Interim report
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92 Xspray Pharma Interim Report April - June 2026 xspray PHARMA
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Xspray Pharma Interim Report Q2 20261 Key figures, Group Apr-Jun 2026 Apr-Jun 2025 Jan-Jun 2026 Jan-Jun 2025 Full year 2025 Net sales (SEK thousand) - - - - - Loss before Income tax (SEK thousand) -39,794 -44,885 -75,174 -87,206 -171,546 Earnings per share before dilution (SEK) -0.87 -1.21 -1.72 -2.35 -4.46 Earnings per share after dilution (SEK) -0.87 -1.21 -1.72 -2.35 -4.46 Research and development expenses as % of operating expenses* 6.2 9.9 6.3 10.8 6.6 Cash and cash equivalents (SEK thousand) 179,905 73,807 179,905 73,807 153,745 Total assets (SEK thousand) 811,176 696,977 811,176 696,977 769,346 Equity/assets ratio (%) 78.6 76.8 78.6 76.8 78.6 Average number of employees 24 26 24 27 26 * Definitions of key figures page 20 Second quarter 2026 April–June 2026, Group • Net sales amounted to SEK 0 thousand (0) • Earnings before tax amounted to SEK -39,794 thou- sand (-44,885) • Earnings per share before dilution amounted to SEK -0.87 (-1.21) • Cash flow from operating activities amounted to SEK -36,946 thousand (-44,111) • Cash flow from investing activities amounted to SEK -10,307 thousand (-6,132) Amounts in parentheses refer to the year-earlier period. January–June 2026, Group • Net sales amounted to SEK 0 thousand (0) • Earnings before tax amounted to SEK -75,174 thou- sand (-87,206) • Earnings per share before dilution amounted to SEK -1.72 (-2.35) • Cash flow from operating activities amounted to SEK -67,622 thousand (-110,440) • Cash flow from investing activities amounted to SEK -11,374 thousand (-20,833) Significant events during the quarter • In April, Xspray Pharma announced that the FDA had accepted the proprietary name Nilopki® for the company’s drug candidate XS003 (nilotinib), ahead of a planned launch in the US in the second half of 2026, subject to FDA approval. • In April, Xspray Pharma announced the outcome of the Company’s rights issue, which was significantly oversubscribed with subscriptions corresponding to approximately 258 percent of the offered shares. In light of the strong investor interest, the Board of Directors resolved to fully exercise the over-al- lotment issue. Through the rights issue and the over-allotment issue, the Company will receive total issue proceeds of approximately SEK 113 million before transaction costs. As a result, the number of outstanding shares and votes increased by 5,674,234 shares to a total of 47,416,574 shares and the share capital has increased by SEK 5,674,234 to SEK 47,416,574. • In June, Xspray Pharma’s two newly implemented long-term incentive programs for employees, LTIP 2025/2028 and LTIP 2026/2029, reached full par- ticipation. The programs mature from May 2028 onwards with subscription prices of SEK 49.30 and SEK 48.80 per share. • In June, the U.S. Food and Drug Administration (FDA) issued a Complete Response Letter (CRL) regarding Xspray Pharma’s New Drug Application (NDA) for Nilo- pki®. The FDA requested additional information relating to dose level, product labelling and manufacturing. • In June, Xspray Pharma provided a regulatory update on its product candidates. For Nilopki®, Xspray has defined an approach to address the items raised in the Complete Response Letter (CRL) and has requested a Type A meeting with the FDA. For Dasynoc®, the FDA is conducting labelling review ahead of the PDUFA date of 25 August 2026. Separately, the FDA has accepted Xspray’s request for a Type C meeting to discuss a potential labelling enhancement for Dasynoc®.
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Xspray Pharma Interim Report Q2 2026 2 A message from the CEO Dasynoc: Advanced application stage and positioned for launch Dasynoc remains our foremost priority. The regula- tory process for our New Drug Application is now at an advanced stage. We have responded to all FDA information requests and addressed all outstanding dossier-related matters, including those concern- ing product labelling. The most recent phase of the dialogue has included detailed work on the presen- tation of the product, including carton design and color schemes, reflecting the level of detail normally associated with a mature application review process. To the best of our knowledge, there are no remaining matters related to the Dasynoc application itself that are within Xspray Pharma’s control. Nevertheless, approval of Dasynoc remains contingent on the regulatory status of our third-party manufac- turing facility, NerPharMa. The timing of the remaining actions and reviews is not within Xspray Pharma’s control, and we will not speculate about the decisions by the FDA. However, it is our understanding that the imple- mentation of the corrective actions at the facility is progressing according to plan. We view Benta Group’s ambition to establish a long-term manufacturing part- nership with Xspray Pharma positively. In July, I visited the manufacturing facility and met with the Benta Group team to review the progress of the facility and the manufacturing setup. The visit Dear shareholders, The second quarter marked continued progress in Xspray Pharma’s transformation into a com- mercial-stage oncology-focused company. We remain firmly focused on our key strategic pri- orities: advancing Dasynoc toward a U.S. commercial launch, implementing a path forward for Nilopki with the FDA, maintaining a disciplined approach to financial management, and further strengthening our organization and commercial capabilities. During the quarter, we continued to build the operational and organizational foundations necessary to support future growth and execute effectively on our commercialization strategy. Our commitment to delivering improved alternatives to well established oncology treatments for patients remains strong, and we are encouraged by the progress achieved across our development and commercial readiness initiatives. As we move forward, we remain focused on creating long-term value for patients, shareholders, and other stakeholders while positioning Xspray Pharma for its next phase of growth.
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Xspray Pharma Interim Report Q2 2026 3 strengthened my confidence in Benta Group’s commit- ment to supporting Xspray Pharma’s HyNap-technology platform and serving as a manufacturing partner for our future commercial products. Our current planning continues to support a Dasynoc launch in the US before the end of 2026, provided that the remaining regulatory requirements are resolved in a timely manner. This remains a condi- tional objective, but an important one. A regulatory clearance for NerPharMa during the autumn would still be consistent with a launch within the year, even if it were to happen after the PDUFA-date set for Dasynoc. We are therefore maintaining the operational and commercial readiness needed to act quickly once the remaining conditions for approval have been met. The FDA may issue a Complete Response Letter (CRL), as the Agency has not yet completed its inspection of the third-party manufacturing site or finalized the corresponding inspection report. While the previously announced PDUFA date is August 25, the FDA may communicate its decision earlier, as was the case with Nilopki. Beyond the path to approval, we are focused on realizing the full potential of Dasynoc. Drawing on feedback from key opinion leaders, we have begun regulatory discussions aimed at evaluating future opportunities for label development aligned with clin- ical treatment guidelines together with the FDA. While we are not in a position to provide further details at this stage, these efforts reflect our long-term vision for the product and our belief that Dasynoc may offer value extending beyond its initial commercial launch. Nilopki: Revised regulatory pathway toward Q4 2026 resubmission During the period, we also advanced the regulatory work for Nilopki. The Company has completed a Type A meeting with the FDA within July as expected. The dialogue provided further clarity regarding the Agen- cy’s expectations and represents an important step in defining the most efficient path forward for the product. Based on the feedback from FDA, we are adjusting the regulatory plan. We are working towards a resubmission during the fourth quarter 2026. If the FDA assigns a review period of six months a PDUFA-date could be expected six months after resubmission. Therefore a launch of Nilopki in 2026 remains unlikely. Although the development timeline has shifted, we continue to see a significant opportunity to bring Nilopki to the U.S. market and remain committed to executing the most efficient path toward approval. Dasynoc and Nilopki share a common commercial infrastructure and address meaningful limitations in current chronic myeloid leukemia treatments. This creates the potential for synergistic commercialization as the portfolio expands. Financial discipline and execution capability We continue to manage the Company’s resources with a clear focus on value creation and launch read- iness. During the quarter, we maintained a disciplined approach to cost management while preserving the capabilities required to support the anticipated com- mercial launch of Dasynoc. The year-to-date reduction in operating expenses and the improved operating result demonstrate that the measures implemented over the past year are delivering tangible results. We have successfully streamlined our cost base without compromising the quality or commercial preparations. In July, we also made a contractual repayment of SEK 50.4 million of debt financing, reducing the Company’s financial leverage and providing for financial flexibility ahead. Maintaining the right balance between financial disci- pline and execution readiness remains a key priority. Our objective is to ensure that the Company is well financed and positioned to transition efficiently into the commercial phase and capture the full value of Dasynoc and Nilopki as soon as the remaining regula- tory conditions have been satisfied. Positioned for the next phase Xspray Pharma has made impressive progress in recent years: From technology development and clinical work to late-stage regulatory execution and commercial preparation. I have been impressed by the quality, commitment and execution capability of the Xspray team and our partners. The work required to bring improved oncol- ogy products to market is demanding, particularly when important steps depend on external regulatory processes. Nevertheless, we remain focused, realistic and forward-looking to the significant potential that will be soon unlocked. Dasynoc has a differentiated, improved clinical profile and the potential to address a clear need among patients treated with dasatinib. It is Xspray Pharma’s first planned commercial product and an important foundation for the broader HyNap- based portfolio. We will continue to communicate transparently as confirmed information becomes available. Our focus remains on completing the remaining regulatory steps, maintaining launch readiness including securing the necessary financing, and creating the foundation for long-term value for patients and shareholders. Blake Leitch CEO, Xspray Pharma
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Xspray Pharma Interim Report Q2 2026 4 About Xspray Pharma Vision Xspray Pharma’s vision is to use its patented HyNap technology to establish itself as a leading player for improved versions of marketed protein kinase inhib- itors (PKIs) for cancer treatments, thereby increasing the quality of life and chances of survival for patients Increasing the quality of life and chances of survival for patients Through a confirmed improvement profile and an active patent strategy, Xspray Pharma will capture market shares and create long-term profitability for the company and its owners. Launch of Dasynoc® and Nilopki® Xspray Pharma submitted an updated application for market approval of Dasynoc® in April 2025. In October 2025, the FDA issued a Complete Response Letter (CRL) regarding the company’s application referring to GMP observations at a contract manufacturer. These observations did not concern Xspray Pharma’s production line. The FDA also requested supplemen- tary information to ensure that the proposed product information is appropriate. In February 2026, Xspray Pharma resubmitted an updated application that included the supplements requested by the FDA. The FDA has accepted the application for review and set a PDUFA date for August 25, 2026, which is FDA’s deadline for responding with a decision regarding the application. In August 2025, Xspray Pharma submitted an appli- cation for market approval for its product candidate Nilopki® for the treatment of chronic myeloid leuke- mia (CML) to the FDA. The application is based on successful studies demonstrating bioequivalence with the reference product Tasigna®. In June 2026, the FDA issued a Complete Response Letter (CRL) request- ing information on dose level, product labelling and manufacturing. Xspray Pharma and FDA conducted a beneficial Type A meeting in July, which has provided the necessary clarifications required to support a resubmission within Q4 2026. Xspray Pharma has a partnership agreement with EVERSANA that provides access to a cost-effective, ready-to-start sales organization for the entire US. EVERSANA stands ready to accelerate market prepa- rations as final FDA approvals approach. EVERSANA will provide Xspray Pharma with services in market access, a medical sales organization and patient sup- port programs. EVERSANA has experts with exten- sive experience in selling PKI drugs to physicians, insurance companies, and other players that Xspray Pharma will be targeting. This will create good con- ditions for a rapid launch of Dasynoc® and Nilopki®. Xspray Pharma will retain full financial and strate- gic responsibility while EVERSANA will be engaged to assume responsibility for the launch of the two product candidates in the US. Xspray Pharma has conducted a number of market surveys in the US. These confirmed the company’s view of the poten- tial of Dasynoc®, and that the benefits of the product compared with competing PKI drugs are significant for physicians, nurses, and patients. Market Protein kinase inhibitors (PKIs) have become one of the most effective treatments of cancer and for certain types of cancer, PKIs are the only available option. PKIs are the largest drug class in the field of oncology, with over 3,000 ongoing clinical studies in Phase I, Phase II or Phase III, and just over 90 PKIs are approved in the US market across all therapeutic areas. Xspray Pharma AB (publ) is a pharmaceutical company with a number of product candidates under clinical development, and which has an application for market approval of Dasynoc® under FDA review and is preparing a resub- mission for Nilopki®. Xspray Pharma uses its innovative, patented HyNap™ technology to develop improved versions of protein kinase inhibitors (PKIs) for cancer treatments. PKIs are the largest drug class in the field of oncology, with just over 90 approved drugs in the US across all therapeutic areas.
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Xspray Pharma Interim Report Q2 2026 5 All Xspray Pharma’s product candidates in devel- opment are currently PKIs. The rise in cancer and autoimmune diseases is an important factor that is expected to increase sales of PKIs. Product candidates Xspray Pharma’s pipeline contains four announced product candidates. They are all based on the compa- ny’s HyNap™ technology: Dasynoc®, Nilopki®, XS008 axitinib and XS025 cabozantinib. These product candidates are stable amorphous and non-crystalline versions of the four best-selling cancer drugs Sprycel® (dasatinib), Tasigna® (nilotinib), Inlyta® (axitinib) and Cabometyx® (cabozan- tinib). Many protein kinase inhibitors in the market are difficult to dissolve and often have a high degree of variability in uptake. Xspray Pharma’s amorphous formulation increases solubility, regardless of the pH of the stomach, which could lead to improved uptake and permit lower dosages to be administered to patients with retained efficacy. The combined annual gross sales of Sprycel®, Tasigna®, Inlyta® and Cabometyx®, including generic equivalents, exceeded USD 5.8 billion in the US mar- ket and USD 15.0 billion globally. 1) 1) The information regarding annual sales has been taken from the reference companies’ quarterly reports and Symphony Health. Xspray Pharma’s amorphous products are easily dissolved and independent of the pH value in the stomach, which yields a more even uptake of the drug into the body in contrast to the crystal- line products. Product candidate Patent Development phase Project Substance Indication Regulatory path Substance patent expiry Secondary patent expiry New candidate evaluation Development of formulation Pilot studies Pivotal studies Regulatory review Original product/ Company XS004 dasatinib Leukemia (CML, ALL) 505(b)(2) Dec 2020 Sep 2026 Sprycel®/ BMS XS003 nilotinib Leukemia (CML) 505(b)(2) Jan 2024 Oct 2032 Tasigna®/ Novartis XS008 axitinib Renal cancer (RCC) 505(b)(2) Apr 2025 Dec 2030 Inlyta®/ Pfizer XS025 cabozantinib Renal cancer (RCC) 505(b)(2) Aug 2026 Jul 2033 Cabometyx®/ Exelixis Overview – product candidates
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Xspray Pharma Interim Report Q2 2026 6 Share information Xspray Pharma’s share is listed on Nasdaq Stockholm under the symbol XSPRAY. The number of shares in the company at June 30, 2026 was 47,416,574 and the market price on that date was SEK 14.80. Owners as of June 30, 2026 Number of shares Share of capital & votes Flerie Invest AB 8,069,805 17.02% Anders Bladh (private & Ribbskottet) 5,554,200 11.71% Fourth Swedish National Pension Fund 4,466,000 9.42% The Foundation for Baltic and East European Studies 4,342,626 9.16% Avanza Pension 1,961,528 4.14% Third Swedish National Pension Fund 1,530,000 3.23% Second Swedish National Pension Fund 1,380,513 2.91% Unionen 1,235,600 2.61% Carl Erik Norman 955,402 2.01% Nordnet Pension Insurance 733,722 1.55% Total, 10 largest owners 30,229,396 63.75% Other shareholders 17,187,178 36.25% Total 47,416,574 100.0% Share price performance Analysts monitoring the company Filip Einarsson, Redeye AB Financial calendar Date Interim Report Q3 2026 November 4, 2026 Year-end Report 2026 February 11, 2027 Annual Report 2026 March 25, 2027 Interim Report Q1 2027 May 5, 2027 The financial reports are available on the Xspray Pharma website, www.xspraypharma.com. 0 10 20 30 40 50 60 70 80 90 100 JunMayAprMarFebJanDecNovOctSepAugJulJunMayAprMarFebJanDecNovOctSepAugJulJunMayAprMarFebJan 0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 4,000,000 4,500,000 5,000,000 2024 2025 2026 Xspray OMX Stockholm Health care PI Number of Xspray shares traded per week SEK Number of shares
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Xspray Pharma Interim Report Q2 2026 7 Financial performance Net sales Net sales for the company amounted to SEK 0 thou- sand in the first half of 2026. Sales are expected to increase when the company launches its products in the US market. For further information on the pipe- line, refer to pages 4–5. Other operating income Other operating income was SEK 8,432 thousand (1,313) for the second quarter and SEK 8,989 thousand (3,235) for the January–June period. Other oper- ating income primarily consists of license revenue and exchange rate gains arising in conjunction with payments abroad and translation of the currency accounts. Research and development costs Total expenditures for research and development for the quarter amounted to SEK -13,711 thousand (-11,374), of which SEK -2,441 thousand (-4,214) was recognized as an expense in profit or loss and SEK -11,270 thousand (-7,160) was capitalized as develop- ment expenditure in the company’s balance sheet. For the two quarters, the figure is SEK -17,854 thousand (-32,012) for total expenditure for research and devel- opment, with SEK -4,538 thousand (-9,108) expensed and SEK -13,316 thousand (-22,904) capitalized as development expenditures. The decrease in develop- ment expenses is attributable to the completion of several clinical studies for product candidate Nilopki®, with the project thus becoming less cost-intensive. Research and development costs, however, remain attributable to the other product candidates such as XS008 axitinib and XS025 cabozantinib. Administration and sales expenses Administration and sales expenses totaled SEK -36,736 thousand (-38,106) in the second quarter. Of these, personnel costs amounted to SEK -12,018 thousand (-11,061). The corresponding figures for the January–June period are SEK -66,744 thousand (-74,137) for administration and sales expenses, of which SEK-24,179 thousand (-21,688) pertained to per- sonnel costs. These costs consist largely of prepara- tory activities for Dasynoc® and Nilopki®. Other operating expenses Other operating expenses totaled SEK -283 thousand (-401) in the second quarter and SEK -404 thousand (-863) for the January–June period. Other operating expenses consist of exchange rate losses arising in conjunction with payments abroad and translations of the currency account. Finance income Finance income for the second quarter amounted to SEK 499 thousand (306) and SEK 1,015 thousand (1,210) for the January–June period. The item consists entirely of interest income from bank accounts. Finance costs Finance costs amounted to SEK -9,265 thousand (-3,782) for the second quarter and SEK -13,492 thou- sand (-7,542) for the January–June period. The finance costs mainly consist of interest expenses related to the short-term loan. Loss for the period Loss for the period totaled SEK -39,781 thousand (-44,857) for the second quarter and SEK -75,143 thousand (-87,147) for the January–June period. This corresponds to earnings per share before dilution of SEK -0.87 (-1.21). Cash flow Cash flow from operating activities amounted to SEK -36,946 thousand (-44,111) in the second quarter, of which the effect from working capital comprised SEK 1,818 thousand (-3,727). The corresponding figure for the January–June period was SEK -67,622 thousand (-110,440), of which the effect from working capital was SEK 5,172 thousand (-28,867). Unless otherwise indicated, the comments below pertain to the Group. The Group comprises the Parent Company, a dormant subsidiary and a US subsidiary. The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) and the Parent Company’s statements have been prepared in accordance with RFR2.
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Xspray Pharma Interim Report Q2 2026 8 Cash flow from investing activities in the Group amounted to SEK -10,307 thousand (-6,132) for the second quarter and SEK -11,374 thousand (-20,833) for the January–June period. The item consists entirely of capitalized development expenditure of SEK -10,307 thousand (-6,132) in the second quarter. The increase in capitalized development expenditure during the quarter primarily reflects development activities in the Nilopki® project prior to the FDA’s Complete Response Letter, although total R&D expenses have declined compared with the prior year following the comple- tion of several clinical studies. Investment in property, plant and equipment in the January–June period amounted to SEK 0 thousand (0). Cash flow from financing activities in the second quarter was SEK 106,490 thousand (-1,314), with the increase primarily attributable to the rights issue completed during the period. The corresponding figure for the January–June period was SEK 105,111 thou- sand (-2,705). Total cash flow was SEK 59,237 thou- sand (-51,557) for the second quarter and SEK 26,115 thousand (-133,978) for the January–June period. The Group had SEK 179,905 thousand (73,807) in cash and cash equivalents at June 30, 2026. Intangible assets Development expenditures for the projects have been capitalized according to plan. Capitalized development expenditures in the second quarter totaled SEK 11,270 thousand (7,160). The Group’s total capitalized develop- ment expenditures amounted to SEK 525,506 thousand (501,830) at June 30, 2026. The item is associated with the company’s product candidates Dasynoc®, Nilopki®, XS008 axitinib and XS025 cabozantinib. Financial position During the quarter, the company completed a rights issue of shares of approximately SEK 83 million, with preferential rights for the company’s existing share- holders. The new share issue was also increased by an additional SEK 30 million through an over-allotment option, partly directed towards new shareholders. The company also had an existing loan of SEK 125 million, maturing in February 2027. Following the end of the reporting period, in July, the company repaid SEK 50.4 million of this loan in line with contractual obliga- tions and reducing its financial leverage and providing for financial flexibility ahead. The company’s future capital requirements are impacted by several factors, including the timing of the launch and the market’s uptake of the company’s initial product candidates, Dasynoc® and Nilopki®, as well as outcomes and costs attributable to ongoing and future drug studies. Depending on the development of these factors over the next year, the Group’s coverage of cash and cash equivalents will fall below the liquidity needed to pursue operations for the coming 12 months. In light of this, the Board of Directors is actively engaged in evaluating the company’s financial require- ments and position, recognizing that additional financing will be required to support the successful commercial launches of the company’s product can- didates. Various financing alternatives are continually being reviewed. The equity/assets ratio for the Group was 78.6 percent (76.8) at June 30, 2026. Group structure The Group structure comprises the Parent Company, Xspray Pharma AB (publ), corporate identity num- ber 556649-3671, and its wholly owned subsidiaries Xspray Pharma Futurum AB, corporate identity number 559178-7642, and Xspray Pharma Inc. The two Swedish limited liability companies have their offices in Solna, Sweden, and the US subsidiary has its offices in Dela- ware. The address of the head office is Scheeles väg 2, SE-171 65 Solna, Sweden. Parent Company Operations were conducted primarily in the Parent Company, Xspray Pharma AB (publ). The Parent Com- pany’s cash and cash equivalents totaled SEK 176,077 thousand (71,195) and the equity/assets ratio was 80.8 percent (80.5) at June 30, 2026. Employees The number of employees in the organization decreased by two compared with the year-earlier period. The average number of employees in the Group totaled 24 (26). Related-party transactions The management of the Parent Company, the Boards of Directors of the Parent Company and subsidiary are defined as related parties. Purchase of services from senior executives during the period pertain to consultant fees to M von Euler Consulting AB, owned by Mikael von Euler, who has been part of the company’s executive management team since October 2025. The fees for the quarter thus totaled SEK -483 thousand (-333) and SEK -1,011 thou- sand (-642) for the January–June period. During the January–June period, the company had costs that were invoiced onward from Flerie Invest, which is the company’s largest owner. These costs amounted to SEK -1,050 thousand (0).
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Xspray Pharma Interim Report Q2 2026 9 Financial statements Q2
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Xspray Pharma Interim Report Q2 2026 10 SEK thousand Apr-Jun 2026 Apr-Jun 2025 Jan-Jun 2026 Jan-Jun 2025 Full year 2025 Net sales - - - - - Other operating income 8,432 1,313 8,989 3,235 6,432 Research and development expenses -2,441 -4,214 -4,538 -9,108 -10,750 Administration and sales expenses -36,736 -38,106 -66,744 -74,137 -151,103 Other operating expenses -283 -401 -404 -863 -1,489 Operating loss -31,028 -41,409 -62,697 -80,874 -156,910 Finance income 499 306 1,015 1,210 2,215 Finance costs -9,265 -3,782 -13,492 -7,542 -16,851 Finance net -8,767 -3,476 -12,478 -6,332 -14,636 Loss before Income tax -39,794 -44,885 -75,174 -87,206 -171,546 Tax 14 27 32 58 104 Loss for the period -39,781 -44,857 -75,143 -87,147 -171,443 Earnings per share for the period before dilution, SEK -0.87 -1.21 -1.72 -2.35 -4.46 Earnings per share for the period after dilution, SEK -0.87 -1.21 -1.72 -2.35 -4.46 Average number of shares before dilution 45,812,852 37,138,491 43,800,210 37,138,491 38,453,876 Average number of shares after dilution 45,812,852 37,138,491 43,800,210 37,138,491 38,453,876 Consolidated income statement SEK thousand Apr-Jun 2026 Apr-Jun 2025 Jan-Jun 2026 Jan-Jun 2025 Full year 2025 Loss for the period -39,781 -44,857 -75,143 -87,147 -171,443 Annual translation differences in the translation of foreign operations 87 -334 210 -334 -444 Total comprehensive income for the period -39,694 -45,191 -74,933 -87,481 -171,887 Profit for the period and comprehensive income are attributable in their entirety to Parent Company shareholders. Consolidated statement of comprehensive income
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Xspray Pharma Interim Report Q2 2026 11 SEK thousand Jun 30, 2026 Jun 30, 2025 Dec 31, 2025 ASSETS Non-current assets Intangible assets Capitalized development costs 525,506 501,830 512,190 Total intangible assets 525,506 501,830 512,190 Property, plant and equipment Machinery and installations 733 2,488 1,434 Right-of-use assets 23,795 29,401 26,598 Equipment 1,340 1,793 1,566 Fixed assets under construction and prepayments 41,389 41,389 41,389 Total Property, plant and equipment 67,257 75,072 70,988 Financial assets Financial investments 1 1 1 Other long-term receivables 3,302 3,225 3,271 Total financial assets 3,303 3,226 3,272 Total non-current assets 596,066 580,128 586,450 Current assets Inventories 19,555 35,119 22,296 Current receivables 3,923 4,156 3,842 Prepaid expenses and accrued income 11,727 3,768 3,012 Cash and cash equivalents 179,905 73,807 153,745 Total current assets 215,109 116,849 182,896 TOTAL ASSETS 811,176 696,977 769,346 Consolidated balance sheet
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Xspray Pharma Interim Report Q2 2026 12 SEK thousand Jun 30, 2026 Jun 30, 2025 Dec 31, 2025 EQUITY AND LIABILITIES Equity Share capital 47,417 37,138 41,742 Other contributed capital 1,676,149 1,425,043 1,574,042 Reserves 764 663 553 Retained earnings including profit/loss for the period -1,086,832 -927,394 -1,011,689 Total equity attributable to the Parent Company's shareholders 637,497 535,451 604,649 Non–current liabilities Lease liabilities 19,056 24,438 21,718 Liabilities to credit institutions - - 121,316 Total non-current liabilities 19,056 24,438 143,034 Current liabilities Short-term interest-bearing liabilities 122,895 96,000 - Trade accounts payable 12,619 9,777 3,323 Lease liabilities 5,350 5,242 5,358 Other current liabilities 1,093 9,650 1,132 Accrued expenses and deferred income 12,666 16,418 11,850 Total current liabilities 154,622 137,087 21,663 TOTAL EQUITY AND LIABILITIES 811,176 696,977 769,346 Consolidated balance sheet cont.
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Xspray Pharma Interim Report Q2 2026 13 SEK thousand Share capital Other contributed capital Reserves Retained earnings incl. profit/loss for the period Total Equity Opening balance as of January 1, 2025 37,138 1,425,208 997 -840,247 623,097 Loss of the period - - - -171,443 -171,443 Other comprehensive income for the period - - -444 - -444 Total comprehensive income for the period - - -444 -171,443 -171,887 New share issue 4,604 156,531 - - 161,135 Transaction costs - -7,656 - - -7,656 Warrant program - -41 - - -41 Closing balance as of December 31, 2025 41,742 1,574,042 553 -1,011,689 604,649 Opening balance as of January 1, 2026 41,742 1,574,042 553 -1,011,689 604,649 Loss of the period - - - -75,143 -75,143 Other comprehensive income for the period - - 210 - 210 Total comprehensive income for the period - - 210 -75,143 -74,933 New share issue 5,674 107,810 - - 113,484 Transaction costs - -6,434 - - -6,434 Warrant program - 731 - - 731 Closing balance as of June 30, 2026 47,417 1,676,149 764 -1,086,832 637,497 Consolidated statement of changes in equity
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Xspray Pharma Interim Report Q2 2026 14 SEK thousand Apr-Jun 2026 Apr-Jun 2025 Jan-Jun 2026 Jan-Jun 2025 Full year 2025 Operating activities Operating loss -31,028 -41,409 -62,697 -80,874 -156,910 Non-cash adjustments Depreciation 1,035 1,388 2,422 2,803 5,579 Interest received 3 - 6 - 2,215 Interest paid -8,774 -363 -12,525 -3,502 -13,620 Cash flow from operating activities before changes in working capital -38,764 -40,384 -72,794 -81,573 -162,736 Changes in working capital Change in inventory 3,371 -5,113 2,741 -14,784 -1,961 Change in operating receivables -8,740 -389 -7,621 -118 -400 Change in operating liabilities 7,187 1,775 10,052 -13,965 -28,066 Cash flow from operating activities -36,946 -44,111 -67,622 -110,440 -193,163 Investing activities Capitalized development costs -10,307 -6,132 -11,374 -20,833 -29,186 Cash flow from investing activities -10,307 -6,132 -11,374 -20,833 -29,186 Financing activities New share issue 113,485 - 113,485 - 161,134 Loan raised - - - - 120,000 Payment of loan - - - - -100,000 Transaction costs -6,434 - -6,434 -129 -7,656 Payment of lease liability -1,344 -1,278 -2,671 -2,540 -5,144 Repurchased warrants - -36 -52 -36 -41 Allocated warrants 783 - 783 - - Cash flow from financing activities 106,490 -1,314 105,111 -2,705 168,293 Cash flow for the period 59,237 -51,557 26,115 -133,978 -54,056 Cash and cash equivalents at the beginning of the period 120,721 125,725 153,745 208,236 208,236 Effect of exchange rate and value changes in cash and cash equivalents -53 -361 45 -451 -435 Cash and cash equivalents at the end of the period 179,905 73,807 179,905 73,807 153,745 Consolidated statement of cash flow
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Xspray Pharma Interim Report Q2 2026 15 SEK thousand Apr-Jun 2026 Apr-Jun 2025 Jan-Jun 2026 Jan-Jun 2025 Full year 2025 Net sales - - - - - Other operating income 8,432 1,313 8,989 3,235 6,432 Research and development expenses -3,167 -4,694 -5,924 -10,141 -12,996 Administration and sales expenses -36,557 -38,217 -66,707 -74,450 -151,918 Other operating expenses -283 -401 -404 -863 -1,489 Operating loss -31,574 -41,999 -64,045 -82,219 -159,971 Finance income 495 306 1,009 1,210 2,211 Finance costs -9,265 -3,782 -13,492 -7,542 -16,851 Finance net -8,770 -3,476 -12,483 -6,332 -14,640 Loss before Income tax -40,344 -45,475 -76,528 -88,551 -174,611 Tax - - - - - Loss for the period -40,344 -45,475 -76,528 -88,551 -174,611 Parent Company income statement
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Xspray Pharma Interim Report Q2 2026 16 SEK thousand Jun 30, 2026 Jun 30, 2025 Dec 31, 2025 ASSETS Non-current assets Intangible assets Capitalized development costs 515,028 494,821 503,500 Total intangible assets 515,028 494,821 503,500 Property, plant and equipment Machinery and installations 733 2,488 1,434 Equipment 1,340 1,793 1,566 Fixed assets under construction and prepayments 41,389 41,389 41,389 Total Property, plant and equipment 43,462 45,671 44,390 Financial assets Shares in subsidiaries 3,505 2,238 3,505 Financial investments 1 1 1 Other long-term receivables 2,999 2,999 2,999 Total financial assets 6,505 5,237 6,505 Total non-current assets 564,994 545,729 554,395 Current assets Inventories 19,555 35,119 22,296 Current receivables Other current receivables 4,165 4,398 4,077 Prepaid expenses and accrued income 12,590 4,589 3,854 Total current receivables 16,754 8,987 7,931 Cash and bank 176,077 71,195 151,159 Total current assets 212,386 115,301 181,385 TOTAL ASSETS 777,380 661,030 735,780 Parent Company balance sheet
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Xspray Pharma Interim Report Q2 2026 17 Parent Company balance sheet cont. SEK thousand Jun 30, 2026 Jun 30, 2025 Dec 31, 2025 EQUITY AND LIABILITIES Equity Restricted equity Share capital 47,417 37,138 41,742 Statutory reserve 976 976 976 Development expenditure reserve 515,028 494,821 503,500 Total restricted equity 563,421 532,936 546,219 Non-restricted equity Other contributed capital 1,679,149 1,428,043 1,577,042 Accumulated earnings -1,537,909 -1,343,091 -1,351,770 Profit/loss for the period -76,528 -88,551 -174,611 Total non-restricted equity 64,711 -3,599 50,660 Total equity 628,132 529,337 596,879 Non–current liabilities - Liabilities to credit institutions - - 121,316 Total non-current liabilities - - 121,316 Current liabilities Short-term interest-bearing liabilities 122,895 96,000 - Trade accounts payable 12,602 9,625 3,310 Other current liabilities 1,093 9,650 2,435 Accrued expenses and deferred income 12,658 16,418 11,841 Total current liabilities 149,248 131,693 17,585 TOTAL EQUITY AND LIABILITIES 777,380 661,030 735,780
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Xspray Pharma Interim Report Q2 2026 18 SEK thousand Apr-Jun 2026 Apr-Jun 2025 Jan-Jun 2026 Jan-Jun 2025 Full year 2025 Operating activities Operating loss -31,574 -41,999 -64,045 -82,219 -159,971 Non-cash adjustments Depreciation 287 643 927 1,310 2,591 Disposal of inventory - - - - - Disposal of intangible fixed assets - - - - - Disposal of tangible fixed assets - - - - - Interest received - - 1 - 2,211 Interest paid -8,475 -1 -11,913 -2,761 -12,201 Cash flow from operating activities before changes in working capital -39,762 -41,357 -75,030 -83,670 -167,370 Changes in working capital Changes in inventory 3,371 -5,113 2,742 -14,784 -1,962 Change in operating receivables -8,767 -488 -7,722 -92 -355 Change in operating liabilities 6,826 143 8,768 -15,329 -27,988 Cash flow from operating activities -38,333 -46,815 -71,243 -113,875 -197,675 Investing activities Purchase of intangible assets -10,351 -6,422 -11,528 -21,340 -30,019 Group contributions - - - - -1,267 Cash flow from investing activities -10,351 -6,422 -11,528 -21,340 -31,286 Financing activities New share issue 113,485 - 113,485 0 161,134 Transaction costs -6,434 - -6,434 -129 -7,656 Loan raised - - - - 120,000 Payment of loan - - - - -100,000 Redemption of warrants - -36 - -36 - Repurchased warrants - - -52 - -41 Allocated warrants 783 - 783 - - Cash flow from financing activities 107,834 -36 107,782 -165 173,437 Cash flow for the period 59,150 -53,273 25,011 -135,380 -55,524 Cash and cash equivalents at the beginning of the period 117,062 124,601 151,159 206,682 206,682 Effect of exchange rate and value changes in cash and cash equivalents -135 -133 -93 -108 - Cash and cash equivalents at the end of the period 176,077 71,195 176,077 71,195 151,159 Parent Company statement of cash flow
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Xspray Pharma Interim Report Q2 2026 19 Notes Note 1. Accounting and measurement policies The interim report for the Group has been prepared in accordance with IAS 34 Interim Financial Report- ing, issued by the International Accounting Standards Board (IASB) and with the applicable provisions in the Swedish Annual Accounts Act. The interim report for the Parent Company has been prepared in accor- dance with Chapter 9, “Interim Reports”, of the Annual Accounts Act. For the Parent Company and the Group, the same accounting policies and bases for calcu- lation as in the Annual Report for 2025 have been applied. Comparison figures are presented in paren- theses and pertain to the same period in 2025. Note 2. Key estimates and assessments Preparing the financial statements in accordance with IFRS requires management to make assess- ments and estimates, and to make assumptions that impact the application of the accounting policies and the recognized amounts of assets, liabilities, revenue and expenses. The real outcome may deviate from these estimates and assumptions. The estimates and assumptions are evaluated regularly. Changes to estimates are recognized in the period the changes are made. The source of uncertainty in estimations that entail a significant risk for the need to significantly adjust the value of assets or liabilities during the coming financial year is the carrying amount of “Capitalized development expenditure”. Determining whether the requirements for capitalization of development expenditure have been met requires both initial and routine assessments. The capitalized expenditures are regularly tested as to whether they could be exposed to a decrease in value. The company holds capitalized intangible assets that have not yet been completed and are impairment tested either yearly or as soon as there is an indication of a potential decrease in value. Impairment tests involve estimates of future cash flows attributable to the asset or the cash-generating unit to which the asset relates when it is complete. These estimates and judgments involve expectations primarily regarding the selling price of products, market penetration, remaining development, sales and marketing expenses, and the likelihood that the product passes through the remaining develop- ment phases. The assumptions involve industry- and market-specific data produced by corporate manage- ment and reviewed by the Board of Directors. Material risks and uncertainties Xspray Pharma’s operation is associated with both industry-related and company-specific risks. The company develops product candidates, and there will always be regulatory, market-related and financial risks in the operation. The CRL for Dasynoc, which concerns deficiencies at the contract manufacturer, falls within the regulatory and supplier-related risks that have already been described in the company’s earlier prospectus and in the Annual Report. The CRL was addressed through the re-submitted application that the FDA accepted, and the company believes that the supplier-related issues will be resolved in a timely manner. Following the FDA’s CRL for Nilopki in June, Xspray continues to work to address the issues raised as part of the regulatory process. Regulatory approval timelines remain uncertain and are dependent on the outcome of ongoing FDA reviews, including the inspection status of third-party manufacturing facil- ities where applicable. In all essentials, the risks and uncertainties are the same as those reported in the company’s 2025 Annual Report. Financing risk and going concern The company’s future capital requirements are impacted by several factors, including the timing of the launch and the market’s uptake of the company’s initial product candidates, Dasynoc® and Nilopki®, as well as outcomes and costs attributable to ongoing and future drug studies. Depending on the develop- ment of these factors over the next year, the Group’s coverage of cash and cash equivalents will fall below the liquidity needed to pursue operations for the coming 12 months. In light of this, the Board is monitoring the situation and is evaluating different financing options includ- ing timing and scope for raising capital that can be beneficial to the company. If the financing secured is not sufficient, it would suggest material uncertain- ties that could lead to significant doubt regarding the company’s capacity to continue its operations. In accordance with the policy by the Board of Directors, the Group must maintain a strong financial position, which will help the company retain investor and market confidence. It also creates a foundation for
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Xspray Pharma Interim Report Q2 2026 20 further development of company operations, with continued long-term support for its goal of securing returns for the company’s owners. Until the company has achieved long-term, sustainable profitability, its policy is to maintain a reasonable level of debt and a high level of equity. Definitions of key performance indicators Earnings per share are calculated as earnings for the period divided by the average number of shares during the period. The equity/assets ratio is equity as a percentage of the balance sheet total. Research and development costs as a percentage of operating expenses equate to expensed research and develop- ment expenses divided by operating expenses. Total operating expenses consist of operating profit less net sales and other operating income. The carrying amount of receivables, cash and cash equivalents, trade payables and other liabilities constitute a rea- sonable approximation of fair value.
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Xspray Pharma Interim Report Q2 2026 21 Assurance from the Board The Board of Directors and the CEO declare that this quarterly report provides a true and fair overview of the Group’s and Parent Company’s business oper- ations, financial position and performance and describes principal risks and uncertainties faced by the company. Solna, August 5, 2026 Anders Ekblom Chairman Anders Bladh Robert Molander Board member Board member Markus Haeberlein Anne Prener Board member Board member Christine Lind Carl-Johan Spak Board member Board member Blake Leitch CEO This report has not been reviewed by the company’s auditors.
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Xspray Pharma Interim Report Q2 2026 22 Glossary 505(b)(2) NDA Application for drug approval in the US for an improved version of an approved drug. Amorphous An amorphous structure is a chemical term that describes substances whose molecules lack an ordered structure. Bioavailability (Biological availability), a concept in pharmacology that shows how large a por - tion of the drug reaches the blood. Bioequivalence Term used to describe whether two different drugs are processed in a similar manner by the body and are thereby expected to have a similar and equivalent medicinal effect. If it can be confirmed that two drugs being compared are bio- equivalent, they can be expected to have the same efficacy and safety. Crystalline A crystalline structure is a chemical term that describes an ordered structure among the molecules of the substance. FDA Food and Drug Administration. The US food and drug authority responsible for foodstuffs, nutritional supplements, drugs, cosmetics, medical equipment, radi- ation-emitting equipment and blood products. PDUFA date A target date that the US Food and Drug Administration has set for making a decision on a new drug (Prescription Drug User Fee Act). Pilot study An initial study conducted on a smaller scale than a pivotal study. A pilot study can be used both to check whether the arrangement of the study is a func - tional one, and to collect data that can later be used as control values in the full study. Pivotal study A study whose results can be used in an application for approval from a medical products authority. Protein kinase Drugs that block protein kinases. Protein kinase inhibitors work by inhibitor (PKI) blocking activity in enzymes that push the development and growth of cancer cells. Proton-pump A proton-pump inhibitor is a group of drugs whose primary effect is inhibitor (PPI) a clear and long-lasting decrease in the production of gastric acid. Tyrosine kinase Tyrosine kinase inhibitors are a subgroup of protein kinase inhibitors. inhibitor (TKI) This cancer drug group blocks growth-stimulating signals within the cells. Variability The scope of the distribution in the form of low and high values around the average value as regards the body’s uptake of drugs.
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For more information, please contact: Jacob Nyberg, IR Phone: +46 (0) 8 730 37 00 E-mail: ir@xspray.com www.xspraypharma.com