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Interim report Q3 2025 We will make it possible for Alzheimer’s patients to live an independent and active life.
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Key figures from the period Highlights during the period • Profit/loss after financial items amounted to SEK -6,960 thousand (-4,152). • Cash flow for the period amounted to SEK -11,025 thousand (22,687). • Cash and cash equivalents at the end of the period amounted to SEK 485 thousand (27,674). Amounts in brackets: Corresponding period in previous year. ”the Company” or ” Alzinova” refers to Alzinova AB with corporate identity number: 556861-8168. The IND application submitted by Alzinova to the FDA on August 8, 2025, was approved. Fast Track is designed to facilitate the development and accelerate the review of drugs. Alzinova entered into loan agreements with two external lenders for short-term financing totaling SEK 11 million. THREE MONTHS, JULY–SEPTEMBER, 2025 Approved clinical trial (IND) from the FDA FDA granted Fast Track designation for ALZ-101 Short-term financing secured Significant events during the third quarter 2025 • Alzinova announced that it has submitted an Investigational New Drug (IND) application to the US Food and Drug Administration (FDA) for its planned Phase II study with ALZ-101. At the same time, Alzinova has also applied for Fast Track Designation (FTD) from the FDA. • Alzinova announced that the US Food and Drug Administration (FDA) has approved the company’s Investigational New Drug (IND) application for its planned Phase II clinical trial with the vaccine candidate ALZ-101 for Alzheimer’s disease. • Alzinova announced that the US Food and Drug Administration (FDA) has granted Fast Track status to the company’s vaccine candidate ALZ-101 for Alzheimer’s disease. • Alzinova announced that the company has entered into loan agreements with two external lenders for short-term financing totaling SEK 11 million. The loan agreement has been entered into to secure the company’s working capital requirements for its ongoing operations during the current financial year and into the first quarter of 2026. • Alzinova announced that two abstracts on the vaccine candidate ALZ-101 have been accepted for presentation at the Clinical Trials on Alzheimer’s Disease (CTAD) 2025, to be held December 1–4 in San Diego, USA. Significant events after the third quarter 2025 • Profit/loss after financial items amounted to SEK -20,375 thousand (-13,988). • Cash flow for the period amounted to SEK -15,011 thousand (5,649). • Cash and cash equivalents at the end of the period amounted to SEK 485 thousand (27,674). NINE MONTHS, JANUARY–SEPTEMBER, 2025 Summary Events CEO Comment About Alzinova Financial report Interim report Q3 2025 | Alzinova AB (publ) Interim report Q3 2025 | Alzinova AB (publ) 2 3 Summary Events CEO Comment About Alzinova Financial report
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vv Dear Shareholders, The third quarter of 2025 has been marked by important progress for Alzinova, both scientifically and strategically, as we continue advancing our lead vaccine candidate ALZ-101 toward the upcoming Phase II study. The U.S. Food and Drug Administration (FDA) has approved Alzinova’s Investigational New Drug (IND) application and granted Fast Track designation – decisions that confirm the quality of our scientific and regulatory work. Together, these milestones demonstrate that Alzinova is well positioned to advance ALZ-101 to the next clinical phase in the U.S., while also underscoring the FDA’s recognition of the program’s potential as a new disease-modifying treatment for Alzheimer’s disease, an area where the need for effective therapies remains substantial. Fast Track designation further enables more frequent interactions with the FDA and a more efficient review process, strengthening both the scientific and commercial positioning of ALZ-101. Regulatory and clinical progress The FDA’s approval of our IND application provides Alzinova with clearance to initiate the Phase II study in the U.S., where a significant portion of the trial will be conducted. This global multicenter study will include approximately 240 patients with early Alzheimer’s disease and will evaluate safety, tolerability, and treatment effect through established clinical and functional endpoints. The study will be conducted in collaboration A word from CEO Tord Labuda Steady progress towards the next phase ” Fast Track status for increased financial stability and deeper partner engagement – marks a turning point in our journey with Worldwide Clinical Trials, a global contract research organization with extensive experience in large-scale neuroscience programs. The production of GMP-grade material is progressing, and quality controls are being finalized to ensure readiness ahead of study initiation. The complete results from the phase 1b study have been finalized and work on the manuscript is in its final stages. The results will shortly be submitted for publication in a leading scientific journal, which will give the results wide dissemination and ensure that they are presented with high scientific credibility and long-term relevance. Financial flexibility and strategic progress To maintain momentum and ensure financial flexibility during this critical phase, Alzinova has entered into a short-term loan agreement of SEK 11 million with two external lenders. The loan provides necessary worWking capital into 2026 on commercially balanced terms, allowing us to manage operations responsibly while continuing to focus on partnerships and long-term financing initiatives. Our priority is clear: to initiate the Phase II study once financing is secured, ensuring that the trial can be conducted to the highest quality standards. This is a deliberate and responsible decision — one that best serves patients, regulators, and shareholders alike. Strengthened partner and investor dialogue Recent scientific and regulatory achievements have continued to drive growing interest in Alzinova and our candidate ALZ-101. During the quarter, our team held meetings with international pharmaceutical companies and institutional investors, including organizations with a strong presence in neurology and neurodegenerative diseases. These interactions have strengthened ongoing dialogues and opened new opportunities for future collaborations. Following the quarter, Alzinova also participated in BIO-Europe 2025, one of Europe’s leading partnering events in life science, where we took further steps to establish strategic relationships and strengthen international interest in ALZ-101. As a next step, Alzinova will participate in Clinical Trials on Alzheimer’s Disease (CTAD) 2025, December 1–4 in San Diego, USA, where the company will present two scientific abstracts with data that further strengthen the understanding of ALZ-101’s mechanism of action and the company’s research platform. Our key strategic objective remains to establish a partnership with a leading pharmaceutical company that shares our ambition to develop and deliver disease-modifying treatments for Alzheimer’s disease. Such a partnership would contribute both resources and expertise, enabling ALZ-101 to reach patients more quickly and efficiently. At the same time, we continue to evaluate alternative structured solutions to support the continued advancement of the program. Outlook As we enter the final quarter of 2025, Alzinova stands on a solid scientific, regulatory, and operational foundation. The recent milestones – from the FDA’s IND approval and Fast Track designation to a strengthened financial base and deepened partnership discussions – have brought the company into a new phase of development. We remain firmly committed to our mission of developing effective, disease-modifying treatments that can change the future for people living with Alzheimer’s disease. In the months ahead, our focus is on completing preparations for Phase II, continuing constructive partnership discussions, and securing the long-term financing required to drive the next stage of Alzinova’s growth. Thank you for your continued trust and support as we work to make a meaningful difference for patients and families affected by Alzheimer’s disease. Gothenburg, November 2025 Tord Labuda, CEO of Alzinova AB 4 5Interim report Q3 2025 | Alzinova AB (publ) Financial reportAbout AlzinovaCEO CommentEventsSummary Interim report Q3 2025 | Alzinova AB (publ) Financial reportAbout AlzinovaCEO CommentEventsSummary
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Enables an independent and active life Alzinova’s lead candidate, ALZ-101, is a therapeutic vaccine for the treatment of Alzheimer’s disease. The Phase 1b study has been completed with positive results, showing good safety, tolerability and indications of treatment efficacy. Based on the same technology, Alzinova is also developing a monoclonal antibody, ALZ-201, as a complementary treatment to the vaccine to combat Alzheimer’s disease. Granted Fast Track and IND approval from the FDA, along with positive feedback from the EMA, make Alzinova’s candidatesattractive for strategic partnerships ahead of the next clinical development phase. Investment highlights Data shows that the unique specificity of Alzinova’s vaccine (ALZ-101) and monoclonal antibody (ALZ-201) has the potential for “first in class” with greater efficacy and a more favorable side effect profile than other treatments. Complementary treatment with First-in-Class antibody Vaccine with potential to treat Alzheimer’s First-in-class potential with favourable safety profile Regulatory progress boost collaborations Vaccine ALZ-101 Start phase 2 study Antibody ALZ-201 Preclinical phase About Alzinova With this technology, Alzinova can develop effective treatments that at the same time have a beneficial profile with a lower risk of side effects compared to other treatments. Preclinical results have previously (study on brain extracts from deceased Alzheimer’s patients) confirmed that Alzinova’s unique method works. The vaccine candidate ALZ-101 is currently in clinical development, with a Phase Ib study in Alzheimer’s patients that started in Q3 2021 completed. At the end of January 2025, the last patient visit in the Phase Ib study was conducted, a final analysis of all collected data was completed and the results have been reported at the end of March 2025. The primary objective of the study was to evaluate the safety and tolerability of repeated dosing of the ALZ-101 vaccine candidate in patients with early Alzheimer’s disease. The study also includes secondary and exploratory endpoints related to immune response, cognition, and biomarkers. The phase 1b study included a total of 32 patients with early Alzheimer’s disease. The study has examined three different dose strengths of ALZ-101, 125, 250 and 400 μg as well as placebo. 26 patients were treated double-blind and randomized with the ALZ-101 vaccine at doses of 125 μg or 250 μg and six patients with placebo. Of these 26 patients, 23 patients continued in an extension phase, which meant that all patients received open-label treatment with 250 μg ALZ-101 over a 20-week period and with an additional 48 weeks of follow-up. The primary purpose of the extension part is to provide information on long-term safety, tolerability, the long-term immune response, and information on the effect on cognitive parameters and biomarkers. Six additional patients were enrolled to investigate whether higher dose, 400 μg ALZ-101, has the same safety and tolerability as lower doses, and whether secondary endpoints are met to a greater extent. The patients were treated on four occasions at the same intervals as in the other treatment groups. These patients were followed for a total of 20 weeks. All patients have now completed all doses and the study has ended as planned. Collected data has been analyzed and processed. Results from the Phase Ib study and the extension part were reported at the end of March 2025 and the full study results are now fully analyzed. The primary and secondary endpoints - safety, tolerability and immunogenicity - have been met. In addition, the exploratory endpoints show a stable disease profile with no signs of deterioration. The results exceeded expectations and clear trends indicate a clinically meaningful treatment effect, supported by positive effects on a key neurodegenerative biomarker, Neurofilament light chain (NFL). The study also showed that ALZ-101 generated stable levels of antibodies in plasma and detectable levels in cerebrospinal fluid. These results reinforced the therapeutic potential of ALZ-101 by demonstrating exposure in the central nervous system. Based on the same AβCC peptide technology, the Company is also developing the antibody ALZ-201, which is currently in preclinical development. The project portfolio for the development of disease-modifying therapies is broadened by the Company preparing the antibody for clinical development. Alzinova was founded by researchers who worked at the MIVAC research center at the University of Gothenburg, and by GU Ventures AB. Research project University of Gothenburg Company is formed Gothenburg Vaccine ALZ-101 Research phase Vaccine ALZ-101 Preclinical phase Vaccine ALZ-101 Clinical phase 1b-study Vaccine ALZ-101 Production scale-up Vaccine ALZ-101 Clinical phase 1b results 2007 2009 2011 2015 2020 2021 2022 2023 +2025 Alzinova AB is a Swedish biopharmaceutical company specializing in the treatment of Alzheimer’s disease. The company’s patented AβCC peptide technology™ enables the development of disease- modifying treatment with the potential to neutralize the accumulations of neurotoxic Abeta peptides, so-called oligomers, that are central to the onset and development of Alzheimer’s disease. Summary Events CEO Comment About Alzinova Financial report Interim report Q3 2025 | Alzinova AB (publ) 7 Summary Events CEO Comment About Alzinova Financial report6 Interim report Q3 2025 | Alzinova AB (publ)
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Alzheimer’s disease In Alzheimer’s disease, the nerve cells in the brain are damaged by abnormal protein deposits that mainly consist of amyloid-beta 42 (Aβ42), a type of small protein that also occurs in a healthy brain. When the Aβ42 molecule clumps together, stable accumulations are formed in the brain, plaques, but also so-called oligomers. Oligomers differ structurally from the plaque and, unlike the plaque, are highly toxic to brain cells. They damage important functions that make the contact surfaces between the nerve cells, the synapses, stop working normally. Synapses are the places in the brain where electrical and chemical signals are transmitted from one nerve cell to another, and their function is critical to our ability to remember, react, think and act. Eventually, due to synaptic impairment, the nerve cell dies. The disease first affects the parts of the brain that handle short-term memory, but eventually the disease spreads over the entire brain and the patient finds it increasingly difficult to carry out daily tasks. In the end, the patient cannot manage on their own, but requires care and continuous monitoring. Alzheimer’s is a disease that basically anyone can get, and which is strongly age-dependent. Over 95% of all cases affect those over the age of 65, and in these cases there is not a strong genetic component driving the disease. An imbalance causes amyloid to aggregate TOXICITY Aβ40 Aβ42 Aβ42 aggregate Aβ42 -oligomer Amyloid precursor protein AβCC PEPTIDE™ TECHNOLOGY Targeting neurotoxic oligomers Neural membrane Neurons A subtype of aggregates (oligomers) are unstable, neurotoxic and destroy the brain Stable aggregates accumulate as plaques Aβ42 -plaque Alzheimer’s is most common in the elderly population, with 1 in 9 people over 65 affected, 65% of whom are women. However, about 5% of cases are diagnosed at an earlier age. Business model Alzinova’s business model is to drive projects into clinical development with the aim of documenting that the drug candidates are safe and well tole- rated as well as demonstrating proof-of-concept, i.e. that they exhibit efficacy in patients with Alzheimer’s disease. Based on positive clinical data, the Company has identified several potential strategic partners who have the resources and in-house expertise to conduct the studies needed for registration and commercialisation. This can be done through out-licensing with a partnership where the Company jointly brings the drug to the market with the collaboration partner, or by selling the drug candidate for further development. Out-licensing A common alternative for development companies like Alzinova is to out-license projects to one or more pharmaceutical companies. Either these can get exclusivity in a limited market, and you agree with several partners to cover the market globally, or you have a global partner who takes the drug to the entire market. A typical arrangement for out- licensing is initial compensation and then future installments linked to pre-defined milestones during further development, the regulatory process and commercialization with high revenues linked to future drug sales. The company has so far taken several important steps towards out-licensing and commercialization. Data show “first in class” potential, which is very attractive for partnering. With positive results in the Company’s two drug projects, ALZ-101 and ALZ-201, there are several options. The primary option for the phase 2 study is to out-license the ALZ-101 vaccine to a larger pharmaceutical company, and another option is for Alzinova to take ALZ-101 through phase 2 or to an “interim readout” and then out-license it to a partner. For the ALZ-201 antibody, this could be out-licensed already during the preclinical phase, or after phase 1b studies. The company’s focus going forward is on business development with several ongoing dialogues in parallel with clinical development of the project portfolio. Every year around 10 million people in the world become ill with some form of dementia, of which Alzheimer’s disease accounts for around 60-70 %. Today, it is estimated that there are approximately 55 million patients with dementia in the world, but it is difficult to diagnose dementia today at early stages of disease. Therefore, it is expected that this figure is significantly higher. In addition, this number is expected to increase to more than 130 million by 2050. It is estimated that more than 30 million people in the world today have Alzheimer’s disease and the number is expected to triple by 20501. The societal costs of dementia diseases are currently estimated at $1,300 billion annually2. The drug cost of Alzheimer’s medications, which are symptom relief alone, amounts to approximately $6 billion annually. While the first disease-modifying drugs have recently been approved in the US, Japan and China, and also registered by the EMA and approved in several EU countries, there is still a very long way to go to truly treat and prevent the develop- ment of Alzheimer’s disease. The sales and revenue potential of a new effective disease-modifying drug is therefore sig- nificant even if it would only have an initially limi- ted market share. By 2026, drugs for Alzheimer’s disease are expected to be represented among 2 out of 7 expected top sellers (pharmaceutical companies), with an expected annual turnover of USD 1.7-4.5 billion3. The reason why the initial sales estimates are relatively low is that there have been no good medical alternatives. With effective treatment options coming to the market, such as Alzinova’s drug, the Company estimates that annual sales can be multiplied several times compared to today. The research firm Global Data estimates that annual sales for disease-modifying drugs for Alzheimer’s disease will reach roughly $13 billion by 2028 in the largest markets: the United States, Germany, France, the United Kingdom, Italy, Spain, Japan, China, and India. An approved disease-modifying treatment for Alzheimer’s disease has the potential to generate peak annual sales in excess of USD 10 billion4. Market 1) World Health Organization (WHO) – Facts about Dementia, March 2023 2) World Alzheimer’s Report, 2024. 3) Drugs to watch report, 2022. 4) US, Germany, France, UK, Italy, Spain, Japan, China. GlobalData, Pharma, June 7, 2023. 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Alzinova’s competitive advantages Alzinova is developing a vaccine candidate to treat Alzheimer’s disease. The vaccine, unlike other treatments such as antibodies, is expected to require only a few doses a year rather than as often as every two weeks. In addition, it can be given to patients in a very time-efficient way through a simple injection in primary care or at home by a nurse. Other treatments are time-consuming and require hospital care. To treat patients with therapeutic antibodies, this sharply increases societal costs, resulting in fewer patients being treated with an antibody treatment. With Alzinova’s vaccine, compared to antibody treatment, healthcare and societal costs can be reduced, which creates the oppor- tunity for more people to receive treatment. 1 year (3 injections) Administered at home, in a clinic or primary care setting Administered in a hospital or clinic Increased costs for society 3 injections per year 26 IV treatments per year Current antibody treatments Cost for society 10 min 1 h 1 year (26 treatments) Cost for society Y 2% of the cost compared to other treatments ~300 USD ~15 000 USD Based on statistics from Statistics Sweden (SCB) about the Swedish healthcare system, and that the two treatments have equivalent clinical efficacy, total treatment duration and drug cost. Financial information Corporate structure and shareholding Alzinova has no subsidiaries and is not part of any group. Neither does the Company hold any shares. Financial development During the period July – September, the Company primarily focused on investments in preparations for the upcoming clinical Phase 2 study. The Company is also continuing to invest in preparations for clinical studies of the antibody ALZ-201. The Company’s total expenses for the third quarter of 2025 amounted to SEK -12,967 thousand (-9,841). Of the expenses for the period, SEK -6,003 thousand (-5,771) relate to research and development (R&D) costs, mainly attributable to the drug substance and drug product. The Company’s R&D costs have been capitalized in the balance sheet. The period’s expenses also include costs for regulatory applications. Of the total expenses, personnel costs for the period amounted to SEK -3,337 thousand (-2,682). The increased personnel costs are primarily attributable to increased activities in preparation for the upcoming study. Cash flow from operating activities during the third quarter amounted to SEK -5,013 thousand (-2,059). Cash flow from investing activities consists of expenditures for ongoing capitalized R&D costs and, for the same period, amounted to SEK -6,003 thousand (-5,771). Cash flow from financing activities amounted to SEK -9 thousand (30 517). Financial position At the end of the period, the Company’s equity amounted to approximately SEK 127,852 thousand (130,385) with an equity ratio of 93.4% (93.1%), and total cash holdings amounted to approxima- tely SEK 485 thousand (27,674). After the end of the period, the Company entered into loan agreements with two external lenders for short-term financing totaling SEK 11,000 thou- sand. The loan agreements were entered into with the aim of, together with the previously obtained binding loan agreement of SEK 10,000 thousand from the Company’s largest single owner, Maida Vale Capital AB, further strengthen the Company’s financial freedom of action and to secure the Company’s working capital requirements during the current financial year and into the first quarter of 2026. Rights issue There is ongoing work regarding various strategic financing options. During the year, the Company completed a rights issue which, in total, provided the Company with SEK 30.3 million before issue costs. Following this, the number of shares in Alzinova amounts to 104,323,588, with total share capital of SEK 27,437,103.6. For shareholders who did not participate in the rights issue, the dilution amounted to approximately 14.5% based on the Company’s total number of shares. Long-term incentive program In April 2025, the Company implemented a long-term incentive program, LTIP 2025:1, where 8 participants acquired 3,004,000 warrants. The total dilution as a result of full exercise of the warrants amounts to approximately 2.88% based on the current number of outstanding votes and shares in the Company. Risk factors A detailed description of risk exposure and risk management can be found in Alzinova’s 2024 Annual Report. Auditor’s review This report has not been reviewed by the Company’s auditors. Policies for the preparation of the financial report The interim report is prepared in accordance with the Swedish Annual Accounts Act as well as the Swedish Accounting Standards Board BFNAR 2012:1 annual report and consolidated (K3). The Board of Directors and the Chief Executive Officer hereby confirm that this interim year report provides a true and fair view of the Company’s operations, financial position and earnings, and describes significant risks and uncertain factors the Company is facing. Mölndal, November 13, 2025 Alzinova AB (publ) Summary Events CEO Comment About Alzinova Financial report Interim report Q3 2025 | Alzinova AB (publ) Interim report Q3 2025 | Alzinova AB (publ) 10 11 Summary Events CEO Comment About Alzinova Financial report
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Income statement (TSEK) 2025-07-01 2025-09-30 3 months 2024-07-01 2024-09-30 3 months 2025-01-01 2025-09-30 9 months 2024-01-01 2024-09-30 9 months 2024-01-01 2024-12-31 12 months Net sales - - - 3 0 - Own work capitalized 6,003 5,771 20,608 11,479 16,781 Other income 37 0 206 0 30 6,040 5,771 20,814 11,510 16,811 Operating expenses Other external expenses -9,597 -7,159 -29,139 -17,728 -26,665 Personnel expenses -3,337 -2,682 -11,834 -7,581 -10,528 Other cost -33 0 -183 0 0 -12,967 -9,841 -41,156 -25,309 -37 ,193 Operating result -6,927 -4,070 -20,342 -13,799 -20,832 Result from financial items Interest income 0 1 165 1 65 Interest expenses -33 -83 -198 -190 -236 Result after financial items -6,960 -4,152 -20,375 -13,988 -20,553 Result before tax -6,960 -4,152 -20,375 -13,988 -20,553 Result for the period -6,960 -4,152 -20,375 -13,988 -20,553 Balance sheet (TSEK) 30 Sep 2025 30 Sep 2024 31 Dec 2024 ASSETS Fixed assets Intangible assets Capitalized expenditure for development work 133,643 107,732 113,035 Patent 1,632 1,632 1,632 135,275 109,364 114,667 Total fixed assets 135,275 109,364 114,667 Current assets Short term receivables Tax receivables 301 235 273 Other receivables 436 288 412 Prepaid expenses and accrued income 403 2,477 2,379 Total short term recivables 1,140 3,000 3,063 Cash and cash receivables 485 27 ,674 15,496 Total current assets 1,625 30,674 18,559 TOTAL ASSETS 136,900 140,038 133,226 EQUITY AND LIABILITIES Equity Restricted equity Share capital 27,437 21,750 23,451 Fund for development costs 133,643 105,668 110,972 Total restricted equity 161,080 127 ,418 134,423 Accumulated loss Share premium 205,461 186,743 185,043 Retained result -218,313 -169,786 -175,090 Result for the year/period -20,375 -13,990 -20,553 Total accumulated loss -33,227 2,967 -10,600 Total equity 127 ,852 130,385 123,823 Long term liabilities Other long-term liabilities 800 800 800 Total long term liabilities 800 800 800 Current liabilities Accounts payable 2,455 3,918 2,674 Other current liabilities 1,184 3,326 3,023 Accrued expenses and prepaid income 4,609 1,610 2,906 Total current liabilities 8,248 8,854 8,603 TOTAL EQUITY AND LIABILITIES 136,900 140,039 133,226 Interim report Q3 2025 | Alzinova AB (publ) Interim report Q3 2025 | Alzinova AB (publ) 12 13 Summary Events CEO Comment About Alzinova Financial report Summary Events CEO Comment About Alzinova Financial report
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Change in equity, condensed (TSEK) Jan - Sep 2025 9 months Share capital Fund for development costs Share premium Retained result incl. result for the year Total equity At the beginning of the period 23,451 110,971 185,043 -195,642 123,823 Share issue 3,986 0 27,111 0 31,097 Transaction costs share issue 0 0 -6,693 0 -6,693 Transfer within equity 0 22,671 0 -22,671 0 Net result for the period 0 0 0 -20,375 -20,375 At the end of the period 27 ,437 133,642 205,461 -238,688 127 ,852 (TSEK) Jan - Sep 2024 9 months Share capital Fund for development costs Share premium Retained result incl. result for the year Total equity At the beginning of the period 11,712 94,190 166,264 -158,308 113,858 Share issue 10,039 0 26,470 0 36,509 Transaction costs share issue 0 0 -5,991 0 -5,991 Transfer within equity 0 11,478 0 -11,478 0 Net result for the period 0 0 0 -13,990 -13,990 At the end of the period 21,751 105,668 186,743 -183,776 130,386 (TSEK) Jan - Dec 2024 12 months Share capital Fund for development costs Share premium Retained result incl. result for the year Total equity At the beginning of the period 11,712 94,190 166,264 -158,308 113,858 Share issue 11,739 0 28,432 0 40,171 Transaction costs, share issue 0 0 -9,653 0 -9,653 Transfer within equity 0 16,781 0 -16,781 0 Net result for the period 0 0 0 -20,553 -20,553 At the end of the period 23,451 110,971 185,043 -195,642 123,823 Cash flow statement, condensed (TSEK) 2025-07-01 2025-09-30 3 months 2024-07-01 2024-09-30 3 months 2025-01-01 2025-09-30 9 months 2024-01-01 2024-09-30 9 months 2024-01-01 2024-12-31 12 months OPERATING ACTIVITIES Result after financial items -6,960 -4,152 -20,375 -13,990 -20,553 Cash flow from operating activities before change in working capital -6,960 -4,152 -20,375 -13,990 -20,553 Cash flow from change in working capital Increase (-)/Decrease (+) in operating receivables 1,769 818 1,649 277 215 Increase (+)/Decrease (-) in operating liabilities 178 1,275 -82 323 73 Cash flow from operating activities -5,013 -2,059 -18,808 -13,390 -20,265 Investing activities Acquisition of intangible fixed assets -6,003 -5,771 -20,608 -11,479 -16,781 Cash flow from investing activities -6,003 -5,771 -20,608 -11,479 -16,781 Financing activities Share issue 0 36,509 31,097 36,509 40,171 Transaction costs share issue -9 -5,991 -6,693 -5,991 -9,653 Cash flow from financing activities -9 30,518 24,404 30,517 30,517 Cash flow for the period -11,025 22,687 -15,011 5,649 -6,528 Cash and cash equivalents at the beginning of the period 11,510 4,987 15,496 22,026 22,026 Cash and cash equivalents at the end of the period 485 27 ,674 485 27 ,675 15,497 Interim report Q3 2025 | Alzinova AB (publ) Interim report Q3 2025 | Alzinova AB (publ) 14 15 Summary Events CEO Comment About Alzinova Financial report Summary Events CEO Comment About Alzinova Financial report
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Largest owners per September 30, 2025 Owner Number of shares Capital % Maida Vale Capital AB 17,558,901 16,8% Försäkrings AB Avanza Pension 7 735,234 7,4% Nordnet Pensionsförsäkring AB 3,912,152 3,8% Patrik Ahlvin 3,200,000 3,1% Ålandsbanken 1,696,541 1,6% Özlem Erdogdu Gül 1,635,000 1,6% Sara Giertz 1,400,684 1,3% Marcus Milerud 1,232,098 1,2% Mollbro AB 1,051,990 1,0% Reijo Antti Tapani Nurkkala 896,146 0,9% Totalt de tio största ägarna 40,318,746 38,6% Totalt övriga ägare 64,004,842 61,4% Totalt samtliga ägare 104,323,588 100.0% The share Alzinova’s share was listed on the Spotlight Stock Market (formerly Aktietorget) on November 25, 2015. As of March 11, 2019, the Company is listed on the Nasdaq First North Growth Market in Stockholm. There is one class of shares in the Company. The share entitles to one (1) vote per share. Each share carries an equal right to a share in the Company’s assets and results. As of September 30, 2025, the number of shares in Alzinova amounted to 104,323,588 (44,531,265). Stock exchange Ticker Listed since Nasdaq First North Growth Market 2015ALZ Aβ42 - amyloid-beta 42 A peptide (part of a protein) produced by the body that can aggregate in the brain and cause Alzheimer’s disease. “First-in-class” A “first-in-class” drug is defined as a medication that uses a new and unique mechanism of action to treat a particular medical condition, distinguishing it from existing therapies. This means it is the first approved drug to target a specific biological pathway or molecular target, offering a novel approach to treatment. Biomarker A measurable indicator of a state of disease. Disease-modifying treatment Treatment that targets the underlying cause of the disease. EMA European Medicines Agency. FDA The United States Food and Drug Administration. R&D Abbreviation for research and development. IP Intellectual properties, for example patents. Monoclonal antibody A type of antibody, produced in the laboratory from a single clone of immune cells and directed against a specific protein. Oligomers Proteins or peptides, clumped together, used to designate soluble peptide clumps. Plaque Local accumulation of clumped insoluble protein, in Alzheimer’s mainly consisting of the peptide Abeta42. Tolerability The degree of side effects from a medicine that can be tolerated by a patient Immunogenicity The ability of a substance to elicit an immune response, e.g. through production of antibodies. Interim readout A pre-analysis of data from an ongoing study, providing an early indication of efficacy or safety before the study is fully completed. Neurodegenerative biomarker A biological indicator that measures nerve cell damage or loss in diseases such as Alzheimer’s. IND Investigational New Drug application Interim report 3, 2025 13 November 2025 Year-end report, 2025 26 February 2026 Financial calendar Contact Tord Labuda, CEO tord.labuda@alzinova.com Erik Kullgren, CFO erik.kullgren@alzinova.com or mail directly to info@alzinova.com Glossary, definitions and abbreviations Financial reports are available on the Company’s web- site www.alzinova.com as of the date of publication. Share-related key figures • The average number of shares during the period before dilution amounted to 104,323,588 (88,462,793). • The average number of shares during the period after dilution amounted to 107,327,588 (88,462,793). • Earnings per share before dilution amounted to SEK -0.07 (-0.05). • Earnings per share after dilution amounted to SEK -0.06 (-0.05). THREE MONTHS, JULY–SEPTEMBER, 2025 In April 2025, Alzinova implemented a long-term incentive program, LTIP 2025:1, where eight participants acquired a total of 3,004,000 warrants. Dilution at full exercise of the 3,004,000 acquired warrants in LTIP:2025 amounts to approximately 2.88%. • The average number of shares during the period before dilution amounted to 96,161,519 (59,281,997). • The average number of shares during the period after dilution amounted to 98,153,182 (59,281,997). • Earnings per share before dilution amounted to SEK -0.21 (-0.24) • Earnings per share after dilution amounted to SEK -0.21 (-0.24) SEK. NINE MONTHS, JANUARY–SEPTEMBER, 2025 Summary Events CEO Comment About Alzinova Financial report Interim report Q3 2025 | Alzinova AB (publ) Interim report Q3 2025 | Alzinova AB (publ) 16 17 Summary Events CEO Comment About Alzinova Financial report
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Alzinova AB (publ) Alzinova AB Visiting address: Entreprenörsstråket 10, SE-431 53 Mölndal, Sweden Postal address: Gemenskapens gata 9, SE-431 53 Mölndal, Sweden Alzinova AB is a Swedish clinical-stage biopharma Company specializing in the treatment of Alzheimer’s disease, which focuses on targeting toxic amyloid-beta oligomers. The lead candidate, ALZ-101, is a therapeutic vaccine against Alzheimer’s disease. Alzinova’s patented AβCC peptideTM technology makes it possible to develop disease-modifying treatments that accurately target the toxic amyloid-beta oligomers that are central to the onset and progression of the disease. From a global perspective, Alzheimer’s disease is one of the most common and devastating neurological diseases. It is estimated that more than 30 million people in the world today have Alzheimer’s disease and the number is expected to triple by 2050. Based on the same technology, the Company is also developing the antibody ALZ-201, which is currently in preclinical development, and the goal is to further expand the pipeline. The Company’s Certified Adviser on Nasdaq First North Growth Market is Mangold Fondkommission AB. For more information about Alzinova, please visit: www.alzinova.com