Interim report
Page 1
The information was submitted for publication, through the agency of the contact person set out on page 25 at 8.00 a.m. CEST on August 27, 2026. BioInvent International AB (publ) Interim Report January 1 – June 30, 2026 Q2
Page 2
BioInvent International AB (publ) Interim Report January 1 - June 30, 2026 Highlights Highlights in the second quarter 2026 SECOND QUARTER JANUARY-JUNE All figures in SEK million unless otherwise stated 2026 2025 2026 2025 Net sales 12.8 198.1 26.2 220.2 Profit/loss after tax -122.9 38.8 -242.1 -77.8 Profit/loss after tax per share before and after dilution, SEK -1.87 0.59 -3.68 -1.18 Cash flow from operating activities -112.0 66.8 -244.8 -53.2 Liquid funds and current investments at the end of the period 340.8 797.5 340.8 797.5 2 Note to the reader. This Interim Report is published in Swedish and English. In the event of any discrepancy between the English version and the Swedish original, the Swedish version shall prevail. EVENTS IN THE SECOND QUARTER • BioInvent revealed solid data for the BI-1808 and KEYTRUDA® (pembrolizum- ab) combination (ASCO 2026): - 24% confirmed ORR (including com- plete response) in heavily pretreated patients (n=25) with advanced ovarian cancer who received BI-1808 and KEYTRUDA — multiplying by three the historical KEYTRUDA single agent activity of 8% in KEYNOTE-100 (2019) • BI-1808 showcased strong activity and immune activation data as single agent and in combination with KEYTRUDA in advanced CTCL (EHA 2026) • BI-1206 triplet combination with ritux- imab and acalabrutinib achieved 83% response rate in refractory NHL with improved safety vs. standard of care (EHA 2026) • Two successful KOL events showcasing the positive ASCO and EHA data for BI-1808 and BI-1206 EVENTS AFTER THE END OF THE PERIOD • BI-1808 received FDA Fast Track Designation for the treatment of ovarian cancer • BioInvent’s BI-1808 abstract from Modest to Meaningful in platinum- resistant ovarian cancer accepted for poster presentation at ESMO 2026 • BioInvent published two scientific papers in peer-reviewed journals. One in Cancer Research: “Ligand-Blocking and Agonist Antibodies Targeting TNFR2 Employ Distinct Modes of Action to Induce Antitumor Immunity” and one in JECCR: Tailored FcγR Blockade with BI-1206 and BI-1607 Enhances Cancer Antibody Therapies and Overcomes Resistance in Preclinical Models (R) = Regulatory event Links to recent KOL events BI-1808 for the Treatment of Ovarian Cancer, on May 27, 2026 Updated BI-1206 & BI-1808 Data in Hematology, on June 11, 2026
Page 3
BioInvent International AB (publ) Interim Report January 1 - June 30, 2026 CEO comments Strengthening Clinical Data Across Both Platforms Martin Welschof, CEO During the second quarter, both of our lead programs generated clinical data that further strengthened their com- petitive positioning. BI-1808 (anti- TNFR2) reported new results in two distinct indications, recurrent ovarian cancer and cutaneous T-cell lympho- ma (CTCL), each a setting where pa- tients have few effective options after standard treatment fails. BI-1206 (anti-FcγRIIB) reported triplet com- bination data in relapsed/refractory non-Hodgkin’s lymphoma (NHL) that compares favorably with recently approved regimens. We presented these results at ASCO and EHA and dis- cussed them directly with the clinical community through two KOL events. Both programs are moving from single, encouraging read-outs toward the evi- dence base needed to support pivotal trial design. For BI-1808, this quarter’s ovarian cancer and CTCL data reinforce the mech- anistic rationale behind the program in two indications where patients have exhausted most standard options. For BI-1206, the trip- let combination data position the program against currently approved regimens rather than only historical benchmarks, an important step for a molecule seeking a differentiated place in a competitive NHL treatment landscape. Our remaining milestones for 2026 are ad- ditional data for BI-1808 plus pembrolizum- ab in ovarian cancer and the first read-out from the Phase 2a study of BI-1206 in com- bination with pembrolizumab in first-line advanced/metastatic non-small cell lung cancer (NSCLC) and uveal melanoma, both expected in the second half of this year. TNFR2 PLATFORM BI-1808 + pembrolizumab: data update in recurrent ovarian cancer at ASCO Recurrent ovarian cancer that has pro- gressed after platinum-based chemother- apy remains a major unmet need. Pem- brolizumab monotherapy has historically achieved only an 8% response rate in this setting. 3 Ovarian cancer CTCL NHL (FL, MCL, MZL) NSCLC & uveal melanoma Potential start of pivotal study First Phase 2a data triplet +Keytruda +paclitaxel Potential start Phase 2b + Keytruda Additional Phase 2a data with Keytruda Phase 2a data with Keytruda First read-out Phase 2a data with Keytruda Complete Ph 2a data dose optimization, monotherapy Potential start of pivotal triplet First Phase 2a data with Keytruda + additional monotherapy data Additional Phase 2a data with rituximab + Calquence 2026 EXPECTED MILESTONES 2027 TNFR2 BI-1808 FcγRIIB BI-1206 ✓ ✓ ✓
Page 4
BioInvent International AB (publ) Interim Report January 1 - June 30, 2026 CEO comments 4 At the April 20, 2026 cutoff-date, 25 eval- uable patients with recurrent ovarian cancer who had progressed following platinum-based chemotherapy received BI-1808 plus pembrolizumab without che- motherapy. The combination achieved a confirmed objective response rate (ORR) of 24%, driv- en by one complete response and five partial responses, and a disease control rate (DCR) of 56%. Clinical activity was ob- served across both high-grade serous and clear cell histology. A preliminary median progression-free survival of 10.3 months (iRECIST) was reported based on early analysis. By comparison, pembrolizumab monotherapy in the historical KEYNOTE-100 study showed an 8% objective response rate and a median progression-free survival of 2.1 months. Treatment was generally safe and well tol- erated, with a low rate of treatment-related discontinuations. Cohort expansion is un- derway, with an additional data readout expected in the second half of this year. In parallel, we are preparing for opening Part C of the study, evaluating a triplet com- bination of BI-1808, pembrolizumab and paclitaxel. In early August this year, BI-1808 was grant- ed Fast Track Designation from the FDA for the treatment of ovarian cancer. Receiving FDA Fast Track for BI-1808 in ovarian can- cer is an important milestone that reflects the significant unmet medical need in this difficult-to-treat disease and the strength of the clinical signals we have generated to date. The designation validates our development strategy and strengthens our commitment to advancing BI-1808 as a new treatment option for patients with ovarian cancer. BI-1808 in CTCL: monotherapy and combination data presented at EHA CTCL is a rare lymphoma arising from malignant skin-homing T cells. Five-year survival in advanced disease ranges from approximately 20% to 60%, and patients typically exhaust multiple lines of therapy before relapsing again. At EHA 2026, we presented new data from the Phase 2a study of BI-1808 in advanced cutaneous T-cell lymphoma. BI-1808 monotherapy achieved a 40% objective response rate, including a complete re- sponse ongoing at two years, and a 93% disease control rate. In combination with pembrolizumab, the regimen achieved a 50% objective response rate and a 75% dis- ease control rate. Translational data con- firmed BI-1808’s mechanism, with induction of IL-12, CXCL11 and CCL19 and increased CD8+ T-cell infiltration. BI-1808 holds FDA Fast Track and Orphan Drug Designations in CTCL, along with EMA Orphan Drug Des- ignation. FCγRIIB PLATFORM BI-1206: triplet data at EHA support competitive position in NHL In relapsed/refractory (r/r) NHL, a substan- tial share of patients develop resistance to anti-CD20 therapy or relapse early, and options narrow quickly after ritux- imab-based regimens fail. BI-1206 is de- signed to block FcγRIIB-mediated rituximab internalization, a primary driver of that re- sistance, and is paired with the BTK inhibitor acalabrutinib to improve response rates further. At EHA 2026, we presented new data from the Phase 2a triplet combination of BI-1206, rituximab and acalabrutinib in relapsed/refractory NHL. At the May 6, 2026 cutoff-date, the triplet delivered an 83% objective response rate across the total evaluable population (n=23), with 11 complete responses and 8 partial responses. In the follicular lympho- ma subset (n=16), the objective response rate was 81% and the complete response rate was 44%, comparable to the recently approved tafasitamab plus rituximab and lenalidomide combination. The BI-1206 regimen showed a markedly lower rate of serious adverse events (14%) compared to standard-of-care regimens, including tafasitamab plus rituximab and lenalido- mide (34%), obinutuzumab plus zanubruti- nib (35%), and epcoritamab plus rituximab and lenalidomide (56%). Treatment-related discontinuation occurred in only 3% of patients, compared to 7% to 19% across standard-of-care regimens. BI-1206: pembrolizumab combination in first-line NSCLC Our Phase 2a trial of BI-1206 plus pembroli- zumab in first-line advanced/metastatic NSCLC and uveal melanoma continues to enroll across multiple geographies, with the initial readout expected in the second half of this year. LOOKING AHEAD Our priorities for the remainder of 2026 are clear: maintain focused execution across our most advanced assets. We are equipped to deliver meaningful progress for patients and value for shareholders, with the following remaining milestones this year: • Additional data from the expansion cohort in our Phase 2a trial of BI-1808 plus pembrolizumab in recurrent ovari- an cancer, expected in the second half of this year • Initiation of BI-1808 Phase 2a triplet combination study in recurrent ovarian cancer • First read-out from the Phase 2a study of BI-1206 in combination with pem- brolizumab for first-line advanced/ metastatic NSCLC patients and uveal melanoma patients in H2 2026 WE CONTINUE OUR MISSION WITH PURPOSE We are mission-driven and focused on translating our science into novel im- mune-modulatory antibody therapies that can become new treatment options for patients facing cancers with limited alter- natives. We remain committed to execut- ing with discipline and urgency on behalf of the patients we aim to serve. We are grateful to our patients, investiga- tors, employees, and shareholders for their continued support and partnership. Martin Welschof Chief Executive Officer
Page 5
BioInvent International AB (publ) Interim Report January 1 - June 30, 2026 5 KOL events KOL events in connection with ASCO and EHA During the second quarter, BioInvent held two successful KOL (Key Opinion Leader) events. At the first meeting on May 27, the discussion focused on the ovarian cancer treatment landscape alongside the positive BI-1808 data. At the second event, which was held in Stockholm on June 11, the discus- sion targeted BI-1206’s role in future treatments of NHL and BI-1808’s recent promising data for the treatment of CTCL. KOL ovarian cancer event We held a virtual KOL event on May 27 with Dmitriy Zamarin, MD, PhD, of the Tisch Cancer Center at Mount Sinai, to discuss the ovarian cancer treatment landscape alongside the BI-1808 data. The KOL event reinforced the significant unmet need in ovarian cancer and high- lighted BI-1808’s potential as a next-gener- ation cancer immunotherapy. Discussions with the leading expert and the emerging clinical data demonstrated encouraging activity for BI-1808 both as a monother- apy and in combination with pembroli- zumab, with response rates substantially exceeding those historically reported for pembrolizumab alone in heavily pretreat- ed patients. The event strengthened our conviction that TNFR2 blockade represents a differentiated therapeutic approach and positions BI-1808 as a potential next-gen- eration immunotherapy with the opportu- nity to improve outcomes for patients with ovarian cancer and other solid tumors. KOL hematology event We held an in-person KOL event in Stock- holm on June 11 with Guilherme Perini, MD, PhD, of Hospital Israelita Albert Einstein, and Stefan K. Barta, MD, MS, of the University of Pennsylvania, to discuss the BI-1206 triplet combination data in NHL data alongside the BI-1808 single agent and pembrolizum- ab combination data in CTCL presented at the European Hematology Association (EHA) 2026 Congress in Stockholm. The KOLs Dr Guilherme Perini and Dr Stefan Barta presented the current landscape for the treatment of NHL and CTCL, respective- ly, and highlighted the large unmet medi- cal need of novel and safer treatments for these patients. Dr Perini clearly expressed that the need for better drugs means safer and more tolerable drugs. Dr Barta em- phasized that, in these CTCL patients, even disease stabilizations are satisfying if they at the same time can keep a good quality of life. BioInvent management; Martin Welschof, Andres McAllister, Sylvie Ryckebusch and Bjorn Frendéus participated in discussing the latest data and the commercial op- portunities for BI-1206 and BI-1808 in hema- tology. Our CBO Sylvie Ryckebusch rightly stated that safety is not just “nice to have” but a driver of commercial success. Dr Stefan Barta discussing the CTCL treat- ment landscape. Audience at the KOL event in Stockholm. Dr Guilherme Perini discussing the NHL treatment landscape. BioInvent’s CMO Andres McAllister in discussion with a stakeholder.
Page 6
BioInvent International AB (publ) Interim Report January 1 - June 30, 2026 6 Clinical programs Sharp focus to maximize clinical and commercial success BioInvent is developing novel immu- no-modulatory antibodies for cancer therapy. These innovative antibodies may significantly improve the effica- cy of currently available checkpoint inhibitors and/or activate anti-cancer immunity in non-responding patients. Our clinical portfolio is currently fo- cused on the immunological targets TNFR2 and FcyRIIB. A supply agreement with MSD supports the combination study with pembrolizum- ab of our BI-1808 and BI-1206 solid tumor programs and the triplet study of BI-1206 in NHL is conducted under a supply agree- ment for acalabrutinib with AstraZeneca. BI-1808 BI-1808 is a first-in-class monoclonal an- tibody targeting TNFR2, a novel immuno- modulatory target with potential for thera- peutic efficacy across many tumor types. It selectively focuses on TNFR2, a target which is overexpressed on immune cells of the tumor microenvironment and is now known to promote cancer progression. BI-1808 is associated with several crucial activities such as depletion of Tregs, ex- pansion of effector T-cells, and reprogram- ming of myeloid cells, and potential direct killing of tumoral T-cells in the case of T-cell lymphomas. Its strong safety and tolera- bility features allow single agent admin- istration as well as combinations for high clinical impact. BI-1206 BI-1206 is a first-in-class, high-affinity monoclonal antibody targeting FcγRIIB (CD32B), the only inhibitory Fcγ receptor and a key resistance mechanism to sever- al antibody-based cancer therapies. FcγRIIB is overexpressed in multiple forms of non-Hodgkin’s lymphoma (NHL) and is associated with poor prognosis in dif- ficult-to-treat subtypes such as mantle cell lymphoma. By blocking FcγRIIB, BI-1206 is designed to restore and enhance the activity of rituximab and other anti-CD20 antibodies, overcoming a well-recognized barrier to effective treatment. Phase 1Indication/ Combination agent Phase 2a Phase 2b Ongoing Planned Preparatory phase Preparatory phase Preparatory phase Ongoing Ongoing Ongoing Ongoing Ongoing Ovarian cancer Pembrolizumab l Ovarian cancer Pembrolizumab’ + Paclitaxel CTCL Single agent CTCL Pembrolizumab l NHL (FL, MCL, MZL) Rituximab + Acalabrutinib 2 NSCLC 1L Pembrolizumab l Uveal melanoma 1L Pembrolizumab l TNFR2 FcγRIIB BI-1808 BI-1206 CTCL: Cutaneous T-cell Lymphoma NHL: Non-Hodgkin’s Lymphoma FL: Follicular Lymphoma MCL: Mantle Cell Lymphoma MZL: Marginal Zone Lymphoma 1L: First-line treatment NSCLC: Non-small cell lung cancer Notes 1. Supply agreement with MSD 2. Supply agreement with AstraZeneca
Page 7
BioInvent International AB (publ) Interim Report January 1 - June 30, 2026 7 Clinical programs BI-1808 for the treatment of ovarian cancer BioInvent’s anti-TNFR2 antibody BI-1808 is a first-in-class drug candidate in clinical development for the treatment of solid tumors and T-cell lymphomas. In the ongoing Phase 1/2a study, BI-1808 has recently revealed promising effica- cy and favorable safety in combination with pembrolizumab for the treatment of ovarian cancer. STATUS Efficacy in clinical Phase 1/2a study in ovarian cancer As of April 20, 2026, 25 patients with recur- rent, heavily pretreated, advanced ovarian cancer who had progressed following platinum-based chemotherapy (pre- dominantly high-grade serous adenocar- cinoma (n=16), with the remaining cases comprising clear cell ovarian carcinoma, n=9)) received BI-1808 (1000 mg Q3W) in combination with pembrolizumab (200 mg Q3W). Among 25 response-evaluable patients, the chemotherapy-free combination demonstrated promising antitumor ac- tivity, achieving a confirmed objective response rate (ORR) of 24%, driven by one complete response (CR) and five partial responses (PR). An additional eight pa- tients achieved stable disease, resulting in a disease control rate (DCR) of 56%. Im- portantly, prolonged stable disease was observed in multiple patients, with several responses ongoing beyond 10 months, and early analyses indicate a median progres- sion-free survival (mPFS) of 10.3 months. Clinical activity was observed across both high-grade serous and clear cell histology, two subtypes associated with particularly poor outcomes in the recurrent setting. Treatment was generally safe and well tolerated, with immune-related adverse events consistent with expectations for immunotherapy and effectively managed using standard clinical practice, and a low rate of treatment related discontinuations (<5%). Translational analyses further supported BI-1808’s differentiated mechanism of action, demonstrating robust depletion of regulatory T cells and reprogramming of myeloid cells. BioInvent is preparing for opening Part C of the study, evaluating the triplet combina- tion of BI-1808, pembrolizumab and pacli- taxel in H2 2026. In early August 2026, the U.S. Food and Drug Administration (FDA) granted BI-1808 Fast Track Designation for the treatment of ovarian cancer. STUDY DESIGN This Phase 2a trial (NCT04752826) is de- signed to assess the safety and tolerability of BI-1808 as a single agent (Part A), in combination with pembrolizumab (Part B) and in a triple combination with pembroli- zumab and paclitaxel (Part C). The study aims to characterize safety, pharmaco- kinetics and pharmacodynamics, and assess preliminary antitumor activity by ORR, DoR (duration of response), and pro- gression-free survival (PFS), as measured by RECIST v1.1 and iRECIST. OUT-LICENSING AND PARTNERING Since August 2021, BioInvent has a clinical trial collaboration and supply agreement with MSD, a tradename of Merck & Co., Inc., Rahway, NJ., USA, to evaluate the combina- tion of BI-1808 and MSD’s anti-PD-1 therapy, KEYTRUDA (pembrolizumab). OUTLOOK Additional data from the Phase 2a com- bination study with BI-1808 and pembroli- zumab for the treatment of ovarian cancer is expected H2 2026. Initiation of BI-1808 Phase 2a triple combination study in ovar- ian cancer and aim to announce first data by H2 2027. Selection of drug candidate Proof-of-concept Toxicology study Pre-clinical data Study design Meeting with Regulatory Authorities IND/CTA application IND/CTA approval First patient dosed Signal seeking Data CMC Process development GMP production & Release Characterization Supply agreement with MSD PARTNERING Completed Ongoing Planned DISCOVERY PRECLINICAL DEVELOPMENT OUT-LICENCING CLINICAL DEVELOPMENT Phase 2a First patient dosed Dose Escalation All patient dosed Data (Go/No-go) Single agent Pembrolizumab Phase 1 study Pembrolizumab +paclitaxel
Page 8
BioInvent International AB (publ) Interim Report January 1 - June 30, 2026 8 Clinical programs BI-1808 for the treatment of CTCL BioInvent’s anti-TNFR2 antibody BI-1808 is a first-in-class drug candidate in clinical development for the treatment of solid tumors and for T-cell lympho- ma. In the ongoing CTCL cohort of the Phase 1/2a study, BI-1808 has shown single agent activity and promising signs of efficacy and favorable safety profile in combination with pembroli- zumab. BI-1808 has been granted Fast Track Designation for the treatment of CTCL from the U.S. Food and Drug Ad- ministration (FDA) and Orphan Drug Designation from both FDA and the European Medicines Agency (EMA). STATUS Efficacy in clinical Phase 1/2a study in CTCL In June 2026, updated positive data from the ongoing Phase 2a dose expansion study of BI-1808 monotherapy in cutaneous T-cell lymphoma (CTCL) was announced. The data was presented at the European Hematology Association (EHA) 2026 Con- gress in Stockholm, Sweden in a poster titled “Targeting TNFR2 with BI-1808 with or without pembrolizumab: Immune activa- tion and promising responses in advanced cutaneous T-cell lymphomas (CTCLs)”. Low Rate of Severe Side Effects Allows Patients to Remain on Treatment Long- Term BI-1808 was very well tolerated as a single agent. Only one patient (4%) discontinued due to an adverse event. The combination with pembrolizumab was generally well tolerated in this heavily pretreated popu- lation. BI-1808 Single Agent Cohort Of 15 patients evaluable, BI-1808 achieved an ORR of 40%, with 5 confirmed partial re- sponses across both MF and SS subtypes, and one Sézary syndrome patient achiev- ing a complete response that remains ongoing at approximately two years. Eight additional patients achieved stable dis- ease as best response, corresponding to a disease control rate (DCR) of 93%. Two patients with peripheral T-cell lymphoma (PTCL), an aggressive type of lymphoma, were also evaluable, with one achieving a partial response and one stable disease. Combination with Pembrolizumab Of 8 evaluable patients in the combina- tion arm, 4 achieved a partial response at first assessment and 2 achieved stable disease, resulting in an ORR of 50% and a DCR of 75%. The lower DCR of 75% in the combination arm compared to 93% in the monotherapy arm is consistent with the smaller, more heavily pretreated patient population evaluated to date. Translational data from the study pro- vides important mechanistic support for BI-1808’s activity. STUDY DESIGN The aim of Phase 2a (NCT04752826) is to further assess the safety and tolerabil- ity of BI-1808 as a single agent (Part A) and in combination with pembrolizumab (Part B), characterize its pharmacoki- netics and pharmacodynamics, and assess preliminary antitumor activity by ORR, DoR (duration of response), and progression-free survival (PFS), the mod- ified Severity-Weighted Assessment Tool (mSWAT) for CTCL. OUT-LICENSING AND PARTNERING Since August 2021, BioInvent has a clinical trial collaboration and supply agreement with MSD, a tradename of Merck & Co., Inc., Rahway, NJ., USA, to evaluate the combina- tion of BI-1808 and MSD’s anti-PD-1 therapy, KEYTRUDA (pembrolizumab). OUTLOOK Complete Phase 2a dose optimization monotherapy data is expected H1 2027. Selection of drug candidate Proof-of-concept Toxicology study Pre-clinical data Study design Meeting with Regulatory Authorities IND/CTA application IND/CTA approval First patient dosed Signal seeking Data CMC Process development GMP production & Release Characterization Supply agreement with MSD PARTNERING Completed Ongoing Planned DISCOVERY PRECLINICAL DEVELOPMENT OUT-LICENCING CLINICAL DEVELOPMENT Phase 2a First patient dosed Dose Escalation All patient dosed Data (Go/No-go) Single agent Pembrolizumab Phase 1 study
Page 9
BioInvent International AB (publ) Interim Report January 1 - June 30, 2026 9 Clinical programs BI-1206 for the treatment of NHL (FL, MCL, MZL) FcγRIIB is overexpressed in several forms of NHL and its overexpression has been associated with poor prognosis in difficult-to-treat subtypes, including mantle cell lymphoma. FcγRIIB-me- diated internalization of rituximab is a well-established driver of resistance to CD20-directed therapy. By blocking this receptor on tumor cells, BI-1206 is designed to restore and enhance rituximab activity in combination regimens. BI-1206 has been granted Orphan Drug Designation (ODD) by FDA for the treatment of follicular lym- phoma (FL), the most common form of slow-growing NHL as well as for the more difficult-to-treat form mantle cell lymphoma (MCL). STATUS Triple combination arm of clinical Phase 1/2a study ongoing As of data cut-off May 6, 2026, the triplet of BI-1206 + rituximab + acalabrutinib delivered an 83% objective response rate (ORR) in the total population (n=23 evalu- able), with 11 complete responses (CR) and 8 partial responses (PR). In the follicular lymphoma (FL) subset (n=16), ORR was 81% and complete response rate (CRR) was 44%. All remaining patients exhibited stable disease as best response, giving a disease control rate (DCR) of 100%. The regimen showed a very favorable tolerability profile, with treatment-related serious adverse events observed in only 4 (14%) patients and discontinuation due to a drug-related adverse event in 1 pa- tient. Grade 3+ treatment-related adverse events observed in only 31% of patients, versus 54–84% for comparator regimens. STUDY DESIGN The triple combination arm in the ongoing Phase 2a part of the study (NCT03571568) combines the sub- cutaneous formulation of BI-1206 with rit- uximab and acalabrutinib in subjects with indolent B-cell non-Hodgkin’s lymphoma (NHL) who have relapsed or are refractory to rituximab. Patient enrolment (approxi- mately 30 patients) has been completed in Spain, Germany, USA, and Brazil. BioInvent has a clinical supply agreement with AstraZeneca (LSE/STO/Nasdaq: AZN) pro- viding Calquence® (acalabrutinib) for the combination arm. CLINICAL DEVELOPMENT IN CHINA Since October 2020, BioInvent has a licens- ing agreement in place with CASI Pharma- ceuticals for China, Hong Kong, Macau and Taiwan. Under the terms of the agreement, BioInvent and CASI develop BI-1206 in both hematological and solid cancers, with CASI responsible for development and com- mercialization in China and associated markets. BioInvent received USD 12 million upfront in combination of cash and equity investment and is eligible to receive up to USD 83 million in milestone payments, plus tiered royalties. OUT-LICENSING AND PARTNERING BioInvent has a clinical supply agreement with AstraZeneca (LSE/STO/Nasdaq: AZN) providing Calquence® (acalabrutinib) for the triple combination arm. In January 2023, BioInvent was selected as partner of Blood Cancer United (formerly The Leukemia & Lymphoma Society)’s Ther- apy Acceleration Program® (TAP), aimed at advancing the company’s program to treat blood cancers. The partnership gives access to the unique scientific, clinical and drug development expertise of Blood Cancer United and entailed a strategic capital equity investment from them of USD 3 million. OUTLOOK Phase 2a triplet data for BI-1206 in com- bination with rituximab and acalabrutinib are maturing to be ready for initiation of a potential pivotal trial in H1 2027E. Selection of drug candidate Proof-of-concept Toxicology study Pre-clinical data Study design Meeting with Regulatory Authorities IND/CTA application IND/CTA approval First patient dosed Dose Escalation (Safety study) All patients dosed Phase 1 data (Go/No-go) First patient dosed Signal seeking Data CMC Process development GMP production & Release Characterization Supply agreement with AZ lanoigeR partnering with CASI Phase 1 study PARTNERING Completed Ongoing Planned DISCOVERY PRECLINICAL DEVELOPMENT OUT-LICENCING CLINICAL DEVELOPMENT Rituximab Rituximab + Calquence Rituximab Phase 2a
Page 10
BioInvent International AB (publ) Interim Report January 1 - June 30, 2026 10 Clinical programs BI-1206 for the treatment of NSCLC and uveal melanoma Based on Phase 1 data in solid tumors where BI-1206 enhanced the effect of anti-PD-1, MSD and BioInvent agreed to further investigate the synergies be- tween BI-1206 and pembrolizumab in earlier lines of treatment. The ongoing Phase 2a study of BI-1206 in combina- tion with pembrolizumab is performed in treatment-naïve patients with NSCLC and uveal melanoma. STATUS Clinical Phase 1/2a study with BI-1206 in combination with pembrolizumab ongoing The ongoing Phase 2a clinical trial is eval- uating BI-1206 in combination with MSD’s (Merck & Co., Inc., Rahway, NJ, USA) an- ti-PD-1 therapy KEYTRUDA® (pembrolizum- ab) in patients with advanced or metastat- ic non-small cell lung cancer (NSCLC) and uveal melanoma in the first-line setting. As previously presented, in Phase 1, BI-1206 was deemed to be safe and well-tolerat- ed and demonstrated promising clinical activity in heavily pre-treated patients, with one complete response (CR), one long-lasting partial response (PR), and 11 patients with stable disease (SD) out of 36 evaluable patients. All patients had progressed after previous treatments with anti-PD-1/L1 agents. The subcutaneous formulation provided slower systemic entry and prolonged time on target while im- proving safety and tolerability. NSCLC is the most common type of lung cancer, accounting for about 85 percent of all lung cancer cases. While checkpoint inhibitors are widely accepted and can produce durable responses in NSCLC, the overall response rate remains low, rarely exceeding 25 percent. A common resistance mechanism in cancer is the binding and degradation of therapeutic antibodies against PD-1 such as pembrolizumab by FcyRIIB expressing immune cells. Therefore, based on preclin- ical and early clinical data, the company believes that resistance or lack of response to anti-PD-1 treatment may be overcome by FcyRIIB blockade in particular in subjects who have never been exposed to anti PD-1 agents. STUDY DESIGN The ongoing Phase 2a trial (NCT04219254) will evaluate the safety and efficacy of BI-1206 in combination with pembrolizum- ab in patients with advanced or metastatic NSCLC and uveal melanoma. Patients will be enrolled at sites in Georgia, Germany, Poland, Rumania, Spain, Sweden and the US, with first data expected in H2 2026. The trial is designed in two parts. In the first part, or signal-seeking phase, up to 30 NSCLC and 12 uveal melanoma patients will receive BI-1206 and pembrolizumab every 21 days for up to 2 years. The study may then proceed to a dose optimiza- tion phase, designed to refine the dosing strategy to maximize both efficacy and tolerability of the combination. During dose optimization, patients will be randomized to receive a higher or a lower dose of BI-1206. A third cohort will then receive pembroli- zumab alone. OUT-LICENSING AND PARTNERING In December 2019 BioInvent entered into a clinical trial collaboration and supply agreement with MSD, a tradename of Merck & Co., Inc., Rahway, NJ., USA, to eval- uate the combination of BioInvent’s BI-1206 and MSD’s anti-PD-1 therapy, KEYTRUDA (pembrolizumab) in a Phase 1/2a clinical trial for patients with solid tumors. Under the agreement, MSD supplies KEYTRUDA. OUTLOOK The first data from the Phase 2a study in first line NSCLC and uveal melanoma are expected in H2 2026. Selection of drug candidate Proof-of-concept Toxicology study Pre-clinical data Study design Meeting with Regulatory Authorities IND/CTA application IND/CTA approval First patient dosed First patient dosed Signal seeking Data Dose Escalation (Safety study) All patients dosed Phase 1 data (Go/No-go) CMC Process development GMP production & Re- lease Characterization Supply agreement with MSD Phase 1 study PARTNERING Completed Ongoing Planned DISCOVERY PRECLINICAL DEVELOPMENT OUT-LICENCING CLINICAL DEVELOPMENT Pembrolizumab Phase 2a
Page 11
BioInvent International AB (publ) Interim Report January 1 - June 30, 2026 11 Collaborations Strategic collaborations BioInvent collaborates with a number of important players within the pharma- ceutical industry and within academia. The collaborations with other phar- maceutical companies focus on com- mercial partnerships for BioInvent’s clinical assets. The further the clinical programs have advanced, the greater is the chance of establishing partner- ships that bring real value to BioInvent. Academic partnerships, on the other hand, allow BioInvent to tap into world class scientific expertise to advance the company’s early programs, and potentially to acquire high quality early assets that could be of interest to BioIn- vent for further development. COLLABORATIONS WITH LEADING PHARMACEUTICAL COMPANIES For its clinical programs, BioInvent has dif- ferent kinds of collaborations with leading pharmaceutical companies such as CASI, MSD, AstraZeneca, and Transgene, see pages 6-10 and 12 for details. BioInvent has supply and collaboration agreements with MSD to support the de- velopment of the clinical trial programs for the anti-TNFR2 antibody BI-1808 and the anti-FcyRIIB antibody BI-1206, and also for the oncolytic virus BT-001. The agreements with MSD give BioInvent the opportunity to explore the potential synergistic activity of its proprietary drug candidates in combi- nation with pembrolizumab. The agreement with AstraZeneca is a supply agreement to clinically evaluate Calquence® in combination with BI-1206 and rituximab. As the external partners carefully review programs before establishing such agree- ments, these agreements provide further validation of the high quality of the pro- grams. STRATEGIC CLINICAL COLLABORATIONS Since 2023, BioInvent has been a selected partner of Blood Cancer United’s (for- mer The Leukemia & Lymphoma Society) Therapy Acceleration Program® (TAP). The company has received a strategic equity investment of USD 3 million to support clin- ical advancement of BI-1206 in non-Hod- gkin’s Lymphoma and BI-1808 in cutaneous T-cell lymphoma. TAP is a strategic funding initiative to accelerate innovative blood cancer therapeutics worldwide. ROYALTY TRANSACTION WITH XOMA In May 2025, XOMA Royalty purchased the future mezagitamab (TAK-079) royalty and milestone interests held by BioInvent for a total transaction value of up to USD 30 million. The future royalty and milestone econom- ics interest in mezagitamab originated from a 2003 cross-licensing agreement covering XOMA Royalty’s legacy bacterial protein expression technology and BioIn- vent’s n-CoDeR® antibody library. Under the terms of XOMA Royalty’s purchase of BioInvent’s economic interest in mezagi- tamab, XOMA Royalty paid to BioInvent USD 20 million at closing and will pay an addi- tional USD 10 million upon mezagitamab achieving a specific pre-defined regula- tory milestone associated with receiving marketing approval in the IgA nephropathy indication from the U.S. Food and Drug Administration. THREE CLINICAL PROJECTS OUTLICENSED BioInvent currently has three clinical proj- ects outlicensed to other companies. In the short term BioInvent may receive minor clinical milestone payments, but the up- side in these projects lies in commercial milestones and potential royalties five to ten years from now. It is impossible to know if any of BioInvent’s external projects will go all the way to market but statistically it is highly probable that at least one or two will be successful. MT-2990 Orticumab HMI-115 anti-IL33 anti-ApoB100 anti-PRLR Vasculitis (ANCA) Cardiovascular Endometriosis Phase 1Program Phase 2 Phase 3 Market LicenseeTarget Primary indication Mitsubishi Tanabe Abcentra Hope Medicine/Bayer Completed Ongoing
Page 12
BioInvent International AB (publ) Interim Report January 1 - June 30, 2026 12 Collaborations BT-001 co-developed with Transgene BT-001 is an oncolytic virus armed with BioInvent’s anti-CTLA-4 antibody. When the virus is infecting the tumor cells it releases the anti-CTLA-4 locally in the tumor to decrease the risk for systemic side-effects. BT-001 is a drug candidate being developed in collabo- ration with the French biotech compa- ny Transgene. STATUS Clinical phase 1/2a study (NCT04725331) concluded BioInvent and Transgene have jointly pre- sented clinical results and positive antitu- moral activity of BT-001 in patients with ad- vanced refractory tumors. The data show that intra-tumoral (IT) BT-001 injection in combination with MSD’s (Merck & Co., Inc., Rahway, NJ, USA) intravenous (IV) anti-PD-1 therapy KEYTRUDA® (pembrolizumab), was well tolerated and showed positive local, abscopal, and sustained antitumoral ac- tivity in injected and non-injected lesions. Long lasting partial responses (PRs) were observed in a patient with melanoma re- sistant to anti-PD-1/anti-CTLA-4 combina- tion therapy and in a heavily pre-treated, PD-L1 negative leiomyosarcoma patient. These immune-mediated tumor shrink- ages are consistent with the mechanistic hypothesis that BT-001, in combination with pembrolizumab, turns “cold” tumors into immunologically active ones. The over- all data support further development of BT-001 across a range of solid tumors to improve responses to cancer immunother- apies. STUDY DESIGN The Phase 1/2a study was a multicenter, open label, dose escalation trial evaluating BT-001 as a single agent and in combina- tion with pembrolizumab (anti-PD-1 treat- ment). The Phase 1 study was divided into two parts. In part A, patients with metastatic/ advanced tumors received single agent, intra-tumoral administrations of BT-001. Part B explored intra-tumoral injections of BT-001 in combination with pembrolizum- ab. OUT-LICENSING AND PARTNERING In June 2022, BioInvent and Transgene announced a clinical trial collaboration and supply agreement with MSD, a trade- name of Merck & Co., Inc., Rahway, NJ., USA, to evaluate the oncolytic virus BT-001 in combination with MSD’s anti-PD-1 therapy KEYTRUDA® (pembrolizumab) in a Phase 1/2a clinical trial for the treatment of pa- tients with solid tumors. Since 2017, BioInvent and Transgene have been collaborating to develop the drug candidate BT-001, which encodes both a differentiated and proprietary CTLA-4 an- tibody and the cytokine GM-CSF. The re- search and development costs as well as revenue and royalties are shared 50:50. OUTLOOK BioInvent and its partner Transgene will continue the evaluation of BT-001 via an investigator-initiated trial in an early-stage setting.
Page 13
13 BioInvent International AB (publ) Interim Report January 1 - June 30, 2026 Financial information Financial information REVENUES AND RESULT Figures in parentheses refer to the out- come for the corresponding period in the preceding year. Second quarter Net sales amounted to SEK 12.8 million (198.1). Revenues for the period were mainly derived from production of antibodies for clinical studies. Revenues for the corresponding period 2025 were mainly derived from USD 20 million (SEK 191.0 million) that BioInvent received when XOMA Royalty acquired the rights to future royalty and milestone interests for mezagitamab (TAK-079), and revenue from production of antibodies for clinical studies. See also note 2. The Company’s total costs amounted to SEK 137.8 million (163.1). These are divided between external costs of SEK 92.3 million (114.0), personnel costs of SEK 41.3 million (44.0) and depreciation of SEK 4.2 million (5.1). Research and development costs amount- ed to SEK 120.6 million (144.7). Sales and administrative costs amounted to SEK 17.2 million (18.4). Profit/loss after tax amounted to SEK -122.9 million (38.8). The net financial items amounted to SEK 2.2 million (4.8). Profit/ loss per share before and after dilution amounted to SEK -1.87 (0.59). January-June Net sales amounted to SEK 26.2 million (220.2). Revenues for the period were mainly derived from a EUR 1.0 million (SEK 11.3 million) milestone payment under the collaboration with Bayer/Hope Medicine related to the initiation of a Phase 3 clinical trial, and revenue from production of anti- bodies for clinical studies. Revenues for the corresponding period 2025 were mainly derived from USD 20 million (SEK 191.0 million) that BioInvent received when XOMA Royalty acquired the rights to future royalty and milestone in- terests for mezagitamab (TAK-079), prior to that a milestone payment of USD 1.0 million (SEK 9.9 million) was received in the col- laboration, and revenue from production of antibodies for clinical studies. See also note 2. The Company’s total costs amounted to SEK 272.9 million (308.3). These are divided between external costs of SEK 186.6 million (218.8), personnel costs of SEK 77.2 million (79.3) and depreciation of SEK 9.1 million (10.2). Research and development costs amount- ed to SEK 238.8 million (272.5). Sales and administrative costs amounted to SEK 34.1 million (35.8). Profit/loss after tax amounted to SEK -242.1 million (-77.8). The net financial items amounted to SEK 4.8 million (11.0). Profit/ loss per share before and after dilution amounted to SEK -3.68 (-1.18). FINANCIAL POSITION AND CASH FLOW The share capital consists of 65,804,362 shares as of June 30, 2026. The Board of Directors and the CEO con- tinuously monitor the Group’s liquidity in both short and long term. As of June 30, 2026, the Group’s liquid funds and current investments amounted to SEK 340.8 million (797.5). In line with the information in the in- terim report for January-June 2026 issued at the end of April 2026, it is the Board of Directors’ and the CEO’s assessment that the company is, based on ongoing proj- ects, financed into the latter part of Q1 2027. The Board of Directors and the CEO contin- uously evaluate various options to finance the company’s activities, since no such financing has been secured at the time of signing of this interim report, this indicates material uncertainty. The Board of Directors and the CEO continue to assess that the conditions exist to resolve the financing during the second half of 2026. The cash flow from operating activities for the January-June period amounted to SEK -244.8 million (-53.2). The shareholders’ equity amounted to SEK 317.3 million (810.7) at the end of the period. The Company’s share capital was SEK 13.2 million. The equi- ty/assets ratio at the end of the period was 75 (88) percent. Shareholders’ equity per share amounted to SEK 4.82 (12.32). INVESTMENTS Investments for the January-June period in tangible fixed assets amounted to SEK 1.3 million (4.1). PARENT COMPANY The main operations of the Group are con- ducted by the Parent Company. Except for operations in BioInvent Support Inc. and financial leases, the Group’s and the Parent Company’s financial statements coincide in every material way. ORGANIZATION As of June 30, 2026, BioInvent had 108 (122) employees (full time equivalent). 93 (108) of these work in research and development. DISCLOSURE OF RELATED PARTY TRANSACTIONS For description of benefits to senior ex- ecutives, see page 56 in the Company’s annual report 2025. Otherwise, there are no transactions with related parties, in accor- dance with IAS 24, to report.
Page 14
14 BioInvent International AB (publ) Interim Report January 1 - June 30, 2026 Financial information RISK FACTORS The Company’s operations are associated with risks related to factors such as phar- maceutical development, clinical trials and product responsibility, commercialization and partners, competition, intellectual property protection, compensation for pharmaceutical sales, qualified personnel and key individuals, additional financing requirements, currency risk and interest risk. The risks summarize the factors of significance for BioInvent and thus an in- vestment in the BioInvent share. In addition to the risk factors described in BioInvent’s annual report 2025, there is a material uncertainty factor regarding the assumption of going concern. See section “Material uncertainty related to going con- cern” on page 23.
Page 15
15 BioInvent International AB (publ) Interim Report January 1 - June 30, 2026 Financial information Consolidated statement of comprehensive income in brief for the Group (SEK thousand) 3 MONTHS 3 MONTHS 6 MONTHS 6 MONTHS 12 MONTHS 2026 2025 2026 2025 2025 APR.-JUN. APR.-JUN. JAN.-JUN. JAN.-JUN. JAN.-DEC. Net sales 12,750 198,098 26,173 220,158 226,495 Operating costs Research and development costs -120,621 -144,689 -238,734 -272,514 -504,218 Sales and administrative costs -17,134 -18,372 -34,120 -35,829 -73,668 Other operating income and costs -22 -910 -123 -481 -293 -137,777 -163,971 -272,977 -308,824 -578,179 Operating profit/loss -125,027 34,127 -246,804 -88,666 -351,684 Profit/loss from financial investments 2,205 4,774 4,829 10,972 19,223 Profit/loss before tax -122,822 38,901 -241,975 -77,694 -332,461 Tax -85 -102 -156 -139 -397 Profit/loss after tax -122,907 38,799 -242,131 -77,833 -332,858 Other comprehensive income Items that have been or may be reclassified subsequently to profit or loss Translation differences for the period 25 -19 54 -40 -65 Comprehensive income -122,882 38,780 -242,077 -77,873 -332,923 Profit/loss attributable to parent Company’s shareholders -122,907 38,799 -242,131 -77,833 -332,858 Comprehensive income attributable to parent Company’s shareholders -122,882 38,780 -242,077 -77,873 -332,923 Profit/loss per share, SEK Before dilution -1.87 0.59 -3.68 -1.18 -5.06 After dilution -1.87 0.59 -3.68 -1.18 -5.06
Page 16
16 BioInvent International AB (publ) Interim Report January 1 - June 30, 2026 Financial information Consolidated statement of financial position in brief for the Group (SEK thousand) 2026 2025 2025 JUN. 30 JUN. 30 DEC. 31 ASSETS Intangible fixed assets 0 0 0 Tangible fixed assets - leases 23,125 13,630 9,639 Tangible fixed assets - other 19,952 26,332 23,870 Financial fixed assets - long-term investments - - - Total fixed assets 43,077 39,962 33,509 Inventories 10,126 9,888 12,292 Current receivables 29,908 69,303 32,653 Current investments 34,345 393,467 236,579 Liquid funds 306,480 404,053 356,169 Total current assets 380,859 876,711 637,693 Total assets 423,936 916,673 671,202 SHAREHOLDERS’ EQUITY Total shareholders’ equity 317,335 810,744 557,615 LIABILITIES Lease liabilities 12,713 3,815 1,157 Total long term liabilities 12,713 3,815 1,157 Lease liabilities 8,760 9,129 7,370 Other liabilities 85,128 92,985 105,060 Total short term liabilities 93,888 102,114 112,430 Total shareholders’ equity and liabilities 423,936 916,673 671,202
Page 17
17 BioInvent International AB (publ) Interim Report January 1 - June 30, 2026 Financial information Statement of changes in equity for the Group (SEK thousand) 2026 2025 2026 2025 2025 APR.-JUN. APR.-JUN. JAN.-JUN. JAN.-JUN. JAN.-DEC. Shareholders’ equity at beginning of period 439,106 769,727 557,615 885,815 885,815 Comprehensive income Profit/loss -122,907 38,799 -242,131 -77,833 -332,858 Other comprehensive income 25 -19 54 -40 -65 Total comprehensive income -122,882 38,780 -242,077 -77,873 -332,923 Total, excluding transactions with equity holders of the Company 316,224 808,507 315,538 807,942 552,892 Transactions with equity holders of the Company Employee options program 1,111 2,237 1,797 2,802 4,723 Shareholders’ equity at end of period 317,335 810,744 317,335 810,744 557,615 The share capital as of June 30, 2026 consists of 65,804,362 shares and the share’s ratio value was 0.20.
Page 18
18 BioInvent International AB (publ) Interim Report January 1 - June 30, 2026 Financial information Consolidated statement of cash flows in brief for the Group (SEK thousand) 2026 2025 2026 2025 2025 APR.-JUN. APR.-JUN. JAN.-JUN. JAN.-JUN. JAN.-DEC. Operating activities Operating profit/loss -125,027 34,127 -246,804 -88,666 -351,684 Depreciation 4,232 5,071 9,114 10,207 19,871 Adjustment for other non-cash items 1,111 2,237 1,797 2,802 4,723 Interest received and paid 2,714 12,687 5,851 18,851 29,878 Income taxes paid -357 -96 -448 -164 -177 -117,327 54,026 -230,490 -56,970 -297,389 Changes in working capital 5,377 12,750 -14,274 3,748 49,634 Cash flow from operating activities -111,950 66,776 -244,764 -53,222 -247,755 Investment activities Acquisition of tangible fixed assets -650 -1,379 -1,281 -4,147 -7,260 Changes of financial investments 65,763 -125,801 201,763 32,828 187,387 Cash flow from investment activities 65,113 -127,180 200,482 28,681 180,127 Cash flow from operating activities and investment activities -46,837 -60,404 -44,282 -24,541 -67,628 Financing activities Amortization of lease liability -2,182 -2,243 -4,454 -4,470 -8,985 Cash flow from financing activities -2,182 -2,243 -4,454 -4,470 -8,985 Change in liquid funds -49,019 -62,647 -48,736 -29,011 -76,613 Opening liquid funds 356,389 475,270 356,169 434,826 434,826 Accrued interest on investments classified as liquid funds -890 -8,570 -953 -1,762 -2,044 Liquid funds at end of period 306,480 404,053 306,480 404,053 356,169 Liquid funds, specification: Cash and bank 105,607 102,342 105,607 102,342 97,106 Current investments, equivalent to liquid funds 200,873 301,711 200,873 301,711 259,063 306,480 404,053 306,480 404,053 356,169
Page 19
19 BioInvent International AB (publ) Interim Report January 1 - June 30, 2026 Financial information Key financial ratios for the Group 2026 2025 2025 JUN. 30 JUN. 30 DEC. 31 Shareholders’ equity per share at end of period, SEK 4.82 12.32 8.47 Number of shares at end of period (thousand) 65,804 65,804 65,804 Equity/assets ratio, % 74.9 88.4 83.1 Number of employees at end of period 108 122 109
Page 20
20 BioInvent International AB (publ) Interim Report January 1 - June 30, 2026 Financial information Consolidated income statement in brief for the Parent Company (SEK thousand) 3 MONTHS 3 MONTHS 6 MONTHS 6 MONTHS 12 MONTHS 2026 2025 2026 2025 2025 APR.-JUN. APR.-JUN. JAN.-JUN. JAN.-JUN. JAN.-DEC. Net sales 12,750 198,098 26,173 220,158 226,495 Operating costs Research and development costs -120,961 -144,883 -239,254 -272,901 -504,957 Sales and administrative costs -17,406 -18,519 -34,617 -36,049 -74,223 Other operating income and costs 53 -910 18 -481 -461 -138,314 -164,312 -273,853 -309,431 -579,641 Operating profit/loss -125,564 33,786 -247,680 -89,273 -353,146 Profit/loss from financial investments 2,356 4,879 5,040 11,197 19,612 Profit/loss after financial items -123,208 38,665 -242,640 -78,076 -333,534 Tax -36 -64 -64 -85 -205 Profit/loss -123,244 38,601 -242,704 -78,161 -333,739 Other comprehensive income - - - - - Comprehensive income -123,244 38,601 -242,704 -78,161 -333,739
Page 21
21 BioInvent International AB (publ) Interim Report January 1 - June 30, 2026 Financial information Consolidated balance sheet in brief for the Parent Company (SEK thousand) 2026 2025 2025 JUN. 30 JUN. 30 DEC. 31 ASSETS Intangible fixed assets 0 0 0 Tangible fixed assets 19,952 26,332 23,870 Financial fixed assets - Shares in subsidiaries 1,008 1,008 1,008 Financial fixed assets - long-term investments - - - Total fixed assets 20,960 27,340 24,878 Current assets Inventories 10,126 9,888 12,292 Current receivables 32,891 70,871 34,426 Current investments 34,345 393,467 236,579 Cash and bank 306,226 403,687 355,752 Total current assets 383,588 877,913 639,049 Total assets 404,548 905,253 663,927 SHAREHOLDERS’ EQUITY Restricted equity 40,854 40,854 40,854 Non-restricted equity 276,152 770,716 517,059 Total shareholders’ equity 317,006 811,570 557,913 LIABILITIES Short term liabilities 87,542 93,683 106,014 Total short term liabilities 87,542 93,683 106,014 Total shareholders’ equity and liabilities 404,548 905,253 663,927
Page 22
22 BioInvent International AB (publ) Interim Report January 1 - June 30, 2026 Financial information Declaration by the Board The board of directors and the CEO hereby ensure that this interim report for the period January 1, 2026 – June 30, 2026 provides a fair overview of the operations, financial position and performance of the Company and the Group and describes the material risks and uncertainty factors faced by the Company and the companies included in the Group. Lund, August 27, 2026 Leonard Kruimer Natalie Berner Kate Hermans Nanna Lüneborg Chairman of the Board Board member Board member Board member Anette Mårtensson Bernd Seizinger Tomas Wall Scott Zinober Board member Board member Board member Board member Martin Welschof CEO
Page 23
23 BioInvent International AB (publ) Interim Report January 1 - June 30, 2026 Review report Review report To the Board of Directors of BioInvent International AB (publ.) Corp. id. 556537-7263 INTRODUCTION We have reviewed the condensed interim financial information (interim report) of BioInvent International AB (publ.) as of 30 June 2026 and the six-month period then ended. The Board of Directors and the Managing Director are responsible for the preparation and presentation of this inter- im report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review. SCOPE OF REVIEW We conducted our review in accordance with International Standard on Review Engagements ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and other generally accepted auditing practices and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an au- dit. Accordingly, we do not express an audit opinion. CONCLUSION Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, for the Group in accor- dance with IAS 34 and the Annual Accounts Act, and for the Parent Company in accor- dance with the Annual Accounts Act. MATERIAL UNCERTAINTY RELATED TO GOING CONCERN We draw attention to the information disclosed in the Interim report, under the section “Financial position and cash flow” on page 13, which indicates that the Board of Directors and the Managing Director continuously monitor the Group’s liquidity in both short and long term. As of June 30, 2026, the Group’s liquid funds and current investments amounted to SEK 340.8 mil- lion (797.5) In line with the information in the interim report for January-June 2026 issued at the end of April 2026, assess that the company is, based on ongoing proj- ects, financed into the latter part of Q1 2027. It also indicates that the Board of Directors and the Managing Director continuously evaluate options to finance the company’s activities and that they assess that the conditions exist to resolve the financing during the second half of 2026. Since no such financing has been secured at the time of signing of the interim report, this indicates that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. Our conclusion is not modified in respect of this matter. Malmö, August 27, 2026 KPMG AB Linda Bengtsson Authorized Public Accountant Auditor in charge
Page 24
24 BioInvent International AB (publ) Interim Report January 1 - June 30, 2026 Financial information Information notes NOTE 1 ACCOUNTING PRINCIPLES This interim report in brief for the Group has been prepared in accordance with IAS 34 Interim Financial Reporting and applicable parts of the Annual Accounts Act. The inter- im report of the Parent Company has been prepared in accordance with Chapter 9 of the Annual Accounts Act. For the Group and the Parent Company, the same accounting policies and accounting estimates and assumptions were applied to this interim report as were used in the preparation of the most recent annual report. Changes in IFRS standards entered into force in 2026 has had no material impact on the financial statements. Except for leases, the Group’s and the Par- ent Company’s financial statements coin- cide in every material way. Disclosures according to IAS 34.16A appear in addition to the financial statements and their associated notes, also in other parts of the interim report. The definition of alternative performance measures not defined by IFRS is un- changed from those presented in the most recent annual report. NOTE 2 NET REVENUE NOTE 3 EVENTS AFTER THE PERIOD • BI-1808 received FDA Fast Track Designation for the treatment of ovarian cancer • BioInvent’s BI-1808 abstract from Modest to Meaningful in platinum- resistant ovarian cancer accepted for poster presentation at ESMO 2026 • BioInvent published two scientific pa- pers in peer-reviewed journals. One in Cancer Research: “Ligand-Blocking and Agonist Antibodies Targeting TNFR2 Em- ploy Distinct Modes of Action to Induce Antitumor Immunity” and one in JECCR: Tailored FcγR Blockade with BI-1206 and BI-1607 Enhances Cancer Antibody Therapies and Overcomes Resistance in Preclinical Models 2026 2025 2026 2025 2025 SEK thousand APR.-JUN. APR.-JUN. JAN.-JUN. JAN.-JUN. JAN.-DEC. Revenue by geographical region: Sweden 204 4,958 617 10,204 13,723 Europe 286 386 12,132 834 1,238 USA 11,533 192,635 12,457 208,808 210,952 Other countries 727 119 967 312 582 12,750 198,098 26,173 220,158 226,495 Revenue consists of: Revenue from collaboration agree- ments associated with outlicensing of proprietary projects - - - - - Revenue from technology licenses - 191,010 11,276 200,941 200,941 Revenue from external development projects 12,750 7,088 14,897 19,217 25,554 12,750 198,098 26,173 220,158 226,495 The net revenue of the Group and the Parent Company coincide. In January-June 2026, BioInvent had two customers where revenues exceeded ten percent of total rev- enues. Revenues for these customers amounted to SEK 11.6 million (44%) and SEK 11.3 million (43%) of total revenues of SEK 26.2 million. In January-June 2025, BioInvent had one customer where revenues exceeded ten percent of total reve- nues. Revenues for the customer amounted to SEK 200.9 million (91%) of total revenues of SEK 220.2 million. In the 2025 financial year, BioInvent had one customer where revenues exceeded ten percent of total revenues. Revenues for the customer amounted to SEK 200.9 million (89%) of total revenues of SEK 226.5 million.
Page 25
25 BioInvent International AB (publ) Interim Report January 1 - June 30, 2026 Other information Other information FINANCIAL CALENDAR • Interim report Q3: October 29, 2026 CONTACT Any questions regarding this report will be answered by: Cecilia Hofvander, VP Investor Relations +46 (0)46 286 85 50 cecilia.hofvander@bioinvent.com. The report is also available at www.bioinvent.com. BioInvent International AB (publ) Co. reg. no. 556537-7263 Address: Ideongatan 1, 223 70 Lund Phone: +46 (0)46 286 85 50 FORWARD LOOKING INFORMATION This interim report contains statements about the future, consisting of subjective assumptions and forecasts for future scenarios. Predictions for the future only apply as of the date they are made and are, by their very nature, in the same way as research and development work in the biotech segment, associated with risk and uncertainty. With this in mind, the actual outcome may deviate significantly from the scenarios described in this interim report. TRADEMARKS n-CoDeR® and F.I.R.S.T™ are trademarks be- longing to BioInvent International AB. KEYTRUDA® is a registered trademark of Merck Sharp & Dohme LLC, a subsidiary of Merck & Co., Inc., Rahway, NJ, USA.
Page 26
BioInvent International AB (publ) Interim Report January 1 - June 30, 2026 26 Interview with Andres McAllister BI-1808 Fast Track Q&A with CMO Andres McAllister Receiving FDA Fast Track Designation is an important regulatory milestone. How will it facilitate your ongoing clinical development and dialogue with the FDA for BI-1808? “It constitutes a significant endorsement and a recognition of the potential of BI- 1808 for the treatment of patients with OC. In essence, a closer dialogue with the FDA will be established to ensure our plans incorporate their point of view and their requirements. This is important because ovarian cancer is a rapidly moving field, and the relevant endpoints are evolving, from strict ORR, to the more significant PFS and OS.” From a clinical perspective, how do the ORR and progression-free survival figures reflect the potential of a chemotherapy- free regimen in advanced platinum- resistant ovarian cancer? “While chemotherapy plays an import- ant role in the early part of the treatment, its effect is short-lived and comes with a great deal of toxicity and tolerability which has a hard toll on the life of patients. This is also true for chemotherapy delivered by means of an antibody-drug conjugate (ADC). We also know that the long-lasting effect, which will drive the impact on PFS and OS, is mostly driven by the IO agents. We are currently thinking about the best way to use chemotherapy, to decrease toxicity and tolerability issues while retain- ing the positive aspects of its contribution to the early and beneficial antitumoral response.” Your interim data shows durable benefit across both high-grade serous and clear cell subtypes. How does the Fast Track validation influence your planning for the ongoing cohort expansion and the upcoming H2 2026 readout? “It validates our approach! And it should also send a clear signal to the commu- nity that the approach we have taken is the right one. We are excited about this endorsement, as we see a clear pathway to approval in this difficult field of plati- num-resistant ovarian cancer where there is a huge unmet medical need, and pa- tients and their doctors are waiting for new treatments that will prolong their life with- out compromising the quality.” Finally, what signal does this FDA milestone send to potential clinical and commercial partners regarding BI-1808’s positioning? “It should send a clear signal that immu- notherapy is the new kid on the block when it comes to PROC. In fact, we believe the significant impact on PFS and OS will only be achieved by taking the road of com- bining effective IO agents. And for the time being, we are the only company with a clear promising solution in this field.” The content of BioStock’s news and analyses is independent, but BioStock’s operations are to some extent financed by companies in the industry. This post refers to a company from which BioStock has received financing.