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ARAS IRRAS AB INTERIM REPORT Fifth Consecutive Quarter of Revenue Growth Third quarter , July - September 2021 • Net revenue amounted to SEK 6.1 million ( 2.1 ) . • Operating loss ( EBIT ) amounted to SEK -27.0 million ( -31.0 ) . • Loss after tax amounted to SEK -26.9 million ( -31.0 ) . • EPS before and after dilution amounted to SEK -0.34 ( -0.47 ) . Important events during the quarter JANUARY - SEPTEMBER 2021 Company Leadership Transition Completed On July 1 , Will Martin assumed the role of IRRAS President & Chief Executive Officer . Kleanthis G. Xanthopoulos , Ph.D. remains on the company's Board of Directors . ■ Loan Financing Completed via European Investment Bank IRRAS signed a 10M EUR loan agreement that provides non dilutive financing for IRRAS to fund product development and clinical data generation activities being performed in the EU . Ventriculitis Case Study Published Helsinki University Hospital published a case series that confirmed the ability of IRRAflow to treat patients with pyogenic ventriculitis , an aggressive brain infection . Publication documents the ability of IRRAflow to directly deliver antibiotics into the intracranial space for the first time in peer - reviewed literature . Expanded Quality System Certifications Received after Onsite Inspection IRRAS ' in - house manufacturing facility for IRRAflow capital equipment was added to its ISO 13485 : 2016 certification , and the company's MDSAP certificate was extended for 3 years . Key figures Net revenue , SEK million Gross margin , % Operating loss ( EBIT ) , SEK million EBIT margin , % Loss after tax EBITDA , SEK million EBITDA margin , % Return on equity , % Period January - September 2021 • Net revenue amounted to SEK 15.2 million ( 4.9 ) . • Operating loss ( EBIT ) amounted to SEK -93.0 million ( -97.5 ) . • Loss after tax amounted to SEK -92.9 million ( -97.8 ) . • EPS before and after dilution amounted to SEK -1.30 ( -1.90 ) . Important events after the quarter CE Mark certification received for enhanced IRRAflow Drainage Catheter Enhanced catheter with improved kink resistance and increased drainage capabilities now available for patient treatments in Europe . ACTIVE clinical study initiated by Aarhus University Hospital Aarhus University Hospital , a leading hospital in Denmark , began commercial patient treatments with IRRAflow and will capture its results in the ACTIVE investigator - initiated clinical trial to prove the system's superiority versus traditional drainage systems . First patients enrolled in ARCH clinical study Dr. Behnam Rezai Jahromi from Helsinki University Hospital enrolled the first patient in the ARCH clinical study , which compares use of IRRAflow with clot - busting medication versus traditional drainage systems in patients with intraventricular hemorrhage . ■ Jul - Sep 2021 6.1 1 % -27.0 Neg -26.9 -22.9 Neg Neg Jul - Sep Jan - Sep 2020 2021 2.1 15.2 Neg Neg -31.0 -93.0 Neg -31.0 -27.0 Neg Neg Neg -92.9 -80.0 Neg Neg Jan - Sep 2020 4.9 Neg -97.5 Neg -97.8 -85.6 Neg Neg Jan - Dec 2020 7.4 Neg -134.3 Neg -135.9 -118.0 Neg Neg IRRAS AB INTERIM REPORT JANUARY - SEPTEMBER 2021 1