/2026.
• Increase of the capital band to authorize the Board of Directors to cancel up to 10% of the Company’s share capital (previously 5%), providing greater flexibility in the treatment of treasury shares acquired under buyback programs.

The EGM will be held on 28 October 2026 at 14.00 CET at Grabenstrasse 2, 6340 Baar, Switzerland.

All relevant EGM documentation, including the invitation with agenda and motions as well as the annual report 2025 (including the annual financial statements 2025) and the special audit report for the extraordinary distribution from capital reserves, is available on Trifork’s investor website: https://investor.trifork.com/

Investor & Media contact
Frederik Svanholm
Group Investment Director
frsv@trifork.com
+41 79 357 7317

About Trifork Group
Trifork (Nasdaq Copenhagen: TRIFOR) is a global technology company specializing in designing, building, and operating advanced software for enterprise and public sector customers. With 1,118 FTEs across 16 countries, Trifork serves as an end-to-end technology partner to organizations in complex and regulated industries, including public administration, healthcare, financial services, energy, and aviation.
Learn more at trifork.com.

Attachment

• CA_58_2026_EGM

SKISTAR’S IMPROVED FULL-YEAR RESULTS ENABLE CONTINUED DEVELOPMENT OF MOUNTAIN DESTINATIONS FOR THE FUTURE

Fourth Quarter

• Net sales amounted to SEK 292 million (226), an increase of SEK 66 million, 29 percent.
• Operating profit amounted to SEK -274 million (-310), an increase of SEK 36 million, 12 percent.
• Operating profit adjusted for capital gains from exploitation assets amounted to SEK -276 million (-310), an increase of SEK 34 million, 11 percent.
• Capital gains from exploitation assets were included with SEK 2 million (0).
• Cash flow from operating activities amounted to SEK -176 million (-161), a decrease of SEK 15 million.
• Basic and diluted earnings per share amounted to SEK -2.87 (-3.35), an increase of 14 percent.

Full Year

• Net sales amounted to SEK 4,954 million (4,574), an increase of SEK 380 million, 8 percent.
• Operating profit amounted to SEK 872 million (785), an increase of SEK 87 million, 11 percent.
• Operating profit, adjusted for capital gains from exploitation assets, amounted to SEK 870 million (739), an increase of SEK 131 million, 18 percent.
• Capital gains from exploitation assets were included with SEK 3 million (46).
• Cash flow from operating activities amounted to SEK 1,223 million (1,063), an increase of SEK 160 million.
• Basic and diluted earnings per share amounted to SEK 8.01 (7.05), an increase of 14 percent.

Significant events during and after the period

• The Board proposes a dividend of SEK 3.50 (3.00) per share, totaling SEK 274 (235) million. The dividend represents 44 percent (43) of the Group’s profit after tax.
• Booking volumes for the winter season 2026/27, measured as the number of overnight stays booked through SkiStar’s mediated accommodation, are up 3 percent compared with the same time of the previous year.

Comments from the CEO Stefan Sjöstrand:

“The strong full-year results mean that SkiStar is well equipped for continued growth and long-term value creation, with the ambition to be a leading force in mountain tourism, and to continue offering mountain experiences for many generations to come.”

Time for conference call and web presentation

Wednesday 30 September 2026 at 10.00 a.m. CEST.
Web cast: https://edge.media-server.com/mmc/p/ukztm9re

Web cast & participation at conference call to ask questions:
https://register-conf.media-server.com/register/BI443fdd8b16b7404eb960396af94b6272

For registration and dial-in details, please follow the link above. Please make sure you are connected to the phone conference by calling in and registering a few minutes before the conference begins.

The presentation and a recorded version of the web presentation will be available on the same webpage after the presentation.

This information is information that SkiStar AB is obliged to make public pursuant to the EU Market Abuse Regulation. This information was submitted for publication, through the agency of the contact persons set out below, on 30 September 2026, at 07.00 a.m. CEST.

Further information can be reached from:

Stefan Sjöstrand, CEO, tel +46 (0)280 841 60.
Sara J Uggelberg, CFO, tel +46 (0)280 841 60.

SkiStar in brief

SkiStar AB (publ) is the leading mountain tourism group in Scandinavia, developing destinations and experiences focused on guests. The Company’s B share is listed on the Large Cap list of the Nasdaq Stockholm exchange. The Group owns and operates mountain resorts in Sälen, Vemdalen, Åre and Stockholm (Hammarbybacken) in Sweden, and in Hemsedal and Trysil in Norway. Operations are divided into two segments: Mountain Resorts and SkiStarshop. With alpine skiing as its core activity, SkiStar’s ambition is to be a leading force in mountain tourism, and to continue offering mountain experiences for many generations to come. For more information, go to https://investor.skistar.com/en.

Attachment

• SkiStar AB – Year-End Report 2025_26

• Fenebrutinib cut relapses by 51% and 58% vs teriflunomide in Phase III RMS trials (FENhance 1 & 2) while showing a consistent, positive trend in delaying disability¹
• Fenebrutinib became the first investigational medicine in more than a decade to slow disability progression in a Phase III PPMS trial (FENtrepid), with numerical benefit vs Ocrevus²
• Fenebrutinib is designed to address two drivers of MS – acute inflammation causing relapses and chronic brain inflammation driving disability progression^1,2
• If approved, fenebrutinib would become the first BTK inhibitor and first high-efficacy oral treatment for both RMS and PPMS, offering a new option for the nearly 1 million Americans living with MS³

Basel, 30 September 2026 – Roche (SIX: RO, ROP; OTCQX: RHHBY) announced today that the United States Food and Drug Administration (FDA) has accepted the company’s New Drug Application (NDA) under priority review for fenebrutinib, an investigational non-covalent Bruton’s tyrosine kinase (BTK) inhibitor for the treatment of relapsing multiple sclerosis (RMS) and primary progressive multiple sclerosis (PPMS). The filing acceptance is based on data from the comprehensive clinical programme, including the Phase III FENhance 1 and 2 RMS studies and the Phase III FENtrepid PPMS study.^1,2

“People living with multiple sclerosis need treatments that go beyond controlling relapses to help preserve function and independence as the disease progresses,” said Levi Garraway, M.D., Ph.D., Roche’s Chief Medical Officer and Head of Global Product Development. “Three Phase III studies have demonstrated the potential for fenebrutinib to address both relapsing and progressive disease, thereby bringing us closer to an oral treatment that could make a meaningful difference across the MS spectrum.”

“Ocrevus transformed how we treat MS, helping more than 525,000 people live a life less defined by their disease. Yet, over a third of all people with MS still receive lower-efficacy treatment,” said Teresa Graham, Roche’s Chief Executive Officer, Pharma. “If approved, fenebrutinib could open a new chapter as the first high-efficacy oral therapy for both relapsing and primary progressive MS, helping to control disease activity while giving people more flexibility and choice.”

Concurrently addressing the life-disrupting relapses and long-term disease progression – the slow, steady loss of physical and mental abilities over time – remains one of the greatest challenges in MS.⁴ Fenebrutinib is designed to act throughout the body and to cross the blood-brain barrier into the central nervous system to target both the acute inflammation that causes relapses and the chronic inflammation that is thought to drive disability progression.^1,2

The NDA for fenebrutinib is supported by three positive Phase III studies:

• The FENhance 1 and 2 RMS studies showed that fenebrutinib significantly reduced relapses and both active and chronic brain lesions compared with standard of care, teriflunomide. Fenebrutinib reduced the annualised relapse rate (ARR) by 51.1% (p<0.001) in FENhance 1 and 58.5% (p<0.00001) in FENhance 2 compared with teriflunomide over 96 weeks. This equates to patients having approximately one relapse every 17 years, which is the lowest relapse rate seen in Phase III MS studies. In addition, measures of disability progression, including 12-week composite confirmed disability progression (cCDP12), showed consistent positive trends favouring fenebrutinib over teriflunomide.¹
• The FENtrepid PPMS study showed fenebrutinib met its primary endpoint of non-inferiority compared with Ocrevus® (ocrelizumab), the current standard of care and only approved medicine for PPMS, in reducing disability progression. Fenebrutinib numerically reduced the risk of progression by 12% compared to Ocrevus, as measured by the time to onset of cCDP12 (hazard ratio [HR] 0.88; 95% confidence interval [CI]: 0.75, 1.03), with curves separating as early as 24 weeks. A consistent treatment effect on disability progression was observed across patient subgroups, including those without active inflammation, and for the entire treatment duration after 24 weeks.²

The overall rate of serious adverse events for fenebrutinib and teriflunomide, respectively, was 9% and 9% in FENhance 1 and 11% and 6% in FENhance 2. The overall rate of serious adverse events in FENtrepid was 19% for fenebrutinib and 19% for Ocrevus. Liver enzyme elevations were comparable between the fenebrutinib and teriflunomide arms in the RMS studies and observed more often with fenebrutinib compared to Ocrevus in the PPMS study. While an imbalance in reported fatalities was observed across the three pivotal studies, the deaths occurred at different timepoints and had various causes.^1,2 Overall, fenebrutinib has shown a manageable safety profile across the three Phase III trials and earlier studies, with a large safety database including more than 2,700 study participants.^1,2,5

About fenebrutinib
Fenebrutinib is an investigational oral, central nervous system (CNS)-penetrant, reversible and non-covalent Bruton’s tyrosine kinase (BTK) inhibitor with an optimised pharmacokinetics (PK) profile. Fenebrutinib can act throughout the body and also cross the blood-brain barrier into the CNS to target chronic inflammation. It is uniquely designed to target relapsing and progressive biology by inhibiting cells in the immune system known as B cells and microglia. Targeting B cells helps control the acute inflammation that causes relapses, while targeting microglia inside the brain addresses the chronic damage that is thought to drive long-term disability progression.

While most current BTK inhibitors are covalent and irreversible, meaning they form a permanent chemical bond with the enzyme, fenebrutinib is non-covalent and reversible, meaning it binds and then eventually releases the enzyme.

About multiple sclerosis
Multiple sclerosis is a chronic disease that affects more than 3 million people worldwide. People with all forms of multiple sclerosis experience disease progression from the beginning of their disease. Therefore, an important goal of treating multiple sclerosis is to slow, stop and ideally prevent progression as early as possible.

Approximately 85% of people with multiple sclerosis are initially diagnosed with relapsing-remitting multiple sclerosis (RRMS). Relapsing forms of the disease (RMS) include RRMS and active secondary progressive MS, and people with RMS experience relapses and worsening disability over time. Primary progressive multiple sclerosis (PPMS) is a debilitating form of the disease marked by steadily worsening symptoms but typically without distinct relapses or periods of remission. Approximately 15% of people with multiple sclerosis are diagnosed with the primary progressive form of the disease. Until the FDA approval of Ocrevus^®, there had been no FDA-approved treatments for PPMS, and Ocrevus is still the only approved treatment for PPMS.

About Roche in Neurology
Neurology is a major focus of research and development at Roche. Our goal is to pursue groundbreaking science to develop new diagnostics and treatments that help improve the lives of people with chronic and potentially devastating diseases globally.

Roche is investigating more than a dozen medicines for neurological conditions, including multiple sclerosis, spinal muscular atrophy, neuromyelitis optica spectrum disorder, Alzheimer’s disease, Huntington’s disease, Parkinson’s disease and Duchenne muscular dystrophy. Roche Diagnostics has developed a broad range of approved and investigational tools, including digital and blood-based tests and cerebrospinal fluid (CSF) assays, aiming to more effectively detect, diagnose and monitor neurological conditions. Together with our partners, we are committed to pushing the boundaries of scientific understanding to solve some of the most difficult challenges in neurology today.

About Roche
Roche (SIX: RO, ROP; OTCQX: RHHBY) is a healthcare company uniquely placed to prevent, stop and cure diseases by uniting leading science and technology across diagnostics, medicines and digital solutions.
Roche was founded in Basel, Switzerland in 1896 and today is a leading provider of transformative medicines and diagnostics for millions of people in over 150 countries around the world. It is dedicated to tackling healthcare challenges that place the greatest strain on patients, families, communities and healthcare systems. Across its Diagnostics and Pharmaceutical divisions, Roche focuses on areas including oncology, neurology, cardiovascular and metabolic diseases, ophthalmology, infectious diseases and immunology with the aim of providing real and positive change for patients, the people they love and the professionals who care for them.

Genentech in the United States is a fully owned subsidiary in the Roche Group. Roche is the majority shareholder in Chugai Pharmaceutical, a major innovator in the Japanese therapeutic antibody market.

For more information, please visit www.roche.com.

All trademarks used or mentioned in this release are protected by law.

References
[1] Oh J, et al. Efficacy and Safety of Fenebrutinib vs Teriflunomide in Relapsing Multiple Sclerosis: Results of the FENhance 1 and 2 Studies. Presented at: 2026 American Academy of Neurology (AAN) Annual Meeting; April 21, 2026; Chicago, IL, USA, and virtual.
[2] Bar-Or A, et al. Efficacy and Safety of Fenebrutinib vs Ocrelizumab in Primary Progressive Multiple Sclerosis: Primary Results of the Phase III FENtrepid Study. Presented at: Americas Committee for Treatment and Research in Multiple Sclerosis (ACTRIMS) Forum 2026; February 7, 2026; San Diego, CA, USA, and virtual.
[3] MS International Federation. Atlas of MS. [Internet; cited September 2026]. Available from: https://atlasofms.org/map/global/epidemiology/number-of-people-with-ms 
[4] Bittner S, Zipp F. Progression in multiple sclerosis – a long-term problem. Curr Opin Neurol. 2022;35(3):293-298. doi:10.1097/WCO.0000000000001044
[5] Bar-Or A, Dufek M, Budincevic H, et al. Safety and efficacy of fenebrutinib in relapsing multiple sclerosis (FENopta): a multicentre, double-blind, randomised, placebo-controlled, phase 2 trial and open-label extension study. Lancet Neurol. 2025;24(8):656-666. doi:10.1016/S1474-4422(25)00174-7

Roche Global Media Relations
Phone: +41 61 688 88 88 / e-mail: media.relations@roche.com

Tristan Schmitz Phone: +41 79 529 70 35	Lorena Corfas Phone: +41 79 568 24 95
Simon Goldsborough Phone: +44 797 32 72 915	Karsten Kleine Phone: +41 79 461 86 83
Kirti Pandey Phone: +41 79 398 38 53	Yvette Petillon Phone: +41 79 961 92 50
Irène Stephan Phone:  +41 79 377 83 75	Albert Thottiyil Phone: +41 79 775 66 12

Roche Investor Relations

Dr Bruno Eschli Phone: +41 61 68-75284 e-mail: bruno.eschli@roche.com	Dr Sabine Borngräber Phone: +41 61 68-88027 e-mail: sabine.borngraeber@roche.com
Dr Birgit Masjost Phone: +41 61 68-84814 e-mail: birgit.masjost@roche.com

Investor Relations North America

Loren Kalm Phone: +1 650 225 3217 e-mail: kalm.loren@gene.com

Attachment

• Media & Investor Release Fenebrutinib FDA Filing English

Ad hoc announcement pursuant to Art. 53 LR.

A conference call will be held on September 30, 2026, at 14:00 CEST / 13:00 BST / 08:00 EDT.
Details are at the end of this news release

Strong momentum and expanding global access position AGAMREE® for continued growth

Pratteln, Switzerland, September 30, 2026 – Santhera Pharmaceuticals (SIX: SANN) announces the Company’s financial results for the six months ended June 30, 2026.

Orlando Oliveira, CEO of Santhera said: “We made strong progress in the first half of 2026, with growing commercial momentum for AGAMREE® and significant advances in patient access globally. In Europe, pricing and reimbursement agreements in Spain and Italy mean that AGAMREE® is now commercially available in four of the five major EU markets, while our agreement with Nxera significantly expands our reach across key APAC territories. Importantly, the long-term data presented in March further reinforced AGAMREE®’s differentiated profile in DMD and has supported increased physician adoption. With our partners also continuing to rapidly expand access across their territories, AGAMREE® is reaching a growing number of patients worldwide, positioning us well to build on this momentum through the remainder of 2026 and beyond.”

Operational Highlights (Including post period events)

• Four of five major EU markets now commercially launched: Pricing and reimbursement agreements were secured in Spain and Italy during the first half of 2026, adding to continued strong commercial momentum in Germany and the UK.
• Strategic APAC licensing agreement signed with Nxera: Exclusive licensing agreement for Japan, South Korea, Australia and New Zealand valued at up to USD 215 million plus royalties, including USD 30 million in cash and a USD 10 million equity investment in Santhera.
• Continued progress across mid-sized direct European markets: Swissmedic approved AGAMREE® in Switzerland in January 2026, while pricing and reimbursement was agreed in Luxembourg in August, marking the first Benelux market to secure reimbursement.
• Distributor markets continue to expand: Santhera expanded its agreement with Biomedica to include Georgia, Kazakhstan, Belarus, Azerbaijan and Uzbekistan, while Genesis secured marketing authorization for AGAMREE® in Serbia in September, further expanding patient access across its territories.
• Long-term data further reinforce AGAMREE®’s differentiated profile: Data from up to eight years of AGAMREE® treatment, including baseline results from the ongoing Phase 4 GUARDIAN study, were presented at MDA in March 2026, demonstrating comparable long-term effectiveness to standard-of-care corticosteroids alongside clinically meaningful safety advantages.
• Additional data and label expansion support continued growth and positioning: CHMP adopted a positive opinion recommending extension of AGAMREE®’s EU authorization to patients from two years of age, while emerging real-world experience from a case series in adult, non-ambulatory DMD patients presented at ICNMD showed stabilization or improvement in upper-limb function in this patient population.
• Executive and Board Changes: Orlando Oliveira was appointed CEO in July, Marc Clausse joined as Chief Commercial Officer in June, and Dr. Srishti Gupta was elected to Santhera’s Board in May.

Financial Highlights

• Total revenue increased 101% to CHF 48.3 million (H1 2025: CHF 24.0 million), driven by strong growth in product sales and income recognized from the Nxera licensing agreement.
• Product sales increased 48% to CHF 17.2 million (H1 2025: CHF 11.6 million), reflecting continued strong growth across Santhera’s launched markets.
• Royalties and milestones increased to CHF 29.1 million (H1 2025: CHF 6.5 million), primarily driven by the USD 30 million (CHF 24.2 million) cash upfront payment received under the Nxera licensing agreement.
• Revenue from the supply of products and services to partners decreased, as expected, to CHF 2.1 million (H1 2025: CHF 5.9 million), primarily reflecting Catalyst’s transition to direct sourcing.
• Global AGAMREE® sales, including partner sales, exceeded USD 175 million on a four-consecutive-quarter basis in Q2 2026, triggering a USD 20 million (CHF 16.3 million) sales milestone payment obligation, recognized in cost of sales.
• Operating expenses decreased 8.4% to CHF 25.0 million (H1 2025: CHF 27.3 million), primarily due to lower development costs.
• Operating loss narrowed significantly to CHF 6.6 million (H1 2025: CHF 35.4 million).
• Cash and cash equivalents increased to CHF 41.8 million at June 30, 2026, compared with CHF 22.4 million at December 31, 2025.
• Full-year 2026 guidance maintained, with total revenue expected to be in the range of CHF 80–90 million.
• Cash and cash equivalents: While cash is expected to remain broadly stable at 30 September levels through the end of the year, the movement of inventory purchases into Q1 2027, combined with a mandatory German price reduction effective from Q1 2027, is expected to result in a decline in cash during H1 2027, before the Company returns to cash generation in the second half of the year. This change in the cash profile, however, will not require the Company to seek any additional funding.

Half Year Report
The Santhera Half Year Report 2026 (English only) is available for download on the Company’s website at www.santhera.com/financial-reports.

Analyst Briefing
Santhera’s management team will be hosting a briefing for analysts and investors via a webcast at 14:00 CEST (08:00 EDT) on 30 September 2026.

Register here: https://www.investormeetcompany.com/santhera-pharmaceuticals-holding-ag/register-investor

A recording of the webcast and the results presentation will be made available on the website following the event.

About Santhera
Santhera Pharmaceuticals (SIX: SANN) is a Swiss specialty pharmaceutical company focused on the development and commercialization of innovative medicines for rare neuromuscular diseases with high unmet medical need. The Company has an exclusive license from ReveraGen for all indications worldwide to AGAMREE® (vamorolone), a dissociative corticosteroid with a novel mode of action, which was investigated in a pivotal study in patients with Duchenne muscular dystrophy (DMD) as an alternative to standard corticosteroids. AGAMREE® for the treatment of DMD is approved in the U.S. by the Food and Drug Administration (FDA), in the EU by the European Commission (EC), in the UK by the Medicines and Healthcare products Regulatory Agency (MHRA), in Switzerland by Swissmedic, in China by the National Medical Products Administration (NMPA), in Hong Kong by the Department of Health (DoH) and in Canada by Health Canada. Santhera has out-licensed the rights to AGAMREE® as follows: to Catalyst Pharmaceuticals for North America; to Sperogenix Therapeutics for China and certain countries in Southeast Asia; and to Nxera Pharma for Japan, South Korea, Australia, and New Zealand. For further information, please visit www.santhera.com.

AGAMREE® is a trademark of Santhera Pharmaceuticals.

For further information, please contact:

Santhera
Catherine Isted, Chief Financial Officer:   IR@santhera.com

ICR Healthcare:  Santhera@icrhealthcare.com

Stifel  +44 (0)20 7710 7600
Brough Ransom, Charles Hoare, Fred Walsh

Octavian +41 (0)44 520 1588
Serge Monnerat, Marius Zuberbuehler

Disclaimer / Forward-looking statements
This communication does not constitute an offer or invitation to subscribe for or purchase any securities of Santhera Pharmaceuticals Holding AG. This publication may contain certain forward-looking statements concerning the Company and its business. Such statements involve certain risks, uncertainties and other factors which could cause the actual results, financial condition, performance or achievements of the Company to be materially different from those expressed or implied by such statements. Readers should therefore not place undue reliance on these statements, particularly not in connection with any contract or investment decision. The Company disclaims any obligation to update these forward-looking statements.

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Business Review

Introduction
Santhera continued to make strong progress in the first half of 2026, driven by the expanding commercial rollout of AGAMREE® and increasing patient access across both direct and partner markets. Commercial momentum remained strong in Germany and the UK, while pricing and reimbursement agreements in Spain and Italy expanded availability to four of the five major European markets. Beyond Santhera’s direct territories, the Nxera licensing agreement significantly extended AGAMREE®’s commercial reach in APAC, while partners continued to advance access across the US, China and distributor markets. This commercial progress was complemented by new long-term and real-world data further supporting AGAMREE®’s differentiated profile and its potential across a broader DMD patient population.

Advancing the rollout of AGAMREE® in Santhera’s Major EU Direct markets

Commercial uptake of AGAMREE® continued to build across Santhera’s established European markets during the first half of 2026. In Germany, Santhera’s largest market, demand remained strong, with volumes in H1 2026 increasing by more than 50% compared with H1 2025. While the price per bottle decreased to EUR 3,001 in January 2026 from EUR 3,612, reflecting a one-time, pre-agreed price adjustment at the time of initial pricing and reimbursement in early 2025, strong volume growth has more than offset this impact.

In the UK, following launch in Q2 2025, uptake continued to progress, supported by increasing systematic adoption across specialist DMD centres and benefitting from updated treatment guidelines and improved access initiatives, including home delivery programs. The publication of the long-term data in March 2026, combined with the access initiatives described above, contributed to orders increasing by more than 40% in Q2 2026 compared with the previous quarter.

Significant progress was also made in two of Santhera’s largest remaining direct European markets, Spain and Italy, with pricing and reimbursement agreed in both countries during the first half of the year. In Spain, AGAMREE® has been available through a named-patient program since mid-2024. In February 2026, AGAMREE® was proposed for inclusion in Spain’s National Health System, and the launch commenced in Q2. As part of the agreement with the Spanish National Health System and to accelerate patient access to therapy, Santhera provided product free of charge during Q2, with the full commercial sales commencing in July.

In Italy, following submission of the long-term data, pricing and reimbursement was agreed in late Q2, with first commercial sales also in July.

With AGAMREE® now commercially available in four of the five major EU markets, attention is increasingly focused on France. As previously indicated, the French reimbursement process is expected to take longer and will require a full resubmission, this will however benefit from the new positive data that has become available. A commercial launch is therefore not currently expected before 2028, although Santhera is exploring potential routes to accelerate access for French patients.

Continued progress in other mid-sized direct EU markets

Santhera made further progress on regulatory and reimbursement milestones across its direct European markets during the period. In January 2026, Swissmedic approved AGAMREE® for the treatment of DMD in patients aged 4 and older, and post period in August 2026, pricing and reimbursement was agreed in Luxembourg, marking the first Benelux approval.

Santhera continues to engage with pricing and reimbursement authorities across the other Benelux countries, the Nordics, Portugal, Switzerland and Ireland. Santhera remains focused on achieving pricing that appropriately reflects AGAMREE®’s value and is consistent with established major European markets. The Company is also evaluating alternative access pathways where available.

Distributor Market – Strong momentum across multiple markets
Since July 2024, Santhera has worked closely with Genesis Pharma to advance the phased rollout of AGAMREE® across Central and Eastern European markets where Santhera does not sell directly. In September, they secured Marketing Authorization in Serbia, representing a key milestone in the continued expansion of AGAMREE® access beyond the EU. Through Genesis Pharma AGAMREE® is to date available through various market access pathways in Greece, Cyprus, Malta, the Czech Republic, Poland, Romania, Hungary, Bulgaria, Slovenia, Croatia, Lithuania, and Estonia, with the team looking to expand this further.

Commercial momentum across Santhera’s distributor markets continued to strengthen during the period, with Genesis and Megapharm delivering strong sales growth alongside increasing contributions from other distribution partners. In July 2026, Santhera further expanded its distribution agreement with Biomedica to include Georgia, Kazakhstan, Belarus, Azerbaijan and Uzbekistan, extending potential access to AGAMREE® to an estimated 2,000 additional DMD patients across Central Asia and the Caucasus.

Strategic APAC partnership with Nxera
In January 2026, Santhera entered into an exclusive licensing agreement with Nxera Pharma for the development, manufacturing and commercialization of AGAMREE® in Japan, South Korea, Australia and New Zealand. The agreement is valued at up to USD 215 million plus royalties and included a USD 40 million upfront payment, comprising USD 30 million in cash and a USD 10 million equity investment in Santhera at a 20% premium to the 30-day VWAP prior to the day of announcement. Santhera is also eligible to receive double-digit tiered royalties on net sales in the licensed territories.

The partnership significantly expands AGAMREE®’s commercial reach across the APAC region. In June 2026, AGAMREE® was granted ODD and GIFT designations by South Korea’s Ministry of Food and Drug Safety, supporting an accelerated regulatory pathway in the country.

Separately, Nxera has indicated it plans to file for regulatory approval for AGAMREE® in Japan in the second half of 2027 and to extend AGAMREE® into three additional rare disease indications, including Fukuyama congenital muscular dystrophy, pediatric nephrotic syndrome and juvenile dermatomyositis.

Continued strong momentum with US partner Catalyst, now part of Angelini Pharma
AGAMREE® continued to deliver strong commercial growth in the US during the first half of 2026. Santhera’s US partner Catalyst Pharmaceuticals reported AGAMREE® net product revenue of USD 36.7 million in Q1 2026, compared with USD 22.0 million in Q1 2025. Prior to its acquisition by Angelini Pharma, Catalyst had guided to FY 2026 AGAMREE® net product revenue of USD 140–150 million and reported that 90% of DMD Centers of Excellence had started using AGAMREE® for their patients.

In May 2026, Angelini Pharma S.p.A. announced an agreement to acquire Catalyst for approximately USD 4.1 billion, with the transaction completing on July 16, 2026. The acquisition established Angelini Pharma’s presence in rare diseases and created a commercial presence in the US.

In June 2026, Catalyst also reported results from a Phase 1 clinical study suggesting that AGAMREE® delivers glucocorticoid and anti-inflammatory activity while avoiding significant immunosuppressive effects at approved dosing, supporting its potential evaluation across a broader range of chronic inflammatory rare diseases.

Since mid-2025, Catalyst has held the license to manufacture AGAMREE® for North America and has established its own drug product manufacturing capabilities to serve the territory. Following the transition to direct sourcing, Santhera does not expect to generate further product sales to its North American partner from Q1 2026 onwards, while continuing to benefit from royalties, potential milestone and service related payments under the licensing agreement.

Sperogenix advancing AGAMREE® access in China
In China, Santhera’s partner Sperogenix continued its non-reimbursed commercial rollout of AGAMREE®, following its launch in September 2025. Patient numbers continue to grow, with more than 1000 patients treated to date. Product sales to Sperogenix are expected to be significantly higher in the second half of the year, following the shipment of a larger number of batches in Q3.

China represents a significant long-term growth opportunity, with ongoing efforts focused on expanding access, preparing for potential inclusion in national reimbursement frameworks, and discussing technology transfer to potentially enable local manufacturing from 2028.

Continued positive data on AGAMREE® drives sales growth and label extension
In March 2026, Santhera presented long-term real-world comparative analyses, including baseline data from the ongoing Phase 4 GUARDIAN study, at the Muscular Dystrophy Association (MDA) Clinical & Scientific Conference in Orlando, Florida. The dataset included up to eight years of AGAMREE® exposure, with a median treatment duration of approximately five years, compared with a propensity-matched historical cohort treated with deflazacort or prednisone.

The analyses demonstrated comparable long-term effectiveness to classic corticosteroids based on time to loss of ambulation, alongside a markedly improved safety profile, including significantly fewer vertebral fractures and cataracts, and maintenance of normal growth. No new safety signals were identified. The prospective GUARDIAN study will continue to generate additional long-term data over the coming years.

Additionally at the International Congress on Neuromuscular Diseases (ICNMD) in July 2026, investigators from centres in Munich, Germany and Vienna, Austria presented in a case series, the first real-world experience of AGAMREE® in adults with DMD. The retrospective analysis covered 25 adult patients, with a median age of 23 years, all of whom had been non-ambulatory for a median of more than ten years prior to starting treatment. Nineteen patients had previously received a corticosteroid, including 11 who had discontinued treatment before starting on AGAMREE®; the remaining six patients were corticosteroid-naïve.

In the subset of thirteen patients assessed for upper-limb function, eight showed stabilization or improvement. In addition, patients with pre-existing corticosteroid-related side effects, including obesity and Cushingoid features, showed reduced or resolved symptoms on AGAMREE®, with no new safety signals reported at last follow-up. These findings support current guideline recommendations on the potential role of continued corticosteroid treatment beyond loss of ambulation and highlight opportunities for further evidence generation in adult DMD.

In April 2026, the CHMP adopted a positive opinion recommending extension of AGAMREE®’s EU marketing authorization to include patients from 2 years of age.

Executive and Board changes
Santhera continued to evolve its leadership and governance during the period. In April 2026, the Company announced a planned CEO transition, with Orlando Oliveira appointed as Chief Executive Officer effective July 15, 2026, succeeding Dario Eklund. In March 2026, the Company announced the appointment of Marc Clausse as Chief Commercial Officer, effective June 1, 2026, succeeding Geert Jan van Daal, who retired after 11 years with the Company.

Dr. Srishti Gupta was elected to the Board at the Annual General Meeting on May 26, 2026, where shareholders approved all Board proposals, including the re-election of Thomas Meier as Chairman.

Financial Guidance and Outlook
Revenue guidance remains unchanged, with total revenue expected to be in the range of CHF 80–90 million. Within this, product sales are expected to grow by more than 50%, while royalty income from Catalyst and Sperogenix is expected to increase year-on-year. However, royalty income from Catalyst will lag underlying US sales growth due to a step-down in the royalty rate applicable to the first USD 100 million of US sales following the initial 24-month post-launch period.

Milestone income is expected to exceed 2025 levels, driven primarily by the USD 30 million upfront payment from Nxera. Additional sales milestones may be achieved during 2026; however, these are not currently included in revenue guidance, pending greater visibility on the commercial performance of licensing partners during the second half of the year.

Revenue from product supply and services is expected to decline significantly compared with 2025. Increased supply volumes to China will not fully offset the reduction in US product sales following Catalyst’s transition to direct sourcing from Q1 2026. However, revenue from product supply and services is expected to be significantly higher in the second half than in the first half of the year, following a sizeable number of shipments to Sperogenix in Q3.

Operating expenses are expected to remain within the previously guided range of CHF 50–55 million.

Following the commercial launches in Spain and Italy in July 2026, a one-off USD 20 million non-sales-related milestone linked to the third commercial launch in a major European market became payable to ReveraGen and R-Bridge, which had previously assumed the former Idorsia milestone rights. The milestone has been recorded within cost of sales (COS). Approximately 75% of the payment was made in Q3, with the remainder to be paid in line with corresponding cash inflows.

Cash is expected to remain broadly stable at 30 September levels through the end of the year. The movement of inventory purchases into Q1 2027, combined with a new mandatory government-imposed pricing discount in Germany effective from Q1 2027, is expected to result in a decline in cash during H1 2027, before the Company returns to cash generation in the second half of the year. This change in the cash profile, however, will not require the Company to seek additional funding.

Santhera reiterates its mid-term outlook for total revenue, excluding milestones, of approximately CHF 140 million (previously communicated as EUR 150 million) in 2028 and extends this outlook to 2030, targeting approximately CHF 250 million.

Financial Review

Net Revenue
In the first half of 2026, Santhera reported revenue from contracts with customers of CHF 48.3 million (H1 2025: CHF 24.0 million) driven by continued sales growth in launched markets and the upfront milestone received under the exclusive license and collaboration agreement signed with Nxera Pharma UK Ltd. for AGAMREE® in Japan, South Korea, Australia and New Zealand. Product sales amounted to CHF 17.2 million following the continued success of AGAMREE® in large markets such as Germany and the UK (H1 2025: CHF 11.6 million). Royalties and net sales to licensing partners decreased to CHF 4.8 million and CHF 2.0 million (H1 2025: CHF 5.4 million and CHF 5.7 million), driven primarily by Catalyst’s transition to direct sourcing as well as a decrease in royalty rates per the contract. Milestone income increased to CHF 24.3 million during the period, compared with CHF 0.9 million in H1 2025, following the closing of the exclusive license and collaboration agreement with Nxera Pharma UK Ltd.

Cost of sales
Cost of sales decreased to CHF 30.0 million (H1 2025: CHF 32.1 million). The decrease was driven by a decrease in milestone expense recognized during the period. During the first half of 2026, the Company recognized a sales milestone payment obligation to ReveraGen of USD 20 million (CHF 16.3 million) for global sales reaching in excess of USD 175 million on a four consecutive quarters basis. This compared to USD 25 million (CHF 20.3 million) in the prior-year period. As with previous sales milestones, while the milestone is recognized at the time it is achieved, it has been agreed that it will be paid in line with cashflow generation. Cost of sales for the six months also included non-cash intangible amortization of CHF 2.5 million (H1 2025: CHF 2.5 million) and royalties payable of CHF 5.4 million (H1 2025: CHF 3.7 million).

Operating expenses and result
Operating expenses of CHF 25.0 million (H1 2025: CHF 27.3 million) decreased from the prior year driven by the continued overall decrease in development expenses as the product moves further into the commercialization process.

Development expenses amounted to CHF 9.9 million (H1 2025: CHF 11.7 million). The decrease of -15% was driven by the completion of longer-term studies and certain CMC (chemistry, manufacturing, and controls) development activities coming to a close in the prior year.

Marketing and sales expenses were CHF 6.2 million (H1 2025: CHF 6.8 million), while general and administrative expenses amounted to CHF 8.9 million (H1 2025: CHF 8.8 million). Both remaining largely consistent to support the commercialization of AGAMREE®.

The operating result amounted to a CHF -6.6 million loss (H1 2025: CHF -35.4 million loss).

Financial income and expenses
Financial income amounted to CHF 6.3 million (H1 2025: CHF 8.1 million). The decrease was predominantly related to a lower gain in the fair value of financial instruments.

Financial expenses were CHF 21.2 million (H1 2025: CHF 11.4 million), primarily due to higher interest expenses as well as an increase in the change in fair value of derivatives.

Overall, this resulted in a net financial expense of CHF -14.9 million, compared with CHF -3.3 million in H1 2025.

Net result
The net result in H1 2026 was a loss of CHF -21.5 million, compared to a loss of CHF -38.8 million in H1 2025. The improvement was mainly driven by the upfront payment received upon signing the exclusive license and collaboration agreement with Nxera for AGAMREE® in Japan, South Korea, Australia and New Zealand, partially offset by the one-time USD 20 million (CHF 16.3 million) milestone payable and higher financial expenses.

Cash balance and cash flows
As of June 30, 2026, the Company had cash and cash equivalents of CHF 41.8 million compared with CHF 22.4 million as of December 31, 2025. This represents an increase of CHF 19.4 million (H1 2025: decrease of CHF -22.5 million).

Net cash flow from operating activities amounted to CHF 14.8 million (H1 2025: net cash outflow of CHF -20.6 million).

Net cash flow from financing activities amounted to CHF 4.1 million (H1 2025: net cash outflow of CHF -1.6 million).

Assets and liabilities
Intangible assets decreased by CHF -2.5 million to CHF 61.4 million, reflecting amortization in the period.

Total assets decreased by CHF -0.9 million to CHF 147.2 million. This is a result of a CHF 19.4 million increase in cash, offset by a decrease of trade receivables.

Total liabilities decreased by CHF -6.5 million to CHF 153.4 million driven primarily by the conversions of the convertible bond as well as payments of the Company’s outstanding debt balances.

Shareholders’ equity
Total consolidated equity as of June 30, 2026, was CHF -6.2 million compared to CHF -11.8 million as of December 31, 2025.

Share capital, treasury shares and warrants
As of June 30, 2026, issued share capital consisted of 15,642,856 shares with a total nominal value of CHF 1,564,285.60 (nominal value CHF 0.10 per share), and the Company held 639,204 treasury shares with total nominal value of CHF 63,920.40 for future equity-based financings. The Company also had 695,044 warrants in issue, comprising 236,540 at a strike price of CHF 11.0975, expiring August 12, 2029 and 458,504 at a strike price of CHF 20, which expired September 22,2026

Interim Consolidated Balance Sheet

In CHF thousands			Jun 30, 2026		Dec 31, 2025
			(unaudited)		(restated)
Assets
Tangible assets			1,698		2,010
Intangible assets			61,428		63,935
Financial assets long-term			319		315
Noncurrent deferred loss on financial instruments			227		1,584
Noncurrent assets			63,672		67,844
Current deferred loss on financial instruments			4,445		6,315
Prepaid expenses			1,228		580
Inventories			24,636		24,868
Trade and other receivables			11,483		26,038
Cash and cash equivalents			41,769		22,440
Current assets			83,561		80,241
Total assets			147,233		148,085
Equity and liabilities
Share capital			1,564		1,402
Capital reserves and share premium			678,844		651,963
Accumulated losses			(685,455)		(663,929)
Employee benefit reserve			(898)		(1,017)
Treasury shares			(64)		(62)
Translation differences			(164)		(173)
Total equity			(6,173)		(11,816)
Noncurrent payables			23,727		7,616
Noncurrent term loans			29,158		30,029
Noncurrent royalty purchase agreements			40,441		39,934
Noncurrent derivative financial instruments			1,212		1,532
Noncurrent lease liabilities			1,091		1,369
Noncurrent contract liabilities			2,899		3,156
Pension liabilities			6,554		6,516
Noncurrent liabilities, restated			105,082		90,152
Trade and other payables			7,032		18,005
Accrued expenses			13,132		19,404
Income tax payable			1,074		893
Current term loans			3,452		2,704
Current royalty purchase agreements			4,961		7,153
Current lease liabilities			558		588
Current convertible bonds			7,016		14,259
Current contract liabilities			6,241		139
Current derivative financial instruments			2,807		4,874
Current warrant financial instruments			2,051		1,730
Current liabilities, restated			48,324		69,749
Total liabilities			153,406		159,901
Total equity and liabilities			147,233		148,085

Interim Consolidated Income Statement

In CHF thousands (except per share data)			Six months ended June 30,
			2026		2025
			(unaudited)		(unaudited)
Net sales			17,156		11,577
Revenue from outlicensing transactions			29,103		6,548
Net sales to licensing partners			2,071		5,888
Revenue from contracts with customers			48,330		24,013
Cost of sales			(30,017)		(32,123)
Of which amortization intangible assets			(2,491)		(2,491)
Of which royalties payable			(5,405)		(3,728)
Of which milestones payable			(17,958)		(20,337)
Other operating income			132		–
Development			(9,914)		(11,693)
Marketing and sales			(6,227)		(6,804)
General and administrative			(8,868)		(8,837)
Operating expenses			(25,007)		(27,334)
Operating result			(6,562)		(35,444)
Financial income			6,260		8,116
Financial expenses			(21,193)		(11,429)
Result before taxes			(21,495)		(38,757)
Income taxes			(31)		(75)
Net result			(21,526)		(38,832)
Basic and diluted net result per share (in CHF)			(1.50)		(3.04)

Interim Consolidated Statement of Cash Flows

In CHF thousands			Six months ended June 30,
			2026		2025
			(unaudited)		(unaudited)
Result before taxes			(21,495)		(38,757)
Depreciation of tangible assets			350		331
Amortization of intangible assets			2,507		2,507
Share-based compensation			1,945		2,335
Change in fair value of financial instruments, net			3,543		(4,052)
Change in pension liabilities			157		428
Change in contract liabilities			5,945		(42)
Change in net working capital			13,186		14,211
Financial result net of change in fair value of financial instruments			10,632		4,408
Interest received			–		355
Interest paid			(1,945)		(2,322)
Net cash flow from/(used in) operating activities			14,825		(20,598)
Investments in tangible assets			(38)		(71)
Net cash flow from/(used in) investing activities			(42)		(71)
Proceeds from shares sold through private placements			8,080		–
Proceeds from exercise of equity rights			157		103
Repayments of royalty purchase liability			(1,379)		(1,430)
Repayments of term loan			(2,419)		–
Payment of lease liabilities			(308)		(290)
Net cash flow from/(used in) financing activities			4,131		(1,617)
Effects of exchange rate changes on cash and cash equivalents			415		(242)
Net increase/(decrease) in cash and cash equivalents			19,329		(22,528)
Cash and cash equivalents at January 1			22,440		40,925
Cash and cash equivalents at June 30			41,769		18,397