Interim report
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SCIBASE INTERIM REPORT JANUARY – SEPTEMBER 2025 1 Interim report January 1 – September 30, 2025 The third quarter in figures • Net sales were TSEK 10,339 (8,408), +23%, cleared for currency effects +29%. • The loss after tax was TSEK 18,832 (17,753). • The loss per share was SEK 0.05 (0.08). • The cash flow from current operations was negative in the amount of TSEK 17,287 (16,745). • The gross margin was 60.0% (75.7%). • Electrode sales volume increased by 24% and was 21,278 (17,210) units. Repeat sales of electrodes to existing customers increased by 33%. The first nine months in figures • Net sales were TSEK 27,987 (21,107), +33%, cleared for currency effects +38%. • The loss after tax was TSEK 72,932 (43,663). • The loss per share was SEK 0.21 (0.27). • The cash flow from current operations was negative in the amount of TSEK 63,754 (44,835). • The gross margin was 65.3% (72.0%). • Electrode sales volume increased by 28% and was 57,546 (45,078) units. Repeat sales of electrodes to existing customers increased by 31%. Important events during the quarter • Overall sales increased by 23% (+29%, before currency effects). Sales in Germany within the skin cancer segment increased by 17% (20% in local currency). Sales in the US skin cancer market increased by 97% (116% in local currency) while the sales within the skin barrier segment decreased by 65%, Q3-24 included a large order to NIH in the US. • The gross margin was in the quarter negatively affected by the currency development (negative impact of around 2%), higher number of devices sold free of charge in Germany, increased price on gold and temporarily a lower yield following ramp- up of production with new employees. • SciBase received the initial order for a clinical study under the collaboration with Castle Biosciences. The order consists of Nevisense Go and electrodes to a value of around $0.8 million or approximately MSEK 8. Deliveries are expected to start in Q4 2025. • Nevisense Used in Fundamental Skin Barrier Research on Atopic Dermatitis. • New Clinical Publication in Karger Dermatology Confirms Reader Studies as Key to Validating Nevisense. • A new important customer in the US, Palm Beach Dermatology Group, has placed an initial order for 6 Nevisense. • A new Nevisense pilot was launched at leading University in Southeast Florida. • The directed issue to Castle Biosciences was finalized and raised MSEK 19. Important events after the end of the period • SciBase and Castle Biosciences expand collaboration and license agreement and enter into loan agreement. • The Board of SciBase resolves to decide on a rights issue of approximately SEK 83m and decides on an offer to convert outstanding TO2 warrants into shares. • A Nomination Committee has been appointed for SciBase Holding’s Annual General Meeting in 2026. Financial overview Definitions and a glossary are provided on page 20 Oct 1, 2024 - S e p 30, 2025 Jan 1 - De c 31 THE G ROUP 2025 2024 2025 2024 Rolli ng-12 2024 Net sales, SEK ths 10 339 8 408 27 987 21 107 36 584 29 705 Gross margin, % 60,0% 75,7% 65,3% 72,0% 66,0% 71,0% Equity/Asset ratio, % 62,0% 67,6% 62,0% 67,6% 64,8% 59,4% Net indebtness, multiple 0,61 0,48 0,61 0,48 0,54 0,68 Cash equivalents, SEK ths 24 757 24 714 24 757 24 714 24 757 11 245 Cashflow from operating activities, SEK ths -17 287 -16 475 -63 754 -44 835 -76 302 -57 383 Earnings per share (before and after dilution), SEK -0,05 -0,08 -0,21 -0,27 -0,29 -0,34 Shareholder's equity per share, SEK 0,09 0,17 0,10 0,23 0,11 0,21 Average number of shares, 000' 390 239 219 538 342 415 164 146 311 696 177 994 Number of shares at closing of period, 000' 414 183 219 538 414 183 219 538 414 183 219 538 Share price at end of period, SEK 0,38 0,48 0,38 0,51 0,38 0,41 Number of sold electrodes, pieces 21 278 17 210 57 546 45 078 74 678 62 210 Average number of employees 34 29 35 27 33 28 Jan 1 - S e p 30Ju ly 1 - S e p 30
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SCIBASE INTERIM REPORT JANUARY – SEPTEMBER 2025 2 SciBase expands partnership with Castle Biosciences and receives first order for clinical trial Following the signing of a collaboration and license agreement with Castle Biosciences (“Castle”) (Nasdaq: CSTL), a US-based leader in molecular diagnostics in June and the first order of Nevisense Go and electrodes for the first clinical indication to be developed under the agreement between SciBase and Castle will further expand its partnership. Castle will provide a loan of MSEK 20 to SciBase to provide SciBase with the means to fully develop and increase production capacity to be able to deliver on the expected future volume requirements.
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SCIBASE INTERIM REPORT JANUARY – SEPTEMBER 2025 3 Comment by CEO Pia Renaudin ” The first order from Castle Biosciences - just the beginning of our collaboration” Highlights Q3 2025 • New record-breaking quarter with sales in Q3 increasing by 23% and adjusted for currency effects by 29%. • Sustained US momentum with sales increasing by 97%, 116% in local currency. • Germany delivers and shows continued growth, +20% in local currency. • New main owners behind strengthened financial position enabling further strategic investments. • SciBase and Castle Biosciences expand collaboration and license agreement and enter into loan agreement. • The Board of SciBase resolves to decide on a rights issue of approximately SEK 83m and decides on an offer to convert outstanding TO2 warrants into shares. Strategic focus on new customer segments fuels sales growth I am pleased that our strategic focus on new customer segments continues to drive sales growth. We delivered a new record quarter in Q3 with total sales of SEK 10.3 (8.4) million, corresponding to a growth of 23%. Adjusted for currency effects, sales grew by 29%. The expansion of our customer base and the introduction of Nevisense V have been instrumental in delivering growth across all key markets. In the US, where we have maintained a positive trajectory for several consecutive quarters, sales increased by 97% [116% currency-adjusted). Germany also performed well, with sales up 20% in local currency. In our other markets, we remain on track with our strategic initiatives and continue to see encouraging progress. Percentage quarterly sales growth compared to the same quarter in the previous year. Expanded partnership and first order from Castle Biosciences In the second quarter, we announced a strategic collaboration and license agreement with Castle Biosciences, who also became a significant investor in SciBase and is now our second-largest shareholder. We are pleased to report that, already in the third quarter, we have received our first order for Nevisense GO and electrodes, valued at approximately SEK [8] million. This is an important milestone for us and our work in dermatology. Through this collaboration, we are not only expanding the potential applications of Nevisense but also enhancing diagnostic capabilities for patients with dermatological conditions - all while strengthening our financial position. Looking ahead, we are excited about the opportunities to deepen our collaboration through additional clinical studies and the exploration of new indications. Our ongoing investment in production capacity, supported by the recent loan from Castle, ensures that we can maintain momentum in our development efforts. Several different clinical indications will be developed over time. The first order is directly tied to a project focused on creating a test to predict flare-ups in patients with atopic dermatitis (AD), with plans to develop further clinical indications over time. Elevated market presence in the US I am very proud of the outstanding work done by our US team, who have significantly elevated our market presence and deepened awareness of Nevisense as a groundbreaking technology for cancer diagnostics. Their efforts have not only expanded our customer base but also driven continued growth -primarily through new customer acquisitions. Total sales in the US amounted to SEK 3.3 (1.7) million for the third quarter, which corresponds to a growth of 97%. Sales of instruments in local currency increased by 1,791% and electrode sales by 93%. We welcomed several new customers this quarter, including specialized cancer diagnostic clinics and participants in our newly launched Nevisense Cash-Pay Program. This program is designed to ensure access to our diagnostics for patients without traditional insurance coverage. Our reimbursement initiatives remain a top priority. Over the next six months, we plan to submit additional study data and economic models which are critical steps toward securing broader reimbursement and further accelerating adoption. Germany returns to good growth The German market delivered solid growth this quarter, with stable profitability. For the quarter, sales in the skin cancer area amounted to SEK 6.8 (5.8) million, which corresponds to a growth of 17%, adjusted for currency effects, an increase of 20%. Sales of electrodes in volume increased by 22%. The recent launch of Nevisense 5 has been particularly successful in Germany, with over 30 systems delivered during the quarter. Many customers
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SCIBASE INTERIM REPORT JANUARY – SEPTEMBER 2025 4 took advantage of our promotional offer, purchasing additional electrodes to receive a system at no cost. Our other markets in Europe continue to develop according to plan. It takes time to make an impact in a new market, but we are seeing increased interest, especially in Italy, which is an effect of the work that our partner Kilabs Srl is doing. Gross margin down slightly in the period The gross margin for the third quarter was impacted by several different factors, both one-time and others that we are actively working to offset over time through various measures. Currency effects alone had a negative impact of approximately 2 percentage points on the gross margin, adjusted the gross margin was 62% (75). Key contributors included: promotional instrument sales in the US and mainly Germany, where customers upgrading to Nevisense 5 received free instruments in exchange for larger electrode orders. This has temporarily weighed on margins, but we anticipate a rebound as electrode sales accelerate. In addition, strategic investments in production capacity to support new clinical studies with Castle and to meet increased demand in cancer diagnostics t. Rising gold prices, an important part of the electrode, has also pressured the margin. Looking ahead, I expect gross margins to strengthen in the coming quarters as electrode sales grow and these short-term effects subside. Existing main owners further strengthen financial position We have been in discussions with our main shareholders regarding our long-term financing for some time. The outstanding option programs we have, i.e. TO2 (with conversion in 2029) and TO3 (with conversion in December), have had a negative impact on both the share price and our ability to attract new long-term owners. I am therefore pleased that we now can present and propose a solution in which the larger holders of TO2 have agreed to exchange a substantial portion of their warrants ahead of maturity. I am also very pleased about the strong support we have from our current shareholders, led by Ribbskottet and Castle Biosciences, which means that we can now announce a financing solution that is secured to approximately 85.4%. At the same time, we are expanding our collaboration with Castle and the loan we are now receiving allows us to continue investing in production capacity at the same pace. In total, we will be provided with approximately SEK 80 million during the month of January and almost the entire issue is secured. I am pleased for the support we have among our existing owners, which gives us the opportunity to further advance our positions. Continued strengthened position SciBase concludes the third quarter in a stronger position than ever, poised to drive continued growth and deliver better diagnostics to patients worldwide. We have solidified our presence in key markets and are seeing rising interest in Nevisense. With our robust financial foundation and the support of our new principal owners, I am confident in SciBase’s future. While important work remains - particularly in securing reimbursement and updating clinical guidelines – we have made significant progress. I am optimistic that we will finish 2025 on a high note, fueled by the urgent need for more accurate and accessible diagnostics. Pia Renaudin, CEO Sundbyberg November 7th, 2025
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SCIBASE INTERIM REPORT JANUARY – SEPTEMBER 2025 5 SciBase in brief About SciBase SciBase is a global medical technology company, specializing in early detection and prevention in dermatology. SciBase develops and commercialize Nevisense, a unique point-of-care platform that combines AI (artificial intelligence) and advanced EIS technology to elevate diagnostic accuracy, ensuring proactive skin health management. Our commitment is to minimize patient suffering, allowing clinicians to improve and save lives through timely detection and intervention and reduce healthcare costs. Built on more than 20 years of research at Karolinska Institute in Stockholm, Sweden, SciBase is a leader in dermatological advancements. The company has been listed on Nasdaq First North Growth Market exchange since June 2, 2015. For more information, please visit www.scibase.com Business model The company’s business model is based on customers initially purchasing a Nevisense platform and consumables (electrodes). Short facts • Skin cancer is the most common and fastest- growing form of cancer in the world. • Melanoma is the most dangerous form of skin cancer with a high mortality rate if not detected early. • More than 5 million cases of skin cancer detected annually in the US. • In 2020 skin cancer caused 120,000 deaths. • SciBase addressable market, in skin cancer alone, is estimate to SEK 4 billion. • The Nevisense® platform provides physicians with an objective instrument to support better diagnoses. Certified Advisor (CA) DNB Carnegie Investment Bank AB (publ) Phone: +46 (0)73 856 42 65 E-mail: certifiedadviser@carnegie.se ”Melanoma is one of the top 10 most common cancers in the US. With melanoma, early detection is vital to improving clinical outcomes for patients. For these reasons, I am using the AI-powered Nevisense test in my clinical practice. I recently performed a Nevisense test on a mole that I was hesitant to biopsy, and the technology provided me with real- time, non-invasive data right there during that visit. I immediately integrated the Nevisense data into my biopsy decision, and detected a melanoma in situ on this patient much sooner than I would have otherwise. This technology positively impacted the clinical outcome for both my patient and for me as a clinician”, said Dr. Brad Yentzer, Founder and CEO of Finger Lakes Dermatology in New York. Skin barrier – a hot topic • Atopic dermatitis (eczema) is the most common chronic disease with over 200 million patients in the US and Europe and affects about 20% of infants and 7% of adults. • Skin barrier related diseases such as food allergy and atopic dermatitis (eczema), are a growing problem and there is a large global unmet need for tools for prediction, measurement and management. The market for atopic dermatitis is expected to grow at ~10% annually until 2030. • Impaired skin barrier is growing with long-term trends such as climate change, increased air pollution, change and loss of biodiversity • There are more cases of skin cancer than all other cancers combined – though only 3% of these cases are melanoma • Melanoma is the fifth most common cancer among both men and women • The lifetime risk for melanoma in the US is 1 in 24
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SCIBASE INTERIM REPORT JANUARY – SEPTEMBER 2025 6 The Third quarter Net Sales Net sales for the third quarter of 2025 reached a new record high with sales of TSEK 10,339 (8,408), an increase of 23%. Cleared for currency effects sales increased by 29%. The increased sales are mainly due to increased US (+97%) sales as well as continued growth in Germany (+17%). Given the nature of research projects sales within the barrier segment continue to vary between quarters, in the period sales decreased by 65%, Q3-24 included a larger sale to NIH in the US. Sales of devices were TSEK 528 (706) and sales of electrodes amounted to TSEK 9,811 (7,701) corresponding to about 95% of the turnover reflecting the Company’s business model. The sales within the new skin barrier application were TSEK 259 (748) in the period. Sales in Germany in the skin cancer area accounted for 65 (69)% of the sales in the period and increased by 17% compared to Q3 2024 In local currency the sales in Germany increased by 20%. During the period, following the launch of Nevisense V, many customers have purchased larger volumes of electrodes in order to receive a Nevisense free of charge. Sales in the US skin cancer segment accounted for 32 (20)% of the sales in the period and increased by 97% (116% in local currency). During the period, a number of new US customers have been obtained and the company's new, more senior sales resources continue to drive the establishment of Nevisense forward. Electrode sales in the quarter reached 21,278 (17,210) sold, an increase of 24%. In Germany, the total sales of electrodes within skin cancer in volume increased by 22%, US electrode volumes grew by 94% while barrier volumes decreased by 51%. Total repeat sales of electrodes increased by 33%. Operating profit/loss The operating loss for the period July - September 2025 was TSEK 17,744 (14,586), an increased loss of TSEK 3,158. The increased sales contributed to an improvement in earnings, which was balanced by increased sales and marketing expenses through increased investments in the US and a lower gross margin. SciBase organization in the US was established during the second half of 2024. The total operating expenses increased in the period by TSEK 3,002. The operating income was positively affected by currency effects with around MSEK 0.9. The current trend with a strengthening SEK vs mainly the USD will have a positive impact on the operating income as SciBase currently has higher operating expenses than sales in USD. The gross margin in the period was 60.0 (75.7%). Negative currency effects (around 2%), additional free of charge devices sold following the launch of Nevisense V as many German customers ordered higher volumes of electrodes, higher price on gold and resource build-up to increase production capacity which initially has affected the yield, have all contributed to the lower margin in the period. SciBase focuses on the margin and the cost for the electrode and in the quarter the margin for the electrode was close to 72 (80)% while the margin for device sales was negative in the period. When cleared of currency effects the overall gross margin would be closer to 62.0%. The overall margin remains very dependent on electrode production and sales volumes and will vary between quarters.
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SCIBASE INTERIM REPORT JANUARY – SEPTEMBER 2025 7 Sales and marketing expenses increased by TSEK 2,987 and were TSEK 16,410 (13,424). The expenses have increased primarily due to increased US resources and activities focused on reimbursement in the US. The current US organization was put in-place in Q3- 24. Administration expenses for the period were TSEK 2,983 (2,801), an increase of TSEK 182. Development expenses for the period were TSEK 4,236 (4,477), a decrease of TSEK 242. The development expenses are mainly driven by increased investments in production ramp-up, ongoing projects within product development and clinical studies mainly within the skin barrier. The financial costs/income have affected the results negatively in the period with MSEK 1,0 (negatively MSEK 3,1) because of currency translation effects on receivables from the subsidiaries when the SEK has strengthened substantially vs mainly the USD. Cash flow, investments and financial position At the beginning of the period, cash and cash equivalents were TSEK 23,958 and, at the end of the period, TSEK 24,757. Cash flow from current operations for the period was negative to the amount of TSEK 17,287 (16,475), of which changes in working capital amounted to negative TSEK 610 (negative 3,656) which was mainly attributable to increased receivables. Total cash flow for the period was positive to the amount of TSEK 704 (negative 18,508). During the period, a directed issue to Castle Biosciences was finalized, raising net approximately MSEK 19. Net investment in tangible assets for the period was TSEK 0 (0). Investments in intangible assets for the period were TSEK 0 (0). Depreciation of tangible assets was charged against earnings for the period to the value of TSEK 809 (832) of which TSEK 684 (656) are due to leased assets. The First nine months Net Sales Net sales for January - September 2025 were TSEK 27,987 (21,107), an increase of 33%. Cleared for currency effects sales increased by 38%. The increased sales are mainly due to increased US (+194%) sales as well as continued growth in Germany (+12%). Given the nature of research projects sales within the barrier segment continue to vary between quarters, in the period sales decreased by 54%. Sales of devices were TSEK 2,048 (1,618) and sales of electrodes amounted to TSEK 25,939 (19,488) corresponding to about 93% of the turnover reflecting the Company’s business model. The sales within the new skin barrier application were TSEK 593 (1,292) in the period. Sales in Germany in the skin cancer area accounted for 65 (76)% of the sales in the period and increased by 12% compared to the corresponding period 2024. In local currency the sales in Germany increased by 15%. Sales in the US in the skin cancer segment accounted for 32 (15)% of the sales in the period and increased by 194% (210% in local currency). During the period, a number of new US customers have been obtained and the company's new, more senior sales resources (in-place since Q3-24) continue to drive the establishment of Nevisense forward. Electrode sales in the period reached 57,546 (45,078) sold, an increase of 28%. In Germany, the total sales of electrodes within skin cancer in volume increased by 15%, US electrode volumes grew by 192% while barrier volumes decreased by 29%. Total repeat sales of electrodes increased by 31%. Operating profit/loss The operating loss for the period January - September 2025 was TSEK 59,680 (43,551), an increased loss of TSEK 16,130. The increased sales contributed to an improvement in earnings, which was balanced by increased sales and marketing expenses through increased investments in the US. SciBase organization in the US was established during the second half of 2024. The total operating expenses increased in the period by TSEK 19,212. The operating income was positively affected by currency effects with around MSEK 1,1. The current trend with a strengthening SEK vs mainly the USD will have a positive impact on the operating income as SciBase currently has higher operating expenses than sales in USD. The gross margin in the period was 65.3 (72.0%). During the period, sales of devices in volume were relatively higher (with free of charge devices in Germany as a main driver connected to large electrode sales), which have had a negative impact on the margin. In addition, the margin has been negatively affected by currency effects, resource build-up to increase production capacity which initially affects the yield, and thus the margin negatively and increased cost of gold. SciBase is focusing on the margin and the cost for the electrode and in the quarter the margin for the electrode was close to 73 (77)%. When cleared of currency effects the overall gross margin would be closer to 66.5%. The overall margin remains very dependent on electrode production and sales volumes and will vary between quarters. Sales and marketing expenses increased by TSEK 13,798 and were TSEK 51,000 (37,203). The expenses have increased primarily due to increased US resources and activities focused on sales and reimbursement in the US. Administration expenses for the period were TSEK 9,492 (8,639), an increase of TSEK 852 mainly due to expenses related to performed capital raises and the development of the collaboration agreement with Castle Biosciences. Development expenses for the period were TSEK 16,558 (12,523), an increase of TSEK 4,035. The increase was mainly due to increased resources and ongoing projects within product development and manufacturing and clinical studies mainly within skin barrier. The financial costs/income have affected the results negatively in the period with MSEK 13,1 (negatively MSEK 0.2) because of currency translation effects on
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SCIBASE INTERIM REPORT JANUARY – SEPTEMBER 2025 8 receivables from the subsidiaries when the SEK has strengthened substantially in the period vs mainly the USD. Cash flow, investments and financial position At the beginning of the period, cash and cash equivalents was TSEK 11,245 and, at the end of the period, TSEK 24,757. Cash flow from current operations for the period was negative to the amount of TSEK 63,754 (44,835), of which changes in working capital amounted to negative TSEK 6,087 (negative 4,500) which was mainly attributable to decreased liabilities and increased receivables. Total cash flow for the period was positive to the amount of TSEK 13,637 (negative 9,395). During the third quarter a directed issue to Castle Biosciences was performed which raised net approximately MSEK 19, during the second quarter the Company carried out a directed issue, which, after issue costs raised MSEK 10,9 and during the first quarter SciBase carried out two new share issues, one directed and one rights issue, which after issue costs netted the company approximately MSEK 49.8. During Q2-24, both a directed share issue and a rights issue were carried out, which together raised net, after issue costs, approximately MSEK 38. Net investment in tangible assets for the period was TSEK 91 (127). Investments in intangible assets for the period were TSEK 0 (0). Depreciation of tangible assets was charged against earnings for the period to the value of TSEK 2,275 (2,450) of which TSEK 1,997 (2,007) are due to leased assets. Other disclosures Shareholders At the end of the period, SciBase Holding AB had approximately 2,768 shareholders. Per September 30, the five largest shareholders represented approximately 47.9% of the capital and votes. The total number of shares per September 30, 2025, was 414,183,583. The largest shareholders as per September 30, 2025 were, Ribbskottet AB (16%), Castle Biosciences Inc (12%), Ejendal Industries AB (7%), SIX SIS AG – Van Herk (7%) and Coeli Wealth Management (6%). Market overview SciBase is active within both skin cancer detection and skin barrier assessment. SciBase’s Nevisense platform addresses multiple sizeable clinical application areas. Skin cancer Skin cancer is believed to be the most common form of cancer in the world. More than 5 million cases of skin cancer are reported every year in the US alone, which is more than all other cancers combined. SciBase estimate the total addressable market potential for SciBase to be around 400 million USD per year or approximately BSEK 3.7. The population of non-melanoma skin cancer patients includes more than ten times the number of patients compared to the melanoma patient population. SciBase estimates that the potential for the use of Nevisense amounts to at least 4 million examinations or tests annually. Given this, non-melanoma skin cancer is estimated to have a total market potential of approximately SEK 1.4 billion annually. Skin barrier An exciting application area is skin barrier assessment. The skin barrier stops irritants, allergens etc. entering, and water from leaving the body. An impaired skin barrier at birth can be a predictor of the development of Atopic Dermatitis (AD) or eczema. The development of AD often precedes the development of other atopic diseases such as food allergies, allergic rhinitis and allergic asthma. The ability to easily detect an impaired skin barrier can help detect, manage and treat atopic diseases before the development of AD. There is a high interest from the research community and this group is the short-term sales target within the barrier area. As many as up to 20% of all children and 7% of all adults suffers from atopic dermatitis. The application area includes disease development prediction in infants, diagnostic and therapy selection tests in a clinical setting, and regular tests in the home in order to monitor and manage the disease. The total number of measurements for all patients with atopic dermatitis could potentially exceed the tens of millon per year. Initially SciBase focuses on the launch of atopic dermatitis in Germany and sales towards researchers. Employees At the end of the period, the number of employees amounted to 38 (30), of whom 55 (53)% were women. This includes the production employees at our Uppsala production facility and sales representatives in Germany and the US. Financing The Board of Directors regularly reviews the company’s existing and forecasted cash flows to ensure that the company has the funds and resources necessary to pursue operations and strategic focus adopted by the Board. The company's long-term cash requirements are determined by how successful the Company will be to commercialize its products. Commercialization is, in turn, dependent on a variety of factors that will affect the need of capital, including costs related to being included in insurance systems, granted compensation levels therein, marketing costs and obtaining and enforcing regulatory requirements. In light of the currently decided strategic plan and the ongoing investments to build the American market, the Board assessed at the end of 2024 that the Group needed additional capital during the coming 12-month
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SCIBASE INTERIM REPORT JANUARY – SEPTEMBER 2025 9 period. As a result, three share issues has been carried out during the year, raising a total of approximately SEK 83.4 million before issue costs. As of the end of September 2025, the Group's cash and cash equivalents amounted to SEK 24.8 million. The Board of Directors has concluded that the company and the Group are in need of additional capital to implement the approved plan. In light of this, the Board of Directors has the intention to decide to carry out a rights issue of a total of SEK 83 million, which through subscription commitments and intentions to subscribe from the current principal shareholders is secured to 83.0%. Among other things, Castle Biosciences has entered into a subscription commitment of a total of SEK 29.7 million. Furthermore, the company, through an expanded partnership with Castle Biosciences, has entered into a separate loan agreement of SEK 20 million. With these capital injections, the Board of Directors concludes that the company has financing for the coming 12-month period. Transactions with related parties During the period, the parent Company SciBase Holding AB invoiced TSEK 3,558 (3,558) to the fully owned subsidiary SciBase AB, which corresponds to a 100% of the parent Company’s turnover in the period. In addition, the company had a separate consulting agreement in place with the former board member Matt Leavitt, who left the Board in June 2024. The agreement expired in June 2024. During H1-2024 he was remunerated as a related party, KUSD 150 for services under this agreement. During the reporting period there were no other transactions with related parties that had any material impact on the Group or Parent Company’s position and earnings. Risks and uncertainty The principal risks and sources of uncertainty for SciBase include, albeit not exclusively, financial risks, such as the future earnings trend, financing, and currency and credit risks. In addition to market risks, there are also risks associated with SciBase’s operations, such as obtaining necessary approval from authorities, product development, patents and intellectual property rights, product responsibility and forward-looking information. Nor are there any guarantees that the Company will be able to secure the financial resources necessary to conduct its operations. Further information on the Company’s risk exposure can be found on pages 37-41 of SciBase’s 2024 Annual Report. Parent Company SciBase Holding AB (publ), corporate identity number 556773-4768, is the Parent Company of the Group. The company was formed in 2009 following a restructuring of the Group. The actual operations are conducted by the fully owned subsidiary SciBase AB. As per September 30, 2025, there were two employees, the CEO and the Groups finance department. The operations consist of consulting activities for the rest of the Group. The company’s main task is of a financial nature – to fund the Group’s operational activities. Net sales for the period reached TSEK 3,558 (3,558). The loss for the period amounted to TSEK 46,064 (24,341). The Company’s net sales consist of invoiced consultancy fees to the fully owned subsidiary SciBase AB. The shareholders’ contributions to the fully owned subsidiary SciBase AB are from 2016 and onwards charged to earnings and not booked as a financial tangible asset. The shareholders’ contribution expensed during the period was MSEK 40,5 (19.1). Significant events during the quarter During the period SciBase received the initial order for a clinical study under the collaboration with Castle Biosciences. The order consists of Nevisense Go and electrodes to a value of around $0.8 million or approximately MSEK 8. As previously announced on June 16th, 2025, SciBase has entered into a collaboration and license agreement with Castle Biosciences (Nasdaq: CSTL), a US-based leader in molecular diagnostics. The initial collaboration project is to develop a test that predicts flares in patients diagnosed with atopic dermatitis (AD). This order is for products to be used in a clinical study for the first project. Deliveries are expected to start in Q4 2025. SciBase announced that Palm Beach Dermatology Group has purchased Nevisense, diagnostic platform, to enhance early detection of melanoma. The initial order, which has been delivered, consists of 6 Nevisense and electrodes to an approximative total order value of KUSD 50 and will generate recurring electrodes sales. A private research university in south Florida will pilot the integration of Nevisense into their skin cancer detection workflow. The pilot will further establish the optimal use of Nevisense for the early detection of skin cancer at point-of-care in all dermatological settings. The directed share issue to Castle Biosciences was completed and raised SEK 19 million through the issuance of 47,886,950 new shares. Following the share issue, Castle is now the company's second largest owner with an ownership stake of approximately 11.6%. During the period, Ribbskottet AB, the company’s largest owner, and Life Science Investment Fund, each has purchased approximately 7.5 million shares in SciBase in a block trade off the stock exchange from larger long-term owners. An article titled “The Importance of Reader Studies in Dermatology” by Dr. Alexander Meves from the Mayo Clinic, was published in the peer-reviewed journal Dermatology by Karger (DOI: 10.1159/000548165). The article underscores the value of reader studies in validating new dermatology technologies, with Nevisense, SciBase’s electrical impedance spectroscopy (EIS) system, featured as a key example. A collaborative scientific project with the Swiss Institute of Allergy and Asthma Research (SIAF) in Davos, Switzerland was published in the scientific journal Allergy titled “Distinct Roles of IL-4, IL-13, and IL-22 in Human Skin Barrier Dysfunction and Atopic Dermatitis”. Nevisense and its underlying Electrical Impedance Spectroscopy (EIS) technology were used in an atopic dermatitis model to assess factors in human
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SCIBASE INTERIM REPORT JANUARY – SEPTEMBER 2025 10 excised skin samples, demonstrating Nevisense to measure skin barrier integrity and monitor changes to the skin barrier function during inflammatory states, such as during eczema and atopic dermatitis. Significant events after the period SciBase and Castle Biosciences have expanded their collaboration and license agreement and entered into a separate loan agreement. The two companies first entered into the collaboration and license agreement in June 2025. The expanded agreement includes providing Castle increased autonomy over the manufacturing process. Under the separate loan agreement, Castle will provide SEK 20 million to SciBase. The Board of Directors in SciBase Holding AB (publ) ("SciBase" or the "Company") has today resolved to make a repurchase offer for all 498,534,835 outstanding warrants of series TO 2 in the Company (the "TO 2 Offer"). In the TO 2 Offer, two (2) warrants of series TO 2 will entitle the holder to one (1) new share in the Company. Through the TO 2 Offer, a total of 249,267,417 new shares may be issued. A group of investors who holds warrants of series TO 2 have, in total, entered into irrevocable undertakings to tender a total of 368 709 753 warrants of series TO 2 in the TO 2 Offer, which corresponds to around 74 percent of the total number of outstanding warrants of series TO 2. The TO 2 Offer is conditional upon an extraordinary general meeting in the Company resolving to authorise the Board of Directors to issue new shares. An extraordinary general meeting is intended to be held on 5 December 2025 and a notice to convene the extraordinary general meeting will be announced through a separate press release. Furthermore, the Board of Directors today announces its intention to resolve on a new share issue, with preferential rights for the Company's shareholders, of approximately SEK 83 million, pursuant to the authorisation granted by the annual general meeting held on 17 June 2025 (the “Rights Issue”). The Rights Issue is covered by subscription undertakings to an aggregate amount of approximately SEK 64.3 million, corresponding to approximately 78 percent of the Rights Issue. Furthermore, additional shareholders representing around 7.8 percent of the shares in the Company have expressed their intent to subscribe in full or to a large extent (>50 percent) in the Rights Issue. Which together secures approximately 85% of the issue A Nomination Committee has been appointed for SciBase Holding’s Annual General Meeting in 2026. The nominating committee consist of: Anders Bladh (Ribbskottet AB), Derek Maetzold (Castle Biosciences Inc) Maria Anderkvist (Coeli Wealth Management), Jesper Høiland (Chairman of the Board). The appointments have been made in accordance with the instructions regarding principles for the appointment of the company nominating committee which were determined at the Annual General Meeting of SciBase Holding on June 17, 2025. The Annual General Meeting of SciBase Holding AB (publ) will be held on May 19, 2026 in Stockholm.
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SCIBASE INTERIM REPORT JANUARY – SEPTEMBER 2025 11 Consolidated summary Income Statement Consolidated summary statement of comprehensive income Oct 1, 2024 - S e p 30, 2025 Jan 1 - De c 31 SEK 000' 2025 2024 2025 2024 Rolli ng-12 2024 Net sales 10 339 8 408 27 987 21 107 36 584 29 705 Cost of goods sold -4 131 -2 044 -9 715 -5 918 -12 424 -8 627 G r os s P r ofi t /Los s 6 207 6 364 18 271 15 188 24 160 21 077 Sales and marketing expenses -16 410 -13 424 -51 000 -37 203 -71 437 -57 639 Administration expenses -2 983 -2 801 -9 492 -8 639 -12 824 -11 972 Development expenses -4 236 -4 477 -16 558 -12 523 -22 464 -18 430 Other operating income 0 0 0 0 0 0 Other operating expenses -322 -248 -902 -374 -738 -210 Ope r at i ng Income -17 744 -14 586 -59 680 -43 551 -83 304 -67 174 Financial income 12 268 -3 101 200 104 6 443 6 347 Financial expenses -13 356 -66 -13 451 -217 -13 533 -298 P r ofi t /Los s be for e t axe s -18 832 -17 753 -72 932 -43 663 -90 393 -61 125 Income tax 0 0 0 0 0 0 P r ofi t /Los s for t he pe r i od -18 832 -17 753 -72 932 -43 663 -90 393 -61 125 Ne t P r ofi t /Los s at t r i bu t able t o: Parent company shareholders -18 832 -17 753 -72 932 -43 663 -90 393 -61 125 Profit/loss per share (before and after dilution)* -0,05 -0,08 -0,21 -0,27 -0,29 -0,34 Average number of shares outstanding 390 239 219 538 342 415 164 146 311 696 177 994 *Profit/loss per share after dilution is not reported, since this would imply improved earnings per share Janu ar y 1 - S e p 30 E ar ni ngs pe r s har e bas e d on Ne t P r ofi t /los s at t r i bu t able t o par e nt company s har e holde r s (i n S E K/s har e ) Ju ly 1 - S e p 30 Oct 1, 2024 - S e p 30, 2025 Jan 1 - De c 31 S E K 000' 2025 2024 2025 2024 Rolli ng-12 2024 Pr ofi t /los s for t he pe r i od -18 832 -17 753 -72 932 -43 663 -90 393 -61 125 Other comprehensive income for the period: Items that have or may be reclassified to profit or loss: Translation differences on foreign operations 1 279 4 129 12 843 971 6 940 -4 932 S u m ot he r compr e he ns i ve i ncome 1 279 4 129 12 843 971 6 940 -4 932 Tot al compr e he ns i ve i ncome for t he pe r i od -17 553 -13 624 -60 089 -42 693 -83 454 -66 057 Tot al compr e he ns i ve i ncome at t r i bu t able t o: Parent company shareholders -17 553 -13 624 -60 089 -42 693 -83 454 -66 057 Janu ar y 1 - S e p 30Ju ly 1 - S e p 30
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SCIBASE INTERIM REPORT JANUARY – SEPTEMBER 2025 12 Consolidated summary statement of financial position De c 31 S E K 000' 2025 2024 2024 AS S E TS Fixed Assets Tangible fixed assets 1 115 1 441 1 408 Right of use assets 2 568 4 886 4 230 Financial fixed assets 0 0 0 Tot al Tangi ble As s e t s 3 683 6 326 5 638 Current Assets Inventory 8 609 10 587 8 321 Current tax receivable 1 144 1 107 609 Receivables 13 344 9 333 8 837 Other current receivables 2 448 4 011 27 082 Cash equivalents 24 757 24 714 11 245 Tot al Cu r r e nt As s e t s 50 302 49 752 33 085 Tot al As s e t s 53 985 56 079 38 723 S har e holde r s ' E qu i t y and Li abi li t i e s 33 484 37 891 36 650 Longterm Liabilities Other longterm liabilities 326 2 162 1 570 Tot al Longt e r m Li abi li t i e s 326 2 162 1 570 Current Liabilities Accounts payable 6 588 3 862 9 025 Other current liabilities 13 587 12 163 14 486 Tot al Cu r r e nt Li abi li t i e s 20 175 16 025 23 511 Tot al Li abi li t e s 20 501 18 188 25 081 Tot al s har e olde r s ' e qu i t y and li abi li t i e s 53 985 56 079 61 731 S e p-30 S har e holde r s ' e qu i t y at t r i bu t able t o par e nt company s har e holde r s
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SCIBASE INTERIM REPORT JANUARY – SEPTEMBER 2025 13 Consolidated change in shareholders’ equity Consolidated summary statement of cash flows S E K 000' S har e Capi t al Ot he r Capi t al Cont r i bu t i ons Accu mu lat e d Los s Tot al s har e holde r s ' E qu i t y at t r i bu t able t o par e nt company s har e hodle r s Ope ni ng balance Jan 1, 2024 5 992 705 436 -668 371 43 056 Profit/loss for the period -43 663 -43 663 Other comprehensive income 0 971 971 Tot al compr e he ns i ve i ncome 0 0 -42 693 -42 693 Transactions with shareholders: New share issue 4 985 36 892 41 877 Issue expenses -4 349 -4 349 Tot al t r ans act i ons wi t h s har e holde r s 4 985 32 542 0 37 528 Clos i ng balance S e p 30, 2024 10 977 737 978 -711 064 37 890 Ope ni ng balance Jan 1, 2025 10 977 760 102 -734 429 36 650 Profit/loss for the period -72 932 -72 932 Other comprehensive income 0 12 842 12 842 Tot al compr e he ns i ve i ncome 0 0 -60 089 -60 089 Transactions with shareholders: New share issue 9 732 74 063 83 796 Issue expenses -4 369 -4 369 Ongoing share issue 0 -22 504 0 -22 504 Tot al t r ans act i ons wi t h s har e holde r s 9 732 47 190 0 56 923 Clos i ng balance S e p 30, 2025 20 709 807 292 -794 518 33 484 Oct 1, 2024 - S e p 30, 2025 Jan 1 - De c 31 S E K 000' 2025 2024 2025 2024 Rolli ng-12 2024 Cas hflow fr om ope r at i ng act i vi t i e s be for e change -16 677 -12 818 -57 668 -40 334 -79 945 -62 612 i n wor ki ng capi t al Cas hflows fr om change s i n wor ki ng capi t al Change in Inventory 634 124 -288 1 332 1 978 3 598 Change in Receivables -1 442 -1 836 -2 462 -4 758 -2 485 -4 781 Change in Liabilities 198 -1 944 -3 336 -1 074 4 150 6 412 Total change in working capital -610 -3 656 -6 087 -4 500 3 643 5 229 Cas hflow fr om ope r at i ng act i vi t i e s -17 287 -16 475 -63 754 -44 835 -76 302 -57 383 Inve s t me nt act i vi t i e s Acquisitions of Fixed Assets 0 0 91 -127 -210 -428 Cas hflow fr om i nve s t me nt act i vi t i e s 0 0 91 -127 -210 -428 Fi nanci ng act i vi t i e s New share issues 19 155 0 83 796 41 877 83 796 41 877 Expenses related to new share issues -417 -1 383 -4 369 -4 349 -4 369 -4 349 Unpaid issue costs 0 0 0 0 0 0 Repayment of lease liabilities -747 -650 -2 125 -1 961 -2 782 -2 618 Cas hflow fr om fi nanci ng act i vi t i e s 17 991 -2 033 77 301 35 567 76 644 34 910 Cas hflow for t he pe r i od 704 -18 508 13 637 -9 395 132 -22 901 Cash equivalents at start of the year 23 958 43 271 11 245 34 121 24 714 34 121 Exchange rate differences in cash equivalents 95 -50 -126 -11 -89 25 Cas h e qu i vale nt s at e nd of t he pe r i od 24 757 24 714 24 757 24 714 24 757 11 245 Janu ar y 1 - S e p 30Ju ly 1 - S e p 30
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SCIBASE INTERIM REPORT JANUARY – SEPTEMBER 2025 14 Income statement, Parent Company Statement of other comprehensive income, Parent Company Oct 1, 2024 - S e p 30, 2025 Jan 1 - De c 31 S E K 000' 2025 2024 2025 2024 Rolli ng-12 2024 Net Sales 1 186 1 186 3 558 3 558 4 744 4 744 G r os s pr ofi t 1 186 1 186 3 558 3 558 4 744 4 744 Administration expenses -2 777 -3 061 -9 204 -9 235 -12 784 -12 815 Other Income 0 0 0 0 0 0 Other expenses 0 0 1 0 -1 -2 Ope r at i ng P r ofi t /los s -1 591 -1 874 -5 645 -5 677 -8 041 -8 073 Earnings from financial items: Profit/Loss from shares in group companies -8 049 -8 817 -40 541 -19 146 -44 512 -23 117 Financial income 1 193 122 483 163 524 Financial expenses 0 0 0 0 0 0 P r ofi t /los s aft e r fi nanci al i t e ms -9 639 -10 498 -46 064 -24 341 -52 390 -30 667 Taxes - - - - - - P r ofi t /los s for t he pe r i od -9 639 -10 498 -46 064 -24 341 -52 390 -30 667 Jan 1 - S e p 30Ju ly 1 - S e p 30 Oct 1, 2024 - S e p 30, 2025 Jan 1 - De c 31 S E K 000' 2025 2024 2025 2024 Rolli ng-12 2024 Pr ofi t /los s for t he pe r i od -9 639 -10 498 -46 064 -24 341 -52 390 -30 667 Other comprehensive income - - - - - - Tot al ot he r compr e he ns i ve i ncome - - - - - - Tot al compr e he ns i ve i ncome -9 639 -10 498 -46 064 -24 341 -52 390 -30 667 Jan 1 - S e p 30Ju ly 1 - S e p 30
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SCIBASE INTERIM REPORT JANUARY – SEPTEMBER 2025 15 Summary Balance Sheet, Parent Company De c 31 S E K 000' 2025 2024 2024 AS S E TS Fixed Assets Shares in Group Companies 137 647 137 647 137 647 Tot al Fi xe d As s e t s 137 647 137 647 137 647 Current Assets Current receivables and prepaids 99 074 69 907 102 301 Cash equivalents 14 505 16 757 1 298 Tot al Cu r r e nt As s e t s 113 578 86 664 103 600 TOTAL AS S E TS 251 225 224 311 241 246 S HARE HOLDE RS ' E QUITY AND LIABILITIE S Shareholder's equity Restricted equity Share capital 20 709 10 977 10 977 Non-restricted equity Other capital contributions 807 175 737 861 759 985 Retained earnings -533 462 -502 795 -502 795 Profit/Loss for the period -46 064 -24 341 -30 667 S har e holde r s e qu i t y 248 359 221 702 237 500 Current Liabilities Current liabilities 2 866 2 609 3 746 Tot al li abi li t i e s 2 866 2 609 3 746 TOTAL S HARE HOLDE RS ' E QUITY AND LIABILITIE S 251 225 224 311 241 246 S e p 30
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SCIBASE INTERIM REPORT JANUARY – SEPTEMBER 2025 16 Notes Note 1 Accounting principles The Group’s interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Annual Accounts Act. For the Parent Company, the interim report has been prepared in accordance with the Annual Accounts Act and the Swedish Securities Market Act in accordance with the provisions of RFR 2. For both the Group and the Parent Company the same accounting principles and bases for calculation have been applied as in its most recent Annual Report with the exception of what is stated below. Significant accounting and valuation principles are detailed on pages 50-54 of the consolidated annual report for 2024. Note 2 Fair value of financial instruments Current receivables and liabilities For current receivables and liabilities, such as accounts receivable and accounts payable with a maturity of less than six months, the carrying amount is considered to reflect fair value. Note 3 Contingent Liabilities The Parent Company issued a capital adequacy guarantee to its wholly owned subsidiary SciBase AB to secure that the equity at minimum corresponds to the share capital that is valid until the end of 2024. A corresponding agreement was in-place in 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016, 2015 and 2014 as well. Note 4 Seasonal effects To a certain extent, SciBase’s sales and operating profit are expected to be dependent on seasonal variation that the company cannot influence. In the third quarter, due to the vacation period, the number of tests performed is expected to decrease and consequently the company’s sales are also expected to dip. Note 5 Information regarding operating segments The Group has today two operating segments, skin cancer and skin barrier assessment. Follow-ups are in addition done on the geographical areas, Europe, US/North America and Asia/Oceania. Third quarter Skin cancer Europe Net sales during the period amounted to TSEK 6,820 (6,005) of which Germany accounted for 99 (96)%. In the period the focus for the sales and marketing effort has continued to be Germany with the Company’s own sales organization and to some extent geographic expansion. Gross profit amounted to a profit of TSEK 3,403 (4,357). Other geographical areas Net sales during the period amounted to TSEK 3,259 (1,655). The sales consisted mainly of electrode sales to dermatology practices in the US. Gross profit amounted to TSEK 2,587 (1,395). The Group has chosen to merge the areas US/North America and Asia/Oceania into Other geographical areas since they presently do not amount to a substantial portion of the total. Skin barrier assessment Europe Net sales during the period amounted to TSEK 206 (315). Gross profit amounted to a profit of TSEK 184 (315). The sales were to researchers within the skin barrier field. Other geographical areas Net sales during the period amounted to TSEK 54 (433). Gross profit amounted to TSEK 33 (297). The sales were to researchers, in Q3-24 it included NIH in the US. The Group has chosen to merge the areas US/North America and Asia/Oceania into Other geographical areas since they presently do not amount to a substantial portion of the total. January - September Skin cancer Europe Net sales during the period amounted to TSEK 18,369 (16,520) of which Germany accounted for 99 (98)%. In the period the focus for the sales and marketing effort has continued to be Germany with the Company’s own sales organization and to some extent geographic expansion. Gross profit amounted to a profit of TSEK 9,990 (11,589). Other geographical areas Net sales during the period amounted to TSEK 9,024 (3,294). The sales consisted mainly of electrode sales to dermatology practices in the US. Gross profit amounted to TSEK 7,819 (2,641). The Group has chosen to merge the areas US/North America and Asia/Oceania into Other geographical areas since they presently do not amount to a substantial portion of the total. Skin barrier assessment Europe Net sales during the period amounted to TSEK 538 (699). Gross profit amounted to a profit of TSEK 427 (549). The sales were to researchers within the skin barrier field. Other geographical areas Net sales during the period amounted to TSEK 56 (593). Gross profit amounted to TSEK 36 (410). The sales were to researchers; in 2024 it included NIH in the US. The Group has chosen to merge the areas US/North America and Asia/Oceania into Other geographical areas since they presently do not amount to a substantial portion of the total. Note 6 Incentive program The Group has no incentive program connected to warrants. The Board considers it important and positive if the employees’ ownership in the company increases. The Board has evaluated different incentive programs and following this decided to implement a normal bonus program. The goals are set by the board and normally consist of turnover goals and other strategic goals. After
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SCIBASE INTERIM REPORT JANUARY – SEPTEMBER 2025 17 the end of the year, it is then assessed how well the goals have been met. However, the purpose of the program is to increase the employees’ ownership in the company. The board sees increased ownership by the employees as positive as it increases the employees’ incentive for the company to succeed through, for example, increased sales and thereby creating increased shareholder value. Thus, if the employee undertakes to buy shares over the market and enter into a lockup agreement (12-months), the bonus is increased by 4 times the cash bonus. The program has a maximum ceiling (including social security fees etc of SEK 3 million). For 2024 the total cost for the program was approximately MSEK 1.6 (1.1), The outcome of the program is dependent upon reaching the set targets. Operating segments S E K 000' E u r ope Re s t of t he Wor ld Tot al E u r ope Re s t of t he Wor ld Tot al Skincancer - Net sales 6 820 3 259 10 080 6 005 1 655 7 660 The skin barrier function - Net Sales 206 54 259 315 433 748 Ne t s ale s fr om e xt e r nal cu s t ome r s 7 026 3 313 10 339 6 320 2 088 8 408 Cost of goods - Skincancer -3 417 -673 -4 089 -1 648 -260 -1 908 Cost of goods - Barrier function -22 -20 -42 0 -136 -136 Cos t of goods - t ot al -3 439 -693 -4 131 -1 648 -396 -2 044 Gross Profit - Skincancer 3 403 2 587 5 990 4 357 1 395 5 752 Gross Profit - Barrier function 184 33 217 315 297 612 G r os s P r ofi t - t ot al 3 587 2 620 6 207 4 672 1 692 6 364 Operating expenses -23 951 -20 950 Ope r at i ng pr ofi t /Los s -17 744 -14 586 Financial Income 12 268 -3 101 Financial Expenses -13 356 -66 G r ou p e ar ni ngs - be for e t ax -18 832 -17 753 Ju ly 1 - S e p 30, 2025 Ju ly 1 - S e p 30, 2024 S E K 000' E u r ope Re s t of t he Wor ld Tot al E u r ope Re s t of t he Wor ld Tot al Skincancer - Net sales 18 369 9 024 27 394 16 520 3 295 19 814 The skin barrier function - Net Sales 538 56 593 699 593 1 292 Ne t s ale s fr om e xt e r nal cu s t ome r s 18 907 9 080 27 987 17 219 3 888 21 107 Cost of goods - Skincancer -8 379 -1 206 -9 585 -4 931 -654 -5 585 Cost of goods - Barrier function -110 -20 -131 -150 -184 -333 Cos t of goods - t ot al -8 490 -1 226 -9 715 -5 081 -837 -5 918 Gross Profit - Skincancer 9 990 7 819 17 809 11 589 2 641 14 229 Gross Profit - Barrier function 427 36 463 549 410 959 G r os s P r ofi t - t ot al 10 417 7 854 18 271 12 138 3 050 15 188 Operating expenses -77 952 -58 739 Ope r at i ng pr ofi t /Los s -59 680 -43 551 Financial Income 200 104 Financial Expenses -13 451 -217 G r ou p e ar ni ngs - be for e t ax -72 932 -43 663 Jan 1 - S e p 30, 2025 Jan 1 - S e p 30, 2024
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SCIBASE INTERIM REPORT JANUARY – SEPTEMBER 2025 18 Net sales per category and segment Amou nt s i n KS E K E u r ope Re s t of t he Wor ld E u r ope Re s t of t he Wor ld E u r ope Re s t of t he Wor ld E u r ope Re s t of t he Wor ld E u r ope Re s t of t he Wor ld E u r ope Re s t of t he Wor ld Skin cancer Electrodes 6 676 2 885 5 575 1 634 17 565 7 872 15 773 2 905 23 327 9 621 21 535 4 653 Instruments 144 374 429 21 804 1 152 747 390 1 054 1 612 997 850 Tot al S ki n Cance r 6 820 3 259 6 005 1 655 18 369 9 024 16 520 3 294 24 381 11 233 22 532 5503 Skin barrier function Electrodes 206 44 284 208 456 46 520 291 564 46 628 291 Instruments 0 10 31 225 82 10 179 303 336 25 433 318 Tot al s ki n bar r i e r fu nct i on 206 54 315 433 538 56 699 593 899 71 1 061 608 Total Electrodes 6 882 2 929 5 860 1 842 18 021 7 918 16 293 3 195 23 891 9 667 22 163 4 944 Instruments 144 384 460 246 886 1 162 926 692 1 390 1 637 1 430 1 168 Tot al 7 026 3 313 6 320 2 088 18 907 9 080 17 219 3 888 25 281 11 304 23 593 6 111 Ju ly 1 - S e p 30 2025 Ju ly 1 - S e p 30 2024 Rolli ng-12 Fu ll Ye ar 2024Jan 1 - S e p 30 2025 Jan 1 - S e p 30 2024
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SCIBASE INTERIM REPORT JANUARY – SEPTEMBER 2025 19 Signatures The Board of Directors and the President provide their assurance that this interim report provides an accurate view of the operations, position and earnings of the Group and the Parent Company, and that it also describes the principal risks and uncertainties faced by the Parent Company and the companies included within the Group. (SciBase Holding AB) Stockholm, November 7, 2025 Jesper Høiland Chairman of the Board Diana Ferro Board member Robert Molander Board member Anna Eriksrud Board member Pia Renaudin CEO This information is information that SciBase Holding AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 08.30 CET on November 7, 2025. Review report SciBase Holding AB, 556773-4768 Introduction We have conducted a limited review of the condensed interim financial information (interim report) for SciBase Holding AB (publ) as of September 30, 2025, and the nine-month period ending on that date. The board of directors and the managing director are responsible for preparing and presenting this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our limited review. The focus and scope of the general review We have conducted our limited review in accordance with the International Standard on Review Engagements ISRE 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity." A limited review consists of making inquiries, primarily of persons responsible for financial and accounting matters, performing analytical procedures, and other review procedures. A limited review has a different focus and a significantly smaller scope compared to the focus and scope of an audit conducted in accordance with ISA and generally accepted auditing standards. The review procedures taken in a limited review do not enable us to obtain the assurance that we would become aware of all significant matters that might have been identified in an audit. Therefore, the conclusion expressed based on a limited review does not have the assurance that a conclusion expressed based on an audit has. Conclusion Based on our limited review, nothing has come to our attention that causes us to believe that the interim report is not, in all material respects, prepared for the group in accordance with IAS 34 and the Annual Accounts Act and for the parent company in accordance with the Annual Accounts Act. "This is a translation of the Swedish language original. In the event of any differences between this translation and the Swedish language original, the latter shall prevail." Stockholm, November 7, 2025 Öhrlings PricewaterhouseCoopers AB Magnus Lagerberg Authorized Public Accountant This report, together with previously published interim reports, can be found in its entirety on the company's website: http://investors.scibase.se/en/reports-and-presentations Contact person: Michael Colérus, CFO, +46 70 341 34 72
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SCIBASE INTERIM REPORT JANUARY – SEPTEMBER 2025 20 Quarterly overview Definitions Financial key ratios Industry specific glossary • TSEK: SEK 000’ • Gross margin, %: Gross profit divided by net sales. • Operating profit: Operating income less operating expenses. • Operating margin, %: Operating profit divided by income. • Equity/assets ratio: Equity at the end of the period divided by total assets at the end of the period. • Debt/equity ratio: Total liabilities in relation to equity. • Earnings per share for the period before dilution: Profit for the period divided by average number of shares before dilution. • Earnings per share for the period after dilution: Profit for the period divided by average number of shares after dilution. Earnings per share after dilution is the same as before dilution because potential ordinary shares do not cause to dilution. • Shareholders’ equity per share: Equity divided by average number of shares. • Dividend per Share: Dividend for the period divided by average number of shares after dilution. • Number of shares before dilution at the end of the period: Number of shares in issue before dilution at the end of the period. • Average number of shares before dilution: Average number of shares during the period before dilution. • Average number of shares after dilution: Average number of shares in issue after dilution is the same as before dilution because potential ordinary shares do not cause to dilution. • Number of employees (average): Weighted average number of employees in the relevant period. • IFRS: International Financial Reporting Standards • CE labeling: A mandatory conformity marking to show that products sold within the European Economic Area (EEA) since 2008 fulfills the requirements of the acquis. CE labeling is also included on products sold outside the EEA but that are produced in the EEA, or intended for sale there. • Dermatoscopy or Dermoscopy: Examination of skin lesions with a dermatoscope, a strong magnifying glass with a built-in light source. • Electrical Impedance Spectroscopy (EIS): A measure of the overall impedance occurring in tissue when alternating current is applied at a series of alternating frequencies. This is measured by transmitting an imperceptible alternating current between the bands on the electrode, which is mounted on the tip of the probe and measures the current. • FDA: The US Food and Drug Administration is the US authority controlling all aspects of the development, manufacture and commercialization of pharmaceutical products and medical devices in the United States. • Melanoma: The most dangerous form of skin cancer, consisting of cancer in pigment-producing melanocytes. • Unnecessary excision: The removal of benign skin lesions/birthmarks. • Nevi: Lesions. • PMA: Pre-Market Approval, a form of approval from the US FDA required for all new Class III devices. 2025 2024 2023 T H E GROU P Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Net sales, SEK ths 10 339 8 791 8 856 8 598 8 408 6 641 6 057 5 764 7 248 Gross margin, % 60,0% 66,2% 70,5% 68,5% 75,7% 69,1% 69,9% 73,5% 68,2% Equity/Asset ratio, % 62,0% 61,1% 71,6% 59,4% 67,6% 71,8% 58,2% 66,9% 72,4% Net indebtness, multiple 0,61 0,64 0,40 0,68 0,48 0,39 0,72 0,49 0,38 Cash equivalents, SEK ths 24 757 23 958 34 295 11 245 24 714 43 271 20 272 34 121 52 353 Cashflow from operating activities, SEK ths -17 287 -20 466 -26 001 -12 548 -16 475 -15 179 -13 182 -17 352 -17 827 Earnings per share (before and after dilution), SEK -0,05 -0,08 -0,09 -0,08 -0,08 -0,08 -0,09 -0,17 -0,11 Shareholder's equity per share, SEK 0,09 0,10 0,14 0,17 0,17 0,28 0,25 0,36 0,50 Average number of shares, 000' 390 239 338 296 298 710 219 538 219 538 186 303 119 831 119 831 119 831 Number of shares at closing of period, 000' 414 183 366 296 338 296 219 538 219 538 219 538 119 831 119 831 119 831 Share price at end of period, SEK 0,38 0,38 0,42 0,41 0,48 0,51 0,39 0,83 1,24 Number of sold electrodes, pieces 21 278 18 398 17 870 17 132 17 210 14 016 13 724 12 044 16 922 Average number of employees 34 35 35 30 29 27 26 26 23
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SCIBASE INTERIM REPORT JANUARY – SEPTEMBER 2025 21 Alternative performance measures (APM) This section contains a reconciliation of certain alternate performance measures (APM) against the most reconcilable items in the financial statements. The reporting of APMs has limitations as analytical tools and should not be viewed without context or as compensation for financial measures prepared in accordance with IFRS. APMs are reported to improve investors’ evaluation of ongoing operating profit, as a means of predicting future periods, and to simplify a meaningful comparison of results between periods. Management uses these APMs to evaluate, among other things, ongoing operations compared with previous results, for internal planning and forecasting, as well as for calculation of certain performance-related compensation. The APMs reported in this interim report may differ from measures with similar terms used by other companies. APM for the period: Gro ss Ma rgin (%) 2025 2024 De fi n i t i on : Cau s e of u s e :: Gross Profit 18 271 15 188 Gross Profit / Loss divided with Net Sales. The gross margin shows the difference betweend net sales and Net Sales 27 987 21 107 the cost of goods sold in % of net sales. The gross margin is G r os s Mar gi n (% ) 65,3% 72,0% affected by several factors such as productmix, price trends, exchange rate fluctuation, efficiency in manufactruing processess etc. This is an important measurement as it provides a better understanding of the Company's progress. Sha reho l d er Equity ra tio (%) 2025 2024 De fi n i t i on: Cau s e of u s e : Total Shareholders' Equity 33 484 37 891 Total Shareholders’ Equity at the end of the Shareholders equity ratio shows the Group’s financial sustainability Total Assets 53 985 56 079 period divided with Total Assets at the end and the portion that is financed by equity. S h ar e h olde r s ' E qu i t y r at i o (% ) 62,0% 67,6% of the year. D eb t ra tio (times) 2025 2024 De fi n i t i on: Cau s e of u s e : Total Liabilities 20 501 18 188 Total debt in relation to Total Shareholders' The debt ratio indicates how much debt the Company is using to Total Sharholders´Equity 33 484 37 891 Equity. finance its assets relative to the value of of shareholders’ equity. De bt r at i o (t i me s ) 0,61 0,48 It is closely connected to the Shareholder's equity ratio. Ea rnings per sha re, a fter d il utio n (sek) 2025 2024 De fi n i t i on: Cau s e of u s e : Profit/Loss for the period -72 932 -43 663 Is the portion of a company’s profit allocated This shows the value per share. Average nu,ber of shares (thousand) 342 415 164 146 allocated to each outstanding share of common E ar n i n gs pe r s h ar e (s e k) -0,21 -0,27 stock after dilution. The result per share after the dilution is no different than before the dilution due to that potential common stock do not give rise to a dilution effect. Sha reho l d ers' equity per sha re (sek) 2025 2024 De fi n i t i on: Cau s e of u s e : Shareholders' Equity 33 484 37 891 Shareholders' equity divided with the average The shareholders' equity per share provides a measure of the net Average number of shares (thousand) 342 415 164 146 number of shares after dilution worth per share and can be set in relation to the actual stock price S h ar e h olde r s ' e qu i t y pe r s h ar e 0,10 0,23 Av era ge numb er o f sha res (tho usa nd ) 2025 2024 De fi n i t i on: Cau s e of u s e : Opening balance - Jan 1 219 538 119 831 The aveage number of issued shares. The average number of shares gives a more accurate picture of the Closing balance - June 30 414 183 219 538 result and shareholders' equity due to the fact that the number Ave r gae n u mbe r of s h ar e s (t h ou s an d) 342 415 164 146 of shares can change.
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SciBase Holding AB, Landsvägen 39, Box 3337, SE-103 67 Stockholm. Tel: +46 8 410 620 00 Fax: +46 8 615 22 24 Org nr 556773-4768 | info@scibase.com Pia Renaudin CEO +46 73 206 98 02 pia.renaudin@scibase.com Michael Colérus CFO +46 70 341 34 72 michael.colerus@scibase.com Read more about the company and its operations at our website >> www.scibase.com Future reporting dates Year-end report, February 24 2026 Interim report Q1, May 7 2026 AGM 2026 May 19 2026