PCI Biotech : Annual Report 2023

ANNUAL REPORT

2023

PCI BIOTECH HOLDING ASA

CONTENTS

1. Introduction
2. Board of Directors report
3. Responsibility statement from the Board of Directors and CEO
4. Annual statement on corporate governance policy and corporate social responsibility policy and the Transparency Act
5. Financial statements
6. Auditors report
7. Other information

PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no: 991036393 VAT

Phone: + 47 67 11 54 00, www.pcibiotech.com

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INTRODUCTION

ABOUT PCI BIOTECH

PCI Biotech Holding ASA ("PCI Biotech" or "the Group" or "the Company") is a biopharmaceutical company headquartered in Norway and listed on the Oslo Stock Exchange. The company develops new technologies and novel therapies through its photochemical technology platform originating from world-leading research at the Oslo University Hospital - the Norwegian Radium Hospital.

OUR PLATFORM TECHNOLOGY

The technology platform consists of two elements: a proprietary small molecule photosensitiser (named fimaporfin) and a light source. The technology platform is under development in two different areas. (1) Photochemical internalisation (PCI), inducing light-triggered intracellular release, which may unlock the potential of a wide array of therapeutic modalities. (2) Photochemical lysis (PCL), inducing selective light-triggered cell lysis, which may enhance yield and purity in viral vector manufacturing.

(1) Photochemical internalisation

Several novel classes of drugs (e.g. certain immunotherapeutics) need access to the inside of their human target cells, such as tumour cells or immune cells, in order to be effective. Pharmaceutical companies struggle to find effective drug delivery methods, in order to achieve the full therapeutic and commercial potential of their products. The PCI technology may unlock this potential by modifying the intracellular trafficking in target cells, leading to enhanced biological effect of medicinal products.

(2) Photochemical lysis

In 2022, PCI Biotech initiated a programme to develop a new photochemical technology, PCL, for increasing yield and reducing impurities in viral vector manufacturing. There is a great need for novel technologies that enable more effective manufacturing and PCI Biotech's objective is to replace existing cell lysis methods. As such, the technology shall be applied to extract viral vectors from producer cells while reducing host-cell impurities, by selective disruption of producer cell membranes during the cell lysis process.

BOARD OF DIRECTORS REPORT

IMPORTANT PROGRESS FOR BIOPROCESSING

The restructuring of the company in 2022, with organisational downscaling and focusing on non- clinical operations, led to a strategic shift towards exploring photochemical methods for use in viral vector manufacturing. The programme has since its inception generated results supporting the notion of increasing yield and reducing impurities in viral vector manufacturing, by applying our PCL technology.

In October 2023 PCI Biotech entered into a research collaboration with the aim to address critical pain points in the manufacturing of gene therapies. The undisclosed partner is a European entity, part of an international life science group providing a range of products and services to the biopharmaceutical industry. The purpose of the collaboration is to test PCI Biotech's proprietary technology for viral vector manufacturing in the partners' pilot manufacturing process. PCI Biotech brings its novel and promising PCL technology for viral vector manufacturing into the field testing, while the partner provides facilities and expertise, as well as feedback on the performance and usability of the technology, to guide PCI Biotech's future development. The research collaboration agreement includes an option to mutually determine a future business transaction.

We have in 2024 received encouraging external feedback from this early-stage field testing, applying our novel photochemical technology in upstream viral vector manufacturing. This is considered a

PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no: 991036393 VAT

Phone: + 47 67 11 54 00, www.pcibiotech.com

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green light for further internal development of our platform, as it confirms the technology's potential to increase yield and reduce impurities in viral vector production.

The key development milestones for 2024 will be to demonstrate further scalability, as well as determining benefits in the downstream purification of viral vectors. This will include advancing PCI Biotech's primary experimental model to mini benchtop bioreactors. Although commercial manufacturing is performed in larger vessels, mini benchtop bioreactors are considered representative for large-scale manufacturing. Moreover, they can produce sufficient material to perform downstream purification and functionality testing of the resulting viral vectors. Given a positive outcome, this may enable late-stage field testing in more commercially relevant settings in 2025.

To fully focus resources on the development of the enabling technology for gene therapy manufacturing, further development in dermatology is limited to be pursued by collaborations. PCI Biotech is also exploring intratumoural immunotherapy, aiming at identifying novel treatment combinations to overcome resistance to immune checkpoint inhibitors and safety issues associated with such treatments. The project is supported by the Research Council of Norway with a Ph.D. candidate grant of up to NOK 2.5 million over 3 years, commencing 1st January 2023

BUSINESS, LOCATION, OWNERSHIPS, AND HUMAN RESOURCES

PCI Biotech Holding ASA is a biopharmaceutical company headquartered in Norway and listed on the Oslo Børs, with the ticker PCIB. The company develops therapeutic products based on its proprietary photochemical internalisation (PCI) technology.

The PCI Biotech group comprises PCI Biotech Holding ASA, and the wholly owned Norwegian subsidiary PCI Biotech AS. PCI Biotech is located at Ullernchausséen 64, Oslo, Norway.

PCI Biotech's strategy is to create value by efficient development of the business areas towards commercialisation. The commercialisation of products is intended primarily through agreements with external partners. The 10 largest shareholders ownership share was 27% per year-end 2023, versus 34% per year-end 2022.

The Board of Directors- The Board of Directors consist of Hans Peter Bøhn (Chair), Hilde Furberg, and Lars Viksmoen who were all elected for a one-year term at the annual general meeting in May 2023. The Board composition was reduced from 5 to 3 positions during 2023 to tailor it to the current operations, hence the former board of director members, Christina Herder and Andrew Hughes, were not replaced after resigning.

Employees- All operations of the Group are managed by PCI Biotech AS and the Group had 7 employees as of 31 December 2023 (2022: 7 employees). The parent company has no employees. The Group mainly uses external service providers for manufacturing, research and development, and regulatory work.

The management team consists of Ronny Skuggedal, Chief Executive Officer and Chief Financial Officer, and Anders Høgset, Chief Scientific Officer (CSO) per year-end 2023. The management team was reduced by a part-time Chief Development Officer position during 2023, and the CSO has been working in a 90% position since February 2023.

The working environment is considered good. No accidents or injuries were reported in 2023 or 2022. Absence due to illness was 31 days, approximately 2.2% in 2023 (2022: 53 days, approximately 2.0%).

PCI Biotech is a workplace with gender equality and where discrimination is not accepted. As of date of this report the Group has one-third female representation in the board of directors and none in the executive management team. 3 out of 7 employees as of year-end 2023 were women (2022: 3 out of 7). Working time and remuneration of the Group employees are not related to gender.

PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no: 991036393 VAT

Phone: + 47 67 11 54 00, www.pcibiotech.com

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BUSINESS AREA AND OPERATIONS

BIOPROCESSING

Bioprocessing is the manufacturing of biological drugs, which involves complex processes that are bottlenecks in the endeavour to offer breakthrough therapies to new and larger patient populations. There is a great need for novel technologies that enable more effective bioprocessing with higher yield as well as increased quality. Development of technologies for use in bioprocessing is less complex from a regulatory perspective compared to clinical development of new therapies, allowing shorter timelines and lower costs.

Gene therapy utilises viruses (viral vectors) to deliver potentially lifesaving genetic medicines to patients. In the manufacturing process, viral vectors are produced by so-called "producer cells" (living cells) that act as "gene therapy factories". The combination of living cells as factories and a complex output (viral vectors) is what makes the manufacturing so challenging.

Manufacturing of viral vectors includes intricate upstream and downstream processes. In the upstream process, cell lysis is a key step, where the produced viral vectors are extracted from the producer (host) cells. In the subsequent downstream process, the viral vectors are separated from various cell debris (host-cell impurities) in sequential purification steps.

Advancing manufacturing of viral vectors

In 2022, PCI Biotech initiated a programme to develop a novel photochemical technology for increasing yield and reducing impurities in viral vector manufacturing. PCI Biotech's objective is for PCL to replace existing cell lysis methods. As such, the technology shall be applied in the upstream process to extract viral vectors from producer cells while reducing host-cell impurities.

PCL improves extraction of viral vectors by selectively compromising the producer cell's plasma membrane integrity. This enables extraction of viral vectors with limited release of undesirable impurities from the producer cell, such as host-cell protein and DNA. This may have several important manufacturing benefits compared to existing technologies, including improved safety profile of the final drug, and a more efficient manufacturing workflow.

Importantly, by reducing host-cell impurities, the subsequent downstream purification process may become more efficient. This may ultimately lead to net increased manufacturing yield, as more viral vectors are retained through the various purification steps, where up to 70% loss of the viral vectors is common with today's industry standard.

Development status

During 2023, new data was generated to strengthen the first patent application filed in 2H 2022. The patent is pending, and the first feedback from UK authorities on the patent application was encouraging.

The technology's mode of action has been demonstrated in an ultra scale-down model across several commercially relevant producer cells and viral vectors in the upstream setting. These feasibility results suggest that the technology may be universally applicable in viral vector manufacturing processes where cell lysis is required, such as adenovirus (AV) and adeno-associated virus (AAV) manufacturing.

The positive initial external feedback on the technology's value proposition was further confirmed with field testing initiated in Q4 2023 with a European partner. The partner is part of an international life science group that provides a range of products and services to the biopharmaceutical industry. PCI Biotech brings its novel and promising technology for viral vector manufacturing into the upstream field testing, while the partner provides facilities and expertise, as well as feedback on performance and usability of the technology, guiding future development. The research collaboration agreement includes an option to mutually determine a potential future business transaction.

PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no: 991036393 VAT

Phone: + 47 67 11 54 00, www.pcibiotech.com

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Collecting performance and usability feedback from potential customers at an early stage is key to understand what is required to make the technology commercially attractive. Feedback from partner's upstream testing, received in 2024, confirmed the technology's ability to extract AAVs (viral vectors) with reduced host-cell impurities (DNA and protein) in shake-flasks. The field testing represents a 20- 40x scale-up from PCI Biotech's ultra scale-down process and warrants further development.

Development plan for 2024

The key development milestones for 2024 will be first to demonstrate PCL's further scalability, followed by determining benefit in downstream purification of viral vectors. The first milestone will include advancing PCI Biotech's primary experimental model to suspension producer cells in shake- flasks, and subsequently scaling to mini benchtop bioreactors. Although commercial manufacturing is performed in larger vessels, mini benchtop bioreactors are considered representative for large-scale manufacturing. Moreover, they can produce sufficient material for the second milestone to perform downstream purification and functionality testing of the resulting viral vectors. Given a positive outcome, this may enable late-stage field testing in more commercially relevant settings in 2025.

DERMATOLOGY

Nucleic acid therapeutics have the potential to improve treatment of dermatological diseases, but delivery to skin lesions remains an obstacle. This is a challenge PCI is uniquely positioned to solve, by achieving site-directed intracellular nucleic acid delivery.

An ex vivo wound model study was performed in 2023, by an expert contract research organisation. The study demonstrated significant PCI-mediated delivery in a simplified model employing primary human cells ex vivo, but these results were not translatable into the selected full-scaleex vivo human skin wound model. In this latter model we applied a challenging approach, testing topical delivery of unprotected ("naked") nucleic acid. A European patent for mRNA delivery by use of PCI was granted in 2023.

To fully focus resources on the application in viral vector manufacturing, further development within dermatology is limited to be pursued by collaborations.

INTRATUMOURAL IMMUNOTHERAPY

PCI Biotech is exploring intratumoural immunotherapy, aiming at identifying novel treatment combinations to overcome resistance to immune-checkpoint inhibitors and safety-issues associated with such treatments. The PCI technology is designed for local enhancement of therapeutic effects and is well suited for delivery of immune stimulants to tumour sites. As such, the technology can enhance the intracellular delivery of peptides, proteins, nucleic acids, small molecules, and viral vectors, all of which are relevant for locally administered immunotherapy. A patent application for an undisclosed treatment approach was filed in 2023.

The project is supported by the Research Council of Norway with a Ph.D. candidate grant of up to NOK 2.5 million over 3 years, commencing 1st January 2023.

RESEARCH COLLABORATIONS

In October 2023 the company entered into a research collaboration with an undisclosed partner with the purpose of testing PCI Biotech's technology under development for viral vector manufacturing.

The opportunistic early-stage collaboration with the Norwegian Institute of Marine Research, fully supported by a public grant and aiming to explore the use of photochemical treatments to combat salmon lice in fish farming, ended as planned 30th June 2023. The achieved results did not warrant further explorations. Two other research collaborations were closed during the year and in addition, there were two dormant collaborations without activity in 2023.

PCI Biotech continues to pursue new and value-adding collaborative opportunities.

PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no: 991036393 VAT

Phone: + 47 67 11 54 00, www.pcibiotech.com

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FINANCIAL REVIEW

(All amounts in brackets are comparative figures for 2022 unless otherwise specifically stated)

Profit and loss

The Group did not record revenues in 2023 or 2022. Grants received from various public sources such as the Research Council of Norway and "SkatteFUNN" were recorded as other operating income amounting to NOK 3.0 million (NOK 4.8 million). The parent company did not record any revenue for 2023 or 2022.

The restructuring of the company in 2022 with organisational downscaling and focusing on non-clinical operations make comparison of figures between 2023 and 2022 less relevant.

Expenditure on research activities is recognised as an expense in the period in which it was incurred. The Group had no development expenditure qualifying for recognition as an asset under IAS 38 in 2023 and as for previous years all research expenses are charged through the profit and loss statement. Total operating expenses were NOK 25.2 million in 2023 (NOK 61.2 million) and expenses are mainly driven by the research and development (R&D) activities. R&D expenses amounted to NOK 15.6 million in 2023 (NOK 44.8 million). Other operating (general and administrative) expenses were NOK 9.6 million (NOK 16.4 million). These figures include all costs related to the listed parent company, totalling to NOK 4.6 million for 2023. In addition, NOK 0.8 million related to the share based payment accounting, without cash flow effect, is classified as general and administration costs. Operating results in 2023 ended at NOK -22.2 million (NOK -56.4 million) for the Group. Operating result for the parent company were NOK -4.6 million in 2023 (NOK -5.2 million).

Net financial result for the Group was NOK 1.9 million positive in 2023 (NOK 1.4 million positive). The net positive result was mainly driven by interest income for both years. The parent company's financial income for 2023 consists mainly of interest on loans to the subsidiary PCI Biotech AS and partial reversal of previous years impairment of NOK 4.5 million of its investment in the wholly-owned subsidiary PCI Biotech AS. The impairment test performed as of 31 December 2022 resulted in an impairment of the carrying amount of NOK 463.7 million, which was disclosed as financial expenses for the parent company. The impairment test performed as of 31 December 2023 resulted in a NOK

4.5 million reversal of previous years impairment which is disclosed as financial income. The observable market value of PCI Biotech Group at Oslo Børs is assessed as a key indicator for recoverable amount in the impairment testing.

The Board of Directors proposes that the comprehensive profit of NOK 0.434 million in 2023 for the parent company, PCI Biotech Holding ASA, is transferred to retained earnings.

Balance sheet

Current receivables per end of 2023 were NOK 2.6 million (NOK 6.2 million) and mainly consist of recognised not received public grants. The reduction compared to last year is mainly due to reduced R&D activities subject to public funding.

Total assets of the Group at the end of 2023 were NOK 44.1 million (NOK 63.5 million) and the decrease from last year is mainly due to net loss from operational activities. Total assets in the parent company amounted to NOK 79.3 million per year-end 2023 compared to NOK 77.2 million at year-end 2022, reflecting this years result and effects of the share based payment accounting.

PCI Biotech does not recognise deferred tax assets in the balance sheet, due to uncertainty as to when the company will accrue a payable tax liability. Unrecognised deferred tax assets at the end of 2023 were NOK 160.9 million (NOK 156.4 million).

Equity

Total equity for the Group were NOK 39.0 million per year-end 2023 (NOK 57.4 million). Total equity of the parent company amounts to NOK 78.4 million in 2023 (NOK 76.0 million) reflecting this year's result and equity settled share-based payment elements for the Group's share option scheme.

Equity in the wholly-owned subsidiary PCI Biotech AS was NOK 36.3 million at the end of 2023 (NOK

50.5 million). The equity in PCI Biotech AS were increased in 2022 by NOK 30 million, through a capital increase from the parent company PCI Biotech Holding ASA.

PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no: 991036393 VAT

Phone: + 47 67 11 54 00, www.pcibiotech.com

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Prior to the annual general meeting in May 2023 less than 50% of the Company's share capital was retained. The board therefore assessed its duty to act in accordance with section 3-5 of the Norwegian Public Limited Liability Company's Act. As proposed by the board, the annual general meeting on 25th May 2023 decided that a write-down of the share capital was to be carried out by way of a reduction of the nominal value of the Company's shares in order to establish a capital structure that is sound and reasonable for the business PCI Biotech currently operates. Pursuant to the completion and duly registered share capital write-down on 16 August 2023 more than 50% of the share capital is retained.

Cash flow

Net cash flow from operating activities amounted to NOK -15.0 million in 2023 (NOK -59.0 million) for the Group and for the parent company to NOK -4.4 million for 2023 (NOK -3.5 million). The Group held cash and cash equivalents of NOK 41.2 million at the end of 2023, compared to NOK 56.6 million per end of 2022, reflecting net negative changes in cash of NOK 15.4 million in 2023 (NOK 59.5 million). Cash flow from operations is mainly dependent on R&D activities. The Group employs a prudent cash management strategy for its cash and cash equivalents and assets are held as bank deposits or invested in low-riskshort-term money market instruments. All cash and cash equivalents were held as bank deposits at the end of the year.

Net change in cash and cash equivalents for the parent company were NOK +0.4 million in 2023 (NOK -25.8 million). The Parent's cash and cash equivalents at the end of 2023 amounted to NOK 1.1 million (NOK 0.6 million).

Employee share option scheme

In accordance with the authorisation granted by the Annual General Meeting 25 May 2023, the Board of Directors of PCI Biotech Holding ASA awarded a total of 700,000 share options to key employees in September 2023. Each share option gives the right to subscribe for or acquire one share per option (after PCI Biotech Holding ASA's choice), at a strike price of NOK 1.66, equal to the volume weighted average share price (VWAP) for the last 5 days of trade prior to the grant date.

The share options are granted without consideration and are subject to service based vesting conditions, with a three-year vesting term and one-third vest each year, and other customary terms for share options. The share options will laps in Q3 2028. Further details about the share option scheme are described in PCI Biotech's remuneration policy.

Related parties transactions

All material transactions between the Group and shareholders, directors, management or close associates of such parties are to be valuated independently by a third party. No such transactions exist for 2023 or 2022.

In 2022 the Group had regular business transactions with Helpyou2 Ltd. a UK based company owned by Prof. Andrew Hughes, then a Board Director in PCI Biotech Holding ASA. The services rendered concern agreed scientific consultancies by Prof. Hughes during that year. The services rendered were pre-approved by the Board of Directors and regular fee overviews were presented for the Board of Directors. For the agreed scientific consultancies, Helpyou2 Ltd. received NOK 15 thousand in fees for 2022, and no services were rendered for 2023. It is in management and the Board of Director's opinion that the 2022 service fee was based on 'arm's length' principles and the level of consultancy was not considered to constitute a threat to independence for the parties in 2022. Please refer to Note 23 Related party transactions to the financial statements where information regarding related party transactions is disclosed.

PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no: 991036393 VAT

Phone: + 47 67 11 54 00, www.pcibiotech.com

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RISK AND RISK MANAGEMENT

Implications of the COVID-19 pandemic and the war in Ukraine

No material operational impact or accounting implications of the Russian invasion of Ukraine or the COVID-19 pandemic that require specific IFRS disclosure have been identified for 2023 and 2022.

Corporate governance policy, corporate social responsibility and transparency

The annual statement of corporate governance policy, corporate social responsibility and the Transparency Act are integrated parts of this Board of Directors report.

Operational Risk and Risk Management

There are great risks in the business of developing medical drugs, new technologies, and innovative products, both related to regulatory affairs and market risk, andit is emphasised that there is normally considerable uncertainty connected to assessments of future conditions. The development may fail at any stage of the process, due to safety considerations, lack of clinical results, changes in clinical development or patient management, any other matters affecting patient's ability or willingness to participate in clinical trials, and partners willingness to test prototypes and innovative products may impede development. PCI Biotech have not performed clinical trial operations in 2023. It is not possible to predict with certainty whether and when PCI Biotech or its partners will be able to submit applications to regulatory authorities in the relevant markets. Moreover, one cannot be sure that PCI Biotech or partners will receive the marketing authorisations to commercialise the products. Regulatory approval and specific regulatory designations may be denied, suspended or limited. Poor performance of PCI Biotech's potential products and technologies on the market and new technologies and innovative or generic products that are not yet launched may also limit the competitive edge of PCI Biotech's products and impact pricing and/or reimbursement. PCI Biotech's business strategy is to commercialise its technology partly through collaborative agreements and the Company cannot give any assurance that such agreements will be obtained on acceptable terms. There is no certainty that PCI Biotech or its partners will achieve commercial success. The success, competitive position, and future revenues will depend in part on PCI Biotech's ability to protect intellectual property and know-how. Patent applications filed by others could also limit PCI Biotech's freedom to operate. Changes in the healthcare market and/or the market access environment could further preclude PCI Biotech from charging a premium price or obtaining coverage and/or reimbursement for the Company's products. The Company is highly dependent upon having a highly qualified senior management and scientific team. The loss of key employees might impede the achievement of the scientific development and commercialisation objectives. PCI Biotech cannot be certain that it will be able to enter into satisfactory agreements with third-party suppliers or manufacturers.

To handle the inherent risks in the industry, and to comply with national and international regulations, PCI Biotech has implemented a process to identify, analyse and manage the key risks for the Group, including the character of the relevant insurance policies.

The board of directors and officers of PCI Biotech Holding ASA and its subsidiary PCI Biotech AS are covered under a world-wide Group Director & Officer's Liability Insurance. The insurance covers personal legal liabilities including defence and legal costs. The cover also includes employees in managerial positions who become named in a claim or investigation. The Group does not pollute the external environment.

Financial Risk and Risk Management

The Group's activities are exposed to certain financial risks including currency risk, interest rate risk and liquidity risk.

Currency risk -The Group's expenses are incurred in multiple currencies. The Group is therefore exposed to fluctuations in exchange rates. The risks are assessed on a regular basis and PCI Biotech is currently not using any financial hedging instruments.

Interest rate risk -PCI Biotech has no interest-bearing debt and interest risks are mainly related to the Group's holdings of cash and cash equivalents. The risk is of such character that the Group has

PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no: 991036393 VAT

Phone: + 47 67 11 54 00, www.pcibiotech.com

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chosen a prudent strategy regarding interest rate risk for its cash and cash equivalents, and assets are placed as bank deposits or invested in low-riskshort-term money market instruments. Per year-end 2023 and 2022 all cash and cash-equivalents were placed as bank deposits.

Liquidity risk -The biotech industry is a resource demanding industry, and product development can be both labour and cash intensive. One of the main objectives of PCI Biotech's financial policy is to ensure that the Group has sufficient short- and long-term financial flexibility to achieve strategic and operational objectives. PCI Biotech's goal is to at least have sufficient funds to cover the expected capital need for the next 12 months, as well as a strategic reserve. The Group closely monitors cash flows based on short- and long-term forecasts.

PCI Biotech's most important sources of financing are future royalty and milestone payments associated with potential licensing agreements, government grants, and the capital market. PCI Biotech is a pre-commercial stage biotech, meaning that the Company mainly relies on the ability to raise funds via the equity capital market and government grants. The capital market is foreseen to be used as a source of liquidity when this is appropriate and the conditions in these markets are competitive.

The cash burn rate depends mainly on the level of activity in the development projects. The cost base has been reduced since 2022, mainly due to the focus on pre-clinical development and implemented cost reductions, slimming down both the operational- and executive teams. PCI Biotech has no external debt with financial covenants or material long-term debt.

The cash position at year-end 2023 is estimated to support operations for the next twelve months, with current plans. PCI Biotech's financial policy goal of a strategic reserve beyond the next twelve months is not secured by date of this report, but the current operations do not involve substantial long-term commitments for the Group, allowing flexibility for adjusting operational activities and the corresponding cash burn rate. The company will continue to explore financing and strategic opportunities to secure continued operations beyond the next twelve months from the date of this report, but no assurance can be made about PCI Biotech's ability to raise such financing.

GOING CONCERN

In accordance with § 3-3a of the Norwegian Accounting Act (NAA) it is confirmed that the conditions for assuming that the Group will continue as a going concern are present and that the financial statements have been prepared on the basis of this assumption. The Board of Directors refers to the document on corporate governance in the annual report relating to corporate governance (NAA § 3- 3b) and corporate social responsibility (NAA § 3-3c).

SUBSEQUENT EVENTS

PCI Biotech is not aware of any subsequent events since year-end 2023 which are of material significance to the financial statements as of 31 December 2023.

PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no: 991036393 VAT

Phone: + 47 67 11 54 00, www.pcibiotech.com

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