Page 1

Main Office : Loc . Bellaria , 35 - 53018 Sovicille ( SI ) , Italy e - mail : info@philogen.it - website : www.philogen.com Philogen innovating targeting • • • . • PHILOGEN S.p.A. THE BOARD OF DIRECTORS APPROVES THE HALF - YEARLY FINANCIAL REPORT AT 30 JUNE 2021 Revenues from contracts with customers amounting to € 1.548M ( € 2.308M at 30 June 2020 ) EBITDA of negative € 8.107M ( negative € 5.646M at 30 June 2020 ) EBIT of negative € 8.860M ( negative € 6.352M at 30 June 2020 ) Net loss of € 8.653M ( net loss of € 8.424M at 30 June 2020 ) Positive net financial position of € 96.077M compared to € 104.668M at 31 March 2021 ( € 44.238M at 31 December 2020 ) AT THE SAME MEETING , THE BOARD OF DIRECTORS RESOLVED , AMONG OTHER THINGS , TO : • Approved the regulations of the Stock Grant 2024-2026 incentive plan reserved for Group employees and implemented the plan • Assigned the performance objectives and defined the targets under the so - called management and objectives incentive plan for executive directors Siena ( Italy ) , 28 September 2021 - the Board of Directors of Philogen S.p.A. ( the " Company " or " Philogen " ) and , together with its Swiss subsidiary Philochem AG , ( the " Group " ) , which met today under the chairmanship of Dr. Duccio Neri , approved the condensed interim consolidated financial statements as of June 30 , 2021 . Dario Neri , CEO of Philogen , commented on the results for the year and the evolution of the business : " On March 3 , 2021 , we completed the process of listing Philogen on the Mercato Telematico Azionario organized and managed by Borsa Italiana S.p.A .. The transaction provided the Group with the financial resources necessary to execute its business plan . The results for the first half of 2021 continue to reflect the Group's change in strategy , already initiated in 2019 , to focus primarily on the clinical development of its two most advanced proprietary products : Nidlegy ™ and Fibromun . Development is proceeding according to the anticipated plans described in the prospectus . We expect to complete patient enrollment in the European Phase III clinical trial of Nidlegy ™ in melanoma by mid - 2022 . With respect to the two European clinical trials of Fibromun in newly diagnosed and second recurrence sarcoma , completion of recruitment of the respective patients is expected by the end of 2023. " CONSOLIDATED FINANCIAL STATEMENTS AT 30 JUNE 2021 The Group's total Revenues at 30 June 2021 amount to € 1,952 thousand and consist of : ( i ) Revenues from contracts with customers amounting to € 1,548 thousand , and ( ii ) Other income amounting to € 404 thousand . Compared to the same period of the previous year , there is a percentage decrease of 22.5 % which reflects the change in strategy , already initiated in 2019 , which has led the Group to focus mainly on the clinical development of the most advanced proprietary products ( Nidlegy ™ and Fibromun ) while continuing the development activities under the existing contracts . The change shows a decrease in revenues from contracts with customers of approximately Euro 760 thousand mainly due to the completion of some contracts during 2020 . Operating costs , amounting to € 10,059 thousand , show an increase of approximately 23.2 % compared to the period ended 30 June 2020. The change is mainly attributable to the extraordinary costs incurred in the first six months of 2021 related to the IPO process and partly to the operational and governance structure the company is setting up to execute its business plan . EBITDA decreased by 43.6 % compared to June 30 , 2020 , as a result of the above . Amortisation and depreciation , amounting to € 753 thousand , are in line with the previous period ( € 706 thousand at 30 June 2020 ) . PRESS RELEASE 1