Slides
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Q2 2025
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The information in this presentation has been prepared by Lifecare (the “Company”). This presentation does not constitute a recommendation regarding any securities of the Company. By accepting to attend this presentation and/or receive this information, you agree to be bound by the following limitations andprovisions: This presentation has been prepared based on information available as of the date hereof. No representation or warranty (expressor implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, none of the Company, or any advisor or any such persons’ officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this presentation. Lifecare is a medical sensor company focused on the development and commercialization of its technology. Investing in companies at this stage carries inherent risks, including financial, operational, and market-related uncertainties . Potential investors are strongly advised to seek further guidance on the general risks associated with such investments, as well as the specific risks related to Lifecare. The information herein is subject to change, completion, supplements or amendments without notice. By relying on this presentation, you accept the risk that the presentation does notcover matters that could have been disclosed, have a more comprehensive investigation been carried out. The presentation is based on the economic, regulatory, market and other conditions as in effect on the date hereof and may contain certain forward-looking statements. By their nature, forward- looking statements involve risk and uncertainty because they reflect the Company’s current expectations and assumptions as tofuture events and circumstances that may not prove accurate. It should be understood that subsequent developments may affect the information contained in this document, which neither the Company nor its advisors are under an obligation to update, revise or affirm. This complete presentation is for informational purposes only and does not constitute an offer to sell shares in of the company. This presentation is not a prospectus, disclosure document or offering document and does not purport to be complete. This presentation has not been reviewed or approved by any regulatory authority or stock exchange. The (re)distribution of this presentation and/or any prospectus or other documentation into jurisdictions other than Norway may be restricted by law. This presentation does not constitute or form part of any offer orinvitation to sell or issue, or any solicitation of any offer to acquire any securities offered by any person in any jurisdiction in which such an offer or solicitation is unlawful. Neither this presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. Persons into whose possession this presentation comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such restrictions. The presentation and any purported liability in connection with it is subject to Norwegian law and is subject to the exclusive jurisdiction of the Norwegian courts. 2 Disclaimer
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Content About Lifecare Operational highlights F inancial review Operational review Outlook & Summary Q&A 3
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Lifecare represents high-growth MedTech opportunity Capital efficient path to commercialization ~ USD 5 billion addressable market Next-generation diabetes medtech Peak revenue potential of USD 1 billion + 2nd mover advantage, initial focus on Europe Near-term value inflection points 4
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Diabetes – an unresolved, growing global health crisis Diabetes is a chronic trillion-dollar health care challenge ~600 million people living with diabetes, of which 110 million need glucose monitoring Diabetes caused 3.4 million deaths in 2024 – 1 death every 6 seconds So urce: IDF Atlas, 11th edition 2025 Internatio nal Diabetes Federatio n 5
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CGMs have become the de facto standard for diabetes management – the future is “inject and forget” 6 Pin prick blood glucose monitoring Body-worn CGMs Lifecare seamless CGMs – inject and forget The past The present The future
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Existing CGM systems Dexcom, Medtronic, Abbott 7 – 15 days Body-worn patch Glucose oxidase Annual cost: $2.300 – 6.000 Calibration: up to 2 times/day dep. on model MARD <10%*: Yes The future of CGM: what sets Lifecare apart • Clinically accepted accuracy (“ Mean Ab solute Relative Differen ce” ) 7 First implantable Senseonics (Eversense) 365 days Small capsule Flourescence Annual cost: $6.000 Calibration: Yes MARD <10%*: Yes Lifecare current product Lifecare 180 days Small capsule Osmotic pressure Annual cost: ~ $4.000 (assumption) Calibration: No Lifecare - future Lifecare 550 days Grain of rice Osmotic pressure Annual cost: ~$4.000 (assumption) Calibration: No MARD <10%*: Yes MARD <10%*: Yes 7
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Focused, capital efficient path to commercialization 8 CE mark (human) Full launch (vet) Europe launch (human) US launch prep 2025 2026 2027 • In-vitro tests confirm efficacy of miniaturized sensors • Human study confirms accuracy with 9.6% MARD • Biocompatibility and longevity study with CGM reference validation Key developments to date Financing Production Partners Pre-CE study Initial launch (vet)
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Highlights Q2 2025 9 Achieved design freeze for first-in-human trials and veterinary launch Appointed Principal Investigator and trial sites for upcoming trial Supported funding through warrant exercise Filed for first-in-human trials, paving the way for CE mark Started preparations towards CE marking
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10 Financial review
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Profit & loss Operating expenses reflect focused investment in design freeze, trial preparations and CE-mark readiness 11 0 5 10 15 20 25 30 -40 -35 -30 -25 -20 -15 -10 -5 0 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Operating expenses (NOK million) Employee benefits expenses Other operating expenses Dep reciation and amor tization Number of employ ees (FTE) -25 0 1 0 2 -22 Operating P&L Q1 2025 Revenue and o ther income Employee benefits ex pense Dep reciation and amortiz ation Other operating ex penses Operating P&L Q2 2025 Operating profit/loss quarter on quarter (NOK million) Profit & loss (NOK 1 000) Q2 2025 Q1 2025 Q2 2024 YTD 2025 YTD 2024 Revenue and other income 7 4 6 439 12 6 850 Employee benefits expense -8 540 -9 526 -9 056 -18 066 -17 306 Depreciation and amortization -1 426 -1 502 -1 204 -2 928 -2 162 Other operating expenses -12 260 -13 992 -14 868 -26 253 -19 089 Total operating expenses -22 226 -25 020 -25 128 -47 246 -38 556 Operating profit/loss -22 218 -25 016 -18 689 -47 234 -31 706
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Cash flow • Secured NOK 17 million from warrant exercise in June, with net proceeds of NOK 16 million • R&D expenses of NOK 19 million according to plan • Other opex of NOK 5 million stable due to lean operational structure • Cash at quarter end of NOK 32 million • Net cash outflow of NOK 9 million in Q2 2025 12 41 16 -19 -5 -1 -0 32 Changes in cash (NOK million)
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Capital plan aligned with milestones (2H 2025-2027) 0 100 200 300 2025-2027 NOK million Capital use Production scale-up capex Regulatory trials R&D Opex • Capital use tied to clinical trials and CE-mark readiness • Funded mainly by equity, exploring additional funding sources • Revenue expected to contribute from 2027 13 0 100 200 300 2025-2027 NOK million Financing Equity Grants Strategic capital Revenue Illustrative company estimates outlinin g primary cash flo ws and financin g alternatives.
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Operational review
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Product development • Finalized product design,reaching a design freeze of implantable device. • Initial validation of the implant successfully completed. • First-in-human expected to be concluded in 2025. • Pivotal trial is expected to conclude in 2026. • Commercial launch of CGM device for use is planned in 2027. 15
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From dogs to first-in-human • Longevity study in dogs continues, providing confidence in the safety and functional stability of the device. • Plan to conduct trials in Norway and Germany in the second half of 2025. • Principal Investigator appointed. • Ethical approval to initiate first-in-human clinical trial, pending final approval to start trial. 16
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Towards fully regulated medical device • Started the process to achieve CE marking of our CGM system. • Implementing a solid QMS (based on fully traceable framework). • Regulatory compliance of electronics expected Q3 2025. 17
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18 Lifecare's implantable CGM
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Outlook & Summary
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Outlook 23 • Strategic focus on capital-efficient development with clear milestones in production, regulatory processes, and market entry. • Expect approval for first-in-human trials in Norway and Germany in Q3. • Anticipate achieving compliance with all relevant standards for CE marking of electronics in Q3. • Continue the ongoing longevity study in dogs. • First-in-human trial planned to start in H2 2025, followed by a CE marking study in 2026, with the goal of market launch in 2027. • Veterinary commercial launch planned before the human market to generate early revenue, gather user data, and reduce risk. • Capital required to finance next stages of development.
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Summary 24 • Implantables set to drive the next wave of CGM innovation • ~ USD 5 billion adressable market • Lifecare aims to offer the smallest, calibration free implantable • Peak revenue potential of USD 1 billion+ • Capital-efficient model and clear path to commercialization • Design freeze and first-in-human approval • Entering a decisive phase with accelerating progress • Additional capital to maintain momentum and fully capture upcoming milestones
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Q2 2025 report is available for download at lifecare.no/investor/reports-presentations/ Upcoming financial results Q3 2025: 12 November 2025