Immunovia AB

Ladies and gentlemen, welcome to the Immunovia Q2 Interim Report 2026 Conference Call. I am Lorenzo, the Chorus Call Operator. I would like to remind you that all participants will be in listen-only mode and the conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and 1 on your telephone. For operator assistance, please press star and 0. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Jeff Porcellin, CEO. Please go ahead, sir.

Thank you very much, and thank you to all of you for joining us today for the review of Immunovia's second quarter of 2026. As we will share, we have achieved important milestones in the commercialization of pancreas share, and we are transitioning to the second phase of the Pancreasure test launch. We're also excited about the progress that we continue to make in the pursuit of Medicare coverage, and we'll share updates on our efforts there. I'm also pleased with our business development progress, as we have ongoing conversations with potential partners. As you can imagine, I won't be able to share a lot about the specifics of those opportunities but wanted you to know that we are focused on business development and are pursuing a number of paths there. So, for today's call, we will focus initially on the commercial uptake and traction of the pancreas share test. We'll also talk a little bit about some of the drivers of growth in the second half of the year. My colleague, Adam, will cover our Q2 financial results and our cash position. And then I will come back to discuss clinical studies that are in progress and our reimbursement efforts, as well as those business development opportunities that I mentioned. As always, we are excited to hear your questions and would very much like to have a robust question and answer session at the end of the presentation. more about the Q2 results, I thought it would be helpful to go back about a year to when we were approaching the launch of the Pancreasure test and laid out the commercial strategy. At that time, we talked about four key elements of our strategy. First was that we would start at the top. We would focus initially on top key opinion leaders, focus on the leading high-risk surveillance programs across the United States. Our goal there was to drive advocacy and pancreasure test use within that expert group so that we could rely on their advocacy as we broaden the scope of the pancreasure launch. The second thing that we recognized is that when you launch a lab-developed test like Tank Reissure, initially, revenue is very limited. The reason for that is that we don't have reimbursement in place. We knew that it would take time to get reimbursement in place. And as a result of that, one of the things that we are doing is making sure that we tie our investment to the stage that we are in, meaning at the early stages, we want to limit our investment. We want to closely manage our expenses so that we can make sure that we extend our runway as long as possible during that time when we don't have strong revenue coming in. Our goal there is to strike a balance. We want to make sure that we invest enough, that we show the commercial potential of Pancreasure, but at the same time, we want to limit our costs. Partnerships are going to be crucial for us. That will be both as we think about launching the test in the U.S. and bringing on a commercial partner to help us expand our commercial reach. We were also looking at partnerships outside of the U.S., and so we'll talk about that. And then finally, from the beginning, we have been very focused on how do we build an efficient, scalable business where we execute with discipline. And so, all of these things were elements that were in place when we launched the test in September of 2025. And you can see here the three phases that we have talked about previously. We're currently transitioning from the targeted advocacy phase and into the volume building phase, the second phase of the launch. From a targeting standpoint up to now, we've been very, very focused on those high-risk surveillance programs for pancreatic cancer that exist at top academic centers and also in the large health systems across the country. Our goal during this phase has been to drive trial with those top experts, and we are succeeding, as you'll see on the next slide. Certainly, even though we are transitioning to the next phase, I do want to emphasize that our work with high-risk surveillance programs is really just beginning. We have a robust pipeline of additional centers that were actively moving through the sales process, and we expect that to continue not only throughout 2026, but throughout 2027 as well. At the same time, we now want to shift to putting more energy and attention on building volume, and specifically building volume within those high-risk surveillance programs that has started using the test, but maybe they're still in the early stages of that adoption. That volume will largely drive, or the volume that we generate will largely be driven by our existing customers, but during this next phase, the volume building phase, we will also begin selling to targeted gastroenterology groups. Most importantly, we're targeting very large GI groups. Many of these groups span multiple states, and our goal there is to be able to partner with large GI groups that are interested in implementing the pancreas share test across their network of gastroenterology practices. As of the end of the second quarter, we now have 27 high risk surveillance programs that have used the pancreas short test since launch. And I am incredibly proud of the team at Immunovia and our strategic account managers who have driven such good initial use within these top surveillance programs. You can see here just a sampling of the programs that have used the test since our launch in September. These names may or may not be familiar to you, but they are many of the top academic centers and health systems in the United States. In fact, if you look at national rankings of the top 20 cancer centers across the United States, 10 of those top 20 cancer centers have ordered the pancreas share test. An example of that is Memorial Sloan Kettering, which is ranked the number two oncology hospital in the U.S. Memorial Sloan Kettering began using the pancreas share test in the second quarter. So they are very early in their use of the test, but we were excited to bring them on board for commercial use of the test. And we're also talking about ways that we can partner with them on research. As you think about our sales process, I wanted to give you a little bit of insight into how we think about moving prospects from the pipeline into our customer base. And then once they become customers, how do we drive volume through a disciplined sales process to full adoption? You can see here the five stages that we track prospects through once they reach a stage where it really seems as if they are interested in using the test. We move them through a registration process where they register to use our online portal, and then they begin using the test in the trial phase. During that trial phase, what we often see is that there's very good enthusiasm for using the pancreature test. Our challenge as a company is to make sure that we translate that excitement into a steady stream of pancreas-sure tests. And there are some challenges with that. One of the challenges is that these systems have, in many cases, protocols that exist. They have processes that they're using currently to manage high-risk surveillance patients. And so we need to work with them to modify those protocols to adjust their processes and to get them to be thinking about pancreasure in a very different way than when they're just at that trial phase. We want to move them through early adoption where they have ordered more than 10 tests, and then we consider full adoption when a site has ordered not only 10 tests in one quarter, but they're doing it quarter after quarter. And we have several sites that are now in that full adoption stage. One example would be UCLA Health, which I spoke about on a previous call when they had just begun using the pancreas share test. We've now worked through various logistics challenges and operational challenges with UCLA, and they are ordering on a regular basis when they run their high-risk clinic. As we think about the second half of the year and this focus on growing volume, we see several catalysts. The most important driver of growth will be our strategic account managers, those three sales reps that are spread throughout the country that are developing relationships with these centers and driving adoption of the test. I mentioned on a previous call that we have launched a registry study. Essentially, this is a way to show how pancreature is used in the real world in clinical practice. What we're seeing in conversations with high-risk surveillance programs is that they are very interested in this registry program. It's very helpful for them because it allows them to combine two key priorities for those hospitals – One priority is enhancing their patient care. The other priority is generating research. Nearly all of our customers are academic medical centers or health systems that are very interested in generating research, so they want to be part of this registry study, and we think that's going to give us an opportunity both to engage new prospects but also to drive volume among those centers that have already started using the test. And then a final driver for 2026 as we move into the second half of the year is new clinical data. One of the realities of being a sales rep in healthcare, particularly in the U.S., is that you have to compete for the attention of the physicians who are your customers. One of the ways you can do that is by bringing them new data, new information that they haven't seen before. The fact that we have an upcoming pipeline of that kind of information is very helpful for our strategic account managers so that they can get access to positions, have meaningful conversations with them about the benefits of Pancreasure, And also, as we said earlier, work with them on any logistics issues that are getting in the way of adopting pancreasure. One other note that I should make about potential catalysts in the second half We are still waiting for a response from New York State and hope to receive that in the third quarter. They followed up with us a while back to ask for some additional information, which we provided, and we continue to be very optimistic that we will receive coverage in New York. When we do that, that will open up a number of opportunities for us in that state, which is one of the two largest states in the country. With that, I'll hand it over to Adam to talk through our Q2 financial results and cash position.

Thank you, Jeff. So, as Jeff said, we're now turning into our financial performer for the second quarter, but also for the first six months of 2026. So, we start with the sales. our net sales increased to 381,000 SEK in the second quarter, comparing to 90,000 same period last year, which represents an increase by over 300%. For the first six months of 2016, net sales increased to 755,000 SEK, comparing to 229,000 SEK last year. The operating loss amounted to 22.9 million SEK in the second quarter, comparing to 20.9 million in the same period last year. For the first six months of 2026, our operating loss was 41.3 million, comparing to 38.9 million in the same period 2025. We have in the second quarter increased number of strategic account managers as we have said before which has increased the personal cost from the first quarter these years and as well comparing to the same period last year. We have accelerated our clinical studies during the second quarter which also has increased our other optics in the second quarter comparing to the first quarter this year. We're still lower than expected cost for the full year of 2026. The net loss for the second quarter amounted to 22.8 million, comparing to for the 1.1 million last year, and this corresponds to the earning per share before delusion of the negative 0.03 SEK, comparing to 0.14 SEK last year. Our average, sorry, we can move on to the next slide. Thank you. Thank you, Jeff. Our average cash burn during this quarter was 7 million per month, which are very similar to the previous quarters, which was well below our previous guidance of 8 to 10 million per month for the full year. The lower cost burn is primarily due to our lower spending on clinical studies during this period for the first six months this year. At the end of this quarter, our cash position was 34.9 million kronor. Based on our current plans and spending levels, we expect our existing cash position to fund operation into the fourth quarter of 2026. This includes funding for the clinical student and intends to support the future reimbursements. We are, as you understand, actively evaluate a range of different financial alternatives, including equity financing, strategic partnerships, and other sources of capital, with the object of extending the company's cash runway until the second and end of 2027. I will leave over to you now, Jeff.