Interim report
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immunovia INTERIM REPORT April - June 2026 Leading the Way in Pancreatic Cancer Diagnostics Immunovia's mission is to save lives through early detection of pancreatic cancer Q2 Pancre Sure terim
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Interim report April-June 2026 Important events 2 ”Uptake of PancreaSure by high-risk surveillance centers accelerated in the second quarter of 2026, with six new centers initiating testing. T en of the top twenty U.S. cancer hospitals have now ordered PancreaSure tests in the ten months since launch. Our focus in the second half of the year will be to further build testing volume at these centers. ” Jeff Borcherding, CEO and President, Immunovia AB ” Highlights April-June 2026 ● Net sales and operating results for Q2 2026 in line with expectations: Net sales of 381 KSEK (90) for the period were comprised primarily of revenue from PancreaSure tests, with some additional royalty revenue. Operating loss was 22.8 MSEK, compared to 20.1 MSEK in the second quarter of 2025. Earnings per share before and after dilution were -0.03 SEK (-0.14). ● Cash burn lower than guidance: Cash flow from operating activities was -20.6 MSEK, increased from -18.1 MSEK in Q2 2025. The burn rate of 7.0 MSEK per month was again below the company’s previously communicated guidance of 8 to 10 MSEK per month. Savings resulted from lower spending on clinical studies. Cash and cash equivalents at the end of the period equaled 34.9 MSEK (29.3). ● High test accuracy shown in the Medicare population: Immunovia announced results from a pooled analysis high-risk individuals also have signs or symptoms of pancreatic cancer. In this group, the target population for Medicare coverage, PancreaSure detected 83.3% of Stage I and II cancers and showed specificity of 91.6%. This clinical validation will be a key component of the Company’s upcoming submission for Medicare coverage. ● Registry study launched: The company announced the launch of ASSURE, a prospective, observational registry study evaluating the real-world clinical impact of the PancreaSure test. The study will enroll high-risk individuals at 15–20 U.S. high-risk medical surveillance centers and is designed to show how PancreaSure influences clinician decision-making in pancreatic cancer surveillance. ● AFFIRM study results published: Immunovia announced the publication of AFFIRM in the Journal of Clinical Oncology: Oncology Advances. In AFFIRM, the PancreaSure test detected 88% of Stage III and IV pancreatic cancer cases while showing 98% specificity in correctly classifying control samples from healthy individuals as non-cancerous. Key indicators SEK thousand unless otherwise stated 2026 Apr-Jun 2025 Apr-Jun 2026 Jan-Jun 2025 Jan-Jun 2025 Full year Net sales 381 90 755 229 685 Operating earnings/loss -22,878 −20,052 -41,312 -38,958 -80,385 Earnings before tax -22,829 -41,051 -41,263 -98,843 -145,915 Net earnings -22,829 -41,051 -41,263 -98,843 -145,915 Earnings per share before dilution (SEK) -0.03 -0.14 -0.06 -0.38 -0.42 Earnings per share after dilution (SEK) -0.03 -0.14 -0.06 -0.38 -0.41 Equity ratio (%) 49% 51% 49% 51% 73% Number of shares at the end of the period 672,666,892 306,083,080 672,666,892 306,083,080 672,666,892
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Interim report April-June 2026 CEO Comment 3 Uptake of PancreaSure by high-risk surveillance centers accelerated in the second quarter of 2026, with six new centers initiating testing. T en of the top twenty U.S. cancer hospitals have now ordered PancreaSure tests in the ten months since launch. Our focus in the second half of the year will be to further build testing volume at these centers. We plan to submit for Medicare coverage in Q3 and the application will be supplemented with additional data from ongoing clinical trials showing the accuracy and benefits of PancreaSure testing. This evidence will fuel clinician use of PancreaSure and support efforts to obtain reimbursement. Our commercial progress and expanding clinical evidence have resulted in an increasing number of partnership discussions in both the United States and internationally. PancreaSure trial accelerated in Q2 When we launched the PancreaSure test in September 2025, we noted that our focus through Q2 2026 would be developing advocacy among top experts at pancreatic cancer surveillance programs. I am encouraged to share that 27 high-risk surveillance centers have used the PancreaSure test through the end of the second quarter. Specialists at Memorial Sloan Kettering, Endeavor Health, Providence Health, and Henry Ford Cancer Institute are among those who initiated PancreaSure testing in Q2. They joined top centers like Northwestern University, Stanford Health, Beth Israel Deaconess, and UCLA that have increased their use of PancreaSure. PancreaSure’s market-leading performance in detecting Stage I and II pancreatic cancers has been a key driver of PancreaSure’s initial commercial success. Multi-cancer early detection tests have raised awareness about the importance of early cancer detection, but those tests cannot match PancreaSure’s sensitivity in early-stage cancers. The specialists who lead pancreatic high-risk surveillance programs demand high sensitivity in Stage I and II pancreatic cancers and PancreaSure uniquely meets this need. Catalysts for growth in the second half As outlined in our 2025 launch strategy, in the second half of 2026 we will focus on test adoption and increasing usage among the centers that have begun PancreaSure testing. The most important catalyst for building volume is our Strategic Account Managers, who are growing their expertise, expanding their customer relationships and increasing their impact. A second catalyst will be the ASSURE registry, a real-world study of the PancreaSure test’s use and impact. The study has generated significant interest among pancreatic cancer experts, who see the study as a way to contribute to important research while providing better surveillance for their patients. We expect ASSURE to drive use of PancreaSure in new high-risk surveillance centers and increase testing volume among current customers. A further catalyst for growth is the extensive amount of new clinical data we expect to release in the second half of 2026. Compelling new data fosters regular, productive conversations with clinicians, which can drive test growth.
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Interim report April-June 2026 We plan to submit for Medicare coverage in Q3 Medicare reimbursement remains a key strategic priority and represents a major value inflection point for Immunovia. On June 15 we announced new PancreaSure performance data to support our Medicare submission. Because Medicare generally requires the presence of signs or symptoms to pay for diagnostic tests, we analyzed combined data from prior studies in genetic or familial high-risk individuals who also had signs or symptoms of pancreatic cancer. In this group, PancreaSure detected 83.3% of Stage I and II pancreatic cancer cases, while demonstrating specificity of 91.6%. We remain on track to submit the Medicare coverage request in Q3. We continue to build clinical evidence for PancreaSure T o secure coverage of the PancreaSure test, we are conducting additional studies to show that PancreaSure is accurate, can impact clinician decisions, and improves patient outcomes. In June we announced the publication of the AFFIRM study, which further confirmed the accuracy of the PancreaSure test. In late Q2 we completed data collection for ADHERE, a survey of over 400 high-risk individuals designed to show patient acceptance of an early-detection blood test. We will share these results shortly. The ASSURE registry study, which will illustrate the clinical utility of the PancreaSure test in the real world, has received ethics board approval. We are now contracting with multiple sites to participate. Business development progresses as market activity accelerates We continue to engage multiple strategic diagnostic companies regarding potential commercial and strategic partnerships. While discussions remain preliminary, growing commercial adoption and continued progress toward reimbursement are increasing external interest among prospective partners in the U.S.A., Japan and China. As we pursue partnerships, I am encouraged by the accelerating pace of licensing and acquisition activity across the diagnostics industry, especially for cancer tests. 4 August 6, 2026 Jeff Borcherding President & CEO, Immunovia AB Financing our growth The Board continues to evaluate financing alternatives in advance of our projected cash needs. We are prioritizing options that extend our runway while maximizing shareholder value and preserving flexibility to execute our commercial strategy. Delivering on our commitments Our strategy follows a deliberate progression. Initial trial usage at leading surveillance centers generates physician advocacy. Increased test utilization produces real-world evidence, strengthening reimbursement efforts and increasing physician confidence. Successful reimbursement, in turn, should support broader adoption, increasing test volume, and revenue growth. We are now transitioning from the first phase of this cycle into the next stage of commercial expansion. We are just beginning to realize our potential.
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Interim report April-June 2026 T able of contents 5 About the report This information was submitted for publication on August 6, 2026, at 08:30 (CET). This financial statement has been produced in accordance with IFRS for the Immunovia Group which comprises Immunovia AB and the wholly-owned subsidiaries Immunovia Inc, Immunovia GmbH and Immunovia Incentive AB. Contact Immunovia AB (publ), Swedish Corporate Identity Number 556730-4299, Medicon Village, Scheelevägen 8, 223 63 Lund, Sweden helloir@immunovia.com, +46 46 2756 000 For further information please contact Jeff Borcherding, CEO and President jeff.borcherding@immunovia.com Group’s performance over the period ............................................................................6 Share information .................................................................................................................7 Incentive programs ...............................................................................................................9 Consolidated income statement in summary .............................................................11 Consolidated comprehensive income in summary ...................................................11 Consolidated financial position in summary ..............................................................12 Change in consolidated equity in summary .................................................................13 Consolidated cash flow statement in summary .........................................................14 Consolidated key indicators ..............................................................................................15 Definitions .................................................................................................................................16 Parent company’s income statement in summary ...................................................17 Parent company’s comprehensive income in summary ..........................................17 Parent company’s financial position in summary ......................................................18 Parent company’s cash flow statement in summary ................................................19 Notes ............................................................................................................................................20 Other information………………………………………………………………………………………..22 Glossary .....................................................................................................................................24 Immunovia in brief .................................................................................................................26
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Interim report April-June 2026 The Group’s performance over the period Net sales Net sales for the quarter amounted to 381 KSEK (90 KSEK) and comprised royalties and revenues from PancreaSure tests. Compared with previous quarters, PancreaSure tests accounted for a larger proportion of total net sales. In the corresponding period last year, net sales consisted entirely of royalties. Earnings Net profit for the second quarter 2026 amounted to -22,829 KSEK (-41,051). The difference compared with the corresponding period last year mainly relates to negative financial income recognised in 2025, primarily driven by unrealized exchange rate effects on intercompany transactions used to finance operations in Immunovia Inc. In the fourth quarter of 2025, the intercompany loan between the Parent Company and Immunovia Inc. was converted into a shareholder contribution, which reduced future earnings volatility arising from exchange rate fluctuations. T otal operating expenses increased during the quarter by 3,136 KSEK compared to the corresponding period last year and amounted to 23,284 (20,148) KSEK. The increase was mainly driven by the hiring of Strategic Account Managers. Financing and cash flow Cash flow from operating activities increased compared to last year and amounted to -20,566 KSEK (-18,143). Cash and cash equivalents as of June 30, 2026, amounted to 34,900 KSEK (29,269). Equity at the end of the period was 23,635 KSEK (17,743) and the equity/assets ratio was 49 percent (51). Going concern Based on management's current operating plan and cash flow forecast, the Company's cash balance of SEK 34.9 million as of June 30, 2026, is expected to fund operations into the early part of the fourth quarter of 2026. Accordingly, the Company will require additional financing to support operations beyond that period. Management is actively evaluating a range of financing alternatives, including equity financing, strategic partnerships, and other sources of capital, with the objective of extending the Company's cash runway into the second half of 2027. Investments No investments have been made in intangible or intangible assets during the quarter. Nor have there been any financial investments during the quarter. Employees The average number of employees during the second quarter of 2026 was 18 (8) and at the end of the period the number of employees was 18 (8). 6APRIL -JUNE 2026
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Interim report April-June 2026 Share information 7 The number of registered shares amounted to 672,666,892 shares at the end of the reporting period. The share’s nominal value is SEK 0.03. Share capital development Year Event T otal share capital (SEK) Change (SEK) T otal no. of shares Change in shares Nominal value (SEK) May 24, 2007 Formation 100,000.00 100,000.00 1,000,000 1,000,000 0.10 Oct 19, 2011 New share issue 105,263.00 5,263.00 1,052,630 52,630 0.10 Oct 27, 2011 Share split 5:1 105,263.00 - 5,263,150 4,210,520 0.02 July 5, 2012 New share issue 108,869.92 3,606.92 5,443,496 180,346 0.02 May 21, 2013 New share issue 122,483.76 13,613.92 6,124,188 680,692 0.02 Sep. 10, 2023 New share issue 124,899.76 2,416.00 6,244,988 120,800 0.02 Jun 5, 2014 New share issue 220,924.32 96,024.56 11,046,216 4,801,228 0.02 Aug 13, 2015 Bonus issue 552,310.80 331,386.48 11,046,216 - 0.05 Dec 17, 2015 New share issue 714,560.80 162,250.00 14,291,216 3,245,000 0.05 Sep 15, 2016 New share issue 823,728.40 109,167.60 16,474,568 2,183,352 0.05 Oct 17, 2016 New share issue 840,202.95 16,474.55 16,804,059 329,491 0.05 Oct 4, 2017 New share issue via warrants 865,902.95 25,700.00 17,318,059 514,000 0.05 June 8, 2018 New share issue 974,042.65 108,139.70 19,480,853 2,162,794 0.05 Sep 19, 2018 New share issue via warrants 976,567.65 2,525.00 19,531,353 50,500 0.05 Sep 9, 2019 New share issue via warrants 982,742.65 6,175.00 19,654,853 123,500 0.05 June 4, 2020 New share issue 1,130,154.05 147,411.40 22,603,081 2,948,228 0.05 Oct 4, 2020 New share issue via warrants 1,131,579.05 1,425.00 22,631,581 28,500 0.05 April 12, 2023 New share issue 2,264,374.90 1,132,795.85 45,287,498 22,655,917 0.05 Sept 12, 2024 Reduction of nominal value 1,358,624.94 -905,749.96 45,287,498 0 0.03 Sept 12, 2024 New share issue 5,078,645.88 3,720,020.94 169,288,196 124,000,698 0.03 Sep 13, 2024 New share issue 5,091,344.28 12,698.40 169,711,476 423,280 0.03 Jan 20, 2025 New share issue via warrants 7,857,266.28 2,765,922.00 261,908,863 92,197,387 0.03 Apr 17, 2025 New share issue via warrants 9,182,492.79 1 325 226,51 306,083,080 44,174,217 0.03 Nov 5, 2025 New share issue via shares 19,199,756.82 10,017,264.42 639,991,894 333,908,814 0.03 Nov 5, 2025 New share issue via shares 20,180,006.76 980,249.94 672,666,892 32,674,998 0.03 At the end of the period 20,180,006.76 672,666,892 0.03
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Interim report April-June 2026 8 Source: Monitor by Modular Finance AB. Compiled and processed data from Euroclear, Morningstar and the Swedish Financial Supervisory Authority, among others. The 10 largest shareholders on 30 June, 2026 Shareholders No. of shares Share (capital & votes) Avanza Pension 67,620,291 10.05% Handelsbanken Fonder 15,499,862 2.30% Nordnet Pensionsförsäkring 11,451,252 1.70% Søren Evald Andresen 10,730,000 1.60% Carl Borrebaeck 7,994,900 1.19% Sten Jönsson 7,575,000 1.13% Jens Henrik Jensen 7,520,328 1.12% Jeff Borcherding 7,197,536 1.07% Simon Borsos 7,021,818 1.04% Samatha Förvaltning AB 5,000,000 0.74% T en largest owners 147,610,987 21.94% Others 525,055,905 78.06% T otal 672,666,892 100.00%
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Interim report April-June 2026 Incentive Programs 9 Immunovia has six outstanding incentive programs comprising 44,928,687 warrants. There is no dilution effect on earnings per share as long as the Group’s earnings are negative. Warrant program The annual general meeting 2022 resolved to adopt a warrant program for the Company’s employees and key personnel (the “2022/2026 warrant program”). At the time of allotment, all warrants in the program have been valued according to Black & Scholes’ valuation model. 126,000 warrants have been allotted for the 2022/2026 warrant program. Each warrant initially entitled the holder to acquire one new share in the Company for a subscription price of SEK 88.69 per share. As a result of rights issues carried out in 2024 and 2025, a recalculation of the subscription price and the number of shares that each warrant entitles to have been made. After recalculation, each option entitles the holder to subscribe for 2.70 shares at a subscription price of SEK 32.87 per share. The exercise period runs from June 1, 2026 to June 30, 2026. No options were exercised. Equity incentive program The extraordinary general meeting on November 21, 2023, resolved to adopt an equity incentive program for the Company’s management and key personnel (“ESOP 2023”), including a resolution to issue not more than 2,597,234 warrants to ensure the delivery of shares to the participants and for hedging of social security costs. 1,934,463 warrants have been allotted, and one warrant initially entitled the holder to acquire one new share in the Company at a subscription price of SEK 1.67 per share. As a result of rights issues carried out in 2024 and 2025, a recalculation of the subscription price and the number of shares that each warrant entitles to have been made. After recalculation, each option entitles the holder to subscribe for 1.18 shares at a subscription price of SEK 1.44 per share. The exercise period runs until 17 June 2034. The extraordinary general meeting on November 21, 2023, resolved to adopt an equity incentive program for the Company’s board of directors (“Board program 2023”), including a resolution to issue not more than 649,309 warrants to ensure the delivery of shares to the participants and for hedging of social security costs. 483,616 warrants have been allotted, and one warrant initially entitled the holder to acquire one new share in the Company at a subscription price of SEK 1.80 per share. As a result of rights issues carried out in 2024 and 2025, a recalculation of the subscription price and the number of shares that each warrant entitles to have been made. After recalculation, each option entitles the holder to subscribe for 1.18 shares at a subscription price of SEK 1.50 per share. The exercise period runs until 28 December 2033. As the exercise period for the incentive programs “ESOP 2023” and “Board program 2023” runs over 10 years, no full valuation in accordance with IFRS 2 was made in connection with the allocation. An IFRS 2 valuation will only be made once participants in the programs will exercise their options. The annual general meeting on May 14, 2025, resolved to adopt an equity incentive program for the Company’s management and key personnel (“ESOP 2025”), including a resolution to issue not more than 6,278,626 warrants to ensure the delivery of shares to the participants. 4,708,970 warrants have been allotted, and one warrant initially entitled the holder to acquire one new share in the Company at a subscription price of SEK 0,3485 per share. After recalculation due to rights issue of units completed in 2025, each option entitles the holder to subscribe for 1.11 shares at a subscription price of SEK 0.31 per share. The exercise period runs until May 22, 2033** . The annual general meeting on May 14, 2025, resolved to adopt an equity incentive program for the Company’s board of directors (“Board program 2025”), including a resolution to issue not more than 1,569,654 warrants to ensure the delivery of shares to the participants. 1,569,654 warrants have been allotted, and one warrant initially entitled the holder to acquire one new share in the Company at a subscription price of SEK 0,3485 per share. After recalculation due to rights issue of units completed in 2025, each option entitles the holder to subscribe for 1.11 shares at a subscription price of SEK 0.31 per share. The exercise period runs until May 22, 2033** . The annual general meeting on May 13, 2026, resolved to adopt an equity incentive program for the Company’s management and key personnel (“ESOP 2026”), including a resolution to issue not more than 28,322,818 warrants to ensure the delivery of shares to the participants. 28,322,818 warrants have been allotted, and one warrant initially entitles the holder to acquire one new share in the Company at a subscription price of SEK 0.190 per share. The exercise period runs until June 30, 2035** . The annual general meeting on May 13, 2026, resolved to adopt an equity incentive program for the Company’s board of directors (“Board program 2026”), including a resolution to issue not more than 7,080,702 warrants to ensure the delivery of shares to the participants. 7,080,702 warrants have been allotted, and one warrant initially entitled the holder to acquire one new share in the Company at a subscription price of SEK 0.190 per share. The exercise period runs until June 30, 2035. ***
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Interim report April-June 2026 10 The board of directors estimates that ”ESOP 2025” , ”Board program 2025” , “ESOP 2026” and ”Board program 2026”will incur costs for the company from an accounting perspective in accordance with IFRS 2. Personnel costs in accordance with IFRS 2 do not affect the company’s cash flow. The personnel costs in accordance with IFRS 2 are reported in the statement change in consolidated equity under the line item ‘Share-based payments’ . *Includes warrants issued for hedging of social security costs ** The holders can exercise vested options as from vesting until the date that falls eight years after the Grant Date. Exercises can however only be made during “exercise windows” that occurs 14 calendar days after each quarterly report (or if no quarterly report is published for a quarter, the last 14 calendar days in the subsequent quarter). Furthermore, for a participant that ceases to be employed or in a service relationship in the Group, vested options must be exercised within six months from the date when the participant ceased to be employed or in a service relationship in the Group. Any exercise of options always must comprise at least 25 per cent of the vested options held by the participant. *** The options shall vest on the date of the company’s annual general meeting 2027, provided that the participant is still a board member in the company on said date. In the event of an exit event (as defined in the program) occurring prior to the annual general meeting 2027, the options will vest immediately and in their entirety on the date such exit event is completed. The options shall expire on the date that falls eight years after the grant date. If an exit event has not occurred on or prior to such date, all options shall hence automatically lapse upon the expiration of such eight-year period. Breakdown of outstanding incentive programs Incentive program Decision date Subscription period Number of outstanding warrants Maximum number of shares to be issued Subscription price/ share Change in share capital at full utilization Board program 2023 Nov 21, 2023 Until December 28, 2033 649,309 766,185 1.50 22,985.54 ESOP 2023* Nov 21, 2023 Until June 17, 2034 2,597,234 3,064,736 1.44 91,942.08 Board program 2025** May 14, 2025 Until May 22, 2033 1,569,654 1,742,316 0.31 52,269.48 ESOP 2025** May 14, 2025 Until May 22, 2033 4,708,970 5,226,957 0.31 156,808.70 Board program 2026*** May 13, 2026 Until May 22, 2035 7,080,702 7,080,702 0.19 212,421.06 ESOP 2026 May 13, 2026 Until May 22, 2035 28,322,818 28,322,818 0.19 849,684.54 T otal 44,928,687 46,203,714 1,386,111.40
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Interim report April-June 2026 11 Consolidated income statement, summary SEK thousands 2026 Apr-Jun 2025 Apr-Jun 2026 Jan-Jun 2025 Jan-Jun 2025 Full year Operating income Net sales 381 90 755 229 685 Other operating income 25 6 75 68 67 T otal operating income 406 96 830 297 752 Operating expenses Costs of goods sold -242 0 -385 0 -136 Other external expenses -11,915 -12,991 -20,837 -21,135 -43,527 Personnel costs -10,378 -6,801 -19,338 -15,970 -34,201 Amortization of tangible and intangible assets -738 -322 -755 -1,201 -2,325 Other operating expenses -11 -34 -827 -949 -948 T otal operating expenses -23,284 -20,148 -42,142 -39,255 -81,137 Operating earnings/loss -22,878 -20,052 -41,312 -38,958 -80,385 Profit/loss from financial items Financial income 49 11 49 37 540 Financial expenses* 0 -21,011 0 -59,923 -66,072 T otal financial items 49 -21,000 49 -59,886 -65,530 Earnings/loss after financial items -22,829 -41,051 -41,263 -98,843 -145,915 Income tax 0 0 0 0 0 Earnings/loss for the period -22,829 -41,051 -41,263 -98,843 -145,915 Earnings per share before dilution (SEK) -0.03 -0.14 -0.06 -0.38 -0.42 Earnings per share after dilution (SEK) -0.03 -0.14 -0.06 -0.38 -0.41 Average number of shares 672,666,892 297,830,754 672,666,892 269,781,484 344,324,462 Number of shares at year’s end 672,666,892 306,083,080 672,666,892 306,083,080 672,666,892 Consolidated comprehensive income, summary SEK thousands 2026 Apr-Jun 2025 Apr-Jun 2026 Jan-Jun 2025 Jan-Jun 2025 Full year Earnings/loss for the period -22,829 -41,051 -41,263 -98,843 -145,915 Items that may be reclassified later in the income statement 0 0 0 Exchange rate differences for foreign net investment 0 19,229 0 57,157 60,799 Other earnings/loss for the period 0 19,229 0 57,157 60,799 Comprehensive income for the period -22,829 -21,822 -41,263 -41,686 -85,136 *The difference mainly reflects unrealized exchange rate losses on intercompany financing in 2025. The loan was converted into a shareholder contribution in Q4 2025.
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Interim report April-June 2026 12 Consolidated financial position, summary SEK thousands 2026 Jun 30 2025 Jun 30 2025 Dec 31 ASSETS Fixed assets Intangible fixed assets 6,292 1,527 6,715 T angible fixed assets 3,293 724 965 Financial fixed assets 134 3 127 T otal fixed assets 9,719 2,254 7,807 Current assets Inventory 549 0 119 Account receivables 315 0 39 Other short term receivables 2,553 3,326 2,788 Cash and cash equivalents 34,899 29,269 77,459 T otal current assets 38,316 32,595 80,405 TOTAL ASSETS 48,035 34,849 88,212 EQUITY AND LIABILITIES Equity Share capital 20,180 9,182 20,180 Other contributed capital 1,308,996 1,229,694 1,308,996 Translation reserve 16,563 13,023 16,592 Retained earnings incl. total comprehensive income -1,322,104 -1,234,156 -1,281,003 T otal equity 23,635 17,743 64,735 Interest-bearing liabilities 0 0 0 T otal non-current liabilities 0 0 0 Current liabilities Interest-bearing liabilities 3,270 467 857 Other liabilities 13,346 16,639 14,836 Other provision 7,784 0 7,784 T otal current liabilities 24,400 17,106 23,477 TOTAL EQUITY AND LIABILITIES 48,035 34,849 88,212
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Interim report April-June 2026 13 Change in consolidated equity, summary SEK thousands Share capital Other contributed equity Reserves Accumulated earnings/loss for the period T otal equity Opening balance January 1, 2025 5,091 1,186,063 -44,134 -1,135,371 11,649 Comprehensive income for the period 57,157 -98,843 -41,686 Transactions with owners in their capacity as owners 0 New share issue 4,091 48,568 52,659 Issue costs -4,937 58 -4,879 Closing balance June 30, 2025 9,182 1,229,694 13,023 -1,234,156 17,743 Comprehensive income for the period 3,569 -47,072 -43,503 Transactions with owners in their capacity as owners 0 New share issue 10,998 99,331 110,329 Issue costs -20,029 -20,029 Share-based payments 195 195 Closing balance December 31, 2025 20,180 1,308,996 16,592 -1,281,033 64,735 Comprehensive income for the period -41,263 -41,263 Transactions with owners in their capacity as owners 0 Translation differences -29 -135 -164 New share issue 0 Issue costs 0 Share-based payments 327 327 Closing balance June 30, 2026 20,180 1,308,996 16,563 -1,322,104 23,635
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Interim report April-June 2026 14 Consolidated cash flow statement, summary SEK thousands 2026 Apr-Jun 2025 Apr-Jun 2026 Jan-Jun 2025 Jan-Jun 2025 Full year Operating activities Operating earnings/loss -22,878 -20,052 -41,312 -38,958 -80,384 Adjustment for items not included in cash flow 949 -762 1,881 432 918 Interest received 49 11 49 37 540 Interest paid 0 3 0 0 -2,042 T ax paid 0 0 0 0 0 Cash flow from operating activities before changes in working capital -21,880 -20,800 -39,382 -38,489 -80,979 Cash flow from changes in working capital Change in inventory -364 0 -415 0 -123 Change in inventory -560 314 8 -153 310 Change in operating liabilities 2,238 2,343 -1,670 -3,866 2,392 Cash flow from operating activities -20,566 -18,143 -41,459 -42,508 -78,400 Investment activities Investment in intangible assets 0 0 0 0 -5,559 Investment in tangible assets 0 0 0 0 0 Investment in financial assets 0 0 0 0 0 Sale of fixed assets 0 0 0 0 0 Other long term receivables 0 0 0 0 -134 Cash flow from investment activities 0 0 0 0 -5,693 Financing activities Amortization of leasing liability -375 -236 -753 -806 -1,202 New share issue 0 10,249 0 47,722 138,022 Newly taken out loans 0 0 0 0 19,000 Amortization loans 0 0 0 0 -19,000 Cash flow from financing activities -375 10,013 -753 46,916 136,820 Cash flow for the period -20,941 -8,130 -42,212 4,408 52,727 Cash and cash equivalents at start of period 56,087 37,669 77,459 25,318 25,318 Exchange rate difference in cash and cash equivalents -246 -270 -347 -457 -586 Cash and cash equivalents at end of period 34,900 29,269 34,900 29,269 77,459
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Interim report April-June 2026 15 Consolidated key indicators 2026 Apr-Jun 2025 Apr-Jun 2026 Jan-Jun 2025 Jan-Jun 2025 Full year Operating earnings/loss (SEK 000) -22,878 -20,052 -41,312 -38,958 -80,385 Earnings/loss for the year (SEK 000) -22,829 -41,051 -41,263 -98,843 -145,914 Earnings per share before dilution (SEK) -0.03 -0.14 -0.06 -0.38 -0.42 Earnings per share after dilution (SEK) -0.03 -0.14 -0.06 -0.38 -0.41 Cash and cash equivalents at the period’s end (SEK 000) 34,899 29,269 90,986 29,269 77,459 Cash and cash equivalents at the period’s end (SEK 000) -20,566 -18,143 -41,459 -42,508 -78,400 Cash flow for the period (SEK 000) -20,941 -8,130 -42,212 4,408 52,727 Equity (SEK 000) 23,635 17,743 70,137 17,743 64,735 Equity per share (SEK) 0.04 0.06 0.10 0.06 0.10 Equity / assets ratio (%) 49% 51% 49% 51% 73% Average number of employees 18 8 18 9 10
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Interim report April-June 2026 Definitions 16 Key indicator Definition Motivation for using financial key indicator not defined pursuant to IFRS Net sales Revenues from goods and services sold, and royalties received relating to the main activity during the relevant period. Operating earnings/loss Earnings/loss before financial items and tax. Operating earnings/loss provides a view of the earnings that the company’s ordinary activities have generated. Basic and diluted earnings per share Earnings/loss divided by the weighted number of shares in the period before and after dilution respectively. Average number of shares before and after dilution The average number of outstanding shares in the period before and after dilution respectively. Because the group is generating a loss, there is no dilution, despite the subscription price being lower than the share price. Cash and cash equivalents Cash and bank balances. Cash flow from operating activities Cash flow before cash flow from investing activities and financing activities. Cash flow for the period The change in cash and cash equivalents for the period excluding effective unrealized exchange rate gains and exchange rate losses. Equity per share (SEK) Equity divided by the number of shares at the end of the period. Management follows this indicator to monitor the value of equity per share. Equity/assets ratio Equity as a percentage of total assets. Management follows this indicator of the company’s financial stability. Average number of employees The average of the number of employees in the of working-hours in the period divided by scheduled working hours for the period.
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Interim report April-June 2026 17 Parent company’s income statement, summary SEK thousands 2026 Apr-Jun 2025 Apr-Jun 2026 Jan-Jun 2025 Jan-Jun 2025 Full year Operating income etc. Net sales 90 90 302 229 567 Other operating income 25 6 73 68 67 T otal operating income 115 96 376 297 634 Operating expenses Other external expenses -4,878 -7,327 -5,412 -9,958 -18,731 Personnel costs -616 -3,152 -4,841 -4,836 -5,924 Amortization of intangible and tangible fixed assets -97 -97 -114 -194 -387 Other operating expenses -11 -34 -108 -36 -53 T otal operating expenses -5,602 -10,609 -10,475 -15,023 -25,095 Operating earnings/loss -5,487 -10,513 -10,099 -14,726 -24,461 Profit/loss from financial items Result from shares in group companies 0 6,553 0 28,875 28,875 Financial incomes 2 2,928 2 5,922 9,394 Financial expenses 0 -21,260 0 -59,977 -66,153 T otal financial items 2 -11,779 2 -25,180 -27,884 Earnings/loss after financial items -5,485 -22,292 -10,097 -39,906 -52,345 Allocations Group contributions received 0 0 0 0 0 T otal allocations 0 0 0 0 0 Earnings/loss before tax -5,485 -22,292 -10,097 -39,906 -52,345 Income tax 0 0 Earnings/loss for the period -5,485 -22,292 -10,097 -39,906 -52,345 Parent company’s comprehensive income, summary SEK thousands 2026 Apr-Jun 2025 Apr-Jun 2026 Jan-Jun 2025 Jan-Jun 2025 Full year Earnings/loss for the period -5,485 -22,292 -10,097 -39,906 -52,345 Other earnings/loss for the period 0 0 0 0 0 Comprehensive income for the period -5,485 -22,292 -10,097 -39,906 -52,345
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Interim report April-June 2026 18 Parent company’s balance sheet, summary SEK,thousands 2026 Jun 30 2025 Jun 30 2025 Dec 31 ASSETS Fixed assets Intangible fixed assets 743 1,101 922 T angible fixed assets 10 38 24 Financial fixed assets 65,424 303 29,692 T otal fixed assets 66,177 1,442 29,692 Current assets Receivables from Group companies 1,953 302 2,191 Current receivables 1,006 1,624 1,053 Prepaid expenses and accrued income 0 612 514 Cash and cash equivalents 28,966 25,184 73,018 T otal current assets 31,925 27,722 76,775 TOTAL ASSETS 98,102 29,164 107,413 EQUITY AND LIABILITIES Restricted equity Share capital 20,180 9,182 20,180 T otal restricted equity 20,180 9,182 20,180 Non-restricted equity Premium fund 0 43,631 122,933 Retained earnings including comprehensive income 64,383 -36,574 -48,780 T otal non-restricted equity 64,383 7,057 74,153 T otal equity 84,563 16,239 94,333 Provisions Other provisions 7,784 4,670 7,784 T otal provisions 7,784 4,670 7,784 Current liabilities Interest-bearing liabilities 0 0 0 Other liabilities 5,755 8,254 5,295 T otal current liabilities 5,755 8,254 5,295 TOTAL EQUITY AND LIABILITIES 98,102 29,164 107,413
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Interim report April-June 2026 19 Parent company’s cash flow statement, summary SEK thousands 2026 Apr-Jun 2025 Apr-Jun 2026 Jan-Jun 2025 Jan-Jun 2025 Full year Operating activities Operating earnings/loss -5,487 -10,513 -10,099 -14,727 -24,462 Adjustment for items not included in cash flow 307 97 521 194 679 Interest received 2 18 2 44 533 Interest paid 0 0 0 0 -2,010 T ax paid 0 0 0 0 0 Cash flow from operating activities before changes in working capital -5,178 -10,398 -9,577 -14,489 -25,260 Cash flow from changes in working capital Change in inventory 0 0 0 0 0 Change in operating receivables 259 -11,891 798 -24,979 -27,383 Change in operating liabilities -503 991 459 -5,140 -4,984 Cash flow from operating activities -5,422 -21,298 -8,319 -44,608 -57,627 Investment activities Investment in intangible fixed assets 0 0 0 0 0 Investment in tangible fixed assets 0 0 0 0 0 Investment in financial fixed assets -19,122 0 -35,733 0 -29,388 Sale of fixed assets 0 0 0 0 0 Cash flow from investment activities -19,122 0 -35,733 0 -29,388 Financing activities New share issue 0 10,308 0 47,781 138,022 Newly taken out loans 0 0 0 0 19,000 Amortization loans 0 0 0 0 -19,000 Cash flow from financing activities 0 10,308 0 47,781 138,080 Cash flow for the period -24,544 -10,990 -44,052 3,173 51,007 Cash and cash equivalents at start of period 53,510 36,174 73,018 22,011 22,011 Cash and cash equivalents at period’s end 28,966 25,185 28,966 25,185 73,018
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Interim report April-June 2026 Notes 20 NOTE 1 ACCOUNTING PRINCIPLES The Group applies the Swedish Annual Accounts Act and International Financial Reporting Standards (IFRS) as adopted by the EU, and RFR 1 complementary accounting rules for Groups when preparing financial reports. The parent company applies the Swedish Annual Accounts Act and RFR 2 Accounting for legal entities when preparing financial reports. The applied accounting principles are consistent with those applied in the 2025 annual report. This interim report has been prepared in accordance with IAS 34 interim financial reporting. New and amended standards adopted with effect from 2025 are not expected to have any significant impact on the Group’s financial position. NOTE 2 OTHER INFORMATION Financial instruments The Group currently has no financial instruments valued at fair value. Instead, all financial assets and liabilities are valued at accrued acquisition cost. It is estimated that there are no significant differences between fair value and book value relating to financial assets and liabilities. Revenue recognition Net sales for the period refer to royalties and sales of the PancreaSure test. Revenue related to the PancreaSure test is recognised upon delivery of test results. For the comparative period 2025, net sales consisted solely of royalties. Transactions with related parties From time to time, board members may undertake specific assignments that do not belong to the board’s normal duties, which are either decided at the annual general meeting or by the board jointly. No transactions have taken place during April-June 2026. Leases and provisions The group has leasing agreements, mainly in the form of agreements for the use of office premises, where one of the agreements extends to 31 October 2028 with a quarterly fee of SEK 1,557,000. With the decision to cease the commercialization of the IMMray™ PanCan-d test and to wind down the business, there has been a need to renegotiate the said lease agreement. As per December 31, 2023, with a revaluation effect resulting in that the right-of-use asset as well as the lease liability was reduced by approximately 20 MSEK. The remaining right-of-use asset as well as the leasing liability as of December 31, 2023 was reported based on a calculated and assessed probable leasing obligation for 2024 totaling approximately 8 MSEK. From the end of September 2024, these premises are no longer in use. The letter of intent with the landlord remains. Due to the fact that the Group no longer has control of the premises, the remaining lease liability of approximately SEK 5 million has been reclassified to Other provisions by the end of the third quarter 2024. After a reassessment of the probable outcome of the contract, the total Other provisions reported as of 30 June 2026 amount to 7.8 MSEK and correspond to an assessment of the probable outcome based on agreements with the landlord. The remaining unreserved, undiscounted, value of the contract amounts to approximately 6.7 MSEK. The parent company reports the corresponding provision.
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Interim report April-June 2026 Notes 21 Remaining leasing debt for other leasing agreements, is included in other interest-bearing liabilities and amounts to approximately 3.3 MSEK and refers to leasing contracts in the USA. New/ existing contracts in Sweden fall under short-term contracts and contracts of reduced value. Risks Through its operations, Immunovia is exposed to both operational and financial risks. The following risks and uncertainty factors may have a negative impact on the Company’s operations, financial position and/or results. The company’s risks are also described in the Annual Report 2025, page 29. Operational risks Immunovia’s operations and market are subject to several risks that could negatively impact the company. The risks are related to Immunovia’s operations, industry and market, legal and regulatory risks, and financial risks. After launching the PancreaSure test in 2025, Immunovia faces several risks as it seeks to drive adoption of the test and secure reimbursement. The risk factors below are described without ranking and without claiming to be comprehensive. Market adoption: T o drive PancreaSure test adoption, Immunovia must convince physicians to change their approach to high-risk surveillance to incorporate a blood test along with, or in place of, imaging. This process of changing of protocols and behavior can be difficult. PancreaSure’s commercial success in 2026 will depend on the performance of its small, targeted sales team, which was hired in Q1 2026. T o fully capitalize on the volume potential of the PancreaSure test, Immunovia must secure a commercial partnership with a large diagnostics company. Clinical: Immunovia has successfully completed three clinical validation studies of the PancreaSure test. The next challenge is to demonstrate the clinical utility of the test in prospective studies, showing that the test impacts physician decisions and leads to better clinical outcomes for patients. Reimbursement: Generating meaningful PancreaSure revenue will require securing positive coverage decisions from Medicare and private commercial payers. Failure to secure coverage would substantially limit average sales price per test and total revenue. Competition: Immunovia’s early detection test competes directly with pancreatic cancer detection tests and several multi-cancer early detection tests. Most of these competitors are better funded than Immunovia, enabling these competitors to deploy larger sales teams and to conduct larger and more costly clinical studies. Currency risks The Company operates both nationally and internationally, which results in exposure to currency exchange rate fluctuations mainly related to USD, CHF and EUR. Currency risk relates to future business transactions and assets and liabilities on the balance sheet. Interest risk in cash flow Interest rate risk is the risk that the value of financial instruments varies due to changes in market interest rates. The group currently only has interest-bearing financial assets in the form of bank balances and interest-bearing liabilities in the form of leasing debt for premises. Liquidity risk and going concern Based on management's current operating plan and cash flow forecast, the Company's cash balance of SEK 34.9 million as of June 30, 2026, is expected to fund operations into the early part of the fourth quarter of 2026. Accordingly, the Company will require additional financing to support operations beyond that period. Management is actively evaluating a range of financing alternatives, including equity financing, strategic partnerships, and other sources of capital, with the objective of extending the Company's cash runway into the second half of 2027.
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Interim report April-June 2026 Review This interim report has not been reviewed by the company’s auditors. Financial calendar ● Q3 interim report 2026, Thursday November 5, 2026. ● Financial statement 2026, Thursday February 11, 2027. Contact information: Immunovia AB (publ), Medicon Village, Scheelevägen 8, 223 63 Lund, Sweden T el: +46 46 275 60 00 Email: helloir@immunovia.com Web: www.immunovia.com For further information please contact Jeff Borcherding, CEO and President jeff.borcherding@immunovia.com The company’s Annual Report is available for download on the company’s website: www.immunovia.com 22 Other information Conference call Immunovia will hold a webcast teleconference at 15:00 CET on August 6 with Jeff Borcherding, CEO and President. T o participate on the call, please dial one of the numbers or watch via the web link below. Sweden: +46 (0)8 5051 0031 United Kingdom: +44 (0) 203 059 58 63 United States: +1 (1) 631 570 56 13 Link to the https://creo-live.creomediamanager.com/2d458eb8-6baa- 4d79-880c-e7737e623e18
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Interim report April-June 2026 23 The Board and the CEO certify that the interim report gives a true and fair view of the company’s and the Group’s operations, position and results, and describes significant risks and uncertainties that the company and the companies making up the Group face. Lund August 6, 2026 Peter Høngaard Andersen Chairman of the board Bryan Riggsbee Board member Melissa Farina Board member Jeff Borcherding CEO & President Hans Johansson Board member Martin Møller Board member Valerie Bogdan-Powers Board member
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Interim report April-June 2026 Glossary 24 Antigen - A foreign body substance that elicits a reaction of the immune system in contact with the organism. The substance may be a chemical substance, a protein or a carbohydrate. Antibodies – Antibodies, or immunoglobulins, are a type of protein used by the body´s immune system to detect and identify foreign substances such as viruses, bacteria or parasites. Benign – If a tumor is benign it means that the tumor is not dangerous and will not spread. Bioinformatics – Bioinformatics is an interdisciplinary field in which algorithms are developed for the analysis of biological (especially molecular biology) data. Biomarker – A biomarker can be defined as a biological response to a change caused by disease or foreign substance. Biomarkers can be used as early warning signs of biological changes in an organism. CAP - College of American Pathologists. The CAP has deemed status under CLIA to accredit laboratories performing testing on specimens from human beings or animals, using methodologies and clinical application within the expertise of the program. Laboratories must be appropriately licensed to perform testing when required by law. CLIA - Clinical Laboratory Improvement Amendments. The Centers for Medicare & Medicaid Services (CMS) regulates all laboratory testing performed on humans in the U.S. through the Clinical Laboratory Improvement Amendments (CLIA). The objective of the CLIA program is to ensure quality laboratory testing. All clinical laboratories must be properly certified to receive Medicare or Medicaid payments. Discovery Trial – Research carried out in order to verify a special hypothesis. Histology – Histology is the study of biological tissue. Invasive – Invasive means to penetrate or attack. Invasive medical examinations refer to examinations that include any form of penetration through a hole in the body or surgical operation. Malignant – Malignant tumors tend to worsen and become mortal. They are termed cancer, and thus differ from benign tumors. Metastasis – A metastasis is a tumor that has spread to other organs. Microarray – A microarray is a molecular biology test format for simultaneously measuring the relative concentrations of proteins. Molecular Diagnosis – A collection of technologies used to analyze biological markers at the genomic and protein levels (i.e., the genetic code of individuals and how their cells express their genes as proteins in the body), using molecular biology for medical testing. These technologies are used to diagnose and monitor disease, detect the risk of disease and to determine which treatment is likely to work best for the individual. NOD type 2 – New Onset Diabetes type 2. NPV– Negative Predictive Value. NSCLC – Non-Small Cell Lung Cancer, the most common type of lung cancer, 80-85% of all lung cancer cases.
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Interim report April-June 2026 25 Palliative care – Palliative care is administered when the patient’s disease is beyond the ability to cure. The purpose of palliative care is to provide support to patients and families using both psychological and medical practices. Pancreatologist – Doctor specializing in diseases relating to the pancreas. PDAC– Pancreatic ductal adenocarcinoma, the most common form of pancreatic cancer. Prospective trial – A trial in which a group of individuals is studied and followed often for a long time to see how a particular disease develops. A prospective trial is used to study the relationship between different risk factors and a certain disease. You follow individuals with and without risk factors going forwards over time. At the end of the trial, the proportion of individuals in the two groups who developed disease is compared. Proteomics – Proteomics is a branch of biology and includes surveys of large amounts of data about proteins. Reproducibility – Within the field of statistics, reproducibility is described as the correlation between results from repeated measurements performed by different observers with different instruments of the same type, which measurements are performed in order to reject any measurement error due to materials and personnel. Resectable – Able to be removed by surgery. Retrospective study – A study in which the focus is on something that has happened in the past, i.e. using historic data. This form of study starts with the answer, i.e. it is known which individuals became ill and which did not. Screening – Screening refers to medical examinations to identify a disease. It is normally carried out before the patient has exhibited obvious symptoms. Self-pay customers – Patients or organizations that pay without reimbursement from insurance companies or authorities. Sensitivity – Sensitivity is a statistical measure of the reliability of a binary diagnostic test and the probability that a generated positive result is correct. Serum – A serum is a transparent yellowish liquid obtained by allowing the blood to clot, and then removing the blood cells and the coagulation proteins. Serum contains proteins, including antibodies. Specificity – Specificity is a statistical measure of the reliability of a binary diagnostic test and the probability that the generated negative result is de facto negative.
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Interim report April-June 2026 Immunovia AB is a diagnostic company whose mission is to increase survival rates for patients with pancreatic cancer through early detection. Immunovia is focused on the development and commercialization of simple blood-based testing to detect proteins and antibodies that indicate a high-risk individual has developed pancreatic cancer. Immunovia collaborates and engages with healthcare providers, leading experts and patient advocacy groups to make its test available to individuals at increased risk for pancreatic cancer. USA is the world’s largest market for detection of pancreatic cancer. The company estimates that in the USA, 1.8 million individuals are at high-risk for pancreatic cancer and could benefit from annual surveillance testing. Immunovia’s shares (IMMNOV) are listed on Nasdaq Stockholm. For more information, please visit www.immunovia.com.