Interim report
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Interim report April - June 2026 NANEXA AB (PUBL) 2 Nanexa AB (PUBL) Significant events during the second quarter of 2026 On April 2, Nanexa announced that all warrants that were issued during the spring 2025 had been exercised for subscription of new shares. Through the exercise of the warrants, Nanexa received approximately SEK 55.7 million in total before transaction costs. Nanexa announced on April 28 that the Board of Directors had, as authorized by the General Meeting on 15 May 2025, resolved on a new issue of shares where payment was made through set-off of the entire outstanding loan of SEK 20 million in total. Financial overview 1 April - 30 June 2026 Turnover amounted to: TSEK 1,654 (2,705) Operating profit (EBIT) amounted to: TSEK -13,882 (-5,237) Profit after tax amounted to: TSEK -14,032 (-5,899) Earnings per share amounted to: SEK -0.07 (-0.04) Cash flow for the period amounted to: TSEK -20,465 (-8,953) Cash and cash equivalents at end of period: TSEK 52,557 (40,263) 1 January - 30 June 2026 Turnover amounted to: TSEK 3,286 (5,582) Operating profit (EBIT) amounted to: TSEK -27,492 (-13,450) Profit after tax amounted to: TSEK -28,054 (-14,886) Earnings per share amounted to: SEK -0.16 (-0.10) Cash flow for the period amounted to: TSEK 7,990 (29,971) Cash and cash equivalents at end of period: TSEK 52,557 (40,263) Figures in brackets refer to the corresponding period in the previous year.
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Interim report April - June 2026 NANEXA AB (PUBL) 3 CEO’s comment Another intensive quarter was marked by strong commitment and a focus on the commercial side of the business. It was also a quarter in which we increased the visibility of PharmaShell and Nanexa across various international forums and channels, including conferences and articles published in leading international industry journals, while continuing to drive development forward through a range of collaborative initiatives. As previously communicated, we are in advanced negotiations to license the PharmaShell technology within the very large and continuously growing market for the treatment of obesity, type 2 diabetes and other relevant indications. These discussions continue to progress actively. Operationally, we continue to advance the development of a long- acting depot formulation of semaglutide in parallel, ensuring that we are as well prepared as possible for what we hope will be a forthcoming license agreement. The collaboration with Moderna has continued according to plan and is being advanced by our team together with a dedicated development team at Moderna. During the quarter, Moderna initiated testing of our coated mRNA particles, which will serve as the basis for further development activities both internally and at Moderna. During the quarter, we also continued to advance the evaluation agreement signed with another big pharmaceutical company and announced in August of last year. The results obtained to date have been encouraging, and while the evaluation remains ongoing, we have also initiated discussions regarding a potential expansion of the collaboration in preparations for subsequent phases. In parallel, we continue the internal development of the PharmaShell system to broaden its range of applications, further optimize its properties, and create additional patent opportunities. Joel Hellrup, Head of Pharmaceutical R&D, presented PharmaShell at the well-attended DDF conference in Berlin, highlighting the very strong results we have achieved in the development of once-monthly and once-quarterly administration of semaglutide. Bridget Lacey, Chief Business Development Officer, and I also attended this year's BIO International Convention, held in San Diego at the end of June. The event brought together more than 20,000 participants from across the industry, and we held a large number of highly interesting meetings with various companies. Interest in less frequent dosing continues to grow across a wide range of therapeutic areas, and we are seeing a clear trend towards longer dosing intervals for biologic therapies. Discussions with a number of companies initiated at various conferences are continuing, and we look forward to the opportunity to initiate additional promising collaborations. The interest in Nanexa from industry media has increased significantly in recent years. During the quarter, several articles were published, including “From Weekly to Quarterly Dosing: The Future of GLP-1 Therapies” in the well- respected journal BioXconomy, which highlighted PharmaShell as a highly promising technology. Manufacturing Chemist also published “Where Nanoengineering Meets Drug Formulation,” describing PharmaShell and the results
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Interim report April - June 2026 NANEXA AB (PUBL) 4 we have achieved. We also published an article in OnDrugDelivery entitled “PharmaShell – an old nanocoating technology for once-monthly injectables”. Ahead of BIO International, The Pharma Navigator also published an interview with me under the headline “Engineering Long-Acting Precision.” This coverage is, of course, extremely positive. We have also been highly active in the patent area. The examination of our patent applications by the various patent authorities is progressing well, and during the period we also received a number of patent grants and notices of allowance, which is both encouraging and an important step in further strengthening our intellectual property position. In addition, we have filed no fewer than three entirely new patent applications. As a result, and subject to approval, our patent portfolio could provide protection for products developed using our technology well into the mid-2040s, regardless of the patent status of the active pharmaceutical ingredient itself. This is strategically important and value-creating both for Nanexa and for the partners with whom we develop products. Our financial position remains strong, with the current cash balance providing a runway until 2nd quarter of 2027. We anticipate further strengthening of our financial position through licensing agreements, and the board will only consider additional financing if the terms properly reflect Nanexa’s full value. In summary, the second quarter has been both busy and productive, with strong progress across our key projects. I am extremely pleased with the achievements made during the quarter and grateful for the hard work and commitment demonstrated by our entire team. I look forward to a very exciting autumn and the year ahead. A sincere thank you to all our shareholders for your continued support. David Westberg, CEO
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Interim report April - June 2026 NANEXA AB (PUBL) 5 Financial comments Result and cash flow Second quarter 2026 Sales for the quarter amounted to SEK 1,654 (2,705) thousand, of which SEK 448 (99) thousand relates to feasibility studies regarding the PharmaShell® technology, SEK 0 (2,152) thousand to the exclusivity agreement with Novo Nordisk A/S and SEK 1,206 (452) thousand to the coating of sensors. Capitalized development costs amounted to SEK 4,446 (6,129) thousand and still mainly relate to investments in the NEX-22 projects. External project and development costs during the quarter amounted to SEK -4,027 (-4,483) thousand, with costs related to the NEX-22 projects accounting for the main part. Other external costs, including costs for premises and external consultants, amounted to SEK -6,473 (-7,548). Personnel costs in the quarter amounted to SEK -6,118 (-5,988) thousand, where the increase mainly comes from a higher headcount. The result for the quarter amounted to SEK -14,032 (-5,899) thousand. Cash flow for the quarter amounted to SEK -20,465 (-8,953) thousand. The change in working capital amounted to SEK 1,081 (254) thousand and mainly comes from a higher level of accounts receivable and a lover level of short-term payables. Cash flow from investing activities amounted to SEK -10,264 (-7,203) thousand, where both investments in capitalized development costs and in capitalized patent costs were slightly lower than for the corresponding period last year, and the investments in tangible fixed assets have increased with SEK 4,463 thousand. The cash flow from financing activities amounted to SEK -546 (1,240) thousand, where new share issues contributed with SEK 20,000 (1,994) thousand. Transaction costs amounted to SEK -232 (-377) thousand and amortization of loans amounted to SEK -20,314 (-377) thousand. The period January – June 2026 Sales for the period amounted to SEK 3,286 (5,582) thousand, of which SEK 2,080 (731) thousand relates to feasibility studies regarding the PharmaShell® technology, SEK 0 (4,303) thousand to the exclusivity agreement with Novo Nordisk A/S and SEK 1,206 (540) thousand to the coating of sensors. Capitalized development costs amounted to SEK 8,938 (10,904) thousand and still mainly relate to investments in the NEX-22 projects. External project and development costs during the period amounted to SEK -7,026 (-7,751) thousand, with costs related to the NEX-22 projects accounting for more than 70 percent. Other external costs, including costs for premises and external consultants, amounted to SEK -13,292 (-12,912). Personnel costs in the period amounted to SEK -12,656 (-10,280) thousand, where the increase mainly comes from a higher headcount. The result for the period amounted to SEK -28,054 (-14,886) thousand. Cash flow for the period amounted to SEK 7,990 (29,971) thousand. The change in working capital amounted to SEK 6,691 (-977) thousand and mainly comes from a lower level of accounts receivable and a higher level of short-term payables. Cash flow from investing activities amounted to SEK -15,980 (-13,398) thousand, where both investments in capitalized development costs and in capitalized patent costs were slightly lower than for the corresponding period last year, and the investments in tangible fixed assets have increased with SEK 4,565 thousand. The cash flow from financing activities amounted to SEK 38,766 (53,191) thousand, where new share issues contributed with SEK 64,020 (36,994) thousand. Transaction costs amounted to SEK -4,628 (-3,114) thousand and amortization/change of loans amounted to SEK -20,626 (19,311) thousand. Financial position As of 30 June 2026, cash and cash equivalents and short-term investments amounted to SEK 52,557 (40,263) thousand and equity amounted to SEK 132,868 (89,920) thousand. The Board of Directors believes that the company´s current working capital and cash are sufficient to finance the business until 2nd quarter of 2027. The Board of Directors and the management are working actively to secure revenue from agreements with pharmaceutical companies to develop the company and ensure long-term financing.
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Interim report April - June 2026 NANEXA AB (PUBL) 6 Employees The number of employees as of 30 June 2026, was 17 (15), of which 5 (4) women and 12 (11) men. The average number of employees (FTE) amounted to 15 (14) in the second quarter of 2026 and 16 (14) during January-June. In addition to employed staff, Nanexa continuously retains consultants with specialist expertise. Related party transactions During January-June 2026, Nanexa had the following related party transactions. The company has identified a temporary need for the expertise possessed by the chairman of the board, Göran Ando. This need concerns tasks including, but not limited to, business development and strategy work, where the nature and extent have been deemed to go beyond what is normally required of a board chairman. Against this background, the company and Göran Ando have entered into an agreement under which Göran Ando is employed part-time on market terms from January 1, 2026. The remuneration amounts to SEK 120,000 per month. The share Nanexa AB (publ) was listed on the Nasdaq First North Growth Market on 29 May 2020. The share was previously listed on the Spotlight Stock Market since 17 June 2015. As of 30 June 2026, the number of shareholders in Nanexa was 7,199. Earnings per share Earnings per share before and after dilution amounted to SEK -0.07 (-0.04) for the second quarter of 2026. For the period of January-June 2026, earnings per share amounted to -0.16 (-0.10) before dilution and -0.15 (-0.09) after dilution. Number of shares The number of outstanding shares in Nanexa AB as of 30 June 2026 was 191,036,535 (156,907,747), with a quota value of SEK 0.13 per share. The number of shares at full dilution of outstanding warrants was 197,286,535 (184,786,535). The average number of shares for the second quarter amounted to 188,564,008 (156,973,496). Including full dilution of outstanding warrants, the average number of shares for the second quarter amounted to 192,341,480 (184,786,535). The average number of shares for January-June amounted to 180,386,877 (152,881,787). Including full dilution of outstanding warrants, the average number of shares for the period amounted to 188,584,878 (174,900,548). The outstanding programs for warrants by 30 June 2026 were: TO7 (2023/2026) that can be used to subscribe for shares between 1 July to 31 August 2026. The number of outstanding warrants in program TO7 is 1,345,000, of which the number of subscribed warrants amounts to 425,000, corresponding to a dilution of 0.31%. The strike price is set at 5.31 SEK. Accounting principles for preparing the report The interim report has been prepared in accordance with the same accounting principles as in the company's most recent annual report, i.e., in accordance with the Annual Accounts Act and the Swedish Accounting Standards Board's general recommendations BFNAR 2012:1 Annual Report and Consolidated Accounts (K3). Upcoming reporting Nanexa AB plans to provide the following financial reports: 5 November 2026 Interim report July - September 2026 12 February 2027 Year-end report 2026 1 April 2027 Annual report 2026 29 April 2027 Interim report January – March 2027 The company’s financial year is 1 January - 31 December.
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Interim report April - June 2026 NANEXA AB (PUBL) 7 This interim report has not been subject to a comprehensive audit by the company’s auditors. Uppsala 26/8/2026 The board of directors, Nanexa AB Göran Ando (chairman) David Westberg, CEO Richard Davis (member) Jakob Dynnes Hansen (member) Birgit Stattin Norinder (member) Hanna Tilus (member)
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Interim report April - June 2026 NANEXA AB (PUBL) 8 Income statement Amounts in TSEK 01/04/2026 – 30/06/2026 01/04/2025 – 30/06/2025 01/01/2026 – 30/06/2026 01/01/2025 – 30/06/2025 01/01/2025 – 31/12/2025 Operating revenue Turnover 1,654 2,705 3,286 5,582 36,149 Capitalised development costs 4,446 6,128 8,938 10,904 19,787 Other income 57 7,239 84 7,356 7,499 Total revenue 6,157 16,072 12,309 23,841 63,435 Operating expenses External project and development costs -4,027 -4,483 -7,026 -7,751 -13,644 Other external expenses -6,473 -7,548 -13,292 -12,912 -24,838 Personnel costs -6,118 -5,988 -12,656 -10,280 -20,376 Depreciation on intangible and tangible fixed assets -3,322 -3,106 -6,602 -6,121 -12,538 Other operating costs -99 -183 -225 -227 -807 Total costs -20,038 -21,309 -39,801 -37,291 -72,203 Operating profit (EBIT) -13,882 -5,237 -27,492 -13,450 -8,768 Profit/loss from financial items Interest income and similar income statement items 85 188 313 249 389 Interest expenses and similar income statement items -262 -877 -929 -1,739 -3,117 Total profit/loss from financial items -177 -689 -616 -1,490 -2,728 Taxes Tax revenue 27 27 54 54 108 Total taxes 27 27 54 54 108 Profit/loss for the period -14,032 -5,899 -28,054 -14,886 -11,388 Earnings per share (SEK) -0.07 -0.04 -0.16 -0.10 -0.07
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Interim report April - June 2026 NANEXA AB (PUBL) 9 Balance Sheet Amounts in TSEK 30/06/2026 30/06/2025 31/12/2025 Assets Fixed assets Intangible fixed assets 80,433 68,034 74,306 Tangible fixed assets 13,089 11,224 9,837 Financial fixed assets 478 370 424 Total fixed assets 93,999 79,627 84,567 Current assets Stock - 570 128 Current receivables 8,120 6,093 8,879 Short-term deposits 47,706 25,000 36,398 Cash and cash equivalents 4,851 15,263 8,169 Total current assets 60,677 46,926 53,575 Total assets 154,676 126,553 138,142 Equity and liabilities Equity Share capital 27,724 20,436 20,575 Unregistered share capital - - 492 Restricted equity 69,960 58,985 64,498 Share premium reserve 412,185 348,967 356,450 Profit and loss account reserve brought forward -345,946 -323,582 -329,095 Loss for the period -28,054 -14,886 -11,388 Total equity 132,868 89,920 101,531 Non-current liabilities Liabilities to credit institutions 795 21,568 1,116 Total non-current liabilities 795 21,568 1,116 Current liabilities Accounts payable 10,871 3,088 2,884 Other current liabilities 10,142 11,976 32,611 Total current liabilities 21,013 15,065 35,495 Total equity and liabilities 154,676 126,553 138,142 Pledged assets 7,015 7,015 7,015 Assets with retention of title 5,373 6,693 6,033
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Interim report April - June 2026 NANEXA AB (PUBL) 10 Cash flow analysis Amounts in TSEK 01/04/2026 – 30/06/2026 01/04/2025 – 30/06/2025 01/01/2026 – 30/06/2026 01/01/2025 – 30/06/2025 01/01/2025 – 31/12/2025 Current activities Operating result -13,882 -5,237 -27,492 -13,450 -8,768 Adjustments for items not included in cash flow 3,322 3,106 6,602 6,121 12,682 Interest received 85 162 332 223 385 Interest paid -262 -1,277 -929 -1,739 -2,517 Cash flow from operating activities before change in working capital -10,736 -3,245 -21,486 -8,844 1,782 Cash flow from change in working capital Change in inventories and work in progress 18 -518 128 -74 367 Changes in accounts receivable - trade -2,322 1,076 1,024 2,118 -1,293 Change in receivables 872 311 -208 682 438 Change in accounts payable - trade 6,956 -178 7,986 799 595 Change in other liabilities -4,444 -436 -2,240 -4,502 -3,351 Total from change in working capital 1,081 254 6,691 -977 -3,244 Cash flow from current activities -9,656 -2,991 -14,796 -9,821 -1,462 Investing activities Investments in intangible fixed assets -5,801 -7,203 -11,415 -13,398 -24,748 Investments in tangible fixed assets -4,463 0 -4,565 0 0 Investments in financial fixed assets 0 0 0 0 0 Cash flow from investment activities -10,264 -7,203 -15,980 -13,398 -24,748 Financing activities New share issue 20,000 1,994 64,020 36,994 46,738 Issue costs -232 -377 -4,628 -3,114 -4,744 Borrowings 0 0 0 20,000 20,000 Amortisation of loans -20,314 -377 -20,626 -689 -1,508 Cash flow from financing activities -546 1,240 38,766 53,191 60,486 Cash-flow for the period -20,465 -8,953 7,990 29,971 34,276 Cash and cash equivalents at the beginning of the period 73,022 49,216 44,567 10,292 10,292 Cash and cash equivalents at the end of the period 52,557 40,263 52,557 40,263 44,567
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Interim report April - June 2026 NANEXA AB (PUBL) 11 Change in equity Amounts in TSEK Share capital Not registered share capital Fund for development work Share premium reserve Profit/Loss brought forward Profit/Loss for the period Total equity Amount as of 01/01/2026 20,575 492 64,498 356,450 -329,095 -11,388 101,531 Previous year's result -11,388 11,388 0 New share issue 808 19,191 19,999 Ongoing new issue Subscription warrants 3,341 -492 41,171 44,020 Issue expenses -4,627 -4,627 Capitalized development costs for the period 8,939 -8,939 0 Depreciation on capitalised development costs for the period -3,477 3,477 0 Profit/loss for the period -28,055 -28,055 Amount as of 30/06/2026 24,724 0 69,960 412,185 -345,946 -28,055 132,868 Amounts in TSEK Share capital Not registered share capital Fund for development work Share premium reserve Profit/Loss brought forward Profit/Loss for the period Total Equity Amount as of 01/01/2025 17,562 0 51,318 317,961 -291,011 -24,905 70,925 Previous year's result -24,905 24,905 0 New share issue 2,745 32,255 35,000 Ongoing new issue 0 Subscription warrants 129 1,865 1,994 Issue expenses -3,114 -3,114 Capitalized development costs for the period 10,904 -10,904 0 Depreciation on capitalised development costs for the period -3,237 3,237 0 Profit/loss for the period -14,886 -14,886 Amount as of 31/12/2025 20,436 0 58,985 348,967 -323,582 -14,886 89,920 Pledged assets Amounts in TSEK 30/06/2026 30/06/2025 31/12/2025 Corporate mortgages 7,015 7,015 7,015 Assets with retention of title Amounts in TSEK 30/06/2026 30/06/2025 31/12/2025 Assets with retention of title 5,373 6,693 6,033
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Interim report April - June 2026 NANEXA AB (PUBL) 12 About Nanexa Nanexa develops PharmaShell® – a drug delivery-system with great potential Nanexa is bringing the control, precision and versatility of Atomic Layer Deposition (ALD) technology to drug formulation. The company’s proprietary PharmaShell® platform is a unique drug delivery system that enables a high drug load, thus low injection volume, creating a new generation of ‘super generic’ formulations that will provide greater convenience and reduce costs in the treatment of conditions such as metabolic diseases like type 2 diabetes and obesity, hematology/oncology, cardiovascular disorders, psychiatry, and many others. Nanexa develops its own products and also has collaboration agreements with several pharma companies, among others Moderna. Addresses important disease areas and markets Nanexa focuses its own development projects on disease areas with high medical need where the market is large and growing. Today, the company focuses primarily on the NEX-22 project, which was originally initiated to develop a once-monthly formulation of liraglutide but was refocused in autumn 2025. The project now aims to develop once- monthly and once-quarterly depot formulation of the GLP-1 substance semaglutide for the treatment of type 2 diabetes and obesity. In Nanexa’s own projects, the company starts from existing and proven drug substances where the patent protection has expired. In this way, Nanexa minimizes the biological risk, reduces development time and facilitates the approval process. At the same time, Nanexa can use its technology to create new patent protection and thus create great value, both in its own product projects and for products in partner-driven projects. A patented drug delivery-system PharmaShell enables the development and production of a completely new generation of long-acting injectable drugs. With PharmaShell, Nanexa coats small particles of an active pharmaceutical substance with an extremely thin, dense coating of an inorganic material, like the shell of an egg. The coating process takes place using Atomic Layer Deposition (ALD) technology, which allows the thickness and composition of the coating material to be adjusted. In this way, it is possible to control the dissolution time of the coating and thus the release of the pharmaceutical substance from the depot into the body. Nanexa’s products consist of injectable drug formulations that are placed as a depot under the skin or locally, for example in a cancerous tumor. This depot continuously releases active drug substances over a long period of time without the patient having to frequently keep track of their medication or come to the clinic for treatment. This streamlines treatments, makes everyday life easier for the patient and frees up resources for healthcare providers. Nanexa’s proprietary and patented PharmaShell drug delivery system allows the company to customize and control the rate of release of both biological and small molecule drug substances. The benefits of depot formulations For patients - Depot drugs make it easier for the patient. Instead of needing to monitor daily medication or visiting the clinic to get treatment, depot drugs are released over a long period. - Depot drugs can deliver a more even, continuous dose, which can reduce certain side-effects associated with other modes of administration. For the healthcare sector - Depot drugs produce greater adherence in the treatment as there is no need for the patient to monitor tablets or injections. - Greater adherence in turn leads to greater efficacy for the treatment. For the payers - Fewer patient visits to clinics and hospitals save money for society. - Greater adherence produces more cost-effective treatment. For pharmaceutical companies - Increases revenue streams as long-acting and injectable products offer great opportunities to improve treatments in many indications and allow for product differentiation. - Improves existing products and provide better product life cycles. - Extends patent protection via new dosage forms on existing products.
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Interim report April - June 2026 NANEXA AB (PUBL) 13 Sustainability - Depot drugs provide greater control over pharmaceutical substances and reduce the risk of them being handled incorrectly. - Patients avoid handling the drug, which reduces the risk, for example, of it being flushed down in the toilet or thrown into the rubbish. - Depot medicines reduce the number of plastic syringes and other components, thus reducing the impact on the environment. PharmaShell® – unique features - Possibility of controlling the depot length in order to optimize treatment. Everything from one week to one month or several months - Possible to control the initial release after administration in the body, which is a common problem for most competing depot preparation systems o Makes depot formulation of high potency substances possible o Enables high doses in depot preparations - Very high drug load (up to 80 per cent) o Minimizes injection volumes o Enables depot preparation of less potent drugs o Enables longer depot preparations - Flexible, can be used for many different drugs o Small molecules o Biological substances such as peptides and proteins o Substances with high and low solubility - Prevents breakdown of the drug after injection into the body o The PharmaShell coating protects the substances from being broken down while they are in depots - Numerous applications o Subcutaneous or intramuscular administration for systemic exposure o Local administration in the case of tumors or other tissue for local effect - Manufacturing benefits lowering the production cost for sensitive active compounds like peptides o PharmaShell enables sterilization of drug products at end of production process instead of sterile (aseptic) manufacturing o PharmaShell enables room temperature storage of drug products instead of refrigerated storage Nanexa’s business model Nanexa has a two-part business model where the company develops its own products and enters into licensing agreements for PharmaShell®. In its own product projects, Nanexa takes them through the preclinical and clinical phases, mainly until proof-of-concept (Phase I or II). Then an assessment is made of how the commercialization should take place - either in-house or in collaboration with a licensing partner. A license agreement usually includes an initial payment, known as a signing fee, and milestone payments when defined development goals are achieved. A milestone payment is also made in connection with market approval of the drug, after which sales-based royalties are paid. Desirable partners are, for example, global pharmaceutical companies with strong market positions in the relevant area. Another possibility is license deals with one or more operators with a strong market presence in important regions. Decisions are made based on what is considered to create the most value for the company. At the same time, Nanexa works actively to out-license its technology to other pharmaceutical companies that want to develop long-acting drugs. Nanexa currently has a number of evaluation agreements in place with the aim of creating a basis for further collaborations and out-licensing agreements, including the latest license and option agreement with Moderna. Although the revenues from the company’s product projects are expected to be significantly higher than the revenues from out-licensing agreements regarding PharmaShell, the company sees significant opportunities for attractive license agreements also from several of the evaluation projects. In addition, the technology licenses can be more numerous, closer in time and make a significant contribution to the total revenues.
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Interim report April - June 2026 NANEXA AB (PUBL) 14 Contact David Westberg CEO +46-709 42 83 03 david.westberg@nanexa.se Nanexa AB Virdings Allé 2, SE-754 50 Uppsala, Sverige Phone: +46 (0) 18 100 300 Org nr. 556833-0285 info@nanexa.se