Interim report
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1 Hamlet BioPharma Q4 YEAR-END REPORT JULY 2025 – JUNE 2026 The “Company” or “Hamlet BioPharma” refers to Hamlet BioPharma AB, corp. reg. no. 556568-8958 An innovative pharmaceutical company with a broad and strong portfolio of projects for the treatment of cancer and infections
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2 Hamlet BioPharma Strong progress in Cancer Therapy and Novel treatments of bacterial infections “We have reached major goals in the fields of Cancer Therapy and Novel Anti-infectives, two of the major causes of disease. Our goal is to make the new therapies available to patients through suitable commercial partnerships. Reaching Phase III studies has been a long-term goal and we have a strong pipeline of drug candidates in our portfolio to continue the translation of innovation into the clinic”, comments Catharina Svanborg, Chairman. “We have maintained strong momentum across both therapeutic areas, with important advances. These achievements reflect the dedication of our teams and provide a solid foundation for continued progress in the coming period”, comments Jakob Testad, CEO. * Profit/loss after tax for the period divided by 186,180,709 (177,685,127), respectively 189,245,925, where 186,180,709 is the number of shares outstanding on June 30, 2026, and 189,245,925 shares constitute the number of shares that the Company will have if all subscribed units in the rights issue are paid and exercised. The comparative figure in parentheses was the number of shares on June 30, 2025 ** Equity divided by total capital. FOURTH QUARTER, APR 1, 2026-JUN 30, 2026 (THE GROUP) – Net sales totaled KSEK 0 (0) – Other operating income totaled KSEK 2 (0) – EBITDA amounted to KSEK -13,384 (-15,159) – EBIT amounted to KSEK -15,937 (-17,718) – Earnings per share* was SEK -0.0852 (-0.0985) and -0.0838 after dilution FULL YEAR, JUL 1, 2025-JUN 30, 2026 (THE GROUP) – Net sales totaled KSEK 0 (0) – Other operating income totaled KSEK 55 (208) – EBITDA amounted to KSEK -45,596 (-44,663) – EBIT amounted to KSEK -55,790 (-55,126) – Earnings per share* was SEK -0.2984 (-0.3076) and -0.2936 after dilution – On June 30, 2026, the equity/assets ratio** was 70.1 (83.3) % – Cash amounted to KSEK 5,091 (10,761) The period in summary
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3 Hamlet BioPharma Significant Events Apr-Jun 2026 10 June, 2026 – The Journal of Infectious Diseases published the paper “Targeting the disease response with NlpD and LytM for effective non-antibiotic treatment of urinary tract infections”. 22 June, 2026 – Clinical trial expansion in the US, in collaboration with the University of Iowa, to treat high- risk, resistant, non-muscle-invasive bladder cancer (NMIBC). 25 June, 2026 – Hamlet BioPharma secures drug manufacturing at Phase III quality and release of Alpha1H for distribution to clinical trial sites. 29 June, 2026 – Hamlet BioPharma Receives European Regulatory Approval for Phase III Study of Alpha1H in Bladder Cancer. 29 June, 2026 – Hamlet BioPharma announced that the digital analytics platform Briefglance has highlighted Hamlet BioPharma’s collaboration with the University of Iowa. 18 May, 2026 – Hamlet Biopharma announced the successful granting of new patents in Japan and India and a further patent allowance in Japan. Significant Events Jun 2025-Mar 2026 11 August, 2025 – Hamlet BioPharma, announced that the Extraordinary General Meeting resolved to approve the Board of Directors’ proposal for a directed issue of shares and warrants (units). The issue will initially provide the Company with SEK 30 million and, if the warrants are fully exercised, may provide an additional capital contribution of approximately SEK 110 million. In total, this means that the Company may raise up to SEK 140 million in new capital. 21 August, 2025 – Hamlet BioPharma Announces the Completion of the Alpha1H Phase II Study in Non- Muscle Invasive Bladder Cancer. 10 November, 2025 – Hamlet BioPharma Receives FDA Pivotal-Study Feedback for Novel Neoadjuvant Therapy in Non–Muscle Invasive Bladder Cancer March 8, 2026 – Hamlet BioPharma signed a Letter of Intent to outline terms of a potential collaboration and a commercial agreement concerning Alpha 1H March 24, 2026 – Hamlet BioPharma raises approximately SEK 8.5 million through the exercise of warrants of series TO5B, the so-called short-term warrants. Significant Events after the Period 5 August, 2026 – Hamlet BioPharma raised approximately SEK 25.7 million through the exercise of warrants of series TO5B. July 16, 2026 – Discussions with a leading German pharmaceutical company regarding a partnership for bladder cancer treatment are progressing in a very positive manner. SIGNIFICANT EVENTS
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4 Hamlet BioPharma OPENING REMARKS This year, Hamlet BioPharma and its close partner Linnane Pharma, have completed a complex and demanding phase of drug development, with great success. Major goals, barely visible on the horizon when the company was listed on Spotlight market, have now been reached and the novel treatments developed by us have become a reality. Three controlled Phase II trials in patients with cancer or infections have been completed, showing successful treatment effects and suggesting a great commercial potential. Cancer therapy: The investigative new drug Alpha1H kills cancer cells by inducing apoptosis and has shown therapeutic efficacy without significant side effects. Alpha1H is Hamlet BioPharma’s Phase III-ready oncology asset for a first in class neoadjuvant therapy for patients with low risk non–muscle invasive bladder cancer (NMIBC). Hamlet BioPharma has received positive feedback from the US Food and Drug Administration (FDA) and the European Medicinal Authority (EMA) to conduct studies in Europe and the US, the clinical Phase III trial infrastructure is established and drug production at Phase III quality completed. In addition, new studies advance the clinical development of Alpha1H. Hamlet BioPharma has recently signed a clinical trial agreement with the University of Iowa, one of the leading U.S. centers for bladder cancer research and therapy. The new study of Alpha1H addresses Carcinoma In Situ (CIS); a severe surface-spreading and therapy- resistant form of bladder cancer where patients may need to remove their bladders to avoid systemic disease. The company’s immediate goal in the cancer area is to conduct the Phase III studies, obtain market approval for Alpha1H as a treatment for bladder cancer and reach the market. We are also extending the clinical studies to include patients with more severe bladder cancer, in collaboration with leading investigators in the US. Ongoing, positive partnering discussions with a major pharmaceutical company in the bladder cancer field, under a letter of intent, are addressing the commercialization of the bladder cancer asset Alpha1H. The dialogue with our potential partner has been very constructive and forward-looking. Infectious disease therapy: The positive results of the clinical studies are further driving a shift in infectious disease management. The four assets targeting the disease in the infected patient are effective against both antibiotic-sensitive and resistant pathogens. A successful Phase II clinical study showed a reduction in symp- toms and recurrences and increase in quality of life and the results were published in a leading international journal. Additionally, immunotherapy has shown positive effects on chronic pain, in patients with bladder pain syndrome. Clinical data from the Phase II study show a reduction in pain scores and an improved quality of life in patients treated with an IL-1 receptor antagonist, affecting nerve cell activation and pain. Molecular advances also make it possible to understand the cause of disease and define patient groups suitable for therapy. Commercial development: The focus of the bladder cancer project is on completing the clinical development and establishing the right commercial framework for market access. Partnering with an established marketing organization would position us to deliver long-term value to patients, healthcare systems and shareholders, subject to successful study outcomes and market approval. The company’s immediate goal is also to extend the clinical studies to include more severe bacterial infections and to take the new anti-infective drug candidates to the clinic. Partnering discussions are ongoing also for these projects. Hamlet BioPharma recently signed a partnering agreement with the South Korean company ImmunoForge to access drug release technology. The company recently raised additional Funds through warranties. We are grateful for the strong investor support and will continue to use our capital effectively for optimal development and commercialization of our drugs. To date, the company has delivered three successful Phase II studies on a budget of about SEK 300 million, including the cancer project in Phase III and the successful development of alternatives to antibiotics. This track record should convince investors of the company’s ability to deliver on strategic goals at low cost and high quality. We would like to thank our multi-national team, as well as our external partners and collaborators, who are behind the successes and remain a resource for the future. Jakob Testad Catharina Svanborg CEO Chairman of the Board
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5 Hamlet BioPharma NOVEL TREATMENTS OF BACTERIAL INFECTIONS On September 4, 2025 – Hamlet BioPharma, announced the PhD thesis defense by Samudra Sabari, M. Sc. Title ‘’Tumor response mechanisms and treatment effects of alpha1-oleate’’ On October 24, 2025 – Hamlet BioPharma announced detailed information from the large-scale international study in infants with severe kidney infections. The large, international study, conducted by scientists and clinicians in Sweden and Singapore involved over 160 infants with their first febrile urinary tract infection and provides one of the most comprehensive molecular data sets ever generated for acute pyelonephritis. The advanced methodology and the way the clinical study was performed reshape the understanding of severe urinary tract infections (UTIs) and open new paths for treatment beyond antibiotics. On October 24, 2025 – Hamlet BioPharma announced that the new molecular concepts for the treatment of bacterial infections were presented at the National Infection Biology meeting, held on October 20-21. Scientists collaborating with Hamlet BioPharma AB, have developed several drug candidates and demon- strated their potent treatment effects in models of severe infections. On November 5, 2025 – Hamlet BioPharma published a newsletter clarifying how a clinical study in infants with febrile kidney infection supports Hamlet BioPharma’s strategy for non-antibiotic treatment of bacterial infections. An international clinical study in infants experiencing their first febrile urinary tract infection included more than 160 infants in Sweden and Singapore. Genome wide technology and a strict clinical pathway makes this one of the most detailed studies ever performed and demonstrates that severe infection and kidney injury are driven by an excessive immune reaction to infection — not by the bacteria themselves. On January 16, 2026 – Hamlet BioPharma welcomed interested parties to the Symposium “Novel Treatments for Infections and Cancer” that took place on the 21st of January. The invited speakers are leading inter- national scientists from the U.S. with a background in infection biology and scientists from Lund University, sharing cutting-edge research and future perspectives on novel therapies for bacterial infections and cancer. On February 23, 2026 – Nature Microbiology published the paper ‘’Targeted innate immune inhibition therapy compared with antibiotics for recurrent acute cystitis: a randomized, open-label phase 2 trial.’’ the paper was accepted on February 12th. This groundbreaking study introduces a new approach to managing recurrent urinary tract infections. Instead of killing the bacteria, the treatment focuses on targeting and calming the disease response. Clinical efficacy of this approach is demonstrated in this study, showing effects comparable to standard antibiotic therapy. This discovery could also mark a major conceptual breakthrough in the fight against antibiotic resistance and the future treatment of infections. On February 3, 2026 – Hamlet BioPharma signed a collaboration agreement with the Korean biotech company ImmunoForge, to develop novel drug delivery technology for the peptide drug NZX, for use in patents with tuberculosis. ImmunoForge based in Seoul, South Korea, contacted Hamlet BioPharma to initiate this collaboration. The company who are developing novel drug delivery techniques for clinical use, will develop novel adminis- tration technology for the NZX peptide, specifically a slow-release technology that would prolong the effect of each treatment. The future rights to the results of the collaboration will be jointly owned by the two companies, as well as future patent rights. On June 10, 2026 – The Journal of Infectious Diseases published the paper “Targeting the disease response with NlpD and LytM for effective non-antibiotic treatment of urinary tract infections.” This study demonstrates that inhibiting the disease response of the host offers an efficient alternative to antibiotics for the treatment of bacterial infections. By inhibiting the disease response to infection and accelerating bacterial clearance, the drug candidates protect infected tissues from disease, with similar efficacy as antibiotics. https://doi.org/10.1093/infdis/jiag243 EVENTS
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6 Hamlet BioPharma CANCER THERAPY On August 21, 2025 – Hamlet BioPharma Announces the Completion of the Alpha 1H Phase II Study in Non-Muscle Invasive Bladder Cancer. The completion of the successful Phase II clinical trial of the company’s drug candidate Alpha1H in patients with cancer in the urinary bladder. The final clinical study report based on extensive analyses of clinical and laboratory data highlights the potent treatment effects. All primary and secondary endpoints of safety and efficacy were reached. On September 9, 2025 – Hamlet BioPharma, announces the successful granting of new patents, strength- ening its intellectual property portfolio, reaffirming its position at the forefront of technological innovation. Five new patents in Australia, China, India, Japan, and the US have been granted since the press release on 7 April 2025, which announced three new patents. On September 22, 2025 – Hamlet BioPharma, announced the successful production of a first batch of Alpha1H, the drug candidate targeting Bladder Cancer, at Phase III quality. The batch is now undergoing final evaluation steps, before release for clinical use. On March 6, 2026 – Hamlet BioPharma signed a Letter of Intent to outline terms of a potential collaboration and a commercial agreement concerning Alpha 1H. Hamlet signed a non-binding Letter of Intent (LoI) with an undisclosed company specializing in uro-oncology based in northern Germany. The purpose is to outline terms and conditions for the completion of development and for global commercialization of Alpha 1H in the field of bladder cancer. On June 17, 2026 – Hamlet BioPharma conducted a pre-initiation visit at the Department of Urology at Charles University, Prague, led by Professor Marek Babjuk, a key international opinion leader in bladder cancer therapy. Prague is an important center for bladder cancer research and trials of novel therapies, and the trial technology and collaboration with Hamlet BioPharma and Lund University is established. Professor Babjuk’s group conducted the recently completed, successful Phase II study of Alpha1H in patients with non-muscle invasive bladder cancer (NMIBC). The Phase III study strengthens the commercial potential of Alpha1H and the future market opportunities for the drug. On June 22, 2026 – Hamlet BioPharma announced the signing of a clinical trial agreement with the University of Iowa, one of the leading U.S. centers for bladder cancer research and therapy. The new study advances the clinical development of Alpha1H, a human breast milk derived treatment for bladder cancer, to include Carcinoma In Situ (CIS); a severe surface-spreading and therapy-resistant form of bladder cancer where patients may need to remove their bladders to avoid systemic disease. On June 25, 2026 – Hamlet BioPharma Announces the successful release of the Phase III quality batch of Alpha1H for use in clinical trials of bladder cancer in Europe and the US. Large-scale manufacturing of Alpha1H has been established since the start of the clinical program, with an increase in volumes and tech- nical adjustments during successive phases of the program. The production at Phase III quality requires an extensive and complex development process, which now has been completed. On June 29, 2026 – Hamlet BioPharma announced that the digital analytics platform Briefglance has high- lighted Hamlet BioPharma’’s collaboration with the University of Iowa regarding the development of Alpha1H treatment for patients with severe bladder cancer. The article outlines the advanced scientific and clinical background, the importance of the collaboration and its significance for Hamlet BioPharma. Among other observations, Briefglance describes Alpha1H as a promising treatment candidate for patients who do not respond to BCG therapy; a patient population for whom treatment options remain limited. On June 29, 2026 – Hamlet BioPharma announced regulatory approval from the European Medicines Agency (EMA) for its Phase III clinical study of Alpha1H in bladder cancer. The approval represents a milestone crucial for the clinical development of Alpha1H and provides a clear regulatory path toward a potential future marketing application in Europe.
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7 Hamlet BioPharma COMPANY AND FINANCE On July 17, 2025 – Hamlet BioPharma proposes to raise capital through a directed new issue of B shares with associated warrants (so-called units). A unit consists of a B share with a short and a longer warrant. The issue initially adds just over SEK 30 million and, if the warrants are fully exercised, can provide a further capital injection of a total of approximately SEK 110 million, which means that the company can add up to SEK 140 million in new capital in total. The issue is aimed at approximately 20 external investors and the subscription price per unit is SEK 4.30. The subscription price corresponds to the average volume-weighted share price during 30 trading days of SEK 4,30. The subscription price for the short option that runs for 12 months is SEK 6 per share and the subscription price for the long option that runs for 30 months is SEK 10 per share. Dilution after full subscription is calculated at just over 10%. Hamlet BioPharma has received binding subscription commitments from all external investors. On July 24, 2025 – Hamlet BioPharma called for an Extraordinary General Meeting in Hamlet BioPharma AB to be held on August 11th, 2025. On August 11, 2025 – Hamlet BioPharma, announced that the extraordinary general meeting decided to approve the board’s proposal for a directed new issue of shares and warrants (units). The issue initially provides the company with SEK 30 million and, if the warrants are fully exercised, may provide an additional capital injection of approximately SEK 110 million. This means that the company can be provided with a total of up to SEK 140 million in new capital. On August 28, 2025 – Hamlet BioPharma released the year-end report (Q4) On September 12, 2025 – The directed issue was registered with the Swedish Companies Registration Office and the number of series B shares in the company has increased by 6,976,744 and the share capital has increased by SEK 69,767.44 from SEK 1,776,851.27 to SEK 1,846,618.71. The number of shares in the company now amounts to 184,661,871, of which 39,947,938 are series A shares and 144,713,933 are series B shares. On March 15, 2026 – A new supplementary subscription period was announced, from 16-23 of March 2026. The Board of Directors had decided to adjust the terms and conditions for warrants of series TO5B ahead of the next subscription period, which runs from 20 July to 31 July 2026. On March 24, 2026 – Hamlet BioPharma announced that the company had received approximately 9 million SEK through subscription of warrants series TO5B, before issue costs. On February 13, 2026 – Hamlet published the Q2 interim report for October to December 2025. On May 18, 2026 – Hamlet Biopharma announced the successful granting of new patents in Japan and India and a further patent allowance in Japan. This continued strengthening of Hamlet BioPharma’s international intellectual property portfolio reaffirms its position at the forefront of technological innovation. On May 22, 2026 – Hamlet published the Q3 interim report for January to March 2026. INVESTOR RELATIONS During the fiscal year 2025/2026, Hamlet BioPharma has continued its series of digital investor meetings held on July 25th, August 28th, September 25th, October 31st November 14th, January 21st, February 13th, March 18th, April 23rd, May 22nd and June 23rd. On March 30, 2026 – It was announced that Hamlet BioPharma presented at the Financial Stockholm event on March 26, 2026.
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8 Hamlet BioPharma ADDITIONAL SIGNIFICANT EVENTS AFTER THE FORTH QUARTER On July 16, 2026 – Hamlet BioPharma constructive and forward-looking discussions with the potential partner in bladder cancer with negotiations regarding the terms and framework for completing the drug development and commercialization of Alpha1H together with a leading German pharmaceutical company. The discussions focus on the treatment of bladder cancer across multiple European markets. Further discus- sions are underway regarding other markets. On July 24, 2026 – Hamlet BioPharma announced that the digital business magazines Time Business News and USA Wire have both highlighted Hamlet BioPharma’’s collaboration with the University of Iowa regarding the development of Alpha1H treatment for patients with severe bladder cancer. The article outlines the advanced scientific and clinical background, the importance of the collaboration and its significance for Hamlet BioPharma. On July 28, 2026 – Hamlet Biopharma announced the grant and impending grant of new patents in the US and Japan. The strengthening of Hamlet BioPharma’s intellectual property portfolio reaffirms its position at the forefront of technological innovation. The new patents and allowances cover breakthroughs in the HAMLET family of drug candidates, which effectively kill cancer cells and growing tumor tissue with high precision, as well as the company’s Interleukin-1 (IL-1)-related technology for the treatment of bladder pain. On August 5, 2026 – Hamlet BioPharma announced the preliminary outcome of the exercise of warrants of series TO5B. Based on subscriptions registered to date, the company will preliminarily receive SEK 25,698,036 before issue costs through the subscription of 4,283,006 new Class B shares at a subscription price of SEK 6 per share.
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9 Hamlet BioPharma COMPANY OVERVIEW Hamlet BioPharma is a pharmaceutical company focused on developing innovative treatments for cancer and infectious diseases. With a mission to address large, unmet medical needs, the company has built a robust pipeline of therapeutic candidates, in collaboration with Linnane Pharma and Lund University, targeting malig- nant tumors and antibiotic-resistant infections. These advances underscore Hamlet BioPharma’s potential in innovative drug development that addresses important medical needs. Strong clinical pipeline with advanced assets in bladder cancer , infection, and pain. Powerful discovery platform driving innovations in oncology and antibacterial treatments. Proven drug development expertise, offering valuable long-term partnership opportunities. HAMLET BIOPHARMA TRANSLATES INNOVATION INTO CLINICAL SUCCESS Market approvalPhase IIIPhase IIClinicalPreclinicalDiscoveryIndicationProduct Candidate Bladder Cancer Alpha1H Cancer in Situ Recurrent Urinary tract infection IL-1 receptor antagonist (anakinra) Bladder Pain Syndrome Acute Pyelonephritis 1. Bladder Cancer (Alpha1H) – Placebo controlled study demonstrated 88% tumor reduction at higher doses. Striking induction of apoptosis, immune activation and down-regulation of cancer genes. 2. Recurrent Urinary Tract Infections (Anakinra) – Two arm study showed that anakinra was as effective as antibiotics, reducing symptoms and recurrence rates. 3. Bladder Pain Syndrome (Anakinra) – Significant reduction in pain and improved quality of life for patients with severe bladder pain. 1. Cancer in situ – a malignant form of bladder cancer with limited treatment options. 2. Acute pyelonephritis – a bacterial kidney infection and major cause of sepsis. Successful Phase II studies in three clinical indications Additional clinical indications are being explored
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10 Hamlet BioPharma Pipeline cancer – Alpha1H and HAMLET family of molecules Bladder Cancer treatment with Alpha 1 Rapid treatment response (2 hours) BLADDER CANCER THERAPY
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11 Hamlet BioPharma 1. Publications in leding international journals of infection and cancer. 2. Release of the Phase III drug, ready to send to European and US study sites.. 3. Phase III, Alpha1H as neoadjuvant therapy in early bladder cancer. – Prague site pre-initiation visit. – EMA approval of Phase III. 4. Treatment of severe bladder cancer. – Visit to US centre run by international opinion leaders in bladder cancer therapy, excellent match academically and comercially. – Contract with the University of IOWA. 5. International attention – Ongoing partnering discussions and media attention. Treatment response (1 month) – effects on the tumor Recent Press Releases The need for effective new drugs against cancer and infections is huge globally and is constantly increasing. Hamlet BioPharma’s drug candidates are well positioned to capture significant shares in these fast-growing markets and to address critical needs and position itself for sustainable growth. Alpha1H, with its promising clinical results and immune activation profile, is well suited to address the need for novel NMIBC treatment and to become a valuable asset for the global bladder cancer market. Its innovative mechanism of action – targeting cancer cells while sparing healthy tissue – could make Alpha1H a preferred alternative to traditional treatments, which are often associated with high toxicity and frequent relapses. Market size Superficial Bladder Cancer 2023-2034 Billion USD Source: Transparency Market Research; https://www.transparencymarketresearch.com/non- muscle-invasive-bladder-cancer-market.html MARKET POTENTIAL BLADDER CANCER
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12 Hamlet BioPharma The antimicrobial peptide NZX is being developed as a drug candidate for pulmonary tuberculosis treatment. The new, peptide-based drug has shown promising treatment effects against lung tuberculosis in animal models, both against antibiotic sensitive and antibiotic-resistant Mycobacterium tuberculosis bacteria. The peptide eliminated M. tuberculosis in an animal model of tuberculosis with an 81.14% reduction after three doses, compared to untreated controls. Our molecules target the disease rather than the bacteria – new non-antibiotic treatments Clinical Phase II data supports the efficacy of non-antibiotic therapy of bacterial infections Peptide-based treatment of tuberculosis Peptide-induced response in mycobacteria Mycobacteria treated with NZ2114 peptide for 24 hours, visualized with scanning electron microscopy. The bacterial membrane is destroyed by NZ2114. Untreated NZ2114 treated TREATING BACTERIAL INFECTIONS WITHOUT ANTIBIOTICS
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13 Hamlet BioPharma Clinical Phase II data supports therapeutic efficacy in debilitating Bladder Pain Syndrome Robust Pipeline – 180 patents, patent applications Market strategy – overall goals Robust Pipeline – 180 patents, patent cases Hamlet Biopharma’s overall goal is to • reach the market with Phase III ready assets in cancer and infection • drive the clinical development of groundbreaking preclinical assets with proven therapeutic efficacy in animal models through clinical trials to partnering. Financing - Phase III ready asset Alpha1H FDA and EMA market approval - Phase II validated infection and pain indications New indications for established drug - Building the company Partnering - Specialist or Big pharma, providers of market access - Development of preclinical/clinical assets Market strategy –overall goals TREATMENT OF CHRONIC PAIN
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14 Hamlet BioPharma Hamlet BioPharma offers a groundbreaking solution to addressing the problem of severe bacterial infections and antibiotic resistance. By focusing on the disease rather than the bacteria, the advances could lead to a paradigm shift in the treatment of bacterial infections. The patient’s health can thus be improved, and bacteria can be cleared through normal defense mechanisms, rather than directly targeting the bacteria. In this way , infections caused by antibiotic-resistant and antibiotic-sensitive organisms can be targeted in animal models. This approach also reduces the selective pressure that contributes to resistance in the environment and the general population. THE INFECTION TREATMENT MARKET Source: Data are estimated values to represent market development from reports and research from the American Urological Association (AUA) and International. Market size Recurrent Acute Cystatis and Bladder Pain Syndrome 2023-2034
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15 Hamlet BioPharma Revenue Hamlet Biopharma is specializing in the development of drugs with a broad and strong portfolio of projects for the treatment of cancer and infections. The company remains pre-revenue, with value creation driven by milestones in development and partnerships. Net sales amounted to KSEK 0 (0) during the quarter, and to KSEK 0 (0) during the full year. Other operating income amounted to KSEK 2 (0) during the quarter, and to KSEK 55 (208) during the full year. Earnings External costs were related to the continued drug development activities of the research team at Lund University. The team at Lund University is also responsible for the development of manufacturing methods, stability testing, and chemical and functional characterization of existing and new drug substances and plays a key role in the coordination of laboratory testing in the clinical trial. EBITDA for the quarter amounted to KSEK -13,384 (-15,159), and for the full year KSEK -45,596 (-44,663). The depreciations in the quarter were KSEK -2,553 (-2,560), and for the full year KSEK -10,194 (-10,462). EBIT for the quarter amounted to KSEK -15,937 (-17,718), and for the full year KSEK -55,790 (-55,126). Net result for the quarter was KSEK -15,863 (-17,496), and for the full year KSEK -55,562 (-54,653). Financial position At the end of the fourth quarter, the equity/assets ratio was 70.1 (83.3) %, and the Company’s cash and cash equivalents were KSEK 5,091 (10,761). On April 2, 2026, a portion of the outstanding TO 5 B warrants was exercised prior to their scheduled expira- tion. The Company received SEK 9.1 million, net of issue costs of SEK 0.035 million. Following the end of the quarter, the subscription period for the remaining warrants was held from July 20 to July 31, 2026. The exercise of the warrants will provide the Company with proceeds of SEK 25.7 million. Investments The Company does not capitalize expenses for research and development as assets, since the Company is in an R&D stage. R&D costs are therefore recognized as operating expenses in the income statement. Depreciation During the quarter, depreciation of equipment amounted to KSEK 33 (39), and the depreciation of patents from the merger with SelectImmune Pharma AB amounted to KSEK 2,021 (2,021). In the group, depreciation of patents, including the acquisition of Linnane Projects AB, amounted to KSEK 2,553 (2,520) during the quarter. Employees The company had the equivalent of 6 (7) full-time employees during the quarter. The share The Company’s shares have been traded on Spotlight Stock Market since October 23, 2015. The share is traded under the short name “HAMLET B” with ISIN code SE0015661152. At the extraordinary general meeting in Hamlet Pharma AB on March 2, 2021, it was decided that the compa- ny’s common shares would undergo a split with relation 3:1 and would be reclassified as A- and B-shares. The B-shares will be traded on Spotlight Stock Market. The A-shares will not be listed. Each A-share entitles to ten votes and B-shares entitles to one vote. Furthermore, it is possible for shareholders to convert A-shares to B-shares, which can be traded on Spotlight Stock Market. This conversion program is ongoing with no current deadline. This means that the ratio between A- and B-shares will change over time. As of June 30, 2026, the number of shares registered at the Swedish Companies Registration Office (Bolagsverket) totaled 186,180,709. The registered current ratio of shares was 39,911,660 A-shares and 146,269,049 B-shares. FINANCIAL OVERVIEW
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16 Hamlet BioPharma Subscription warrants or guarantees The warrants in serie TO5B and serie TO6B gave the right to subscribe for a total of 20 930 232 shares. By June 30 2026, there are 11,560,798 shares left to be exercised. The issue was aimed at approximately 20 external investors. The subscription price for the short option with a term of 12 months is SEK 6 per share and the subscription price for the long option with a term of 30 months is SEK 10 per share. The options are not admitted to trading. Transactions with related parties During the quarter, KSEK 1,959 (1,459) was paid to Linnane Pharma AB, of which KSEK 1,839 (1,339) refers to the co-operation agreement, KSEK 120 (120) refers to patent license. The co-operation agreement with Linnane Pharma refers to compensation for access to advanced science and cutting-edge technology for drug development. The collaboration means that Linnane Pharma’s techno- logy platform and other resources are available to Hamlet BioPharma. Hamlet BioPharma is a subsidiary company of Linnane Pharma AB, which owns 32.75% of the capital and 73.80% of the votes of Hamlet Bio- Pharma. Furthermore, salaries and allowances to board and management were paid during the period. Transactions with related parties are on market terms. Significant risks and uncertainties The Board’s assessment of significant risks and uncertainties is unchanged compared with the most recent financial year and are described in the most recently published annual report (2025-06-30). Basis of preparation for the Year-End Report The Company prepares its accounts in accordance with the Swedish Annual Accounts Act (Årsredovisning- slagen) and the K3 framework (BFNAR 2012:1) of the Swedish Accounting Standards Board (Bokföringsnämnden). The company’s accounting principles are unchanged compared with most recent financial year and are described in the most recent published annual report (2025-06-30). On March 31st, 2023, Hamlet BioPharma acquired Linnane Projects AB from Linnane Pharma AB and the patents and know-how regarding a new peptide-based drug against tuberculosis as well as the know-how required to develop the project. On November 7, 2025, Hamlet BioPharma established the subsidiary Alpha 1H BC AB. In accordance with regulations at Spotlight and the Swedish Accounting Standards Board (Bokföringsnämnden), consolidated accounts of Linnane Projects, Alpha 1H BC AB and Hamlet BioPharma are drawn up. General meeting and annual report The general meeting for 2025/2026 is planned to be held at High Court in Malmö on November 20 2026. The annual report will be available at the company’s office, Klinikgatan 32 in Lund for the shareholders three weeks before the meeting. The documents are then also published on the company’s website (https://hamletbiopharma.com) and are then sent to the shareholders who request it and state their postal address. The board proposes that no dividend be paid for the financial year 2025/2026. Review This interim report has not been audited. Financial calendar Annual Report for 2025/2026 October 30, 2026 Interim report for Q1, 2026/2027 November 13, 2026 Annual General Meeting for 2025/2026 November 20, 2026
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17 Hamlet BioPharma INCOME STATEMENT: THE GROUP SEK 2026-04-01 2026-06-30 2025-04-01 2025-06-30 2025-07-01 2026-06-30 2024-07-01 2025-06-30 Net sales 0 0 0 0 Other operating income 1 712 0 54 645 208 038 Operating income 1 712 0 54 645 208 038 Other external costs -11 413 901 -13 114 002 -38 690 534 -36 882 334 Employee benefit expenses -1 928 912 -2 041 502 -6 864 121 -7 935 277 Depreciation of assets -2 552 855 -2 559 192 -10 193 756 -10 462 222 Other operating expenses -42 607 -3 688 -95 352 -53 767 Operating loss -15 937 094 -17 718 385 -55 89 650 -55 125 563 Financial items 74 075 222 122 227 330 472 708 Loss before tax -15 863 019 -17 496 263 -55 562 320 -54 652 855 Tax on loss for the period 0 0 0 0 Loss after tax -15 863 019 -17 496 263 -55 562 320 -54 652 855 Attributable to The parent company’s shareholders -15 863 019 -17 496 263 -55 562 320 -54 652 855 Holdings without controlling influence 0 0 0 0 BALANCE SHEET: THE GROUP ASSETS, SEK 2026-06-30 2025-06-30 Fixed assets Intangible assets 20 531 102 30 611 306 Tangible assets 456 608 217 160 Financial assets 0 0 Total fixed assets 20 987 710 30 828 466 Current assets Other receivables 1 722 484 1 564 911 Prepaid expenses 336 021 430 274 Cash and bank balances/financial investments 5 091 272 10 760 539 Total current assets 7 149 776 12 755 724 Total assets 28 137 486 43 584 190 EQUITY & LIABILITIES, SEK Restricted equity Share capital 1 861 807 1 776 851 Other contributed capital 290 649 584 251 771 833 Other equity including loss for the period -272 792 417 -217 230 098 Total equity attributable to the parent company's shareholders 19 718 974 36 318 587 Holdings without controlling influence 0 0 Total equity 19 718 974 36 318 587 Current liabilities Accounts payable 6 554 538 2 892 898 Tax liabilities 98 806 160 543 Other liabilities 194 195 358 148 Accrued expenses 1 570 974 3 854 014 Total current liabilities 8 418 512 7 265 604 Total Equity & Liabilities 28 137 486 43 584 190
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18 Hamlet BioPharma EQUITY: THE GROUP SEK Share capital Other contributed capital Other equity incl profit for the period Total Opening balance July 1, 2025 1 776 851 251 771 833 -217 230 098 36 318 587 Transfer of prior year’s loss 0 0 0 Rights issue 69 767 29 815 011 29 884 779 Loss for the period, Q1 -12 157 003 -12 157 003 Loss for the period, Q2 -15 431 143 -15 431 143 Rights issue 15 188 9 062 740 9 077 928 Loss for the period, Q3 -12 111 155 -12 111 155 Loss for the period, Q4 -15 863 019 -15 863 019 Equity June 30, 2026 1 861 807 290 649 585 -272 792 417 19 718 974 CASH FLOW STATEMENT: THE GROUP SEK 2025-07-01 2026-06-30 2024-07-01 2025-06-30 Operating activities Loss after financial items -55 562 319 -54 652 855 Adjusted for non-cash items, etc. 10 193 756 10 462 222 Cash flow from operating activities before changes in working capital -45 368 563 -44 190 633 Cash flow from changes in working capital Change in current receivables -63 320 2 203 928 Change in current liabilities 1 152 909 3 157 690 Cash flow from operating activities -44 278 974 -38 829 015 Investing activities Acquisition of tangible assets -353 000 -24 922 Cash flow from investing activities -353 000 -24 922 Financing activities Rights issue 39 113 027 26 790 008 Issuance costs -150 320 -276 610 Cash flow from financing activities 38 962 707 26 513 398 Cash flow for the period -5 669 267 -12 340 540 Cash and cash equivalents at the beginning of the period 10 760 539 23 101 079 Cash and cash equivalents at the end of the period 5 091 272 10 760 539
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19 Hamlet BioPharma INCOME STATEMENT: THE PARENT COMPANY SEK 2026-04-01 2026-06-30 2025-04-01 2025-06-30 2025-07-01 2026-06-30 2024-07-01 2025-06-30 Net sales 0 0 0 0 Other operating income 1 712 0 54 645 208 038 Operating income 1 712 0 54 645 208 038 Other external costs -11 413 901 -13 114 002 -38 690 534 -36 882 334 Employee benefit expenses -1 928 912 -2 041 502 -6 864 121 -7 935 277 Depreciation of assets -2 054 105 -2 060 442 -8 198 756 -8 467 222 Other operating expenses -42 607 -3 688 -95 352 -53 767 Operating loss -15 437 813 -17 219 635 -53 794 119 -53 130 563 Financial items 74 075 222 122 227 330 472 708 Loss before tax -15 363 738 -16 997 513 -53 566 789 -52 657 855 Tax on loss for the period 0 0 0 0 loss after tax -15 363 738 -16 997 513 -53 566 789 -52 657 855 BALANCE SHEET: THE PARENT COMPANY ASSETS, SEK 2026-06-30 2025-06-30 Fixed assets Intangible assets 17 039 852 25 125 056 Tangible assets 456 608 217 160 Financial assets 10 025 000 10 000 000 Total fixed assets 27 521 460 35 342 216 Current assets Other receivables 1 722 484 1 564 911 Prepaid expenses 336 021 430 274 Cash and bank balances/financial investments 5 041 803 10 735 539 Total current assets 7 100 307 12 730 724 Total assets 34 621 767 48 072 940 EQUITY & LIABILITIES, SEK Restricted equity Share capital 1 861 807 1 776 851 Statutory reserve 20 000 20 000 Total restricted equity 1 881 807 1 796 851 Non-restricted equity Share premium reserve 290 629 584 251 751 833 Retained earnings -212 741 348 -160 083 493 Loss for the period -53 566 788 -52 657 855 Total non-restricted equity 24 321 448 39 010 485 Total equity 26 203 255 40 807 337 Current liabilities Accounts payable 6 554 538 2 892 898 Tax liabilities 98 806 160 543 Other liabilities 194 195 358 148 Accrued expenses 1 570 974 3 854 014 Total current liabilities 8 418 512 7 265 604 Total Equity & Liabilities 34 621 767 48 072 940
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20 Hamlet BioPharma EQUITY: THE PARENT COMPANY SEK Share capital Statutory reserve Share premium reserve Retained earnings Loss for the period Total Opening balance July 1, 2025 1 776 851 20 000 251 751 833 -160 083 493 -52 657 855 40 807 337 Transfer of prior year’s loss -52 657 855 52 657 855 0 Rights issue 69 767 29 815 011 29 884 779 Loss for the period, Q1 -11 658 253 -11 658 253 Loss for the period, Q2 -14 932 393 -14 932 393 Rights issue 15 188 9 062 740 9 077 928 Loss for the period, Q3 -11 612 405 -11 612 405 Loss for the period, Q4 -15 363 738 -15 363 738 Equity June 30, 2026 1 861 807 20 000 290 629 585 -212 741 348 -53 566 789 26 203 255 CASH FLOW STATEMENT: THE PARENT COMPANY SEK 2025-07-01 2026-06-30 2024-07-01 2025-06-30 Operating activities Loss after financial items -53 566 788 -52 657 855 Adjusted for non-cash items, etc. 8 198 756 8 467 222 Cash flow from operating activities before changes in working capital -45 368 032 -44 190 633 Cash flow from changes in working capital Change in current receivables -63 320 2 203 928 Change in current liabilities 1 152 909 3 157 690 Cash flow from operating activities -44 278 443 -38 829 015 Investing activities Acquisition of tangible assets -353 000 -24 922 Acquisition of financial assets -25 000 0 Cash flow from investing activities -378 000 -24 922 Financing activities Rights issue 39 113 027 26 790 008 Issuance costs -150 320 -276 610 Cash flow from financing activities 38 962 707 26 513 398 Cash flow for the period -5 693 736 -12 340 540 Cash and cash equivalents at the beginning of the period 10 735 539 23 076 079 Cash and cash equivalents at the end of the period 5 041 803 10 735 539
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21 Hamlet BioPharma The Board of Directors and the Chief Executive Officer assure that the interim report provides a true and fair view of the Company’s operations, position, and results. Malmö, August 28, 2026 Catharina Svanborg Jakob Testad Chairperson of the Board CEO Bill Hansson Magnus Nylén Board member Board member Henrik Sundin Board member
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22 Hamlet BioPharma For further information: Catharina Svanborg, Chairman of the Board Tel: +46 (0)709 42 65 49 E-mail: catharina.svanborg@hamletpharma.com Jakob Testad, CEO Tel: +46 (0)708 48 42 10 E-mail: jakob.testad@hamletbiopharma.com Hamlet BioPharma AB Klinikgatan 32 222 42 Lund hamletbiopharma.com