Interim report
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Q2 2026 Interim Report April – June Xintela AB (Publ) XSTEM achieved primary objective in difficult-to-heal leg ulcer study Xintela raises a convertible loan of SEK 30 million Osteoarthritis study results published in scientific journal
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Summary of the interim report The “Company” or “Xintela” refers to Xintela AB (publ), corporate registration number 556780-3480. Trademarks In addition to patents, the IP portfolio also currently includes seven trademarks - the com- pany names XINTELA® and TARGINTA®, XINMARK® which is the name of Xintela’s technology platform, and XSTEM® which is the name of Xintela’s stem cell platform. EQSTEM® and CANISTEM® which are the company’s brands for stem cell treatment for horses and dogs and XACT® which is the name of an analytical test for chondrocytes. * Earnings per share: Profit for the period attributable to the parent company’s shareholders divided by 861,266,841 shares, which is the average number of shares as of June 30, 2026. In the same period last year, the average number of shares was 667,111,179 shares. Note to the reader The “company” refers to Xintela AB (publ), corporate registration number 556780-3480. All figures are given in TSEK unless otherwise stated. Amounts in parentheses: Comparative period of the preceding year. Significant events during the second quarter of 2026 » The company’s net sales increased to SEK 1,317 thousand (872) during the second quarter, driven by work on the EQGen project. The pre-tax result improved to SEK -9,762 thousand (-12,119), due to higher net sales and lower costs. » The safety results from Xintela’s completed clinical study of XSTEM® in patients with difficult-to-heal venous leg ulcers have been analysed. XSTEM® was found to be safe and well tolerated, thereby achieving the primary objective of the study. » The company’s patent application for the use of Xintela’s stem cell product XSTEM® for the treatment and regeneration of skin defects, including difficult-to-heal (chronic) wounds, has been granted in the USA. » The company’s patent application protecting the stem cell product XSTEM® for the treatment of Acute Respiratory Distress Syndrome (ARDS) and related diseases has been granted in Japan. Significant events after the end of the period » The results from Xintela’s knee osteoarthritis study have been published in the scientific journal Cartilage. The publi- cation supports that XSTEM ® has a disease-modifying effect and is a very important validation of the study and Xintela’s positive results. » The results from Xintela’s preclinical study with EQSTEM® on horses with post-traumatic osteoarthritis, previously published in the scientific journal Cartilage, have been awarded best basic science paper 2025. » Xintela announces that the company has entered into an agreement for a SEK 30 million convertible loan from its principal shareholder, Flerie Invest. The loan will be used to accelerate the development of XSTEM® and to repay a SEK 20 million loan from Fenja Capital. » Xintela AB has entered into an agreement with Västra Hamnen Corporate Finance AB regarding services as Certified Adviser. Key figures The Group Parent company (TSEK) Q2 2026 Q2 2025 Jan-Jun 2026 Jan-Jun 2025 Q2 2026 Q2 2025 Jan-Jun 2026 Jan-Jun 2025 Net sales 1,317 872 1,759 1,012 1,317 872 1,759 1,012 Loss before tax -9,762 -12,119 -21,542 -22,780 -10,096 -10,711 -20,800 -19,286 Loss per share*, SEK -0.01 -0.02 -0.03 -0.03 - - - - 2 Interim Report | April–June 2026 | Xintela AB (publ)
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CEO’S COMMENTS, Q2 2026 Focus on accelerating XSTEM’s path to market Following the positive clinical results with XSTEM, Xintela is now entering a new phase with a clear focus on business development, partnerships and accelerating XSTEM’s path to market. The SEK 30 million convertible loan from our principal shareholder, Flerie Invest, gives us greater scope to implement this strategy and work on the company’s long-term financing. Strengthened financing and greater strategic flexibility In June, we secured funding through a convertible loan of SEK 30 million from our principal shareholder, Flerie Invest. This funding has enabled us to repay ahead of schedule the SEK 20 million loan from Fenja Capital II A/S, which was raised in November 2025, whilst also giving us greater scope to pursue our priority activities and work on securing further funding. The continued support from our principal shareholder is significant and puts us in a better position to focus on the activities we believe have the greatest potential to create value. Focus on accelerating the development of XSTEM for osteoarthritis The positive results from our Phase I/IIa clinical trial with XSTEM for knee osteoarthritis form the basis of our ongoing strategy. The trial demonstrates that XSTEM significantly reduces pain and improves joint function, whilst also improving cartilage and bone tissue, which supports a disease-modifying effect. We are continuously working to optimize the company’s strategy. A primary goal for Xintela is to establish a partnership with an industrial partner for the continued clinical development and commercialisation of XSTEM. Such a partnership could provide both resources and commercial expertise, thereby accelerating the path to a broader market. In parallel, we are evaluating the possibility of an earlier commercialisation of XSTEM in selected markets where regulatory conditions may permit its use based on existing clinical data. Such a strategy could generate early revenue and further clinical experience, as well as help to build the product’s market position ahead of a broader international launch. Primary objective achieved in our study on difficult-to-heal leg ulcers In May, we reported the results from the completed clinical study on difficult-to-heal venous leg ulcers. The results showed that XSTEM was safe and well tolerated, thereby achieving the study’s primary objective. Continued development of XSTEM in wound indications, we see primarily through a strategic partner. » Translating our positive results into commercial opportunities Organisational and operational changes ahead of the next phase With our first two clinical trials now completed, Xintela is entering a new phase. We have therefore adapted our organisation and cost base to the activities that create the most value as we move into the next phase. The team is now focusing on optimising and finalising the production process and analytical methods to prepare our stem cell product, XSTEM, for upcoming clinical trials and opportunities for early commercialisation. We are also working 3 Interim Report | April–June 2026 | Xintela AB (publ)
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intensively on business development, with a focus on partner- ships and commercial agreements, as well as strategic efforts to optimise continued value creation within the company. As part of these changes, Camilla Wennersten’s role as Director of Clinical Development and Peter Ekolind’s role as COO of the company are coming to an end. We would like to extend our warmest thanks to Camilla and Peter for their important contributions and great commitment in their roles and within the company’s management. Osteoarthritis results published in a scientific journal The results from our knee osteoarthritis study have now been peer-reviewed and published in the scientific journal Cartilage. The publication describes the study’s findings, which support a a disease-modifying effect of XSTEM, and discusses, amongst other things, how the results with XSTEM compare favourably with previously published results from osteoarthritis studies, whilst highlighting the benefits of Xintela’s stem cell techno- logy. This publication, which has been reviewed by independent experts in the field, provides a very important validation of the study and our positive results. The way forward Based on our positive preclinical and clinical results with XSTEM and a strong patent portfolio, we believe that Xintela is well- positioned to establish strategic and commercial collaborations in osteoarthritis and other relevant indications. In parallel with our ambition to land partnerships and long-term licensing deals, we are actively working to secure continued funding for Xintela to enable the company to achieve its strategic and operational objectives. Following a period of intense focus on clinical studies, we are now entering a phase where our most important task is to translate our positive results into commercial opportunities and continued value creation. This will be our focus going forward. Evy Lundgren-Åkerlund Chief Executive Officer, Xintela AB (publ) CEO’S COMMENTS, Q2 2026 4 Interim Report | April–June 2026 | Xintela AB (publ)
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Stem cell-based therapies The ability of stem cells to regenerate and repair damaged tissues and organs provides great hope for diseases that currently lack effective treatment. Xintela is recognized for its unique stem cell product XSTEM, which has the potential to slow down and also cure a large number of diseases. XSTEM is in clinical development for the treatment of knee osteoarthritis and difficult-to-heal leg ulcers. 5 Interim Report | April–June 2026 | Xintela AB (publ)
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STEM CELL-BASED THERAPIES Xintela is strongly positioned to develop and commercialize safe and effective stem cell treatments Mesenchymal stem cells have therapeutic properties Xintela develops stem cell-based treatments from allogeneic (donated) mesenchymal stem cells isolated from adipose tissue from healthy adult donors. Stem cells from a donor can treat a large number of patients, which not only significantly reduces the cost of XSTEM com- pared to autologous (patient’s own) stem cells but will also give physicians an off-the-shelf therapy. An import- ant property of mesenchymal stem cells is their ability to transform into different cell types to regenerate and repair damaged tissues and organs. They also have the ability to stimulate damaged cells to self-repair. Another important property is that stem cells secrete various sub- stances that can regulate the immune system and thus have anti- inflammatory effects. Stem cell selection – a critical step in the production of XSTEM Stem cell preparations produced from tissues are heterogeneous, i.e. they contain contaminating cells that are not stem cells. When developing a stem cell product, this is both a regulatory and functional problem. Xintela solves the problem by selecting (purifying) stem cells using an antibody that binds to the company’s stem cell marker, integrin α10ß1. In this way, homogeneous stem cell preparations of high quality can be produced that are reproducible between different donors. Own GMP production of stem cells Our stem cells are produced in bioreactors in the company’s own GMP-approved facility and stored frozen until used in the treatment of patients. Through its in- house production facility Xintela has full control over the stem cell production which significantly reduces risks such as unexpected costs and delays. The company’s strategy is to establish Xintela as a manufacturer of stem cell products developed in collaboration with partners and to also offer development and production of other advanced therapy products (ATMP). Xintela has developed the competitive stem cell product XSTEM, which consists of integrin α10ß1-selected mesenchymal stem cells. Through the unique selection step in the production process, homogeneous stem cells of high and reproducible quality can be produced. XSTEM is manufactured in Xintela’s own GMP facility and is patented both as a product and for therapeutic uses in all indications. 6 Interim Report | April–June 2026 | Xintela AB (publ)
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XSTEM shows disease-modifying potential on knee osteoarthritis Xintela has completed a clinical study (Phase I/IIa) with the stem cell product XSTEM in Australia, in patients with moderate knee osteoarthritis (Kellgren-Lawrence grade II-III). XSTEM shows excellent and sustained results 24 month after treatment. In the study, we have evaluated three different dose levels of XSTEM (4, 8 and 16 million stem cells) on a total of 24 patients (eight patients/dose level). Patients that received the two lowest dose levels of XSTEM completed the study 18 months after treatment and the results have previously been presented in an interim report. Patients at the highest dose level were evaluated after an additional six months, 24 months after treatment. The results continue to show that XSTEM is safe as well as a significant and clinically relevant reduction in knee pain, improved joint function and improved cartilage and bone struc- ture, which confirms a long-lasting treatment effect and also shows that XSTEM has a disease-modifying potential. Clinical study on difficult-to-heal venous leg ulcers shows safety A clinical study with XSTEM has been conducted on difficult- to- heal venous leg ulcers. Six patients have been treated with XSTEM or placebo applied to the wound and evaluated over ten weeks and after four months. The study has reached the primary goal to demonstrate that the treatment is safe. A significant part of the study has been funded by a grant from Vinnova. Strong and sustained 24-month results with XSTEM in the osteoarthritis study Market Osteoarthritis In 2024 the global osteoarthritis therapeutics market size was estimated at USD 9.13 billion, and the market is projected to reach USD 13.57 billion by 2030, growing at a compound annual growth rate of almost 7% from 2025 to 2030. This significant growth is driven by the rising prevalence of osteoarthritis, particularly among the aging population, and substantial R&D investments in new treatments.1 Venous leg ulcers The global venous leg ulcer market size accounted for USD 2.25 billion in 2024 and is predicted to further grow from USD 2.57 billion in 2025 to approximately USD 8.47 billion by 2034, expanding at a compound annual growth rate of more than 14% from 2025 to 2034. The market is experiencing substantial growth driven by the rising prevalence of chronic venous insuffi- ciency and an aging population, creating the need for effective wound care solutions. Advancements in compression therapies, bioactive therapies, and regenerative treatments are improving healing outcomes and reducing recurrence rates, thereby sup- porting market growth.2 Commercialization strategy for XSTEM The company’s overall strategy is to take the stem cell projects to Proof of Concept, by clinical Phase I/IIa studies, and then en- ter into partnerships and commercial agreements for continued clinical development and global commercialization. Xintela is very active in business development and has ongoing dialogue with potential partners and licensees within the pharmaceutical industry. Osteoarthritis Osteoarthritis is a joint disease characterized by degrada- tion of the articular cartilage and impaired function of the cartilage cells. It is the most common chronic joint dis- ease, especially in the knees, hips and hands, as well as the most common cause of disability in the elderly. The main symptoms are severe pain, inflammation, stiffness in the joint and reduced mobility. The disease affects about 25 percent of all individuals over the age of 60 and is increasing in extent due to an increasing elderly popula- tion. Drugs offered today are primarily pain-relieving and anti-inflammatory, which treat the symptoms but not the actual cause of the disease. 3, 4 Difficult-to-heal leg ulcers Difficult-to-heal leg ulcers in the elderly, including venous leg ulcers, are a major medical problem that results in pain and reduced quality of life for the patient, as well as large costs for healthcare systems. The incidence in- creases with age and is estimated to be about 4 percent among people over 65 years of age. Today’s treatments for difficult-toheal leg ulcers include compression techniques and various surgical techniques, but there is a lack of effective drugs.3, 4 STEM CELL-BASED THERAPIES 1 https://www.grandviewresearch.com/industry-analysis/osteoarthritis-therapeutics-market-report 2 https://www.precedenceresearch.com/venous-leg-ulcer-market 3 Global Data 2018 4 Markets and Markets 2020 7 Interim Report | April–June 2026 | Xintela AB (publ)
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Completion of the knee osteoarthritis study 24 months after XSTEM treatment The clinical study (Phase I/IIa) has evaluated three different dose levels of XSTEM in a total of 24 patients (8 patients/dose level) with knee osteoarthritis. All patients have completed the 18-month follow-up and patients on the highest dose level has been evaluated for additional six months. The final analysis shows safety and positive efficacy data. The difficult-to-heal leg ulcer study has been completed The clinical study (phase I/IIa) has evaluated XSTEM for the treatment of difficult-to-heal venous leg ulcers in six patients. Safety and efficacy readings have been carried out weekly for ten weeks and four months after treatment. The results show that the primary objective of safety and tolerability has been achieved. XSTEM shows therapeutic effect on Acute Respiratory Distress Syndrome (ARDS) in preclinical study ARDS, acute respiratory distress syndrome, is a form of acute severe lung failure that can occur as a result of, for example, pneumonia, trauma or blood poisoning. The condition means that the lung function collapses and mortality is high. There is currently no effective treatment for ARDS. Xintela has successful- ly conducted preclinical studies for the treatment of ARDS with XSTEM in collaboration with Skane University Hospital and plans to carry out clinical development in collaboration with a partner. EQSTEM shows disease modifying effect in preclinical horse models for osteoarthritis Xintela has developed the stem cell product EQSTEM for the treatment of joint diseases in horses. Results from two preclinical studies in horses with post-traumatic osteoarthritis show disease modifying effect with reduces lameness and improved cartilage and bone structure. Xintela has signed a collaboration and license agreement with EQGen Biomedical for clinical develop- ment and commercialization of EQSTEM. A product platform for the treatment of several diseases STEM CELL-BASED THERAPIES Xintela has conducted two clinical studies with the stem cell product XSTEM, in osteoarthritis and in difficult-to-heal leg ulcers, as well as a project for the treatment of ARDS in preclinical phase. In addition, Xintela has carried out preclinical studies with the stem cell product EQSTEM for the treatment of joint disease in horses. INDICATIONS DISCOVERY PRECLINICAL CLINICAL Osteoarthritis Diffcult-to-heal leg ulcers ARDS Other indications Joint disease horse XSTEMEQSTEM 8 Interim Report | April–June 2026 | Xintela AB (publ)
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Antibody-based cancer therapies Aggressive cancer is a challenge for clinical practice, diagnosis and treatment. There is a great need for new, targeted treatment strategies that can improve patients’ survival and quality of life. Targinta develops cancer-targeted antibodies for the treatment of aggressive cancers such as tri- ple-negative breast cancer (TNBC), sarcoma and the brain tumor glioblastoma. 9 Interim Report | April–June 2026 | Xintela AB (publ)
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ANTIBODY-BASED CANCER THERAPIES Cancer target with unique properties Xintela’s subsidiary Targinta is developing new targeted and selective antibody-based drugs (First-in-Class) for the treatment of aggressive cancer. The company has been founded on its own discovery that Xintela’s stem cell marker, integrin α10β1, is also expressed in aggressive cancers such as triple-negative breast cancer (TNBC) and the brain tumor glioblastoma. The problem with most target molecules expressed in cancer is that the expression in normal tissues is relatively high. Integrin α10β1 is unique in this respect as it expression is very limited in normal tissue, which reduces the risk of off-target side effects. Integrin α10β1 is thus a very promising target molecule for the development of new and more selective cancer therapies. Targinta’s candidate drugs Targinta is developing two types of antibodies, TARG9 and TARG10, for the treatment of aggressive cancer. TARG9 is a so-called Antibody-Drug Conjugate (ADC) and is armed with a powerful toxin that has a killing effect on cancer cells. TARG9 has shown significant inhibitory effect on the growth of glioblasto- ma tumors in preclinical models. TARG10 is a function-blocking antibody that slows down the growth and spread of cancer cells. TARG10 has in preclinical studies shown strong inhibitory effect on growth and metastasis of triple-negative breast cancer (TNBC). Targinta positions itselfs in the ADC field TARG9 was selected as the company’s first candidate drug in the ADC area. This antibody has been developed with the latest ADC technology, which means a more powerful toxin that is well anchored to the antibodies as long as they circulate in the blood- New cancer target and selective First-in-Class antibodies stream, but which is released and activated when the antibody binds to and is taken up in cancer cells with integrin α10β1 on the surface. The interest in toxin-armed antibodies, ADCs, has increased significantly in recent years and the area is considered one of the hottest in oncology. A large number of commercial agreements have been made even at the early preclinical stage. The market for triple-negative breast cancer and glioblastoma The global market value for the treatment of triple-negative breast cancer is estimated to be approximately USD 2.1 billion by 2028 and for the treatment of glioblastoma to approximately USD 1.4 billion by 2026.1, 2 Commercialization strategy Targinta’s strategy is to enter into commercial agreements with the company’s drug candidates during preclinical development to accelerate future clinical development and market appproval. Drug candidates against new target molecules on cancer cells, so-called First-in-Class products, are very attractive to drug development companies due to the great need for new and more effective cancer treatments. Collaboration with Memorial Sloan Kettering Cancer Center Targinta has entered into a collaboration with Memorial Sloan Kettering Cancer Center’s (MSK’s) Therapeutics Accelerator in New York to clinically develop Targinta’s integrin α10β1- targeted antibodies for the treatment of patients with aggressive sarcoma. Triple-negative breast cancer Triple-negative breast cancer, i.e. breast cancer that responds neither to hormone therapy nor to target- ed treatment with HER2 antibodies, constitutes 10-15 percent of all breast cancer diagnoses and corresponds to approximately 300,000 new cases per year globally. It spreads and recurs to a greater extent and has a worse prognosis compared to other forms of breast cancer. The five-year survival rate for metastatic triple-negative breast cancer is about 12 percent.3, 4 Glioblastoma Glioblastoma (glioblastoma multiforme) is the most com- mon and aggressive brain tumor in adults. Glioblastoma is characterized by the tumor cells rapidly spreading into the adjacent normal brain tissue, which contributes to the difficulty of removing the entire tumor without damaging the surrounding tissue. Glioblastoma cells are often resis- tant to both radiation and cytostatics and, as a result, the prognosis for patients is very poor. Approximately 55,000 people are estimated to be diagnosed with the disease annually in the 8 largest markets (USA, France, Germany, Italy, Spain, UK, Japan and China).5, 6, 7 Antibodies Research Preclinical Clinical Phase 0 TARG9 TARG10 1 American Cancer Society https://www.cancer.org/cancer/breast-cancer/understanding-a-breast-cancer-diagnosis/types-of-breast-can cer/triple-nega-tive.html 2 GlobalData: Glioblastoma Multiforme (GBM) Opportunity Analysis and Forecast to 2027 3 https://www.cancer.org/cancer/breast-cancer/understanding-a-breast-cancer-diagnosis/types-of-breast-cancer/triple-negative.html#:~:tex-t=Triple%2Dnegative%20 breast%20cancer%20(TNBC,of%20the%20protein%20called%20HER2 4 American Cancer Society https://www.cancer.org/cancer/breast-cancer/understanding-a-breast-cancer-diagnosis/types-of-breast-cancer/triple-negati-ve.html 5 WebMD: https://www.webmd.com/cancer/brain-cancer/what-is-glioblastoma#1 6 American Association of Neurological Surgeons: https://www.aans.org/en/Patients/Neurosurgical-Conditions-and-Treatments/Glioblastoma-Multiforme 7 Global Data: Epidemiology and Market size Database 10 Interim Report | April–June 2026 | Xintela AB (publ)
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Financial Statements 11 Interim Report | April–June 2026 | Xintela AB (publ)
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THE GROUP Income statement in brief Earnings Operating loss for the second quarter amounted to TSEK -9,683 (-11,526) for the Group. The costs for research and development account for the largest part of the group´s costs and for the period April to June amounted to TSEK -7,634 (-9,367). Market and sales costs for the quarter amounted to TSEK -1,074 (-989) for the Group. Administrative expenses for the period amounted to TSEK -2,291 (-2,042) for the Group. Loss before tax for the period amounted to TSEK -9,762 (-12,119) for the Group. Under the heading “Tax on profit for the period”, tax is booked as income. This refers to the estimated amount of the tax refund paid by the Australian Taxation Office to Xindu, for parts of the costs incurred by the subsidiary Xindu for the clinical studies in 2025. No tax is booked in 2026 as the clinical study has been completed. Quarter 2 Half year Full year (TSEK) 2026-04-01 2026-06-30 2025-04-01 2025-06-30 2026-01-01 2026-06-30 2025-01-01 2025-06-30 2025-01-01 2025-12-31 Operating income Net sales 1,317 872 1,759 1,012 2,282 Cost of goods sold 0 0 0 0 0 Gross profit 1,317 872 1,759 1,012 2,282 Operating expenses Research and development costs -7,634 -9,367 -16,077 -16,666 -35,953 Selling costs -1,074 -989 -2,255 -1,904 -3,701 Administrative expenses -2,291 -2,042 -4,376 -4,062 -9,312 Other operating income 0 0 60 0 0 Other operating expenses 0 0 0 0 0 Operating loss -9,683 -11,526 -20,889 -21,620 -46,684 Profit/loss from financial items Financial income 0 0 0 5 13 Financial expenses -79 -594 -654 -1,166 -3,487 Loss before tax -9,762 -12,119 -21,542 -22,780 -50,158 Tax on loss for the period 0 160 0 394 1,594 Loss for the period -9,762 -11,959 -21,542 -22,386 -48,564 Loss per share, SEK -0,01 -0,02 -0,03 -0,03 -0,07 12 Interim Report | April–June 2026 | Xintela AB (publ)
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THE GROUP Balance sheet in brief Financial position On June 30, 2026 the group’s cash and cash equivalents amounted to TSEK 30,724 (10,532). Total assets amounted to TSEK 35,098 (18,236). (TSEK) 2026-06-30 2025-12-31 ASSETS Fixed assets Intangible assets 0 0 Tangible assets 159 320 Total fixed assets 159 320 Current assets Inventory 334 705 Accounts receivable 0 0 Tax receivable 0 0 Other receivables 3,068 3,328 Prepaid expenses 812 1,465 Cash and cash equivalents 30,724 23,208 Total current assets 34,939 28,705 TOTAL ASSETS 35,098 29,025 (TSEK) 2026-06-30 2025-12-31 EQUITY AND LIABILITIES Equity, the group Share capital 25,838 25,838 Other contributed capital 419,723 419,723 Reserve 353 765 Balanced result incl. Profit for the year -473,141 -451,599 Total equity -27,227 -5,273 Current liabilities Accounts payable 6,474 5,149 Tax liability 193 161 Convertible loan 30,000 0 Other liabilities 21,894 22,417 Accrued expenses and deferred income 3,764 6,572 Total current liabilities 62,325 34,299 TOTAL EQUITY AND LIABILITIES 35,098 29,025 13 Interim Report | April–June 2026 | Xintela AB (publ)
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THE GROUP Cash flow statement in brief Cash flow and investments The group’s cash flow for the period April to June 2026 was TSEK 20,860 (4,005). Investments for the period amounted to TSEK 0 (-70) for the Group. Quarter 2 Half year Full year (TSEK) 2026-04-01 2026-06-30 2025-04-01 2025-06-30 2026-01-01 2026-06-30 2025-01-01 2025-06-30 2025-01-01 2025-12-31 Operating activities Operating loss -9,683 -11,526 -20,889 -21,620 -46,684 Depreciation/amortisation 100 151 231 303 606 Taxes 0 0 0 0 2,049 Financial income 0 0 0 5 13 Financial expenses -79 -594 -654 -1,166 -3,487 Cash flow from operating activities before changes in working capital -9,662 -11,968 -21,312 -22,477 -47,503 Changes in working capital Increase/decrease in receivables 337 -1,227 1,214 178 1,834 Increase/decrease in current liabilities 185 7,140 -1,974 6,031 4,051 Changes in working capital 522 5,913 -760 6,209 5,885 Cash flow from operating activities -9,140 -6,055 -22,072 -16,268 -41,618 Investing activities Increase/decrease of tangible assets 0 -70 0 -70 0 Increase/decrease of intangible assets 0 0 0 0 0 Increase/decrease of financial assets 0 0 0 0 0 Cash flow from investing activities 0 -70 0 -70 0 Financing activities New share issue, TO3 0 10,130 0 10,130 10,110 New share issue, December 0 0 0 0 38,919 Bridge loan, Flerie 0 0 0 0 -20,500 Bridge loan, Fenja 0 0 0 0 20,000 Convertible loan 30,000 0 30,000 0 0 Cash flow from financing activities 30,000 10,130 30,000 10,130 48,529 Change in cash and cash equivalents 20,860 4,005 7,928 -6,208 6,911 Cash and cash equivalents at the beginning of the period 9,783 6,398 23,208 16,680 16,680 Conversion difference 81 129 -412 60 -383 Cash and cash equivalents at the end of the period 30,724 10,532 30,724 10,532 23,208 14 Interim Report | April–June 2026 | Xintela AB (publ)
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THE GROUP Change in equity in brief (TSEK) Share capital Other contributed capital Reserves Loss for the period Total Opening balance, January 1, 2025 19,974 376,557 555 -403,036 -5,950 Conversion difference 0 0 210 0 210 New share issue, TO3 June 1,013 9,117 0 0 10,130 New share issue, TO3 costs 0 -20 0 0 -20 New share issue, TO3 December 4,851 37,191 0 0 42,042 New share issue, TO3 costs 0 -3,123 0 0 -3,123 Loss for the period 0 0 0 -48,564 -48,564 Equity, December 31, 2025 25,838 419,723 765 -451,599 -5,273 Opening balance, January 1, 2026 25,838 419,723 765 -451,599 -5,273 Conversion difference 0 0 -412 0 -412 Loss for the period 0 0 0 -21,542 -21,542 Equity, June 30, 2026 25,838 419,723 353 -473,141 -27,227 15 Interim Report | April–June 2026 | Xintela AB (publ)
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THE PARENT COMPANY Income statement in brief Income The parent company reports a net turnover of TSEK 1,317 (872) for the second quarter of the year. Earnings Loss for the second quarter amounted to TSEK -10,359 (-10,433) for the Parent Company . The costs for research and development account for the largest part of the Company’s costs and amounted to TSEK -8,430 (-8,414) for the period April to June. Market and sales costs for the quarter amounted to TSEK -1,074 (-989) for the Parent Company. Administrative expenses for the period amounted to TSEK -2,171 (-1,902) for the Parent Company. The financial income amounts to 328 (311) KSEK and refers to internal interest between Xintela and Xindu for the peri- od April to June 2026. Loss before tax for the period April to June amounted to TSEK -10,096 (-10,711) for the Parent Company. Quarter 2 Half year Full year (TSEK) 2026-04-01 2026-06-30 2025-04-01 2025-06-30 2026-01-01 2026-06-30 2025-01-01 2025-06-30 2025-01-01 2025-12-31 Operating income Net sales 1,317 872 1,759 1,012 2,282 Cost of goods sold 0 0 0 0 0 Gross profit 1,317 872 1,759 1,012 2,282 Operating expenses Research and development costs -8,430 -8,414 -16,199 -14,100 -28,228 Selling costs -1,074 -989 -2,255 -1,904 -3,701 Administrative expenses -2,171 -1,902 -4,159 -3,811 -8,962 Other operating income 0 0 60 0 0 Other operating expenses 0 0 0 0 0 Operating loss -10,359 -10,433 -20,794 -18,803 -38,608 Profit/loss from financial items Financial income 328 311 634 669 1,220 Financial expenses -66 -589 -640 -1,152 -3,467 Loss before tax -10,096 -10,711 -20,800 -19,286 -40,856 Appropriations 0 0 0 0 -2,669 Tax on loss for the year 0 0 0 0 0 Loss for the period -10,096 -10,711 -20,800 -19,286 -43,524 16 Interim Report | April–June 2026 | Xintela AB (publ)
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Balance sheet in brief Financial position On June 30, 2026 the parent company’s equity/assets ratio was 23 per cent (40) and equity amounted to TSEK 18,611 (24,749). The Parent company’s cash and cash equivalents amounted to TSEK 30,636 (10,346). Total assets amounted to TSEK 80,367 (61,205). (TSEK) 2026-06-30 2025-12-31 ASSETS Fixed assets Intangible assets 0 0 Tangible assets 105 201 Receivables from subsidiaries 33,329 31,161 Participations in subsidiaries 13,926 13,926 Total fixed assets 47,360 45,288 Current assets Inventory 334 705 Accounts receivable 0 0 Tax receivable 0 0 Other receivables 1,225 1,618 Prepaid expenses 812 1,004 Cash and cash equivalents 30,636 22,806 Total current assets 33,007 26,133 TOTAL ASSETS 80,367 71,421 (TSEK) 2026-06-30 2025-12-31 EQUITY AND LIABILITIES Equity, parent company Share capital 25,838 25,838 Share premium reserve 419,723 419,723 Retained earnings -406,150 -362,626 Loss for the period -20,800 -43,524 Total equity 18,611 39,411 Current liabilities Accounts payable 6,245 4,950 Tax liability 193 161 Convertible loan 30,000 0 Other liabilities 21,581 22,182 Accrued expenses and deferred income 3,737 4,718 Total current liabilities 61,756 32,011 TOTAL EQUITY AND LIABILITIES 80,367 71,421 THE PARENT COMPANY 17 Interim Report | April–June 2026 | Xintela AB (publ)
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Cash flow statement in brief Cash flow and investments The parent company’s cash flow for the period April to June was 21,093 (4,356) TSEK. Receivables from subsidiar- ies increased for the period by -1,163 (-1,487) TSEK. Quarter 2 Half year Full year (TSEK) 2026-04-01 2026-06-30 2025-04-01 2025-06-30 2026-01-01 2026-06-30 2025-01-01 2025-06-30 2025-01-01 2025-12-31 Operating activities Operating loss -10,359 -10,433 -20,794 -18,803 -38,608 Depreciation/amortisation 33 73 96 147 294 Financial income 328 311 634 669 1,220 Financial expenses -66 -589 -640 -1,152 -3,467 Cash flow from operating activities before changes in working capital -10,063 -10,638 -20,704 -19,139 -40,562 Changes in working capital Increase/decrease in receivables 192 -1,207 957 -10 617 Increase/decrease in current liabilities 2,127 7,558 -255 7,350 3,405 Changes in working capital 2,319 6,351 702 7,340 4,021 Cash flow from operating activities -7,744 -4,287 -20,002 -11,799 -36,540 Investing activities Increase/decrease of tangible assets 0 0 0 0 0 Increase/decrease of receivables from subsidiaries -1,163 -1,487 -2,168 -4,319 -5,517 Cash flow from investing activities -1,163 -1,487 -2,168 -4,319 -5,517 Financing activities New share issue, TO3 0 10,130 0 0 10,110 New share issue, December 0 0 0 10,130 38,919 Bridge loan, Flerie 0 0 0 0 -20,500 Bridge loan, Fenja 0 0 0 0 20,000 Convertible loan 30,000 0 30,000 0 0 Cash flow from financing activities 30,000 10,130 30,000 10,130 48,529 Change in cash and cash equivalents 21,093 4,356 7,830 -5,988 6,471 Cash and cash equivalents at the beginning of the period 9,543 5,989 22,806 16,334 16,334 Cash and cash equivalents at the end of the period 30,636 10,346 30,636 10,346 22,806 THE PARENT COMPANY 18 Interim Report | April–June 2026 | Xintela AB (publ)
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Change in equity in brief (TSEK) Share capital Other contributed capital Reserves Loss for the period Total Opening balance, January 1, 2025 19,974 376,557 -329,031 -33,595 33,905 Reversal of prior year’s accruals 0 0 -33,595 33,595 0 New share issue, TO3 June 1,013 9,117 0 0 10,130 New share issue, TO3 costs 0 -20 0 0 -20 New share issue, TO3 December 4,851 37,191 0 0 42,042 New share issue, TO3 costs 0 -3,123 0 0 -3,123 Loss for the period 0 0 0 -43,524 -43,524 Equity, December 31, 2025 25,838 419,723 -362,626 -43,524 39,411 Opening balance, January 1, 2026 25,838 419,723 -362,626 -43,524 39,411 Reversal of prior year’s results 0 0 -43,524 43,524 0 Loss for the period 0 0 0 -20 800 -20 800 Equity, June 30, 2026 25,838 419,723 -406,150 -20,800 18,611 THE PARENT COMPANY 19 Interim Report | April–June 2026 | Xintela AB (publ)
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Declaration by the Board of Directors and the CEO The Board of Directors and the Chief Executive Officer certify that the interim report provides a true and fair view of the company’s business, financial position, performance and describes ma- terial risks and uncertainties, to which the company is exposed. The interim report has not been reviewed by the company’s auditors. Lund, August 28, 2026 Thomas Eldered Chairman Jonas Ekblom Board member Tobias Hägglöv Board member Lars Hedbys Board member Hans-Joachim Simons Board member Evy Lundgren-Åkerlund CEO Jonas Ekblom Lars Hedbys Tobias Hägglöv Hans-Joachim Simons Thomas Eldered Evy Lundgren-Åkerlund 20 Interim Report | April–June 2026 | Xintela AB (publ)
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Other information The share Xintela AB (publ) was listed on Nasdaq First North Growth Market in Stockholm on 22 March 2016 under the ticker symbol “XINT.” First North Growth Market is an alternative marketplace, operated by an exchange within the NASDAQ OMX Group. Companies on First North Growth Market are not subject to the same rules as companies on the regulated main market. They are subject to a less regulated framework, adapted for small growth companies. A company listed on First North Growth Market may therefore entail a higher investment risk than a company listed on the main market. All companies listed on First North Growth Market have a Certified Adviser to oversee their compliance with the rules. The exchange assesses applications for admission to trading. Xintela’s Certified Adviser on Nasdaq First North Growth Market is Västra Hamnen Corporate Finance AB. On 30 june 2026, the number of shares was 861,266,841. The Company has only one class of shares. Each share carries identical rights to the Company’s assets and earnings, and one vote at General Meetings. Financial statements in accordance with K3 This report has been prepared in accordance with BFNAR 2012:1 Annual Report and Consolidated Financial Statements (Q3) and the accounting principles are unchanged compared with those applied in the Annual Report for 2025. For complete accounting principles, see the Annual Report 2025. Group accounts The consolidated accounts include the companies in which the parent company directly or indirectly holds more than half of the votes for all shares, or otherwise has a controlling influence ac- cording to ÅRL 1:4. The company’s earnings are included in the group’s earnings from and including the acquisition date until it is divested. The financial statements of foreign subsidiaries have been recalculated according to the current rate method. All items in the balance sheet have been converted to the balance sheet exchange rate. All items in the income statement have been converted to average exchange rates during the financial year. Differences that arise are reported directly in equity. Review by auditors This interim report has not been reviewed by the Company’s auditor. Financial calendar Interim report Q3 2026: 27 November 2026 Interim report Q4 2026: 26 February 2027 Risks and uncertainties Limited resources Xintela is a small company with limited resources in terms of man- agement, administration, and capital. The implementation of any major strategies requires optimization of the Company’s resource appropriation. There is a risk that the Company’s resources could be insufficient, and lead to financial and operational problems. The company’s ability to continue its operations depends on the ongoing work with the company’s financing being successful. Focused work is underway to secure the company’s future financ- ing and the Board’s assessment is that we will successfully secure future financing needs. Dependence on key individuals and employees Xintela’s success is based on the knowledge, experience, and creativity of a few specific individuals. The Company’s future is dependent on being able to recruit qualified employees. The Company works hard to reduce this dependency by maintaining proper documentation of procedures and working methods. Earning capacity and capital requirements Drug development is both expensive and time-consuming. It may take longer than expected before the Company can gener- ate a positive cash flow. To cover these costs, Xintela may need to raise new capital. There is no guarantee that such capital can be obtained on terms that are favorable to shareholders. Failure to generate sufficient profits may impact the Company’s market value. Sales risk There is no certainty that the products developed by the Com- pany will gain the market acceptance reflected in this interim report. The quantity of products sold may be lower, and the period required for market establishment may be longer, than the Company currently has reason to believe.Quarter 2 Full year Jan–Jun 2026 Jan–Jun 2025 Jan–Dec 2025 No. of shares before full dilution 861,266,841 699,564,681 861,266,841 No. of shares after full dilution 897,152,959 699,564,681 897,152,959 Loss per share before full dilution -0.01 -0.02 -0.07 Average no. of shares before full dilution 861,266,841 667,111,179 689,735,560 Average no. of shares after full dilution 897,152,959 667,111,179 725,621,678 21 Interim Report | April–June 2026 | Xintela AB (publ)
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Xintela – for life in motion Xintela develops stem cell-based treatments focusing on osteoarthritis and difficult-to-heal leg ulcers and, through its wholly owned subsidiary Targinta, targeted antibody-based treatments for aggressive cancer. The focus is on diseases that cause great suffering and lack effective medical treatment options. Xintela’s stem cell product XSTEM is in clinical development for the treatment of knee osteoarthritis and difficult-to-heal venous leg ulcers. The goal with the stud- ies is to show that XSTEM treatment is safe, but also investigate XSTEM’s ability to repair damaged cartilage and improve the joint function and to effectively heal leg ulcers, thereby reduce pain and suffering and improve quality of life for many patients. Within oncology, tumor-targeting and armed antibodies are developed for aggressive cancers such as triple negative breast cancer and the brain tumor glioblastoma. Results from preclinical models have shown that the antibodies have an inhibitory effect on both the growth and metastasis of cancer cells. The drug candidates TARG9 and TARG10 are in preclinical development. Kontaktinfo Xintela AB Medicon Village 223 81 Lund, Sweden +46 46,275 65 00 info@xintela.se Investerarrelationer Evy Lundgren-Åkerlund CEO evy@xintela.se Contact Xintela AB Medicon Village 223 81 Lund, Sverige +46 46,275 65 00 info@xintela.se Investor Relations Evy Lundgren-Åkerlund, CEO evy@xintela.se