# EDGAR Filing Document

**Accession Number:** 0002124403
**File Stem:** 0001104659-26-065450
**Filing Date:** 2026-5
**Character Count:** 1460789
**Document Hash:** a709fa1302912a28e5461c4a4ccdef56
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-065450.hdr.sgml**: 20260522

**ACCESSION NUMBER**: 0001104659-26-065450

**CONFORMED SUBMISSION TYPE**: 20FR12B

**PUBLIC DOCUMENT COUNT**: 30

**FILED AS OF DATE**: 20260522

**DATE AS OF CHANGE**: 20260522

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Vicore Pharma Holding AB
- **CENTRAL INDEX KEY:** 0002124403
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** V7
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 20FR12B
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-43312
- **FILM NUMBER:** 261010830

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** KORNHAMNSTORG 53
- **CITY:** STOCKHOLM
- **PROVINCE COUNTRY:** V7
- **ZIP:** 111 27
- **BUSINESS PHONE:** 46(0)317880560

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** KORNHAMNSTORG 53
- **CITY:** STOCKHOLM
- **PROVINCE COUNTRY:** V7
- **ZIP:** 111 27

**[**TABLE OF CONTENTS**](#TOC)

As filed with the Securities and Exchange Commission on May 22, 2026.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 20-F

(Mark One)

☒

REGISTRATION STATEMENT PURSUANT TO SECTION 12 (b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☐

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended

OR

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

OR

☐

SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report

Commission file number

Vicore Pharma Holding AB (Exact name of registrant as specified in its charter and translation of Registrant's name into English)

Kingdom of Sweden

(Jurisdiction of incorporation or organization)

Kornhamnstorg 53 SE-111 27 Stockholm, Sweden

(Address of principal executive offices)

Ahmed Mousa, Chief Executive Officer Kornhamnstorg 53 SE-111 27 Stockholm, Sweden (Name, telephone, e-mail and/or facsimile number and address of company contact person)

 *Copies to:* 

William C. Hicks, Esq. John T. Rudy, Esq. Allyson Wilkinson, Esq. Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. One Financial Center Boston, MA 02109 (617) 542-6000

Securities registered or to be registered pursuant to Section 12(b) of the Act:

<u> Title of each class </u> <u> Trading Symbol </u> <u> Name of each exchange on which registered </u> <br> American depositary shares, each representing 10 common shares, no par value Common shares, no par value\* VCRE The Nasdaq Stock Market LLC

\*

Listed not for trading, but only in connection with the registration of the American Depositary Shares, pursuant to the requirements of the Securities & Exchange Commission.

Securities registered or to be registered pursuant to Section 12(g) of the Act: None.

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None.

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Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report: N/A.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes ☐ No ☐

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes ☐ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files): Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Emerging growth company ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ☐ International Financial Reporting Standards as issued by the International Accounting Standards Board ☒ Other ☐

If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. Item 17 ☐ Item 18 ☐

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☐

†

The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

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#### **TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| | **Page**  | **Page**  |
| [PART I](#tPAI)  |  | [5](#tPAI) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 1. ](#tI1OD) <br> [IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS](#tI1OD) <br>|  | [5](#tI1OD) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 2. ](#tI2SA) <br> [OFFER STATISTICS AND EXPECTED TIMETABLE](#tI2SA) <br>|  | [8](#tI2SA) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 3. ](#tI3I) <br> [KEY INFORMATION](#tI3I) <br>|  | [8](#tI3I) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 4. ](#tI4OT) <br> [INFORMATION ON THE COMPANY](#tI4OT) <br>|  | [77](#tI4OT) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 4A. ](#tI4AUS) <br> [UNRESOLVED STAFF COMMENTS](#tI4AUS) <br>|  | [107](#tI4AUS) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 5. ](#tI5AF) <br> [OPERATING AND FINANCIAL REVIEW AND PROSPECTS](#tI5AF) <br>|  | [107](#tI5AF) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 6. ](#tI6SM) <br> [DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES](#tI6SM) <br>|  | [118](#tI6SM) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 7. ](#tI7MSRP) <br> [MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS](#tI7MSRP) <br>|  | [129](#tI7MSRP) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 8. ](#tI8I) <br> [FINANCIAL INFORMATION](#tI8I) <br>|  | [131](#tI8I) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 9. ](#tI9OA) <br> [THE OFFER AND LISTING](#tI9OA) <br>|  | [132](#tI9OA) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 10. ](#tI1I) <br> [ADDITIONAL INFORMATION](#tI1I) <br>|  | [132](#tI1I) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 11. ](#tI1AQ) <br> [QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#tI1AQ) <br>|  | [147](#tI1AQ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 12. ](#tI1OS) <br> [DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES](#tI1OS) <br>|  | [147](#tI1OS) |
| [PART II](#tPAII)  |  | [159](#tPAII) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 13. ](#tI1DA) <br> [DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES](#tI1DA) <br>|  | [159](#tI1DA) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 14. ](#tI1MT) <br> [MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS](#tI1MT) <br>|  | [159](#tI1MT) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 15. ](#tI1AP) <br> [CONTROLS AND PROCEDURES](#tI1AP) <br>|  | [159](#tI1AP) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 16. ](#tIT16) <br> [RESERVED](#tIT16) <br>|  | [159](#tIT16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 16A. ](#tI1CF) <br> [AUDIT COMMITTEE FINANCIAL EXPERT](#tI1CF) <br>|  | [159](#tI1CF) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 16B. ](#tI1OE) <br> [CODE OF ETHICS](#tI1OE) <br>|  | [159](#tI1OE) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 16C. ](#tI1AF) <br> [PRINCIPAL ACCOUNTANT FEES AND SERVICES](#tI1AF) <br>|  | [159](#tI1AF) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 16D. ](#tI1FL) <br> [EXEMPTIONS FROM LISTING STANDARDS FOR AUDIT <br> COMMITTEES](#tI1FL) <br>|  | [159](#tI1FL) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 16E. ](#tI1OE1) <br> [PURCHASE OF EQUITY SECURITIES BY ISSUER AND AFFILIATED PURCHASERS](#tI1OE1) <br>|  | [159](#tI1OE1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 16F. ](#tI1IR) <br> [CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT](#tI1IR) <br>|  | [159](#tI1IR) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 16G. ](#tI1G) <br> [CORPORATE GOVERNANCE](#tI1G) <br>|  | [159](#tI1G) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 16H. ](#tI1SD) <br> [MINE SAFETY DISCLOSURE](#tI1SD) <br>|  | [159](#tI1SD) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 16I. ](#tI1RF) <br> [DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS](#tI1RF) <br>|  | [159](#tI1RF) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 16J. ](#tI1TP) <br> [INSIDER TRADING POLICIES](#tI1TP) <br>|  | [159](#tI1TP) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 16K. ](#tIT161) <br> [CYBERSECURITY](#tIT161) <br>|  | [160](#tIT161) |
| [PART III](#tPAII1)  |  | [160](#tPAII1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 17. ](#tI1S) <br> [FINANCIAL STATEMENTS](#tI1S) <br>|  | [160](#tI1S) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 18. ](#tI1S1) <br> [FINANCIAL STATEMENTS](#tI1S1) <br>|  | [160](#tI1S1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 19. ](#tIT19) <br> [EXHIBITS](#tIT19) <br>|  | [160](#tIT19) |

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#### ABOUT THIS REGISTRATION STATEMENT
We are incorporated under the laws of Sweden. Under the rules of the U.S. Securities and Exchange Commission, or the SEC, we are a "foreign private issuer." As a foreign private issuer, we will not be required to file periodic reports and financial statements with the SEC as frequently or as promptly as domestic registrants whose securities are registered under the Securities Exchange Act of 1934, as amended, or the Exchange Act.

Unless otherwise indicated, all amounts presented in this registration statement are presented in U.S. dollars, or USD. Our reporting and functional currency is the Swedish krona, or SEK. Solely for the convenience of the reader, this registration statement contains translations of certain Swedish krona amounts into U.S. dollars at specified rates. No representation is made that Swedish krona amounts referred to in this registration statement could have been or could be converted into U.S. dollars at such rates or any other rates. Any discrepancies in any table between totals and sums of the amounts listed are due to rounding.

Throughout this registration statement, all references to "ADSs" mean American depositary shares, each of which represents 10 of our common shares, no par value, and all references to "ADRs" mean the American depositary receipts that evidence the ADSs.

Our financial statements included elsewhere in this registration statement are presented in Swedish krona. The consolidated financial statements and related notes included elsewhere in this registration statement have been prepared in accordance with International Financial Reporting Standards as adopted by European Union, or IFRS Accounting Standards, as issued by the International Accounting Standards Board, or IASB, which differ in certain significant respects from generally accepted accounting principles in the United States, or U.S. GAAP.

Unless otherwise stated or the context indicates otherwise, all references herein to "Vicore," "Vicore Pharma," the "Company," "our company," "we," "us," "our" and similar references refer to Vicore Pharma Holding AB and its consolidated subsidiaries, taken as a whole.

#### INDUSTRY AND MARKET DATA
This registration statement contains estimates and information concerning our industry and our business, including estimated market size and projected growth rates of the markets for our product candidates. Unless otherwise expressly stated, we obtained this industry, business, market, medical and other information from reports, research surveys, studies and similar data prepared by third parties, industry, medical and general publications, government data and similar sources.

This information involves a number of assumptions and is based on limited available information. Although we are responsible for all of the disclosure contained in this registration statement and we believe the third-party market position, market opportunity and market size data included in this registration statement are reliable, we have not independently verified the accuracy or completeness of this third-party data. In addition, projections, assumptions and estimates of our future performance and the future performance of the industry in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described in "Item 3. Key Information — D. Risk Factors." These and other factors could cause results to differ materially from those expressed in these publications and reports.

#### TRADEMARKS AND SERVICE MARKS
"Vicore," the Vicore logo and other trademarks or service marks of Vicore appearing in this registration statement are the property of Vicore or its subsidiaries. Solely for convenience, the trademarks, service marks and trade names referred to in this registration statement are listed without the <sup>®</sup> and™ symbols, but such references should not be construed as any indicator that their respective owners will not assert, to the fullest extent under applicable law, their right thereto. All other trademarks, trade names and service marks appearing in this registration statement are the property of their respective owners.

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#### SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This registration statement contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this registration statement, including statements regarding our future results of operations, financial condition, business strategy, prospective products, product approvals, research and development costs, future revenue and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," or "would," or the negative of these words or other similar terms or expressions.

We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements are subject to a number of known and unknown risks, uncertainties, other factors and assumptions, including the risks described in "Item 3. Key Information — D. Risk Factors" and elsewhere in this registration statement, regarding, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the initiation, timing, progress and results of our preclinical studies and clinical trials, and our research and development programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to advance our product candidates into, and successfully complete, clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our reliance on the successful development and potential approval of our current and future product candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to identify and advance additional product candidates into preclinical and clinical development;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the timing or likelihood of regulatory filings and approvals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the commercialization of our product candidates, if approved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to develop sales and marketing capabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the pricing, coverage and reimbursement of our product candidates, if approved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the implementation of our business model, strategic plans for our business, product candidates and technology;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the scope of protection we are able to establish and maintain for intellectual property rights covering our product candidates and technology;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to operate our business without infringing the intellectual property rights and proprietary technology of third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • cost associated with defending intellectual property infringement, product liability and other claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • regulatory development in the United States, under the laws and regulations of Sweden and other jurisdictions in which we may operate or seek approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to remain compliant with the respective listing rules and standards of Nasdaq Stockholm and the Nasdaq Stock Market LLC, or Nasdaq;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • estimates of our expenses, future revenues, capital requirements and our needs for additional financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the potential benefits of strategic collaboration agreements and our ability to enter into and maintain strategic arrangements and collaborations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the rate and degree of market acceptance of any approved products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • developments relating to our competitors and our industry, including competing therapies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to effectively manage our anticipated growth;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to attract and retain qualified employees and key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our expectations regarding the period during which we qualify as an emerging growth company, or EGC, under the Jumpstart Our Business Startups Act of 2012, or the JOBS Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • statements regarding future revenue, hiring plans, expenses, capital expenditures, capital requirements and share performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the future trading price of the ADSs and impact of securities analysts' reports on these prices; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • other risks and uncertainties, including those listed under "Item 3. Key Information — D. Risk Factors."

These risks are not exhaustive. Other sections of this registration statement may include additional factors that could harm our business and financial performance. New risk factors may emerge from time to time and it is not possible for our management to predict all risk factors, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in, or implied by, any forward-looking statements.

You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this registration statement primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition and operating results. We undertake no obligation to update any forward-looking statements made in this registration statement to reflect events or circumstances after the date of this registration statement or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments.

In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this registration statement. While we believe that information provides a reasonable basis for these statements, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements.

You should read this registration statement and the documents that we reference and have filed as exhibits to the registration statement with the understanding that our actual future results, performance and achievements may be different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.

#### EXPLANATORY NOTE
We are a clinical-stage pharmaceutical company developing therapeutics for respiratory and fibrotic diseases. Our lead product candidate, buloxibutid (C21), is an oral small molecule angiotensin II type 2 (AT2) receptor agonist, or ATRAG, which has received Orphan Drug and Fast Track designations from the United States Food and Drug Administration, or FDA, and is currently being investigated in the global 52-week Phase 2b ASPIRE trial in idiopathic pulmonary fibrosis, or IPF.

We were organized under the laws of Sweden in 2005 and are registered with the Swedish Companies Registration Office. Our common shares are listed on Nasdaq Stockholm under the symbol "VICO." Our corporate mailing headquarters are located at Kornhamnstorg 53, SE-111 27 Stockholm, Sweden, and our mailing address is Postbox 14, SE-414 52 Gothenburg, Sweden. Our telephone number is +46 (0) 31 788 05 60. Our agent for service of process in the United States is Vicore Pharma US, Inc. Our website address is www.vicorepharma.com. The reference to our website is an inactive textual reference only and information contained in, or that can be accessed through, our website is not part of this registration statement on Form 20-F or incorporated by reference herein.

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We operate through subsidiaries and offices in multiple jurisdictions. Our operations include offices in Stockholm, Sweden; Hørsholm, Denmark; and Cambridge, Massachusetts in the United States. We conduct clinical research and development activities through a combination of in-house teams and outsourced partners and clinical research, development, and manufacturing organizations in Europe, the United States and other jurisdictions. We do not currently own or operate large-scale manufacturing facilities and rely primarily on third-party manufacturers for the clinical and potential commercial supply of our product candidates. The primary listing of our common shares is Nasdaq Stockholm, and this registration statement relates to a secondary listing of our common shares, in the form of ADSs, on Nasdaq.

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#### PART I

#### ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS.
A. Directors and Senior Management

The following discussion sets forth information regarding our directors and executive officers as of the date of this registration statement on Form 20-F. The following table lists the names of our directors and executive officers. The business address for our directors and executive officers is Kornhamnstorg 53, 111 27 Stockholm, Sweden.

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| | | |
|:---|:---|:---|
| **Name**  | **Age**  | **Position**  |
|  ***Non-Executive Directors*** |  |  |
| Hans Schikan | 67  | Chairman |
| Jacob Gunterberg | 58  | Director |
| Elisabeth Björk | 65  | Director |
| Ann Barbier | 62  | Director |
| Heidi Hunter | 67  | Director |
| Yasir Al-Wakeel | 44  | Director |
| Peter Guenter | 63  | Director |
|  ***Executive Officers*** |  |  |
| Ahmed Mousa | 42  | Chief Executive Officer |
| Hans Jeppsson | 46  | Chief Financial Officer |
| Bernt van den Blink | 53  | Chief Medical Officer |

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The responsibilities of our Board of Directors, or the Board, are governed by the Rules of Procedure for the Board of Directors, adopted in accordance with the Swedish Companies Act and the Swedish Code of Corporate Governance. Our executive officers are responsible for making and executing decisions that build value in accordance with board-approved delegated authorities.

The following is the biographical information of our directors and executive officers:

***Ahmed Mousa*** has served as our Chief Executive Officer since September 2023. Mr. Mousa has extensive experience in business and corporate development, portfolio strategy, and entrepreneurship in the life sciences industry. Prior to joining Vicore, Mr. Mousa served in various roles of increasing responsibility at Pieris Pharmaceuticals, Inc., or Pieris, a biopharmaceutical company, from January 2016 to September 2023, most recently as Chief Business Officer and General Counsel, where he was responsible for the development of Pieris's pipeline and the execution of strategic collaborations with various pharmaceutical companies. Before his tenure at Pieris, Mr. Mousa practiced as an attorney at the law firm of Covington & Burling LLP from September 2013 to December 2015 and at Kirkland & Ellis LLP from November 2012 to August 2013, where he represented biopharmaceutical companies in a range of legal matters. Mr. Mousa earned his B.A., Molecular & Cell Biology from Cornell University, his M.S., Biotechnology from The Johns Hopkins University, and his J.D. from Georgetown University Law Center.

Mr. Mousa's qualifications to serve as our Chief Executive Officer include his extensive experience in business and corporate development, legal expertise in the life sciences industry, and his track record of executing strategic collaborations for biopharmaceutical companies.

***Hans Jeppsson*** has served as our Chief Financial Officer since June 2017. Mr. Jeppsson has a cross-disciplinary background in finance and life sciences. Prior to joining Vicore, Mr. Jeppsson served as an Assistant Professor of Finance at the University of Gothenburg and worked as a biotechnology equity research analyst at Danske Bank from August 2011 to September 2012, covering companies in the life sciences sector. Earlier in his career, Mr. Jeppsson gained preclinical research experience at AstraZeneca R&D. Mr. Jeppsson holds a Ph.D. in Business Administration and an M.Sc. in Finance from the University of

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Gothenburg and was a visiting scholar at the University of California, Berkeley. He also pursued studies in chemical engineering and biotechnology at Chalmers University of Technology.

Mr. Jeppsson's qualifications to serve as our Chief Financial Officer include his senior executive experience at a publicly listed life sciences company, his background as a biotechnology equity analyst, his academic training in finance, and his early-career exposure to pharmaceutical research and development.

***Bernt van den Blink, M.D., Ph.D.*** has served as our Chief Medical Officer since March 2026, and before that as our Vice President, Clinical Development since March 2025. Dr. van den Blink is a pulmonologist certified by the Dutch Medical Specialists Registration Committee, or RGS, with more than 25 years of academic and industry experience in interstitial lung diseases, including idiopathic pulmonary fibrosis (IPF). Most recently, Dr. van den Blink served as Acting Head of Clinical Development at Kinevant Sciences from August 2023 to March 2025, where he led a global clinical study in pulmonary sarcoidosis. Prior to that, Dr. van den Blink held a senior clinical development role at Galapagos NV, a global biopharmaceutical company, from January 2021 to June 2022, where he focused on advancing IPF programs. Before that, he served in a clinical development capacity at Promedior, Inc., a biotechnology company subsequently acquired by Roche, from March 2016 to December 2020, where he led global late-stage IPF development efforts. Dr. van den Blink has also provided consulting services to multiple biotechnology companies in support of IPF drug development. Dr. van den Blink earned his M.D. and Ph.D. from the University of Amsterdam, The Netherlands.

Dr. van den Blink's qualifications to serve as our Chief Medical Officer include his board certification (RGS) in pulmonology, his more than 25 years of academic and industry experience in interstitial lung diseases, his extensive expertise advancing global late-stage IPF clinical programs, and his leadership experience in global clinical development.

***Jacob Gunterberg*** has served as a member of our Board since September 2018 and was previously the chairman from 2022 through 2024. Mr. Gunterberg is currently the Chief Financial Officer and Co-founder of Purpose Pharma AB, a pharmaceutical company, where he also serves as Chairman of the board of directors. Previously, Mr. Gunterberg was a partner at HealthCap, a life sciences-focused venture capital firm from July 2007 to April 2022. Mr. Gunterberg has extensive experience in venture capital investments and investment banking related to the life sciences sector, and has served as a board member of both private and publicly traded companies. Mr. Gunterberg currently serves on the boards of directors of Aurelia Invest AB, EllAug AB, Tova Skrenen Stockholm AB, and Twiceme Technology Sweden AB, a safety technology company. Mr. Gunterberg earned his M.Sc. in Business Administration and Economics from Lund University.

Mr. Gunterberg's qualifications to serve on our Board include his extensive experience in venture capital investments and investment banking in the life sciences sector, as well as his broad experience serving as a board member of both private and publicly traded companies.

***Elisabeth Björk, M.D., Ph.D.*** has served as a member of our Board since June 2023. Dr. Björk is an endocrinologist by training and an associate professor of medicine at Uppsala University, Sweden. Dr. Björk served as the Senior Vice President, Head of Late-Stage Development, Cardiovascular, Renal and Metabolism (CVRM), BioPharmaceuticals R&D at AstraZeneca, a global biopharmaceutical company from April 2019 to October 2023 and Senior Vice President, Head of Obesity Franchise from October 2023 to May 2025. Throughout her career at AstraZeneca, Dr. Björk has gained broad drug development experience covering clinical development phases I-IV, large outcomes programs, major global regulatory filings, health authority interactions with the U.S. Food and Drug Administration (FDA), the European Medicines Agency (EMA), and Japanese regulatory authorities, as well as commercial strategy and implementation. Dr. Björk currently serves on the boards of directors of Pharvaris N.V., a late-stage biopharmaceutical company (Nasdaq: PHVS), Agiana Pharma AS, Camurus AB, a biopharmaceutical company focused on long-acting medicines for severe and chronic diseases (Nasdaq Stockholm: CAMX), Hansa Biopharma AB, a commercial-stage biopharmaceutical company focused on immunomodulatory treatments for rare immunological conditions (Nasdaq Stockholm: HNSA), Nodthera Ltd., a private, clinical-stage biotechnology company focused on developing NLRP3 inflammasome inhibitors to treat chronic inflammatory diseases, and Betula Consulting AB. Dr. Björk earned her M.D. from the Karolinska Institute and her Ph.D. in Endocrinology from Uppsala University.

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Dr. Björk's qualifications to serve on our Board include her extensive drug development experience across multiple clinical development phases, her deep expertise in cardiovascular, renal, and metabolic diseases, and her significant leadership experience at a major global pharmaceutical company.

***Ann Barbier, M.D., Ph.D.*** has served as a member of our Board since June 2024. Dr. Barbier has more than 25 years of drug discovery and development experience in the pharmaceutical and biotechnology industries. Throughout her career, Dr. Barbier has contributed to several approved drugs and has worked extensively in the rare disease, neuropsychiatry, and pulmonology fields. In April 2025, Dr. Barbier became and is currently the Chief Medical Officer (fractional) at PepGen, a biotechnology company focused on antisense oligonucleotides for neuromuscular diseases. From July 2024 to July 2025, Dr. Barbier served as Chief Medical Officer (fractional) of Leal Therapeutics, a biotechnology company developing therapeutics for neuropsychiatric diseases. From March 2022 to October 2023, Dr. Barbier served as Chief Medical Officer of CAMP4 Therapeutics, a biotechnology company focused on regulatory RNA therapeutics. Previously, Dr. Barbier served as Vice President of Clinical Development, Rare Genetic Diseases, at Agios Pharmaceuticals, Inc., a biopharmaceutical company focused on cellular metabolism in cancer and rare diseases, from June 2015 to October 2017. Dr. Barbier also served on the board of directors of Pieris, a biopharmaceutical company from April 2018 to December 2024. Dr. Barbier earned her M.D. and Ph.D. from the Universiteit of Gent, Belgium, and her Masters of Science, Molecular Biology and Biotechnology from the Free University of Brussels, Belgium.

Dr. Barbier's qualifications to serve on our Board include her more than 25 years of drug discovery and development experience across the pharmaceutical and biotechnology industries, her contributions to multiple approved therapeutic products, and her deep expertise in rare diseases, neuropsychiatry, and pulmonology.

***Heidi Hunter*** has served as a member of our Board since May 2020. Ms. Hunter is the former President of Cardinal Health Specialty Solutions, a specialty healthcare business. Prior to Cardinal Health, Ms. Hunter served as Senior Vice President for UCB (Union Chimique Belge), a multinational biopharmaceutical company with a primary focus on neurology and immunology disorders from September 2015 to September 2020. Ms. Hunter also served as Senior Vice President and General Manager of Boehringer Ingelheim, a pharmaceutical company, from 2011 to 2015. Prior to Boehringer Ingelheim, Ms. Hunter held similar roles in sales and marketing at Ciba-Geigy (today part of Novartis) and Wyeth Pharmaceuticals LLC (today part of Pfizer) where she led their oncology business and women's health businesses. Ms. Hunter also serves on the board of directors of Sutro Biopharma, Inc., Bavarian Nordic and IO Biotech. Ms. Hunter received a B.A. in Economics from the University of Michigan and a M.B.A. from the University of Chicago — Booth School of Business.

Ms. Hunter's qualifications to serve on our Board include her more than 25 years of experience in pharmaceutical development and commercialization, her extensive leadership experience spanning clinical development through product launch and commercialization, and her broad expertise in alliance management, operations and business strategy.

***Yasir Al-Wakeel*** has served as a member of our Board since May 2024. Dr. Al-Wakeel is a seasoned executive, board member, and strategic advisor to biotechnology companies. Dr. Al-Wakeel currently serves as the Chief Executive Officer of Vesalius Therapeutics, a biotechnology company, and as CEO Partner at Flagship Pioneering, a life sciences innovation enterprise. Dr. Al-Wakeel has operational experience running biotech companies, as well as earlier in his career, finance and business development functions, having worked at both public and private biotechnology companies. Prior to his roles in the biotechnology industry, Dr. Al-Wakeel held senior roles in investment banking, serving as both an equity analyst and in corporate finance. Dr. Al-Wakeel currently serves on the boards of directors of MaxCyte, Inc., a cell-engineering company, and Vesalius Therapeutics. Dr. Al-Wakeel earned his Bachelor of Medicine from Oxford University and his Masters in Theology at the University of Cambridge.

Dr. Al-Wakeel's qualifications to serve on our Board include his extensive executive and strategic advisory experience in the biotechnology industry, his operational expertise in finance and business development at both public and private companies, and his senior-level investment banking background.

***Hans Schikan, Pharm.D.*** has served as the Chairman of our Board since May 2024 and as a member of our Board since August 2018. Mr. Schikan previously served as Chief Executive Officer of Prosensa, until

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its acquisition by BioMarin. Prior to Prosensa, Mr. Schikan held leadership roles at Genzyme and Organon. Mr. Schikan has served on the boards of directors of several biopharmaceutical companies, including Hansa Biopharma, Wilson Therapeutics (until its acquisition by Alexion), Sobi, Therachon (until its acquisition by Pfizer), and VectivBio Holding AG until its acquisition by Ironwood Pharmaceuticals, Inc. in June 2023. Mr. Schikan currently serves as Chairman of the board of directors of Microbiotica Ltd. since February 2021, as Vice Chairman and co-founder of the board of directors of Pharvaris N.V. and as a member of the supervisory board of N.V. Organon. Mr. Schikan also serves as an advisor to various organizations in the life sciences and health sectors. Mr. Schikan earned his Pharm.D. from the University of Utrecht.

Mr. Schikan's qualifications to serve on our Board include his extensive experience as chief executive officer and director of multiple biopharmaceutical companies, his deep expertise in drug development, and his significant track record of leadership across the biopharmaceutical industries.

***Peter Guenter*** has served as a member of our Board since May 2026. Mr. Guenter brings nearly four decades of executive leadership in the global biopharmaceutical industry. Most recently, he served as CEO of Merck Healthcare and member of the Executive Board of Merck Group from 2021 through 2025, where he led a team of more than 17,000 employees dedicated to serving areas of high unmet medical need. Before that, as CEO of Almirall, he spearheaded a strategic and cultural transformation to build a global skin health company, returning the business to growth beginning in 2017. His tenure at Sanofi spanned more than 20 years, where he rose to the Executive Committee in 2013. Throughout his career, Peter has built a strong record of forging high-impact partnerships and driving disciplined execution at scale. He also serves as an active board contributor across healthcare and private equity.

Mr. Guenter's qualifications to serve on our Board include his extensive experience as chief executive officer and director of multiple biopharmaceutical companies, his deep expertise in drug development, and his significant track record of leadership across the biopharmaceutical industries.

B. Advisers

Our principal United States legal advisor is Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. located at One Financial Center, Boston, Massachusetts 02111, and our principal Swedish legal advisor is Baker & McKenzie Advokatbyrå KB located at Mäster Samuelsgatan 17, 111 44 Stockholm, Sweden.

C. Auditors

Our consolidated financial statements as of December 31, 2024 and 2025 and for each of the three years ended December 31, 2025, included elsewhere in this registration statement, were audited by Ernst & Young AB, or EY, an independent registered public accounting firm. EY has been our auditor since 2005, and EY's registered address is Box 7850, 103 99 Stockholm, Sweden.

#### ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE
Not applicable.

#### ITEM 3. KEY INFORMATION
A. [Reserved]

B. Capitalization and Indebtedness

The table below sets forth our cash and cash equivalents and shows our capitalization and indebtedness as of March 31, 2026, as derived from our unaudited condensed consolidated financial statements, which are prepared in accordance with IFRS, as issued by the IASB. The information in this table should be read in conjunction with the financial statements and related notes included in this registration statement, and the other information under the heading "Item 5. Operating and Financial Review and Prospects."

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| | |
|:---|:---|
| | **As of March 31, 2026**  |
| | **Actual**  |
| | **SEK**  |
|  | **(in thousands, except share data)**  |
| **Equity:**  |  |
| &nbsp;&nbsp;&nbsp; Share capital (281,525,593 common shares issued, SEK 0.50 quotient value)  | 140763 |
| &nbsp;&nbsp;&nbsp; Other contributed capital (share premium reserve)  | 2879426 |
| &nbsp;&nbsp;&nbsp; Retained earnings (Accumulated losses)  | (2029278) |
| Total equity  | 990911 |
| Total capitalization  | 990911 |

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C. Reasons for the Offer and Use of Proceeds

Not applicable.

D. Risk Factors

 *Our business faces significant risks. You should carefully consider all of the information set forth in this registration statement, including the following risk factors which we face and which are faced by our industry. Our business, financial condition or results of operations could be materially and adversely affected if any of these risks occurs. This registration statement also contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially and adversely from those anticipated in these forward-looking statements as a result of certain factors including the risks described below and elsewhere in this registration statement. See "Special Note Regarding Forward-Looking Statements."* 

#### Risk Factors Summary
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We are substantially dependent on the success of our lead product candidate, buloxibutid. If we are unable to successfully complete clinical development of, obtain regulatory approval for and commercialize buloxibutid or experience significant delays in doing so, our business will be materially harmed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Clinical trials are difficult to design and implement, and they involve a lengthy and expensive process with uncertain outcomes. We may experience delays in completing, or ultimately be unable to complete, the development and commercialization of our current and future product candidates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our product candidates, including buloxibutid, may have serious adverse, undesirable or unacceptable side effects which may delay or prevent marketing approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Safety signals observed in preclinical animal studies may not be predictive of clinical outcomes and could delay or prevent further development of our product candidates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We face significant competition for our drug discovery and development efforts, and if we do not compete effectively, our commercial opportunities will be reduced or eliminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Even if approved, our product candidates may fail to achieve sufficient adoption by physicians, patients, third-party payors and other members of the medical community.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We have never commercialized a product and may lack the necessary experience, infrastructure, and resources necessary to do so successfully.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Recent U.S. executive actions regarding drug pricing, tariffs, and international reference pricing could materially and adversely affect our ability to commercialize our product candidates, if approved, at favorable prices in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We have incurred significant losses since our inception. We expect to incur losses for the foreseeable future and may never achieve or maintain profitability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We may need substantial additional funding in order to fund our operations. Failure to obtain this necessary capital at acceptable terms and when needed may force us to delay, limit or terminate certain or all of our operations and pursuit of our growth strategy.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We rely, and expect to continue to rely, on third parties, including independent clinical investigators and contract research organizations, or CROs, to conduct our clinical trials. If these third parties do not successfully carry out their contractual duties or meet expected deadlines, we may not be able to obtain regulatory approval for or commercialize our product candidates, and our business could be substantially harmed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We rely on patents and other intellectual property rights to protect buloxibutid and our other product candidates, the enforcement, defense and maintenance of which may be challenging and costly. Failure to enforce or protect these rights adequately could harm our ability to compete and impair our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our business depends on retaining our key personnel and recruiting additional qualified personnel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • An active, liquid and orderly market for our ADSs may not develop, or we may in the future fail to satisfy Nasdaq's continued listing requirements and our ADSs may be delisted, and you may not be able to resell your ADSs at your purchase price or at all.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We have identified a material weakness in our internal control over financial reporting. If we are unable to remediate this material weakness, or if we identify additional material weaknesses in the future or otherwise fail to maintain an effective system of internal controls, we may not be able to accurately or timely report our financial condition or results of operations, which may adversely affect investor confidence in us and, as a result, the value of our ADSs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We may be a "passive foreign investment company," or a PFIC, which could result in material adverse U.S. tax consequences if you are a U.S. investor.

#### Risks Related to the Development and Commercialization of Our Product Candidates
 ***We are substantially dependent on the success of our lead product candidate, buloxibutid. If we are unable to successfully complete clinical development of, obtain regulatory approval for and commercialize buloxibutid or experience significant delays in doing so, our business will be materially harmed.***

We currently have no product candidates approved for commercial sale. We currently have one clinical-stage product candidate, buloxibutid, and other early stage angiotensin II type 2 receptor agonists, or ATRAGs. We have not completed the clinical development of buloxibutid or any next-generation ATRAGs, and we cannot guarantee that they will ever become marketable drug products. To date, we have invested a significant majority of our research and development efforts and financial resources in the development of buloxibutid, which is currently in an ongoing Phase 2b clinical trial. Our near-term prospects, including our ability to finance our operations and generate revenue, will depend substantially on the successful development and commercialization of buloxibutid. The clinical and commercial success of buloxibutid will depend on a number of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the timely completion of our planned and ongoing clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to demonstrate buloxibutid's safety and efficacy to the satisfaction of the U.S. Food and Drug Administration, or the FDA, the European Medicines Agency, or the EMA or comparable foreign regulatory authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to comply with any requirements imposed by the FDA, EMA or comparable foreign regulatory authorities to conduct additional clinical trials in connection with approval to market buloxibutid, including any additional testing following any accelerated or conditional approval by such regulatory authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to obtain marketing approvals in the United States and in Europe and maintain such regulatory approvals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to evaluate the clinical benefit of buloxibutid in our ongoing Phase 2b and any subsequent clinical trials of buloxibutid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the prevalence and severity of adverse side effects of buloxibutid;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to successfully commercialize buloxibutid, if approved for marketing and sale by the FDA, EMA or comparable foreign regulatory authorities, whether alone or in collaboration with others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the ability of our third-party manufacturers to produce quantities of buloxibutid using commercially sufficient processes and at a scale sufficient to meet anticipated demand and to develop, validate and maintain a commercially viable manufacturing process that is compliant with current good manufacturing practices, or cGMP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our success in educating physicians and patients about the benefits, administration, and use of buloxibutid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • achieving and maintaining compliance with all regulatory requirements applicable to buloxibutid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • acceptance of buloxibutid as safe and effective by patients and the medical community;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the availability, perceived advantages, relative cost, relative safety and relative efficacy of alternative and competing treatments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to obtain and sustain an adequate level of coverage and reimbursement for buloxibutid by third-party payors and patients' willingness to pay out-of-pocket in the absence of such coverage and adequate reimbursement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the effectiveness of our own or any current or future strategic collaborators' marketing, sales and distribution strategy and operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to obtain, maintain, protect and enforce our intellectual property rights in and to buloxibutid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to avoid and defend against third-party patent interference or patent infringement claims or other intellectual property related claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a continued acceptable safety profile of buloxibutid following approval; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to raise sufficient capital resources to fund the commercialization of buloxibutid, if approved.

Many of these factors are beyond our control. If we are not successful with respect to one or more of these factors in a timely manner or at all, we could experience significant delays or an inability to obtain marketing approval or successfully commercialize buloxibutid, which would materially harm our business. Even if we were to obtain approval, regulatory authorities may approve buloxibutid for more limited indications or patient populations than we request, may impose significant limitations, contraindications, or warnings on the approved labeling, or may require us to conduct costly post-marketing clinical trials or other studies as a condition of approval or continued marketing. In addition, pricing and reimbursement for buloxibutid may be subject to significant limitations imposed by governmental authorities, payors, reimbursement agencies, or pricing authorities, including national health systems and private insurers, and such entities may not approve or may restrict the price, reimbursement level, or coverage conditions for buloxibutid, even after marketing approval is obtained. Any of the foregoing scenarios could materially harm the commercial prospects for buloxibutid. If we are not successful in commercializing buloxibutid, or are significantly delayed in doing so, our business will be materially harmed.

 ***The regulatory approval processes of the FDA, the EMA and comparable foreign regulatory authorities are lengthy, time consuming and inherently unpredictable, and if we are ultimately unable to obtain regulatory approval for buloxibutid or present or future product candidates, our business will be substantially harmed.***

The time required to obtain approval for drug product candidates from the FDA, the EMA and comparable foreign regulatory authorities is unpredictable but typically takes many years following the commencement of clinical trials and depends upon numerous factors, including the substantial discretion of the regulatory authorities. In addition, approval policies, laws or regulations or the type and amount of clinical data necessary to gain approval may change during the course of a product candidate's clinical development and may vary among jurisdictions. We have not obtained regulatory approval for any product candidate in any country, and it is possible that buloxibutid or any of our present or future product candidates will never obtain regulatory approval.

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Any of our product candidates, including buloxibutid, could fail to receive regulatory approval for many reasons, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the data collected from clinical trials of our product candidate may not be sufficient to support the submission of a new drug application, or NDA, to the FDA, a marketing authorization application to the EMA or comparable regulatory submission in other jurisdictions or to obtain regulatory approval in the United States, the European Union or elsewhere;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the scientific advice and regulatory feedback provided by the FDA and EMA, as applicable, during the drug development phase is not legally binding, and the FDA or EMA may depart from such advice and feedback on the basis of justified grounds during assessment of future marketing authorization applications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we may be unable to demonstrate to the satisfaction of the FDA, the EMA or comparable foreign regulatory authorities that a product candidate is safe or effective for its proposed indication;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we may be unable to demonstrate that the product candidate's clinical and other benefits outweigh its safety risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the FDA, the EMA or comparable foreign regulatory authorities may disagree with our interpretation of data from clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the FDA, the EMA or comparable foreign regulatory authorities may find deficiencies with or fail to approve the manufacturing processes or facilities of third-party manufacturers with which we contract for clinical and commercial supplies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the approval policies or regulations of the FDA, the EMA or comparable foreign regulatory authorities or the laws they enforce may significantly.

This lengthy process towards approval as well as the unpredictability of future clinical trial outcomes may result in our failing to obtain regulatory approval to market any of our product candidates, which would significantly harm our business, financial condition and results of operations. The FDA, the EMA and comparable foreign regulatory authorities have substantial discretion in the approval process and determining when or whether regulatory approval will be obtained for any of our product candidates. Even if we believe the data collected from clinical trials of our product candidates are promising, such data may not be sufficient to support approval by the FDA, the EMA or comparable foreign regulatory authorities.

Additionally, disruptions at the FDA and other agencies may also lengthen the time necessary for new drugs to be reviewed or approved by necessary government agencies, which could adversely affect our business. For example, in recent years, including in October 2025, the U.S. government shut down several times and certain regulatory agencies, such as the FDA and the SEC, had to furlough critical employees and curtail or delay certain regulatory review, inspection, and administrative activities. If a prolonged government shutdown or slowdown occurs in the future, it could significantly impact the ability of the FDA to timely review and process our regulatory submissions, which would have a material adverse effect on our business. Additionally, in 2025, the Trump Administration began implementing a large-scale reduction of the federal government workforce as well as major organizational changes and consolidations throughout the executive branch. As part of these efforts, the FDA has experienced significant and rapid fluctuations in leadership and scientific review personnel, which may be key contributing factors in multiple reported delays in agency decision making on marketing applications and agency requests for additional data that are inconsistent with prior regulatory feedback. In addition, reauthorization of the next prescription drug user fee package would need to be finalized by Congress by September 2027 in order to avoid a disruption in FDA's review goals for NDAs and other activities supported by user fees assessed against industry; stakeholder negotiations were recently initiated and are expected to continue throughout 2026.

 ***Clinical trials are difficult to design and implement, and they involve a lengthy and expensive process with uncertain outcomes. We may experience delays in completing, or ultimately be unable to complete, the development and commercialization of our current and future product candidates.***

To obtain the requisite regulatory approvals to commercialize any present or future product candidates, we must demonstrate through extensive clinical trials that our product candidates are safe and effective in

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humans for their intended uses. Clinical testing is expensive and can take many years to complete, and its outcome is inherently uncertain. Successful completion of clinical trials is a prerequisite to submitting a NDA to the FDA, a Marketing Authorization Application, or MAA, to the EMA and similar marketing applications to comparable foreign regulatory authorities for each product candidate and, consequently, the ultimate approval and commercial marketing of any product candidates. Failure can occur at any time during the clinical trial process and our future clinical trial results may not be successful.

Differences in trial design between early-stage clinical trials and later-stage clinical trials make it difficult to extrapolate the results of earlier clinical trials to later clinical trials. For example, the Phase 2a AIR study of buloxibutid in IPF had different inclusion criteria, different allowances for background standard of care therapy, and enrolled in different jurisdictions from the ongoing Phase 2b ASPIRE study of buloxibutid. In addition, the Phase 2 AIR study did not include a placebo control arm. Moreover, clinical data are often susceptible to varying interpretations and analyses, and many companies that have believed their product candidates performed satisfactorily in clinical trials have nonetheless failed to obtain marketing approval of their products.

In addition, we may experience delays in initiating or completing clinical trials due to numerous events during our clinical trials that could delay or prevent our ability to receive a future marketing approval or to commercialize the product candidates we develop, such events including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • delays or failure in reaching agreement with the FDA, the EMA or a comparable foreign regulatory authority on a trial design that we are able to execute;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • delays in or failure to obtain institutional review board, or IRB, or national competent authority approvals including positive ethics committee opinions for each site;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • delays in or failure to recruit or enroll a sufficient number of suitable patients to participate in a trial;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • failure to have patients complete a trial or return for post-treatment follow-up, or unexpected rates of patients withdrawing from a clinical trial;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • clinical sites and investigators deviating from trial protocol or dropping out of a trial;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • quality or operational issues that could limit the interpretability or reliability of results or require remedial actions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • failure to manufacture sufficient quantities of product candidate for use in clinical trials in a timely manner or shipping delays and interruptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • safety or tolerability concerns that could cause us or our collaborators, as applicable, to suspend or terminate a trial if we or our collaborators find that the participants are being exposed to unacceptable health risks, or for regulatory authorities or IRBs to place clinical holds on, suspend, or terminate a trial;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in regulatory requirements, policies and guidelines, including but not limited to those related to the conduct of clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • failure of our third-party research contractors to comply with regulatory requirements or meet their contractual obligations to us in a timely manner, or at all;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • data, including preclinical data, which we have relied on produced previously by third parties turning out to be different than communicated, resulting in repositioning of the compound and the need for conducting additional trials and analysis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • delays in establishing the appropriate dosage levels in clinical trials; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the quality or stability of the product candidate falling below acceptable standards.

We could encounter delays if a clinical trial is suspended or terminated by us, by the IRBs or ethics committees of the institutions in which such trials are being conducted, or by the FDA or other comparable foreign regulatory authorities, or recommended for suspension or termination by the Data Review Committee, or DRC, or Data Safety Monitoring Board, or DSMB, for such trial. We or the applicable authorities may impose such a suspension or termination due to a number of factors, including failure to

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conduct the clinical trial in accordance with regulatory requirements or our clinical protocols, inspection of the clinical trial operations or trial site by the FDA or other comparable foreign regulatory authorities resulting in the imposition of a clinical hold, unforeseen safety issues or adverse side effects, including those relating to the class to which our product candidates belong, failure to demonstrate a benefit from using a product candidate, including if interim or futility analyses indicate insufficient probability of clinical success, changes in governmental regulations or administrative actions or lack of adequate funding to continue the clinical trial.

If we experience delays in the completion of, or if we terminate, any clinical trial of our product candidates, the commercial prospects of our product candidates will be harmed, and our ability to generate product revenues from any of these product candidates will be delayed. In addition, any delays in completing our clinical trials will increase our costs, slow down our product candidate development and approval process and jeopardize our ability to commence product sales and generate revenues. From time to time, we may interact with regulatory agencies with the aim of facilitating the development of our product candidates by achieving alignment on an efficient trial design, a modest number of enrolled patients or a relatively expedient timeline. However, there can be no assurances that such alignment will be reached and, even if achieved, that we will realize the intended benefits from these interactions.

Moreover, if we make changes to our product candidates, we may need to conduct additional studies to bridge our modified product candidates to earlier versions, which could delay our clinical development plan or marketing approval for our product candidates. Significant clinical trial delays could also allow our competitors to bring products to market before we do or shorten any periods during which we have the exclusive right to commercialize our product candidates and impair our ability to commercialize our product candidates.

Any of these occurrences may harm our business, financial condition and results of operations significantly. Many of the factors that cause, or lead to, a delay in the commencement or completion of clinical trials may also ultimately lead to the denial of regulatory approval of our product candidates or result in the cessation of development of our product candidates.

In April 2025, the UK government enacted the Medicines for Human Use (Clinical Trials) (Amendment) Regulations 2025, which are set to come into full force on April 28, 2026. While the new framework aims to streamline approvals through a "notification scheme" for low-risk trials and a codified "combined review" process between the Medicines and Healthcare products Regulatory Agency, or MHRA, and Research Ethics Committees, there is no guarantee that these changes will result in faster approvals for our specific product candidates or that EU regulatory authorities will accept such data generated from trials conducted in the UK. If we are unable to ensure that data generated in the UK meets the evolving and specific requirements of the EMA, we may be forced to conduct additional, redundant clinical trials within the EU, which would significantly increase our development costs and delay the commercialization of our product candidates in the European market.

If we are slow or unable to adapt to changes in existing requirements or the adoption of new requirements or policies governing clinical trials, our development plans may be impacted.

 ***Our clinical trials may fail to adequately demonstrate the safety and efficacy of any of our product candidates, including buloxibutid, which would prevent or delay regulatory approval and commercialization.***

Before obtaining regulatory approvals for the commercial sale of buloxibutid or any other product candidates we may develop, we must demonstrate through lengthy, complex and expensive clinical trials that our product candidates are both safe and effective for use in each target indication. Clinical testing is expensive and can take many years to complete, and its outcome is inherently uncertain. Failure can occur at any time during the clinical trial process, and there is a high risk of failure and we may never succeed in developing marketable products.

Clinical trials that we conduct may not demonstrate the efficacy and safety necessary to obtain regulatory approval to market our product candidates. In some instances, there can be significant variability in safety or efficacy results between different clinical trials of the same product or product candidate due to numerous factors, including changes in trial procedures set forth in protocols, differences in the size and

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type of the patient populations, changes in and adherence to the clinical trial protocols and the rate of dropout among clinical trial participants. If the results of current or future clinical trials are inconclusive with respect to the efficacy of our product candidates, if we do not meet the clinical endpoints with statistical and clinically meaningful significance, or if there are safety concerns associated with our product candidates, we may be delayed in obtaining, or fail to obtain, marketing approval.

Buloxibutid pharmacokinetics has been demonstrated to be influenced by food intake and by some concomitant medications. Regulatory authorities may require us to conduct additional food-effect or drug-drug interaction studies and any such requirements could delay progression into later-stage trials or submission for regulatory approval and increase costs. Furthermore, if buloxibutid ultimately requires fasting administration or includes restrictions on concomitant medications in its labeling, these limitations could reduce patient adherence, constrain real-world use, and adversely impact its commercial competitiveness.

Even if the trials are successfully completed, clinical data are often susceptible to varying interpretations and analyses, and we cannot guarantee that the FDA, the EMA or comparable foreign regulatory authorities will interpret the results as we do, and more trials could be required before we can successfully submit our product candidates for approval. We cannot guarantee that the FDA, the EMA or comparable foreign regulatory authorities will view our product candidates as having efficacy even if positive results are observed in clinical trials. To the extent that the results of the trials are not satisfactory to the FDA, the EMA or comparable foreign regulatory authorities for support of a marketing application, approval of our product candidates may be significantly delayed, or we may be required to expend significant additional resources, which may not be available to us, to conduct additional trials in support of potential approval of our product candidates.

 ***Some of our clinical trials for our product candidates have been conducted outside of the United States, and we may in the future conduct clinical trials for our product candidates outside of the United States, and the FDA, EMA or comparable foreign regulatory authorities may not accept data from such trials.***

Some of our clinical trials for our product candidates have been, and we may in the future choose to conduct one or more clinical trials, outside the United States, including in Europe. For example, the Phase 1 trials and Phase 2a AIR study of buloxibutid in IPF were conducted outside of the United States. The acceptance of trial data from clinical trials conducted outside the United States or another jurisdiction by the FDA, EMA or comparable foreign regulatory authorities may be subject to certain conditions or may not be accepted at all. In cases where data from foreign clinical trials are intended to serve as the basis for marketing approval in the United States, the FDA will generally not approve the application on the basis of foreign data alone unless (i) the data are applicable to the U.S. population and U.S. medical practice; and (ii) the trials were performed by clinical investigators of recognized competence and pursuant to Good Clinical Practice, or GCP, regulations. Additionally, the FDA's clinical trial requirements, including sufficient size of patient populations and statistical powering, must be met. Many foreign regulatory authorities have similar approval requirements. In addition, such foreign trials would be subject to the applicable local laws of the foreign jurisdictions where the trials are conducted. There can be no assurance that the FDA, EMA or any comparable foreign regulatory authority will accept data from trials conducted outside of the United States or the applicable jurisdiction. If the FDA, EMA or any comparable foreign regulatory authority does not accept such data, it would result in the need for additional trials, which would be costly and time-consuming and delay aspects of our business plan, and which may result in product candidates that we may develop not receiving approval for commercialization in the applicable jurisdiction.

 ***The results of early-stage clinical trials of our product candidates may not be predictive of the results of later-stage clinical trials. Initial success in a clinical trial may not be indicative of results obtained when these trials are completed or in later-stage trials.***

Product candidates in later stages of clinical trials, including those with larger numbers of enrolled patients, may fail to show the desired safety and efficacy traits despite having progressed through preclinical studies and initial clinical trials. For example, while our ongoing Phase 2b clinical trial of buloxibutid has a similar trial design as the Phase 2a clinical trial in terms of the endpoints evaluated, the results from the earlier trial may not necessarily be predictive of results that we may observe in the Phase 2b clinical trial. Compared to the Phase 2b trial, the Phase 2a trial was shorter in treatment duration (36 weeks), patients

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were treatment naïve, standard of care treatment was not allowed and it was conducted as an exploratory open-label trial. Open-label clinical trials are subject to various limitations that may exaggerate any therapeutic effect as patients are aware when they are receiving treatment. Open-label clinical trials may be subject to a "patient bias" where patients perceive their symptoms to have improved merely due to their awareness of receiving an experimental treatment. In addition, open-label clinical trials may be subject to an "investigator bias" where those assessing and reviewing the physiological outcomes of the clinical trials are aware of which patients have received treatment and may interpret the information of the treated group more favorably given this knowledge. Furthermore, there can be no assurance that any of our clinical trials will ultimately be successful or support further clinical development of any of our product candidates. There is a high failure rate for drugs proceeding through clinical trials. A number of companies in the pharmaceutical industry have suffered significant setbacks in clinical development even after achieving promising results in earlier preclinical studies and clinical trials, and any such setbacks in our clinical development could have a material adverse effect on our business, financial condition and results of operations.

 ***Interim, topline and preliminary data from our clinical trials that we announce or publish from time to time may be impacted as additional patient data become available and are subject to audit and verification procedures that could result in material changes in the conclusions based on the final analysis of the complete data set.***

From time to time, we may publish interim, topline or preliminary data from our clinical trials. Conclusions or assumptions based on preliminary and interim data from our clinical trials may change as more patient data become available and further analyses are performed. Preliminary or interim data from our clinical trials are not necessarily predictive of final results. Preliminary and interim data are subject to the risk that one or more of the clinical outcomes reported may materially change as patient enrollment continues, more patient data become available, and we issue our final clinical trial report. Interim, topline and preliminary data also remain subject to audit and verification procedures that may result in the final outcomes or conclusions being materially different from those based on the preliminary data we previously published. As a result, preliminary, topline and interim data should be viewed with caution until the final analysis of the complete data set is available. Material adverse changes in the final data compared to the interim data could significantly harm our business prospects.

 ***Our product candidates, including buloxibutid, may have serious adverse, undesirable or unacceptable side effects which may delay or prevent marketing approval. If such side effects are identified during the development of one of our present or future product candidates or following approval we may need to abandon our development of such product candidate, the commercial profile of any approved label may be limited, or we may be subject to other significant negative consequences following marketing approval.***

Undesirable side effects that may be caused by our product candidates, including buloxibutid, could cause us or regulatory authorities to interrupt, delay or halt clinical trials and could result in a more restrictive label or the delay or denial of regulatory approval by the FDA, EMA or comparable foreign regulatory authorities.

Buloxibutid has been generally well tolerated in previous clinical trials — in our Phase 2a AIR clinical trial of buloxibutid, no treatment-related serious adverse events were reported. The most reported adverse events in the Phase 2a AIR trial were gastrointestinal events, respiratory symptoms, and hair loss that were largely mild to moderate in severity. Hair loss occurred in 19% of patients. Nine treatment emergent serious adverse events (SAE) were reported in five patients (9.6%), with six SAEs in two patients having a fatal outcome (COVID-19 in one patient and pneumonitis, type 2 diabetes mellitus, kidney infection, sepsis, cardiac failure in the other patient) and three SAEs in three patients (angina pectoris, squamous cell carcinoma of the oral cavity and exacerbation of IPF). None of these SAEs were considered related to buloxibutid by the investigator. Since the Phase 2a AIR trial was shorter in duration and with a different study design than the Phase 2b trial, the observations may not be replicated and there may be a different occurrence of adverse events in the ongoing or in future clinical trials. The observed hair loss, or other adverse events, may be a factor that presents a risk of withdrawals in ongoing and future clinical trials and may also have a negative impact on the commercial success of the product.

The results of our Phase 2b ASPIRE clinical trial for buloxibutid or any future clinical trials we conduct may show that our product candidates cause undesirable or unacceptable side effects. In such an

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event, our trials could be suspended, varied, or terminated by the FDA, the competent authorities of individual EU Member States, or comparable foreign regulatory authorities could order us to cease further development of or deny approval of our product candidates or require postmarketing labeling changes for any or all targeted indications. The drug-related side effects could affect patient recruitment or the ability of enrolled patients to complete the trial or result in potential product liability claims. Any of these occurrences may harm our business, financial condition and results of operations significantly.

In addition, buloxibutid is metabolized in the body into metabolites that may have different properties than the parent compound. Such metabolites may have unexpected or adverse effects and may not be adequately identified or characterized in preclinical studies. Certain metabolites may be present only in humans or at higher levels in humans than as observed in preclinical animal studies. Regulatory authorities may require additional studies to further evaluate or qualify such metabolites, which could increase development costs, delay clinical development or regulatory approval, or limit or prevent commercialization of our product candidates.

Additionally, if buloxibutid or any other future product candidate receives marketing approval and we or others later identify undesirable or unacceptable side effects caused by such product, a number of potentially significant negative consequences could result, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • regulatory authorities may suspend, limit, or withdraw approvals of such product and require us to take our approved product off the market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • regulatory authorities may require the addition of labeling statements, such as specific warnings or a contraindication, to the drug's prescribing information or may require the issuance of field alerts to physicians and pharmacies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • regulatory authorities may require a medication guide outlining the risks of such side effects for distribution to patients, or that we implement a risk evaluation and mitigation strategy, or REMS, or comparable plan to ensure that the benefits of the product outweigh its risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we may be required to change the way the product is administered or distributed, or conduct additional clinical trials or product surveillance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we may be subject to limitations on how we may promote the product;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • sales of the product may decrease significantly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we may be subject to litigation or product liability claims; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our reputation may suffer.

Any of these events could prevent us, our collaborators or our potential future partners from achieving or maintaining market acceptance of the affected product or could substantially increase commercialization costs and expenses, which in turn could delay or prevent us from generating significant revenue from the sale of our products.

 ***Safety signals observed in preclinical animal studies may not be predictive of clinical outcomes and could delay or prevent further development of our product candidates.***

Preclinical animal studies are inherently limited in their ability to predict the safety profile of a product candidate in humans. From time to time, preclinical studies may identify safety signals, including findings related to target organs, off-target effects, or dose-related toxicities. For example, we observed eye opacity (cataract) in preclinical rat studies with buloxibutid, but not in preclinical studies with dogs or cynomolgus monkeys, and we are monitoring for cataracts in our Phase 2b ASPIRE clinical trial. Although findings such as these or others may ultimately be determined not to be clinically relevant, they could result in delays, additional preclinical or clinical studies, modifications to study design or dosing, clinical holds, or the termination of development of a product candidate. Regulatory authorities may also place significant weight on preclinical safety findings when evaluating clinical trial applications or marketing approval submissions. If preclinical safety signals are identified or interpreted unfavorably, our ability to advance our product candidates, obtain regulatory approvals, or successfully commercialize our products could be materially and adversely affected.

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 ***We may experience difficulty enrolling patients in our clinical trials due to the relatively small patient populations affected by the diseases for which our product candidates are being developed. If we experience delays or difficulties in enrolling patients in our clinical trials, our receipt of necessary marketing approvals could be delayed or prevented.***

We may not be able to initiate or continue clinical trials for our product candidates if we are unable to recruit and enroll a sufficient number of eligible patients to participate in these trials to adequately power such trials and meet regulatory expectations of the FDA, EMA or comparable foreign regulatory authorities. Patient enrollment is a significant factor in the timing of clinical trials. In particular, because buloxibutid is being evaluated in IPF, an orphan indication with a relatively small patient population, our ability to enroll eligible patients may be limited or may result in slower enrollment than we anticipate. Although we have completed patient screening and enrollment for our ASPIRE clinical trial in April 2026, there can be no assurance that we will not experience enrollment challenges in subsequent clinical trials of buloxibutid in IPF. In addition, because we may develop product candidates for diseases with small or narrowly defined patient populations, including orphan indications in the future, we may encounter similar challenges for patient enrollment if and when we commence clinical programs for such product candidates.

Patient enrollment may be affected if our competitors have ongoing clinical trials for product candidates that are under development for the same indications as our product candidates, and patients who would otherwise be eligible for our clinical trial instead enroll in clinical trials of our competitors' product candidates. Patient enrollment may also be affected by other factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • size and nature of the patient population for the targeted product indication;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • severity of the disease under investigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • availability and efficacy of approved drugs for the disease under investigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • patient eligibility and exclusion criteria for the trial in question;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • patients' and clinicians' perceived risks and benefits of the product candidate under study;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • availability of competing clinical trials or competing investigational therapies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • efforts to facilitate timely enrollment in clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • patient referral practices of physicians;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the ability to monitor patients adequately during and after treatment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • proximity and availability of clinical trial sites for prospective patients; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the ability and willingness of clinical trial sites to continue enrolling prospective patients.

Our inability to enroll a sufficient number of patients for our clinical trials may result in significant delays or may require us to pause, modify, delay, or terminate such trial. Even though we were able to enroll the planned number of patients in the Phase 2a AIR and Phase 2b ASPIRE clinical trials, there can be no assurance that we will successfully enroll the necessary number of patients in any future clinical trials we may conduct. Enrollment delays in our clinical trials may result in increased development costs for our product candidates, which would cause the value of our company to decline and limit our ability to obtain additional financing.

#### Changes in methods of product candidate formulation, manufacturing or testing may result in additional costs or delay.
As product candidates proceed through preclinical studies to late-stage clinical trials towards potential approval and commercialization, it is common that various aspects of the development program, such as formulation and manufacturing and testing methods, are altered along the way in an effort to optimize processes and results and comply with regulatory requirements or practices. Formulation changes also carry the risk that they will not achieve these intended objectives. We expect to change the formulation of buloxibutid for use in future clinical trials, and such a change could require additional bridging or bioequivalence studies, result in delays to our development timeline, or require additional regulatory approvals, any of which could increase our costs and delay or prevent the commercialization of buloxibutid.

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Any of these changes could cause our product candidates to perform differently and affect the results of planned clinical trials or other future clinical trials conducted with the materials manufactured using altered processes. Such changes may also require additional testing or notification to or approval by the FDA, the competent authorities of individual EU Member States, or comparable regulatory authorities. This could delay completion of clinical trials, require the conduct of bridging clinical trials or the repetition of one or more clinical trials, increase clinical trial costs, delay approval of our product candidates and jeopardize our ability to commence sales and generate revenue.

 ***Buloxibutid has been granted orphan drug designation in IPF, and we may seek orphan drug designation for our other product candidates or for other indications. We may be unsuccessful or may be unable to maintain the benefits associated with orphan drug designation, including the potential for market exclusivity.***

Buloxibutid has been granted orphan drug designation by the FDA, EMA (referred to as orphan medicinal product designation) and Japan's MHLW for the treatment of IPF. We may seek orphan drug designations for other indications and for future product candidates. There can be no assurance that we will be able to obtain such designations.

Regulatory authorities in some jurisdictions, including the United States and the European Union, may designate drugs for relatively small patient populations as orphan drugs. Under the Orphan Drug Act, the FDA may designate a drug as an orphan drug if it is a drug intended to treat a rare disease or condition, which is generally defined as a patient population of fewer than 200,000 individuals annually in the United States, or a patient population greater than 200,000 in the United States where there is no reasonable expectation that the cost of developing the drug will be recovered from sales in the United States. In the United States, orphan drug designation entitles a party to financial incentives such as opportunities for grant funding towards clinical trial costs, tax advantages and user-fee waivers.

Similarly, in the European Union, the EC grants orphan designation after receiving the opinion of the EMA Committee for Orphan Medicinal Products on an orphan designation application. Regulation (EC) No. 141/2000, as implemented by Regulation (EC) No. 847/2000 provides that a medicinal product can be designated as an orphan medicinal product by the EMA if its sponsor can establish that: (1) the product is intended for the diagnosis, prevention or treatment of life-threatening or chronically debilitating conditions; (2) either (a) such conditions affect not more than 5 in 10,000 persons in the European Union when the application is made, or (b) the product without the benefits derived from orphan status, would not generate sufficient return in the European Union to justify the necessary investment in developing the medicinal product; and (3) there exists no satisfactory authorized method of diagnosis, prevention, or treatment of the condition that has been authorized in the European Union, or even if such method exists, the product will be of significant benefit to those affected by that condition as compared to available treatments. Orphan medicinal product designation entitles an applicant to incentives such as fee reductions or fee waivers, protocol assistance, and access to the centralized marketing authorization procedure. At the time of marketing authorization, sponsors also need to submit an application for maintenance of the orphan designation in order to be eligible for the ten-year market exclusivity incentive.

Generally in the United States and the European Union, if a drug with an orphan drug designation subsequently receives the first marketing approval for the indication for which it has such designation, the drug is entitled to a period of marketing exclusivity, which precludes the FDA or the EMA, as applicable, from approving another marketing application for the same drug substance and indication in the United States or a similar drug for the same indication in the European Union for that time period, except in limited circumstances. The applicable period is seven years in the United States. In the European Union the applicable period is currently ten years, which may be extended by two years for medicinal products in relation to which the marketing authorization holder has complied with a related agreed pediatric investigation plan. No extension to any supplementary protection certificate can be granted on the basis of pediatric studies for orphan indications.

In the European Union, the period of market exclusivity may, however, be reduced to six years if, at the end of the fifth year, it is established that the product no longer meets the criteria on the basis of which it received orphan medicinal product designation, including where it can be demonstrated on the basis of available evidence that the original orphan medicinal product is sufficiently profitable not to justify maintenance of market exclusivity or where the prevalence of the condition has increased above the threshold.

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Additionally, a marketing authorization may be granted to a similar medicinal product with the same orphan indication during the ten-year period if: (i) the holder of the marketing authorization consents to a second original orphan medicinal product application, (ii) if holder of the marketing authorization for the original orphan medicinal product is unable to supply sufficient quantities; or (iii) if the second applicant can establish that its product, although similar, is safer, more effective or otherwise clinically superior to the original orphan medicinal product. Under the proposed EU Pharma Law Package, which has yet to be formally adopted, that exclusivity period would be reduced from ten to nine years, with two additional years granted for breakthrough orphan medicinal products. If such proposal is adopted, it is expected that there will be a transition period.

Orphan drug exclusivity may not effectively protect the product candidate from competition because different therapies can be approved for the same condition and the same therapies can be approved for different conditions but used off-label. Even after an orphan drug is approved, the FDA or comparable foreign regulatory authority can subsequently approve another drug for the same condition if the FDA or comparable foreign regulatory authority concludes that the later drug is clinically superior in that it is shown to be safer, more effective or makes a major contribution to patient care. In addition, a designated orphan drug may not receive orphan drug exclusivity if it is approved for a use that is broader than the indication for which it received orphan designation. Moreover, orphan drug exclusive marketing rights in the United States may be lost if the FDA or comparable foreign regulatory authority later determines that the request for designation was materially defective or if the manufacturer is unable to assure sufficient quantity of the drug to meet the needs of patients with the rare disease or condition.

Orphan drug designation neither shortens the development time or regulatory review time of a drug nor gives the drug any advantage in the regulatory review or approval process. While we may seek orphan drug designation for other indications for our current and any future product candidates, we may never receive such designations. Further, even with respect to the indications for which we have received orphan designation, we may not be the first to obtain marketing approval for any particular orphan indication due to the uncertainties associated with developing pharmaceutical products, and thus, for example, approval of our product candidates could be blocked for seven years if another company obtains approval and orphan drug exclusivity in the United States for the same drug and same condition before we do.

 ***A Fast Track designation by the FDA, even if granted for any of our product candidates, may not lead to a faster development or regulatory review or approval process and does not increase the likelihood that our product candidates will receive marketing approval.***

If a drug is intended for the treatment of a serious or life-threatening condition and the drug demonstrates the potential to address unmet medical needs for this condition, the drug sponsor may apply for FDA Fast Track designation. The FDA has broad discretion whether to grant this designation. Even if we believe a particular product candidate is eligible for this designation, we cannot assure you that the FDA would decide to grant it. Even if we do receive Fast Track Designation for any of our current or future product candidates, we may not experience a faster development process, review or approval compared to conventional FDA procedures. The FDA may withdraw Fast Track Designation if it believes that the designation is no longer supported by data from our clinical development program. Many drugs that have received Fast Track Designation have failed to obtain drug approval. In January 2025, the FDA granted Fast Track designation to buloxibutid for the treatment of IPF.

 ***The target patient population of buloxibutid for the treatment of IPF is small and has not been definitively determined, and if the number of treatable patients for buloxibutid or our present or future product candidates is lower than expected, our potential revenues from sales of our product candidates, if approved, and our ability to achieve profitability would be compromised.***

Our estimates of both the number of patients who have IPF, as well as the subset of patients with this disease in a position to receive buloxibutid, if approved, are based on our beliefs and estimates, and these estimates may prove to be incorrect. These estimates have been derived from a variety of sources, including scientific literature, input from physicians that treat patients with the diseases we are targeting, patient foundations and secondary market research databases. Further, new studies may change the estimated incidence or prevalence of IPF, and any regulatory approvals that we may receive for buloxibutid may include

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limitations for use or contraindications that decrease the addressable patient population. Accordingly, our target patient populations may turn out to be lower than expected, in which case the potential revenues from sales of our product candidates, if approved, would be lower than expected.

 ***Approval via any accelerated means such as accelerated approval by the FDA or conditional approval by the EMA, even if pursued for buloxibutid or our other present or future product candidates, may not lead to a faster development process or regulatory review.***

In certain circumstances, the FDA selectively allows the use of surrogate endpoints to permit a faster development and an accelerated approval path. As a condition of approval, regulatory agencies may impose specific obligations, including to perform adequate and well-controlled post-marketing clinical trials. These confirmatory trials must be completed with due diligence. The additional data generated through other post-marketing clinical trials may not confirm that the benefit-risk balance of buloxibutid or any other future product candidate is positive or the burden to further complete the obligations may become too high. In the EU, for example, any conditional marketing authorization is subject to an annual renewal procedure that assesses the marketing authorization holder's compliance with the specific obligations of the authorization. If we receive accelerated approval from any regulatory authority, any conditions imposed by a regulatory authority would increase costs, and any failure to show clinical benefits could result in our product candidate being removed from the market.

 ***We face significant competition for our drug discovery and development efforts, and if we do not compete effectively, our commercial opportunities will be reduced or eliminated.***

The market for pharmaceutical products is highly competitive. Our competitors include many established pharmaceutical companies, biotechnology companies, universities, and other research or commercial institutions, many of which have substantially greater financial, research and development resources than we do. In our lead indication, IPF, the approved products and therapies in late-stage development are being developed and commercialized by large pharmaceutical companies including Boehringer Ingelheim, United Therapeutics and BMS. Large pharmaceutical companies, in particular, have extensive experience in clinical testing, obtaining regulatory approvals, recruiting patients, commercializing approved therapies, and manufacturing pharmaceutical products. In addition, many of these competitors have established global commercial infrastructures, significant experience launching and marketing products in rare and chronic diseases, and longstanding relationships with payers, health systems, and prescribing physicians, which may provide them with competitive advantages in achieving rapid and broad market adoption. Smaller and early-stage companies may also prove to be significant competitors, particularly through collaborative arrangements with large and established companies. These third parties compete with us in recruiting and retaining qualified scientific and management personnel, establishing clinical trial sites and enrolling patients in clinical trials, as well as in acquiring technologies complementary to, or necessary for, the development of our product candidates. The fields in which we operate are characterized by rapid technological change and innovation. See "Item 4. Information on the Company — B. Business Overview — Competition." We anticipate that we will continue to face intense and increasing competition as new treatments enter the market and advanced technologies become available. There can be no assurance that our competitors are not currently developing, or will not in the future develop, products that are equally or more effective or are more economically attractive than any of our current or future product candidates. Competition may limit our ability to achieve favorable pricing, reimbursement, and market access, and may reduce physician and patient adoption of our product candidates, even if they demonstrate clinical benefit, and may require us to incur increased commercialization and post-approval evidence-generation costs. Competing products may gain faster or greater market acceptance than our products and medical advances or rapid technological development by competitors may result in our product candidates becoming non-competitive or obsolete before we are able to recover our development and commercialization expenses. If our product candidates do not compete effectively, it may have a material adverse effect on our business, financial condition and results of operations.

 ***If we fail to develop and commercialize product candidates in addition to buloxibutid, such as new ATRAGs, we may be unable to grow our business and our ability to achieve our strategic objectives would be impaired.***

Although the development and commercialization of buloxibutid for IPF is currently our primary focus, our longer-term growth strategy depends in part on the successful development of next generation

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ATRAGs for multiple indications. We may also seek to in-license or acquire additional product candidates. These other potential product candidates will require additional, time-consuming development efforts prior to commercial sale, including preclinical studies, clinical trials, and regulatory approvals by the FDA, EMA and/or applicable comparable foreign regulatory authorities. All future potential product candidates are prone to the risks of failure that are inherent in pharmaceutical product development, including the possibility that the product candidate will not be shown to be sufficiently safe or effective to obtain approval by regulatory authorities. Even if approved, we cannot assure that any such product will be manufactured economically, successfully commercialized, widely accepted in the marketplace, or competitive with existing or future therapies. Our growth objectives may depend in part on our ability to identify, negotiate, and consummate in-licensing arrangements or acquisitions. For product candidates acquired from third parties, particularly those for which we do not intend to conduct preclinical or early-stage clinical research internally, we may be dependent on the research, development, and data generated by third parties and have limited control over the quality and outcomes of such efforts. If we are unsuccessful in identifying, developing, and commercializing additional product candidates, our potential for growth and achieving our strategic objectives may be impaired.

 ***We may expend our limited resources to pursue a particular product candidate or indication and fail to capitalize on other opportunities that may be more profitable or for which there is a greater likelihood of success.***

Because we have limited financial and management resources, we must prioritize certain development programs and product candidates over others. We are currently primarily focused on the development of buloxibutid for IPF, and as a result, we may forego or delay pursuit of opportunities with other product candidates or for other indications for buloxibutid that may later prove to have greater commercial potential. Our resource allocation decisions may cause us to miss valuable opportunities, delay development timelines, or fail to advance otherwise viable product candidates. Our spending on current and future development programs and product candidates for specific indications may not yield any commercially viable products.

In addition, our assessments of the commercial potential or target markets for specific product candidates may prove to be inaccurate. If we underestimate the commercial potential or target market for a particular product candidate, we may relinquish valuable rights to that product candidate through collaborations, licensing, or other royalty arrangements in cases in which it would have been more advantageous for us to retain sole development and commercialization rights to such product candidate. Conversely, investments in programs that do not ultimately yield commercially viable products could materially adversely affect our business, financial condition, and results of operations.

#### We may be unable to successfully integrate new product candidates or technologies we may acquire.
We may seek to expand our product pipeline in the future by pursuing acquisition of new development programs, technologies or product candidates. If an acquisition is consummated, the integration of the acquired program, product candidate or other assets or technology into our company may be complex, time-consuming, and costly and may divert management attention from our existing operations. If such program, product candidate and assets are not successfully integrated, we may not achieve the anticipated benefits, cost-savings or growth opportunities. Potential difficulties that may be encountered in the integration process include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • integrating new programs, product candidates or other assets, while maintaining focus on developing and commercializing our existing product candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • distracting employees from ongoing operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • managing inefficiencies associated with integrating the product into our own operations.

Even if successfully integrated, these acquisitions and other arrangements may fail to further our business strategy as anticipated, expose us to increased competition or challenges with respect to our products or geographic markets, and expose us to additional liabilities. Any one of these challenges or risks could impair our ability to realize any benefit from our acquisitions or arrangements after we have expended resources on them.

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 ***Even if buloxibutid or any of our future product candidates receives regulatory approval, it may fail to achieve sufficient market acceptance among physicians, patients, third-party payors and the medical community to be commercially successful.***

To date, we have no products approved for commercial sale in any market. Even if buloxibutid or one or more of our future product candidates are approved for commercialization, it may not achieve an adequate level of acceptance by physicians, patients, third-party payors or the broader medical community. Despite the market analyses and pre-commercial activities that we have undertaken, there can be no assurance that we will be successful in marketing buloxibutid, if approved. In addition, efforts to educate the medical community and third-party payors on the benefits of buloxibutid or our other future product candidates may require significant resources and may not be successful, which would prevent us from generating significant revenues or becoming profitable. We may underestimate the size, cost, or complexity of the commercial infrastructure required to support commercialization, including the number of sales representatives required to market in the U.S. Even if approved, our product candidates may fail to achieve sufficient adoption by physicians, patients, third-party payors and other members of the medical community. Market acceptance will depend on a number of factors, many of which are beyond our control, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the clinical indications and the scope of such indications for which our product candidates are approved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • physicians, hospitals, treatment centers, and patients perceiving our approved product candidates as a safe and effective treatment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the potential and perceived advantages of our approved product over alternative treatments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the prevalence and severity of any side effects observed or perceived;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • limitations, contraindications, or warnings, including boxed warnings if required, contained in the labeling approved by the FDA, the EMA or comparable foreign regulatory authorities or various REMS-related requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the timing of market introduction of any approved products in relation to other potentially competitive products or changes in the standard of care;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the cost of our future approved products in relation to alternative treatments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the amount of upfront costs or training required for healthcare systems to administer our approved products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the availability of coverage and adequate reimbursement from third-party payors and governmental authorities, including patient cost-sharing programs such as copays and deductibles, and the timing of such coverage and reimbursement decisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the willingness of patients to pay out-of-pocket in the absence of comprehensive coverage and reimbursement by third-party payors and governmental authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the relative convenience and ease of administration, including dosing frequency or route of administration, compared to alternative treatments and competitive therapies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changing laws and regulations that may adversely impact any of our pricing, promotion, reimbursement, or distribution efforts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any restrictions on the use of our approved products together with other medications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the success of our physician educations programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the effectiveness of our sales and marketing efforts and distribution support; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the presence or perceived risk of potential product liability claims.

Our efforts to educate physicians, patients, third-party payors and others in the medical community on the benefits of our products, if approved, may require significant resources and may never be successful.

If our product candidates fail to achieve market acceptance, or if market penetration is limited, our ability to generate revenues to achieve profitability would be materially adversely affected.

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 ***The commercial success of our present and future product candidates will depend in part on the extent to which governmental authorities and health insurers establish coverage and adequate reimbursement levels, as well as pricing policies. Failure to obtain or maintain adequate coverage and reimbursement for our product candidates, if approved, could limit our ability to market those products and decrease our ability to generate revenue.***

Coverage and reimbursement by governmental healthcare programs such as Medicare and Medicaid in the United States, comparable foreign programs, private health insurers and other third-party payors are essential for patients to access our products, if approved. Our ability to achieve acceptable levels of coverage and reimbursement for our other products by governmental authorities, private health insurers and other organizations will have an effect on our ability to successfully commercialize and attract additional collaboration partners to invest in the development of our product candidates, if approved. Even if coverage is obtained, reimbursement levels may be inadequate or may require patients to incur out-of-pocket costs that limit utilization. We cannot assure that coverage and reimbursement in the United States, the European Union or elsewhere will be available, maintained or sufficient for any product that we may develop.

Third-party payors increasingly challenge pharmaceutical product pricing, restrict coverage, impose utilization controls, or favor lower-cost alternatives, limiting the patient population that has access to the drugs. It is possible that a third-party payor may consider our product candidates and other therapies as substitutable and only offer to reimburse patients for the less expensive product. Even if our product candidates demonstrate improved efficacy, safety, or convenience of administration, pricing pressure from existing therapies may limit the amount we will be able to charge for our product candidates. Payors may deny, restrict, or revoke reimbursement of a given drug product or establish reimbursement levels that are insufficient to allow us to achieve an appropriate return on our investment. If reimbursement is not available or is available only at limited levels, we may not be able to successfully commercialize our product candidates and may not be able to obtain a satisfactory financial return on products that we may develop.

Governmental authorities and other third-party payors, such as private health insurers and health maintenance organizations, decide which drugs and treatments they will cover and the amount of reimbursement. Coverage and reimbursement by a third-party payor may depend upon a number of factors, including the third-party payor's determination that use of a product is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a covered benefit under its health plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • safe, effective and medically necessary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • appropriate for the specific patient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • cost-effective; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • neither experimental nor investigational.

There is significant uncertainty related to the insurance coverage and reimbursement of newly approved products. In the United States, third-party payors, including private and governmental payors, such as the Medicare and Medicaid programs, play an important role in determining the extent to which new drugs will be covered. The Medicare and Medicaid programs increasingly are used as models for how private payors and other governmental payors develop their coverage and reimbursement policies for drugs. Some third-party payors may require pre-approval or various pre-authorization steps for coverage for new or innovative drug therapies before they will reimburse health care providers who use such therapies. Increasingly, the third-party payors who reimburse patients or healthcare providers, such as government and private insurance plans, are seeking greater upfront discounts, additional rebates and other concessions to reduce the prices for therapeutics. If the price we are able to charge for any therapeutics we develop, the patient population we can successfully address, or the reimbursement provided for such therapeutics, is inadequate in light of our development and other costs, our return on investment could be adversely affected. It is difficult to predict at this time what third-party payors will decide with respect to the coverage and reimbursement for our product candidates.

Obtaining and maintaining reimbursement status is time-consuming and costly. No uniform policy for coverage and reimbursement for drug products exist among third-party payors in the United States. Therefore, coverage and reimbursement for drug products can differ significantly from payor to payor. As a result, the coverage determination process will require us to provide scientific and clinical support for the use of our

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products to each payor separately, with no assurance that coverage and adequate reimbursement will be applied consistently or obtained in the first instance. Coverage policies and third-party payor reimbursement rates may change at any time. Therefore, even if favorable coverage and reimbursement status is attained, less favorable coverage policies and reimbursement rates may be implemented in the future. Furthermore, rules and regulations regarding reimbursement change frequently, in some cases at short notice, and we believe that changes in these rules and regulations are likely.

Outside the United States, pricing and reimbursement are generally subject to extensive governmental controls and cost-containment measures. In many countries, the prices of medical products are subject to varying price control mechanisms as part of national health systems. Other countries allow companies to fix their own prices for medical products but monitor and control company profits. Additional foreign price controls or other changes in pricing regulation could restrict or reduce the amount that we are able to charge for our product candidates in those countries, and could adversely impact what we are able to charge in other markets such as in the U.S. As a result, reimbursement outside the U.S. may be significantly lower and insufficient to generate commercially reasonable revenues.

The delivery of healthcare in the European Union, including the establishment and operation of health services and the pricing and reimbursement of medicines, is almost exclusively a matter for national, rather than EU, law and policy. National governments and health service providers have different priorities and approaches to the delivery of healthcare and the pricing and reimbursement of products in that context. In general, however, the healthcare budgetary constraints in most EU Member States have resulted in restrictions on the pricing and reimbursement of medicines by relevant health service providers. Governments may support small scale pharmacy compounding (preparation of a drug in a pharmacy by a qualified pharmacist for an individual patient) of patented drugs as an alternative for expensive innovative drugs (forming a specific risk for orphan drugs with a small population) and may increasingly consider compulsory licensing of patented drugs to provide alternative options and control pharmaceutical prices. Coupled with EU and national regulatory burdens on those wishing to develop and market products, this could prevent or delay marketing approval of our product candidates, restrict or regulate post-approval activities and/or affect our ability to commercialize any products for which we obtain marketing approval.

Moreover, increasing efforts by governmental and third-party payors in the United States, the European Union and other jurisdictions to cap or reduce healthcare costs may cause such organizations to limit both coverage and the level of reimbursement for newly approved products and, as a result, they may not cover or provide adequate payment for our product candidates. If the product is granted conditional approval, this may have negative implications for securing reimbursement due to the less comprehensive clinical data available and the resulting uncertainty regarding clinical outcomes. We may also experience pricing pressures in connection with the sale of any of our product candidates that receive approval due to the trend toward managed healthcare, the increasing influence of health maintenance organizations and additional legislative changes. The downward pressure on healthcare costs in general, including prescription drugs, has become very intense. As a result, increasingly high barriers are being erected to the entry of new products, and government policies and efforts to contain costs could decrease the price we may receive for our approved products.

In addition, patients' access to employer sponsored insurance coverage may be negatively impacted by economic factors that result in increased rates of unemployment. To the extent patients taking our current or future approved products become unemployed and experience a reduction to, or increased costs associated with, their insurance coverage, demand for our products could decline, which could have a material adverse effect on our sales and profitability, as a result of decreased sales of our products and/or increased provision by us of free product to uninsured or formerly commercially insured patients. The extent and duration of this potential impact on our business is currently unknown.

#### We have never commercialized a product and may lack the necessary experience, infrastructure, and resources necessary to do so successfully.
We do not currently have a sales or marketing organization and have no experience in the sale or marketing of pharmaceutical products. To achieve commercial success for any approved product, we must build or acquire commercial capabilities, outsource these functions to third parties or enter into partnerships, each of which carries significant risk.

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If approved by the FDA, we intend to commercialize buloxibutid for IPF in the United States independently. In Japan, we will rely on our partner, Nippon Shinyaku Co., Ltd., or Nippon Shinyaku or Nippon, to commercialize buloxibutid. In other territories such as Europe, we may commercialize buloxibutid through either a broad regional partnership or on a country-by-country basis. Even if we establish sales and marketing capabilities, we may fail to launch or market our products effectively because we have no experience in the sales and marketing of pharmaceutical products. In addition, recruiting and training a sales force is expensive and time-consuming and has the potential to delay any product launch. In the event that any such launch is delayed or does not occur for any reason, we would have prematurely and unnecessarily incurred these commercialization expenses, and our investment would be lost if we cannot retain or reposition our sales and marketing personnel. Factors that may inhibit our efforts to commercialize our products on our own include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our inability to recruit, train and retain adequate numbers of effective sales and marketing personnel in a timely manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the inability of sales personnel to obtain access to or effectively educate an adequate number of physicians to prescribe our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the lack of complementary products to be offered by sales personnel, which may put us at a competitive disadvantage relative to companies with more extensive product lines or established customer relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • unforeseen costs and expenses associated with developing and scaling an independent sales and marketing organization; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • costs of marketing and promotion above those anticipated by us required to achieve meaningful market penetration.

Collaborative arrangements may place commercialization outside of our control and may result in lower revenues or profitability than if we commercialized our products independently. Such collaborative arrangements would subject us to a number of risks including that our partners may not devote sufficient resources to our products, may experience changes in business strategy, or may fail to perform their obligations. In addition, we may not be successful in entering into arrangements with third parties to sell and market our products or may be unable to do so on terms that are favorable to us.

If we do not establish sales and marketing capabilities successfully, either on our own or in collaboration with third parties, we may not be successful in commercializing our products, which in turn would have a material adverse effect on our business, financial condition and results of operations.

#### Healthcare legislative reform measures may have a negative impact on our business and results of operations.
In the United States and some foreign jurisdictions, there have been, and continue to be, legislative and regulatory changes and proposed changes regarding the healthcare system that could prevent or delay marketing approval of product candidates, restrict or regulate post-approval activities, and affect our ability to profitably sell any product candidates for which we obtain marketing approval. Changes in regulations, statutes or the interpretation of existing regulations could impact our business in the future by requiring, for example: (i) changes to our manufacturing arrangements, (ii) additions or modifications to product labeling, (iii) the recall or discontinuation of our products, (iv) changes to marketing and promotion activity, or (v) additional record-keeping requirements. If any such changes were to be imposed, they could adversely affect our business, financial condition and results of operations.

Among policy makers in the United States and elsewhere, there is significant interest in promoting changes in healthcare systems with the stated goals of containing healthcare costs, improving quality and/or expanding access. In the United States, the pharmaceutical industry has been a particular focus of these efforts and has been significantly affected by major legislative initiatives. For example, in March 2010, the Patient Protection and Affordable Care Act, as amended by the Health Care and Education Reconciliation Act of 2010, or collectively the ACA, was passed, which substantially changed the way healthcare is financed by both the government and private insurers, and significantly impacted the U.S. pharmaceutical industry. The ACA contained a number of provisions, including those governing enrollment in federal healthcare programs, reimbursement adjustments, and changes to fraud and abuse laws. As another example, the

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2021 Consolidated Appropriations Act signed into law in December of 2020 incorporated extensive healthcare provisions and amendments to existing laws, including a requirement that all manufacturers of drugs products covered under Medicare Part B report the product's average sales price to the federal government.

There has been increasing legislative and enforcement interest in the United States with respect to specialty drug pricing practices. Specifically, there have been several recent U.S. Congressional inquiries and proposed federal and state legislation designed to, among other things, bring more transparency to drug pricing, reduce the cost of prescription drugs under Medicare, review the relationship between pricing and manufacturer patient programs, and reform government program reimbursement methodologies for drugs. By way of example, in August 2022, the Inflation Reduction Act of 2022, or IRA, was signed into law. Among other things, the IRA (i) directs the Centers for Medicare & Medicaid Services, or CMS, to negotiate the price of certain high-expenditure, single-source drugs covered under Medicare, and subjects drug manufacturers to civil monetary penalties and a potential excise tax for offering a price that is not equal to or less than the negotiated "maximum fair price" for such drugs under the law, and (ii) imposes rebates with respect to certain drugs covered under Medicare Part B or Medicare Part D to penalize price increases that outpace inflation. The IRA permits CMS to implement many of these provisions through guidance, as opposed to regulation, for the initial years. CMS has begun to implement these new authorities, announcing the first round of negotiated "maximum fair prices" for the first 10 drugs in August 2024, which became effective as of January 1, 2026 (payment year 2026). The second round of negotiated prices for 15 drug products was announced in November 2025, and CMS published the next group of drugs selected for negotiation in January 2026. However, the IRA's impact on the biopharmaceutical industry in the United States remains uncertain, in part because multiple large pharmaceutical companies and other stakeholders (e.g., the U.S. Chamber of Commerce) have initiated federal lawsuits against CMS arguing the program is unconstitutional for a variety of reasons, among other complaints. The outcome of such ongoing lawsuits, as well as potential legislative changes enacted by Congress or programmatic changes implemented at CMS by the Trump Administration, may impact the IRA drug price negotiation program in the future. For that and other reasons, it is currently unclear how the IRA will be effectuated, or the impact of the IRA on our business.

In addition, at the state level, legislatures have increasingly passed legislation and implemented regulations designed to control pharmaceutical product pricing, including price or patient reimbursement constraints, discounts, restrictions on certain product access and marketing cost disclosure and transparency measures, and, in some cases, designed to encourage bulk purchasing and importation from other countries.

We expect that these and other healthcare reform measures that may be adopted in the future may result in more rigorous coverage criteria and in additional downward pressure on the price that we receive for any approved drug, which could have an adverse effect on customers for our product candidates. Any reduction in reimbursement from Medicare or other government programs may result in a similar reduction in payments from private payors. Recent federal policy initiatives, including the Trump Administration's "most favored nation", or MFN, drug pricing framework, could materially impact the pricing and commercialization of pharmaceutical products in the United States. The MFN policy seeks to align U.S. drug prices with the lowest prices paid in certain foreign markets, which could result in lower realized prices for innovative therapies and increased pricing pressure at launch. If implemented or expanded, such policies may limit our ability to establish or maintain premium pricing for our products (if approved), adversely affect revenue projections, and alter launch sequencing or commercialization strategies. In addition, MFN-based pricing may influence global pricing dynamics, as lower prices established outside the United States could be referenced in U.S. reimbursement determinations, potentially reducing overall global revenue. Ongoing uncertainty regarding the scope, enforcement, and legal durability of MFN-related policies, as well as potential compliance and reporting obligations, may further impact pricing flexibility, market access, and the commercial viability of current and future product candidates. In conjunction with the White House's outreach to individual pharmaceutical companies to seek MFN pricing agreements, the CMS Innovation Center has proposed several drug pricing demonstration models — referred to as GLOBE, GUARD, and GENEROUS — that are intended to evaluate whether international reference pricing mechanisms and alternative rebate structures can reduce federal drug spending. The outcomes of these upcoming models may materially affect future U.S. drug pricing, reimbursement levels, and market access for pharmaceutical products, including our product candidates, should they be approved for marketing.

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On April 26, 2023, the European Commission adopted a proposal for a new Directive and Regulation to revise the existing pharmaceutical legislation. In December 2025, political agreement was reached for a revised proposal, following review by the Commission, Parliament and Council. Although the final legal text is not available yet, likely changes to the existing EU laws governing authorization of medicinal products may result in a decrease in data and market exclusivity opportunities for our products in the European Union and make them open to generic or biosimilar competition earlier than is currently the case with a related reduction in reimbursement status. In addition, many EU Member States periodically review their reimbursement procedures for medicinal products, which could have an adverse impact on reimbursement status. We expect that legislators, policymakers and healthcare insurance funds in the EU Member States will continue to propose and implement cost-containing measures, such as lower maximum prices, lower or lack of reimbursement coverage and incentives to use cheaper, usually generic, products as an alternative to branded products, and/or branded products available through parallel import to keep healthcare costs down. Moreover, in order to obtain reimbursement for our products in some European countries, including some EU Member States, we may be required to compile additional data comparing the cost-effectiveness of our products to other available therapies. Health Technology Assessment, or HTA, of medicinal products is becoming an increasingly common part of the pricing and reimbursement procedures in some EU Member States, including those representing the larger markets. The HTA process, which is currently governed by national laws in each EU Member State and the HTA Regulation at EU level as discussed below, is the procedure to assess therapeutic, economic and societal impact of a given medicinal product in the national healthcare systems of the individual country. The outcome of an HTA will often influence the pricing and reimbursement status granted to these medicinal products by the competent authorities of individual EU Member States. The extent to which pricing and reimbursement decisions are influenced by the HTA of the specific medicinal product currently varies between EU Member States.

On January 12, 2025, the Health Technology Assessment Regulation, or HTA Regulation, entered into application across the European Union. The HTA Regulation is designed to strengthen cooperation among EU Member States in assessing health technologies, including new medicinal products, and establishes a framework for joint clinical assessments at the EU level. Now that the HTA Regulation is in effect, clinical benefit assessments of health technologies are harmonized throughout the European Union. If we are unable to maintain favorable pricing and reimbursement status in EU Member States for product candidates that we may successfully develop and for which we may obtain regulatory approval, any anticipated revenue from and growth prospects for those products in the European Union could be negatively affected.

Legislators, policymakers and healthcare insurance funds in the European Union may continue to propose and implement cost-containing measures to keep healthcare costs down. These measures could include limitations on the prices we would be able to charge for product candidates that we may successfully develop and for which we may obtain regulatory approval or the level of reimbursement available for these products from governmental authorities or third-party payors. Further, an increasing number of EU and other foreign countries use prices for medicinal products established in other countries as "reference prices" to help determine the price of the product in their own territory. Consequently, a downward trend in prices of medicinal products in some countries could contribute to similar downward trends elsewhere.

We cannot predict the likelihood, nature or extent of government regulation that may arise from future legislation or administrative action in the United States or any other jurisdiction. There have been, and likely will continue to be, legislative and regulatory proposals at the foreign, federal and state levels directed at broadening the availability of healthcare and containing or lowering the cost of healthcare. The implementation of cost containment measures or other healthcare reforms may prevent us from being able to generate revenue, attain profitability, or commercialize our products. Such reforms could have an adverse effect on anticipated revenue from product candidates that we may successfully develop and for which we may obtain regulatory approval and may affect our overall financial condition and ability to develop product candidates.

 ***Recent U.S. executive actions regarding drug pricing, tariffs, and international reference pricing could materially and adversely affect our ability to commercialize our product candidates, if approved, at favorable prices in the United States.***

The United States represents one of our target markets for buloxibutid, and our ability to achieve commercial success will depend in part on our ability to obtain favorable pricing and reimbursement in the

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United States. Recent executive actions by the current U.S. presidential administration have introduced significant new uncertainty into the pharmaceutical pricing landscape.

In particular, the administration has issued executive orders directing federal agencies to pursue a Most Favored Nation, or MFN, pricing model, under which the prices paid by Medicare for certain prescription drugs would be benchmarked to the lowest or near-lowest prices paid for comparable drugs in other developed countries. If an MFN pricing model is implemented with respect to any of our product candidates that receive regulatory approval, it could significantly reduce the prices we are able to charge in the United States by effectively tying U.S. drug prices to prices established through governmental price controls or negotiations in foreign jurisdictions, including in the European Union, the United Kingdom, Canada and Japan, where drug prices are generally significantly lower than in the United States. Because pricing and reimbursement decisions in many foreign jurisdictions are subject to governmental control and cost-containment measures, an MFN framework could reduce our U.S. revenues to levels that may not adequately support our research and development, commercialization, and other operating costs.

The U.S. tariff landscape with respect to pharmaceutical products is rapidly evolving and subject to significant legal and political uncertainty, and tariffs on imported pharmaceutical products or active pharmaceutical ingredients could be imposed, modified, or invalidated with little notice under a range of statutory authorities. If tariffs are imposed on pharmaceutical products or their components under this or any other authority, they could increase our cost of goods if our CMOs source materials from affected countries or disrupt our supply chain. Because we rely entirely on third-party CMOs for the manufacture of buloxibutid and do not have internal manufacturing capabilities, we may have limited ability to mitigate the impact of tariffs on our manufacturing costs, which could adversely affect our financial condition and results of operations.

In addition, the administration has directed the U.S. Department of Health and Human Services to pursue additional measures to reduce drug costs, including expanding the drug price negotiation program established by the IRA. Under the IRA, the United States Department of Health and Human Services is authorized to negotiate the prices of certain high-expenditure drugs covered under Medicare, and drug manufacturers that fail to offer a price at or below the negotiated "maximum fair price" may be subject to civil monetary penalties and an excise tax. The drug price negotiation program is ongoing and has faced multiple constitutional challenges; while federal courts have largely upheld the program, at least one case challenging the program has been appealed to the U.S. Supreme Court, and litigation is continuing. Negotiated prices for the first cohort of ten Medicare Part D drugs took effect on January 1, 2026, and additional drugs have been selected for subsequent negotiation cycles. While buloxibutid has not been selected for negotiation and, as a small molecule drug candidate currently in Phase 2 development, does not currently meet the eligibility criteria for the negotiation program, any expansion of the program's scope — whether through executive action, administrative rulemaking, or future legislation — could result in buloxibutid or our future product candidates (if approved for marketing) becoming subject to mandatory price negotiations, which could materially reduce the prices we are able to charge for our products in the United States.

The current U.S. policy environment with respect to pharmaceutical pricing is characterized by rapid and frequent changes, and we cannot predict what additional executive orders, regulations, or legislative proposals may be advanced or enacted. The interaction of MFN pricing policies, tariffs, the IRA's drug price negotiation program, and other potential measures creates a complex and evolving risk landscape that could, individually or in the aggregate, materially and adversely affect the pricing, reimbursement, and commercial viability of buloxibutid and our future product candidates in the United States.

 ***Any product candidate that obtains marketing approval will be subject to extensive post-marketing regulatory requirements and could be subject to post-marketing restrictions or withdrawal from the market, and we may be subject to penalties if we fail to comply with regulatory requirements or if we experience unanticipated problems with our products, when and if any of them are approved. Even if we, or any current or future collaborators, obtain regulatory approvals for buloxibutid or any other future product candidate, the terms of approvals and ongoing regulation of our products may limit how we manufacture and market our products, which could impair our ability to generate revenue.***

Once regulatory approval has been granted, an approved product and its manufacturer and marketer are subject to ongoing review and extensive regulation. We, and any current or future collaborators, must

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therefore comply with requirements concerning advertising and promotion for any of our product candidates for which we or they obtain regulatory approval. Promotional communications with respect to prescription drugs are subject to a variety of legal and regulatory restrictions and must be consistent with the information in the product's approved labeling. Thus, we and any future collaborators will not be able to promote any products we develop for indications or uses for which they are not approved.

In addition, manufacturers of approved products and those manufacturers' facilities are required to comply with extensive FDA or EMA requirements, including ensuring that quality control and manufacturing procedures conform to current Good Manufacturing Practices, or cGMPs, which include requirements relating to quality control and quality assurance as well as the corresponding maintenance of records and documentation and reporting requirements. We, our contract manufacturers, any current or future collaborators and their contract manufacturers could be subject to periodic unannounced inspections by the FDA, EMA or other regulatory authorities, to monitor and ensure compliance with cGMPs. Despite our efforts to audit and verify regulatory compliance, one or more of our third-party manufacturing vendors may be found on regulatory inspection by FDA or other authorities to be not in compliance with cGMP regulations, which may result in shutdown of the third-party vendor or invalidation of drug product lots or processes. In some cases, a product recall may be warranted or required, which would materially affect our ability to supply and market our drug products.

The marketing authorization holder is subject to extensive regulations in relation to the safety monitoring of its marketed products, including in the European Union, good vigilance practices, or GVP, as established by the EMA, and in the United States, compliance with FDA pharmacovigilance requirements. Regulatory authorities, including the FDA and EMA, conduct inspections of pharmacovigilance systems to monitor compliance. Non-compliance with applicable pharmacovigilance requirements can result in inspection follow-up, actions on the marketing authorization (such as suspensions or restrictions), as well as administrative penalties and civil or criminal liabilities.

Accordingly, assuming we, or any current or future collaborators, receive regulatory approval for one or more of our product candidates, we, and any current or future collaborators, and our and their contract manufacturers will continue to expend time, money and effort in all areas of regulatory compliance, including manufacturing, production, product surveillance and quality control.

If we, and any current or future collaborators, are not able to comply with post-approval regulatory requirements, we, and any current or future collaborators, could have the regulatory approvals for our products withdrawn by regulatory authorities and our, or any current or future collaborators', ability to market any future products could be limited, which could adversely affect our ability to achieve or sustain profitability. Further, the cost of compliance with post-approval regulations may have a negative effect on our operating results and financial condition. The FDA's or other regulatory authorities' policies may change and additional government regulations may be enacted that could prevent, limit or delay marketing approval of our product candidates. We cannot predict the likelihood, nature or extent of government regulation that may arise from future legislation, policymaking, or administrative action, either in the United States or abroad. If we are slow or unable to adapt to changes in existing requirements or the adoption of new requirements or policies, or if we are not able to maintain regulatory compliance, we may lose any marketing approval that we may have obtained and we may not achieve or sustain profitability.

 ***Obtaining and maintaining marketing approval of our current and future product candidates in one jurisdiction does not mean that we will be successful in obtaining marketing approval of our current and future product candidates in other jurisdictions.***

Obtaining and maintaining marketing approval of our current and future product candidates in one jurisdiction does not guarantee that we will be able to obtain or maintain marketing approval in any other jurisdiction, while a failure or delay in obtaining marketing approval in one jurisdiction may have a negative effect on the marketing approval process in others. For example, even if the FDA grants marketing approval of buloxibutid or any other future product candidate, the EMA and comparable foreign regulatory authorities must also approve the manufacturing, marketing and promotion of the product candidate in those jurisdictions. Approval procedures vary among jurisdictions and can involve requirements and administrative review periods different from, and greater than, those in the United States, including additional preclinical studies or clinical trials as clinical studies conducted in one jurisdiction may not be accepted by regulatory

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authorities in other jurisdictions. In many jurisdictions outside the United States, a product candidate must be approved for reimbursement before it can be approved for sale in that jurisdiction. In some cases, the price that we or our partners may charge for our products is also subject to approval.

 ***We may become exposed to costly and damaging liability claims, either when testing our product candidates in the clinic or at the commercial stage, and our product liability insurance may not cover all damages from such claims.***

We are exposed to potential product liability and professional indemnity risks that are inherent in the research, development, manufacturing, marketing and use of pharmaceutical products. Currently, we have no products that have been approved for commercial sale; however, the current and future use of our existing or future product candidates by us and our collaborators in clinical trials, and the potential sale of any approved products in the future, may expose us to liability claims. These claims might be made by patients who use the product, healthcare providers, pharmaceutical companies, our manufacturers and collaborators or others selling such products. Any claims against us, regardless of their merit, could be difficult and costly to defend and could materially adversely affect the market for our product candidates or any prospects for commercialization of our product candidates. Although the clinical trial process is designed to identify and assess potential side effects, it is always possible that a product, even after regulatory approval, may exhibit unforeseen side effects. If any of our product candidates were to cause adverse side effects during clinical trials or after approval of the product candidate, we may be exposed to substantial liabilities. Physicians and patients may not comply with any warnings that identify known potential adverse effects and patients who should not use our product candidates. Regardless of the merits or eventual outcome, liability claims may result in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • decreased demand for our products due to negative public perception;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • injury to our reputation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • withdrawal of clinical trial participants or difficulties in recruiting new trial participants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • initiation of investigations by regulators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • costs to defend or settle the related litigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a diversion of management's time and our resources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • substantial monetary awards to trial participants or patients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • product recalls, withdrawals or labeling, marketing or promotional restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • loss of revenues from product sales; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the inability to commercialize any of our product candidates, if approved.

Although we believe we maintain adequate product liability insurance for our product candidates, it is possible that our liabilities could exceed our insurance coverage. We intend to expand our insurance coverage, as needed, to include the sale of commercial products if we obtain marketing approval for any of our product candidates. However, we may not be able to maintain insurance coverage at a reasonable cost or obtain insurance coverage that will be adequate to satisfy any liability that may arise. If a successful product liability claim or series of claims is brought against us for uninsured liabilities or in excess of insured liabilities, our assets may not be sufficient to cover such claims, and our business operations could be impaired.

Should any of the events described above occur, this could have a material adverse effect on our business, financial condition and results of operations.

 ***Off-label use or misuse of our products may harm our reputation in the marketplace or result in injuries that lead to costly product liability suits.***

We are developing buloxibutid initially for the treatment of IPF. If buloxibutid is approved by the FDA, EMA or comparable foreign regulatory authorities, we may only promote or market it for its specifically approved indications. We will train our marketing and sales force against promoting buloxibutid

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or any future product candidates for uses outside of the approved indications for use, known as "off-label uses." We cannot, however, prevent a physician from using our products off-label, when in the physician's independent professional medical judgment he or she deems it appropriate. Furthermore, the use of our products for indications other than those approved by the FDA, EMA or comparable foreign regulatory authorities may not effectively treat such conditions, and may increase the adverse events when compared to use for its approved indication. Any such off-label use of buloxibutid or future product candidates could harm our reputation in the marketplace among physicians and patients. There may also be increased risk of injury to patients if physicians attempt to use our products for these uses for which they are not approved, which could lead to product liability suits that that might require significant financial and management resources and that could harm our reputation.

#### EU drug marketing and reimbursement regulations may materially affect our ability to market and receive coverage for our products in EU Member States.
We intend to seek approval to market our product candidates in the United States and the European Union, and may seek approval in other select foreign jurisdictions. If we obtain approval in one or more foreign jurisdictions for our product candidates, we will be subject to rules and regulations in those jurisdictions. In some foreign countries, particularly those in the European Union, the pricing of drugs is subject to governmental control and other market regulations which could put pressure on the pricing and usage of our product candidates. In these countries, pricing negotiations with governmental authorities can take considerable time after obtaining marketing approval of a product candidate. In addition, market acceptance and sales of our product candidates will depend significantly on the availability of adequate coverage and reimbursement from third-party payors for our product candidates and may be affected by existing and future healthcare reform measures.

In addition, in most foreign countries, including the European Economic Area, or EEA, the proposed pricing for a drug must be approved before it may be lawfully marketed. The requirements governing drug pricing and reimbursement vary widely from country to country. For example, the European Union provides options for its member states to restrict the range of medicinal products for which their national health insurance systems provide reimbursement and to control the prices of medicinal products for human use. Reference pricing used by various EU Member States and parallel distribution, or arbitrage between low-priced and high-priced Member States, can further reduce prices. A Member State may approve a specific price for the medicinal product or it may instead adopt a system of direct or indirect controls on the profitability of the company placing the medicinal product on the market. In some countries, we may be required to conduct a clinical trial or other trials that compare the cost-effectiveness of any of our product candidates to other available therapies in order to obtain or maintain reimbursement or pricing approval. There can be no assurance that any country that has price controls or reimbursement limitations for pharmaceutical products will allow favorable reimbursement and pricing arrangements for any of our products. Historically, products launched in the European Union do not follow price structures of the United States and generally prices tend to be significantly lower. Publication of discounts by third-party payors or authorities may lead to further pressure on the prices or reimbursement levels within the country of publication and other countries. If pricing is set at unsatisfactory levels or if reimbursement of our products is unavailable or limited in scope or amount, our potential revenues from sales and the potential profitability of any of our product candidates in those countries would be negatively affected. In addition, recent executive action in the United States proposing a Most Favored Nation pricing model, if implemented, could tie U.S. drug prices to prices in foreign markets, including the European Union. As a result, pricing and reimbursement decisions in EU Member States could have a direct adverse impact on our ability to achieve favorable pricing in the United States, which is expected to be our largest potential market.

#### Risks Related to Our Financial Position and Need for Additional Capital

#### We have incurred significant losses since our inception. We expect to incur losses for the foreseeable future and may never achieve or maintain profitability.
We are a clinical-stage pharmaceutical company with a limited operating history. Since our inception, we have incurred significant operating losses. We incurred total comprehensive losses of SEK 108.4 million, SEK 478.5 million and SEK 168.2 million for the three months ended March 31, 2026 and the years

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ended December 31, 2025 and 2024, respectively. As of March 31, 2026, we had an accumulated loss of SEK 2,029 million. Our losses resulted principally from costs incurred in clinical development of buloxibutid and early-stage discovery and preclinical work for new ATRAGs, and from administrative costs associated with our operations. We expect to continue to incur significant and increasing operating losses for the foreseeable future, and we do not know whether or when we will become profitable. Our losses, among other things, will continue to cause our working capital and shareholders' equity to decrease. We anticipate that our expenses will increase substantially if and as we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • continue to develop and advance buloxibutid through our ongoing Phase 2b clinical trial, known as ASPIRE, and additional clinical trials, for the treatment of IPF;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • initiate and continue clinical development for buloxibutid in IPF and other indications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • initiate and continue conducting discovery and early preclinical research to identify new ATRAGs for multiple indications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • seek regulatory approval for buloxibutid, new ATRAGs, and/or any product candidates that successfully complete clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • establish a sales, marketing and distribution infrastructure and scale-up external manufacturing to commercialize buloxibutid, if approved, and any other present or future product candidates that receive approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • maintain, expand and protect our intellectual property portfolio, including litigation costs associated with defending against alleged patent infringement or invalidity claims and enforcing patents against third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • add clinical, scientific, operational, financial and management information systems and personnel, including personnel to support our product development and potential future commercialization efforts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • acquire any new program or product candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • expand our operations in the United States and Europe;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • incur additional legal, accounting and other expenses associated with operating as a public company in the United States; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • experience any delays or encounter any issues with regards to any of the above, including, but not limited to, failed studies, ambiguous trial results, safety issues or other regulatory challenges, including any unforeseen costs we may incur as a result of clinical trial or supply chain delays or other business interruptions due to health pandemics, geopolitical tensions, or other world events.

To date, we have funded our operations through public and private placements of equity securities, upfront payments, and interest income from the investment of our cash and financial assets.

We do not currently have any approved products and have never generated any revenue from product sales. To become and remain profitable, we must succeed in developing and eventually commercializing buloxibutid and/or other approved products that generate significant revenue. This will require us to be successful in a range of challenging activities, including successfully completing our ongoing Phase 2b clinical trial and following clinical trials of buloxibutid, in-licensing or developing additional product candidates, developing additional indications for buloxibutid, obtaining regulatory and, as applicable, pricing approval for any product candidates that successfully complete clinical trials, establishing marketing capabilities and ultimately selling any products for which we may obtain regulatory approval. We are only in the preliminary stages of many of these activities. We may never succeed in these activities and, even if we do, may never generate revenue that is significant enough to achieve or maintain profitability. Even if buloxibutid or another product candidate that we develop is approved for commercial sale, we anticipate incurring significant costs associated with commercializing any approved product candidate. Our expenses could increase beyond our current expectations if we are required by the FDA, the EMA or comparable foreign regulatory authorities to perform clinical trials or studies in addition to those that we currently anticipate. Even if we are able to generate revenue from the sale of any approved products, we may not become profitable and may need to obtain additional funding to continue operations.

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Even if we achieve profitability, we may not be able to sustain or increase profitability on a quarterly or annual basis. Our failure to become and remain profitable would depress the value of our common shares and ADSs and could impair our ability to raise capital, expand our business, maintain our research and development efforts or continue our operations. A decline in the value of our common shares or ADSs could also cause you to lose all or part of your investment.

 ***We may need substantial additional funding in order to fund our operations. Failure to obtain this necessary capital at acceptable terms and when needed may force us to delay, limit or terminate certain or all of our operations and pursuit of our growth strategy.***

Our operations have consumed substantial amounts of cash since inception. Unless and until we are able to successfully commercialize buloxibutid and achieve significant revenue from sales, we will require substantial additional funding in the future to sufficiently finance our operations and advance the clinical development, seek regulatory approval for and potentially commercialize our other product candidates, or potentially acquire or in-license additional product candidates.

As of March 31, 2026, we had SEK 377.4 million in cash and cash equivalents, and SEK 682.4 million in short-term investments. Accordingly, cash, cash equivalents, and short-term investments totaled SEK 1,059.8 million as of March 31, 2026. Based on our current operating plan, we expect that our existing cash and cash equivalents will enable us to fund the expanded Phase 2b ASPIRE clinical trial through topline data, expected in mid-2027, and to support our anticipated operating expenses — including activities related to Phase 3 readiness — into the second half of 2028. We have based this estimate on assumptions that may prove to be wrong, and we could use our capital resources sooner than we currently expect. Our future capital requirements will depend on many factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the initiation, progress, timing, costs and results of clinical trials for buloxibutid, new ATRAGs and any future product candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the number of potential new product candidates and indications we identify and decide to develop, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the time and costs involved in obtaining regulatory approval for buloxibutid and any of our product candidates that successfully complete clinical development, and any delays we may encounter as a result of evolving regulatory requirements or adverse clinical trial results with respect to any of our product candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the extent to which we develop, in-license or acquire other product candidates and technologies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the costs involved in growing our organization to the size needed to allow for the development and commercialization of buloxibutid or future product candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the costs and timing of preparing, filing and prosecuting patent applications, maintaining and enforcing our intellectual property rights and defending against any invalidity or infringement claims raised by third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the costs related to our obligations under our existing collaboration and licensing agreements and the entry into new collaboration and licensing agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the cost and timing of future pre-commercialization activities and, with respect to any product candidates that receive regulatory approval, post-commercialization activities, and costs involved in the creation of an effective sales and marketing organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the revenue, if any, we may receive either directly from commercial sales or in the form of royalty, upfront or milestone payments from future sales of buloxibutid or future product candidates, if approved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the cost and timing of completion of commercial-scale manufacturing activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the effects of competing technological and market developments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the costs of operating as a public company in both the United States and Sweden.

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Until we can generate sufficient product revenue to finance our cash requirements, which we may never do, we expect to finance our future cash needs through a combination of public or private equity offerings, debt financings, collaborations, strategic alliances, licensing arrangements and other marketing or distribution arrangements.

Our ability to raise additional funds will depend on financial, economic and market conditions and other factors, over which we may have no or limited control. Market volatility resulting from pandemics, global armed conflicts, financial market disruption or other factors could also adversely impact our ability to access capital as necessary. If adequate funds are not available on commercially acceptable terms when needed, we may be forced to delay, reduce or terminate the development or commercialization of all or some of our product candidates or research programs or we may be unable to take advantage of future business opportunities.

 ***Raising additional capital may cause dilution to holders of our common shares or ADSs, restrict our operations or require us to relinquish rights to our technologies or product candidates.***

We do not have any committed external source of funds or other support for our development efforts and we cannot be certain that additional funding will be available on acceptable terms, or at all. Until such time, if ever, as we can generate substantial product revenues, we expect to finance our operations through a combination of public or private equity offerings, debt financings, collaborations, strategic alliances, licensing arrangements and other marketing or distribution arrangements.

If we undertake financing arrangements in the future, the terms of any financing may adversely affect the holdings or the rights of holders of our common shares or ADSs and the issuance of additional securities, whether equity or debt, by us, or the possibility of such issuance, may cause the market price of our common shares or ADSs to decline. The sale of additional equity or convertible securities would dilute all of our existing shareholders and the terms of these securities may include liquidation or other preferences that adversely affect your rights as a holder of ADSs. The incurrence of indebtedness could result in increased fixed payment obligations and we may be required to agree to certain restrictive covenants, such as limitations on our ability to incur additional debt, limitations on our ability to acquire, sell or license intellectual property rights and other operating restrictions that could adversely impact our ability to conduct our business. We could also be required to seek funds through arrangements with collaborators or others at an earlier stage than otherwise would be desirable and we may be required to relinquish rights to some of our technologies or product candidates or otherwise agree to terms unfavorable to us, any of which may have a material adverse effect on our business, financial condition and results of operations. Further, any additional fundraising efforts may divert our management from its day-to-day activities, which may adversely affect our ability to develop and commercialize buloxibutid and our product candidates.

If we are unable to obtain funding on a timely basis, we may be required to significantly curtail, delay or discontinue one or more of our development programs or the commercialization of buloxibutid or any of our product candidates, if approved, or be unable to expand our operations or otherwise capitalize on our business opportunities, as desired, which could materially affect our business, financial condition and results of operations.

 ***Our limited operating history may make it difficult for you to evaluate the success of our business to date and to assess our future viability.***

Since we began operations in 2001, we have invested most of our resources in developing our lead product candidate buloxibutid, our technology, building our intellectual property portfolio, conducting business operations, raising capital and providing administrative support for these operations. Consequently, we have limited operations upon which to evaluate our business, and predictions about our future success or viability may not be as accurate as they could be if we had a longer operating history or a history of successfully developing and commercializing drug products. Investment in pharmaceutical product development is highly speculative because it entails substantial upfront capital expenditures and significant risk that any potential product candidate will fail to demonstrate adequate activity or an acceptable safety profile, gain regulatory approval, secure market access and reimbursement and become commercially viable.

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Buloxibutid is being investigated in an ongoing Phase 2b clinical trial for the treatment of IPF. We have not yet demonstrated an ability to successfully conduct any Phase 3 trials, obtain regulatory approvals, coordinate with our CROs to manufacture a commercial-scale product or conduct sales and marketing activities necessary for successful product commercialization or obtain reimbursement in the countries of sale. In addition, given our limited operating history, we may encounter unforeseen expenses, difficulties, complications, delays and other known and unknown factors in achieving our business objectives. Additionally, we expect our financial condition and operating results to continue to fluctuate significantly from quarter to quarter and year to year due to a variety of factors, many of which are beyond our control.

In addition, we will need to transition at some point from a company with a development focus to a company capable of supporting commercial activities, and we may not be successful in such a transition.

#### Risks Related to Our Dependence on Third Parties
 ***We rely, and expect to continue to rely, on third parties, including independent clinical investigators and contract research organizations, or CROs, to conduct our clinical trials. If these third parties do not successfully carry out their contractual duties or meet expected deadlines, we may not be able to obtain regulatory approval for or commercialize our product candidates, and our business could be substantially harmed.***

We have relied upon, and plan to continue to rely upon third parties, including independent clinical investigators and third-party CROs, to conduct our clinical trials and to monitor and manage data for our clinical programs. We rely on these parties for execution of our clinical trials, and control only certain aspects of their activities. Nevertheless, we are responsible for ensuring that each of our trials is conducted in accordance with the applicable protocol, legal and regulatory requirements and scientific standards, and our reliance on these third parties does not relieve us of our regulatory responsibilities. We and our third-party contractors and CROs are required to comply with GCP requirements, which are regulations and guidelines enforced by the FDA, the EMA and comparable foreign regulatory authorities for all of our products in clinical development. Regulatory authorities enforce these GCPs through periodic inspections of trial sponsors, principal investigators, CROs and trial sites. If we, our investigators or any of our CROs fail to comply with applicable GCPs, the clinical data generated in our clinical trials may be deemed unreliable and the FDA, the EMA or comparable foreign regulatory authorities may require us to perform additional clinical trials before approving our marketing applications. We cannot assure you that upon inspection by a given regulatory authority, such regulatory authority will determine that any of our clinical trials comply with GCP regulations. In addition, our clinical trials must be conducted with product produced under cGMP regulations. Our failure to comply with these regulations may require us to repeat clinical trials, which would delay the regulatory approval process.

Further, these investigators and CROs are not our employees and we will not be able to control, other than by contract, the amount of resources, including time, which they devote to our product candidates and clinical trials. If independent investigators or CROs fail to devote sufficient resources to the development of our product candidates, or if their performance is substandard or not in conformity with our clinical trial protocols or GCP regulations, it may delay or compromise the prospects for approval and commercialization of any product candidates that we develop. In addition, the use of third-party service providers requires us to disclose our proprietary information to these parties, which could increase the risk that this information will be misappropriated.

Our CROs have the right to terminate their agreements with us in the event of an uncured material breach. In addition, some of our CROs have an ability to terminate their respective agreements with us if it can be reasonably demonstrated that the safety of the subjects participating in our clinical trials warrants such termination, if we make a general assignment for the benefit of our creditors or if we are liquidated.

Although we are not currently conducting any clinical trials in Ukraine, the Middle East or any other areas experiencing geopolitical instability, the Russia-Ukraine military conflict, the conflict in Iran and the Middle East and other geopolitical conflicts could cause disruption in the region which could affect our CRO's operations, which in turn could impact our own clinical trials.

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investigators terminate, we may not be able to enter into arrangements with alternative CROs or investigators or to do so on commercially reasonable terms. If CROs or clinical investigators do not successfully carry out their contractual duties or obligations or meet expected deadlines, if they cannot perform their contractual duties or obligations due to the impacts of geopolitical tensions on their operations or at the sites they are overseeing, if they need to be replaced or if the quality or accuracy of the clinical data they obtain is compromised due to the failure to adhere to our clinical protocols, regulatory requirements or for other reasons, our clinical trials may be extended, delayed or terminated and we may not be able to obtain regulatory approval for or successfully commercialize our product candidates. As a result, our results of operations and the commercial prospects for our product candidates would be harmed, our costs could increase and our ability to generate revenues could be delayed.

Switching or adding additional CROs or investigators involves additional cost and requires management time and focus. In addition, there is a natural transition period when a new CRO commences work. As a result, delays occur, which can materially impact our ability to meet our desired clinical development timelines. Though we carefully manage our relationships with our CROs, there can be no assurance that we will not encounter similar challenges or delays in the future or that these delays or challenges will not have a material adverse impact on our business, financial condition and results of operations.

 ***We rely on third parties to manufacture buloxibutid, and we expect to continue to rely on third parties for the clinical and commercial supply of buloxibutid and other future product candidates. The development of buloxibutid or such other product candidates, and the commercialization of any approved products, could be stopped, delayed or made less profitable if any such third party fails to provide us with sufficient clinical or commercial quantities of such product candidates or products, fails to do so at acceptable quality levels or prices or fails to achieve or maintain satisfactory regulatory compliance.***

We do not currently have, and we do not plan to build, the infrastructure or capability internally to manufacture buloxibutid or any other product candidate for use in the conduct of our clinical trials or, if approved, for commercial supply. We rely on, and expect to continue to rely on, contract manufacturing organizations, or CMOs for the manufacture of our product candidates. Reliance on third-party providers may expose us to more risk than if we were to manufacture our product candidates ourselves, including contract and pricing terms that may not be acceptable. We do not control the manufacturing processes of the CMOs we contract with and are dependent on those third parties for the production of our product candidates in accordance with relevant regulations such as cGMP, which includes, among other things, quality control, quality assurance and the maintenance of records and documentation.

If we were to experience an unexpected loss of supply of or if any supplier were unable to meet our non-clinical, clinical or commercial demand for any of our product candidates, we could experience delays or disruptions in our planned non-clinical studies, clinical studies or commercialization. Furthermore, we rely on single-source suppliers for both our drug substance and drug product of buloxibutid at this time. We could be unable to find alternative suppliers of acceptable quality that can produce appropriate volumes at an acceptable cost. Securing alternative sources may require additional qualification, method transfer, specification changes, bridging/comparability work, and regulatory amendments, leading to increased costs, or supply interruptions. Moreover, our suppliers are often subject to strict manufacturing requirements and rigorous testing requirements, which could limit or delay production. The long transition periods necessary to switch manufacturers and suppliers, if necessary, would significantly delay our clinical studies and the commercialization of our products, if approved, which would materially adversely affect our business, financial condition and results of operations.

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In complying with the manufacturing regulations of the FDA, the EMA and comparable foreign regulatory authorities, we and our third-party suppliers must spend significant time, money and effort in the areas of design and development, testing, production, record-keeping and quality control to assure that the products meet applicable specifications and other regulatory requirements. The failure to comply with these requirements could result in an enforcement action against us, including the seizure of products and shutting down of production. We and any of these third-party suppliers may also be subject to audits by the FDA, the EMA or comparable foreign regulatory authorities. If any of our third-party suppliers fails to comply with cGMP or other applicable manufacturing regulations, our ability to develop and commercialize our product candidates could suffer significant interruptions. We face risks inherent in relying on a single CMO, as a termination or suspension of our agreement with such CMO or any disruption, such as a fire, natural hazards, pandemic, epidemic, or outbreak of an infectious disease or vandalism at the CMO could significantly interrupt our manufacturing capability. We currently do not have alternative production plans in place or disaster-recovery facilities available. In case of a disruption, we will have to establish alternative manufacturing sources. This would require substantial capital on our part, which we may not be able to obtain on commercially acceptable terms or at all. Additionally, we would likely experience significant manufacturing delays as we build or locate replacement facilities and seek and obtain necessary regulatory approvals. If this occurs, we will be unable to satisfy manufacturing needs on a timely basis, if at all. Also, operating any new facilities may be more expensive than operating our current facility. Further, business interruption insurance may not adequately compensate us for any losses that may occur, and we would have to bear the additional cost of any disruption. For these reasons, a significant disruptive event of the manufacturing facility could have drastic consequences, including placing our financial stability at risk.

Although our CMOs are not based in Ukraine or the Middle East, ongoing global conflicts, including the war between Russia and Ukraine and the conflict in the Middle East involving Iran and related regional instability, have potential risks, including supply chain disruptions, increased cost and broader macroeconomic uncertainty, that could impact our business and operations. Escalation of any of these conflicts could further disrupt global supply chains, affect the operations of our third-party service providers and create additional uncertainty in the global economy.

 ***We have not yet manufactured on a commercial scale and expect to rely on third parties to produce and process commercial quantities of buloxibutid or future product candidates, if approved.***

We expect to continue to rely on third-party manufacturers if we receive regulatory approval for buloxibutid or future product candidates. We have not yet entered into any arrangement with a third party for the supply of commercial quantities of buloxibutid. To the extent that we enter into future manufacturing arrangements with third parties for commercial supply of buloxibutid or future product candidates, if approved, we will depend on these third parties to perform their obligations in a timely manner consistent with contractual and regulatory requirements, including those related to quality control and assurance.

The facilities used by our contract manufacturers to manufacture our product candidates must be approved by the FDA, EMA or comparable foreign regulatory authorities following inspections that will be conducted after we submit a marketing application to such regulatory authorities. We do not directly control the manufacturing process of, and will be completely dependent on, our contract manufacturing partners for compliance with cGMP requirements for the manufacture of our product candidates. If our contract manufacturers cannot successfully manufacture material that conforms to our specifications and the strict regulatory requirements of the FDA, EMA or comparable foreign regulatory authorities, they will not be able to secure and/or maintain regulatory approval for their manufacturing facilities for buloxibutid. In addition, we have no direct control over the ability of our contract manufacturers to maintain adequate quality control, quality assurance and qualified personnel. If the FDA, EMA or a comparable foreign regulatory authority does not approve these facilities for the manufacture of our product candidates or if it withdraws any approval in the future, we may need to find alternative manufacturing facilities, which would significantly impact our ability to develop, obtain regulatory approval for or market our product candidates, if approved.

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 ***We may collaborate with third parties for the commercialization of buloxibutid or our other existing or future product candidates, if approved, in select jurisdictions. If we are unable to establish such collaborations, we may not be successful in our commercialization efforts.***

In order to market and successfully commercialize any product candidate we develop, if approved, we must build our sales and marketing capabilities or enter into collaborations with third parties for these services. We currently have no sales, marketing or distribution capabilities and as a company have no experience in marketing products. If approved by the FDA, we intend to commercialize buloxibutid for IPF in the United States independently. In other territories, including Europe, we may commercialize buloxibutid through a broad regional partnership. For example, in February 2024, we entered into an agreement with Nippon Shinyaku pursuant to which we granted Nippon an exclusive license to develop and commercialize buloxibutid in Japan.

To the extent that we depend on collaborators for sales and marketing activities, any revenues we receive will depend upon the success of those collaborators' sales and marketing teams and the collaborators' prioritization of our product and compliance with applicable regulatory requirements, and there can be no assurance that the collaborators' efforts will be successful.

If we are unable to enter into a collaboration for the commercialization of product candidates we develop, if approved, we may be forced to delay the commercialization of our product candidates or reduce the scope of our sales or marketing activities in such jurisdictions, which would have an adverse effect on our business, operating results and prospects.

 ***If our third-party providers, including our CMOs and CROs, fail to comply with environmental, health and safety laws and regulations, we could become subject to fines or penalties or incur costs that could harm our business.***

Our third-party manufacturers are subject to numerous environmental, health and safety laws and regulations, including those governing the handling, use, storage, treatment and disposal of hazardous materials and wastes. Although we believe that the safety procedures utilized by our third-party manufacturers for handling and disposing of these materials generally comply with the standards prescribed by these laws and regulations, we cannot guarantee that this is the case or eliminate the risk of accidental contamination or injury from these materials. In such an event, we may be held liable for any resulting damages and such liability could exceed our resources and state or federal or other applicable authorities may curtail our use of certain materials and/or interrupt our business operations.

Furthermore, environmental laws and regulations are complex, change frequently and have tended to become more stringent. We cannot predict the impact of such changes and cannot be certain of our future compliance. In addition, we may incur substantial costs in order to comply with current or future environmental, health and safety laws and regulations. These current or future laws and regulations may impair our development or production efforts. Failure to comply with these laws and regulations also may result in substantial fines, penalties or other sanctions.

Although we maintain workers' compensation insurance to cover us for costs and expenses we may incur due to injuries resulting from the use of hazardous materials or other work-related injuries, this insurance may not provide adequate coverage against potential liabilities. We do not carry specific biological waste or hazardous waste insurance coverage, workers compensation or property and casualty and general liability insurance policies that include coverage for damages and fines arising from biological or hazardous waste exposure or contamination.

#### Risks Related to Intellectual Property
 ***We rely on patents and other intellectual property rights to protect buloxibutid and our other product candidates, the enforcement, defense and maintenance of which may be challenging and costly. Failure to enforce or protect these rights adequately could harm our ability to compete and impair our business.***

Our commercial success depends in part on obtaining and maintaining patents and other forms of intellectual property rights for buloxibutid and our other product candidates, methods used to manufacture

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those products and the methods for treating patients using those products, or on licensing in such rights. Patent law relating to the scope of claims in the fields in which we operate is complex and uncertain, and we cannot make any assurances that we will be able to obtain or maintain patent or other intellectual property rights, or that the patent and other intellectual property rights we may obtain will be valuable, provide an effective barrier to competitors or otherwise provide competitive advantages. For example, although we own a patent family relating to a formulation of buloxibutid, with patents in the U.S., EU and Japan, which expires in 2041, subject to any adjustments or extensions permitted in the applicable jurisdiction, such rights may not provide adequate protection against competitors and may not protect our current or any future formulations of buloxibutid. Furthermore, we have a patent family directed to a method of administration in IPF, with patents granted in the U.S. that expire in 2042, subject to patent term extensions and adjustments, and applications pending in the U.S., EU and other jurisdictions; such rights may not provide adequate protection against competitors or protect the indication approved for the label by a regulatory authority. Moreover, our composition of matter patent for buloxibutid expired in 2024. Failure to protect or to obtain, maintain or extend adequate patent and other intellectual property rights could materially adversely affect our ability to develop and market our products and product candidates. Patent applications cannot be enforced against third parties practicing the technology claimed in such applications unless and until a patent issues from such applications, and then only to the extent the issued claims cover the technology at issue. We cannot be certain that patents will be issued or granted with respect to future patent applications, or that issued or granted patents will not later be found to be invalid or unenforceable, or that they will provide effective commercial protection to our products. The patent position of pharmaceutical companies is generally uncertain because it involves complex legal and factual considerations.

The standards applied by the USPTO, EPO and foreign patent offices in granting patents are not always applied uniformly or predictably. For example, there is no uniform worldwide policy regarding patentable subject matter or the scope of claims allowable in pharmaceutical patents. Consequently, patents may not issue from future patent applications and the claim scope achieved may vary across territories.

The patent prosecution process is expensive and time-consuming, and we and our future licensors, licensees or collaboration partners may not be able to prepare, file and prosecute all necessary or desirable patent applications at a reasonable cost or in a timely manner. It is also possible that we or our future licensors, licensees or collaboration partners will fail to identify patentable aspects of inventions made in the course of development and commercialization activities before it is too late to obtain patent protection on them. Further, the issuance, scope, validity, enforceability and commercial value of our and our current or future licensors', licensees' or collaboration partners' patent rights are highly uncertain. Our future patent applications may not result in patents being issued which protect our technology or products, in whole or in part, or which effectively prevent others from commercializing competitive technologies and products. Moreover, in some circumstances, we may not have the right to control the preparation, filing and prosecution of patent applications, or to maintain the patents, covering technology that we license from or license to third parties and are reliant on our licensors, licensees or collaboration partners. Therefore, these patents and applications may not be prosecuted and enforced in a manner consistent with the best interests of our business. If our current or future licensors, licensees or collaboration partners fail to establish, maintain or protect such patents and other intellectual property rights, such rights may be reduced or eliminated. If our licensors, licensees or collaboration partners are not fully cooperative or disagree with us as to the prosecution, maintenance or enforcement of any patent rights, such patent rights could be compromised. The patent examination process may require us or our licensors, licensees or collaboration partners to narrow the scope of the claims of our or our licensors', licensees' or collaboration partners' future patent applications, which may limit the scope of patent protection that may be obtained. We cannot assure you that all of the potentially relevant prior art relating to our patents and patent applications has been found. If such prior art exists, it can invalidate a patent or prevent a patent from issuing from a pending patent application.

Even if patents do successfully issue, third parties may initiate an opposition, interference, re-examination, post-grant review, inter partes review, nullification or derivation action in court or before patent offices, or similar proceedings challenging the validity, enforceability or scope of such patents, which may result in the patent claims being narrowed or invalidated. For example, opposition proceedings at the EPO are increasingly common and are costly and time consuming to defend. Furthermore, it is possible that we will need to defend other patents outside the EPO from challenges by others from time to time. It is

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possible that one or more of our U.S. patents may be challenged by parties who file a request for post-grant review or inter partes review or ex parte reexamination.

Our patent rights may not be sufficient to provide us with a proprietary position in or competitive advantages in respect of our product candidates, including any finally approved label we receive by a regulatory agency for a disease indication. We have been, and may in the future become, involved in post-grant proceedings in the United States which are increasingly common and are costly to defend or prosecute. We may seek to modify or supplement relevant patent claims through reissuance proceedings, for example to submit prior art references not submitted during the prosecution of the United States patent or to pursue additional claims within the scope of the originally issued claims but more tailored to our product candidates, in the course of which their patentability would be re-assessed, the legal scope of our patent protection may be limited or our application for a reissued patent may be refused. There can be no assurance that any or all of the originally issued claims will be reissued or that any or all of the additional claims that may be included in a petition will be granted in any such proceeding. In addition, we will be unable to enforce any such U.S. patent unless and until it is reissued. There can be no assurance that any such reissued U.S. patent will not be challenged, invalidated or circumvented. Furthermore, even if the outcome of any reissuance proceeding is favorable to us, the enforcement of our intellectual property rights can be extremely expensive and time consuming.

Because patent applications are confidential for a period of time after filing, and some remain so until issued, we cannot be certain that we or our licensors were the first to file any patent application related to a product candidate. Furthermore, if third parties have filed such patent applications on or before March 15, 2013, an interference proceeding can be initiated by such third parties at the USPTO to determine who was the first to invent any of the subject matter covered by the patent claims of our applications. If third parties have filed such applications after March 15, 2013, a derivation proceeding can be initiated by such third parties to determine whether our invention was derived from theirs. Even where we have a valid and enforceable patent, we may not be able to exclude others from practicing our invention where the other party can show that they used the invention in commerce before our filing date or the other party benefits from a compulsory license.

#### Issued patents covering buloxibutid or our future product candidates could be found invalid or unenforceable if challenged in court.
To protect our competitive position, we may from time to time need to resort to litigation in order to enforce or defend any patents or other intellectual property rights owned by or licensed to us, or to determine or challenge the scope or validity of patents or other intellectual property rights of third parties. Enforcement of intellectual property rights is difficult, unpredictable and expensive, and many of our or our licensors' or collaboration partners' adversaries in these proceedings may have the ability to dedicate substantially greater resources to prosecuting these legal actions than we or our licensors or collaboration partners can. Accordingly, despite our or our licensors' or collaboration partners' efforts, we or our licensors or collaboration partners may not have sufficient resources or ability to prevent third parties from infringing upon or misappropriating intellectual property rights we own or control, particularly in countries where the laws may not protect those rights as fully as in the United States and Europe. We may fail in enforcing our rights, in which case our competitors may be permitted to use our technology without being required to pay us any license fees. In addition, litigation involving our patents carries the risk that one or more of our patents will be held invalid (in whole or in part, on a claim-by-claim basis) or held unenforceable. Such an adverse court ruling could allow third parties to commercialize our product candidates, and then compete directly with us, without payment to us.

If we were to initiate legal proceedings against a third party who we considered to be infringing a patent covering one of our products, the defendant could counterclaim that our patent is invalid or unenforceable. In patent litigation in the United States or in Europe, defendant counterclaims alleging invalidity or unenforceability are commonplace. A claim for a validity challenge may be based on failure to meet any of several statutory requirements, for example, lack of novelty, obviousness or non-enablement. A claim for unenforceability assertion could be an allegation that someone connected with prosecution of the patent withheld relevant information from the USPTO or the EPO or made a misleading statement, during prosecution. The outcome following legal assertions of invalidity and unenforceability during patent

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litigation is unpredictable. With respect to the validity question, for example, we cannot be certain that there is no invalidating prior art, of which we and the patent examiner were unaware during prosecution. If a defendant were to prevail on a legal assertion of invalidity or unenforceability, we would lose at least part, and perhaps all, of the patent protection on one or more of our product candidates. Such a loss of patent protection could have a material adverse impact on our business. Further, litigation could result in substantial costs and diversion of management resources, regardless of the outcome, and this could harm our business and financial results. Patents and other intellectual property rights also will not protect our technology if competitors design around our protected technology without infringing our patents or other intellectual property rights.

If buloxibutid is approved by the FDA for any indication, one or more third parties may challenge the patents covering buloxibutid with respect to such indication, which could result in the invalidation of, or render unenforceable, some or all of the relevant patent claims or a finding of non-infringement. For example, if a third party files an Abbreviated New Drug Application, or ANDA, for a generic drug bioequivalent to buloxibutid, and relies in whole or in part on studies conducted by or for us, the third party will be required to certify to the FDA that either: (1) there is no patent information listed in the FDA's Orange Book with respect to our NDA for the applicable approved drug candidate; (2) the patents listed in the Orange Book have expired; (3) the listed patents have not expired, but will expire on a particular date and approval is sought after patent expiration; or (4) the listed patents are invalid or will not be infringed by the manufacture, use or sale of the third party's generic drug. Alternatively, a third party that files an ANDA for a generic drug bioequivalent to buloxibutid may elect to submit a "section viii" statement certifying that our proposed label does not contain (or carves out) any language regarding the patented method of use rather than certify to a listed method of use patent. This section viii statement does not require notice to the patent holder or NDA owner. A certification that the new drug will not infringe the Orange Book-listed patents for the applicable approved drug candidate, or that such patents are invalid, is called a Paragraph IV certification. If the third party submits a Paragraph IV certification to the FDA, a notice of the Paragraph IV certification must also be sent to us once the third party's ANDA is accepted for filing by the FDA. We may then initiate a lawsuit to defend the patents identified in the notice. The filing of a patent infringement lawsuit within 45 days of receipt of the notice automatically prevents the FDA from approving the third party's ANDA until the earliest of 30 months or the date on which the patent expires, the lawsuit is settled, or the court reaches a decision in the infringement lawsuit in favor of the third party. If we do not file a patent infringement lawsuit within the required 45-day period, the third party's ANDA will not be subject to the 30-month stay of FDA approval. Litigation or other proceedings to enforce or defend intellectual property rights are often very complex in nature, may be very expensive and time-consuming, may divert our management's attention from our core business, and may result in unfavorable results that could limit our ability to prevent third parties from competing with our product candidates.

 ***If we are sued for infringing intellectual property rights of third parties, such litigation could be costly and time consuming and could prevent or delay us from developing or commercializing our product candidates.***

Our commercial success depends, in part, on our ability to develop, manufacture, market and sell buloxibutid and our other present and potential future product candidates without being sued for infringement of the intellectual property and other proprietary rights of third parties. However, our development and commercialization activities may be subject to claims that we infringe or otherwise violate patents or other intellectual property rights owned or controlled by third parties. Third parties may have U.S. and non-U.S. issued patents and pending patent applications relating to compounds, methods of manufacturing compounds and/or methods of use for the treatment of the disease indications for which we are developing our product candidates. If any third-party patents or patent applications are found to cover our product candidates or their methods of use or manufacture, we may not be free to manufacture or market our product candidates as planned without obtaining a license, which may not be available on commercially reasonable terms, or at all.

There is a substantial amount of intellectual property litigation in the biotechnology and pharmaceutical industries, and we may become party to, or threatened with, litigation or other adversarial proceedings regarding intellectual property rights with respect to our products candidates, including patent infringement lawsuits in Europe, United States or abroad, as well as interference, derivation, inter partes review, and post-grant proceedings before the EPO or USPTO and opposition or other proceedings before foreign patent

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offices. There may be third-party patents or patent applications with claims to materials, formulations, methods of manufacture or methods for treatment related to the composition, use or manufacture of our product candidates. We cannot guarantee that any of our patent searches or analyses including, but not limited to, the identification of relevant patents, the scope of patent claims or the expiration of relevant patents are complete or thorough, nor can we be certain that we have identified each and every patent and pending application in the United States, Europe and other jurisdictions that is relevant to or necessary for the commercialization of our product candidates in any jurisdiction. Because patent applications can take many years to issue, there may be currently pending patent applications which may later result in issued patents that our product candidates may be accused of infringing. In addition, third parties may obtain patents in the future and claim that use of our technologies infringes upon these patents. Accordingly, third parties may assert infringement claims against us based on intellectual property rights that exist now or arise in the future. The outcome of intellectual property litigation is subject to uncertainties that cannot be adequately quantified in advance. The pharmaceutical and biotechnology industries have produced a significant number of patents, and it may not always be clear to industry participants, including us, which patents cover various types of products or methods of use or manufacture. The scope of protection afforded by a patent is subject to interpretation by the courts, and the interpretation is not always uniform. If we were sued for patent infringement, we would need to demonstrate that our product candidates, products or methods either do not infringe the patent claims of the relevant patent or that the patent claims are invalid or unenforceable, and we may not be able to do this. Proving invalidity is difficult. For example, in the United States, proving invalidity requires a showing of clear and convincing evidence to overcome the presumption of validity enjoyed by issued patents. Even if we are successful in these proceedings, we may incur substantial costs and the time and attention of our management and scientific personnel could be diverted in pursuing these proceedings, which could significantly harm our business and operating results. In addition, parties making claims against us may be able to sustain the costs of complex patent litigation more effectively than we can because they have substantially greater resources, and we may not have sufficient resources to bring these actions to a successful conclusion.

If we are found to infringe a third party's intellectual property rights, we could be forced, including by court order, to cease developing, manufacturing or commercializing the infringing product candidate or product. Alternatively, we may be required to obtain a license from such third party in order to use the infringing technology and continue developing, manufacturing or marketing the infringing product candidate or product. If we were required to obtain a license to continue to manufacture or market the affected product, we may be required to pay substantial royalties or grant cross-licenses to our patents. We cannot, however, be certain that any such license will be available on acceptable terms, if at all. Ultimately, we could be prevented from commercializing a product, or be forced to cease some aspect of our business operations as a result of claims of patent infringement or violation of other intellectual property rights. Further, the outcome of intellectual property litigation is subject to uncertainties that cannot be adequately quantified in advance, including the demeanor and credibility of witnesses and the identity of any adverse party. This is especially true in intellectual property cases that may turn on the testimony of experts as to technical facts upon which experts may reasonably disagree. Furthermore, we may not be able to obtain any required license on commercially reasonable terms or at all. Even if we were able to obtain a license, it could be non-exclusive, thereby giving our competitors access to the same technologies licensed to us; alternatively or additionally it could include terms that impede or destroy our ability to compete successfully in the commercial marketplace. In addition, we could be found liable for monetary damages, including treble damages and attorneys' fees if we are found to have willfully infringed a patent. A finding of infringement could prevent us from commercializing our product candidates or force us to cease some of our business operations, which could harm our business. Claims that we have misappropriated the confidential information or trade secrets of third parties could have a similar negative impact on our business. Furthermore, because of the substantial amount of discovery required in connection with intellectual property litigation or administrative proceedings, there is a risk that some of our confidential information could be compromised by disclosure. In addition, any uncertainties resulting from the initiation and continuation of any litigation could have a material adverse effect on our ability to raise additional funds or otherwise have a material adverse effect on our business, results of operations, financial condition and prospects.

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 ***We may be subject to claims by third parties asserting that our employees or we have misappropriated their intellectual property or claiming ownership of what we regard as our own intellectual property.***

Our former, present and future employees may have had prior employment at universities or at other biotechnology or pharmaceutical companies. Some of these employees may have executed proprietary rights, non-disclosure, non-competition or other similar agreements, in connection with such previous employment. Although we try to ensure that our employees do not use the proprietary information or know-how of others in their work for us, we may be subject to claims that we or these employees have used or disclosed third-party intellectual property, including trade secrets or other proprietary information. Litigation may be necessary to defend against such claims. If we fail in defending any such claims, in addition to paying monetary damages, we may sustain damages or lose key personnel, valuable intellectual property rights or the personnel's work product, which could hamper or prevent commercialization of our technology, which could materially affect our commercial development efforts. Such intellectual property rights could be awarded to a third party, and we could be required to obtain a license from such third party to commercialize our technology or products. Such a license may not be available on commercially reasonable terms or at all. Even if we are successful in defending against such claims, litigation could result in substantial costs and be a distraction to management.

In addition, while we typically require our employees, consultants and contractors who may be involved in the development of intellectual property to execute agreements assigning such intellectual property to us, we may be unsuccessful in executing such an agreement with each party who in fact develops intellectual property that we regard as our own, which may result in claims by or against us related to the ownership of such intellectual property. If we fail in prosecuting or defending any such claims, in addition to paying monetary damages, we may lose valuable intellectual property rights. Even if we are successful in prosecuting or defending against such claims, litigation could result in substantial costs and be a distraction to our senior management and scientific personnel.

#### We may become involved in lawsuits to protect or enforce our patent or other intellectual property, which could be expensive, time consuming and unsuccessful.
Competitors may infringe our patent, trademarks, copyrights or other intellectual property. To counter infringement or unauthorized use, we may be required to file infringement claims, which can be expensive and time consuming and divert the time and attention of our management and scientific personnel. Any claims we assert against perceived infringers could provoke these parties to assert counterclaims against us alleging that we infringe their patents, in addition to counterclaims asserting that our patents are invalid or unenforceable, or both. In any patent infringement proceeding, there is a risk that a court will decide that a patent of ours is invalid or unenforceable, in whole or in part, and that we do not have the right to stop the other party from using the invention at issue. There is also a risk that, even if the validity of such patents is upheld, the court will construe the patent's claims narrowly or decide that we do not have the right to stop the other party from using the invention at issue on the grounds that our patent claims do not cover the invention. An adverse outcome in a litigation or proceeding involving our patent could limit our ability to assert those patents against those parties or other competitors and may curtail or preclude our ability to exclude third parties from making and selling similar or competitive products. Similarly, if we assert trademark infringement claims, a court may determine that the marks we have asserted are invalid or unenforceable, or that the party against whom we have asserted trademark infringement has superior rights to the trademarks in question. In this case, we could ultimately be forced to cease use of such trademarks.

Even if we establish infringement, the court may decide not to grant an injunction against further infringing activity and instead award only monetary damages, which may or may not be an adequate remedy. Furthermore, because of the substantial amount of discovery required in connection with intellectual property litigation, there is a risk that some of our confidential information could be compromised by disclosure during litigation. There could also be public announcements of the results of hearings, motions or other interim proceedings or developments. If securities analysts or investors perceive these results to be negative, it could adversely affect the price of our common shares. Moreover, there can be no assurance that we will have sufficient financial or other resources to file and pursue such infringement claims, which typically last for years before they are concluded. Even if we ultimately prevail in such claims, the monetary

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cost of such litigation and the diversion of the attention of our management and scientific personnel could outweigh any benefit we receive as a result of the proceedings.

Additionally, for certain of our existing and future in-licensed patent rights, we may not have the right to bring suit for infringement and may have to rely on third parties to enforce these rights for us. If we cannot or choose not to take action against those we believe infringe our intellectual property rights, we may have difficulty competing in certain markets where such potential infringers conduct their business, and our commercialization efforts may suffer as a result.

 ***Our ability to compete may be adversely affected if we are unsuccessful in defending against any claims by competitors or others that we are infringing upon their intellectual property rights.***

The various markets in which we plan to operate are subject to frequent and extensive litigation regarding patents and other intellectual property rights. In addition, pharmaceutical companies have employed intellectual property litigation as a means to gain an advantage over their competitors. As a result, we may be required to defend against claims of intellectual property infringement that may be asserted by our competitors against us and, if the outcome of any such litigation is adverse to us, it may affect our ability to compete effectively.

Our involvement in litigation, and in any interference, derivation, reexamination, inter partes review opposition or post-grant proceedings or other intellectual property proceedings inside and outside of the United States or Europe may divert management time from focusing on business operations, could cause us to spend significant amounts of money and may have no guarantee of success. Any current and potential intellectual property litigation also could force us to do one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • stop selling, incorporating, manufacturing, or using our products in the United States, Europe or other jurisdictions that use the subject intellectual property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • obtain from a third party asserting its intellectual property rights, a license to sell or use the relevant technology, which license may not be available on reasonable terms, or at all, or may be non-exclusive thereby giving our competitors access to the same technologies licensed to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • redesign those products or processes that use any allegedly infringing or misappropriated technology, which may result in significant cost or delay to us, or which redesign could be technically infeasible; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • pay damages, including the possibility of treble damages in a patent case if a court finds us to have willfully infringed certain intellectual property rights.

#### Intellectual property litigation could cause us to spend substantial resources and distract our personnel from their normal responsibilities.
Even if resolved in our favor, litigation or other legal proceedings relating to intellectual property claims may cause us to incur significant expenses and could distract our technical and management personnel from their normal responsibilities. In addition, there could be public announcements of the results of hearings, motions or other interim proceedings or developments and if securities analysts or investors perceive these results to be negative, we could have a substantial adverse effect on our share price. Such litigation or proceedings could substantially increase our operating losses and reduce our resources available for development activities. We may not have sufficient financial or other resources to adequately conduct such litigation or proceedings. Some of our competitors may be able to sustain the costs of such litigation or proceedings more effectively than we can because of their substantially greater financial resources. Uncertainties resulting from the initiation and continuation of patent litigation or other proceedings could have a material adverse effect on our ability to compete in the marketplace.

 ***We may become dependent on intellectual property licensed from third parties for certain of our product candidates, and termination of any of these licenses could result in the loss of significant rights, which would substantially harm our business.***

If we in-license additional product candidates in the future, we might become dependent on proprietary rights from third parties with respect to those product candidates. Any termination of such licenses could

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result in the loss of significant rights and would cause material adverse harm to our ability to develop and commercialize any product candidates subject to such licenses.

Disputes may also arise between us and our licensors regarding intellectual property subject to a license agreement, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the scope of rights granted under the license agreement and other interpretation-related issues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • whether and the extent to which our technology and processes infringe intellectual property of the licensor that is not subject to the licensing agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our right to sublicense patent and other rights to third parties under collaborative development relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our diligence obligations with respect to the use of licensed technology in relation to our development and commercialization of our product candidates and what activities satisfy those diligence obligations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the ownership of inventions and know-how resulting from the joint creation or use of intellectual property by our licensors and us and our partners.

If disputes over intellectual property that we have licensed prevent or impair our ability to maintain our current licensing arrangements on acceptable terms, we may be unable to successfully develop and commercialize the affected product candidates.

We are generally also subject to all of the same risks with respect to protection of intellectual property that we own, as we are for intellectual property that we license, which are described in this Section "Risks Related to Intellectual Property". If we or our licensors fail to adequately protect this intellectual property, our ability to commercialize products could materially suffer.

#### We may not be successful in obtaining or maintaining necessary rights to our product candidates through acquisitions and in-licenses.
Because our programs may require the use of proprietary rights held by third parties, the growth of our business will likely depend in part on our ability to acquire or in-license such proprietary rights. We may be unable to acquire or in-license any compositions, methods of use, processes, or other third-party intellectual property rights from third parties that we identify as necessary for our product candidates. The licensing and acquisition of third-party intellectual property rights is a competitive area, and a number of more established companies may pursue strategies to license or acquire third-party intellectual property rights that we may consider attractive. These established companies may have a competitive advantage over us due to their size, cash resources and greater clinical development and commercialization capabilities.

In addition, companies that perceive us to be a competitor may be unwilling to assign or license rights to us. We also may be unable to license or acquire third-party intellectual property rights on terms that would allow us to make an appropriate return on our investment. If we are unable to successfully obtain a license to third-party intellectual property rights necessary for the development of a product candidate or program, we may have to abandon development of that product candidate or program and our business and financial condition could suffer.

 ***If our trademarks and trade names are not adequately protected, then we may not be able to build name recognition in our markets of interest, and our business may be adversely affected.***

Our registered or unregistered trademarks or trade names may be challenged, infringed, circumvented or declared generic or determined to be infringing on other marks. We may not be able to protect our rights to these trademarks and trade names, which we need to build name recognition by potential partners or customers in our markets of interest. Over the long term, if we are unable to establish name recognition based on our trademarks and trade names, then we may not be able to compete effectively, and our business may be adversely affected. If other entities use trademarks similar to ours in different jurisdictions, or have senior rights to ours, it could interfere with our use of our current trademarks throughout the world. If a third party uses our trademark without authorization, or adopts it in regions where we lack legal protection, negative publicity associated with their actions could damage our reputation.

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 ***We enjoy only limited geographical protection with respect to certain patents and may face difficulties in certain jurisdictions, which may diminish the value of intellectual property rights in those jurisdictions.***

We often file our first patent application (i.e., priority filing) with the USPTO, the EPO, or more typically, in the national office of a European country (e.g., in the United Kingdom or Sweden). International applications under the Patent Cooperation Treaty, or PCT, are filed within twelve months after the priority filing, with equivalent applications being filed simultaneously in territories not bound by the PCT, if any such territories are of sufficient commercial interest. From the PCT filing, we have the option to file national and regional patent applications in any of the 155 jurisdictions party to the PCT where we believe protection of our product candidates may be commercially valuable. We have filed for patent protection in territories that are of future or current commercial interest to us and have achieved grant in at least some of these territories. However, our future commercial interests may extend beyond these territories meaning we may enter into markets in the future where we do not have patent protection or pending patent applications. In addition, we may decide to abandon national and regional patent applications before grant. Finally, the grant proceeding of each national/regional patent is an independent proceeding which may lead to situations in which applications might in some jurisdictions be refused by the relevant patent offices, while granted by others. It is also quite common that depending on the country, the scope of patent protection may vary for the same product or product candidate or technology.

Competitors may use our and our licensors' or collaboration partners' technologies in jurisdictions where we have not obtained patent protection to develop their own products and, further, may export otherwise infringing products to territories where we and our licensors or collaboration partners have patent protection, but enforcement is not as strong as that in the United States and Europe. These products may compete with our product candidates, and our and our licensors' or collaboration partners' patents or other intellectual property rights may not be effective or sufficient to prevent them from competing.

The laws of some jurisdictions do not protect intellectual property rights to the same extent as the laws in the United States and Europe, and companies have encountered significant difficulties in protecting and defending such rights in such jurisdictions. If we or our licensors encounter difficulties in protecting, or are otherwise precluded from effectively protecting, the intellectual property rights important for our business in such jurisdictions, the value of these rights may be diminished, and we may face additional competition from others in those jurisdictions.

Some countries have compulsory licensing laws under which a patent owner may be compelled to grant licenses to third parties. In addition, some countries limit the enforceability of patents against government agencies or government contractors. In these countries, the patent owner may have limited remedies, which could materially diminish the value of such patent. If we or any of our licensors is forced to grant a license to third parties with respect to any patents relevant to our business, our competitive position may be impaired, and our business and results of operations may be adversely affected.

Proceedings to enforce our and our licensors' or collaboration partners' patent rights in foreign jurisdictions could result in substantial costs and divert our and our licensors' or collaboration partners' efforts and attention from other aspects of our business, could put our and our licensors' or collaboration partners' patents at risk of being invalidated or interpreted narrowly and our and our licensors' or collaboration partners' patent applications at risk of not issuing and could provoke third parties to assert claims against us or our licensors or collaboration partners. We or our licensors or collaboration partners may not prevail in any lawsuits that we or our licensors or collaboration partners initiate, and the damages or other remedies awarded, if any, may not be commercially meaningful.

#### Intellectual property rights do not necessarily address all potential threats to our competitive advantage.
The degree of future protection afforded by our intellectual property rights is uncertain because intellectual property rights have limitations, and may not adequately protect our business, or permit us to maintain our competitive advantage. The following examples are illustrative:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • others may be able to make product candidates that are similar, but not identical, to our product candidates with workarounds such that the product candidate is not covered by the claims of the patents that we own or have licensed;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the patents of third parties may have an adverse effect on our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we or our licensors or any current or future strategic partners might not have been the first to conceive or reduce to practice the inventions covered by the issued patent or pending patent application that we own or have exclusively licensed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we or our licensors or any future strategic partners might not have been the first to file patent applications covering certain aspects of our inventions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • others may independently develop similar or alternative technologies or duplicate any of our technologies without infringing our intellectual property rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • it is possible that our pending patent applications will not lead to issued patents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • issued patents that we own or have exclusively licensed may not provide us with any competitive advantage, or may be held invalid or unenforceable, as a result of legal challenges by our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our competitors might conduct development activities in countries where we do not have patent rights and then use the information learned from such activities to develop competitive products for sale in our major commercial markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • third parties performing manufacturing or testing for us using our products or technologies could use the intellectual property of others without obtaining a proper license; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we may not develop additional technologies that are patentable.

#### Changes in patent laws or patent jurisprudence could diminish the value of patents in general, thereby impairing our ability to protect our products.
As is the case with other pharmaceutical companies, our success is heavily dependent on intellectual property, particularly patents. Obtaining and enforcing patents in the pharmaceutical industry involve both technological complexity and legal complexity. Therefore, obtaining and enforcing pharmaceutical patents is costly, time-consuming and inherently uncertain. In addition, the America Invents Act, or the AIA, has been enacted in the United States, resulting in significant changes to the U.S. patent system.

An important change introduced by the AIA is that, as of March 16, 2013, the United States transitioned to a "first-to-file" system for deciding which party should be granted a patent when two or more patent applications are filed by different parties claiming the same invention. A third party that files a patent application in the USPTO after that date but before us could therefore be awarded a patent covering an invention of ours even if we had made the invention before it was made by the third party. This will require us to be cognizant going forward of the time from invention to filing of a patent application, but circumstances could prevent us from promptly filing patent applications on our inventions.

Among some of the other changes introduced by the AIA are changes that limit where a patentee may file a patent infringement suit and providing opportunities for third parties to challenge any issued patent in the USPTO. This applies to all of our U.S. patents, even those issued before March 16, 2013. Because of a lower evidentiary standard in USPTO proceedings compared to the evidentiary standard in U.S. federal courts necessary to invalidate a patent claim, a third party could potentially provide evidence in a USPTO proceeding sufficient for the USPTO to hold a claim invalid even though the same evidence would be insufficient to invalidate the claim if first presented in a district court action. Accordingly, a third party may attempt to use the USPTO procedures to invalidate our patent claims that would not have been invalidated if first challenged by the third party as a defendant in a district court action. The AIA and its implementation could increase the uncertainties and costs surrounding the prosecution of our patent applications and the enforcement or defense of our issued patents.

Additionally, the U.S. Supreme Court and the Court of Appeals for the Federal Circuit have ruled on patent cases in recent years, either narrowing the scope of patent protection available in certain circumstances or weakening the rights of patent owners in certain situations. In addition to increasing uncertainty with regard to our ability to obtain patents in the future, this combination of events has created uncertainty with respect to the value of patents, once obtained. Depending on decisions by the U.S. Congress, the federal courts and the USPTO, the laws and regulations governing patents could change in unpredictable ways that

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could weaken our ability to obtain new patents or to enforce our existing patents and patents that we might obtain in the future.

#### Confidentiality agreements with employees and others may not adequately prevent disclosure of trade secrets and protect other proprietary information.
We consider proprietary trade secrets, confidential know-how and unpatented know-how to be important to our business. We may rely on trade secrets or confidential know-how to protect our technology, especially where patent protection is believed to be of limited value. However, trade secrets and confidential know-how are difficult to maintain as confidential.

To protect this type of information against disclosure or appropriation by competitors, our policy is to require our employees, consultants, contractors, and advisors to enter into confidentiality agreements with us. However, current or former employees, consultants, contractors and advisers may unintentionally or willfully disclose our confidential information to competitors, and confidentiality agreements may not provide an adequate remedy in the event of unauthorized disclosure of confidential information. Enforcing a claim that a third party obtained illegally and is using trade secrets or confidential know-how is expensive, time consuming and unpredictable. The enforceability of confidentiality agreements may vary from jurisdiction to jurisdiction. Furthermore, if a competitor lawfully obtained or independently developed any of our trade secrets, we would have no right to prevent such competitor from using that technology or information to compete with us, which could harm our competitive position. Additionally, if the steps taken to maintain our trade secrets are deemed inadequate, we may have insufficient recourse against third parties for misappropriating the trade secret.

Failure to obtain or maintain trade secrets or confidential know-how trade protection could adversely affect our competitive position. Moreover, our competitors may independently develop substantially equivalent proprietary information and may even apply for patent protection in respect of the same. If successful in obtaining such patent protection, our competitors could limit our use of our trade secrets or confidential know-how.

Under certain circumstances, we may also decide to publish some know-how to attempt to prevent others from obtaining patent rights covering such know-how.

 ***Obtaining and maintaining our patent protection depends on compliance with various procedural, document submission, fee payment and other requirements imposed by governmental patent agencies, and our patent protection could be reduced or eliminated for non-compliance with these requirements.***

Periodic maintenance and annuity fees on any issued patent are due to be paid to the USPTO, the EPO and national patent offices in several stages over the lifetime of the patent. The USPTO, the EPO and various foreign governmental patent offices require compliance with a number of procedural, documentary, fee payment and other similar provisions during the patent application process. While an inadvertent lapse can in many cases be cured by payment of a late fee or by other means in accordance with the applicable rules, there are situations in which noncompliance can result in abandonment or lapse of the patent or patent application, resulting in partial or complete loss of patent rights in the relevant jurisdiction. Non-compliance events that could result in abandonment or lapse of a patent or patent application include failure to respond to official actions within prescribed time limits, non-payment of fees and failure to properly legalize and submit formal documents. If we or our licensors or collaboration partners fail to maintain the patents and patent applications covering our product candidates, our competitors might be able to enter the market, which would have an adverse effect on our business.

#### Risks Related to Our Employee Matters, Managing Our Growth and Other Risks Relating to Our Operations
 ***Our business and operations may be adversely affected by economic downturns, inflation, increases in interest rates, natural disasters, public health crises, political crises, geopolitical events or other macroeconomic conditions, which could negatively impact our business and financial performance.***

The global economy, including credit and financial markets, has experienced extreme volatility and disruptions, including, among other things, severely diminished liquidity and credit availability, declines in

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consumer confidence, declines in economic growth, supply chain shortages, increases in inflation rates, higher interest rates and uncertainty about economic stability. The U.S. Federal Reserve recently raised interest rates multiple times in response to concerns about inflation and it may raise them again. Higher interest rates, coupled with reduced government spending and volatility in financial markets may increase economic uncertainty and affect consumer spending. Any such volatility and disruptions may adversely affect our business or the third parties on whom we rely. If the equity and credit markets deteriorate, including as a result of political unrest or war, it may make any necessary debt or equity financing more costly or more dilutive or more difficult to obtain in a timely manner or on favorable terms, if at all. Increased inflation rates can adversely affect us by increasing our costs, including labor and employee benefit costs.

Our available cash and cash equivalents are held in accounts managed by third-party financial institutions in the United States and in Europe and consist of cash in our operating accounts. At any point in time, the funds in our operating accounts at U.S. financial institutions may exceed the Federal Deposit Insurance Corporation insurance limits. Similarly, our cash balances held at financial institutions in Europe may exceed the applicable deposit guarantee limits in the relevant jurisdictions (generally €100,000 per depositor per institution under EU Directive 2014/49/EU), and we could be exposed to losses in the event of a failure of any such financial institution. While we monitor the cash balances in our operating accounts and adjust the cash balances as appropriate, these cash balances could be impacted if the underlying financial institutions fail. We can provide no assurances that access to our operating cash or invested cash and cash equivalents will not be impacted by adverse conditions in the financial markets.

#### International hostilities, geopolitical instability and related sanctions could adversely affect our business.
The outbreak or escalation of war, armed conflict or other international hostilities could damage the world economy, disrupt global supply chains and adversely affect our ability to advance the development of our product candidates and, if approved, commercialize them. In particular, the ongoing war between Russia and Ukraine, which began with Russia's invasion of Ukraine in February 2022, has resulted in extensive sanctions imposed by the United States, the European Union and other countries against Russia and Belarus. These sanctions, as well as retaliatory measures by Russia, have contributed to significant volatility in global energy and commodity markets and broader macroeconomic uncertainty. In addition, the conflict in the Middle East, including hostilities involving Iran and related regional instability, has created further uncertainty in global markets and supply chains. Any escalation of these or other geopolitical conflicts could materially disrupt our operations, increase our costs and adversely affect the global economy and financial markets, which in turn could adversely affect our business, financial condition, results of operations and the price of our common shares and ADSs.

We work with a global network of collaborators, suppliers and CROs, any of which may be directly or indirectly affected by these conflicts and the resulting geopolitical instability. Although we are not currently conducting clinical trials in Ukraine or the Middle East, and our CMOs are not based in those regions, disruptions to the operations of our CROs, suppliers, and other third-party service providers in affected or neighboring regions could indirectly affect our own business and operations. The extent and duration of these conflicts, related sanctions and resulting market disruptions are impossible to predict but could be substantial. Any such disruptions may magnify the impact of other risks described in this registration statement.

#### Our business depends on retaining our key personnel and recruiting additional qualified personnel.
Our success depends upon the continued contributions of our key management, scientific and technical personnel, who have been instrumental for us and have substantial experience with buloxibutid and our other product candidates. The loss of key managers and senior scientists could delay our development activities, and we do not carry key person insurance. In addition, our ability to compete in the highly competitive biotechnology and pharmaceutical industries depends upon our ability to attract and retain highly qualified management, scientific and medical personnel. Many other biotechnology and pharmaceutical companies and academic institutions that we compete with for qualified personnel have greater financial and other resources, different risk profiles and a longer history in the industry than we do. Therefore, we might not be able to attract new qualified personnel or retain our key persons on conditions that are economically acceptable. Furthermore, we will need to recruit new managers and qualified scientific personnel to develop

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our business if we expand into fields that will require additional skills. Our inability to attract qualified personnel and retain our key persons could prevent us from achieving our objectives and implementing our business strategy, which could have a material adverse effect on our business and prospects. Given the stage of our programs and our plans to expand operations, our success also depends on our ability to continue to attract, retain and motivate highly skilled junior, mid-level and senior personnel across our organization.

 ***We expect to expand our development, regulatory and sales and marketing capabilities, and as a result, we may encounter difficulties in managing our growth, which could disrupt our operations.***

We expect to experience significant growth in the number of our employees and the scope of our operations, particularly in the areas of drug development, manufacturing, regulatory affairs and sales and marketing. To manage our anticipated future growth, we must continue to implement and improve our managerial, operational and financial systems, expand our facilities and continue to recruit and train additional qualified personnel. Due to our limited financial resources and the limited experience of our management team in managing a company with such anticipated growth, we may not be able to effectively manage the expansion of our operations or recruit and train additional qualified personnel. The expansion of our operations may lead to significant costs and may divert our management and business development resources. Any inability to manage growth could delay the execution of our business plans or disrupt our operations.

#### Our business is subject to economic, political, regulatory and other risks associated with international operations.
As a company incorporated and based in Sweden, our business is subject to risks associated with conducting business in Sweden, the United States and internationally. Accordingly, our future results could be harmed by a variety of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • economic weakness, including inflation, or political instability in particular non-U.S. economies and markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • geopolitical instability, including the ongoing war between Russia and Ukraine, the conflict in the Middle East and any escalation of or new armed conflicts, and the resulting impact on global supply chains, macroeconomic conditions and sanctions regimes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • differing regulatory requirements for product candidate approvals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • differing jurisdictions could present different issues for securing, maintaining or obtaining freedom to operate in such jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • potentially reduced protection for intellectual property rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • difficulties in compliance with different, complex and changing laws, regulations and court systems of multiple jurisdictions and compliance with a wide variety of foreign laws, treaties and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in non-U.S. regulations and customs, tariffs and trade barriers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in non-U.S. currency exchange rates of the Swedish Krona, U.S. dollar, GBP, Swiss franc, Japanese yen and Euro and currency controls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in a specific country's or region's political or economic environment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • trade protection measures, import or export licensing requirements or other restrictive actions by governments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • differing reimbursement regimes and price controls in certain international markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • negative consequences from changes in tax laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • compliance with tax, employment, immigration and labor laws for employees living or traveling abroad, including, for example, the variable tax treatment in different jurisdictions of stock options granted under our employee stock plan or equity incentive plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • workforce uncertainty in countries where labor unrest is more common than in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • difficulties associated with staffing and managing international operations, including differing labor relations;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an outbreak of a contagious disease, such as coronavirus, which may cause us or our distributors, third-party vendors and manufacturers and/or customers to temporarily suspend our or their respective operations in the affected city or country;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • production shortages resulting from any events affecting raw material supply or manufacturing capabilities abroad; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • business interruptions resulting from geo-political actions, including war and terrorism, or natural disasters including earthquakes, typhoons, floods and fires.

 ***The United Kingdom's withdrawal from the European Union may have a negative effect on global economic conditions, financial markets and our business, which could reduce the price of our common shares.***

The United Kingdom's withdrawal from the European Union on January 31, 2020, commonly referred to as Brexit, has changed the regulatory relationship between the United Kingdom and European Union. The Medicines and Healthcare products Regulatory Agency, or the MHRA, is now the United Kingdom's standalone regulator for medicinal products and medical devices. Great Britain (England, Scotland and Wales) is now a third country to the European Union. Northern Ireland will, with regard to EU regulations, continue to follow EU regulatory rules for now.

Marketing authorizations in the United Kingdom are governed by the Human Medicines Regulations (SI 2012/1916), as amended. Since January 1, 2021, an applicant for the EU centralized procedure marketing authorization can no longer be established in the United Kingdom. As a result, since this date, companies established in the United Kingdom cannot use the EU centralized procedure and instead must follow one of the UK national authorization procedures or one of the remaining post-Brexit international cooperation procedures to obtain a marketing authorization to market products in the United Kingdom. All existing EU marketing authorizations for centrally authorized products were automatically converted or grandfathered into UK marketing authorization, effective in Great Britain only, free of charge on January 1, 2021, unless the marketing authorization holder opted-out of this possibility. Northern Ireland currently remains within the scope of EU authorizations in relation to centrally authorized medicinal products. Accordingly, until the Windsor Framework is implemented in Northern Ireland on January 1, 2025, products falling within the scope of the EU centralized procedure can only be authorized through UK national authorization procedures in Great Britain.

The MHRA has also introduced changes to national marketing authorization procedures. This includes introduction of procedures to prioritize access to new medicines that will benefit patients, including a 150-day assessment route, a rolling review procedure and the International Recognition Procedures which entered into application on January 1, 2024. Since January 1, 2024, the MHRA may also rely on the International Recognition Procedure, or IRP, when reviewing certain types of marketing authorization applications. This procedure is available for applicants for marketing authorization who have already received an authorization for the same product from a reference regulator. These include the FDA, the EMA, and national competent authorities of individual EEA countries. A positive opinion from the EMA and CHMP, or a positive end of procedure outcome from the mutual recognition or decentralized procedures are considered to be authorizations for the purposes of the IRP.

There is no pre-marketing authorization orphan designation for medicinal products in the United Kingdom. Instead, the MHRA reviews applications for orphan designation in parallel to the corresponding marketing authorization application. The criteria are essentially the same as those in the European Union but have been tailored for the market. This includes the criterion that prevalence of the condition in Great Britain, rather than the European Union, must not be more than five in 10,000. Upon the grant of a marketing authorization with orphan status, the medicinal product will benefit from up to 10 years of market exclusivity from similar products in the approved orphan indication. The start of this market exclusivity period will be set from the date of first approval of the product in Great Britain.

Since a significant proportion of the regulatory framework in the United Kingdom applicable to our business and our product candidates is derived from EU Directives and Regulations, Brexit could materially impact the regulatory regime with respect to the development, manufacture, importation, approval and commercialization of our product candidates in the United Kingdom or European Union, now that UK

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legislation has the potential to diverge from EU legislation. There is no assurance that the United Kingdom will seek to align its regulations with the European Union in the future. If we are slow or unable to adapt to changes in existing requirements or the adoption of new requirements or policies governing clinical trials, our development plans may be impacted.

All of these changes could increase our costs and otherwise adversely affect our business. Any delay in obtaining, or an inability to obtain, any marketing approvals for our product candidates, as a result of Brexit or otherwise, would prevent us from commercializing our product candidates in the United Kingdom or European Union and restrict our ability to generate revenue and achieve and sustain profitability. In addition, we may be required to pay taxes or duties or be subjected to other hurdles in connection with the importation of our product candidates into the European Union. If any of these outcomes occur, we may be forced to restrict or delay efforts to seek regulatory approval in the United Kingdom or European Union for our product candidates, or incur significant additional expenses to operate our business, which could significantly and materially harm or delay our ability to generate revenues or achieve profitability of our business. Any further changes in international trade, tariff and import/export regulations as a result of Brexit or otherwise may impose unexpected duty costs or other non-tariff barriers on us. These developments, or the perception that any of them could occur, may significantly reduce global trade and, in particular, trade between the impacted nations and the United Kingdom.

#### Exchange rate fluctuations may materially affect our results of operations and financial condition.
Due to the international scope of our operations, our assets, earnings and cash flows are affected by fluctuations in the exchange rates of several currencies, particularly the Swedish Krona, the U.S. dollar and the Euro. The functional currency of Vicore Pharma Holding AB and our consolidated subsidiaries is the Swedish Krona, and a significant portion of our operating expenses are paid in Swedish Krona, U.S. dollars, Euros and British pounds sterling, or GBP.

Additionally, although we are based primarily in Sweden, we may receive payments from our business partners in U.S. dollars and Euros, and we regularly acquire services, consumables and materials in U.S. dollars and Euros. Further, potential future revenue may be derived from the United States, countries within the Euro zone and various other countries around the world. These future revenues may also be affected by fluctuations in foreign exchange rates which may, in turn, have a significant impact on our results of operations and cash flows from period to period. As a result, to the extent we continue our expansion on a global basis, we expect that increasing portions of our revenue, cost of revenue, assets and liabilities will be affected by fluctuations in currency valuations. We may, therefore, experience economic loss and a negative impact on earnings or net assets solely as a result of currency exchange rate fluctuations.

 ***If our information technology systems, or those of third parties upon which we rely, or our data are or were compromised, we could experience adverse consequences resulting from such compromise, including but not limited to regulatory investigations or actions, litigation, fines and penalties, disruptions of our business operations, reputational harm, and other adverse consequences.***

In the ordinary course of our business, we, and the third parties upon which we rely, may collect, receive, store, process, generate, use, transfer, disclose, make accessible, protect, secure, dispose of, transmit, and share (collectively, process) proprietary, confidential, and sensitive data, including personal data (such as health-related data), intellectual property, and trade secrets (collectively, sensitive information).

Cyberattacks, malicious internet-based activity, and online and offline fraud, and other similar activities threaten the confidentiality, integrity, and availability of our sensitive information and information technology systems, and those of the third parties upon which we rely. Such threats are prevalent and continue to rise, are increasingly difficult to detect and come from a variety of sources, including traditional computer "hackers," threat actors, "hacktivists," organized criminal threat actors, personnel (such as through theft or misuse), sophisticated nation states, and nation-state-supported actors.

Some actors now engage and are expected to continue to engage in cyber-attacks, including without limitation nation-state actors for geopolitical reasons and in conjunction with military conflicts and defense activities. During times of war and other major conflicts, we, the third parties upon which we rely, and our customers may be vulnerable to a heightened risk of these attacks, including retaliatory cyber-attacks, that

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could materially disrupt our systems and operations, supply chain, and ability to produce, sell and distribute our goods and services. For example, we have operations and third parties upon which we rely to support our business located in unstable regions and regions experiencing (or expected to experience) geopolitical or other conflicts.

We and the third parties upon which we rely may be subject to a variety of evolving threats, including but not limited to social-engineering attacks (including through deep fakes, which may be increasingly more difficult to identify as fake, and phishing attacks), malicious code (such as viruses and worms), malware (including as a result of advanced persistent threat intrusions), denial-of-service attacks, credential stuffing attacks, credential harvesting, personnel misconduct or error, ransomware attacks, supply-chain attacks, software bugs, server malfunctions, software or hardware failures, loss of data or other information technology assets, adware, and telecommunications failures, attacks enhanced or facilitated by AI, and other similar threats.

In particular, severe ransomware attacks, including by organized criminal threat actors, nation-states, and nation-state-supported actors, are becoming increasingly prevalent and can lead to significant interruptions in our operations, ability to provide our products or services, loss of sensitive data and income, reputational harm, and diversion of funds. Extortion payments may alleviate the negative impact of a ransomware attack, but we may be unwilling or unable to make such payments due to, for example, applicable laws or regulations prohibiting such payments. Our partially remote workforce poses increased risks to our information technology systems and data, as more of our employees utilize network connections, computers and devices outside our premises or network, including working at home, while in transit and in public locations. Future or past business transactions (such as acquisitions or integrations) could expose us to additional cybersecurity risks and vulnerabilities, as our systems could be negatively affected by vulnerabilities present in acquired or integrated entities' systems and technologies. Furthermore, we may discover security issues that were not found during due diligence of such acquired or integrated entities, and it may be difficult to integrate companies into our information technology environment and security program.

We rely upon third-party service providers and technologies to operate critical business systems to process sensitive information in a variety of contexts, including, without limitation, cloud-based infrastructure, data center facilities, encryption and authentication technology, employee email, content delivery to customers, quality assurance, medical affairs and pharmaceutical promotion compliance tools and other functions. Our ability to monitor these third parties' information security practices is limited, and these third parties may not have adequate information security measures in place. If our third-party service providers experience a security incident or other interruption, we could experience adverse consequences. While we may be entitled to damages if our third-party service providers fail to satisfy their privacy or security-related obligations to us, any award may be insufficient to cover our damages, or we may be unable to recover such award. In addition, supply-chain attacks have increased in frequency and severity, and we cannot guarantee that third party infrastructure in our supply chain or our third-party partners' supply chains has not been compromised.

Any of the previously identified or similar threats could cause a security incident or other interruption that could result in unauthorized, unlawful, or accidental acquisition, modification, destruction, loss, alteration, encryption, disclosure of, or access to our sensitive information. A security incident or other interruption could result in a material disruption of our development programs and our business operations. For example, the loss of clinical trial data from completed or future clinical trials could result in delays in our marketing approval efforts and significantly increase our costs to recover or reproduce the data. Likewise, we rely on third parties for the manufacture of our product candidates and to conduct clinical trials, and similar events relating to their information technology systems could also have a material adverse effect on our business. To the extent that any security incident or interruption were to result in a loss of, or damage to, our data or applications, or inappropriate disclosure of confidential or proprietary information, we could incur liability and the further development and commercialization of our future product candidates could be delayed.

We may expend significant resources or modify our business activities (including our clinical trial activities) to try to protect against security incidents. Certain data privacy and security obligations may require us to implement and maintain specific security measures or industry-standard or reasonable security

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measures to protect our information technology systems and sensitive information. While we have implemented security measures designed to protect against security incidents, there can be no assurance that these measures will be effective. We may be unable in the future to detect vulnerabilities in our information technology systems because such threats and techniques change frequently, are often sophisticated in nature, and may not be detected until after a security incident has occurred. Despite our efforts to identify and address vulnerabilities, if any, in our information technology systems, our efforts may not be successful. Further, we may experience delays in developing and deploying remedial measures designed to address any such identified vulnerabilities.

Applicable data privacy and security obligations may require us to notify relevant stakeholders of security incidents, including affected individuals, regulators, and investors, of security incidents. Such disclosures are costly, and the disclosure or the failure to comply with such requirements could lead to adverse consequences. If we (or a third party upon whom we rely) experience a security incident or are perceived to have experienced a security incident, we may experience adverse consequences, such as government enforcement actions (for example, investigations, fines, penalties, audits, and inspections); additional reporting requirements and/or oversight; restrictions on processing sensitive information (including personal data); litigation (including class claims); indemnification obligations; negative publicity; reputational harm; monetary fund diversions; diversion of management attention; interruptions in our operations (including availability of data); financial loss; and other similar harms. Security incidents and attendant consequences may negatively impact our ability to grow and operate our business.

Our contracts may not contain limitations of liability, and even where they do, there can be no assurance that limitations of liability in our contracts are sufficient to protect us from liabilities, damages, or claims related to our data privacy and security obligations. We cannot be sure that our insurance coverage will be adequate or sufficient to protect us from or to mitigate liabilities arising out of our privacy and security practices, that such coverage will continue to be available on commercially reasonable terms or at all, or that such coverage will pay future claims.

 ***Artificial intelligence presents risks and challenges that can impact our business including by posing security risks to our confidential information, proprietary information, and personal data.***

Issues in the development and use of artificial intelligence, combined with an uncertain and evolving regulatory environment, may result in reputational harm, liability, or other adverse consequences to our business operations. As with many technological innovations, artificial intelligence presents risks and challenges that could impact our business. Additionally, our vendors and suppliers may incorporate generative artificial intelligence tools into their offerings without disclosing this use to us, and the providers of these generative artificial intelligence tools may not meet existing or rapidly evolving regulatory or industry standards with respect to privacy and data protection, which may inhibit our or our vendors' and suppliers' ability to maintain an adequate level of service and experience. Additionally, we expect to see increasing government and supranational regulation related to artificial intelligence use and ethics, which may also significantly increase the burden and cost of research, development and compliance in this area. A number of states have proposed or adopted laws regulating the use of artificial intelligence in health care, including laws requiring specific consent from patients.

Similarly, the European Union's Artificial Intelligence Act, or the AI Act, the world's first comprehensive law regulating the development and use of artificial intelligence, was entered into force on August 1, 2024 and, with some exceptions, will become fully effective from August 2, 2026. The AI Act regulates artificial intelligence systems based on risk level, has extraterritorial reach in certain circumstances, and imposes obligations on providers, manufacturers, importers, distributors, and deployers of artificial intelligence systems. The AI Act also prohibits certain uses of artificial intelligence. Likewise, in the United States, several states have passed laws that will take effect in 2026 to regulate various uses of artificial intelligence, including to make consequential decisions, and legislation specific to use of artificial intelligence in health care. In addition, various federal regulators have issued guidance and focused enforcement efforts on the use of AI in regulated sectors. If we develop or use artificial intelligence systems governed by these rapidly developing laws or regulations, we may need to meet higher standards of data quality, transparency, monitoring, and human oversight, and we may need to adhere to specific and potentially burdensome and costly ethical, accountability, and administrative requirements, with the potential for significant enforcement or litigation in the event of any perceived non-compliance.

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If we, our vendors, our suppliers, or our third-party partners experience an actual or perceived breach of privacy or other cybersecurity incident because of the use of generative artificial intelligence, we may lose valuable intellectual property, personal information, and confidential information, and our reputation and the public perception of the effectiveness of our privacy and security measures could be harmed. These events could also result in obligations pursuant to, and subject us to liability under, applicable laws and contracts that we have entered into. Further, bad actors around the world are using increasingly sophisticated methods, including the use of artificial intelligence, to engage in illegal activities involving the theft and misuse of personal information, confidential information, and intellectual property. Any of these outcomes could damage our reputation, result in the loss of valuable property and information, and adversely impact our business.

 ***We are subject to stringent and evolving U.S. and foreign laws, regulations, rules, contractual obligations, industry standards, and other obligations related to data privacy and security. Our actual or perceived failure to comply with such obligations could lead to regulatory investigations or actions, litigation (including class claims) and mass arbitration demands, fines and penalties, a disruption of our business operation, reputational harm, and other adverse business consequences.***

In the ordinary course of our business, we process personal data and other sensitive information. Our data processing activities subject us, and any potential collaborators, numerous data privacy and security obligations, such as various laws, regulations, guidance, industry standards, external and internal privacy and security policies, contracts, and other obligations that govern the processing of personal data by us and on our behalf.

In the United States, federal, state, and local governments have enacted numerous data privacy and security laws and regulations, including health information privacy laws, data breach notification laws, personal data privacy laws, and consumer protection laws, including Section 5 of the Federal Trade Commission Act could apply to our operations or the operations of our collaborators. For example, the federal Health Insurance Portability and Accountability Act of 1996, or HIPAA, as amended by the Health Information Technology for Economic and Clinical Health Act, or HITECH, imposes specific requirements relating to the privacy, security, and transmission of individually identifiable health information. We may obtain health information from third parties, including research institutions from which we obtain clinical trial data, that are subject to privacy and security requirements under HIPAA, as amended by HITECH. To the extent that we act as a business associate to a healthcare provider engaging in electronic transactions, we may also be subject to the privacy and security provisions of HIPAA, as amended by HITECH, which restricts the use and disclosure of protected health information, mandates the adoption of standards relating to the privacy and security of protected health information, and requires the reporting of certain security breaches to healthcare provider customers with respect to such information. Additionally, many states have enacted similar laws that may impose more stringent requirements on entities like ours. Depending on the facts and circumstances, we could be subject to significant civil, criminal, and administrative penalties if we violate HIPAA.

In the past few years, numerous U.S. states-including California, Virginia, Colorado, Connecticut, and Utah-have enacted comprehensive privacy laws that impose certain obligations on covered businesses, including providing specific disclosures in privacy notices and affording residents with certain rights concerning their personal data. As applicable, such rights may include the right to access, correct, or delete certain personal data, and to opt-out of certain data processing activities, such as targeted advertising, profiling, and automated decision-making. The exercise of these rights may impact our business and ability to provide our products and services. Certain states also impose stricter requirements for processing certain personal data, including sensitive information, such as conducting data privacy impact assessments. These state laws allow for statutory fines for noncompliance. For example, the California Consumer Privacy Act of 2018, or the CCPA, as amended by the California Privacy Rights Act of 2020 or CPRA, and, collectively, CCPA, applies to personal data of consumers, business representatives, and employees who are California residents, and requires businesses to provide specific disclosures in privacy notices and honor requests of such individuals to exercise certain privacy rights. The CCPA provides for fines of up to $7,500 per intentional violation and allows private litigants affected by certain data breaches to recover significant statutory damages. Although the CCPA exempts some data processed in the context of clinical trials, the CCPA increases compliance costs and potential liability with respect to other personal data we

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maintain about California residents. Similar laws are being considered in several other states, as well as at the federal and local levels, and we expect more states to pass similar laws in the future. While these states, like the CCPA, also exempt some data processed in the context of clinical trials, these developments further complicate compliance efforts, and increase legal risk and compliance costs for us and the third parties upon whom we rely.

Outside the United States, an increasing number of laws, regulations, and industry standards govern data privacy and security. For example, the EU's General Data Protection Regulation, or EU GDPR, and the United Kingdom's GDPR, or UK GDPR, Brazil's General Data Protection Law (Lei Geral de Proteção de Dados Pessoais, or LGPD) (Law No. 13,709/2018), and China's Personal Information Protection Law or PIPL impose strict requirements for processing personal data. For example, under the GDPR, companies may face temporary or definitive bans on data processing and other corrective actions, fines of up to €20 million Euros under the EU GDPR, 17.5 million pounds sterling under the UK GDPR or, in each case, 4% of a company's global annual revenues, whichever is greater, or private litigation related to processing of personal data brought by classes of data subjects, or consumer protection organizations authorized at law to represent their interests. There has been limited enforcement of the GDPR to date, particularly in pharmaceutical development, so we face uncertainty as to the exact interpretation of the new requirements on our trials and we may be unsuccessful in implementing all measures required by data protection authorities or courts in interpretation of the new law. Relatedly, following the United Kingdom's withdrawal from the EU, the GDPR was implemented in the United Kingdom as the UK GDPR. which sits alongside the amended UK Data Protection Act 2018, which implements certain derogations in the EU GDPR into UK law. Under the UK GDPR, companies not established in the United Kingdom but who process personal data in relation to the offering of goods or services to individuals in the United Kingdom, or to monitor their behavior will be subject to the U.K. GDPR, the requirements of which are (at this time) largely aligned with those under the EU GDPR and as such, may lead to similar compliance and operational costs. In June of 2021, the European Commission issued a decision, which was subsequently renewed on December 19, 2025, that the United Kingdom ensures an adequate level of protection for personal data transferred under the EU GDPR from the EU to the United Kingdom, meaning that organizations in the EEA can send personal data to the UK under the EU GDPR without additional safeguards.

In addition, we may be unable to transfer personal data from Europe and other jurisdictions to the United States or other countries due to data localization requirements or limitations on cross-border data flows. Europe and other jurisdiction have enacted laws requiring data to be localized or limiting the transfer of personal data to other countries. In particular, the EEA, and the United Kingdom have significantly restricted the transfer of personal data to the United States and other countries whose privacy laws it generally believes are inadequate. Other jurisdictions may adopt similarly stringent interpretations of their data localization and cross-border data transfer laws. Although there are currently various mechanisms that may be used to transfer personal data from the EEA and United Kingdom to the United States in compliance with law, such as the EEA standard contractual clauses, the United Kingdom's International Data Transfer Agreement / Addendum, and the EU-U.S. Data Privacy Framework and the UK extension thereto (which allows for transfers to relevant U.S.-based organizations who self-certify compliance and participate in the Framework), these mechanisms are subject to legal challenges, and there is no assurance that we can satisfy or rely on these measures to lawfully transfer personal data to the United States. Although there are currently various mechanisms that may be used to transfer personal data from the EEA and United Kingdom to the United States in compliance with law, such as the EEA standard contractual clauses, the United Kingdom's International Data Transfer Agreement / Addendum, and the EU-U.S. Data Privacy Framework and the UK extension thereto (which allows for transfers to relevant U.S.-based organizations who self-certify compliance and participate in the Framework), these mechanisms are subject to legal challenges, and there is no assurance that we can satisfy or rely on these measures to lawfully transfer personal data to the United States.

If there is no lawful manner for us to transfer personal data from the EEA, United Kingdom or other jurisdictions to the United States, or if the requirements for a legally-compliant transfer are too onerous, we may face significant adverse consequences, including limiting our ability to conduct clinical trial activities in Europe and elsewhere, limiting our ability to collaborate with parties that are subject to such cross-border data transfer or localization laws, the interruption or degradation of our operations, the need to relocate part of or all of our business or data processing activities to other jurisdictions (such as Europe)

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at significant expense, increased exposure to regulatory actions, substantial penalties and fines, the inability to transfer data and work with partners, vendors, and other third parties, and injunctions against processing or transferring personal data necessary to operate our business. Additionally, companies that transfer personal data out of the EEA and United Kingdom to or other jurisdictions, particularly to the United States, are subject to increased scrutiny from regulators, individual litigants, and activist groups. Some European regulators have ordered certain companies to suspend or permanently cease certain transfers out of Europe for allegedly violating the GDPR's cross-border data transfer limitations.

Compliance with U.S. and international data privacy and security obligations could require us to take on more onerous obligations in our contracts, restrict our ability to collect, use and disclose data, or in some cases, impact our ability to operate in certain jurisdictions. Moreover, clinical trial subjects, employees and other individuals about whom we or our potential collaborators obtain personal data, as well as the providers who share this data with us, may limit our ability to collect, use and disclose the data. Claims that we have violated individuals' privacy rights, failed to comply with data privacy and security laws, or breached our contractual obligations, even if we are not found liable, could be expensive and time-consuming to defend and could result in adverse publicity that could harm our business.

We are also bound by contractual obligations related to data privacy and security, and our efforts to comply with such obligations may not be successful. For example, certain privacy laws, such as the GDPR and the CCPA, require our customers to impose specific contractual restrictions on their service providers. We publish privacy policies, marketing materials and other statements, such as compliance with certain certifications or self-regulatory principles, regarding data privacy and security. If these policies, materials or statements are found to be deficient, lacking in transparency, deceptive, unfair, or misrepresentative of our practices, we may be subject to investigation, enforcement actions by regulators or other adverse consequences.

Obligations related to data privacy and security (and consumers' data privacy expectations) are quickly changing, becoming increasingly stringent, and creating uncertainty. Additionally, these obligations may be subject to differing applications and interpretations, which may be inconsistent or conflict among jurisdictions. Preparing for and complying with these obligations requires significant resources and may necessitate changes to our information technologies, systems, and practices and to those of any third parties that process personal data on our behalf. We may at times fail (or be perceived to have failed) in our efforts to comply with our data privacy and security obligations. Moreover, despite our efforts, our personnel or third parties on whom we rely may fail to comply with such obligations, which could negatively impact our business operations.

If we or our third-party processors on which we rely fail, or are perceived to have failed, to address or to comply with applicable data privacy and security obligations, we could face significant consequences, including but are not limited to, government enforcement actions (e.g., investigations, fines, penalties, audits, inspections, and similar); litigation (including class-action claims) and mass arbitration demands; additional reporting requirements and/or oversight; bans on processing personal data; and orders to destroy or not use personal data. In particular, plaintiffs have become increasingly more active in bringing privacy-related claims against companies, including class claims and mass arbitration demands. Some of these claims allow for the recovery of statutory damages on a per violation basis, and, if viable, carry the potential for monumental statutory damages, depending on the volume of data and the number of violations. Any of these events could have a material adverse effect on our reputation, business, or financial condition, including but not limited to: loss of customers; interruptions or stoppages in our business operations (including, clinical trials); inability to process personal data or to operate in certain jurisdictions; limited ability to develop or commercialize our products; expenditure of time and resources to defend any claim or inquiry; adverse publicity; or substantial changes to our business model or operations.

 ***As a European public company with a registered office in Sweden, we will likely be subject to the sustainability disclosure requirements set out in the EU Corporate Sustainability Reporting Directive.***

A growing number of investors, regulators, self-regulatory organizations and other stakeholders have expressed an interest in Environmental, Social and Corporate Governance, or ESG, matters, and are requiring more robust ESG disclosures. The related legislative landscape in the European Union has been evolving accordingly. For example, EU Directive No 2464/2022 on Corporate Sustainability Reporting, or CSRD, was

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adopted and entered into force on January 5, 2023, amending the current EU Accounting Directive No 2013/34. The CSRD introduces new mandatory reporting obligations that will require the publication of audited sustainability information. The CSRD is supplemented by EU Delegated Regulation No 2023/2772 which establishes the first set of European Sustainability Reporting Standards, or ESRS, which are applicable to in-scope EU entities.

The CSRD and ESRS require certain mandatory disclosures, as well as disclosures of certain "material" sustainability matters in the company's own operations, those of their subsidiaries and those of their value chain. The identification of material sustainability matters requires a "double materiality" assessment. This means that in-scope entities will have to assess both financial materiality (i.e., sustainability matters which generate risks or opportunities that affect, or could reasonably be expected to affect, the company's financial position, financial performance, cash flows, access to finance or cost of capital over the short, medium or long term) and impact materiality (i.e., the company's material actual or potential, positive or negative impacts on people or the environment over the short-, medium- and long-term). Sustainability matters are material if they satisfy one or both of these materiality tests.

The CSRD applies to entities with securities admitted to trading on an EU regulated market, as well as large EU companies, EU parents of a "large group", and to listed EU small or medium-sized enterprises, amongst others. It will also apply to non-EU companies that have a certain threshold of EU-generated turnover and an in-scope EU subsidiary or EU branch meeting the turnover thresholds. Following the adoption of the so-called "Stop-the-Clock" Directive (Directive (EU)) 2025/794), the application of the sustainability reporting requirements has been postponed with the first mandatory sustainability reporting now expected to relate to either the 2027 or 2028 financial year, depending on the category of the company. As a result, companies subject to the CSRD are required to fulfil their reporting obligations in accordance with a revised staggered timeline. However, this exemption does not apply to companies with more than 500 employees and as of December 31, 2025 we had 37 employees, and therefore we will be able to make use of the exemption.

In response to new ESG initiatives and regulations we may voluntarily elect, or be required, to adopt strategies, policies, or procedures related to ESG matters and report on these. Reporting on ESG goals and objectives may cause us to expend significant capital and human resources and could divert management's attention from central operational matters. Reports could also lead to the disclosure of information that may have a negative impact on our operations and reputation, which may lead to additional exposure. Conversely, ESG initiatives have faced political opposition in certain jurisdictions, including certain U.S. states, and we may face difficulty navigating competing regulatory and political expectations across the jurisdictions in which we operate. Failure to accurately comply with any ESG reporting obligations may result in enforcement actions, sanctions, reputational harm or private litigation.

#### The increasing use of social media platforms presents new risks and challenges.
Social media is increasingly being used to communicate about our clinical development programs and the diseases our therapeutics are being developed to treat, and we intend, in so far as is permitted by applicable laws, to utilize appropriate social media in connection with our commercialization efforts following approval of our product candidates, if any. Social media practices in the biotechnology and pharmaceutical industry continue to evolve and regulations and regulatory guidance relating to such use are evolving and not always clear. This evolution creates uncertainty and risk of noncompliance with regulations applicable to our business, resulting in potential regulatory actions against us, along with the potential for litigation related to off-label marketing or other prohibited activities and heightened scrutiny by the FDA, the SEC and other regulators, including equivalent foreign regulators. For example, patients may use social media channels to comment on their experience in an ongoing blinded clinical trial or to report an alleged adverse event. If such disclosures occur, there is a risk that trial enrollment may be adversely impacted, that we may fail to monitor and comply with applicable adverse event reporting obligations or that we may not be able to defend our business or the public's legitimate interests in the face of the political and market pressures generated by social media due to restrictions on what we may say about our product candidates. There is also a risk of inappropriate disclosure of sensitive information or negative or inaccurate posts or comments about us on any social networking website. In addition, we may encounter attacks on social media regarding our company, management, product candidates or products. If any of these events were to occur or we

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otherwise fail to comply with applicable regulations, we could incur liability, face regulatory actions or incur other harm to our business.

 ***Our business operations and current and future relationships with investigators, health care professionals, consultants, third-party payors and customers may be subject, directly or indirectly, to U.S. federal and state, EU or foreign jurisdictions' healthcare fraud and abuse laws, false claims laws, health information privacy and security laws, and other healthcare laws and regulations. If we are unable to comply, or have not fully complied, with such laws, we could face substantial penalties.***

Although we do not currently have any products on the market, our current and future operations may be directly, or indirectly through our relationships with investigators, health care professionals, customers and third-party payors, subject to various U.S. federal and state healthcare laws and regulations, including, without limitation, the U.S. federal Anti-Kickback Statute. Healthcare providers, including physicians and others play a primary role in the recommendation and prescription of any products for which we obtain marketing approval. These laws impact, among other things, our proposed sales, marketing and education programs and constrain our business and financial arrangements and relationships with third-party payors, healthcare professionals and others who recommend, purchase, or provide our approved products, and other parties through which we research as well as market, sell and distribute our products for which we obtain marketing approval. In addition, we may be subject to patient data privacy and security regulation by both the U.S. federal government and the states in which we conduct our business. Finally, our current and future operations are subject to additional healthcare-related statutory and regulatory requirements and enforcement by foreign regulatory authorities in jurisdictions in which we conduct our business. The laws that may affect our ability to operate include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the U.S. federal Anti-Kickback Statute, which prohibits, among other things, persons or entities from knowingly and willfully soliciting, offering, receiving or paying any remuneration (including any kickback, bribe, or certain rebate), directly or indirectly, overtly or covertly, in cash or in kind, to induce or reward either the referral of an individual for, or the purchase, lease, order or recommendation of, any good, facility, item or service, for which payment may be made, in whole or in part, under U.S. federal and state healthcare programs such as Medicare and Medicaid. A person or entity does not need to have actual knowledge of the statute or specific intent to violate it in order to have committed a violation. In addition, a claim including items or services resulting from a violation of the federal Anti-Kickback Statute constitutes a false or fraudulent claim for purposes of the False Claims Act, or FCA. The definition of the "remuneration" under the federal Anti-Kickback Statute has been interpreted to include anything of value. Further, courts have found that if "one purpose" of remuneration is to induce referrals, the federal Anti-Kickback Statute is violated. The Anti-Kickback Statute has been interpreted to apply to arrangements between pharmaceutical manufacturers on the one hand and prescribers, purchasers, and formulary managers on the other. There are a number of statutory exceptions and regulatory safe harbors protecting some common activities from prosecution; but the exceptions and safe harbors are drawn narrowly and require strict compliance in order to offer protection. Failure to meet all of the requirements of a particular applicable statutory exception or regulatory safe harbor does not make the conduct per se illegal under the federal Anti-Kickback Statute. Instead, the legality of the arrangement will be evaluated on a case-by-case basis based on a cumulative review of all of its facts and circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • federal civil and criminal false claims laws and civil monetary penalty laws, including the FCA, which prohibit, among other things, individuals or entities from knowingly presenting, or causing to be presented, false or fraudulent claims for payment to, or approval by Medicare, Medicaid, or other federal healthcare programs, knowingly making, using or causing to be made or used a false record or statement material to a false or fraudulent claim or an obligation to pay or transmit money to the federal government, or knowingly concealing or knowingly and improperly avoiding or decreasing or concealing an obligation to pay money to the federal government. Manufacturers can be held liable under the FCA even when they do not submit claims directly to government payors if they are deemed to "cause" the submission of false or fraudulent claims. For example, manufacturers have been prosecuted for causing false claims to be submitted because of off-label promotion purportedly concealing price concessions in the pricing information submitted to the government for government price reporting purposes, and allegedly providing free product to customers with the expectation

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that the customers would bill federal healthcare programs for the product. The FCA also permits a private individual acting as a "whistleblower" to bring actions on behalf of the federal government alleging violations of the FCA and to share in any monetary recovery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • HIPAA, which created new federal criminal statutes that prohibit knowingly and willfully executing, or attempting to execute, a scheme to defraud any healthcare benefit program or obtain, by means of false or fraudulent pretenses, representations, or promises, any of the money or property owned by, or under the custody or control of, any healthcare benefit program, regardless of the payor (e.g., public or private) and knowingly and willfully falsifying, concealing or covering up by any trick or device a material fact or making any materially false statements in connection with the delivery of, or payment for, healthcare benefits, items or services relating to healthcare matters. Similar to the federal Anti-Kickback Statute, a person or entity can be found guilty of violating HIPAA without actual knowledge of the statute or specific intent to violate it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • HIPAA, as amended by the Health Information Technology for Economic and Clinical Health Act of 2009, or HITECH, and their implementing regulations, and as amended again by the Final HIPAA Omnibus Rule, published in January 2013, which imposes certain obligations, including mandatory contractual terms, with respect to safeguarding the privacy, security and transmission of individually identifiable health information without appropriate authorization by covered entities subject to the rule, such as health plans, healthcare clearinghouses and certain healthcare providers, and business associates that perform certain services involving the use or disclosure of individually identifiable health information as well as their covered subcontractors. HITECH also created new tiers of civil monetary penalties, amended HIPAA to make civil and criminal penalties directly applicable to business associates, and gave state attorneys general new authority to file civil actions for damages or injunctions in federal courts to enforce the federal HIPAA laws and seek attorneys' fees and costs associated with pursuing federal civil actions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the FDCA, which prohibits, among other things, the adulteration or misbranding of drugs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the U.S. federal legislation commonly referred to as Physician Payments Sunshine Act, and its implementing regulations, which requires certain manufacturers of drugs, devices, biologicals and medical supplies that are reimbursable under Medicare, Medicaid, or the Children's Health Insurance Program to report annually to the CMS information related to certain payments and other transfers of value to physicians (defined to include doctors, dentists, optometrists, podiatrists and chiropractors), certain other healthcare professionals (such as physicians assistants and nurse practitioners), and teaching hospitals, as well as ownership and investment interests held by physicians and their immediate family members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • analogous state laws and regulations, including: state anti-kickback and false claims laws, which may apply to our business practices, including but not limited to, distribution, sales and marketing arrangements and claims involving healthcare items or services reimbursed by any third-party payor, including private insurers; state laws that require pharmaceutical companies to comply with the pharmaceutical industry's voluntary compliance guidelines and the relevant compliance guidance promulgated by the U.S. federal government, or otherwise restrict payments that may be made to healthcare providers and other potential referral source, state laws and regulations that require drug manufacturers to file reports relating to pricing and marketing information, which requires tracking gifts and other remuneration and items of value provided to healthcare professionals and entities, state and local laws that require the registration of pharmaceutical sales representatives, and state laws governing the privacy and security of health information in certain circumstances, many of which differ from each other in significant ways and often are not preempted by HIPAA, thus complicating compliance efforts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the national laws of individual EU Member States and other foreign law equivalents of each of the laws, including reporting requirements detailing interactions with and payments to healthcare providers. Outside the United States, interactions between pharmaceutical companies and healthcare professionals are also governed by strict laws, such as national anti-bribery laws of European countries, national sunshine rules, regulations, industry self-regulation codes of conduct and physicians' codes of professional conduct. Much like the federal Anti-Kickback Statute prohibition in the United States, the provision of benefits or advantages to physicians to induce or encourage the

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prescription, recommendation, endorsement, purchase, supply, order or use of medicinal products is also prohibited in the EU. Furthermore, payments made to physicians in certain EU Member States must be publicly disclosed. Moreover, agreements with physicians often must be the subject of prior notification and approval by the physician's employer, his or her competent professional organization and/or the regulatory authorities of the individual EU Member States. Failure to comply with these requirements could result in reputational risk, public reprimands, administrative penalties, fines or imprisonment.

The distribution of pharmaceutical products is subject to additional requirements and regulations, including extensive record-keeping, licensing, storage and security requirements intended to prevent the unauthorized sale of pharmaceutical products.

The scope and enforcement of each of these laws is subject to rapid change in the current environment of healthcare reform. In the U.S., Federal and state enforcement bodies have continued their scrutiny of interactions between healthcare companies and healthcare providers, which has led to a number of investigations, prosecutions, convictions and settlements in the healthcare industry.

It is possible that governmental authorities will conclude that our business practices may not comply with current or future statutes, regulations or case law involving applicable fraud and abuse or other healthcare laws and regulations. If our operations are found to be in violation of any of these laws or any other governmental regulations that may apply to us, we may be subject to significant sanctions, including civil, criminal and administrative penalties, damages, fines, disgorgement, imprisonment, exclusion from participating in government funded healthcare programs, such as Medicare and Medicaid or comparable foreign healthcare programs, additional reporting requirements and oversight if we become subject to a corporate integrity agreement or similar agreement to resolve allegations of non-compliance with these laws, reputational harm and the curtailment or restructuring of our operations. Prohibitions or restrictions on sales or withdrawal of future marketed products could materially adversely affect our business. If any of the physicians or other healthcare providers or entities with whom we expect to do business is found not to be in compliance with applicable laws, that person or entity may be subject to significant criminal, civil or administrative sanctions, including exclusions from government funded healthcare programs.

Efforts to ensure that our business arrangements with third parties will comply with applicable healthcare laws and regulations will involve substantial costs. Any action against us for violation of these laws, even if we successfully defend against it, could cause us to incur significant legal expenses and divert our management's attention from the operation of our business. The shifting compliance environment and the need to build and maintain robust and expandable systems to comply with multiple jurisdictions with different compliance or reporting requirements increases the possibility that a healthcare company may run afoul of one or more of the requirements.

 ***Our employees, independent contractors, vendors, principal investigators, CROs and consultants may engage in misconduct or other improper activities, including non-compliance with regulatory standards and requirements and insider trading.***

We are exposed to the risk that our employees, independent contractors, vendors, principal investigators, CROs and consultants may engage in fraudulent conduct or other illegal activity. Misconduct by these parties could include intentional, reckless and/or negligent conduct or disclosure of unauthorized activities to us that violate the regulations of the FDA, the EMA and comparable foreign regulatory authorities, including those laws requiring the reporting of true, complete and accurate information to such authorities; healthcare fraud and abuse laws and regulations in the United States and abroad; or laws that require the reporting of financial information or data accurately. In particular, sales, marketing and business arrangements in the healthcare industry are subject to extensive laws and regulations intended to prevent fraud, misconduct, kickbacks, self-dealing and other abusive practices. These laws and regulations may restrict or prohibit a wide range of pricing, discounting, marketing and promotion, sales commission, customer incentive programs and other business arrangements. Activities subject to these laws also involve the improper use of information obtained in the course of clinical trials or creating fraudulent data in our preclinical studies or clinical trials, which could result in regulatory sanctions and cause serious harm to our reputation.

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We have adopted a code of conduct applicable to all of our employees, but it is not always possible to identify and deter misconduct by employees and other third parties, and the precautions we take to detect and prevent this activity may not be effective in controlling unknown or unmanaged risks or losses or in protecting us from governmental investigations or other actions or lawsuits stemming from a failure to comply with these laws or regulations. Additionally, we are subject to the risk that a person could allege such fraud or other misconduct, even if none occurred. If any such actions are instituted against us, and we are not successful in defending ourselves or asserting our rights, those actions could have a significant impact on our business, including the imposition of civil, criminal and administrative penalties, damages, monetary fines, imprisonment, possible exclusion from participation in Medicare, Medicaid and other federal healthcare programs, additional reporting requirements and oversight if we become subject to a corporate integrity agreement or similar agreement to resolve allegations of non-compliance with these laws, contractual damages, reputational harm, diminished profits and future earnings, and curtailment of our operations, any of which could adversely affect our ability to operate our business, financial condition and results of operations.

 ***We are subject to the UK Bribery Act 2010, the U.S. Foreign Corrupt Practices Act of 1977, and other anti-corruption laws, as well as export control laws, import and customs laws, trade and economic sanctions laws and other laws governing our operations.***

Our operations are subject to anti-corruption laws, including the UK Bribery Act 2010, or the Bribery Act, U.S. Foreign Corrupt Practices Act of 1977, as amended, or the FCPA, the U.S. domestic bribery statute contained in 18 U.S.C. §201, the U.S. Travel Act, the Swedish Penal Code, and other anti-corruption laws that apply in countries where we do business. The Bribery Act, FCPA and these other laws generally prohibit us and our employees and intermediaries from authorizing, promising, offering, or providing, directly or indirectly, a financial or other advantage, or anything of value, to government officials or other persons to induce them to improperly perform a relevant function or activity (or reward them for such behavior), or for any other improper purpose.

Under the Bribery Act, we may also be liable for failing to prevent a person associated with us from committing a bribery offense. We, along with those acting on our behalf and our commercial partners, operate in a number of jurisdictions that pose a high risk of potential Bribery Act or FCPA violations, and we participate in collaborations and relationships with third parties whose corrupt or illegal activities could potentially subject us to liability under the Bribery Act, FCPA or local anti-corruption laws, even if we do not explicitly authorize or have actual knowledge of such activities. In addition, we cannot predict the nature, scope or effect of future regulatory requirements to which our international operations might be subject or the manner in which existing laws might be administered or interpreted.

Compliance with the Bribery Act, FCPA and these other anti-corruption laws is expensive and difficult, particularly in countries in which corruption is a recognized problem. In addition, anti-corruption laws present particular challenges in the pharmaceutical industry, because, in many countries, hospitals are operated by the government, and doctors and other hospital employees are considered government officials.

We are also subject to other laws and regulations governing our international operations, including regulations administered by the governments of the United Kingdom, Sweden, and the United States, and authorities in the European Union, including applicable export control regulations, economic sanctions and embargoes on certain countries and persons, anti-money laundering laws, import and customs requirements and currency exchange regulations, collectively referred to as the Trade Control laws. Exports and imports of our products must be made in compliance with these laws and regulations. Trade Control laws may also restrict or prohibit altogether the provision or supply of certain of our products to certain governments, persons, entities, countries, and territories, including those that are the target of comprehensive sanctions, unless there are license exceptions that apply or specific licenses are obtained. In addition, as a result of the Russia-Ukraine military conflict, the United States, European Union, United Kingdom and other jurisdictions adopted a series of financial and trade sanctions in relation to Russia, Belarus, and certain Russian and Belarussian citizens and entities. Further sanctions against Russia and Belarus may be imposed by the United Kingdom, United States and other jurisdictions as the Russia-Ukraine military conflict continues. Any changes in Trade Control laws, shift in the enforcement or scope of existing Trade Control laws, or change in the countries, governments, persons, or technologies targeted by such laws and regulations, could result in the decreased ability to export our products internationally.

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There is no assurance that we will be completely effective in ensuring our compliance with all applicable anti-corruption laws, including the FCPA or other legal requirements, including Trade Control laws. If we are not in compliance with the FCPA and other anti-corruption laws or Trade Control laws, we may be subject to criminal and civil penalties, disgorgement and other sanctions and remedial measures, and legal expenses. Such liabilities could have an adverse impact on our business, financial condition, results of operations and liquidity. Likewise, any investigation of any potential violations of the FCPA, other anti-corruption laws or Trade Control laws could also have an adverse impact on our reputation, business, results of operations and financial condition. Further, the failure to comply with laws governing international business practices may result in substantial civil and criminal penalties and suspension or debarment from government contracting.

 ***We or the third parties upon whom we depend may be adversely affected by earthquakes or other natural disasters and our business continuity and disaster recovery plans may not adequately protect us from a serious disaster.***

Any unplanned event, such as flood, fire, explosion, earthquake, extreme weather condition, medical epidemics, power shortage, telecommunication failure or other natural or manmade accidents or incidents that result in us being unable to fully utilize our facilities, or the manufacturing facilities of our third-party contract manufacturers, may have a material and adverse effect on our ability to operate our business, particularly on a daily basis, and have significant negative consequences on our financial and operating conditions. Loss of access to these facilities may result in increased costs, delays in the development of our product candidates or interruption of our business operations. Earthquakes or other natural disasters could further disrupt our operations and have a material and adverse effect on our business, financial condition, results of operations and prospects. If a natural disaster, power outage or other event occurred that prevented us from using all or a significant portion of our headquarters or our development operations, that damaged critical infrastructure, such as the manufacturing facilities of our third-party contract manufacturers, or that otherwise disrupted operations, it may be difficult or, in certain cases, impossible, for us to continue our business for a substantial period of time. Disaster recovery and business continuity plans may prove inadequate in the event of a serious disaster or similar event. We may incur substantial expenses as a result of the limited nature of our disaster recovery and business continuity plans, which could have a material adverse effect on our business. As part of our risk management approach, we maintain insurance coverage at levels that we believe are appropriate for our business. However, in the event of an accident or incident at these facilities, we cannot assure you that the amounts of insurance will be sufficient to satisfy any damages and losses. If our facilities, or the manufacturing facilities of our third-party contract manufacturers, are unable to operate because of an accident or incident or for any other reason, even for a short period of time, any or all of our development programs may be harmed. Any business interruption may have a material and adverse effect on our business, financial condition, results of operations and prospects.

#### Risks Related to the Ownership of our Securities
 ***An active, liquid and orderly market for our ADSs may not develop, or we may in the future fail to satisfy Nasdaq's continued listing requirements and our ADSs may be delisted, and you may not be able to resell your ADSs at your purchase price or at all.***

Although we have applied to list our ADSs on Nasdaq, an active trading market for our ADSs may never develop and even if an active trading market is developed, it may not be sustained. The lack of an active market may impair your ability to sell your ADSs at the time you wish to sell them or at a price that you consider reasonable. An inactive market may also impair our ability to raise capital by selling ADSs and may impair our ability to acquire other businesses or technologies using our ADSs as consideration, which, in turn, could materially adversely affect our business.

If, after listing, we fail to satisfy Nasdaq's continued listing requirements, such as the corporate governance requirements or the minimum closing bid price requirement, Nasdaq may take steps to delist our ADSs. Such a delisting would likely have a negative effect on the price of our ADSs and would impair your ability to sell or purchase our ADSs when you wish to do so. In the event of a delisting, we can provide no assurance that any action taken by us to restore compliance with listing requirements would allow our ADSs to become listed again, stabilize the market price or improve the liquidity of our ADSs, prevent our

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ADSs from dropping below the Nasdaq minimum bid price requirement or prevent future non-compliance with Nasdaq's listing requirements.

#### Our share price could be volatile, and you could lose all or part of your investment.
Our share price could be highly volatile. As a result of this volatility, investors may not be able to sell their ADSs at or above the price they purchased their ADSs. The market price for our ADSs may be influenced by many factors, including the other risks described in this registration statement as well as and the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • results of our preclinical studies and clinical trials, if any, of our product candidates, or those of our competitors or our existing or future collaborators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • positive or negative results from, or delays in, testing and clinical trials by us, strategic partners or competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • delays in entering into strategic relationships with respect to development or commercialization of our product candidates or entry into strategic relationships on terms that are not deemed to be favorable to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • technological innovations or commercial product introductions by us or competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes or developments in laws or regulations applicable to our product candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • developments concerning proprietary rights, including patents and litigation matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • public concern relating to the commercial value or safety of any of our product candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the loss of any of our key scientific or management personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • announcements concerning our competitors or the pharmaceutical industry in general;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • actual or anticipated fluctuations in our operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • financing or other corporate transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • publication of research reports or comments by securities or industry analysts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • general market conditions in the pharmaceutical industry or in the economy as a whole, including pandemics, bank failures, global armed conflicts, and related global economic uncertainty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the trading volume or our ADSs on The Nasdaq Stock Market LLC or our common shares on Nasdaq Stockholm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • sales of our ADSs by us, members of our senior management and directors or our shareholders or the anticipation that such sales may occur in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • general economic, political, and market conditions and overall fluctuations in the financial markets in the United States or Sweden;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • stock market price and volume fluctuations of comparable companies and, in particular, those that operate in the pharmaceutical industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • investors' general perception of us and our business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • other events and factors, many of which are beyond our control.

The stock market in general, and The Nasdaq Stock Market LLC and pharmaceutical companies like ours in particular, have experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of these companies. In the past, following periods of volatility in the market price of a company's securities, securities class action litigation has often been brought against that company. Due to the potential volatility of our stock price, we may therefore be the target of securities litigation in the future. Securities litigation could result in substantial costs and divert management's attention and resources from our business.

These and other market and industry factors may cause the market price and demand for our securities to fluctuate substantially, regardless of our actual operating performance, which may limit or prevent

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investors from readily selling their ADSs at or above the price paid for the ADSs and may otherwise negatively affect the liquidity of the ADSs. In addition, the stock market in general, and pharmaceutical companies in particular, have experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of these companies.

 ***We will incur increased costs as a result of operating as a U.S.-listed public company, and our board of directors will be required to devote substantial time to new compliance initiatives and corporate governance practices.***

As a U.S.-listed public company we will incur significant legal, accounting and other expenses that we do not incur as a public company listed on Nasdaq Stockholm. The Sarbanes-Oxley Act of 2002, or the Sarbanes-Oxley Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act, Nasdaq's listing requirements and other applicable securities rules and regulations impose various requirements on non-U.S. reporting public companies, including the establishment and maintenance of effective disclosure and financial controls and corporate governance practices. Our board of directors and other personnel will need to devote a substantial amount of time to these compliance initiatives. Moreover, these rules and regulations will increase our legal and financial compliance costs and will make some activities more time-consuming and costly. For example, we expect that these rules and regulations may make it more difficult and more expensive for us to obtain director and officer liability insurance, which in turn could make it more difficult for us to attract and retain qualified members of our board of directors.

However, these rules and regulations are often subject to varying interpretations, in many cases due to their lack of specificity, and, as a result, their application in practice may evolve over time as new guidance is provided by regulatory and governing bodies. This could result in continuing uncertainty regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance practices.

Pursuant to Section 404 of the Sarbanes-Oxley Act, or Section 404, we are required to furnish a report on our internal control over financial reporting. However, as an emerging growth company, we are not currently required to include an attestation report on our internal control over financial reporting issued by our independent registered public accounting firm. We will be required to provide such an attestation once we cease to qualify as an emerging growth company. To achieve compliance with Section 404 within the prescribed period, we will be engaged in a process to document and evaluate our internal control over financial reporting, which is both costly and challenging. In this regard, we will need to continue to dedicate internal resources, potentially engage outside consultants and adopt a detailed work plan to assess and document the adequacy of internal control over financial reporting, continue steps to improve control processes as appropriate, validate through testing that controls are functioning as documented and implement a continuous reporting and improvement process for internal control over financial reporting. Despite our efforts, there is a risk that we will not be able to conclude, within the prescribed timeframe or at all, that our internal control over financial reporting is effective as required by Section 404.

 ***We have no present intention to pay dividends on our common shares in the foreseeable future and, consequently, your only opportunity to achieve a return on your investment during that time is if the price of the ADSs or common shares, as applicable, appreciates.***

We have no present intention to pay dividends in the foreseeable future. Any recommendation by our board of directors to pay dividends will depend on many factors, including our financial condition (including losses carried-forward), results of operations, legal requirements, and other factors. Furthermore, pursuant to Swedish law, the calculation of amounts available for distribution to shareholders, as dividends or otherwise, must be determined on the basis of our non-consolidated statutory accounts prepared in accordance with Swedish accounting rules. If the price of the ADSs or the common shares declines before we pay dividends, you will incur a loss on your investment, without the likelihood that this loss will be offset in part or at all by potential future cash dividends.

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 ***We have identified a material weakness in our internal control over financial reporting. If we are unable to remediate this material weakness, or if we identify additional material weaknesses in the future or otherwise fail to maintain an effective system of internal controls, we may not be able to accurately or timely report our financial condition or results of operations, which may adversely affect investor confidence in us and, as a result, the value of our ADSs.***

We have identified a material weakness in our internal control over financial reporting. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis.

We identified a material weakness in our internal control over financial reporting related to IT general controls ("ITGCs"), specifically related to the enterprise resource planning system that we used as our primary financial reporting system through December 31, 2025 (the "Old ERP System"). The Old ERP System did not have a SOC-1 report, and the Company did not maintain (i) sufficient user access controls to ensure appropriate segregation of duties and to restrict access to financial applications, programs and data to only authorized users, (ii) program change management controls to ensure that information technology program and data changes affecting financial information and underlying accounting records are appropriately authorized and implemented, and (iii) IT operation controls. Although the material weakness is contained within our IT general control environment, it caused our business process controls that are dependent on the ineffective ITGCs, or that rely on data produced from systems impacted by the ineffective ITGCs, to be deemed ineffective.

We have taken steps designed to remediate the identified material weakness. In particular, effective January 1, 2026, we transitioned from the Old ERP System to a new ERP system (the "New ERP System"), which is expected to support proper segregation of duties and privileged access management, proper authorization and implementation of program changes, and appropriate IT operation controls within our control environment.

We cannot assure you that the measures we have taken to date, and measures we plan to implement, will be sufficient to remediate the control deficiencies that led to the identified material weakness in our internal control over financial reporting or that they will prevent or avoid potential future material weaknesses. In addition, neither our management nor an independent registered public accounting firm has performed an evaluation of our internal control over financial reporting in accordance with the provisions of the Sarbanes-Oxley Act because no such evaluation has been required. Had we or our independent registered public accounting firm performed an evaluation of our internal control over financial reporting in accordance with the provisions of the Sarbanes-Oxley Act, additional material weaknesses may have been identified. If we are unable to successfully remediate our existing or any future material weaknesses in our internal control over financial reporting, or identify any additional material weaknesses in the future, or otherwise fail to maintain an effective system of internal controls, the accuracy and timing of our financial reporting may be adversely affected, we may be unable to maintain compliance with securities law requirements regarding timely filing of periodic reports in addition to applicable stock exchange listing requirements, investors may lose confidence in our financial reporting, and the market price of our ADSs may decline as a result.

 ***If we fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results or prevent fraud. As a result, investors could lose confidence in our financial and other public reporting, which would harm our business and the trading price of the ADSs.***

Effective internal controls over financial reporting are necessary for us to provide reliable financial reports and, together with adequate disclosure controls and procedures, are designed to prevent fraud. Any failure to implement required new or improved controls, or difficulties encountered in their implementation, could cause us to fail to meet our reporting obligations. In addition, any testing by us conducted in connection with Section 404 may reveal deficiencies in our internal controls over financial reporting that are deemed to be material weaknesses or that may require prospective or retroactive changes to our financial statements or identify other areas for further attention or improvement. Inferior internal controls could also cause investors to lose confidence in our reported financial information, which could have a negative effect on the trading price of the ADSs.

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Pursuant to Section 404, we are required to furnish a report by management on the effectiveness of our internal control over financial reporting. As an emerging growth company, we are not currently required to include an attestation report on our internal control over financial reporting issued by our independent registered public accounting firm. Once we cease to qualify as an emerging growth company, we will be required to provide such an attestation, and any inability of our independent registered public accounting firm to issue an unqualified opinion on the effectiveness of our internal controls could adversely affect investor confidence in the reliability of our financial statements. Based upon our evaluation as of December 31, 2025, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures, in accordance with Exchange Act Rule 13a-15(e), were effective. We may in the future discover weaknesses in our system of internal financial and accounting controls and procedures that could result in a material misstatement of our financial statements. Moreover, our internal controls over financial reporting will not prevent or detect all errors and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system's objectives will be met. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud will be detected.

If we are unable to assert that our internal control over financial reporting is effective, investors could lose confidence in the reliability of our financial statements, the market price of our common shares could decline, and we could be subject to sanctions or investigations by The Nasdaq Stock Market LLC, the SEC or other regulatory authorities.

 ***Concentration of ownership of our common shares (including common shares in the form of ADSs) among our principal shareholders may prevent new investors from influencing significant corporate decisions.***

Our greater than five percent shareholders and their affiliates beneficially own approximately 32.6% of our outstanding common shares (including common shares in the form of ADSs) as of December 31, 2025. Depending on the level of attendance at our general meetings of shareholders, these shareholders either alone or voting together as a group may be in a position to determine or significantly influence the outcome of decisions taken at any such general meeting. Any shareholder or group of shareholders controlling more than 50% of the share capital present and voting at our general meetings of shareholders may control any shareholder resolution requiring a simple majority, including the appointment of board members, certain decisions relating to our capital structure, and the approval of certain significant corporate transactions. Among other consequences, this concentration of ownership may prevent or discourage unsolicited acquisition proposals that you may believe are in your best interest as one of our shareholders. Some of these persons or entities may have interests different than yours. For example, to the extent certain shareholders purchased their common shares or ADSs at prices below those at which other shareholders purchased theirs and have held their common shares for a longer period, they may be more interested in selling our company to an acquirer than other investors or they may want us to pursue strategies that deviate from the interests of other shareholders.

Currently, we are not aware that any of our existing shareholders have entered or will enter into a shareholders' agreement with respect to the exercise of their voting rights. Nevertheless, depending on the level of attendance at our general meetings of shareholders, or the General Meeting, these significant shareholders could, alone or together, have the ability to determine the outcome of decisions taken at any such General Meeting. Any such voting by these shareholders may not be in accordance with our interests or those of our shareholders. Among other consequences, this concentration of ownership may have the effect of delaying or preventing a change in control and might therefore negatively affect the market price of the ADSs.

#### Fluctuations in exchange rates may increase the risk of holding ADSs and common shares.
Due to the international scope of our operations, our assets, earnings and cash flows are influenced by movements in exchange rates of several currencies, particularly the Swedish Krona, U.S. dollar, Swiss franc, Japanese yen, Euro and GBP. The functional and reporting currency of Vicore Pharma Holding AB and our consolidated subsidiaries is the Swedish Krona, and some of our operating expenses are paid in Swedish Krona, but we also receive payments and pay expenses in U.S. dollars and Euros. Further, potential future

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revenue may be derived from abroad, particularly from the United States. As a result, our business and the price of the ADSs and common shares on The Nasdaq Stock Market LLC and Nasdaq Stockholm, respectively, may be affected by fluctuations in foreign exchange rates between these currencies, which may also have a significant impact on our reported results of operations and cash flows from period to period.

Moreover, because our common shares currently trade on Nasdaq Stockholm in Swedish Krona, and the ADSs will trade on The Nasdaq Stock Market LLC in U.S. dollars, fluctuations in the exchange rate between the U.S. dollar and the Swedish Krona may result in temporary differences between the value of the ADSs and the value of our common shares, which may result in heavy trading by investors seeking to exploit such differences.

#### Holders of ADSs are not treated as holders of our common shares.
Holders of ADSs are not treated as holders of our common shares unless they withdraw the common shares underlying their ADSs in accordance with the deposit agreement and applicable laws and regulations. The depositary is the holder of the common shares underlying the ADSs. Holders of ADSs therefore do not have any rights as holders of our common shares, other than the rights that they have pursuant to the deposit agreement. See "Item 12. Description of Securities Other Than Equity Securities — D. American Depositary Shares."

#### Holders of ADSs may be subject to limitations on the transfer of their ADSs and the withdrawal of the underlying common shares.
ADSs are transferable on the books of the depositary. However, the depositary may close its books at any time or from time to time when it deems expedient in connection with the performance of its duties. The depositary may refuse to deliver, transfer or register transfers of ADSs generally when our books or the books of the depositary are closed, or at any time if we or the depositary think it is advisable to do so because of any requirement of law, government or a governmental body, or under any provision of the deposit agreement, or for any other reason, subject to the right of ADS holders to cancel their ADSs and withdraw the underlying common shares. Temporary delays in the cancellation of your ADSs and withdrawal of the underlying common shares may arise because the depositary has closed its transfer books or we have closed our transfer books, the transfer of common shares is blocked to permit voting at a shareholders' meeting or we are paying a dividend on our common shares. In addition, ADS holders may not be able to cancel their ADSs and withdraw the underlying common shares when they owe money for fees, taxes and similar charges and when it is necessary to prohibit withdrawals in order to comply with any laws or governmental regulations that apply to ADSs or to the withdrawal of common shares or other deposited securities. See "Item 12. Description of Securities Other Than Equity Securities — D. American Depositary Shares."

 ***Holders of ADSs will not have the same voting rights as the holders of our common shares and may not receive voting materials in time to be able to exercise your right to vote.***

Except as described in this registration statement and the deposit agreement, which will be filed as an exhibit to this registration statement, holders of the ADSs will not be able to exercise voting rights attaching to the common shares represented by the ADSs. Under the terms of the deposit agreement, holders of the ADSs may instruct the depositary to vote the common shares underlying their ADSs. Otherwise, holders of ADSs will not be able to exercise their right to vote unless they withdraw the common shares underlying their ADSs to vote them in person or by proxy in accordance with applicable laws and regulations and our articles of association. Even so, ADS holders may not know about a meeting far enough in advance to withdraw those common shares. If we ask for the instructions of holders of the ADSs, the depositary, upon timely notice from us, will notify ADS holders of the upcoming vote and arrange to deliver our voting materials to them. Upon our request, the depositary will mail to holders a shareholder meeting notice that contains, among other things, a statement as to the manner in which voting instructions may be given. We cannot guarantee that ADS holders will receive the voting materials in time to ensure that they can instruct the depositary to vote the common shares underlying their ADSs. A shareholder is only entitled to participate in, and vote at, the meeting of shareholders, provided that it holds our common shares as of the record date set for such meeting and otherwise complies with our articles of association. In addition, the depositary's

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liability to ADS holders for failing to execute voting instructions or for the manner of executing voting instructions is limited by the deposit agreement. As a result, holders of ADSs may not be able to exercise their right to give voting instructions or to vote in person or by proxy and they may not have any recourse against the depositary or us if their common shares are not voted as they have requested or if their common shares cannot be voted.

#### Claims of U.S. civil liabilities may not be enforceable against us.
We are incorporated under Swedish law. Certain members of our board of directors and senior management are non-residents of the United States, and all or a substantial portion of our assets and the assets of such persons are located outside the United States. As a result, it may not be possible to serve process on such persons or us in the United States or to enforce judgments obtained in U.S. courts against them or us based on civil liability provisions of the securities laws of the United States. As a result, it may not be possible for investors to effect service of process within the United States upon such persons or to enforce judgments obtained in U.S. courts against them or us, including judgments predicated upon the civil liability provisions of the U.S. federal securities laws.

The United States and Sweden do not currently have a treaty providing for recognition and enforcement of judgments (other than arbitration awards) in civil and commercial matters. Consequently, a final judgment for payment given by a court in the United States, whether or not predicated solely upon U.S. securities laws, would not automatically be recognized or enforceable in Sweden. In addition, uncertainty exists as to whether the courts in Sweden would entertain original actions brought in Sweden against us or our directors or senior management predicated upon the securities laws of the United States or any state in the United States. Any final and conclusive monetary judgment for a definite sum obtained against us in U.S. courts would not be automatically recognized. Instead, new proceedings would need to be initiated before the competent court in Sweden. However, a judgment obtained in the United States may still have a strong evidentiary weight in the Swedish proceedings, depending on the circumstances and the assessment of the court. If a Swedish court gives judgment for the sum payable under a U.S. judgment, the Swedish judgment will be enforceable by methods generally available for this purpose. As a result, U.S. investors may not be able to enforce against us or certain of our directors any judgments obtained in U.S. courts in civil and commercial matters, including judgments under the U.S. federal securities laws.

 ***We qualify as a foreign private issuer and, as a result, we are exempt from certain U.S. securities laws and will be subject to reporting obligations under the Exchange Act that differ from, and in some cases are less detailed or less frequent than, those applicable to U.S. domestic public companies. In addition, the SEC is currently evaluating the definition and regulatory framework applicable to foreign private issuers, and any changes to that framework could result in the loss of our foreign private issuer status or otherwise increase our compliance obligations.***

We qualify as a foreign private issuer and, as a result, we are exempt from certain U.S. securities laws and will be subject to reporting obligations under the Exchange Act that differ from, and in some cases are less detailed or less frequent than, those applicable to U.S. domestic public companies. In addition, the SEC is currently evaluating the definition and regulatory framework applicable to foreign private issuers, and any changes to that framework could result in the loss of our foreign private issuer status or otherwise increase our compliance obligations.

After our listing on Nasdaq, we will report under the Exchange Act as a non-U.S. company with foreign private issuer status. Because we qualify as a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the Exchange Act that apply to U.S. domestic public companies, including: (i) the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of securities registered under the Exchange Act; (ii) the sections of the Exchange Act requiring insiders to file public reports regarding their stock ownership and trading activities and imposing liability for insider trading based on short-swing profits; and (iii) the rules under the Exchange Act requiring the filing of quarterly reports on Form 10-Q and current reports on Form 8-K upon the occurrence of specified significant events. In addition, as a foreign private issuer, we are permitted to file our annual report on Form 20-F up to 120 days after the end of each fiscal year, compared to the 75-day deadline applicable to

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accelerated U.S. domestic filers, and we are exempt from Regulation Fair Disclosure, which is intended to prevent selective disclosure of material non-public information.

However, the SEC has publicly indicated that it is reviewing and evaluating aspects of the foreign private issuer regime, including the definition of a foreign private issuer and the regulatory accommodations available to such issuers. Any changes resulting from this review could alter the criteria for qualifying as a foreign private issuer, modify the reporting or governance accommodations currently available to foreign private issuers or otherwise impose additional requirements on companies that rely on foreign private issuer status. If the SEC adopts changes that cause us to lose our foreign private issuer status or that otherwise narrow the accommodations available to foreign private issuers, we would become subject to more extensive U.S. reporting, compliance and corporate governance obligations. This could increase our legal, accounting and compliance costs, require significant management attention and subject our directors, officers and shareholders to additional U.S. regulatory requirements. As a result of the foregoing, you may not have the same protections afforded to stockholders of companies that are not foreign private issuers, and future changes to the SEC's foreign private issuer framework could further affect the regulatory regime applicable to us.

 ***As a foreign private issuer and as permitted by the listing requirements of Nasdaq, we will rely on certain home country governance practices rather than the corporate governance requirements of Nasdaq.***

We are entitled to rely on a provision in Nasdaq's corporate governance rules that allows us to follow Swedish law with regard to certain aspects of corporate governance. This allows us to follow certain corporate governance practices that differ in significant respects from the corporate governance requirements applicable to U.S. companies listed on Nasdaq. For example, we intend to follow home country practice in lieu of Nasdaq regulations that require a listed U.S. company to satisfy (i) the minimum quorum requirement for a meeting of shareholders, (ii) the requirement that non-management directors meet on a regular basis without management present and (iii) the requisite composition of the nominating and corporate governance committee.

In accordance with our Nasdaq listing, our audit committee is required to comply with the provisions of Section 301 of the Sarbanes-Oxley Act, and Rule 10A-3 of the Exchange Act. Because we are a foreign private issuer, however, our audit committee is not subject to additional Nasdaq requirements applicable to listed U.S. companies, including an affirmative determination that all members of the audit committee are "independent" using more stringent criteria than those applicable to us as a foreign private issuer. Furthermore, Nasdaq's corporate governance rules require listed U.S. companies to, among other things, seek shareholder approval for the implementation of certain equity compensation plans and issuances of common shares, which we are not required to follow, and do not intend to follow, as a foreign private issuer. Therefore, our shareholders may be afforded less protection than they otherwise would have under corporate governance listing standards applicable to U.S. domestic issuers.

 ***We may in the future lose our foreign private issuer status which would then require us to comply with the Exchange Act's domestic reporting regime and cause us to incur significant legal, accounting and other expenses.***

We are a foreign private issuer and therefore we are not required to comply with all of the periodic disclosure and current reporting requirements of the Exchange Act applicable to U.S. domestic issuers. In order to maintain our current status as a foreign private issuer, either (a) a majority of our common shares must be either directly or indirectly owned of record by non-residents of the United States or (b) (i) a majority of our executive officers or directors may not be U.S. citizens or residents, (ii) more than 50 percent of our assets cannot be located in the United States and (iii) our business must be administered principally outside the United States. We are required to evaluate our foreign private issuer status as of June 30 of each year. If we lose foreign private issuer status, we would be required to comply with the Exchange Act reporting and other requirements applicable to U.S. domestic issuers, which are more detailed and extensive than the requirements for foreign private issuers. We may also be required to make changes in our corporate governance practices in accordance with various SEC and Nasdaq rules. The regulatory and compliance costs to us under U.S. securities laws if we are required to comply with the reporting requirements applicable to a U.S. domestic issuer may be significantly higher than the cost we would incur as a foreign private issuer. As a result, we expect that a loss of foreign private issuer status would increase our legal and financial compliance costs and would make some activities highly time consuming and costly. We also expect that if we were

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required to comply with the rules and regulations applicable to U.S. domestic issuers, it would make it more difficult and expensive for us to obtain director and officer liability insurance, and we may be required to accept reduced coverage or incur substantially higher costs to obtain coverage. In addition, the regulatory environment for foreign private issuers in the United States has been subject to increasing scrutiny. On June 4, 2025, the SEC published a Concept Release soliciting public comment on potential amendments to the definition of 'foreign private issuer' under the Exchange Act, including proposals that could update eligibility criteria, impose foreign trading volume requirements, or assess the robustness of home-country regulation. Any such changes, if adopted, could affect our eligibility to report as a foreign private issuer and could subject us to the more extensive reporting and governance requirements applicable to U.S. domestic issuers, which would significantly increase our compliance costs. Separately, on December 18, 2025, the Holding Foreign Insiders Accountable Act, or HFIAA, was signed into law, eliminating the exemption from Section 16(a) of the Exchange Act that had previously applied to officers and directors of foreign private issuers with respect to reporting obligations. Unless exempt, beginning on March 18, 2026, officers and directors of foreign private issuers are required to file reports on Forms 3, 4 and 5 with the SEC disclosing their beneficial ownership of, and transactions in, our equity securities. Under a recently issued SEC exemptive order, our directors and executive officers are not subject to the reporting obligations, provided we maintain compliance with the EU Market Abuse Regulation requirements relating to the reporting and public disclosure of director and officer's beneficial ownership of, and transactions in, our equity securities. Furthermore, HFIAA does not extend to 10% beneficial owners, who remain exempt from Section 16, and does not subject our officers and directors to the short-swing profit disgorgement provisions of Section 16(b) or the short-sale prohibitions of Section 16(c), which continue to be inapplicable to foreign private issuers. Nevertheless, if these new reporting requirements become applicable to us, it will increase the compliance burden on our officers and directors and could expose them to liability for inadvertent reporting violations. The SEC has also established a Cross-Border Enforcement Task Force focused on fraud involving non-U.S. issuers, reflecting a broader trend toward heightened enforcement activity with respect to foreign private issuers. These developments, taken together, represent a significant narrowing of the accommodations historically available to foreign private issuers and could increase our compliance costs, regulatory exposure and the administrative burden on our management team. These rules and regulations could also make it more difficult for us to attract and retain qualified members of our management team.

 ***We expect to be an "emerging growth company" within the meaning of the Securities Act, and if we take advantage of certain exemptions from disclosure requirements available to "emerging growth companies," this could make our securities less attractive to investors and may make it more difficult to compare our performance with other public companies.***

We expect to be an "emerging growth company" within the meaning of the Securities Act, as modified by the Jumpstart Our Business Startups Act, or JOBS Act, and we may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not "emerging growth companies" including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act. As a result, our shareholders may not have access to certain information they may deem important. We could be an emerging growth company for up to five years, although circumstances could cause us to lose that status earlier, including if the market value of our securities held by non-affiliates exceeds $700 million as of the end of any second quarter of a fiscal year, in which case we would no longer be an emerging growth company as of the last day of such fiscal year. We cannot predict whether investors will find our securities less attractive because we will rely on these exemptions. If some investors find our securities less attractive as a result of our reliance on these exemptions, the trading prices of our securities may be lower than they otherwise would be, there may be a less active trading market for our securities, and the trading prices of our securities may be more volatile.

 ***If securities or industry analysts cease coverage of us, or publish inaccurate or unfavorable research about our business, the price of the ADSs and our trading volume could decline.***

The trading market for the ADSs will depend in part on the research and reports that securities or industry analysts publish about us or our business. We do not have any control over these analysts. Securities or industry analysts may elect not to provide research coverage of our ADSs, and such lack of research coverage may negatively impact the market price of our ADSs. If one or more of the analysts who cover us downgrade the ADSs or publish inaccurate or unfavorable research about our business, the price of the ADSs

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would likely decline. If one or more of these analysts cease coverage of us or fail to publish reports on us regularly, demand for the ADSs could decrease, which might cause the price of the ADSs and trading volume to decline.

 ***Holders of ADSs may not be entitled to a jury trial with respect to claims arising under the deposit agreement, which could result in less favorable outcomes to the plaintiffs in any such action.***

The deposit agreement governing the ADSs representing our common shares provides that, to the fullest extent permitted by applicable law, ADS holders waive the right to a jury trial of any claim they may have against us or the depositary arising out of or relating to our common shares, the ADSs or the deposit agreement, including any claim under the U.S. federal securities laws. The waiver of the right to a jury trial in the deposit agreement is not intended to be deemed a waiver by any holder or beneficial owner of ADSs of our or the depositary's compliance with the U.S. federal securities laws and the rules and regulations promulgated thereunder.

If we or the depositary oppose a jury trial demand based on the waiver, the court would determine whether the waiver was enforceable based on the facts and circumstances of that case in accordance with the applicable state and federal law. The enforceability of a contractual pre-dispute jury trial waiver in connection with claims arising under the federal securities laws has not been finally adjudicated by the U.S. Supreme Court. However, we believe that a contractual pre-dispute jury trial waiver provision is generally enforceable, including under the laws of the State of New York, which govern the deposit agreement. In determining whether to enforce a contractual pre-dispute jury trial waiver provision, courts will generally consider whether a party knowingly, intelligently and voluntarily waived the right to a jury trial. We believe that this is the case with respect to the deposit agreement and the ADSs. It is advisable that you consult legal counsel regarding the jury waiver provision before investing in the ADSs.

If you or any other holders or beneficial owners of ADSs bring a claim against us or the depositary in connection with matters arising under the deposit agreement or the ADSs, including claims under federal securities laws, you or such other holder or beneficial owner may not be entitled to a jury trial with respect to such claims, which may have the effect of limiting and discouraging lawsuits against us and/or the depositary. If a lawsuit is brought against us and/or the depositary under the deposit agreement, it may be heard only by a judge or justice of the applicable trial court, which would be conducted according to different civil procedures and may result in a different outcome than a trial by jury would have had, including results that could be less favorable to the plaintiffs in any such action.

Nevertheless, if this jury trial waiver is not permitted by applicable law, an action could proceed under the terms of the deposit agreement with a jury trial. No condition, stipulation or provision of the deposit agreement or our ADSs serves as a waiver by any holder or beneficial owner of ADSs or by us or the depositary of compliance with any provision of the U.S. federal securities laws and the rules and regulations promulgated thereunder.

 ***We may be a "passive foreign investment company," or a PFIC, which could result in material adverse U.S. tax consequences if you are a U.S. investor.***

Based on our analysis of our income, assets, activities, and market capitalization, we believe that we may be a PFIC for our taxable year ending December 31, 2025. Because PFIC status is a fact specific determination that generally cannot be made until the close of the taxable year in question, and because the calculation of the value of our non-cash assets may be based in part on the value of our common shares or ADSs, the value of which may fluctuate considerably, our PFIC status may change from year to year. Likewise, it is difficult to predict whether we will be a PFIC for the current taxable year or any future year, and no assurance can be given that we will not be a PFIC for our current taxable year or any future year. Therefore, we have not yet made any determination as to our expected PFIC status for the current year or any future year. Even if we determine that we are not a PFIC after the close of a taxable year, there can be no assurance that the Internal Revenue Service, or IRS, will agree with our conclusion. Furthermore, because there are uncertainties in the application of the relevant rules, it is possible that the IRS may challenge our classification of certain income and assets as non-passive or our valuation of our tangible and intangible assets, each of which may result in us being treated as a PFIC. Our U.S. counsel expresses no opinion with respect to our PFIC status for any prior, the current, or any future taxable year.

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Under the Internal Revenue Code of 1986, as amended, we will be a PFIC for any taxable year in which (1) 75% or more of our gross income consists of passive income or (2) 50% or more of the average percentage of our gross assets (determined under applicable Treasury Regulations) consists of assets that produce, or are held for the production of, passive income. If we are a PFIC for any taxable year during which a U.S. Holder (as defined below in "Item 10. Additional Information — E. Taxation — Certain United States Federal Income Tax Consequences") holds our common shares, or ADSs, the U.S. Holder may be subject to adverse tax consequences regardless of whether we continue to qualify as a PFIC, including ineligibility for any preferred tax rates on capital gains or on actual or deemed dividends, interest charges on certain taxes treated as deferred and additional reporting requirements. Each U.S. Holder is strongly urged to consult its tax advisor regarding these issues. For further discussion of the adverse U.S. federal income tax consequences in the event we are classified as a PFIC, see "Item 10. Additional Information — E. Taxation — Certain United States Federal Income Tax Consequences."

 ***If a U.S. person is treated as owning at least 10% of our common shares or ADSs, such holder may be subject to adverse U.S. federal income tax consequences.***

If a U.S. Holder is treated as owning, directly, indirectly or constructively, at least 10% of the value or voting power of our common shares or ADSs, such U.S. Holder may be treated as a "United States shareholder" with respect to each "controlled foreign corporation" in our corporate group, if any. A controlled foreign corporation is any foreign corporation in which more than 50% of the total combined voting power of classes of voting stock or the total value of the corporation is owned (or treated as owned) by United States shareholders. Because our corporate group currently includes one or more U.S. subsidiaries, our non-U.S. subsidiaries will be treated as controlled foreign corporations, regardless of whether we are treated as a controlled foreign corporation. A United States shareholder of a controlled foreign corporation may be required to annually report and include in its U.S. taxable income its pro rata share of "Subpart F income," "global intangible low-taxed income" and investments in U.S. property by controlled foreign corporations, regardless of whether we make any distributions. An individual that is a United States shareholder with respect to a controlled foreign corporation generally would not be allowed certain tax deductions or foreign tax credits that would be allowed to a United States shareholder that is a U.S. corporation.

Failure to comply with these reporting obligations may subject a United States shareholder to significant monetary penalties and may prevent the statute of limitations with respect to such shareholder's U.S. federal income tax return for the year for which reporting was due from starting. We cannot provide any assurances that we will assist our investors in determining whether any of our non-U.S. subsidiaries are treated as a controlled foreign corporation or whether such investor is treated as a United States shareholder with respect to any of such controlled foreign corporations. Further, we cannot provide any assurances that we will furnish to any United States shareholder information that may be necessary to comply with the reporting and tax paying obligations described in this risk factor. U.S. Holders should consult their tax advisors regarding the potential application of these rules to their investment in our common shares or ADSs.

#### Future changes to tax laws could materially adversely affect our company and reduce net returns to our shareholders.
Our tax treatment is subject to changes in tax laws, regulations and treaties, or, in each case, the interpretation thereof, tax policy initiatives and reforms under consideration and the practices of tax authorities in jurisdictions in which we operate, as well as tax policy initiatives and reforms related to the Organization for Economic Co-Operation and Development's, or OECD, Base Erosion and Profit Shifting Project (including "BEPS 2.0"), the European Commission's state aid investigations, and other initiatives. Such changes may include (but are not limited to) the taxation of operating income, investment income, dividends received, or (in the specific context of withholding tax) dividends paid. In addition, on October 8, 2021, the OECD announced an agreement by members of the Inclusive Framework delineating an implementation plan for a 15% global minimum tax (commonly referred to as "Pillar Two"), and on December 20, 2021, the OECD released model rules for domestic implementation. Since that time, the European Union and a number of other jurisdictions have enacted legislation implementing the Pillar Two global minimum tax, and additional jurisdictions are expected to follow. The United States has not adopted Pillar Two implementing legislation. On July 4, 2025, the One Big Beautiful Bill Act, or OBBBA, was

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signed into law in the United States. The OBBBA includes, among other provisions, changes to the tax treatment of certain international income and modifications to R&D tax credit rules, which may affect the interaction between U.S. tax rules and the Pillar Two framework and could have implications for our tax position. We are evaluating the impact of the OBBBA on our tax position and overall financial condition. To the extent the OBBBA or subsequent U.S. legislative or administrative actions affect the taxation of our U.S. subsidiaries, our intercompany arrangements, or the interaction between U.S. tax rules and the OECD Pillar Two framework, our effective tax rate and financial results could be adversely affected. We are unable to predict what additional tax reform may be proposed or enacted in the future or what effect such changes would have on our business, but such changes, to the extent they are brought into tax legislation, regulations, policies, or practices, could affect our financial position and overall or effective tax rates in the future in countries where we have operations, reduce post-tax returns to our shareholders, and increase the complexity, burden, and cost of tax compliance.

#### Tax authorities may disagree with our positions and conclusions regarding certain tax positions, resulting in unanticipated costs, taxes or non-realization of expected benefits.
A tax authority may disagree with tax positions that we have taken, which could result in increased tax liabilities. For example, a tax authority could challenge our allocation of income by tax jurisdiction and the amounts paid between our affiliated companies pursuant to our intercompany arrangements and transfer pricing policies, including amounts paid with respect to our intellectual property development. Similarly, a tax authority could assert that we are subject to tax in a jurisdiction where we believe we have not established a taxable connection, often referred to as a "permanent establishment" under international tax treaties, and such an assertion, if successful, could increase our expected tax liability in one or more jurisdictions. A tax authority may take the position that material income tax liabilities, interest and penalties are payable by us, in which case, we expect that we might contest such assessment. Contesting such an assessment may be lengthy and costly and if we were unsuccessful in disputing the assessment, the implications could increase our anticipated effective tax rate, where applicable.

#### The rights of our shareholders may differ from the rights typically offered to shareholders of a U.S. corporation.
Under Swedish corporate law, except in certain limited circumstances, which require at a minimum that a proposal for special review of accounts or a review of a specific item/topic as defined by shareholders requesting such review, has been supported by a minimum of 10% of the shareholders voting and being present at a general meeting, our shareholders may not ask for an inspection of our corporate records, while under Delaware corporate law any shareholder, irrespective of the size of such shareholder's shareholdings, may do so. Shareholders of a Swedish limited company are also unable to initiate a derivative action, a remedy typically available to shareholders of U.S. companies, in order to enforce a right of our company, in case we fail to enforce such right ourselves, other than in certain cases of board member/management liability under limited circumstances. In addition, a majority of our shareholders may release a member of our board of directors or our executive management from any claim of liability we may have, including if such board member or manager has acted in bad faith or has breached his or her duty of loyalty. However, a shareholder may bring a derivative action on behalf of our company against, among other persons, a member of our board of directors or our executive management, provided that the circumstances of the act or omission giving rise to the claim of liability were not known to the shareholders at the time of such shareholder resolution, or if shareholders representing at least 10% of the share capital represented at the relevant general meeting have opposed such shareholder resolution. In contrast, most U.S. federal and state laws prohibit a company or its shareholders from releasing a board member from liability altogether if such board member has acted in bad faith or has breached such board member's duty of loyalty to our company. Additionally, distribution of dividends from Swedish companies to foreign companies and individuals can be subject to non-refundable withholding tax, and not all receiving countries allow for deduction. See "Item 10. Additional Information — E. Taxation — Material Swedish Tax Considerations" for a more detailed description of the withholding tax. Also, the rights as a creditor may not be as strong under Swedish insolvency law as under U.S. law or other insolvency law, and consequently creditors may recover less in the event our company is subject to insolvency compared to a similar case including a U.S. debtor. In addition, the use of the tax asset consisting of the accumulated tax losses requires that we are able to generate positive taxable income and the use of tax losses carried forward to offset against future income is subject to certain restrictions and can be restricted further by future amendments to Swedish tax law. Finally, Swedish corporate law may

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not provide appraisal rights in the case of a business combination equivalent to those generally afforded a shareholder of a U.S. company under applicable U.S. laws. As a result of these differences between Swedish corporate law and our articles of association, on the one hand, and U.S. federal and state laws, on the other hand, in certain instances, you could receive less protection as an equity holder of our company than you would as a shareholder of a U.S. company.

 ***Holders of the ADSs will not be able to exercise the pre-emptive subscription rights related to the common shares that they represent and may suffer dilution of their equity holding in the event of future issuances of our common shares.***

Under the Swedish Companies Act, our shareholders benefit from a pre-emptive subscription right on the issuance of common shares for cash consideration only and not in the event of issuance of common shares against non-cash contribution or debt conversion. Shareholders' pre-emptive subscription rights, in the event of issuances of common shares against cash payment, may be disapplied by a resolution of the shareholders at a general meeting of our shareholders and/or the common shares may be issued on the basis of an authorization granted to the board of directors pursuant to which the board may disapply the shareholders' pre-emptive subscription rights. The absence or waiver of pre-emptive rights for existing equity holders may cause dilution to such holders.

Furthermore, the ADS holders would not be entitled, even if such rights accrued to our shareholders in any given instance, to receive such pre-emptive subscription rights related to the common shares that they represent. Rather, the depositary is required to endeavor to sell any such subscription rights that may accrue to the common shares underlying the ADSs and to remit the net proceeds therefrom to the ADS holders pro rata. In addition, if the depositary is unable to sell rights, the depositary will allow the rights to lapse, in which case you will receive no value for these rights. Further, if we offer holders of our common shares the option to receive dividends in either cash or common shares, under the deposit agreement, ADS holders will not be permitted to elect to receive dividends in common shares or cash, but will receive whichever option we provide as a default to shareholders who fail to make such an election.

 ***We are a Swedish company with limited liability. The rights of our shareholders may be different from the rights of shareholders in companies governed by the laws of U.S. jurisdictions.***

We are a Swedish company with limited liability. Our corporate affairs are governed by our articles of association and by the laws governing companies incorporated in Sweden. The rights of shareholders and the responsibilities of members of our board of directors may be different from the rights and obligations of shareholders and boards of directors in companies governed by the laws of U.S. jurisdictions. In the performance of its duties, our board is required by Swedish law to consider the interests of our company, its shareholders, its employees and other stakeholders, in all cases with due observation of the principles of reasonableness and fairness. It is possible that some of these parties will have interests that are different from, or in addition to, the interests of our shareholders.

#### The dual listing of our common shares and the ADSs following the U.S. listing may adversely affect the liquidity and value of the ADSs.
Our ADSs will be listed on The Nasdaq Stock Market LLC, and our common shares are listed on Nasdaq Stockholm. Trading of the ADSs or common shares, as applicable, in these markets will take place in different currencies (U.S. dollars on Nasdaq and Swedish Kronor on Nasdaq Stockholm) and at different times (resulting from different time zones, different trading days and different public holidays in the United States and Sweden). The trading prices of our common shares or ADSs, as applicable, on these two markets may differ due to these and other factors. Any decrease in the price of our common shares on Nasdaq Stockholm could cause a decrease in the trading price of the ADSs on Nasdaq. Investors could seek to sell or buy our common shares or ADSs to take advantage of any price differences between the markets through a practice referred to as arbitrage. Any arbitrage activity could create unexpected volatility in both the trading prices on one exchange and the common shares or ADSs available for trading on the other exchange. In addition, holders of ADSs will not be immediately able to surrender their ADSs and withdraw the underlying common shares for trading on the other market without effecting necessary procedures with the depositary. This could result in time delays and additional cost for holders of ADSs. We cannot predict

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the effect of this dual listing on the value of our common shares and the ADSs. However, the dual listing of our common shares and the ADSs may reduce the liquidity of these securities in one or both markets and may adversely affect the development of an active trading market for the ADSs in the United States.

#### We could be subject to securities class action litigation or other litigation matters.
From time to time, we may become involved in certain litigation matters. In the past, securities class action litigation has often been brought against a company following a decline in the market price of its securities. This risk is especially relevant for us because pharmaceutical companies have experienced significant securities price volatility in recent years. If we face such litigation, it could result in substantial costs and a diversion of management's attention and resources, which could harm our business.

Although we intend to vigorously defend our interests in any litigation matters, there is no guarantee that we will be successful and we may have to pay damages awards or otherwise may enter into settlement arrangements in connection with such matters.

Any such negative outcome could result in payments of substantial damages or fines, damage to our reputation or adverse changes to our business practices. Furthermore, during the course of litigation, there could be negative public announcements of the results of hearings, motions or other interim proceedings or developments, which could have a negative effect on the market price of our ADSs. Even if we are successful in defending our interests in each matter, litigation with respect to such matters could result in substantial costs and significant adverse impact on our reputation and divert management's attention and resources, which could have a material adverse effect on our business, operating results or financial condition.

#### ITEM 4. INFORMATION ON THE COMPANY
A. History and Development of the Company

We organized as a public limited liability company in 2005 under the laws of Sweden under the name Vicore Pharma Holding AB. We are registered with the Swedish Companies Registration Office under registration number 556680-3804. Our common shares are listed on Nasdaq Stockholm under the symbol "VICO." We have applied to list our common shares, in the form of ADSs, on Nasdaq under the symbol "VCRE." The listing of our common shares, in the form of ADSs, on Nasdaq is dependent upon satisfaction of all necessary listing requirements.

Our corporate mailing headquarters are located at Kornhamnstorg 53, SE-111 27 Stockholm, Sweden, and our mailing address is Postbox 14, SE-414 52 Gothenburg, Sweden. Our telephone number is +46 (0) 31 788 05 60. Our agent for service of process in the United States is Vicore Pharma US, Inc. with an address at One Broadway, 14th Floor, Cambridge, MA 02142, USA. Our website address is www.vicorepharma.com. The reference to our website is an inactive textual reference only and information contained in, or that can be accessed through, our website is not part of this registration statement on Form 20-F or incorporated by reference herein. All information we file with the SEC is available through the SEC's Electronic Data Gathering, Analysis and Retrieval system, which may be accessed through the SEC's website at www.sec.gov.

We operate through subsidiaries, including Vicore Pharma AB which was founded in 2001, and offices in multiple jurisdictions. Our operations include offices in Stockholm, Sweden; Hørsholm, Denmark; and Cambridge, Massachusetts in the United States.

See "— B. Business Overview" (below) for a discussion of significant events and developments relating to our business and "Item 5. Operating and Financial Review and Prospects — B. Liquidity and Capital Resources" for a discussion of our capital expenditures.

B. Business Overview

We are a clinical-stage pharmaceutical company developing therapeutics for respiratory and fibrotic diseases. Our lead product candidate, buloxibutid (C21), is an oral small molecule angiotensin II type 2, or AT2 receptor agonist, or ATRAG, which has received Orphan Drug and Fast Track designations from the

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United States Food and Drug Administration, or FDA, and is currently being investigated in the global 52-week Phase 2b ASPIRE trial in idiopathic pulmonary fibrosis, or IPF.

Our drug development programs are based on the AT2 receptor, which is part of the renin-angiotensin system, or RAS. The RAS is a hormone system that regulates blood pressure and water balance. While drugs that block the RAS by targeting the angiotensin II type 1, or AT1, receptor (such as ACE inhibitors and angiotensin receptor blockers) have been widely used clinically to treat high blood pressure and reduce mortality in patients with myocardial infarction and heart failure, our approach targets the AT2 receptor. The AT2 receptor is regarded as the "protective" receptor of the RAS. In contrast to the ubiquitous AT1 receptor, which causes contraction of blood vessels and raised blood pressure when stimulated, the AT2 receptor is predominantly expressed during embryonic development and, in adults, is mainly expressed after injury and in different disease states. AT2 receptor agonism drives an endogenous system that is constitutively expressed in the lung, primarily on alveolar epithelial type 2 cells, or AEC2s, and is further upregulated in idiopathic pulmonary fibrosis, or IPF. In addition to the resolution of alveolar damage and fibrosis, AT2 receptor agonism has also shown beneficial effects in pulmonary hypertension models, which may have a compounded benefit in IPF. Based on extensive academic literature and preclinical and translational data generated by us, AT2 receptor agonism could also play an important role in a wide range of fibrotic diseases, such as the broader set of interstitial lung diseases, or ILDs, chronic kidney disease, and various cardiovascular diseases.

#### Our Pipeline
![[MISSING IMAGE: fc_ourpipeline-4clr.jpg]](fc_ourpipeline-4clr.jpg)

Vicore's lead program, buloxibutid, is an oral small molecule AT2 receptor agonist, which has received Orphan Drug and Fast Track designation from FDA and is currently being investigated in a global 52-week Phase 2b trial in IPF, ASPIRE.

#### Buloxibutid (C21)
Buloxibutid is our lead product candidate in a new class of drugs — ATRAGs. Buloxibutid is an orally available low molecular weight AT2 receptor agonist being developed for the treatment of IPF. As an orally administered ATRAG, buloxibutid is believed to bind to and activate the AT2 receptor, and is designed to stop disease progression and restore alveolar function. We believe the multimodal mechanism of action of AT2 receptor activation could target the underlying fibrosis in IPF by stimulating the protective arm of the RAS.

#### Our Strategy
Our goal is to develop and ultimately commercialize a broad portfolio of product candidates based on our expertise in AT2 receptor biology, with the potential to address significant unmet needs in respiratory, fibrotic, and other diseases. Our strategy to achieve this goal is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Complete the Phase 2b ASPIRE trial and advance buloxibutid into Phase 3 development.** We are conducting the global Phase 2b ASPIRE trial evaluating buloxibutid in patients with IPF. In April 2026, we announced that we completed enrollment of the ASPIRE trial. Subject to positive results, we intend to advance buloxibutid into a Phase 3 registrational program. We are using proceeds from our prior financings to execute the ASPIRE trial and fund critical Phase 3 readiness activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Leverage regulatory designations to accelerate development timelines.** Buloxibutid has received Orphan Drug designation in the United States, European Union (referred to as Orphan Medicinal Product), and Japan, as well as Fast Track designation from the FDA. We intend to utilize applicable

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benefits of such designations to facilitate interactions with regulatory authorities and potentially accelerate the path to approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Expand the ATRAG pipeline through preclinical development of new candidates.** We are conducting discovery efforts to identify new AT2 receptor agonists designed to have improved properties, which may address a broad range of indications. Through our collaboration with various discovery contract research organizations, we have generated a series of novel small molecules and intend to advance lead candidates into IND-enabling studies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Pursue strategic partnerships to maximize the value of the ATRAG platform.** We have demonstrated our ability to execute value-creating partnerships through our exclusive license agreement with Nippon Shinyaku for the development and commercialization of buloxibutid in Japan. The partnership leverages Nippon Shinyaku's local expertise to address IPF, a condition with limited treatment options in Japan, enhancing our global program strategy. We may seek additional partnerships to accelerate development of pipeline assets in certain indications or geographies, or to support commercialization activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Evaluate commercialization options for buloxibutid.** We do not currently have our own marketing, sales, or distribution capabilities. As buloxibutid advances through clinical development, we intend to evaluate our options for commercialization, which may include building internal commercial infrastructure in select markets, entering into partnerships or collaborations, or a combination of both approaches.

#### Our Drug Development Programs
Our drug development programs are designed to target the AT2 receptor, which is part of the renin-angiotensin system. The renin-angiotensin system is a hormone system that regulates blood pressure and water balance. While drugs that block the renin-angiotensin system by targeting the AT1 receptor pathway (such as ACE inhibitors and angiotensin receptor blockers) have been widely used clinically to treat high blood pressure and reduce mortality in patients with myocardial infarction and heart failure, our approach is designed to target the AT2 receptor, which is regarded as the "protective" receptor of the renin-angiotensin system.

In contrast to the ubiquitous AT1 receptor, which causes contraction of blood vessels and raised blood pressure when stimulated, the AT2 receptor is predominantly expressed during embryonic development and, in adults, is mainly expressed after injury and in different disease states. In the lung, the AT2 receptor is constitutively expressed, primarily on alveolar epithelial type 2 cells, or AEC2s — the "alveolar repair cell" — and is upregulated in IPF lungs. Single cell analysis indicates high AT2 receptor expression on AEC2s, the progenitor cells that differentiate into alveolar epithelial type 1 cells, or AEC1, gas exchange cells. AT2 receptor expression is also present on fibroblasts, myofibroblasts, and endothelial cells, with higher expression in the diseased state compared with healthy tissue.

 ***Figure 1. Simplified Overview of the Renin-Angiotensin System (RAS) and AT1R/AT2R Signaling.** The classical RAS pathway generates angiotensin II, which signals through the AT1R to produce hypertensive, pro-inflammatory, and pro-fibrotic effects that are counteracted by ACE inhibitors and ARBs, while ACE2 can further cleave angiotensin into smaller peptides that activate AT2R. Buloxibutid is believed to activate the same* 

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 *pathway. This suggests that the angiotensin metabolites, along with the selective AT2R agonist buloxibutid, activate AT2R to drive anti-fibrotic, vasodilatory, and anti-inflammatory "resolution" responses.*![[MISSING IMAGE: fc_simplified-4clr.jpg]](fc_simplified-4clr.jpg)

Alveolar epithelial cells are critical for healthy lung function. The alveolar epithelium is exposed to damaging irritants in inhaled air. AEC1 is the predominant alveolar cell type and is responsible for gas exchange. AEC2 is a progenitor cell that is critical for alveolar integrity and function: it proliferates to form new AEC2, differentiates to AEC1 that need to be replaced, and produces surfactant to maintain alveolar integrity, as illustrated in Figure 2.

 ***Figure 2. Overview of Alveolar Epithelial Cell Biology in a Healthy Alveolus.** In an alveolus, type 1 alveolar epithelial cells (AEC1s) line the alveolar surface and facilitate gas exchange (O2/CO2). Type 2 alveolar epithelial cells (AEC2s) are precursor cells that self-renew through proliferation and differentiate into ACE1s and also produce surfactant to maintain alveolar stability and prevent alveolar collapse.* 

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![[MISSING IMAGE: ph_alveolar-4clr.jpg]](ph_alveolar-4clr.jpg)

#### Buloxibutid Mechanism of Action
Buloxibutid is an oral, selective AT2 receptor agonist that is believed to activate tissue-protective pathways. AT2 receptor activation promotes inhibition of fibrotic progression and fibrosis resolution, anti-inflammatory effects, vasodilation, and reversal of vascular remodeling. The following effects of buloxibutid have been observed in preclinical studies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Tissue Repair and Regeneration*: Buloxibutid has been observed to protect precursor epithelial cells (AEC2) against apoptosis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Anti-Inflammatory*: Buloxibutid has been observed to inhibit release of pro-inflammatory cytokines through inhibition of NF-κB signaling.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Anti-Fibrotic*: Buloxibutid has been observed to protect AEC2 and promote their surfactant production, reduce TGFβ1 levels, inhibit epithelial-mesenchymal transition (EMT) and collagen deposition, and enhance markers of collagen breakdown.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Reverses Vascular Remodeling*: Buloxibutid has been observed to reverse pulmonary vascular remodeling and promote local vasodilation through nitric oxide (NO) release.

In the alveolar compartment in the IPF lung, repeated micro-injury leads to AEC2 dysfunction, driving pathological TGFβ1 release, epithelial-mesenchymal transition, excess collagen formation, matrix metalloprotease (MMP) dysregulation, and vascular remodeling with endothelial dysfunction. Based on preclinical and clinical studies to date it has been observed that buloxibutid may increase AEC2 viability and surfactant production, normalize TGFβ1 and inhibit EMT and collagen formation, promote AEC2 proliferation and differentiation to AEC1, upregulate collagenase MMPs, and induce vasodilation through NO release while reversing vascular remodeling. This is illustrated in Figure 3.

 ***Figure 3. Overview of Pathology in IPF and the Suggested Effects of Buloxibutid.** In IPF, left, repeated micro-injury drives AEC2 dysfunction, triggering TGFβ1-mediated epithelial-mesenchymal transition (EMT), excess collagen deposition, MMP dysregulation, and vascular remodeling that collectively disrupt normal alveolar architecture. Based on preclinical and clinical data, buloxibutid (right) is suggested to counteract* 

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these processes by restoring AEC2 viability and surfactant production, normalizing TGFβ1 signaling, upregulating collagenase MMPs, and promoting vasodilation.

![[MISSING IMAGE: fc_pathology-4clr.jpg]](fc_pathology-4clr.jpg)

#### Preclinical Data
Preclinical data have suggested that treatment with buloxibutid protects AEC2 against apoptosis and increases surfactant expression in ex vivo human IPF precision cut lung slices, as shown in Figure 4.

**Figure 4. Buloxibutid Protects AEC2 Against Apoptosis and Increases Surfactant Protein Expression.** In bleomycin-treated human AEC2 (A549 cell line), buloxibutid reduced cell death in a concentration-dependent manner (from 42% to 9% across 0.001-0.1 µM), and in ex vivo human IPF precision cut lung slices, treatment with 1 µM buloxibutid increased expression of surfactant proteins SP-B and SP-C by 70% and 120% versus control, respectively.

![[MISSING IMAGE: bc_buloxibutid-4clr.jpg]](bc_buloxibutid-4clr.jpg)

Buloxibutid reduces TGFβ1 and Collagen-1a1 protein levels in human IPF precision cut lung slices in a dose-dependent manner, as shown in Figure 5.

**Figure 5. Buloxibutid Reduces TGFβ1 and Collagen Protein Levels in Human IPF Precision Cut Lung Slices (PCLuS).** Following 144-hour exposure, buloxibutid significantly reduced TGFβ1 protein levels by 61% (at 10 µM, \*\*p<0.01) and collagen-1a1 levels by 44% (at 1 µM, \*p<0.05) compared to vehicle control,

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 *demonstrating concentration-dependent suppression of key fibrotic mediators in ex vivo human IPF tissue. A p-value is a statistical measure used to assess whether an observed difference could be due to chance; smaller p-values generally indicate stronger statistical evidence against chance, and a p-value below 0.05 is commonly used as a threshold for statistical significance. Statistics were assessed versus vehicle control using a t-test.*![[MISSING IMAGE: bc_reducestgfb1-4clr.jpg]](bc_reducestgfb1-4clr.jpg)

In a human lung fibroblast assay, buloxibutid dose-dependently inhibited PRO-C3, a biomarker reflecting formation of type III collagen formation and fibrotic activity, as shown in Figure 6. The potential anti-fibrotic mechanism of action of buloxibutid is supported by the in vitro performance of buloxibutid versus currently available therapies, nintedanib and nerandomilast, on the IPF biomarker PRO-C3, as shown in Figure 6.

 ***Figure 6. Buloxibutid Reduces Type III Collagen Biomarker PRO-C3 in a Human Lung Fibroblast Assay.** Using a human lung fibroblast model where IPF-like pathology was induced by incorporating a fibrotic cocktail under simulated IPF conditions over 12 days, buloxibutid demonstrated potent, concentration-dependent reductions in PRO-C3 levels, achieving statistically significant suppression (\*\*\*\*p<0.0001). The level of PRO-C3 suppression exceeded that of approved antifibrotic agents nintedanib and nerandomilast at concentrations of 100 – 1000 nM. Statistics were assessed by one-way analysis of variance.* 

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![[MISSING IMAGE: lc_reducestype3-4clr.jpg]](lc_reducestype3-4clr.jpg)

Additionally, buloxibutid significantly increased plasma levels of the fibrolytic collagenase MMP-13 in the Phase 2a AIR trial. MMP-13 is an enzyme able to cleave fibrillar collagens and plays a significant role in the degradation of the extracellular matrix. Collagenase MMP dysregulation contributes to IPF pathogenesis, and in mouse models, MMP-13 deficiency has been shown to decrease collagenolytic activity, promote lung fibrosis, and attenuate fibrosis resolution.

#### Vascular Effects
Buloxibutid's vascular effects (vasodilation) have been clinically demonstrated in a forearm blood flow trial in healthy volunteers. Buloxibutid elicited a vasodilatory response, with the greatest mean change in forearm blood flow from baseline (60.5%) observed at the highest buloxibutid infusion rate (200 µg/min), without reducing systemic blood pressure or causing other side effects. No severe or serious treatment-emergent adverse events were reported in this study.

In preclinical studies using the Sugen-Hypoxia rat model, clinically relevant doses of buloxibutid showed greater reduction compared to the Sugen-Hypoxia control than clinically relevant doses of inhaled treprostinil, a late stage product candidate, across key readouts, including right ventricular systolic pressure (RVSP), mean pulmonary artery pressure (mPAP), Fulton's index which is a measure of right ventricular hypertrophy, wall thickness, and muscularization.

#### Figure 7. Buloxibutid shows greater reduction in key hemodynamic and vascular remodeling parameters compared to inhaled treprostinil in preclinical Sugen-Hypoxia rat pulmonary hypertension model .
![[MISSING IMAGE: bc_greaterreduc-4clr.jpg]](bc_greaterreduc-4clr.jpg)

#### Preclinical In Vivo Data in Pulmonary Fibrosis
Preclinical in vivo studies across multiple animal models of pulmonary fibrosis have generated data supporting the continued evaluation of buloxibutid in pulmonary fibrosis, as shown in Figure 8.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Bleomycin Model*: Buloxibutid prevented pulmonary collagen deposition, reduced lung architecture disruption, reduced vascular remodeling and normalized cardiac function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Monocrotaline Model*: Buloxibutid demonstrated reversal of pulmonary fibrosis and prevention of right ventricular fibrosis, as well as reversal of vascular remodeling and improved right heart function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Sugen-Hypoxia Model*: Buloxibutid demonstrated reversal of pulmonary fibrosis, reversal of vascular remodeling, reduced RVSP and right ventricular hypertrophy, and improved hemodynamics.

#### Figure 8. Anti-fibrotic effects of buloxibutid in three animal models of pulmonary fibrosis.
![[MISSING IMAGE: bc_antifibrotic-4clr.jpg]](bc_antifibrotic-4clr.jpg)

#### Phase 2a AIR Trial
The Phase 2a AIR trial was a multi-center, open-label, single-arm, 36-week trial evaluating the safety and efficacy of buloxibutid 100 mg dosed twice daily in treatment-naïve patients with IPF, as confirmed by high-resolution computed tomography (HRCT). The trial enrolled 52 patients with baseline characteristics in line with other IPF trials, including a mean age of 67 years, 77% male, and a mean FVC percent predicted of 75.5%.

The primary objective of the trial was safety, assessed by the nature and frequency of adverse events. Buloxibutid was overall well-tolerated, with the majority of adverse events of mild or moderate severity. Nine treatment emergent serious adverse events (SAE) were reported in five patients (9.6%), with six SAEs in two patients having a fatal outcome (COVID-19 in one patient and pneumonitis, type 2 diabetes mellitus, kidney infection, sepsis, cardiac failure in the other patient) and three SAEs in three patients (angina pectoris, squamous cell carcinoma of the oral cavity and exacerbation of IPF). None of these SAEs were considered related to buloxibutid by the investigator. The treatment emergent severe adverse event rate was 5.8%. Buloxibutid demonstrated good gastrointestinal tolerability, with diarrhea reported in 5.8% of patients, nausea in 3.8% and vomiting in 1.9% of patients. The only identified risk of treatment with buloxibutid is mild to moderate hair loss, which was observed in 19% of participants in the Phase 2a AIR trial and generally appeared to be reversible.

Patients treated with buloxibutid in the AIR trial showed stabilized and improved lung function as measured by forced vital capacity, or FVC, over the 36-week treatment period, a secondary endpoint. At 36 weeks, a mean increase in FVC was observed of 9 mL, when imputing missing FVC data assuming a rate of decline of 180 mL per 36 weeks. Using only the observed data, mean FVC increased by 216 mL at week 36. Patient subgroups analyzed showed FVC stabilization and improvement over baseline at 36 weeks using observed data, including patients with probable UIP (321 mL improvement), patients from India (277 mL improvement), and patients with FVC percentage of predicted ≤70% at baseline (239 mL improvement).

Patients treated with buloxibutid also demonstrated a median FVC change from baseline at week 36 of +63 mL. In a post hoc analysis, it was observed that approximately 65% of patients treated with buloxibutid

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experienced stable or improved lung function at 36 weeks, compared to only 25% of patients treated with nintedanib and 9% of untreated patients based on historical data. In patients treated with buloxibutid, the change in FVC outperformed the expected change in FVC of both untreated patients and those treated with current standard of care at 36 weeks.

Biomarker data from the AIR trial were supportive of the proposed mechanism of action. Buloxibutid significantly increased plasma levels of the fibrolytic collagenase MMP-13. Additionally, plasma TGFβ1 levels showed a decreasing trend.

#### Synthetic Control Arm Analysis
We conducted a post-hoc analysis to further validate the findings from the 36-week Phase 2a AIR trial of buloxibutid in IPF, including a synthetic control arm (SCA) analysis using data from a large, external control database of patients diagnosed with IPF according to international guidelines. The patient database was filtered using criteria for inclusion in the Phase 2a AIR trial, requiring individuals to be age ≥ 40 years, have FVC % predicted ≥ 60%, an FEV1/FVC ratio ≥ 70%, and be treatment-naïve. The analysis then employed a rigorous matching methodology, with approximately 30,000 randomly sampled groups of 48 patients generated from filtered external control data, maintaining a 1:1 treatment-to-control ratio. Each group was matched against the treatment cohort using eight (8) baseline clinical variables, followed by univariate and multivariate tests to evaluate similarity between the sampled groups and the AIR cohort. A total of 408 of the randomly sampled groups passed the similarity tests and were accepted as external control arms.

The 408 matched synthetic control arms showed a mean FVC change of -114.8 mL, whereas patients in the AIR trial showed a mean FVC improvement of +23.2 mL at 36 weeks, with discontinued patients' data imputed using the mean decline from the synthetic control arm. The Monte Carlo cross-validation approach demonstrated that in patients with similar core baseline parameters, patients treated with buloxibutid showed a statistically significant difference in change in FVC compared to external control FVC distribution. Notably, 99.75% of the SCAs demonstrated an FVC trajectory inferior to the AIR trial. Data related to this analysis was presented at the European Respiratory Society Congress in September 2025. Such post-hoc analyses are generally deemed to be less reliable than results from clinical trials with prespecified endpoints.

#### Phase 2b ASPIRE Trial
In September 2024, we initiated the global Phase 2b ASPIRE trial (NCT06588686) evaluating buloxibutid in IPF and enrolled the first patient in December 2024. The ASPIRE trial is a randomized, double-blind, placebo-controlled, parallel-group, multicenter, dose-finding trial designed in collaboration with clinical experts and patient advocacy organizations while ensuring high quality standards are maintained.

The key features of the ASPIRE trial include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Randomization*: 1:1:1 randomization with approximately 360 participants (120 per treatment arm) testing buloxibutid 50 mg twice daily, buloxibutid 100 mg twice daily, and placebo twice daily.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Treatment Duration*: 52-week treatment period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Global Footprint*: Approximately 120 sites across 14 countries, including the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Primary Endpoint*: Absolute change from baseline in FVC (measured in mL) at week 52. There is no pre-specified minimum FVC change that an individual patient must achieve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Key Secondary Endpoint*: Proportion of patients with disease progression up to 52 weeks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Patient Population*: IPF patients stable on nintedanib or other standard of care therapy, or those not on standard of care (including patients without access, those who refused, those who are intolerant, or those who have failed prior therapy).

The ASPIRE trial is designed to capture the clinical benefit of buloxibutid, as well as further characterize the safety and tolerability profile, potentially addressing the significant unmet need and commercial opportunity beyond emerging standard of care, which may position buloxibutid as the most effective therapy for IPF to date in a multi-billion-dollar market.

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The ASPIRE trial is progressing, with global enrollment on pace. We completed enrollment in April 2026.

#### Clinical Safety Database
Buloxibutid has an extensive safety database. Not including patients enrolled in the ongoing Phase 2b ASPIRE trial, a total of 366 trial participants have been exposed to buloxibutid over the course of nine completed clinical trials. In the recently completed Phase 2a AIR trial, IPF patients were exposed to buloxibutid for up to 36 weeks. No significant safety risks have been identified for buloxibutid, and across the safety dataset, there have been no treatment-related serious adverse events. Buloxibutid has a favorable tolerability profile, allowing it to be potentially combined with other therapies for IPF.

#### New ATRAGs
Our discovery and development engine is based on our expertise in the biology of the AT2 receptor — a potential target for resolution and repair in diseases characterized by fibrosis. Leveraging this expertise in ATRAG biology and chemistry, and our integrated approach in diseases where the AT2 receptor has a central role in stopping and reversing disease pathology, we are conducting discovery and early preclinical research to identify new AT2 receptor agonists designed to have improved properties and longer patent protection. These follow-on compounds are being explored as potential life-cycle-management optionality in IPF and complementary indications, as well as opportunities in a range of other diseases. These programs are in the discovery stage.

Based on extensive preclinical documentation, the localization of the receptor in humans, and accumulating clinical data, stimulation of the AT2 receptor may be beneficial in a wide range of diseases. To fully exploit these opportunities, we are conducting discovery efforts to identify new ATRAGs that make it possible to address a broad range of indications, including non-orphan diseases; however, we have not determined which indications we may pursue.

We have established a collaboration with experienced chemistry groups with specialized knowledge of AT2 receptor chemistry, which has generated a series of small molecules where lead candidates may be developed further. The approach of parallel development of several future compounds is intended to increase the likelihood of success and reduce development timelines.

Any new ATRAGs may be developed to enable us to extend our AT2 receptor franchise in respiratory diseases beyond buloxibutid, as well as provide optionality to pursue a range of other diseases, either independently or through partnerships.

#### Market Opportunity
IPF is a chronic, progressive and ultimately fatal fibrotic lung disease associated with high morbidity and mortality, with outcomes that remain poor despite the availability of approved therapies. The global IPF market was valued at approximately $4.2 billion in 2024 and is projected to grow to more than $10 billion by 2030 – 2033, representing an estimated compound annual growth rate of approximately 10 – 15%. In the United States, approximately 150,000 people are estimated to suffer from IPF, and approximately 3 million people are affected globally. Current and emerging standard of care therapies have been shown to slow disease progression but are associated with significant side effects and do not improve quality of life. These side effects, including gastrointestinal adverse events, often lead to dose reductions, treatment interruptions, or discontinuation. Only approximately 26% of U.S. patients initiate treatment, and the high discontinuation rate leads to an average time on treatment of only 10 months. Despite available treatments, the 5-year mortality rate for IPF remains approximately 80%.

There are currently three FDA-approved therapies for IPF: OFEV (nintedanib), Esbriet (pirfenidone), and Jascayd (nerandomilast). However, we believe a substantial portion of the IPF market remains underserved today. Existing therapies offer only modest slowing of disease progression and have not demonstrated quality of life benefit. Significant gastrointestinal side effects limit uptake, often requiring dose reductions and contributing to high discontinuation rates.

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We believe that these limitations create a meaningful opportunity for new therapies in IPF with differentiated profiles. A therapy that is well tolerated, suitable for combination use, and capable of delivering greater preservation of lung function or other clinically meaningful patient benefits could expand the number of treated patients, improve the duration of therapy, improve treatment adherence and potentially increase the overall market opportunity.

In addition, continued growth in disease awareness, diagnosis rates, and demographic trends such as the aging global population may further support expansion of the IPF market over time. The market opportunity for a better tolerated and more efficacious therapy compared to current and emerging standard of care therapies in IPF is substantial.

#### Manufacturing
We do not own or operate our own production facilities and we are dependent on third-party contract development and manufacturing organizations, or CMOs, for the production of pharmaceuticals. The manufacturing process for our drugs is conducted in collaboration with contract manufacturers in Europe. We are dependent on the quality of the manufacturing processes as well as the availability, maintenance and license status of the production facilities. All manufacturing processes and methods, as well as all equipment, must comply with current Good Manufacturing Practice, or cGMP, requirements specified by the FDA and EMA. cGMP is a regulatory standard for the production of pharmaceuticals to be used in humans.

We source key materials from third parties, either directly from suppliers or indirectly through our CMOs.

#### Sales and Marketing
We currently do not have our own marketing, sales or distribution capabilities, and currently have limited commercialization expertise. If any of our product candidates receive regulatory approval and are approved for commercial sale, we must either build our own commercial infrastructure or collaborate with third parties that have sales, marketing, and distribution capabilities.

#### Intellectual Property
Our intellectual property is critical to our business, and we strive to protect it, including by obtaining and maintaining patent protection in the United States and internationally for our product candidates, new therapeutic approaches and potential indications, and other inventions that are important to our business. We may also rely on trade secrets and proprietary know-how to protect aspects of our business that are not amenable to, or that we do not consider appropriate for, patent protection.

Our commercial success depends in part upon our ability to obtain and maintain patent and other proprietary protection for commercially important technologies, inventions and know-how related to our business, defend and enforce our intellectual property rights, particularly our patent rights, preserve the confidentiality of our trade secrets and operate without infringing valid and enforceable intellectual property rights of others.

The patent positions for biotechnology companies like ours are generally uncertain and can involve complex legal, scientific and factual issues. For example, any changes in formulation or manufacturing methods, or any product label, may not be sufficiently covered by the existing patent portfolio. In addition, the coverage claimed in a patent application can be significantly reduced before a patent is issued, and its scope can be reinterpreted and even challenged after issuance. As a result, we cannot guarantee that any of our product candidates will be protectable or remain protected by enforceable patents. It cannot be predicted whether the patent applications that are currently being pursued will issue as patents in any particular jurisdiction or whether the claims of any issued patents will provide sufficient proprietary protection from competitors. Any patents that we have may be challenged, circumvented or invalidated by third parties. The intellectual property portfolio for buloxibutid is summarized below.

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#### Patents and Market Exclusivity
Our buloxibutid patent portfolio includes patent families related to formulations of buloxibutid as well as methods of use in IPF. We have a patent family directed to a peroral dry mix formulation of buloxibutid in a capsule with two patents granted in the U.S., one patent granted in each of Europe (validated in Austria, Belgium Switzerland, Liechtenstein, Germany, Denmark, Spain, France, United Kingdom, Ireland, Italy, Lithuania, Luxembourg, Latvia, Malta, The Netherlands, Poland, Portugal, Sweden, Slovenia), Hong Kong, Israel, Japan, Mexico, and South Africa, which are expected to expire in 2041, and patent applications pending in Australia, Brazil, Canada, China, Eurasia, Europe, Hong Kong, India, Japan, Korea, New Zealand, and Singapore. We also own a patent family directed to a delayed release formulation of buloxibutid with two patents granted in each of the U.S. and Japan, and one patent granted in each of Europe, Eurasia, Israel, and South Africa, which are expected to expire in 2041, and patent applications pending in Australia, Brazil, Canada, China, Europe, Hong Kong, India, Japan, Korea, New Zealand, Singapore, and the U.S. We expect to change our current formulation, and any changes or modifications to our formulation may not be sufficiently protected by the patent families we currently own.

We also own a patent family directed towards the method of treating patients with IPF with buloxibutid with three patents granted in the U.S., which are expected to expire in 2042, and pending applications in Australia, Canada, China, Eurasia, Europe, Hong Kong, Japan, Mexico, and the U.S. In addition, we own a patent family related to a manufacturing method for buloxibutid with patent applications pending in Canada, China, Europe, Hong Kong, India, Japan, and the U.S. Any changes to our manufacturing process may not be sufficiently protected by the patent families we currently own. These projected expiry dates do not account for any potential patent term extensions or supplementary protection certificates. Our composition of matter patent for buloxibutid expired in 2024.

In addition to patent protection, we have obtained Orphan Drug designation in the U.S., EU (referred to as Orphan Medicinal Product designation), and Japan for buloxibutid in IPF. Such designations provide the potential for up to seven years of market exclusivity in the United States, up to ten years of market exclusivity protection in Europe, and up to ten years of market exclusivity in Japan from the time of regulatory approval. The market exclusivity in Europe is currently subject to adoption of the proposed EU Pharma Package law, which would reduce the baseline market exclusivity protection to up to nine years with the possibility of extending protection to up to a total of eleven years under certain conditions. If we receive marketing approval, the sale of buloxibutid for the treatment of IPF will also be protected by new chemical entity (NCE) marketing exclusivity for five years in the United States and for ten years in Europe, subject to adoption of the proposed EU Pharma Package law which would reduce the regulatory exclusivity to nine years, with the possibility of extending up to a maximum of eleven years under certain circumstances.

In addition to buloxibutid, we also have a portfolio of patent families for other ATRAGs, which includes one patent granted in each of China, Eurasia, Europe, Indonesia, Hong Kong, Saudia Arabia, Mexico, Singapore and the U.S. and two patents in Japan, with an expiration between 2040 and 2042, and patent applications pending in Australia, Brazil, Canada, Chile, Colombia, China, Eurasia, Egypt, Europe, Hong Kong, Indonesia, Israel, India, Japan, Korea, Mexico, Malaysia, New Zealand, Philippines, Saudi Arabia, Singapore, Thailand, Ukraine, South Africa, and the U.S. We pursue an active patent strategy encompassing all major geographic markets, including the United States, Europe, Canada, Japan, and China.

The term of individual patents depends upon the legal term of the patents in the countries in which they are obtained. In most countries in which we file, the patent term is 20 years from the earliest date of filing a non-provisional patent application.

 *Hatch-Waxman* 

In the United States, the term of a patent covering an FDA-approved drug may be eligible for a patent term extension under the Hatch-Waxman Act as compensation for the loss of patent term during the FDA regulatory review process. The allowable patent term extension is calculated as half of the drug's testing phase — the time between IND submission and NDA submission — and all of the review phase — the time between NDA submission and approval up to a maximum of five years. The period of extension may be up to five years beyond the expiration of the patent, but cannot extend the remaining term of a patent beyond a total of 14 years from the date of product approval. Only one patent among those eligible for an

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extension may be extended. Similar provisions are available in Europe and in certain other jurisdictions to extend the term of a patent that covers an approved drug. It is possible that issued U.S. patents covering each of our product candidates may be entitled to patent term extensions. If our product candidates receive FDA approval, we intend to apply for patent term extensions, if available, to extend the term of patents that cover the approved product candidates. We also intend to seek patent term extensions in any jurisdictions where they are available, however, there is no guarantee that the applicable authorities, including the FDA, will agree with our assessment of whether such extensions should be granted, and even if granted, the length of such extensions.

#### Trademarks
Registered trademarks protect indications which serve to distinguish the goods or services of one competitor from those of others, and provide the owner with the exclusive right to use or authorize others to use the trademark in relation to the goods and services for which it is registered. Trademarks are granted generally on a national or regional basis. International filings are governed by international treaties, in a similar manner to patents, but with a six-month priority period. The intellectual property offices in each country in most cases conduct searches and examination prior to registration. Applications are typically pending for a period of six months to two years prior to grant. Trademarks are subject to challenge by third parties in each jurisdiction before and after grant, using administrative and/or court-based processes on various grounds.

We own registered trademarks for "Vicore" and other defensive trademarks in the U.S., Europe, and other jurisdictions.

#### Regulatory Designations
Buloxibutid has received Orphan Drug designation for the treatment of IPF from the FDA in the United States, the European Commission in the European Union (referred to as Orphan Medicinal Product designation), and the Ministry of Health, Labor and Welfare in Japan. In addition, in January 2025, the FDA granted Fast Track designation to buloxibutid for the treatment of IPF.

#### Competition
The biotechnology and pharmaceutical industries, including the respiratory and fibrotic disease subsectors, are characterized by rapidly evolving technologies, intense competition, and a strong defense of intellectual property and proprietary technologies. Any product candidates that we successfully commercialize may be competitive with currently marketed therapies and any new therapies that may be commercialized in the future. In IPF, for example, the factors driving competition and success of such therapies include the ability of the therapy to preserve lung function, demonstrate tolerability, support long-term treatment persistence, offer patient convenience, and negotiate adequate coverage and reimbursement from third-party payors. We have competitors both in the United States and internationally, including major multinational pharmaceutical companies, established biotechnology companies, specialty pharmaceutical companies, universities and other research institutions. Many of our competitors have significantly greater financial, technical and human resources and expertise in manufacturing, marketing, product development, and commercialization than we do. These companies may also have products that have been approved or are in late stages of development, and collaborative arrangements in our target markets with leading companies and research institutions. Furthermore, these competitors also compete with in recruiting and retaining qualified scientific and management personnel and establishing clinical trial sites and patient registration for clinical trials, as well as in acquiring technologies complementary to, or necessary for, our program. Mergers and acquisitions in the pharmaceutical and biotechnology industries may result in even more resources being concentrated among a smaller number of our competitors.

#### IPF Competitive Landscape
The treatment landscape for IPF has recently begun to evolve after over a decade of limited progress. Currently marketed therapies for IPF include Ofev (nintedanib), Esbriet (pirfenidone) and, in the United States, Jascayd (nerandomilast). In addition, several late-stage product candidates are in development for IPF,

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including Tyvaso (nebulized treprostinil) and admilparant. Approved and late-stage IPF therapies have demonstrated modest reduction of lung function decline, with many associated with tolerability or administration challenges.

Jascayd (nerandomilast), a PDE4B antagonist developed by Boehringer Ingelheim, was approved in the United States for the treatment of IPF in 2025. In the Phase 3 FIBRONEER-IPF trial, the approved 18mg dose incrementally reduced FVC decline by 68.8 mL versus placebo at 52 weeks but is associated with gastrointestinal tolerability issues. Tyvaso (treprostinil), a prostacyclin analog developed by United Therapeutics, also reported positive Phase 3 results in IPF in their TETON-2 and TETON-1 clinical trials. In the TETON-2 trial, which enrolled patients outside of the U.S. and Canada, nebulized Tyvaso demonstrated incremental efficacy of 95.6 mL versus placebo at 52 weeks, and in the subsequent TETON-1 trial, which enrolled patients in the U.S. and Canada, demonstrated efficacy of 130.1mL versus placebo at 52 weeks, with statistically significant improvements observed across the primary endpoint and several secondary measures of disease progression in the integrated analysis of the two trials. However, Tyvaso requires nebulized administration of up to 48 breaths per day and is associated with cough, throat irritation, headache, nausea, and flushing. Admilparant, an oral LPA1 antagonist in development by Bristol Myers Squibb, demonstrated incremental efficacy of only 45.5 mL versus placebo at 26 weeks and is currently being evaluated in a Phase 3 trial in IPF. Additionally, several other companies are developing product candidates in Phase 2 or earlier clinical stages that are behind buloxibutid in development.

Buloxibutid is being evaluated in our ongoing Phase 2b ASPIRE trial. The trial follows the Phase 2a AIR study, an open-label trial in treatment-naïve patients with IPF, in which buloxibutid showed an average improvement in FVC of 216 mL versus baseline at 36 weeks and a favorable tolerability profile. We believe that buloxibutid may offer a potentially differentiated value proposition compared to marketed products and other late-stage product candidates.

#### Material Contracts
 *Nippon Shinyaku License Agreement* 

In February 2024, we entered into an exclusive license agreement with Nippon Shinyaku, a Japanese pharmaceutical company, to develop and commercialize buloxibutid in Japan. Under the terms of the agreement, we received an initial payment of USD 10 million (SEK 104.2 million) and are eligible for up to a total of USD 275 million (SEK 2.6 billion) in development and commercial milestone payments, as well as tiered royalties up to the low 20s as a percentage of annual net sales in Japan. In addition, Nippon Shinyaku will cover a portion of global non-clinical, CMC, and late-stage clinical development costs. Nippon Shinyaku received the exclusive right to develop and commercialize buloxibutid in IPF in Japan, and is operationally and financially responsible for the development of buloxibutid in Japan. We retain all rights to buloxibutid in the rest of the world.

The partnership leverages the local expertise of Nippon Shinyaku to address IPF, a condition with limited treatment options in Japan, enhancing Vicore's global IPF strategy. Nippon Shinyaku is a leader in the development of therapies for rare respiratory diseases in Japan, including the discovery and development of Uptravi for pulmonary arterial hypertension.

The term of the license agreement ends upon expiration of all of Nippon Shinyaku's payment obligations including all development and commercial milestone payments, together with all royalty obligations through the end of the royalty term, which extends until the later of (i) ten years after first commercial sale in Japan, (ii) one year following expiration of regulatory exclusivity in Japan, or (iii) expiration of the last-to-expire valid claim covering the buloxibutid in Japan. Either party may terminate the agreement for material breach by the other party, if such breach has not been cured within a specified time, or insolvency of the other party. The parties may also terminate the agreement by mutual consent. In addition, Nippon Shinyaku may terminate the license agreement for convenience beginning 12 months after its effective date by providing 360 days' prior written notice. We may terminate the agreement if Nippon Shinyaku challenges certain licensed patents. Upon termination, the licenses granted to Nippon Shinyaku generally cease, and development, regulatory, and commercialization responsibilities transfer back to us, subject to limited sell-off and transition rights. If the agreement is terminated by Nippon Shinyaku due to our breach or insolvency, Nippon Shinyaku may elect to retain the licenses on a reduced-royalty basis.

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#### Government Regulation
Our operations and product candidates are subject to strict regulations and quality standards. We and our partners plan to seek approval to market buloxibutid and other potential product candidates in the United States, the European Union, the UK, and Japan, and may seek approval to market in other jurisdictions as well. Before we can conduct clinical trials, the relevant regulatory authority and ethics committee, or institutional review board, must approve such trials.

We adhere to rigorous ethical, regulatory and scientific standards in the manufacture of our product candidate, non-clinical work, and clinical trials, including Good Practice, or GxP, regulations and guidelines. The processes for obtaining regulatory approvals in the United States and in other countries and jurisdictions, along with subsequent compliance with applicable statutes and regulations and other regulatory authorities, require the expenditure of substantial time and financial resources.

<u>FDA Drug Development Approval Process</u> 

In the United States, pharmaceutical products are subject to extensive regulation by the FDA. The Federal Food, Drug, and Cosmetic Act (FDCA), and other federal and state statutes and regulations, govern, among other things, the research, development, testing, manufacture, storage, recordkeeping, approval, labeling, promotion and marketing, distribution, post-approval monitoring and reporting, sampling, and import and export of pharmaceutical products. Failure to comply with applicable U.S. requirements may subject a company to a variety of administrative or judicial sanctions. None of our product candidates may be marketed in the United States until the candidate has received FDA approval. The steps required before a drug may be marketed in the United States generally include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • completion of extensive pre-clinical laboratory tests, animal studies, and formulation studies in accordance with the FDA's good laboratory practice, or GLP, regulations and other applicable requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • submission to the FDA of an Investigational New Drug application, or IND, for human clinical testing, which must become effective before human clinical trials may begin;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • performance of adequate and well-controlled human clinical trials in accordance with good clinical practice, or GCP, requirements to establish the safety and efficacy of the product candidate for each proposed indication;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • submission to the FDA of a new drug application, or NDA, after completion of all pivotal clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • satisfactory completion of an FDA pre-approval inspection of the manufacturing facility or facilities at which the active pharmaceutical ingredient, or API, and finished drug product are produced and tested to assess compliance with current Good Manufacturing Practices, or cGMPs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • FDA review and approval of the NDA prior to any commercial marketing or sale of the drug in the United States.

 *Preclinical and Human Clinical Trials in Support of an NDA* 

Preclinical studies include laboratory evaluations of the product candidate, as well as in vitro and animal studies, if necessary, to assess the potential safety and efficacy of the product candidate. The conduct of preclinical studies is subject to federal regulations and requirements including GLP regulations. The results of the preclinical studies, together with manufacturing information and analytical data, among other things, are submitted to the FDA as part of the IND, which must become effective before human clinical trials may commence. The IND will become effective automatically 30 days after receipt by the FDA, unless the FDA raises concerns. In this case, the IND sponsor and the FDA must resolve any outstanding concerns before clinical trials can proceed. The FDA may nevertheless initiate a clinical hold after the 30 days if, for example, significant public health risks arise.

Clinical trials involve the administration of the product candidate to human subjects under the supervision of qualified investigators in accordance with GCP requirements, which include the requirement that all research subjects provide their informed consent in writing for their participation in any clinical

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trial. Clinical trials are conducted under written protocols detailing, among other things, the objectives of the trial, subject selection and exclusion criteria, the parameters to be used in monitoring safety, and the effectiveness criteria to be evaluated. A protocol for each clinical trial and any subsequent protocol amendments must be submitted to the FDA as part of the IND. Each clinical trial must be reviewed and approved by an institutional review board, or IRB, at or servicing each of the sites at which the trial will be conducted. The IRB will consider, among other things, ethical factors and the safety of human subjects. The IRB also approves the informed consent form that must be provided to each clinical trial subject or his or her legal representative and must monitor the clinical trial until completion.

Clinical trials are typically conducted in three sequential phases prior to approval, but the phases may overlap or be combined. These phases generally include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Phase 1*. Phase 1 clinical trials represent the initial introduction of a product candidate into human subjects, frequently healthy volunteers. In Phase 1, the product candidate is usually tested for safety, including adverse effects, dosage tolerance, absorption, distribution, metabolism, excretion and pharmacodynamics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Phase 2*. Phase 2 clinical trials usually involve studies in a limited patient population to (1) evaluate the efficacy of the product candidate for specific indications, (2) determine dosage tolerance and optimal dosage and (3) identify possible adverse effects and safety risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Phase 3*. If a product candidate is found to be potentially effective and to have an acceptable safety profile in Phase 2 clinical trials, the clinical trial program will be expanded to Phase 3 clinical trials to further demonstrate clinical efficacy, optimal dosage and safety within an expanded patient population at geographically dispersed clinical trial sites.

In some cases, the FDA may approve an NDA for a product candidate but require the sponsor to conduct additional clinical trials to further assess the product candidate's safety and effectiveness after approval. Post-approval trials, sometimes referred to as Phase 4 clinical trials or post-trial commitments, may be conducted after approval to gain additional experience from the treatment of patients in the intended therapeutic indication and to document a clinical benefit in the case of drugs approved under accelerated approval regulations, or when otherwise requested by the FDA in the form of post-market requirements or commitments. Failure to promptly conduct any required Phase 4 clinical trials could result in enforcement action or withdrawal of approval.

Progress reports detailing the results of clinical trials, among other information, must be submitted at least annually to the FDA. In addition, if the sponsor identifies non-fatal or non-life threatening serious and unexpected adverse reactions, written IND safety reports must be submitted to the FDA and the investigators within 15 calendar days after the sponsor determines that the information qualifies for reporting. Such reports must include any findings from ongoing studies or animal or in vitro testing that suggest a significant risk to humans exposed to the drug, and any clinically important increase in the rate of a serious adverse reaction over that listed in the protocol or investigator brochure. The sponsor also must notify the FDA of any unexpected fatal or life-threatening suspected adverse reaction within 7 calendar days after the sponsor's initial receipt of the information.

Concurrent with clinical trials, companies usually complete additional nonclinical studies and must also develop additional information about the chemistry and physical characteristics of the drug as well as finalize a process for manufacturing the product in commercial quantities in accordance with cGMP requirements. The manufacturing process must be capable of consistently producing quality batches of the drug candidate and, among other things, must have in place methods for testing the identity, strength, quality and purity of the final drug product. Additionally, appropriate packaging must be selected and testing and stability studies must be conducted to demonstrate that the drug candidate does not undergo unacceptable deterioration over its shelf life.

 *Submission and FDA Review of an NDA* 

The results of preclinical studies and clinical trials, together with detailed information on the drug's manufacture, composition, quality, controls and proposed labeling, among other things, are submitted to the FDA in the form of an NDA, requesting approval to market the drug for one or more indications. The

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application must be accompanied by a significant user fee payment, which typically increases annually, although waivers may be granted in limited cases. The FDA conducts a preliminary review of all NDAs within the first 60 days after submission, before accepting them for filing, to determine whether they are sufficiently complete to permit substantive review. The FDA may request additional information rather than accept an NDA for filing. In this event, the application must be resubmitted with the additional information. The resubmitted application is also subject to review before the FDA accepts it for filing. The FDA has substantial discretion in the approval process and may refuse to file or approve any application or decide that the data are insufficient for approval and require additional preclinical, clinical or other studies.

Once an NDA has been accepted for filing, the FDA sets a user fee goal date that informs the applicant of the specific date by which the FDA intends to complete its review. Under the current goals and policies agreed to by the FDA under the Prescription Drug User Fee Act, or PDUFA, the FDA has 10 months from the filing date to complete its initial review of a standard NDA for a new molecular entity and respond to the applicant, or six months for an NDA granted a priority designation. The review process can be extended by FDA requests for additional information or clarification. The FDA reviews NDAs to determine, among other things, whether the proposed drug is safe and effective for its intended use, and whether the drug is being manufactured in accordance with cGMPs to assure and preserve the drug's identity, strength, quality and purity. Before approving an NDA, the FDA typically will inspect the facilities at which the drug is manufactured and will not approve the drug unless the manufacturing facilities comply with cGMPs. Additionally, the FDA will typically inspect one or more clinical trial sites for compliance with GCP and integrity of the data supporting safety and efficacy.

During the review process, the FDA also will determine whether a risk evaluation and mitigation strategy, or REMS, is necessary to ensure that the benefits of the drug outweigh its risks and to assure the safe use of the drug. REMS can include medication guides, communication plans for healthcare professionals, and elements to assure safe use, or ETASU. ETASU can include, but are not limited to, special training or certification for prescribing or dispensing, dispensing only under certain circumstances, special monitoring and the use of patent registries. If the FDA concludes a REMS is needed, the sponsor of the application must submit a proposed REMS, and the FDA will not approve the application without an approved REMS, if required. A REMS can substantially increase the costs of obtaining approval or of commercializing the product. The FDA may also convene an advisory committee of external experts to provide input on certain review issues relating to risk, benefit and interpretation of clinical trial data. The FDA may delay approval of an NDA if applicable regulatory criteria are not satisfied and/or the FDA requires additional testing or information.

On the basis of the FDA's evaluation of the NDA and accompanying information, including the results of the inspection of the manufacturing facilities and clinical trial sites, the FDA will issue either an approval of the NDA or a Complete Response Letter, detailing the deficiencies in the submission and the additional testing or information required for reconsideration of the application. In September 2025, the FDA began publishing Complete Response Letters soon after issuing them to the respective sponsors, breaking with the long-standing agency tradition of publishing Complete Response Letters with approval documentation after the product is approved. If a Complete Response Letter is issued, the applicant may either resubmit the NDA, addressing all of the deficiencies identified in the letter, withdraw the application or request an administrative hearing after exhausting formal dispute resolution processes. Even with submission of this additional information, the FDA may ultimately decide that the application does not satisfy the regulatory criteria for approval.

If the FDA approves a new drug, it may limit the approved indications for use of the drug. Further, depending upon the risks to be addressed, it may require that contraindications, warnings or precautions be included in the drug labeling, such as a special warning, known as a boxed warning, to highlight a particular safety risk; require post-approval studies, including Phase 4 clinical trials, be conducted to further assess the drug's safety after approval; require testing and surveillance programs to monitor the drug after commercialization; or impose other conditions, including distribution and use restrictions or other risk management mechanisms under REMS, which can materially affect the potential market and profitability of the drug. In addition, the FDA may prevent or limit further marketing of a drug based on the results of post-market studies or surveillance programs. Once granted, product approvals may be withdrawn if compliance with regulatory requirements is not maintained or problems are identified following initial

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marketing or any time thereafter, and many types of changes to the approved drug, such as adding new indications, manufacturing changes and additional labeling claims, are subject to further testing requirements and FDA review and approval.

 *Expedited Development and Review Programs* 

The FDA is authorized to designate certain drugs for expedited programs, including fast track designation, breakthrough therapy designation, and priority review, if they demonstrate the potential to address an unmet medical need and are intended for the treatment of a serious or life-threatening disease or condition, as well as the Commissioner's National Priority Voucher (CNPV) pilot program. The purpose of these programs is to provide important new drugs to patients earlier than under standard FDA review procedures. Even if a drug qualifies for one or more of these expedited development and review programs, the FDA may later decide that the drug no longer meets the conditions for qualification or that the time period for FDA review or approval will not be shortened, and the designation may be withdrawn.

The FDA may designate a drug for fast track designation if it is intended, whether alone or in combination with one or more other drugs, for the treatment of a serious or life-threatening disease or condition, and it demonstrates the potential to address unmet medical needs for such a disease or condition. The FDA will determine that a product will fill an unmet medical need if it will provide a therapy where none exists or provide a therapy that may be potentially superior to existing therapy based on efficacy or safety factors. For fast track designated drugs, sponsors may have a higher number of interactions with the FDA during preclinical and clinical development. In addition, the FDA may review sections of the NDA for a fast track designated drug on a rolling basis before the complete application is submitted, if the sponsor provides a schedule for the submission of the sections of the NDA, the FDA agrees to accept sections of the NDA and determines that the schedule is acceptable, and the sponsor pays any required user fees upon submission of the first section of the NDA.

A product is eligible for priority review if it has the potential to provide a significant improvement in safety or effectiveness in the treatment, diagnosis or prevention of a serious disease or condition. A priority review means that the goal for the FDA to review an application is six months, rather than the standard review of ten months under current PDUFA guidelines.

The FDA may designate a drug for breakthrough therapy designation if the drug, alone or in combination with one or more other drugs, is intended to treat a serious or life-threatening disease or condition, and preliminary clinical evidence indicates that the drug may demonstrate substantial improvement on a clinically significant endpoint(s) over available therapies. The feature of this program allows the same advantages of the fast track designation, but also intensive FDA guidance to promote efficient development and FDA organizational commitment.

In 2025, the FDA created a new voucher program called the CNPV with the goal of radically expediting drug product review and approval processes. The agency may award a CNPV to a company or a specific product candidate that demonstrates alignment with certain national health priorities. The FDA aims to take action on a marketing application for which a CNPV is used within one to two months after the filing date.

None of these programs change the standards for approval and may not ultimately expedite the development or NDA approval process.

 *Accelerated Approval* 

Products tested for their safety and effectiveness in treating serious or life-threatening illnesses and that provide meaningful therapeutic benefit over existing treatments may be eligible for accelerated approval and may be approved on the basis of adequate and well-controlled clinical trials establishing that the drug product has an effect on a surrogate endpoint that is reasonably likely to predict clinical benefit, or on an intermediate clinical endpoint that can be measured earlier than irreversible morbidity or mortality, or IMM, that is reasonably likely to predict an effect on IMM or other clinical benefit, taking into account the severity, rarity or prevalence of the disease and the availability or lack of alternative treatments. For the purposes of accelerated approval, a surrogate endpoint is a marker, such as a laboratory measurement,

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radiographic image, physical sign, or other measure that is thought to predict clinical benefit, but is not itself a measure of clinical benefit. Surrogate endpoints can often be measured more easily or more rapidly than clinical endpoints. An intermediate clinical endpoint is a measurement of a therapeutic effect that is considered reasonably likely to predict the clinical benefit of a drug, such as an effect on IMM.

Discussions with the FDA about the feasibility of an accelerated approval typically begin early in the development of the drug candidate in order to identify, among other things, an appropriate endpoint. As a condition of approval, the FDA may require a sponsor of a drug receiving accelerated approval to perform post-marketing clinical trials to verify and describe the predicted effect on IMM or other clinical endpoint. Under recent amendments to the FDCA, the agency may require a sponsor of a product granted accelerated approval to have a confirmatory trial underway prior to approval. Failure to conduct required post-approval studies, or to confirm the predicted clinical benefit of the product during post-marketing studies, would allow the FDA to withdraw approval of the drug, including through the use of expedited withdrawal procedures.

Drugs granted accelerated approval must meet the same statutory standards for safety and effectiveness as those granted traditional approval. Promotional materials for products granted accelerated approval are subject to enhanced FDA oversight compared to drugs holding traditional marketing approval, including submission of promotional materials to FDA prior to dissemination.

 *Post-Approval Requirements* 

Approved drugs that are manufactured or distributed in the United States pursuant to an NDA are subject to pervasive and continuing regulation by the FDA, including, among other things, requirements relating to recordkeeping, periodic reporting, drug sampling and distribution, advertising and promotion, and reporting of adverse experiences with the drug. The FDA closely regulates the post-approval marketing and promotion of drugs, including standards and regulations for direct-to-consumer advertising, off-label promotion, industry-sponsored scientific and educational activities, and promotional activities involving the internet. Although physicians may prescribe legally available drugs for unapproved (or "off-label") uses, manufacturers may market their drugs only for the approved indications and in accordance with the provisions of the approved labeling. The FDA and other agencies actively enforce the laws and regulations prohibiting the promotion of off-label uses, and a company that is found to have improperly promoted off-label uses may be subject to significant liability. Prescription drug promotional materials also must be submitted to the FDA in conjunction with their first use. Further, after approval, most changes to the approved drug, such as adding new indications or other labeling claims and some manufacturing and supplier changes are subject to prior FDA review and approval. There also are continuing, annual program user fee requirements for marketed drugs, as well as new application fees for certain supplemental applications. An NDA supplement for a new indication typically requires clinical data similar to that in the original application, and the FDA uses the same procedures and actions in reviewing NDA supplements as it does in reviewing NDAs.

The FDA may impose a number of post-approval requirements as a condition of approval of an NDA. For example, the FDA may require post-marketing testing, including Phase 4 clinical trials, or surveillance programs to further assess and monitor the drug's safety and effectiveness after commercialization. The FDA may also require a REMS, which could involve requirements for, among other things, medication guides, special trainings for prescribers and dispensers, patient registries, and elements to assure safe use.

In addition, quality-control, drug manufacture, packaging, and labeling procedures, among other things, must continue to conform to cGMP after approval. The cGMP regulations include requirements relating to organization of personnel, buildings and facilities, equipment, control of components and drug product containers and closures, production and process controls, packaging and labeling controls, holding and distribution, laboratory controls, records and reports and returned or salvaged products. Entities involved in the manufacture of approved drugs are required to register their establishments with the FDA and state agencies, and are subject to periodic unannounced inspections by the FDA and these state agencies for compliance with cGMP requirements. Changes to the manufacturing process for an approved drug product are strictly regulated and often require prior FDA approval before being implemented. FDA regulations also require investigation and correction of any deviations from cGMP requirements and impose reporting and documentation requirements upon the sponsor and any third-party manufacturers that the sponsor may decide to use. Accordingly, manufacturers must continue to expend time, money, and effort in the area of

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production and quality control to maintain cGMP compliance. Regulatory authorities may impose a range of enforcement actions, including bringing a seizure and injunction in court, withdrawing product approvals, or requesting a product recall if a company fails to comply with cGMP requirements, and the discovery of problems with a product after approval may result in restrictions on a product, manufacturer, or holder of an approved NDA, including recall.

Once an approval is granted, the FDA may issue enforcement letters or withdraw the approval if compliance with regulatory requirements and standards is not maintained or if problems occur after the drug reaches the market. Corrective action could delay drug distribution and require significant time and financial expenditures. Later discovery of previously unknown problems with a drug, including adverse events of unanticipated severity or frequency, or with manufacturing processes, or failure to comply with regulatory requirements, may result in revisions to the approved labeling to add new safety information; imposition of post-market studies or clinical trials to assess new safety risks; or imposition of distribution or other restrictions under a REMS program. Other potential consequences include, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • restrictions on the marketing or manufacturing of the drug, suspension of the approval, complete withdrawal of the drug from the market or product recalls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • fines, warning letters or other enforcement-related letters or clinical holds on post-approval clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • refusal of the FDA to approve pending applications or supplements to approved applications, or suspension or revocation of drug approvals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • drug seizure or detention, or refusal to permit the import or export of drugs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • injunctions or the imposition of civil or criminal penalties; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • consent decrees, corporate integrity agreements, debarment, or exclusion from federal health care programs.

 *Orphan Drugs and Exclusivity* 

Under the Orphan Drug Act, the FDA may grant Orphan Drug Designation to drugs intended to treat a rare disease or condition. This generally means a disease or condition that affects fewer than 200,000 individuals in the U.S. Orphan Drug Designation must be requested before submitting an NDA. After the FDA grants Orphan Drug Designation, the generic identity of the drug and its potential orphan use are disclosed publicly by the FDA. More than one product candidate may receive an Orphan Drug Designation for the same indication. Orphan Drug Designation does not convey any advantage in, or shorten the duration of, the regulatory review and approval process.

The first NDA applicant to receive FDA approval for a particular active ingredient to treat a particular disease with the FDA Orphan Drug Designation is entitled to a seven-year exclusive marketing period in the U.S. for that product, for that orphan indication. During the seven-year exclusivity period, the FDA may not approve any other applications to market the same drug for the same orphan disease, except in limited circumstances, such as a showing of clinical superiority to the product with orphan drug exclusivity. A product can be considered clinically superior if it is safer, more effective or makes a major contribution to patient care.

Orphan drug exclusivity does not prevent the FDA from approving a different drug for the same disease or condition, or the same drug for a different disease or condition. A product with Orphan Drug Designation may not receive orphan exclusivity if it is approved for a use that is broader than the indication for which it received orphan designation. In addition, orphan drug exclusive marketing rights in the United States may be lost if the FDA later determines that the request for designation was materially defective or if the manufacturer is unable to assure sufficient quantities of the product to meet the needs of patients with the rare disease or condition. Among the other benefits of Orphan Drug Designation are tax credits for certain research and an exemption from the NDA application user fee.

 *Pediatric Studies and Pediatric Exclusivity* 

Under the Pediatric Research Equity Act of 2003, as amended, certain NDAs or supplements to NDAs must contain data that are adequate to assess the safety and effectiveness of the drug for the claimed

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indications in all relevant pediatric subpopulations, and to support dosing and administration for each pediatric subpopulation for which the drug is safe and effective. Sponsors must also submit pediatric study plans, or PSP, prior to the assessment data. Those plans must contain an outline of the proposed pediatric study or studies the applicant plans to conduct, including study objectives and design, any deferral or waiver requests and other information required by regulation. The FDA and the sponsor must reach agreement on the PSP. A sponsor can submit amendments to an agreed-upon initial PSP at any time if changes to the pediatric plan need to be considered based on data collected from preclinical studies, early phase clinical trials, or other clinical development programs.

The FDA may, on its own initiative or at the request of the applicant, grant deferrals for submission of some or all pediatric data until after approval of the drug for use in adults, or full or partial waivers from the pediatric data requirements if certain criteria are met.

In addition, pediatric exclusivity is a type of non-patent marketing exclusivity in the United States that, if granted, provides for the attachment of an additional six months of marketing protection to the term of any existing regulatory exclusivity, including the non-patent marketing and orphan exclusivity. This six-month exclusivity may be granted if an NDA sponsor submits pediatric data that fairly respond to a Written Request from the FDA for such data. The data do not need to show the drug to be effective in the pediatric population studied; rather, if the clinical trial is deemed to fairly respond to the FDA's request, the additional protection is granted. If reports of FDA-requested pediatric studies are submitted to and accepted by the FDA within the statutory time limits, whatever statutory or regulatory periods of exclusivity or patent protection cover the drug are extended by six months. This is not a patent term extension, but it effectively extends the regulatory period during which the FDA cannot approve another application. The issuance of a Written Request does not require the sponsor to undertake the described studies.

Congress periodically considers enacting new incentives or mandates applicable to pediatric drug development, and the regulatory requirements applicable to pediatric drug developers may change in the future. For example, in February 2026, bipartisan legislation was signed into law and grants FDA authority to assess penalties against companies that do not complete required pediatric studies under the Pediatric Research Equity Act.

 *FDA Marketing Exclusivity Provisions for Drugs* 

Marketing exclusivity provisions under the FDCA can delay the submission or the approval of certain follow-on drug applications. The FDCA provides a five-year period of non-patent marketing exclusivity within the United States to the first applicant to obtain approval of an NDA for a new chemical entity. A drug is a new chemical entity if the FDA has not previously approved any other new drug containing the same active moiety, which is the molecule or ion responsible for the action of the drug substance. During the exclusivity period, the FDA may not approve or even accept for review an abbreviated new drug application, or ANDA, or a 505(b)(2) NDA, submitted by another company for another drug based on the same active moiety, regardless of whether the drug is intended for the same indication as the original innovative drug or for another indication, where the applicant does not own or have a legal right of reference to all the data required for approval. However, an ANDA or 505(b)(2) application may be submitted after four years if it contains a certification of patent invalidity or non-infringement to one of the patents listed with the FDA by the innovator NDA holder (see patent listing disclosure below).

The FDCA also provides three years of marketing exclusivity for an NDA, 505(b)(2) NDA, or supplement to an existing NDA if new clinical investigations, other than bioavailability studies, that were conducted or sponsored by the applicant are deemed by the FDA to be essential to the approval of the application, for example new indications, dosages or strengths of an existing drug. This three-year exclusivity covers only the modification for which the drug received approval on the basis of the new clinical investigations and does not prohibit the FDA from approving ANDAs or 505(b)(2) NDAs for drugs containing the active agent for the original indication or condition of use. Five-year and three-year exclusivity will not delay the submission or approval of a full NDA filed under Section 505(b)(1) of the FDCA. However, an applicant submitting a full NDA would be required to conduct or obtain a right of reference to all of the preclinical studies and adequate and well-controlled clinical trials necessary to demonstrate safety and effectiveness.

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 *Disclosure of Clinical Trial Information* 

Sponsors of clinical trials of FDA regulated products, including prescription drugs, are required to register and disclose certain clinical trial information in the ClinicalTrials.gov database within certain time frames. Information related to the product, patient population, phase of investigation, study sites and investigators, and other aspects of the clinical trial is then made public as part of the registration. Sponsors are also obligated to disclose the results of their clinical trials after completion. Disclosure of the results of these trials can be delayed in certain circumstances for up to two years after the date of completion of the trial. Competitors may use this publicly available information to gain knowledge regarding the progress of development programs as well as clinical trial design. Failure to timely register a covered clinical trial or submit trial results as provided for in the law can result in fines, adverse publicity and civil and criminal sanctions.

 *Hatch-Waxman and Orange Book Listing* 

NDA applicants are required to list with the FDA each patent whose claims cover the applicant's drug or approved method of using the drug. Upon approval of a drug, each of the patents listed in the application for the drug is then published in the FDA's Approved Drug Products with Therapeutic Equivalence Evaluations, commonly known as the Orange Book. Drugs listed in the Orange Book can, in turn, be referenced by potential generic competitors in support of approval of an ANDA, or by other follow-on product developers in support of a 505(b)(2) NDA, which relies in part on previous FDA findings of safety and effectiveness for one or more approved drug products. An ANDA provides for marketing of a drug product that has the same active ingredients, strengths, and routes of administration in the same strengths and dosage form as the listed drug and has been shown through bioequivalence testing to be therapeutically equivalent to the listed drug. Other than the requirement for bioequivalence testing, ANDA applicants are not required or allowed to conduct, or submit results of, preclinical or clinical tests to prove the safety or effectiveness of their drug product. Drugs approved in this way are commonly referred to as "generic equivalents" to the listed drug and can often be substituted by pharmacists under prescriptions written for the original listed drug pursuant to each state's laws on drug substitution. In contrast, the 505(b)(2) regulatory pathway does not preclude the possibility that a follow-on applicant would need to conduct additional clinical trials or preclinical studies; for example, they may be seeking approval to market a previously approved drug for new indications or for a new patient population that would require new clinical data to demonstrate safety or effectiveness.

Any ANDA or 505(b)(2) NDA applicant is required to certify to the FDA concerning any patents listed in the FDA's Orange Book for the NDA-approved drug product on which it is relying (in whole or in part). Specifically, the applicant must certify to each patent in one of the following ways: (i) the required patent information has not been filed; (ii) the listed patent has expired; (iii) the listed patent has not expired but will expire on a particular date and approval is sought after patent expiration; or (iv) the listed patent is invalid, unenforceable or will not be infringed by the new product. The ANDA or 505(b)(2) applicant may also elect to submit a section viii statement certifying that its proposed ANDA label does not contain (or carve out) any language regarding the patented method-of-use rather than certify to a listed method-of-use patent.

If the follow-on applicant does not challenge the listed patents, the ANDA or 505(b)(2) application will not be approved until all the listed patents claiming the referenced product have expired. A certification that the new product will not infringe the already approved product's listed patents, or that such patents are invalid or unenforceable is called a Paragraph IV certification. If the ANDA or 505(b)(2) applicant has provided a Paragraph IV certification to the FDA, the applicant must also send notice of the Paragraph IV certification to the NDA and patent holders once the follow-on application has been accepted for filing by the FDA. The referenced NDA sponsor and patent holders may then initiate a patent infringement lawsuit in response to the notice of the Paragraph IV certification. The filing of a patent infringement lawsuit within 45 days of the receipt of a Paragraph IV certification automatically prevents the FDA from approving the ANDA or 505(b)(2) NDA until the earlier of 30 months, expiration of the patent, settlement of the lawsuit, or a decision in the infringement case that is favorable to the ANDA or 505(b)(2) applicant.

The ANDA or 505(b)(2) application also will not be approved until any applicable non-patent exclusivity listed in the Orange Book for the referenced product has expired (see regulatory exclusivity disclosures above).

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<u>EU Regulation for Drug Development and Registration</u> 

 *Clinical Trial Approval* 

The EU's Clinical Trials Regulation (EU) No 536/2014, or Clinical Trials Regulation, replaced the Clinical Trials Directive 2001/20/EC on January 31, 2022. All clinical trials in the EU must now be conducted in accordance with the Clinical Trials Regulation. The Clinical Trials Regulation aims at simplifying and streamlining the approval of clinical trials in the EU, for example, it provides for a streamlined application procedure via a single-entry point, rules on the protection of subjects and informed consent, transparency requirements, and strictly defined deadlines for the assessment of clinical trial applications.

 *Marketing Authorization* 

To obtain a marketing authorization for a product in the European Economic Area (i.e., the EU as well as Iceland, Liechtenstein and Norway), or EEA, an applicant must submit a marketing authorization application either under a centralized procedure administered by the EMA, or one of the procedures administered by competent authorities in the EU Member States (decentralized procedure, national procedure or mutual recognition procedure). A marketing authorization may be granted only to an applicant established in the EEA.

The centralized procedure provides for the grant of a single marketing authorization by the European Commission that is valid throughout EEA. Pursuant to Regulation (EC) No 726/2004, the centralized procedure is compulsory for specific products, including for medicines produced by certain biotechnological processes, products designated as orphan medicinal products, advanced therapy medicinal products (*i.e.* gene therapy, somatic-cell therapy and tissue-engineered medicines) and products with a new active substance indicated for the treatment of certain diseases, including HIV, AIDS, cancer, neurodegenerative disorders, diabetes, auto-immune and other immune dysfunctions and viral diseases. For products with a new active substance indicated for the treatment of other diseases, products that are a significant therapeutic, scientific or technical innovation, products for which authorization would be the interest of public health at EU level, the centralized procedure is optional.

Under the centralized procedure, the EMA's Committee for Medicinal Products for Human Use, or CHMP, is responsible for conducting the initial assessment of a product and for several post-authorization and maintenance activities, such as the assessment of modifications or extensions to an existing marketing authorization. Under the centralized procedure, the maximum timeframe for the evaluation of a marketing authorization application is 210 days, excluding clock stops, when additional information or written or oral explanation is to be provided by the applicant in response to questions of the CHMP. Clock stops may extend the timeframe of evaluation of a marketing authorization application considerably beyond 210 days. Accelerated evaluation might be granted by the CHMP in exceptional cases, when a medicinal product is of major interest from the point of view of public health and in particular from the viewpoint of therapeutic innovation. If the CHMP accepts such request, the time limit of 210 days will be reduced to 150 days (excluding clock stops) but it is possible that the CHMP can revert to the standard time limit for the centralized procedure if it considers that it is no longer appropriate to conduct an accelerated assessment.

At the end of this period, the CHMP provides a scientific opinion on whether or not a marketing authorization should be granted in relation to a medicinal product. Where the CHMP gives a positive opinion, the EMA provides the opinion together with supporting documentation to the European Commission, who makes the final decision to grant a marketing authorization, which is issued within 67 days of receipt of the EMA's recommendation.

The decentralized marketing authorization procedure allows an applicant to apply for simultaneous authorization in more than one EU Member State of medicinal products that have not yet been authorized in any EU Member State and that do not fall within the mandatory scope of the centralized procedure.

The mutual recognition procedure is based on the acceptance by the competent authorities of the EU Member States of the marketing authorization of a medicinal product by the competent authorities of another EU Member State. The holder of a national marketing authorization may submit an application to

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the competent authority of an EU Member State requesting that this authority recognize the marketing authorization delivered by the competent authority of another EU Member State.

 *Conditional Marketing Authorization* 

Under the centralized procedure, the EU may grant a conditional marketing authorization for medicinal products addressing unmet medical needs or intended for treating seriously debilitating or life-threatening diseases. A conditional authorization may be issued when the CHMP concludes that the benefit — risk balance is positive despite the data package being less comprehensive, provided the applicant can supply the required confirmatory data post-authorization and the public health benefit of earlier availability outweighs the remaining uncertainties. Such authorizations are valid for one year and are renewable until the necessary data are submitted. Once the outstanding obligations are fulfilled, a conditional authorization may be converted into a standard marketing authorization; however, if obligations are not met or new risks emerge, the authorization may be varied, suspended, or withdrawn.

 *Regulatory Data Protection in the EU* 

In the EU, innovative medicinal products approved on the basis of a complete and independent data package (i.e. reference products) qualify for eight years of data exclusivity upon marketing authorization and an additional two years of market exclusivity. Data exclusivity prevents applicants for authorization of generics of these innovative products from referencing the innovator's preclinical and clinical trial data contained in the dossier of the reference product when applying for a generic marketing authorization, for a period of eight years from the date on which the reference product was first authorized in the EU. During an additional two-year period of market exclusivity, a generic marketing authorization application can be submitted and authorized, and the innovator's data may be referenced, but no generic medicinal product can be placed on the EU market until the expiration of the market exclusivity. The overall ten-year period will be extended to a maximum of 11 years if, during the first eight years of those ten years, the marketing authorization holder obtains an authorization for one or more new therapeutic indications which, during the scientific evaluation prior to their authorization, are held to bring a significant clinical benefit in comparison with existing therapies. Even if a compound is considered to be an innovative medical product so that the innovator gains the prescribed period of data exclusivity, another company nevertheless could also market another version of the product if such company obtained marketing authorization based on a marketing authorization application with a complete and independent data package of pharmaceutical tests, preclinical tests and clinical trials.

 *Orphan Drug Designation and Exclusivity* 

Regulation (EC) No. 141/2000, as implemented by Regulation (EC) No. 847/2000, provides that a medicinal product can be designated as an orphan medicinal product by the European Commission if its sponsor can establish that: (1) the product is intended for the diagnosis, prevention or treatment of a life-threatening or chronically debilitating condition; (2) either (i) such condition affects no more than five in ten thousand persons in the EU when the application is made, or (ii) without incentives it is unlikely that the marketing of the product in the EU would generate sufficient return to justify the necessary investment in its development; and (3) there exists no satisfactory method of diagnosis, prevention or treatment of the condition in question that has been authorized in the EU or, if such method exists, the product will be of significant benefit to those affected by that condition.

Once authorized, orphan medicinal products are entitled to ten years of market exclusivity in all EU Member States and a range of other benefits during the development and regulatory review process including scientific assistance for study protocols, authorization through the centralized marketing authorization procedure and a reduction or elimination of registration and marketing authorization fees. During the period of market exclusivity, a marketing authorization may only be granted for a "similar medicinal product" with the same orphan indication as an authorized orphan medicinal product only if: (i) the marketing authorization holder for the original orphan medicinal product consents to the authorization of the second medicinal product; (ii) the manufacturer of the original orphan medicinal product is unable to supply sufficient quantities of the product; or (iii) it is established that the second product is safer, more effective or otherwise clinically superior to the original orphan medicinal product. A "similar medicinal product" is

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defined as a medicinal product containing a similar active substance or substances as contained in an authorized orphan medicinal product, and which is intended for the same therapeutic indication. The period of market exclusivity may, in addition, be reduced to six years if at the end of the fifth year, it is established that the product no longer meets the criteria for orphan designation because, for example, the original orphan medicinal product is sufficiently profitable not to justify maintenance of market exclusivity.

All of the aforementioned EU rules are generally applicable in the EEA.

 *Reform of the Regulatory Framework in the European Union* 

The European Commission's April 2023 legislative proposals to overhaul the EU's pharmaceutical regulatory framework have advanced significantly through the EU legislative process. Following the European Parliament's proposed amendments in April 2024 and the Council's agreement on a negotiating mandate in June 2025, the Council and the European Parliament reached a political agreement on the final shape of the new pharmaceutical legislation on 11 December 2025.

In early 2026, the legislative package — comprising a new Regulation and a new Directive replacing the existing medicinal products framework — passed additional procedural milestones. The final adoption by the European Parliament and the Council is anticipated later in 2026.

Once formally approved, the new Directive and Regulation will repeal and replace the current EU medicines legislation (including Directive 2001/83/EC, Regulation (EC) 726/2004, and the pediatric and orphan regulations). The acts are expected to enter into force in 2026, followed by a transition period — approximately two years for transposition of the Directive — during which Member States must align national law with the new framework.

The reform introduces updated rules on regulatory marketing exclusivity for a new drug, including a reduction of the market protection from two years to one year for centrally authorized products (though an additional year of marketing exclusivity may be gained by meeting certain requirements) and of orphan market exclusivity from 10 years to nine years (with potential extension for up to two years). Other updates include clarification and expansion of the Bolar exemption, new obligations relating to supply continuity and shortage prevention, and modernized EMA procedures — including streamlined committee structures and shorter assessment timelines.

<u>Brexit and the Regulatory Framework in the United Kingdom</u> 

The UK formally left the EU on January 31, 2020. As a result of the Northern Ireland Protocol, following Brexit, the EMA remained responsible for approving novel medicines for supply in Northern Ireland under the EU centralized procedure, and a separate authorization was required to supply the same medicine in Great Britain (England, Wales and Scotland). A new framework named the Windsor Framework adopted by the EU-UK Joint Committee on March 24, 2023, and the arrangements for the supply of medicines into Northern Ireland under the Windsor Framework have applied since January 1, 2025. This new framework fundamentally changes the previous system under the Northern Ireland Protocol, including with respect to the regulation of medicinal products in the UK. The MHRA is now responsible for approving all medicinal products destined for the UK market (i.e., Great Britain and Northern Ireland) and the EMA no longer has any role in approving medicinal products destined for Northern Ireland under the EU centralized procedure. A single UK-wide marketing authorization will be granted by the MHRA for all novel medicinal products to be sold in the UK, enabling products to be sold in a single pack and under a single authorization throughout the UK. However, although a separate authorization is now required to market medicinal products in the UK, under an international recognition procedure which was put in place by the MHRA from January 1, 2024 the MHRA may take into account pre-existing of a marketing authorization from the EMA (and certain other specified regulators) when considering an application for a UK marketing authorization. There is now no pre-marketing authorization orphan designation in the UK. Instead, the MHRA reviews applications for orphan designation in parallel to the corresponding MAA. The criteria are essentially the same, but have been tailored for the UK market, i.e., the prevalence of the condition in UK (rather than the EU) must not be more than five in 10,000. Should an orphan designation be granted, the period of market exclusivity will be set from the date of first approval of the product in the UK.

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<u>U.S. Anti-Kickback, False Claims and Other Healthcare Fraud and Abuse Laws</u> 

In the United States, there are federal and state anti-kickback laws that prohibit offering, the payment, solicitation, or receipt of kickbacks, bribes or other remuneration intended to induce the purchase or recommendation of healthcare products and services. Violations of these laws can lead to civil and criminal penalties, including exclusion from participation in federal healthcare programs. These laws apply to manufacturers of products, such as us, with respect to our financial relationship with hospitals, physicians and other potential purchasers or acquirers of our products. The U.S. government has published regulations that identify "safe harbors" or exemptions for certain practices from enforcement actions under the federal Anti-Kickback Statute, or the AKS, and we will seek to comply with the safe harbors where possible. To qualify for a safe harbor, the activity must fit squarely within the safe harbor. Arrangements that do not meet a safe harbor are not necessarily illegal but must be evaluated on a case-by-case basis. A person or entity may be found to violate the AKS even absent actual knowledge of this statute or specific intent to violate it. In addition, the government may assert that a claim that includes items or services resulting from a violation of the AKS constitutes a false or fraudulent claim for purposes of the FCA.

The civil FCA prohibits, among other things, any person or entity from knowingly presenting, or causing to be presented, a false or fraudulent claim for payment to, or approval by, the federal government, knowingly making, using, or causing to be made or used a false record or statement material to a false or fraudulent claim to the federal government, or avoiding, decreasing, or concealing an obligation to pay money to the federal government. A claim includes "any request or demand" for money or property presented to the U.S. government. The civil FCA has been used to assert liability on the basis of kickbacks and other improper referrals, improper use of Medicare provider or supplier numbers when detailing a provider of services, improper promotion of off-label uses not covered by a drug's approval, and allegations as to misrepresentations with respect to products, contract requirements, and services rendered. In addition, private payors have been filing follow-on lawsuits alleging fraudulent misrepresentation, although establishing liability and damages in these cases is more difficult than under the FCA. Intent to deceive is not required to establish liability under the civil FCA. Civil FCA actions may be brought by the government or may be brought by private individuals on behalf of the government, called "qui tam" actions. If the government decides to intervene in a qui tam action and prevails in the lawsuit, the individual will share in the proceeds from any fines or settlement funds. If the government declines to intervene, the individual may pursue the case alone. The civil FCA provides for treble damages and a civil penalty for each false claim, such as an invoice or pharmacy claim for reimbursement, which can aggregate into millions of dollars. For these reasons, FCA lawsuits against pharmaceutical companies have increased significantly in volume and breadth, leading to several substantial civil and criminal settlements, as much as $3.0 billion, regarding certain sales practices and promoting off-label uses. Civil FCA liability may further be imposed for known Medicare or Medicaid overpayments that are not refunded within 60 days of discovering the overpayment, even if the overpayment was not caused by a false or fraudulent act. In addition, conviction or civil judgment for violating the FCA may result in exclusion from federal healthcare programs, and suspension and debarment from government contracts, and refusal of orders under existing government contracts.

The government may further prosecute conduct constituting a false claim under the criminal FCA. The criminal FCA prohibits the making or presenting of a claim to the government knowing such claim to be false, fictitious, or fraudulent and, unlike the civil FCA, requires proof of intent to submit a false claim.

The civil monetary penalties statute is another statute under which pharmaceutical companies may potentially be subject to enforcement. Among other things, the civil monetary penalties statute imposes fines against any person who offers to provide remuneration to any individual eligible for benefits under Medicare or Medicaid that the offeror knows or should know is likely to influence the individual to order or receive from a particular provider or supplier of any item or service reimbursable under those programs.

The federal Health Insurance Portability and Accountability Act, or HIPAA, statute also created federal criminal statutes that prohibit, among other actions, knowingly and willfully executing, or attempting to execute, a scheme to defraud or to obtain, by means of false or fraudulent pretenses, representations or promises, any of the money or property owned by, or under the custody or control of, a healthcare benefit program, regardless of whether the payor is public or private, in connection with the delivery or payment for healthcare benefits, knowingly and willfully embezzling or stealing from a healthcare benefit program, willfully obstructing a criminal investigation of a healthcare offense and knowingly and willfully falsifying,

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concealing, or covering up by any trick or device a material fact or making any materially false statements in connection with the delivery of, or payment for, healthcare benefits, items, or services relating to healthcare matters. Additionally, the intent requirements of certain of these criminal statutes under HIPAA do not require that a person or entity have actual knowledge of the statute, or the specific intent to violate it, to have committed a violation.

Further, federal laws and some states require that pharmaceutical manufacturers report on a periodic basis pricing information related to their products.

The Sunshine Act requires applicable manufacturers of prescription drug and other medical products reimbursed under Medicare, Medicaid, or the Children's Health Insurance Program to report annually to the CMS any payments or other transfers of value to certain healthcare providers, as well as ownership and investment interests held by physicians and their immediate family members.

Further, we may be subject to data privacy and security regulation by both the federal government and the states in which we conduct our business. HIPAA, as amended by the Health Information Technology for Economic and Clinical Health Act, or HITECH, and its respective implementing regulations imposes certain requirements on covered entities relating to the privacy, security, and transmission of certain individually identifiable health information, known as protected health information. Among other things, HITECH, through its implementing regulations, makes HIPAA's security standards and certain privacy standards directly applicable to business associates, defined as a person or organization, other than a member of a covered entity's workforce, that creates, receives, maintains, or transmits protected health information on behalf of a covered entity for a function or activity regulated by HIPAA. HITECH also strengthened the civil and criminal penalties that may be imposed against covered entities, business associates, and individuals, and gave state attorneys general new authority to file civil actions for damages or injunctions in federal courts to enforce the federal HIPAA laws and seek attorneys' fees and costs associated with pursuing federal civil actions. In addition, other federal and state laws may govern the privacy and security of health and other information in certain circumstances, many of which differ from each other in significant ways and may not be preempted by HIPAA, thus complicating compliance efforts.

Many states have also adopted laws similar to each of the above federal laws, which may be broader in scope and apply to items or services reimbursed by any third-party payor, including commercial insurers. Certain states also require implementation of commercial compliance programs and compliance with the pharmaceutical industry's voluntary compliance guidelines and the applicable compliance guidance promulgated by the federal government, or otherwise restrict payments or the provision of other items of value that may be made to healthcare providers and other potential referral sources; impose restrictions on marketing practices; or require companies to track and report information related to payments, and other items of value to physicians and other healthcare providers.

If our operations are found to be in violation of any of the laws or regulations described above or any other applicable laws, we may be subject to penalties or other enforcement actions, including criminal and significant civil monetary penalties, damages, fines, disgorgement, imprisonment, exclusion from participation in government healthcare programs, corporate integrity agreements, suspension and debarment from government contracts, and refusal of orders under existing government contracts, reputational harm, diminished profits and future earnings, and the curtailment or restructuring of our operations, any of which could adversely affect the ability to operate our business and our results of operations. Enforcement actions can be brought by federal or state governments, or as "qui tam" actions brought by individual whistleblowers in the name of the government under the civil FCA if the violations are alleged to have caused the government to pay a false or fraudulent claim.

To the extent that any of our products are sold outside the U.S., we may be subject to similar foreign laws and regulations, which may include, for instance, anti-fraud and abuse laws, and implementation of corporate compliance programs and reporting of payments or transfers of value to healthcare professionals.

 *Foreign Corrupt Practices Act* 

The FCPA generally prohibits offering, promising, giving, or authorizing others to give anything of value, either directly or indirectly, to a government official employed by a non-U.S. country in order to

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influence official action, or otherwise obtain or retain business. The FCPA also requires public companies to make and keep books and records that accurately and fairly reflect the transactions of the corporation and to devise and maintain an adequate system of internal accounting controls. Our industry is heavily regulated and therefore involves significant interaction with public officials, including officials of non-U.S. governments. Additionally, in many other countries, the healthcare providers who prescribe pharmaceuticals are employed by their government, and the purchasers are government entities; therefore, our dealings with these prescribers and purchasers are subject to regulation under the FCPA. Violations could result in fines, criminal sanctions against us, our officers, or our employees, the closing down of our facilities, requirements to obtain export licenses, cessation of business activities in sanctioned countries, implementation of compliance programs, and prohibitions on the conduct of our business. Enforcement actions may be brought by the Department of Justice and SEC, and legislation has expanded the SEC's power to seek disgorgement in all FCPA cases filed in federal court and extended the statute of limitations in SEC enforcement actions in intent based claims such as those under the FCPA from five years to ten years.

 *Coverage, Pricing and Reimbursement* 

Our ability to successfully commercialize any approved product candidates will depend in part on the extent to which governmental payor programs at the federal, state, and foreign government levels, including Medicare and Medicaid, private health insurers and other third-party payors provide coverage for and establish adequate reimbursement levels. However, decisions regarding the extent of coverage and amount of reimbursement to be provided are made on a payor-by-payor basis. Government health administration authorities, private health insurers and other organizations generally decide which drugs they will pay for and establish reimbursement levels for healthcare. In particular, in the United States private health insurers and other third-party payors often provide reimbursement for products and services based on the level at which the government provides reimbursement through the Medicare or Medicaid programs for such treatments. In the United States, the European Union and other potentially significant markets for our product candidates, government authorities and third-party payors are increasingly attempting to limit or regulate the price of medical products and services, particularly for new and innovative products and therapies, which often has resulted in average selling prices lower than they would otherwise be. Further, the increased emphasis on managed healthcare in the United States and on country and regional pricing and reimbursement controls in the European Union will put additional pressure on product pricing, reimbursement and usage, which may adversely affect our future product sales and results of operations. These pressures can arise from rules and practices of managed care groups, judicial decisions and governmental laws and regulations related to Medicare, Medicaid and healthcare reform, pharmaceutical coverage and reimbursement policies and pricing in general. Third-party payors are increasingly imposing additional requirements and restrictions on coverage and limiting reimbursement levels for medical products. For example, in the United States, federal and state governments reimburse covered prescription drugs at varying rates generally below average wholesale price. These restrictions and limitations influence the purchase of healthcare services and products. Third-party payors may limit coverage to specific drug products on an approved list, or formulary, which might not include all of the FDA-approved drug products for a particular indication. Additionally, recent U.S. federal actions include initiatives incorporating "most favored nation" (international reference pricing) concepts for certain prescription drugs, as well as agency testing of new payment models that could tie Medicare reimbursement or manufacturer rebates to prices in specified reference countries.

Third-party payors are increasingly challenging the price and examining the medical necessity and cost effectiveness of medical products and services, in addition to their safety and efficacy. We may need to conduct pharmacoeconomic studies in order to demonstrate the medical necessity and cost effectiveness of our products. A payor's decision to provide coverage for a drug product does not imply that an adequate reimbursement rate will be approved. Adequate third-party reimbursement may not be available to enable us to maintain price levels sufficient to realize an appropriate return on our investment in drug development.

 *Healthcare Reform* 

The United States and many foreign jurisdictions have enacted or proposed legislative and regulatory changes affecting the healthcare system, including implementing cost-containment programs to limit the growth of government-paid healthcare costs, including price controls, restrictions on reimbursement and requirements for substitution of generic products for branded prescription drugs.

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There have been, and continue to be, significant judicial, administrative, executive and legislative efforts by the federal government, state governments, regulators and third-party payors to control or manage the increased costs of health care and, more generally, to reform the U.S. healthcare system. The pharmaceutical industry has been a particular focus of these efforts and has been significantly affected by major legislative initiatives. For example, in March 2010, the Affordable Care Act was enacted, which was intended to broaden access to health insurance, reduce or constrain the growth of healthcare spending, enhance remedies against fraud and abuse, add new transparency requirements for the healthcare and health insurance industries, impose new taxes and fees on the health industry and impose additional health policy reforms, substantially changed the way healthcare is financed by both governmental and private insurers, and significantly impacts the U.S. pharmaceutical industry.

Several federal healthcare reform proposals since 2010 culminated in the enactment of the Inflation Reduction Act of 2022, or IRA, which contains substantial drug pricing and other reforms to Medicare's coverage of pharmaceuticals. Among other things, the IRA eliminated, beginning in 2025, the coverage gap under Medicare Part D by significantly lowering the enrollee maximum out-of-pocket cost and requiring manufacturers to subsidize, through a newly established manufacturer discount program, 10% of Part D enrollees' prescription costs for brand drugs below the out-of-pocket limit, and 20% once the out-of-pocket limit has been reached. The IRA also requires CMS to negotiate the selling price of a statutorily specified number of drugs each year that CMS reimburses under Medicare Part B and Part D. The negotiated price may not exceed a statutory ceiling price. Only high-expenditure single-source drugs that have been approved for at least 7 years are eligible to be selected by CMS for negotiation, with the negotiated price taking effect two years after the selection year. For 2026, the first year in which negotiated prices become effective, CMS selected 10 high-cost Medicare Part D products in 2023, negotiations with their manufacturers began in 2024, and the negotiated "maximum fair price" for each product was announced later that year. CMS selected 15 additional Medicare Part D drugs for negotiated maximum fair pricing in 2027. For 2028, an additional 15 drugs, which may be covered under either Medicare Part B or Part D, were selected in January 2026 with negotiations currently ongoing, and for 2029 and subsequent years, 20 Part B or Part D drugs will be selected.

Although the IRA exempts orphan drugs from the drug pricing negotiation provisions, we do not know if additional drug pricing reforms could eliminate this exemption and therefore affect the prices we can charge and reimbursement we receive for our product candidates, if approved, thereby reducing our profitability.

The IRA also imposes rebates on Medicare Part B and Part D drugs whose prices have increased at a rate greater than the rate of inflation and in November 2024, CMS finalized regulations for these inflation rebates. The IRA permits the CMS to implement many of these provisions through guidance, as opposed to regulation, for the initial years. Manufacturers that fail to comply with the IRA may be subject to various penalties, including civil monetary penalties. These provisions may be subject to legal challenges. For example, the provisions related to the negotiation of selling prices of high expenditure single-source drugs have been challenged in multiple lawsuits brought by pharmaceutical manufacturers. The outcome of these lawsuits remains uncertain. Thus, while it is unclear how the IRA will be implemented, it will likely have a significant impact on the pharmaceutical industry and the pricing of prescription drug products.

 *Data Privacy* 

In the ordinary course of our business, we may process personal or sensitive data. We may be subject to numerous data privacy and security obligations, including federal, state, local, and foreign laws, regulations, guidance, and industry standards related to data privacy, security, and protection. Such obligations may include, without limitation, HIPAA, as amended by HITECH, and their implementing regulations, the CCPA, the European Union's General Data Protection Regulation 2016/679, or EU GDPR, the EU GDPR as it forms part of United Kingdom, or UK, law by virtue of section 3 of the European Union (Withdrawal) Act 2018, or UK GDPR, and the ePrivacy Directive. Several states within the United States have enacted or proposed data privacy laws. For example, Virginia passed the Consumer Data Protection Act, and Colorado passed the Colorado Privacy Act. Additionally, we are, or may become, subject to various U.S. federal and state consumer protection laws which require us to publish statements that accurately and fairly describe how we handle personal data and choices individuals may have about the way we handle their personal data.

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The CCPA and EU GDPR are examples of the increasingly stringent and evolving regulatory frameworks related to personal data processing that may increase our compliance obligations and exposure for any noncompliance.

#### Legal Proceedings
From time to time, we may become involved in legal, governmental or arbitration proceedings or be subject to claims arising in the ordinary course of our business. We are not presently a party to any legal, governmental or arbitration proceeding. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.

#### Seasonality
We do not believe that seasonal influences have had a material effect on our business, financial condition, or results of operations. The target disease indications for our product candidates are not seasonal diseases. Accordingly, once we have successfully obtained regulatory approvals to commercialize our product candidates, if ever, we do not anticipate that our business will be materially affected by seasonal influences in the future.

C. Organizational Structure

The following table sets forth our significant subsidiaries, the country of incorporation, and percentage ownership and/or voting interest held by us (directly or indirectly through subsidiaries):

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| | | |
|:---|:---|:---|
| **Company**  | **Country of <br> Incorporation**  | **Percentage Ownership <br> and Voting Interest**  |
| Vicore Pharma AB  | Sweden  | 100% |
| Vicore Pharma US, Inc.  | United States  | 100% |

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Our operations mainly consist of providing business support services for the group's operating companies. The research and development operations are primarily conducted in the wholly-owned subsidiary Vicore Pharma AB.

In March 2025, it was decided that INIM Pharma AB would merge with its parent company, Vicore Pharma Holding AB. As of March 31, 2026, the group consists of Vicore Pharma Holding AB and its subsidiaries, Vicore Pharma AB and Vicore Pharma US, Inc.

D. Property, Plants and Equipment

We do not own or operate our own research or production facilities. Our headquarters is centrally located in Stockholm, Sweden and consists of approximately 970 square feet of leased office space. We also maintain offices in Copenhagen, Denmark and Cambridge, Massachusetts, USA. We believe that our existing facilities are adequate to meet our current needs for the foreseeable future, and that suitable additional alternative spaces will be available in the future on commercially reasonable terms if needed.

We outsource the manufacture of our product candidates and the conduct of our non-clinical work and clinical trials to third-party contract manufacturers and clinical research organizations, respectively.

#### ITEM 4A. UNRESOLVED STAFF COMMENTS
Not applicable.

#### ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS
 *The following discussion and analysis are based upon and should be read together with our consolidated financial statements and the accompanying notes and other financial information included elsewhere in this registration statement. This discussion includes both historical information and forward-looking information based upon current expectations that involve risk, uncertainties and assumptions. Our actual results may differ* 

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 *materially from management's expectations as a result of various factors, including, but not limited to, those discussed in "Item 3. Key Information — D. Risk Factors" and elsewhere in this registration statement.* 

 *Our unaudited consolidated financial statements as of and for the three months ended March 31, 2026 and 2025, and the audited consolidated financial statements as of and for the years ended December 31, 2023, 2024 and 2025 have been prepared in accordance with IFRS Accounting Standards as issued by the IASB.* 

A. Operating Results

#### Overview
We are a clinical-stage biopharmaceutical company developing therapeutics for respiratory and fibrotic diseases. Our lead product candidate, buloxibutid (C21), is an oral small molecule angiotensin II type 2, or AT2 receptor agonist, or ATRAG, which has received Orphan Drug and Fast Track designations from the United States Food and Drug Administration, or FDA, and is currently being investigated in the global 52-week Phase 2b ASPIRE trial in idiopathic pulmonary fibrosis, or IPF.

The ASPIRE trial, which was initiated in 2024, was further expanded in 2025 to ensure it is powered to capture the significant unmet need and commercial opportunity beyond emerging standard of care. In April 2026, we announced the enrollment of the last patient in the Phase 2b ASPIRE trial.

Using our unique expertise in ATRAG chemistry and biology, we plan to thoughtfully advance new drug candidates across additional indications.

We are led by a proven and seasoned management team of leaders with significant experience in discovering, developing and commercializing important new medicines, delivering them to market and maximizing shareholder value. Collectively, the members of our management team have overseen research and development of products supporting regulatory approvals as well as commercial launches of marketed products.

 *Material agreements* 

We are party to certain agreements with third parties relating to licensing, collaboration, or other matters that are material to our business and performance.

In February 2024, we entered into an exclusive license agreement with Nippon Shinyaku, a Japanese pharmaceutical company, to develop and commercialize buloxibutid in Japan. Under the terms of the agreement, we received an initial payment of USD 10 million (SEK 104.2 million) after the execution of the license agreement and are entitled to potential development and commercial milestone payments up to a total of USD 275 million (SEK 2.6 billion). We are also eligible to receive incremental royalties ranging up to the low 20s as a percentage based on annual net sales of buloxibutid in Japan. See "Item 4.B — Business Overview — Material Contracts".

#### Key Factors Affecting Results of Operations
As a clinical-stage biotechnology company, we have not generated any revenue from product sales and have incurred significant operating losses to date. Our ability to generate product revenue and achieve profitability depends on our success in completing the development of our product candidates and obtaining regulatory and, where applicable, pricing and reimbursement approval.

Our results of operations have been, and are expected to continue to be, affected by the following key factors:

 *Research and Development Expenses and Clinical Trial Success* 

Our results of operations are largely driven by our research and development, or R&D, expenses, which include costs for employee-related expenses and benefits, non-clinical studies, toxicology tests, drug formulation and manufacturing, and clinical trials. Clinical trial costs include clinical research organization, or CRO, fees, site payments, patient recruitment costs, and consultant fees. As we advance buloxibutid

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through Phase 2 and later stage trials, we anticipate a significant increase in R&D expenses. The timing and success of these trials are critical. Failure to demonstrate efficacy or safety in any trial will necessitate additional studies or termination of the program, causing us to incur unanticipated costs and delaying or preventing us from obtaining approval to commercialize buloxibutid.

 *Access to Capital and Financing* 

Our operations are entirely funded through equity financings and payments received under our strategic partnerships. We will require substantial additional capital to continue our operations and achieve our business objectives. The availability of funding is contingent on company specific factors, including the success of scientific efforts and external market conditions. A failure to secure funding on favorable terms, or at all, could force us to delay, reduce, or eliminate our development programs.

 *Strategic Partnerships and Licensing* 

We have entered, and may enter in the future, into collaboration agreements with larger pharmaceutical companies to share development costs and risks, leverage established clinical, regulatory and commercial capabilities, or expand geographic reach. In February 2024, we entered into an exclusive license agreement with Nippon Shinyaku to develop and commercialize buloxibutid in Japan. Our results of operations may be influenced by milestone and royalty payments received from or paid to strategic partners. The ability to successfully negotiate, maintain, and execute these partnerships is a key factor in funding our pipeline.

#### Components of Our Results of Operations

#### Revenue
We did not generate any material revenues during the three months ended March 31, 2026. Revenues generated from 2024 to 2026 are related to the license agreement with Nippon Shinyaku. Our ability to generate product revenues in the future will depend on our ability to successfully develop, obtain regulatory and, if applicable, pricing or reimbursement approval for, and then successfully commercialize buloxibutid and other potential drug candidates.

#### Research and Development Expenses
We conduct R&D with external collaboration partners, such as CROs and contract development and manufacturing organizations, or CMOs. R&D expenses consist primarily of costs incurred for our research activities, which include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • personnel costs related to research and development personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • expenses incurred with third parties, including CROs that conduct clinical activities on our behalf and CMOs that manufacture drug substance and drug product and conduct research and nonclinical activities on our behalf;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • costs related to compliance with regulatory requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • research and development supplies and service expenses, including consultant fees and expenses related to our R&D activities.

R&D costs are expensed as incurred, except that where there is an identifiable asset that can be completed, that will generate probable future economic benefits and where the costs of such assets can be measured reliably, such assets will be capitalized as intangible assets.

#### Administrative Expenses
General and administrative expenses consist primarily of compensation and benefits to our personnel not involved in R&D activities, including the costs related to our management services agreements, directors, and senior advisors; professional service fees, including accounting, legal, and other consulting services.

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#### Other operating income (expenses)
Other operating income and expenses include foreign exchange rate differences arising from supplier invoices.

#### Financial Income and Expenses
Financial income and expenses primarily comprise net exchange rate gains and losses arising from the remeasurement of cash and short-term investments held in foreign currencies, as well as interest income on such investments.

#### Results of Operations for the three months ended March 31, 2026 and 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  | **2026 vs. 2025**  | **2026 vs. 2025**  |
| | **2026 <br> SEK**  | **2025 <br> SEK**  | **Change <br> SEK**  | **Change <br> %**  |
|  | **(in thousands, except percentage data)**  | **(in thousands, except percentage data)**  | **(in thousands, except percentage data)**  | **(in thousands, except percentage data)**  |
|  | **(unaudited)**  | **(unaudited)**  | **(unaudited)**  | **(unaudited)**  |
| &nbsp;&nbsp;&nbsp; Net revenues  | 602 | 892 | (290) | -33% |
| Gross income  | 602 | 892 | (290) | -33% |
| &nbsp;&nbsp;&nbsp; Administrative expenses  | (21512) | (14126) | (7386) | 52% |
| &nbsp;&nbsp;&nbsp; Research and development expenses  | (102595) | (78728) | (23867) | 30% |
| &nbsp;&nbsp;&nbsp; Other operating income (expenses), net  | (340) | 417 | (757) | -182% |
| Operating loss  | (123845) | (91545) | (32300) | 35% |
| &nbsp;&nbsp;&nbsp; Financial income  | 15958 | 6415 | 9543 | 149% |
| &nbsp;&nbsp;&nbsp; Financial expenses  | (643) | (26405) | 25762 | -98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net financial income (expenses)  | 15315 | (19990) | 35305 | -177% |
| Loss before tax  | (108530) | (111535) | 3005 | -3% |
| &nbsp;&nbsp;&nbsp; Tax benefit  | (86) |  | (86) | 0% |
| Loss  | (108616) | (111535) | 2919 | -3% |

---

#### Comparison of Three Months Ended March 31, 2026 and 2025

#### Revenue
Net revenues amounted to SEK 0.6 million and SEK 0.9 million for the three months ended March 31, 2026 and 2025, respectively. Net revenues for both periods are related to reimbursement for expenses incurred by the Company for certain drug development activities related to buloxibutid under the agreement with Nippon Shinyaku.

#### Research and Development Expenses
Research and development expenses were SEK 102.6 million and SEK 78.7 million for the three months ended March 31, 2026 and 2025, respectively. The increase compared to the prior year is primarily attributable to the costs of the ongoing Phase 2b ASPIRE clinical trial of buloxibutid in IPF, which was initiated in September 2024. For the three months ended March 31, 2026 and 2025, costs of the share-based incentive programs related to research and development staff were SEK 1.2 million and SEK 1.0 million, respectively.

#### Administrative Expenses
Administrative expenses were SEK 21.5 million and SEK 14.1 million for the three months ended March 31, 2026 and 2025, respectively. The SEK 7.4 million increase in administrative expenses was primarily due to the increase in employee-related costs, including the expansion of the Company's leadership

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group, and the increase in professional services and other administrative expenses to support the increased operations. For the three months ended March 31, 2026 and 2025, costs of the share-based incentive programs related to administrative staff were SEK 2.6 million and SEK 2.1 million, respectively.

#### Financial Income and Expenses
Net financial income (expenses) was SEK 15.3 million and SEK (20) million for the three months ended March 31, 2026 and 2025, respectively. The income compared to the expense in the previous year is primarily attributable to foreign exchange rate differences on cash balances and short-term investments. In line with the group's treasury guidelines, cash is exchanged into foreign currency, and invested over different maturities, in order to align with the currency exposure arising from the fact that the majority of our agreements and expenses are denominated in foreign currencies.

#### Results of Operations for the Fiscal Years Ended December 31, 2025, 2024 and 2023

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **2025 vs. 2024**  | **2025 vs. 2024**  | **2024 vs. 2023**  | **2024 vs. 2023**  |
| | **2025 <br> SEK**  | **2024 <br> SEK**  | **2023 <br> SEK**  | **Change <br> SEK**  | **Change <br> %**  | **Change <br> SEK**  | **Change <br> %**  |
|  | **(in thousands, except percentage data)**  | **(in thousands, except percentage data)**  | **(in thousands, except percentage data)**  | **(in thousands, except percentage data)**  | **(in thousands, except percentage data)**  | **(in thousands, except percentage data)**  | **(in thousands, except percentage data)**  |
| &nbsp;&nbsp;&nbsp; Net revenues  | 3817 | 109346 |  | (105529) | -97% | 109346 | 100% |
| Gross income  | 3817 | 109346 |  | (105529) | -97% | 109346 | 100% |
| &nbsp;&nbsp;&nbsp; Administrative expenses  | 67914 | 50443 | 36923 | 17471 | 35% | 13520 | 37% |
| &nbsp;&nbsp;&nbsp; Marketing and distribution expenses  |  |  | 7672 |  | 0% | (7672) | -100% |
| &nbsp;&nbsp;&nbsp; Research and development expenses  | 390348 | 249263 | 276294 | 141085 | 57% | (27031) | -10% |
| &nbsp;&nbsp;&nbsp; Other operating income (expenses), net  | 2059 | (3829) | (617) | 5888 | -154% | (3212) | 521% |
| Operating loss  | (452386) | (194189) | (321506) | (258197) | 133% | 127317 | -40% |
| &nbsp;&nbsp;&nbsp; Financial income  | 23888 | 25307 | 10538 | (1419) | 6% | 14769 | 140% |
| &nbsp;&nbsp;&nbsp; Financial expenses  | 48976 | 8 | 358 | 48968 | 612100% | (350) | -98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net financial income <br> (expenses)  | (25088) | 25299 | 10180 | (50387) | -199% | 15119 | 149% |
| Loss before tax  | (477474) | (168890) | (311326) | (308584) | 183% | 142436 | -46% |
| &nbsp;&nbsp;&nbsp; Tax benefit  |  | 256 | 384 | (256) | -100% | (128) | -33% |
| Loss  | (477474) | (168634) | (310942) | (308840) | 183% | 142308 | -46% |

---

#### Comparison of Years Ended December 31, 2025 and 2024
 *Revenue* 

Net revenues amounted to SEK 3.8 million and SEK 109.3 million for the year ended December 31, 2025 and 2024, respectively. Net revenues for 2025 are related to reimbursement for expenses incurred by the Company for certain drug development activities related to buloxibutid under the agreement with Nippon Shinyaku. Net revenues for 2024 included the upfront payment of SEK 104.2 million and reimbursements for expenses incurred by the Company for certain drug development activities related to buloxibutid under the agreement with Nippon Shinyaku.

 *Research and Development Expenses* 

Research and development expenses were SEK 390.4 million and SEK 249.3 million for the years ended December 31, 2025 and 2024 respectively. The increase compared to the prior year is primarily attributable to the costs of the ongoing Phase 2b ASPIRE clinical trial of buloxibutid in IPF, which was

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initiated in September 2024. For the year ended December 31, 2025 and 2024, costs of the share-based incentive programs related to research and development staff were SEK 6.5 million and SEK 2.1 million, respectively.

 *Administrative Expenses* 

Administrative expenses were SEK 67.9 million and SEK 50.4 million for the years ended December 31, 2025 and 2024, respectively. The SEK 17.5 million increase in administrative expenses was primarily due to a SEK 12.2 million increase in employee-related costs, including a SEK 7.6 million increase in stock-based compensation, and an increase in professional services and other administrative expenses to support the increased operations. For the years ended December 31, 2025 and 2024, costs of the share-based incentive programs related to administrative staff were SEK 13.0 million and SEK 5.4 million, respectively.

 *Financial Income and Expenses* 

Net financial income (expenses) was SEK (25.1) million and SEK 25.3 million for the years ended December 31, 2025 and 2024, respectively. The decrease compared to the previous year is primarily attributable to foreign exchange rate differences related to cash balances and short-term investments. In line with the group's treasury guidelines, cash is exchanged into foreign currency, and invested over different maturities, in order to align with the currency exposure arising from the fact that the majority of our agreements and expenses are denominated in foreign currencies.

#### Comparison of Years Ended December 31, 2024 and 2023
 *Revenue* 

Net revenues for 2024 included the upfront SEK 104.2 million payment and reimbursements for expenses incurred by the Company for certain drug development activities related to buloxibutid of SEK 5.1 million, both under the agreement with Nippon Shinyaku. There were no revenues generated during the year ended December 31, 2023.

 *Research and Development Expenses* 

Research and development expenses were SEK 249.3 million and SEK 276.3 million for the years ended December 31, 2024 and 2023, respectively. Adjusted for the impairment of intangible assets attributable to the IMiD program abandoned in January 2024 (SEK 50.5 million) and to the drug candidate C106 (SEK 12.0 million) recorded in 2023, R&D expenses increased by SEK 35.5 million, primarily driven by the Phase 2b ASPIRE trial, which was initiated in September 2024.

 *Administrative Expenses* 

Administrative expenses were SEK 50.4 million and SEK 36.9 million for the years ended December 31, 2024 and 2023, respectively. The SEK 13.5 million increase in general and administrative expenses was primarily due to a SEK 10.9 million increase in employee-related costs, including a SEK 1.8 million increase in stock-based compensation, and an increase in professional services and other administrative expenses to support the increased operations.

 *Marketing and distribution expenses* 

During the year ended December 31, 2023, we incurred SEK 7.7 million in marketing and distribution expenses related to Almee™, a digital therapeutic for the treatment of anxiety in pulmonary fibrosis. The spending on the digital device program was paused with the operational focus shifted to buloxibutid. While we are not pursuing independent development of Almee at this time, we continue to monitor the evolving digital therapy landscape and remain open to exploring partnership opportunities that could advance Almee alongside approved molecular therapies for pulmonary fibrosis.

 *Financial Income and Expenses* 

Net financial income (expenses) were SEK 25.3 million and SEK 10.5 million for the years ended December 31, 2024 and 2023, respectively. Financial income consists of capital gains and dividend income

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realized from financial assets. The financial income increased SEK 14.8 million in 2024 as compared to the prior year due to the increase in the balances invested in cash equivalents.

#### Recently Adopted Accounting Pronouncements
We have adopted all relevant new and amended Accounting Standards and Interpretations issued by the IASB that are effective for annual reporting periods beginning on January 1, 2026. The adoption of these Accounting Standards and Interpretations did not have any significant impact on amounts reported in our consolidated financial statements.

As of January 1, 2025, we apply the amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates. The application has not had any material impact on our financial statements.

New and amended accounting standards and interpretations that have been published and will take effect in 2026 or later have not been applied in the preparation of this financial report. IFRS 18 Presentation and Disclosure in Financial Statements, published by the IASB in April 2024, was adopted by EU on February 13, 2026. It will apply from January 1, 2027 and replace IAS 1 Presentation of Financial Statements. IFRS 18 will affect the presentation and disclosures in our financial reports by introducing new categories in the income statement — operating activities, investing, and financing — as well as a new subtotal for operating income. The standard also includes enhanced disclosure requirements, particularly regarding Management Performance Measures (MPM). We are currently assessing the effects of IFRS 18.

#### Internal Control over Financial Reporting
In preparation of our financial statements for the fiscal years ended December 31, 2023, 2024 and 2025 to meet the requirements applicable to this registration statement, we identified a material weakness in our internal control over financial reporting. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis.

We identified a material weakness in our internal control over financial reporting related to IT general controls ("ITGCs"), specifically related to the enterprise resource planning system that we used as our primary financial reporting system through December 31, 2025 (the "Old ERP System"). The Old ERP System did not have a SOC-1 report, and the Company did not maintain (i) sufficient user access controls to ensure appropriate segregation of duties and to restrict access to financial applications, programs and data to only authorized users, (ii) program change management controls to ensure that information technology program and data changes affecting financial information and underlying accounting records are appropriately authorized and implemented, and (iii) IT operation controls. Although the material weakness is contained within our IT general control environment, it caused our business process controls that are dependent on the ineffective ITGCs, or that rely on data produced from systems impacted by the ineffective ITGCs, to be deemed ineffective.

We have taken steps designed to remediate the identified material weakness. In particular, effective January 1, 2026, we transitioned from the Old ERP System to a new ERP system (the "New ERP System"), which is expected to support proper segregation of duties and privileged access management, proper authorization and implementation of program changes, and appropriate IT operation controls within our control environment. We continue our activities to design and implement the appropriate IT general controls throughout fiscal year 2026 and will test their operating effectiveness to determine the status of remediation at December 31, 2027.

We cannot assure you that the measures we have taken to date, and measures we plan to implement, will be sufficient to remediate the control deficiencies that led to the identified material weakness in our internal control over financial reporting or that they will prevent or avoid potential future material weaknesses. In addition, neither our management nor an independent registered public accounting firm has performed an evaluation of our internal control over financial reporting in accordance with the provisions of the Sarbanes-Oxley Act because no such evaluation has been required. Had we or our independent registered public accounting firm performed an evaluation of our internal control over financial reporting in accordance

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with the provisions of the Sarbanes-Oxley Act, additional material weaknesses may have been identified. If we are unable to successfully remediate our existing or any future material weaknesses in our internal control over financial reporting, or identify any additional material weaknesses in the future, or otherwise fail to maintain an effective system of internal controls, the accuracy and timing of our financial reporting may be adversely affected, we may be unable to maintain compliance with securities law requirements regarding timely filing of periodic reports in addition to applicable stock exchange listing requirements, investors may lose confidence in our financial reporting, and the market price of our ADSs may decline as a result. See "Risk Factors — We have identified a material weakness in our internal control over financial reporting."

#### Emerging Growth Company Status
As a company with less than USD 1.235 billion in revenue during our last fiscal year, we qualify as an "emerging growth company" as defined in the JOBS Act. As an emerging growth company, we may take advantage of specified reduced disclosure and other requirements that are otherwise applicable generally to public companies. These provisions include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • exemption from the auditor attestation requirement of Section 404 in the assessment of our internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to the extent that we no longer qualify as a foreign private issuer, (i) certain reduced disclosure obligations regarding executive compensation in our periodic reports, proxy statements and registration statements and (ii) exemptions from the requirements of holding a non-binding advisory vote on executive compensation, including golden parachute compensation.

We may take advantage of these exemptions until such time that we are no longer an emerging growth company. Accordingly, the information that we provide shareholders and holders of the ADSs may be different than you might obtain from other public companies. We will cease to be an emerging growth company upon the earliest to occur of (i) the last day of the fiscal year in which we have more than USD 1.235 billion in annual revenue; (ii) the last day of the fiscal year in which we qualify as a "large accelerated filer"; (iii) the date on which we have, during the previous three-year period, issued more than USD 1.0 billion in non-convertible debt securities; and (iv) the last day of the fiscal year in which the fifth anniversary of our first sale of common equity securities pursuant to an effective registration statement under the Securities Act occurs.

In addition, Section 107 of the JOBS Act provides that an emerging growth company can use the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. Given that we currently report and expect to continue to report under IFRS Accounting Standards, as issued by the IASB, we have irrevocably elected not to avail ourselves of this extended transition period and, as a result, we will adopt new or revised accounting standards on the relevant dates on which adoption of such standards is required by the IASB.

#### Foreign Private Issuer Status
We will report under the Exchange Act as a "foreign private issuer" under U.S. securities laws. In our capacity as a foreign private issuer, we are exempt from certain laws and regulations of the SEC and certain regulations of Nasdaq. Consequently, we are not subject to all of the disclosure requirements applicable to U.S. domestic public companies. For example, we are exempt from certain rules under the Exchange Act, as amended, that impose certain disclosure obligations and procedural requirements for proxy solicitations under Section 14 of the Exchange Act. In addition, our 10% beneficial owners will be exempt from Section 16 of the Exchange Act and the rules thereunder with respect to their purchases and sales of our securities. While our executive officers and members of our Board will be subject to the reporting requirements of Section 16(a) of the Exchange Act, they may rely on exemptive relief granted by the SEC (Release No. 34-104931, dated March 5, 2026), which provides conditional relief from Section 16(a) reporting for directors and executive officers of foreign private issuers that comply with Article 19 of the EU Market Abuse Regulation, subject to the conditions of the order. In addition, our executive officers and directors will not be subject to the "short-swing" profit recovery provisions of Section 16(b) or the short-sale prohibitions of Section 16(c) of the Exchange Act. Moreover, we are not required to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under

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the Exchange Act. In addition, we are not required to comply with Regulation FD, which restricts the selective disclosure of material information.

We may take advantage of these exemptions until such time as we are no longer a foreign private issuer. We will remain a foreign private issuer until such time that 50% or more of our outstanding voting securities are held by U.S. residents and any of the following three circumstances applies: (i) the majority of the members of our Board or our global management team are U.S. citizens or residents; (ii) more than 50% of our assets are located in the United States; or (iii) our business is administered principally in the United States.

We have taken advantage of certain reduced reporting and other requirements in this registration statement. Accordingly, the information contained herein may be different from the information you receive from other public companies.

B. Liquidity and Capital Resources

#### Sources and Uses of Liquidity
Since our inception, we have not generated any revenue from product sales and have incurred significant operating losses. To date, we have funded our operations primarily through equity offerings and collaboration arrangements. Our ability to pursue and finance our operations and our intended development plans depends on our ability to raise financing.

In October 2024, we raised the gross proceeds of approximately SEK 782 million through a rights issue financing.

In October 2024, in addition to the rights issue financing, we carried out a directed share issue to raise approximately SEK 100 million at SEK 9.00 per share.

In November 2025, we closed a directed share issue of approximately SEK 455.1 million, providing capital to fund the expanded Phase 2b ASPIRE trial, Phase 3 readiness activities, and early-stage pipeline investment, with strong support from leading global healthcare investors.

Effective January 2, 2026, Nasdaq Stockholm upgraded us from the Small Cap to the Mid Cap segment.

We expect to continue to raise financing through sale of equity and license and development agreements in connection with collaborations. To the extent that we raise additional capital through the sale of equity or convertible debt securities, the ownership interest of our existing shareholders will be diluted, and the terms of any additional securities may include liquidation or other preferences that adversely affect the rights of our existing shareholders. Debt financing, if available, may involve agreements that include covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends. If we raise funds through additional collaborations, strategic alliances or licensing arrangements with third parties, we may have to relinquish valuable rights to our technologies, future revenue streams, research programs or product candidates or to grant licenses on terms that may not be favorable to us.

We intend to use future expected proceeds, together with cash on hand, to finance our development activities, in particular to carry out subsequent clinical trials for buloxibutid and development of future product candidates, as well as to fund our outstanding liabilities and other commitments. We expect our expenses to increase in connection with our ongoing activities, particularly as we continue to advance buloxibutid and any other product candidates, initiate further clinical trials and seek marketing approval for our product candidates. In addition, if we obtain marketing approval for any of our product candidates, we expect to incur significant commercialization expenses related to program sales, marketing, manufacturing and distribution to the extent that such sales, marketing and distribution are not the responsibility of potential collaborators. Accordingly, we will need to obtain substantial additional funding in connection with our continuing operations.

As of March 31, 2026, we had cash and cash equivalents of approximately SEK 377.4 million and SEK 682.4 million invested in short-term investments. We have no material long-term obligations.

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Based on our current operating plan, we expect that our existing cash and cash equivalents will enable us to fund the expanded Phase 2b ASPIRE clinical trial through topline data, expected in mid-2027, and to support our anticipated operating expenses — including activities related to Phase 3 readiness — into the second half of 2028. We expect our expenses to increase in connection with our ongoing activities, particularly as we advance the non-clinical activities and clinical trials of our product candidates. The timing and amount of our operating expenditures will depend largely on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the scope, number, initiation, progress, timing, costs, design, duration, any potential delays, and results of clinical trials and nonclinical studies for our current or future product candidates, particularly the Phase 2b ASPIRE trial, and subsequent clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the number and development requirements of other product candidates that we may pursue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the costs, timing and outcome of regulatory review of our product candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the extent to which we in-license or acquire other product candidates and technologies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the costs and timing of future commercialization activities, including drug manufacturing, marketing, sales and distribution, for any of our product candidates for which we receive or have received marketing approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the cost of filing, prosecuting, defending and enforcing our patent claims and other intellectual property rights covering our product candidates, including any such patent claims and intellectual property rights that we have licensed pursuant to the terms of our license agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the effect of competing technological and market developments.

Identifying potential product candidates and conducting preclinical studies and clinical trials is a time-consuming, expensive and uncertain process that takes many years to complete, and we may never generate the necessary data or results required to obtain marketing approval and achieve product sales. In addition, our product candidates, if approved, may not achieve commercial success. Our revenue, if any, will be derived from sales of products that we do not expect to be commercially available for many years, if at all.

If we are unable to raise additional funds through equity or debt financings when needed, we may be required to delay, limit, reduce or terminate our product development or future commercialization efforts or grant rights to develop and market product candidates that we would otherwise prefer to develop and market ourselves.

#### Cash Flows
The following table summarizes our cash flows for the three months ended March 31, 2026 and 2025:

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  |
| | **2026 <br> SEK**  | **2025 <br> SEK**  |
|  | **(in thousands)**  | **(in thousands)**  |
|  | **(unaudited)**  | **(unaudited)**  |
| Cash flows used in operating activities  | (117641) | (86113) |
| Cash flows from (used in) investing activities  | (88663) | (333846) |
| **Cash flows for the year**  | **(206304)** | **(419959)** |
| **Cash and cash equivalents at beginning of the year**  | **578147** | **1156001** |
| **Foreign exchange difference**  | **5580** | **(20570)** |
| **Cash and cash equivalents at year-end**  | **377423** | **715472** |

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#### Operating Activities
Cash used in operating activities for the three months ended March 31, 2026, increased by SEK 31.5 million as compared to the three months ended March 31, 2025. The increase in cash used in operating activities is primarily due to the increase in costs related to the clinical development programs.

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#### Investing Activities
During the three months ended March 31, 2026, the redemptions, net of acquisitions, of short-term investments amounted to SEK 87.3 million as compared to net redemptions of short-term investments of SEK 333.7 million during the three months ended March 31, 2025.

The following table summarizes our cash flows for the years ended December 31, 2025, 2024 and 2023:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
| | **2025 <br> SEK**  | **2024 <br> SEK**  | **2023 <br> SEK**  |
|  | **(in thousands)**  | **(in thousands)**  | **(in thousands)**  |
| Cash flows used in operating activities  | (375737) | (164946) | (249583) |
| Cash flows from (used in) investing activities  | (600506) | 149038 | (144455) |
| Cash flows from financing activities  | 430544 | 834063 | 470855 |
| **Cash flows for the year**  | **(545699)** | **818155** | **76817** |
| **Cash and cash equivalents at beginning of the year**  | **1156001** | **333620** | **256803** |
| **Foreign exchange difference**  | **(32155)** | **4226** | **—** |
| **Cash and cash equivalents at year-end**  | **578147** | **1156001** | **333620** |

---

#### Operating Activities
Cash used in operating activities for the year ended December 31, 2025, increased by SEK 210.8 million as compared to the year ended December 31, 2024. The increase in cash used in operating activities is primarily due to the increasing investment in the clinical development program. The cash flow used in operating activities decreased to SEK 165.0 million in 2024 as compared SEK 249.6 million in 2023 due to the decrease in the operating loss, largely driven by SEK 109 million revenues recognized from the upfront payment under the Nippon Shinyaku license agreement.

#### Investing Activities
During the year ended December 31, 2025, net acquisitions of short-term investments amounted to SEK (600.5 million), compared to net redemptions of short-term investments of SEK 149 million and net acquisitions of SEK (144.5 million) during the years ended December 31, 2024 and 2023, respectively.

#### Financing Activities
The cash flows from financing activities were SEK 430.5 million, SEK 834.1 million and SEK 470.9 million for the years ended December 31, 2025, 2024 and 2023. During the year ended December 31, 2025, we closed a directed share issue raising SEK 430.5 million in net cash proceeds. In October 2024, we raised the combined net cash proceeds of SEK 834 million from a rights issue and directed share issue. In June 2023, we carried out a directed share issue raising net cash proceeds of SEK 470.9 million.

C. Research and Development, Patents and Licenses, etc.

For a discussion of our research and development activities, see "— A. Operating Results" and "Item 4. Information on the Company — B. Business Overview."

D. Trend Information

Our growth strategy and trends affecting our performance are detailed in "— A. Operating Results" and "Item 4. Information on the Company — B. Business Overview." For a discussion of uncertainties and certain factors that could materially affect our business, see "Item 3. Key Information — D. Risk Factors."

E. Critical Accounting Policies and Estimates

We believe that the following accounting policies involve a high degree of judgment and complexity. Accordingly, these are the policies we believe are the most critical to aid in fully understanding and evaluating

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our consolidated financial condition and results of our operations. See Note 2 to our audited consolidated financial statements appearing elsewhere in this registration statement for a description of our other significant accounting policies.

The preparation of the financial statements in accordance with IFRS requires company management to make judgments and accounting estimates that affect the application of the accounting policies and the carrying amounts of assets, liabilities, revenue and expenses. The actual outcome could deviate from these estimates.

 *Research and development expenses* 

We conduct research and development activities through external collaboration partners, such as clinical research organizations (CROs). We expense the costs of these research and development activities over the project term based on estimated completion percentage of the activities of each specific contract as of each reporting period end. The payments made prior to the receipt of goods or services to be used in research and development are capitalized until the goods or services are received.

#### ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
A. Directors and Senior Management

For information about our directors and senior management, see "Item 1. Identity of Directors, Senior Management and Advisers — A. Directors and Senior Management."

#### Family Relationships
There are no family relationships among any of our executive officers and our directors.

#### Arrangements for Election of Directors and Members of Management
There are no contracts or other arrangements pursuant to which our directors have been or must be selected.

B. Compensation

#### Non-Employee Director Compensation
Our non-employee directors receive a fee for their services as a director, which is approved by the Board, giving due consideration to the time commitment and responsibilities of their roles and of current market rates for comparable organizations and appointments. We offer remuneration in accordance with market practice which enables the recruitment and retention of internationally qualified senior executives. Compensation within the Company is based on principles of performance, competitiveness and fairness.

At the annual general meeting, or AGM, held on May 6, 2025, or the 2025 AGM, shareholders resolved that remuneration to the members of the Board for the period up to the end of the 2026 Annual General Meeting on May 6, 2026, or the 2026 AGM, would be SEK 700,000 for the Chairman of the Board and SEK 240,000 for each of the other Board members. As remuneration for committee work, the Chairman of the Audit Committee receives SEK 150,000 and each other member of the Audit Committee receives SEK 75,000. The Chairman of the Remuneration Committee receives SEK 75,000 and each other member of the Remuneration Committee receives SEK 37,500. The Chairman of the Scientific Committee receives SEK 75,000 and each other member of the Scientific Committee receives SEK 37,500. In addition, at the 2025 AGM the shareholders approved an incentive equity award program for our Board (2025 Long-Term Incentive Program — Board RSU 2025) as described further below.

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The following table summarizes the compensation paid to our non-employee directors during the year ended December 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name**  | **Board Fee <br> (SEK)<sup>(1)</sup>**  | **Committee <br> Remuneration <br> (SEK)<sup>(2)</sup>**  | **Share-Based <br> Payments <br> (SEK)<sup>(3)</sup>**  | **Total <br> (SEK)**  |
| *Hans Schikan*  | 515000 | 65000 | 809649 | 1389649 |
| *Yasir Al-Wakeel*  | 230000 | 65000 | 233338 | 528338 |
| *Ann Barbier*  | 115000 | 32500 | 350016 | 497516 |
| *Elisabeth Björk*  | 115000 | 65000 | 350016 | 530016 |
| *Michael Buschle<sup>(4)</sup>*  | 115000 | 32500 | 350016 | 497516 |
| *Jacob Gunterberg*  | 175000 | 97500 | 274098 | 546598 |
| *Heidi Hunter*  | 115000 | 162500 | 350016 | 627516 |

---

(1) Board fees as resolved at the annual general meeting held on May 7, 2024, or the 2024 AGM, for the period between January 1, 2025 through May 5, 2025 and at the 2025 AGM for the period between May 6, 2025 through December 31, 2025, excluding social security contributions, for the 2025 financial year.

(2) Other remuneration includes remuneration for Board committee work.

(3) The share-based payments were granted pursuant to the Board LTIP 2024 program and the Board RSU 2025 program. Board members have the right to receive 50% of their gross board fees (excluding fees for committee work) in share awards or restricted share units, or RSUs, as applicable, instead of cash compensation.

(4) Mr. Buschle's services as a director ended on May 5, 2026.

The following table sets forth, as of December 31, 2025, the aggregate number of share awards and RSUs held by those individuals who served as non-employee directors during the year ended December 31, 2025:

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| | | | |
|:---|:---|:---|:---|
| **Name**  | **Number of <br> Share Awards / <br> RSUs**  | **Grant Date**  | **Expiration Date**  |
| *Hans Schikan* <br> Board LTIP 2023<sup>(1)</sup>  | 11025(5) | May 11, 2023  | June 1, 2029  |
| *Hans Schikan* <br> Board LTIP 2024<sup>(2)</sup>  | 55344(5) | May 7, 2024  | June 1, 2034  |
| *Hans Schikan* <br> Board RSU 2025<sup>(3)</sup>  | 85813 | May 6, 2025  | June 1, 2035  |
| *Yasir Al-Wakeel* <br> Board LTIP 2024<sup>(2)</sup>  | 12298(5) | May 7, 2024  | June 1, 2034  |
| *Yasir Al-Wakeel* <br> Board RSU 2025<sup>(3)</sup>  | 29421 | May 6, 2025  | June 1, 2035  |
| *Ann Barbier* <br> Board LTIP 2024<sup>(2)</sup>  | 18448(5) | May 7, 2024  | June 1, 2034  |
| *Ann Barbier* <br> Board RSU 2025<sup>(3)</sup>  | 44132 | May 6, 2025  | June 1, 2035  |
| *Elisabeth Björk* <br> Board RSU 2025<sup>(3)</sup>  | 44132 | May 6, 2025  | June 1, 2035  |
| *Michael Buschle<sup>(2)(4)</sup>* <br> Board LTIP 2023<sup>(1)</sup>  | 11025(5) | May 11, 2023  | June 1, 2029  |
| *Michael Buschle<sup>(2)(4)</sup>* <br> Board LTIP 2024<sup>(2)</sup>  | 18448(5) | May 7, 2024  | June 1, 2034  |
| *Michael Buschle<sup>(2)(4)</sup>* <br> Board RSU 2025<sup>(3)</sup>  | 44132 | May 6, 2025  | June 1, 2035  |
| *Jacob Gunterberg* <br> Board LTIP 2023<sup>(1)</sup>  | 24806(5) | May 11, 2023  | June 1, 2029  |
| *Jacob Gunterberg* <br> Board LTIP 2024<sup>(2)</sup>  | 18448(5) | May 7, 2024  | June 1, 2034  |
| *Jacob Gunterberg* <br> Board RSU 2025<sup>(3)</sup>  | 29421 | May 6, 2025  | June 1, 2035  |
| *Heidi Hunter* <br> Board LTIP 2023<sup>(1)</sup>  | 11025(5) | May 11, 2023  | June 1, 2029  |
| *Heidi Hunter* <br> Board LTIP 2024<sup>(2)</sup>  | 18448(5) | May 7, 2024  | June 1, 2034  |
| *Heidi Hunter* <br> Board RSU 2025<sup>(3)</sup>  | 44132 | May 6, 2025  | June 1, 2035  |

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(1) Board LTIP 2023 share awards vested over a period of approximately one year, corresponding to the earlier of (i) the 2024 AGM or (ii) June 1, 2024. As of December 31, 2025, these share awards are 100% vested.

(2) Board LTIP 2024 share awards vested over a period of approximately one year, corresponding to the earlier of (i) the 2025 AGM or (ii) June 1, 2025. As of December 31, 2025, these share awards are 100% vested.

(3) Board RSU 2025 RSUs vest over a period of approximately one year, corresponding to the earlier of (i) the 2026 AGM or (ii) June 1, 2026.

(4) Mr. Buschle's services as a director ended on May 5, 2026.

(5) In connection with the October 2024 rights issue, each share award or RSU, as applicable, entitles the participant to 1.04 shares.

#### Appointment of Directors
The appointment is subject to our articles of association, and is subject to confirmation at our AGM. Board members are normally elected by shareholders at the AGM for the period until the end of the next AGM. Each non-employee director is paid an annual fee as set forth above, subject to upward adjustment, as recommended by our Nomination Committee and approved by our shareholders at the AGM. Such fees cover all duties of our non-employee directors, including committee service and certain additional responsibilities. In addition, we reimburse each director for reasonable and properly documented expenses incurred in performing their duties.

#### Executive Officer Compensation
The compensation for each of our executive officers is comprised of the following elements: base salary, annual bonus, personal benefits, pension and option awards. During 2025, our executive officers consisted of Ahmed Mousa, Chief Executive Officer, Hans Jeppsson, Chief Financial Officer and Bertil Lindmark, MD, PhD, former Chief Medical Officer. Bernt van den Blink succeeded Bertil Lindmark as Chief Medical Officer on March 1, 2026.

Our executive officers are eligible for an annual bonus at the discretion of the Remuneration Committee. Bonus awards are reviewed at the end of each calendar year and any such awards are determined by the performance of the individual and the company as a whole based upon the achievement of strategic objectives set at the beginning of the year.

The following table summarizes compensation earned by our executive officers during the year ended December 31, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position**  | **Year**  | **Basic <br> Salary <br> (SEK)**  | **Variable <br> Remuneration / <br> Bonus <br> (SEK)<sup>(2)</sup>**  | **Share- <br> Based <br> Payments <br> (SEK)<sup>(3)</sup>**  | **Pension <br> Costs <br> (SEK)<sup>(4)</sup>**  | **Total <br> (SEK)**  |
|  *Ahmed Mousa, <br> Chief Executive Officer<sup>(1)</sup>*  | 2025 | 5303764 | 2264442 | 3398051 | 230881 | 11197138 |
|  *All other executive officers as a group (two persons)<sup>(5)(6)</sup>*  | 2025 | 6696107 | 2317617 | 1904422 | 788399 | 11706545 |

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(1) Mr. Mousa's compensation reflects a dual-jurisdiction arrangement. In addition to his role as Chief Executive Officer of Vicore Pharma Holding AB, Mr. Mousa serves as Chief Executive Officer of the Company's U.S. subsidiary, Vicore Pharma US, Inc., pursuant to a secondment agreement dated September 9, 2023. Mr. Mousa receives a base salary from the Swedish parent company and a separate base salary from the U.S. subsidiary, which are reported in the aggregate in the compensation table above. The U.S. subsidiary also provides Mr. Mousa with participation in a 401(k) retirement plan (with a 4% company match), medical, vision, dental, life, and disability insurance benefits. In addition, the

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Company has agreed to engage a qualified tax professional on Mr. Mousa's behalf, at an annual cost not to exceed USD 10,000, to assist with tax matters arising from the cross-border employment arrangement.

(2) These bonus payments represent discretionary bonuses paid for fiscal year 2025 performance.

(3) These represent options granted to our senior executives pursuant to the applicable Co-worker LTIPs.

(4) During the year ended December 31, 2025, the total amount set aside or accrued by the Company and its subsidiaries to provide pension, retirement or similar benefits for our directors and executive officers was SEK 3,045 thousand. No amounts were set aside for pension benefits for our non-employee directors. Pension benefits for our executive officers are defined contribution in nature. The Chief Executive Officer participates in a Swedish occupational pension solution (5% of Swedish base salary) and a U.S. 401(k) plan with a 4% company match through the U.S. subsidiary. The Chief Financial Officer participates in a Swedish occupational pension solution at 30% of base salary. The former Chief Medical Officer, Dr. Lindmark, was not entitled to pension contributions under his employment agreement.

(5) Consists of compensation earned by Mr. Jeppsson, Chief Financial Officer and Dr. Lindmark, our former Chief Medical Officer.

(6) Dr. Lindmark's services as Chief Medical Officer ended on February 28, 2026; Dr. Lindmark is currently serving as a senior advisor in the Company.

The following table sets forth, as of December 31, 2025, the aggregate number of option awards held by our executive officers:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name**  | **Program**  | **Grant Date<sup>(1)</sup>**  | **Number of <br> Options <br> Outstanding**  | **Exercise <br> Price <br> (SEK)**  | **Expiration Date**  |
|  *Ahmed Mousa, <br> Chief Executive Officer*  | Co-worker LTIP 2021:3  | September 29, 2023  | 400000(3) | 18.80 | September 29, 2028  |
|  *Ahmed Mousa, <br> Chief Executive Officer*  | Co-worker LTIP 2023:1a  | September 29, 2023  | 400000(3) | 18.80 | September 29, 2028  |
|  *Ahmed Mousa, <br> Chief Executive Officer*  | Co-worker LTIP 2023:2a  | January 15, 2025  | 350000 | 12.25 | January 15, 2030  |
|  *Ahmed Mousa, <br> Chief Executive Officer*  | Co-worker LTIP 2025:1  | May 6, 2025  | 1150000 | 10.20 | May 6, 2030  |
|  *Hans Jeppsson, <br> Chief Financial Officer*  | Co-worker LTIP 2021:1  | September 16, 2021  | 50000(3) | 25.50 | September 16, 2026  |
|  *Hans Jeppsson, <br> Chief Financial Officer*  | Co-worker LTIP 2021:2  | September 27, 2022  | 65000(3) | 27.60 | September 27, 2027  |
|  *Hans Jeppsson, <br> Chief Financial Officer*  | Co-worker LTIP 2021:3  | September 29, 2023  | 75000(3) | 18.80 | September 29, 2028  |
|  *Hans Jeppsson, <br> Chief Financial Officer*  | Co-worker LTIP 2023:2a  | January 15, 2025  | 375000 | 12.25 | January 15, 2030  |
|  *Bertil Lindmark, <br> Former Chief Medical Officer<sup>(2)</sup>*  | Co-worker LTIP 2023:1b  | March 26, 2024  | 125000(3) | 19.20 | March 26, 2029  |
|  *Bertil Lindmark, <br> Former Chief Medical Officer<sup>(2)</sup>*  | Co-worker LTIP 2023:2a  | January 15, 2025  | 300000 | 12.25 | January 15, 2030  |

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(1) The fair value on the grant date has been calculated using the Black & Scholes valuation model, which takes into account the exercise price, the term of the options, the share price on the grant date and expected volatility in the share price, and risk-free interest rate for the term of the option.

(2) Dr. Lindmark's services as Chief Medical Officer ended on February 28, 2026.

(3) In connection with the October 2024 rights issue, each option entitles the participant to 1.04 shares.

#### Guidelines on Remuneration to Senior Executives and Board
The fixed remuneration reflects the individual's responsibility and experience level and is reviewed annually. Variable remuneration paid in cash may not exceed 50 percent of the annual fixed remuneration for the Chief Executive Officer and may not exceed 40 percent of the annual fixed remuneration for other senior executives. Further variable cash remuneration may be awarded in extraordinary circumstances, provided that such arrangements are limited in time and made on an individual basis, either for the purpose of recruiting or retaining executives, or for extraordinary performance. Such remuneration may not exceed an amount corresponding to 50% of the individual's fixed annual cash salary and may not be paid more than once per year for each individual. The satisfaction of criteria for awarding variable cash

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remuneration is measured over a period of at least one year. Variable cash remuneration is linked to corporate goal achievement. The corporate goals must be predetermined and measurable and must be related to measurable advancements in our development programs, corporate development efforts, capital markets strategy, employee engagement, and other associated activities. The corporate goals may be financial or non-financial and may also be quantitative or qualitative objectives. The criteria are designed to contribute to our business strategy and long-term interests, including its sustainability.

Share and share-price related incentive programs, if adopted, are approved by the shareholders. Pension benefits are, where possible, premium-based (i.e., defined contribution). For the Chief Executive Officer and other senior executives, the premium may, in situations where premium-based pension is applicable, amount to a maximum of 30% of the fixed salary. Notwithstanding the above, the Board is entitled to offer other solutions which, in terms of cost, are equivalent to the above.

Our executive officers may be awarded other customary benefits such as company health care. Such other benefits may not amount to more than 15 percent of fixed annual cash salary.

The Board may temporarily resolve to deviate from the guidelines, in whole or in part, if in a specific case there is special cause for the deviation and a deviation is necessary to serve our long-term interests, including its sustainability, or to ensure our financial viability.

The Board has the right, subject to the restrictions that may apply under law or contract, to reclaim, in whole or in part, variable remuneration paid on incorrect grounds (clawback).

The extent to which criteria for awarding variable cash remuneration have been satisfied is determined when the measurement period has ended. The Remuneration Committee is responsible for the evaluation insofar as it concerns variable cash remuneration to the Chief Executive Officer. For variable cash remuneration to other executives, the Chief Executive Officer is responsible for the evaluation, subject to approval by the Board for those executives who report directly to the Chief Executive Officer. For financial objectives, the evaluation is based on the latest financial information we made public.

#### Decision-Making Process
The Board has established a Remuneration Committee, whose tasks include preparing the Board's decision to propose guidelines for executive remuneration. The Board is required to prepare a proposal for new guidelines at least every fourth year and submit it to the general meeting. The guidelines remain in force until new guidelines are adopted by the general meeting. The Remuneration Committee also monitors and evaluates programs for variable remuneration for the executive management, the application of the guidelines for executive remuneration, as well as the current remuneration structures and compensation levels in the company. The members of the Remuneration Committee are independent of the Company and its executive management. The Chief Executive Officer and other members of the executive management do not participate in the Board's processing of and resolutions regarding remuneration-related matters insofar as they are affected by such matters. In the preparation of the Board's proposal for these remuneration guidelines, salary and employment conditions for employees of the company have been taken into account by including information on the employees' total income, the components of the remuneration and increase and growth rate over time, in the Remuneration Committee's and the Board's basis of decision when evaluating whether the guidelines and the limitations set out herein are reasonable.

Under the remuneration guidelines, fixed cash salary during the notice period and severance pay for the Chief Executive Officer may not exceed twelve months' fixed salary. For other executives, fixed cash salary during the notice period and severance pay may not exceed six months' fixed salary. Other senior executives have a period of notice of three to six months in the event the termination is made by the Company or if the senior executive resigns. Notice may be up to six months without any right to severance pay when termination is made by the executive. Additionally, remuneration may be paid for non-compete undertakings. Such remuneration shall compensate for loss of income and is only paid insofar as the previously employed executive is not entitled to severance pay. Such remuneration may not exceed 60% of the monthly income at the time of termination of employment and is paid during the period the non-compete undertaking applies, but in no event for more than 12 months following termination of employment.

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#### Incentive Programs
We maintain share-based incentive programs designed to advance our long-term interests by motivating and rewarding our executive officers, other employees, and members of our Board in a manner aligned with the interests of our shareholders. As of December 31, 2025, we had six active equity incentive programs covering members of our management team, employees, and members of our Board. As of December 31, 2025, a total of 8,271,266 employee stock options and share awards were outstanding, corresponding to 8,404,342 shares (based on the recalculation of the number of shares that each instrument gives the right to subscribe for as a result of the October 2024 rights issue). In addition, a total of 6,288,812 employee stock options were authorized but not yet granted, corresponding to 6,306,364 shares following the same recalculation. Assuming full utilization of all granted employee stock options and share awards outstanding as of December 31, 2025, this would correspond to a maximum dilution of 2.9 percent. Taking into account also the non-granted employee stock options and warrants that may be used as a hedge for social security contributions, the maximum dilution level as of December 31, 2025, would amount to 5.0 percent.

The following is a summary of the material terms of each program.

#### 2025 Long-Term Incentive Programs
At our 2025 AGM, our shareholders approved two long-term incentive programs: (i) an incentive program for our executive officers and personnel (including employees and consultants), or the Co-worker LTIP 2025, and (ii) an incentive program for members of our Board, or the Board RSU 2025. The aggregate maximum number of awards issuable under these programs is 7,000,000 stock options under the Co-worker LTIP 2025 and 1,070,000 RSUs under the Board RSU 2025.

 *Co-worker LTIP 2025* 

The Co-worker LTIP 2025 program provides for the grant, at no cost to the participant, of stock options exercisable for up to a maximum of 7,000,000 of our shares in the aggregate. Each option entitles the holder to acquire one share in the company for a pre-determined exercise price, which shall correspond to 125 percent of the volume-weighted average price of the Company's common share on Nasdaq Stockholm for the five trading days preceding the grant date. The options vest over a three-year period, with one-third vesting on each anniversary of the grant date, such that all options will have vested on the third anniversary of the grant date, provided that the holder, with some customary exceptions (including retirement and permanent incapacity to work due to illness or accident), remains employed by the Company. Vested options must be exercised no later than the fifth anniversary of the grant date. As of December 31, 2025, 1,150,000 options had been granted under the Co-worker LTIP 2025, corresponding to 1,150,000 shares, all of which were granted to the Chief Executive Officer.

 *Board RSU 2025* 

Under the Board RSU 2025 program, participating directors receive, at no cost, RSUs that entitle the holder to receive up to a maximum of 1,070,000 of our shares in the aggregate. The RSUs vest over a period of approximately one year, corresponding to the date of, whichever is earliest, (i) the 2026 Annual General Meeting or (ii) June 1, 2026, or the RSU 2025 Vesting Date. The earliest point in time at which vested RSUs may be exercised shall be the day falling immediately after the RSU 2025 Vesting Date. The latest point in time at which vested RSUs can be exercised shall be the earlier of (i) 90 days after the last day of service as a member of the Board, or (ii) June 1, 2035. Board members have the right to receive 50% of their gross board fees (excluding fees for committee work) in RSUs instead of cash compensation. As of December 31, 2025, a total of 321,183 RSUs had been granted under the Board RSU 2025, corresponding to 321,183 shares.

#### 2024 Long-Term Incentive Program
At our 2024 AGM, our shareholders approved a long-term incentive program for members of our Board, or the Board LTIP 2024. The aggregate maximum number of share awards issuable under this program is 297,000.

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#### Board LTIP 2024
Under the Board LTIP 2024 program, participating directors receive, at no cost, share awards that entitle the holder to receive up to a maximum of 308,880 of our shares in the aggregate (as recalculated following the October 2024 rights issue). The share awards vest over a period of approximately one year, corresponding to the date of, whichever is earliest, (i) the 2025 AGM or (ii) June 1, 2025, or the LTIP 2024 Vesting Date. The earliest time vested share awards may be exercised shall be the day falling immediately after the LTIP 2024 Vesting Date. The latest time at which vested share awards can be exercised shall be the earlier of (i) 90 days after the last day of service as a member of the Board or (ii) June 1, 2034. Board members have the right to receive 50% of their gross board fees (excluding fees for committee work) in share awards instead of cash compensation. As of December 31, 2025, a total of 141,434 share awards remained outstanding under the Board LTIP 2024, corresponding to 147,091 shares (as recalculated following the October 2024 rights issue).

#### 2023 Long-Term Incentive Programs
At our annual general meeting held on May 11, 2023, our shareholders approved two long-term incentive programs: (i) an incentive program for our executive officers and personnel (including employees and consultants), or the Co-worker LTIP 2023, and (ii) an incentive program for members of our Board, or the Board LTIP 2023. The aggregate maximum number of awards issuable under these programs is 5,000,000 stock options under the Co-worker LTIP 2023 and 120,000 share awards under the Board LTIP 2023.

 *Co-worker LTIP 2023* 

The Co-worker LTIP 2023 program provides for the grant, at no cost to the participant, of stock options. Each option entitles the holder to acquire one share in the Company for a pre-determined exercise price. The options are exercisable for up to a maximum of 5,200,000 of our shares in the aggregate (as recalculated following the October 2024 rights issue). The exercise price per share corresponds to 125 percent of the volume-weighted average price of the Company's common share on Nasdaq Stockholm for the five trading days preceding the granting date. The options vest over a three-year period, with one-third vesting on each anniversary of the grant date, such that all options will have vested on the third anniversary of the grant date, provided that the holder, with some customary exceptions (including retirement and permanent incapacity to work due to illness or accident), remains employed by the Company. Vested options must be exercised no later than the fifth anniversary of the granting date. As of December 31, 2025, a total of 4,301,154 options were outstanding under the Co-worker LTIP 2023, corresponding to 4,334,273 shares (as recalculated following the October 2024 rights issue).

 *Board LTIP 2023* 

Under the Board LTIP 2023 program, participating directors receive, at no cost, share awards that entitle the holder to receive up to a maximum of 124,800 of our shares in the aggregate (as recalculated following the October 2024 rights issue). The share awards vest over approximately one year up to the date of, whichever is earliest, (i) the 2024 AGM or (ii) June 1, 2024, or LTIP 2023 Vesting Date. The earliest time vested share awards may be exercised shall be the day falling immediately after the applicable vesting date. The vested shares are exercisable starting on the LTIP 2023 Vesting Date through the earlier of (i) 90 days after the last day of service as a member of the Board of or (ii) June 1, 2029. Board members have the right to receive 50% of their gross board fees (excluding fees for committee work) in share awards instead of cash compensation. As of December 31, 2025, a total of 57,881 share awards remained outstanding under the Board LTIP 2023, corresponding to 60,196 shares (as recalculated following the October 2024 rights issue).

#### 2021 Long-Term Incentive Program
At our annual general meeting held on May 11, 2021, or the 2021 AGM, our shareholders approved a long-term incentive program for our executive officers and personnel (including employees and consultants), or the Co-worker LTIP 2021. The aggregate maximum number of stock options issuable under this program is 3,000,000.

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 *Co-worker LTIP 2021* 

The Co-worker LTIP 2021 provides for the grant, at no cost to the participant, of stock options. The options are exercisable for up to a maximum of 3,120,000 of our shares in the aggregate (as recalculated following the October 2024 rights issue). The exercise price per share shall correspond to 125 percent of the volume-weighted average price of the Company's common share on Nasdaq Stockholm for the five trading days preceding the grant date. The options vest over a three-year period, with one-third each year on the anniversary of the grant date. The option term is five years from the grant date. As of December 31, 2025, a total of 2,299,616 options were outstanding under the Co-worker LTIP 2021, corresponding to 2,391,599 shares (as recalculated following the October 2024 rights issue).

#### Employment Agreements
We have entered into employment agreements with each of our executive officers. This section summarizes the notice period, severance and non-compete provisions applicable to each executive officer as of December 31, 2025, as set forth in their respective employment agreements and our remuneration guidelines:

---

| | | |
|:---|:---|:---|
| **Role**  | **Notice Period**  | **Non-Compete**  |
|  *Ahmed Mousa, <br> Chief Executive Officer*  | 6 months (by Company or executive) | 12-month post-termination restriction; monthly compensation up to 12 months but not to exceed 60% of average monthly remuneration |
|  *Hans Jeppsson, <br> Chief Financial Officer*  | 6 months (by executive) or 5 months (by Company) | 6-month post-termination restriction; monthly compensation up to 12 months but not to exceed 60% of average monthly remuneration |
|  *Bertil Lindmark, <br> Chief Medical Officer*  | 1 month (by Company or executive) | N/A |

---

Employment may be terminated by either the executive officer or the Company on the provision of notice in the minimum period stated above. In the event of termination for cause, the Company may terminate an executive officer's employment immediately without notice. In addition to salary during the notice period, the Chief Executive Officer is entitled to severance pay equivalent to six months' base salary as well as Company-paid continuation of healthcare coverage under COBRA for a period of six months following termination of employment, in the event of termination by the Company on a basis other than a breach of contract. Under the remuneration guidelines, fixed cash salary during the notice period and severance pay for the Chief Executive Officer may not exceed twelve months' fixed salary, and for other executives, such remuneration may not exceed six months' fixed salary. Non-compete remuneration shall compensate for loss of income and is only paid insofar as the previously employed executive is not entitled to severance pay.

C. Board Practices

#### Service Contracts
Other than as disclosed in this section, we do not have any service contracts with directors which provide for benefits upon termination of employment.

#### Board Composition and Director Independence
Our Board is currently composed of seven members. As a foreign private issuer, under Nasdaq's listing requirements and rules, we are not required to have independent directors on our Board, except that our Audit Committee is required to consist fully of independent directors, subject to certain phase-in schedules. However, our Board has determined that, under current Nasdaq listing requirements and rules and taking into account the independence requirements of the Rules of Procedure for the Board of Directors, Hans Schikan, Jacob Gunterberg, Heidi Hunter, Elisabeth Björk, Ann Barbier, Yasir Al-Wakeel, and

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Peter Guenter are "independent directors." In making such determination, our Board considered the relationships that each non-executive director has with us and all other facts and circumstances our Board deemed relevant in determining the director's independence, including the number of shares beneficially owned by the director and his or her affiliated entities (if any).

The independence criteria under the applicable Nasdaq rules differ from the independence criteria set forth in the Swedish Code. The Swedish Code requires a majority of board members elected by the general meeting to be independent of the Company and its executive management. Additionally, at least two of these independent members must also be independent of the Company's major shareholders (those, directly or indirectly, holding 10% or more of the shares or votes in the Company). All Board members are independent in relation to the Company and its executive management, and all Board members are independent in relation to our major shareholders.

#### Role of the Board of Directors in Risk Oversight
The Audit Committee of our Board is primarily responsible for overseeing our risk management processes on behalf of our Board. The Audit Committee assists the Board in this oversight, including monitoring financial reporting, internal control, compliance and our risk management framework. Our Audit Committee receives regular reports from management regarding our assessment of risks. In addition, the Audit Committee reports regularly to our Board, which also considers our risk profile. Our Audit Committee and Board focus on the most significant risks we face and our general risk management strategies. While our Board oversees our risk management, management is responsible for day-to-day risk management processes. Our Board expects management to consider risk and risk management in each business decision, to proactively develop and monitor risk management strategies and processes for day-to-day activities and to effectively implement risk management strategies adopted by the Audit Committee and Board. We believe this division of responsibilities is the most effective approach for addressing the risks we face and that our Board leadership structure, which also emphasizes the independence of our Board in its oversight of its business and affairs, supports this approach.

#### Board Committees
To assist with the effective discharge of its duties, our Board has established an Audit Committee, a Remuneration Committee and a Science Committee. The composition, responsibilities and procedures of the Audit Committee, the Remuneration Committee and the Science Committee are governed by written instruments adopted by the Board, which sets forth the purposes and responsibilities of the applicable committee as well as qualifications for committee membership, committee structure and operations and committee reporting to the Board.

#### Audit Committee
We have an Audit Committee established in accordance with the Swedish Code and applicable Nasdaq Stockholm rules. The Audit Committee's role is to review and make recommendations (as appropriate) to the Board in relation to its accounting, auditing, financial reporting, internal control, risk management, including cybersecurity, legal and regulatory compliance, sustainability responsibilities, and internal and external audit functions.

The current membership of the Audit Committee is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Heidi Hunter (Chair);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Jacob Gunterberg; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Yasir Al-Wakeel.

#### Remuneration Committee
We have a Remuneration Committee appointed by our Board in accordance with the Swedish Companies Act, the Swedish Code and applicable Nasdaq Stockholm rules. The Remuneration Committee's nomination roles include assisting the Board in fulfilling its responsibilities relating to our key people and organizational

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culture strategies and their alignment with our purpose and strategy, responsibilities relating to the size and composition of our Board and reviewing Board performance, oversight responsibilities to shareholders with respect to our remuneration policies and practices, non-executive director and senior executive management appointment, succession planning and diversity initiatives.

The current membership of the Remuneration Committee is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Hans Schikan (Chair);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Jacob Gunterberg; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Ann Barbier.

#### Science Committee
We have established a Science Committee appointed by our Board. The Science Committee serves in an advisory capacity to the Board and management and assists the Board by providing scientific and medical expertise in connection with our preclinical and clinical product portfolio, research and development strategy, clinical development programs, pipeline prioritization and scientific risk assessment. The Science Committee does not have decision-making authority and does not assume the responsibilities of the Board or executive management.

The current membership of the Science Committee is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Elisabeth Björk (Chair);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Ann Barbier; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Peter Guenter.

#### Nominating Committee
We also have a Nomination Committee that consists of the representatives of our three largest shareholders as of August 31, 2025 together with the Chairman of the Board. The Nomination Committee's role is to prepare and present proposals for the number of Board members to be elected by the annual general meeting, the election of a Chairman and other members of the Board, board fees, remuneration for committee work, election of a Chairman to the annual general meeting, election of auditors (if applicable) and auditors fees (if applicable) and proposals for rules for the appointment of a nomination committee for the annual general meeting of 2027.

The Nomination Committee for the 2026 AGM consisted of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Staffan Lindstrand as representative of HealthCap VII L.P.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Jan Särlvik as representative of Fourth Swedish National Pension Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Ivo Staijen as representative of HBM Healthcare Investments (Cayman) Ltd; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Hans Schikan, Chairman of the Board.

#### Foreign Private Issuer Exemption
We qualify as a "foreign private issuer" as defined in Rule 3b-4 of the Securities Exchange Act of 1934, as amended, or the Exchange Act. As a foreign private issuer, we will be exempt from certain Exchange Act requirements, including the proxy solicitation rules under Section 14. In addition, we will be exempt from the Exchange Act requirements to file quarterly reports on Form 10-Q and current reports on Form 8-K, and instead will furnish reports on Form 6-K.

Our executive officers and directors will be subject to the reporting requirements of Section 16(a) of the Exchange Act. However, they may rely on exemptive relief granted by the SEC (Release No. 34-104931, dated March 5, 2026), which provides conditional relief from Section 16(a) reporting for directors and executive officers of foreign private issuers that comply with Article 19 of the EU Market Abuse Regulation,

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subject to the conditions of the order. Our executive officers and directors will not be subject to the "short-swing" profit recovery provisions of Section 16(b) or the short-sale prohibitions of Section 16(c) of the Exchange Act. However, they will be subject, as applicable, to the beneficial ownership reporting requirements under Section 13 of the Exchange Act and the related SEC rules.

The foreign private issuer exemption permits us to follow Swedish corporate governance practices in lieu of certain Nasdaq listing requirements. We intend to rely on exemptions from the following Nasdaq corporate governance requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We expect to rely on an exemption from the requirement that our independent directors meet regularly in executive sessions. The Nasdaq Nordic Main Market Rulebook for Issuers of Shares, or the Nasdaq Nordic Rulebook, and the Swedish Code do not require the independent directors of a Swedish company to have such executive sessions and, accordingly, we expect to rely on this exemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We expect to rely on an exemption from the quorum requirements applicable to meetings of shareholders under Nasdaq rules. The Swedish Companies Act, Nasdaq Nordic Main Market Rulebook for Issuers of Shares, or the Nasdaq Nordic Rulebook, the Swedish Code and our articles of association do not require a specific percentage of attendance for the general meeting to be quorate, and instead have different majority requirements depending on the relevant resolutions to be made. Accordingly, because applicable Swedish law and rules governing quorums at shareholder meetings differ from Nasdaq's quorum requirements, we expect to rely on this exemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We expect to rely on an exemption from the requirement prescribed by Nasdaq that issuers obtain shareholder approval prior to the issuance of securities in connection with certain acquisitions, change of control or private placements of securities, or the establishment or amendment of certain stock options, purchase or other compensation plans. Under the Swedish Companies Act, any resolution by the general meeting to issue shares, convertibles, or warrants — including stock options — without preferential rights for existing shareholders — or any authorization for the Board to resolve on such issuances — must be approved by at least two-thirds of both the votes cast and the shares represented at the general meeting. If an issuance without preferential rights for existing shareholders is directed towards Board members, employees, or their related parties, an implemented authorization will not be applicable, and a general meeting must vote on the matter. The statutory requirement for approval of such share issues at a general meeting is increased to 90% of the votes cast and shares present. In accordance with Nasdaq Nordic Main Market Rulebook for Issuers of Shares any remuneration or compensation plan in form of other instruments related to the price development of the listed company's shares shall also be subject to approval by the general meeting. Due to differences between Swedish law and rules and the Nasdaq shareholder approval requirements, we expect to rely on this exemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We expect to rely on an exemption from the requirement that director nominees be selected, or recommended for selection, by independent directors or a committee of independent directors. The Swedish Code provides that director nominations are instead made by a nomination committee composed primarily of shareholder representatives and, accordingly, we expect to rely on this exemption.

We intend to take all actions necessary for us to maintain compliance as a foreign private issuer under the applicable corporate governance requirements of the Sarbanes-Oxley Act, the rules adopted by the SEC and the listing rules of Nasdaq.

#### Code of Conduct
We have adopted a Code of Conduct applicable to all of our directors, officers, employees, consultants and contractors within the Vicore group. Our Code of Conduct is publicly available on our website at www.vicorepharma.com. We intend to disclose on our website any amendments to, or waivers from, the Code of Conduct for members of our Board or executive management, to the extent required under applicable laws, Nasdaq Stockholm rules or other regulatory requirements. The reference to our website address does not constitute incorporation by reference of the information contained at or available through our website, and you should not consider it to be a part of this registration statement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

D. Employees

As of May 6, 2026, we had 45 employees based in 9 countries, as shown in the chart below.

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| | |
|:---|:---|
| | **Employees**  |
| United States  | 7 |
| Sweden  | 16 |
| Denmark  | 13 |
| Belgium, The Netherlands, United Kingdom, France, Germany, and Switzerland  | 9 |
| Total  | 45 |

---

E. Share Ownership

For information regarding the share ownership of our directors and executive officers, see "Item 6. Directors, Senior Management and Employees — B. Compensation" and "Item 7. Major Shareholders and Related Party Transactions — A. Major Shareholders."

#### ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
A. Major Shareholders

The following table sets forth information with respect to the beneficial ownership of our shares as of May 6, 2026 for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • each person who is known by us to own beneficially more than 5% of our total outstanding shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • each member of our Board and our executive officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all members of our Board and our executive officers as a group.

Beneficial ownership is determined in accordance with the rules of the SEC. These rules generally attribute beneficial ownership of securities to persons who possess sole or shared voting power or investment power with respect to those securities and include shares that can be acquired within 60 days of May 6, 2026. The percentage ownership information shown in the table is based upon 281,525,593 shares outstanding as of May 6, 2026.

Except as otherwise indicated, all of the shares reflected in the table are shares and all persons listed below have sole voting and investment power with respect to the shares beneficially owned by them, subject to applicable community property laws. The information is not necessarily indicative of beneficial ownership for any other purpose.

In computing the number of shares beneficially owned by a person and the percentage ownership of that person, we deemed outstanding shares subject to options held by that person that are immediately exercisable or exercisable within 60 days of May 6, 2026. We did not deem these shares outstanding, however, for the purpose of computing the percentage ownership of any other person. The information in the table below is based on information known to us or ascertained by us from public filings made by the shareholders.

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| | | |
|:---|:---|:---|
| **Name of Beneficial Owner**  | **Number of <br> Shares <br> Beneficially <br> Owned**  | **Percentage**  |
|  ***5% or greater shareholders*** |  |  |
| HealthCap VII L.P.<sup>(1)</sup>  | 27442389 | 9.75% |
| Fourth Swedish National Pension Fund (AP4)<sup>(2)</sup>  | 23830466 | 8.46% |
| HBM Healthcare Investments (Cayman) Ltd.<sup>(3)</sup>  | 22976132 | 8.16% |
| Sanofi<sup>(4)</sup> | 16993968 | 6.04% |
|  ***Directors and Executive officers*** |  |  |
| Hans Schikan<sup>(5)</sup>  | 203192 | \* |
| Jacob Gunterberg<sup>(6)</sup>  | 87205 | \* |
| Heidi Hunter<sup>(7)</sup>  | 79784 | \* |
| Elisabeth Björk<sup>(8)</sup>  | 74784 | \* |
| Ann Barbier<sup>(9)</sup>  | 105818 | \* |
| Yasir Al-Wakeel<sup>(10)</sup>  | 42211 | \* |
| Peter Guenter<sup>(11)</sup>  |  | \* |
| Ahmed Mousa<sup>(1</sup><sup>2</sup><sup>)</sup>  | 138783 | \* |
| Hans Jeppsson<sup>(</sup><sup>13</sup><sup>)</sup>  | 130044 | \* |
| Bernt van den Blink<sup>(</sup><sup>14</sup><sup>)</sup>  |  | \* |
| All directors and executive officers as a group (10 persons)  | 861821 | \* |

---

\*

Indicates beneficial ownership of less than one percent of our shares.

(1) Consists of 27,442,389 shares beneficially owned or with right to control by HealthCap VII L.P. The business address of HealthCap VII L.P. is Avenue Villamont 23, CH-1005 Lausanne, Switzerland. This is based on a Euroclear Sweden AB report from April 27, 2026.

(2) Consists of 23,830,466 shares beneficially owned or with right to control by Fourth Swedish National Pension Fund, or AP4. The business address of AP4 is Jakobsbergsgatan 16, SE-111 43 Stockholm, Sweden. This is based on a Euroclear Sweden AB report from April 27, 2026.

(3) Consists of 22,976,132 shares beneficially owned or with right to control by HBM Healthcare Investments (Cayman) Ltd. The business address of HBM Healthcare Investments (Cayman) Ltd. is Governors Square, 23 Lime Tree Bay Avenue, PO Box 30852, Grand Cayman, KY1-1204, Cayman Islands. This is based on a Euroclear Sweden AB report from April 27, 2026.

(4) Consists of 16,993,968 shares beneficially owned or with right to control by Sanofi. The business address of Sanofi is 46 Avenue de la Grande Armée, 75017 Paris, France. This is based on a Euroclear Sweden AB report from April 27, 2026.

(5) Consists of (i) 48,355 shares beneficially owned or with right to control and (ii) 154,837 shares issuable upon the exercise of options that are exercisable within 60 days of May 6, 2026.

(6) Consists of (i) 12,800 shares beneficially owned or with right to control and (ii) 74,405 shares issuable upon the exercise of options that are exercisable within 60 days of May 6, 2026.

(7) Consists of (i) 5,000 shares beneficially owned or with right to control and (ii) 74,784 shares issuable upon the exercise of options that are exercisable within 60 days of May 6, 2026.

(8) Consists of (i) 30,652 shares beneficially owned or with right to control and (ii) 44,132 shares issuable upon the exercise of options that are exercisable within 60 days of May 6, 2026.

(9) Consists of (i) 42,500 shares beneficially owned or with right to control and (ii) 63,318 shares issuable upon the exercise of options that are exercisable within 60 days of May 6, 2026.

(10) Consists of (i) 0 shares beneficially owned or with right to control and (ii) 42,211 shares issuable upon the exercise of options that are exercisable within 60 days of May 6, 2026.

(11) Consists of (i) 0 shares beneficially owned or with right to control and (ii) 0 shares issuable upon the exercise of options that are exercisable within 60 days of May 6, 2026.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(12) Consists of (i) 138,783 shares beneficially owned or with right to control and (ii) 0 shares issuable upon the exercise of options that are exercisable within 60 days of May 6, 2026.

(13) Consists of (i) 10,444 shares beneficially owned or with right to control and (ii) 119,600 shares issuable upon the exercise of options that are exercisable within 60 days of May 6, 2026.

(14) Consists of (i) 0 shares beneficially owned or with right to control and (ii) 0 shares issuable upon the exercise of options that are exercisable within 60 days of May 6, 2026.

As of April 30, 2026, approximately 48.3% of our outstanding shares were held by registered shareholders with addresses in Sweden, and we had 11,783 holders of record in Sweden. As of April 30, 2026, we had 12 holders of record with an address in the United States. The number of holders of record or registered holders in Sweden or the United States is not representative of the number of beneficial holders or of the residence of beneficial holders.

Based on our share register, we believe that we are not directly or indirectly controlled by another corporation or government, or by any other natural or legal persons. There are no arrangements that may result in a change of control. The major shareholders listed above do not have voting rights with respect to their shares that are different from the voting rights of other holders of our shares.

During the last three years, HealthCap VII L.P., our largest shareholder, experienced a decrease in its percentage ownership from approximately 16.5% as of December 31, 2023 to approximately 11.2% as of December 31, 2024, and to approximately 9.8% as of December 31, 2025. To our knowledge, other than as described above, there has been no significant change in the percentage ownership held by any other major shareholder in the last three years.

B. Related Party Transactions

There were no related party transactions since January 1, 2023 that required approval under our policies and procedures or the rules and regulations of the SEC.

See also Note 26 to our consolidated financial statements, included elsewhere herein.

#### Agreements with Our Senior Management and Directors
We have previously entered into certain agreements with directors and our senior management related to their service on our Board or employment with us. For more information, see "Item 6. Directors, Senior Management and Employees — Compensation of Non-Executive Directors — Agreements with Senior Management."

#### Related Person Transaction Policy
We intend to adopt a related person transaction policy requiring that all related person transactions required to be disclosed by a foreign private issuer pursuant to the Exchange Act be approved by the Audit Committee or another independent body of our Board.

C. Interests of Experts and Counsel

Not applicable.

#### ITEM 8. FINANCIAL INFORMATION
A. Consolidated Statements and Other Financial Information

See "Item 18. Financial Statements" for our consolidated financial statements filed as part of this registration statement.

#### Legal Proceedings
We are not currently a party to any material legal proceedings or investigations. From time to time, we may become involved in other litigation or legal proceedings, particularly relevant to defending our intellectual property rights or in response to or relating to claims arising from the ordinary course of business.

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#### Dividends
We have never declared or paid any dividends on any class of our issued share capital. We intend to focus on further developing and expanding our project portfolio. Available financial resources and recognized profit will therefore be reinvested in the operations to finance our long-term business. Any future dividends will be determined based on our long-term growth, earnings performance, and capital requirements. Insofar as dividends are proposed, they will be considered with respect to our objectives, scope, and risk. Consequently, the Board does not intend to consider any dividend proposal to shareholders until such time as we generate sustainable profitability.

B. Significant Changes

Except as otherwise disclosed in this registration statement, no significant change has occurred since the date of the most recent financial statements included in this registration statement.

#### ITEM 9. THE OFFER AND LISTING
A. Offer and Listing Details

The principal trading market for our shares is Nasdaq Stockholm, where our shares have traded under the symbol "VICO" since September 27, 2019. Prior to that date, our shares traded on Nasdaq First North, Stockholm, beginning December 10, 2015.

B. Plan of Distribution

Not applicable.

C. Markets

Our shares have traded on Nasdaq Stockholm under the symbol "VICO" since September 27, 2019. Prior to that date, our shares traded on Nasdaq First North, Stockholm, beginning December 10, 2015.

D. Selling Shareholders

Not applicable.

E. Dilution

Not applicable.

F. Expenses of the Issue

Not applicable.

#### ITEM 10. ADDITIONAL INFORMATION
A. Share Capital

As of March 31, 2026, the registered share capital consists of 281,525,593 issued shares. All issued shares have been fully paid for, and no shares are reserved for transfer. Each share carries one vote. The quotient value is SEK 0.50.

The following is a summary of certain rights, privileges, restrictions and conditions related to the shares.

#### Voting Rights
Holders of shares are entitled to receive notice of and to attend any meeting of shareholders of the Company and to one vote per share at any such meetings. See discussion in "Item 10. Additional Information — B. Articles of Association."

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#### Dividend Rights
Subject to the preferential rights (if any) of different types of shares that may exist in the future, holders of shares are entitled to receive dividends out of the assets available for the payment or distribution of dividends at such times and in such amount and form as the Board may from time to time determine. See discussion in "Item 10. Additional Information — B. Articles of Association."

#### Liquidation Rights
In the event of the liquidation, dissolution or winding-up of the Company or any other distribution of its assets among its shareholders for the purpose of winding-up its affairs, whether voluntarily or involuntarily, the holders of shares will be entitled to receive all of the Company's assets remaining after payment of all debts and other liabilities on a pro rata basis and otherwise without preference or distinction among or between the shares. See discussion in "Item 10. Additional Information — B. Articles of Association."

#### Pre-emptive and Redemption Rights
Holders of shares have no pre-emptive or redemption rights.

#### Three-Year Prior Share Issuances
The shares are issued in registered form and may be freely transferred under the Articles of Association, unless the transfer is restricted or prohibited by another instrument, applicable law or the rules of a stock exchange on which the shares are listed for trade. Below is a table showing issuances of our share capital during the last three years:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year**  | **Transaction**  | **Nominal <br> Value <br> (SEK)**  | **Subscription <br> Price Per <br> Share <br> (SEK)**  | **Change in <br> Number of <br> Shares**  | **Change in <br> Share Capital <br> (SEK)**  | **Total <br> Number of <br> Shares**  | **Total <br> Share Capital <br> (SEK)**  |
| 2023  | New share issue  | ~ 0.5  | 16.75 | 9200000 | 4599999.955341 | 91047979 | 45523989.058025 |
| 2023  | New share issue  | ~ 0.5  | 16.75 | 20675000 | 10337499.899638 | 111722979 | 55861488.957663 |
| 2024  | Warrant exercise  | ~ 0.5  |  | 11025 | 5512.499947 | 111734004 | 55867001.457610 |
| 2024  | New share issue  | ~ 0.5  | 7 | 111734004 | 55867001.457610 | 223468008 | 111734002.915220 |
| 2024  | New share issue  | ~ 0.5  | 9 | 11111111 | 5555555.446064 | 234579119 | 117289558.361284 |
| 2025  | Warrant exercise  | ~ 0.5  |  | 11466 | 5732.999945 | 234590585 | 117295291.361229 |
| 2025  | Warrant exercise  | ~ 0.5  |  | 19186 | 9592.999907 | 234609771 | 117304884.361136 |
| 2025  | New share issue  | ~ 0.5  | 9.7 | 46915822 | 23457910.772257 | 281525593 | 140762795.133393 |

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B. #### Memorandum and Articles of Association

#### Articles of Association
The following is a summary of certain provisions of our articles of association, as currently in effect. This summary does not purport to be complete and is qualified in its entirety by reference to the full text of our articles of association, which are filed as an exhibit to this registration statement on Form 20-F.

#### Object of the Company
Our object is set forth in Section 3 of our articles of association and is to, directly or indirectly, carry out development of new products and methods within the field of science with emphasis on health and environment, as well as to own and manage shares and other securities in companies within such areas of business, and to carry on any activity compatible therewith.

#### Powers of the Directors
Our Board shall direct our policy and shall supervise the performance of our chief executive officer and his or her actions. Our Board may exercise all powers that are not required under the Swedish Companies Act or under our articles of association to be exercised or taken by our shareholders.

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#### Number of Directors
Our articles of association provide that our Board shall, to the extent appointed by the general meeting, consist of a minimum of three and a maximum of nine members.

#### Auditors
Pursuant to our articles of association, we shall appoint a minimum of one and a maximum of two auditors, with a maximum of two deputy auditors, or a registered accounting firm.

#### Rights Attached to Shares
Our share capital shall be no less than SEK 100,000,000 and no more than SEK 400,000,000, and the number of shares in the Company shall be no less than 200,000,000 and no more than 800,000,000. All of the shares have equal rights to our assets and earnings and are entitled to one vote at the general meeting. At the general meeting, every shareholder may vote to the full extent of their shares held or represented, without limitation. Each share entitles the shareholder to the same preferential rights related to issues of shares, warrants and convertible bonds relative to the number of shares they own and have equal rights to dividends and any surplus capital upon liquidation. Shareholders' rights can only be changed in accordance with the procedures set out in the Swedish Companies Act. Transfers of shares are not subject to any restrictions. Our articles of association provide that our shares shall be registered in a depository register in accordance with the Swedish Central Securities Depositories and Financial Instruments Accounts Act (1998:1479).

Shareholders' rights can only be changed in accordance with the procedures set out in the Swedish Companies Act. Transfers of shares are not subject to any restrictions. There are no limitations on the rights to own securities.

#### Preemptive Rights
Under the Swedish Companies Act, shareholders will generally have a preemptive right to subscribe for shares or warrants issued in proportion to their shareholdings. Shareholders will have preferential rights to subscribe for new shares in proportion to the number of shares they own. If an offering is not fully subscribed for based on subscription rights, shares may be allocated to subscribers without subscription rights. The preemptive right to subscribe does not apply in respect of shares issued for consideration by payment in kind or of shares issued pursuant to convertible debentures or warrants previously issued by us.

The preemptive right to subscribe for new shares may be set aside. A share issue with deviation from the shareholders' preemptive rights may be resolved either by the shareholders at a general meeting, or by the Board if the Board resolution is preceded by an authorization therefore from the general meeting. A resolution to issue shares with deviation from the shareholders' preemptive rights and a resolution to authorize the Board to do the same must be passed by two-thirds of both the votes cast and the shares represented at the general meeting resolving on the share issue or the authorization of the Board.

#### Voting at Shareholder Meetings
Under the Swedish Companies Act, shareholders entered into the shareholders' register as of the record date are entitled to vote at a general meeting (in person or by appointing a proxyholder). In accordance with our articles of association, shareholders must give notice of their intention to attend the general meeting no later than the date specified in the notice. This date may not be a Sunday, other public holiday, Saturday, Midsummer Eve, Christmas Eve, or New Year's Eve, and may not fall earlier than the fifth business day before the meeting. Shareholders who have their shares registered through a nominee and wish to exercise their voting rights at a general meeting must request to be temporarily registered as a shareholder and entered into the shareholders' register four business days prior to the date of the general meeting. The rights described herein do not apply to holders of ADSs. See "Description of American Depositary Shares."

Our articles of association also provide that the Board may collect powers of attorney in accordance with Chapter 7, Section 4, second paragraph of the Swedish Companies Act. In addition, the Board may

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decide, prior to a shareholders' meeting, that shareholders shall be permitted to exercise their voting rights by post prior to the meeting.

#### Shareholder Meetings
The general meeting of shareholders is our highest decision-making body and serves as an opportunity for our shareholders to make decisions regarding our affairs. Shareholders who are registered in the share register held by Euroclear Sweden AB six business days before the meeting and have notified us no later than the date specified in the notice described below have the right to participate at our general meetings, either in person or by a representative. All shareholders have the same participation and voting rights at general meetings. Shareholders may bring one or two assistants to the general meeting, provided that the shareholder has notified us of such in accordance with the foregoing registration requirements.

At the annual general meeting, *inter alia*, members of the Board are elected and a vote is held on whether each individual Board member and the Chief Executive Officer will be discharged from any potential liabilities for the previous fiscal year. Auditors are elected as well. Decisions are made concerning adoption of annual reports, allocation of earnings, fees for the Board and the auditors, and other essential matters that require a decision by the meeting. Most decisions require a simple majority but the Swedish Companies Act dictates other thresholds in certain instances.

Shareholders have the right to ask questions to our Board and managers at general meetings which pertain to the business of the Company and also have an issue brought forward at the general meeting. In order for us to include the issue in the notice of the annual general meeting, a request of issue discussion must be received by us normally seven weeks before the meeting. The Board shall convene an extraordinary general meeting if shareholders who together represent at least 10% of all shares in the Company so demand in writing to discuss or resolve on a specific issue.

#### Notices
Subject to our articles of association, we must publish the notice of a general meeting in the Swedish Official Gazette (Sw. *Post- och Inrikes Tidningar*) and on our website. An announcement that notice has been issued shall be published in Dagens Industri. Should publication of Dagens Industri cease, the announcement shall instead be published in Svenska Dagbladet. The notice of the annual general meeting will be published six to four weeks before the meeting. The notice must include an agenda listing each item that shall be voted upon at the meeting. The notice of any extraordinary general meetings will be published six to three weeks before the meeting.

#### Record Date
Under the Swedish Companies Act, in order for a shareholder to participate in a shareholders' meeting, the shareholder must be registered in the share register held by Euroclear Sweden AB six business days before the meeting, or, if their shares are registered through a nominee and they wish to exercise their voting rights at a general meeting they must request to be temporarily registered as a shareholder and entered into the shareholders' register four business days prior to the date of the general meeting. In accordance with our articles of association, shareholders must give notice of their intention to attend the shareholders' meeting no later than the date specified in the notice.

#### Financial Year
Our financial year shall be the calendar year, running from January 1 through December 31.

#### Dividends and Distribution of Profits
Dividends are resolved upon by the general meeting based on a proposal from the Board. Under the Swedish Companies Act, dividends may only be paid out of distributable profits as shown in our most recently adopted balance sheet, subject to the requirement that such distribution is justifiable in light of the demands imposed by the nature, scope, and risks associated with our operations and our need to strengthen our balance sheet, liquidity, and financial position. Dividends are normally paid to shareholders in cash on a

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per-share basis through Euroclear Sweden AB. All shares carry equal rights to dividends and to our assets and any surplus in the event of liquidation.

#### Amendments to the Articles of Association
Under the Swedish Companies Act, an amendment of our articles of association requires a resolution passed at a shareholders' meeting. The number of votes required for a valid resolution depends on the type of amendment; however, any amendment must be approved by not less than two-thirds of the votes cast and shares represented at the meeting. The Board is not allowed to make amendments to the articles of association absent shareholder approval.

#### Provisions Restricting Change in Control of Our Company
Neither our articles of association nor the Swedish Companies Act contains any restrictions on change of control.

#### Differences in Corporate Law
The applicable provisions of the Swedish Companies Act differ from laws applicable to U.S. corporations and their shareholders. Set forth below is a summary of certain differences between the provisions of, inter alia, the Swedish Companies Act applicable to us and the Delaware General Corporation Law relating to shareholders' rights and protections. We are not subject to Delaware law but are presenting this description for comparative purposes. This summary is not intended to be a complete discussion of the respective rights and it is qualified in its entirety by reference to Delaware law and Swedish law:

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| | | |
|:---|:---|:---|
| **Corporate Law**  | **Delaware Law**  | **Swedish Law**  |
| Number of Directors | Under the Delaware General Corporation Law, a corporation must have at least one director and the number of directors shall be fixed by or in the manner provided in the bylaws. The Delaware General Corporation Law does not address director independence, though Delaware courts have provided general guidance as to determining independence, including that the determination must be both an objective and a subjective assessment. | Under the Swedish Companies Act, a public company shall have a board of directors consisting of at least three directors. More than half of the directors shall be resident within the EEA (unless otherwise approved by the Swedish Companies Registration Office). The actual number of board members shall be determined by a shareholders' meeting, within the limits set out in the company's articles of association. Under the Swedish Code, only one director may also be a senior executive of the relevant company or a subsidiary. The Swedish Code includes certain independence requirements for the directors, and requires a majority of the directors to be independent of the company and at least two directors to also be independent of major shareholders. |
| Removal of Directors | Under the Delaware General Corporation Law, unless otherwise provided in the certificate of incorporation, directors may be removed from office, with or without cause, by the holders of a majority of the shares then entitled to vote at an election of directors, except (a) unless the certificate of incorporation | Under the Swedish Companies Act, directors appointed at a general meeting may be removed by a resolution adopted at a general meeting, upon the affirmative vote of a simple majority of the votes cast. |

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| | | |
|:---|:---|:---|
| **Corporate Law**  | **Delaware Law**  | **Swedish Law**  |
|  | provides otherwise, in the case of a corporation whose board of directors is classified, shareholders may effect such removal only for cause, or (b) in the case of a corporation having cumulative voting, if less than the entire board of directors is to be removed, no director may be removed without cause if the votes cast against his removal would be sufficient to elect him if then cumulatively voted at an election of the entire board of directors, or, if there are classes of directors, at an election of the class of directors of which he is a part. |  |
| Vacancies on the Board of Directors | Under the Delaware General Corporation Law, vacancies on a corporation's board of directors, including those caused by an increase in the number of directors, may be filled by a majority of the remaining directors unless (a) otherwise provided in the certificate of incorporation or by-laws of the corporation or (b) the certificate of incorporation directs that a particular class of stock is to elect such director, in which case a majority of the other directors elected by such class, or a sole remaining director elected by such class, will fill such vacancy. | Under the Swedish Companies Act, if a director's tenure should terminate prematurely, the election of a new director may be deferred until the time of the next annual general meeting, providing there are enough remaining directors to constitute a quorum. |
| Annual General Meeting  | Under the Delaware General Corporation Law, the annual meeting of stockholders shall be held at such place, on such date and at such time as may be designated from time to time by the board of directors or as provided in the certificate of incorporation or by the bylaws. If a company fails to hold an annual meeting or fails to take action by written consent to elect directors in lieu of an annual meeting for a period of 30 days after the date designated for the annual meeting, or if no date was designated, 13 months after either the last annual meeting or the last action by written consent to elect directors in lieu of an annual meeting, whichever is later, the Delaware Court of Chancery may summarily order a meeting to be held upon the application of any stockholder or director. The Delaware | Under the Swedish Companies Act, within six months of the end of each fiscal year, the shareholders shall hold an annual general meeting at which the board of directors shall present the annual report and auditor's report and, for a parent company which is obliged to prepare group accounts, the group accounts and the auditor's report for the group. Shareholder meetings shall be held in the city stated in the articles of association. The minutes of a shareholders' meeting must be made available on the company's website no later than two weeks after the meeting. |

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| | | |
|:---|:---|:---|
| **Corporate Law**  | **Delaware Law**  | **Swedish Law**  |
|  | General Corporation Law does not require minutes of stockholders' meetings to be made public. |  |
| Special Meeting | Under the Delaware General Corporation Law, special meetings of the stockholders may be called by the board of directors or by such person or persons as may be authorized by the certificate of incorporation or by the bylaws. | Under the Swedish Companies Act, the board of directors shall convene an extraordinary general meeting if a shareholder minority representing at least ten per cent of the company's shares or the auditor of the company so demands, and the board of directors may convene an extraordinary general meeting whenever it believes reason exists to hold an extraordinary general meeting prior to the next annual general meeting. |
| Notices | Under the Delaware General Corporation Law, unless otherwise provided in the certificate of incorporation or bylaws, written notice of any meeting of the stockholders must be given to each stockholder entitled to vote at the meeting not less than ten nor more than 60 days before the date of the meeting and shall specify the place, date, hour, and purpose or purposes of the meeting. | Under the Swedish Companies Act, a shareholders' meeting must be preceded by a notice. The notice of the annual general meeting of shareholders or extraordinary general meeting that will resolve upon a change of articles of association must be issued no sooner than six weeks and no later than four weeks before the date of an annual general meeting. For other extraordinary general meetings, notice of other extraordinary general meetings must generally be issued no sooner than six weeks and no later than three weeks before the meeting. Publicly listed companies must always notify shareholders of a general meeting by advertisement in a Swedish newspaper, the Swedish Official Gazette, by press release, and on the company's website. |
| Preemptive Rights | Under the Delaware General Corporation Law, unless otherwise provided in a corporation's certificate of incorporation, a stockholder does not, by operation of law, possess preemptive rights to subscribe to additional issuances of the corporation's stock. | Under the Swedish Companies Act, shareholders of any class of shares have a preemptive right (Sw. företrädesrätt) to subscribe for shares issued of any class in proportion to their shareholdings. The preemptive right to subscribe does not apply in respect of shares issued for consideration other than cash or of shares issued pursuant to convertible debentures or warrants previously issued by the company without preemptive rights for the shareholders. The preemptive right to subscribe for new shares may also be set aside by a resolution passed by two thirds or, in |

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| | | |
|:---|:---|:---|
| **Corporate Law**  | **Delaware Law**  | **Swedish Law**  |
|  |  | certain situations, nine-tenths of the votes cast, and shares represented at the shareholders' meeting resolving upon the issue. |
| Shareholder Vote on Certain Transactions | Generally, under Delaware law, unless the certificate of incorporation provides for the vote of a larger portion of the stock, completion of a merger, consolidation, sale, lease or exchange of all or substantially all of a corporation's assets or dissolution requires: (i) the approval of the board of directors; and (ii) approval by the vote of the holders of a majority of the outstanding stock or, if the certificate of incorporation provides for more or less than one vote per share, a majority of the votes of the outstanding stock of a corporation entitled to vote on the matter. | In matters which do not relate to elections and are not otherwise governed by the Swedish Companies Act or the articles of association, resolutions shall be adopted at the general meeting by a simple majority of the votes cast. In the event of a tied vote, the chairman shall have the casting vote. For matters concerning securities of the company, such as new share issuances, and other transactions such as private placements, mergers, and a change from a public to a private company (or vice-versa), the articles of association may only prescribe thresholds which are higher than those provided in the Swedish Companies Act. <br> Unless otherwise prescribed in the articles of association, the person who receives the most votes in an election shall be deemed elected. In general, a resolution involving the alteration of the articles of association shall be valid only when supported by shareholders holding not less than two-thirds of both the votes cast and the shares represented at the general meeting. The Swedish Companies Act lays out numerous exceptions for which a higher threshold applies, including restrictions on certain rights of shareholders, limits on the number of shares shareholders may vote at the general meeting, directed share issues to directors, employees and other closely related parties, and changes in the legal relationship between shares.  |

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C. Material Contracts

Please see "Item 4. Information on the Company — B. Business Overview — Material Contracts" for a discussion of material contracts. Except as otherwise disclosed in this registration statement (including the exhibits), we are not currently, and have not been in the preceding two years, party to any material contract, other than contracts entered into in the ordinary course of business.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

D. Exchange Controls

There is no Swedish legislation affecting the import or export of capital or the remittance of dividends, interest or other payments to non-resident holders of our securities, except that, subject to the provisions in any tax treaty, dividends are subject to withholding tax.

E. Taxation

#### General
The taxation discussion set forth below does not purport to be a complete analysis or listing of all potential tax effects relevant to the acquisition, ownership, or disposition of our shares or ADSs. The statements of United States and Swedish tax laws set forth below are based on the laws in force as of the date of this registration statement and may be subject to any changes in United States or Swedish law, and in any double taxation convention or treaty between the United States and Sweden, occurring after that date, which changes may then have retroactive effect.

Specific tax provisions may apply for certain categories of taxpayers. Your tax treatment if you are a holder of our shares or ADSs depends in part on your particular situation. If you are a holder of our shares or ADSs, you should therefore consult a tax advisor as to the tax consequences relating to your particular circumstances resulting from the ownership of our shares or ADSs.

#### Certain United States Federal Income Tax Consequences
The following is a description of certain material U.S. federal income tax considerations for U.S. Holders (defined below) with respect to their ownership and disposition of our shares or ADSs. It is not a comprehensive description of all tax considerations that may be relevant to a particular person's decision to acquire shares or ADSs. This discussion applies only to a U.S. Holder that holds our shares or ADSs as a capital asset for tax purposes (generally, property held for investment). In addition, it does not describe all of the tax consequences that may be relevant in light of a U.S. Holder's particular circumstances, including state and local tax consequences, estate tax consequences, alternative minimum tax consequences, the potential application of the Medicare contribution tax, and tax consequences applicable to U.S. Holders subject to special rules, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • banks, insurance companies, and certain other financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • U.S. expatriates and certain former citizens or long-term residents of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • dealers or traders in securities who use a mark-to-market method of tax accounting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • persons required for U.S. federal income tax purposes to conform the timing of income accruals to their financial statements under Section 451(b) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • persons holding shares or ADSs as part of a hedging transaction, "straddle," wash sale, conversion transaction or integrated transaction or persons entering into a constructive sale with respect to shares or ADSs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • persons whose "functional currency" for U.S. federal income tax purposes is not the U.S. dollar;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • brokers, dealers or traders in securities, commodities, or currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • tax-exempt entities or government organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • S corporations, partnerships, or other entities or arrangements classified as partnerships for U.S. federal income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • regulated investment companies or real estate investment trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • persons who acquired our shares or ADSs pursuant to the exercise of any employee stock option or otherwise as compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • persons holding our shares or ADSs in connection with a trade or business, permanent establishment, or fixed base outside the U.S.; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • persons who own (directly, constructively or through attribution) 10% or more (by vote or value) of our outstanding shares or ADS.

If an entity that is classified as a partnership for U.S. federal income tax purposes holds shares or ADSs, the U.S. federal income tax treatment of a partner will generally depend on the status of the partner and the activities of the partnership. Partnerships holding shares or ADSs and partners in such partnerships are encouraged to consult their tax advisors as to the particular U.S. federal income tax consequences of holding and disposing of shares or ADSs.

The discussion is based on the Internal Revenue Code of 1986, as amended, or the Code, administrative pronouncements, judicial decisions, final, temporary and proposed Treasury Regulations, and the Convention Between the Government of the United States and the Government of Sweden for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income, signed on September 1, 1994 or the U.S.-Sweden Tax Treaty, all as of the date hereof, changes to any of which may affect the tax consequences described herein — possibly with retroactive effect.

A "US Holder" is a holder who, for U.S. federal income tax purposes, is a beneficial owner of shares or ADSs and is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)

an individual who is a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)

a corporation, or other entity taxable as a corporation, created or organized in or under the laws of the United States, any state therein or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii)

an estate the income of which is subject to U.S. federal income taxation regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv)

a trust if (1) a U.S. court is able to exercise primary supervision over the administration of the trust and one or more U.S. persons have authority to control all substantial decisions of the trust or (2) the trust has a valid election to be treated as a U.S. person under applicable U.S. Treasury Regulations.

The discussion below assumes that the representations contained in the deposit agreement are true and that the obligations in the deposit agreement and any related agreement will be complied with in accordance with their terms. Accordingly, a holder of an ADS should be treated for U.S. federal income tax purposes as holding the common shares represented by the ADS.

PERSONS CONSIDERING AN INVESTMENT IN SHARES OR ADSs SHOULD CONSULT THEIR TAX ADVISORS AS TO THE PARTICULAR TAX CONSEQUENCES APPLICABLE TO THEM RELATING TO THE ACQUISITION, OWNERSHIP AND DISPOSITION OF THE SHARES OR ADSs, INCLUDING THE APPLICABILITY OF U.S. FEDERAL, STATE AND LOCAL TAX LAWS.

#### PFIC Rules
A non-U.S. corporation will be classified as a PFIC for any taxable year in which, after applying certain look-through rules, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • at least 75% of its gross income is passive income (determined under applicable Treasury Regulations); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • at least 50% of its average percentage of gross assets (determined under applicable Treasury Regulations) is attributable to assets that produce passive income or are held for the production of passive income.

If a non-U.S. corporation owns directly or indirectly at least 25% by value of the stock of another entity treated as a corporation or partnership for U.S. federal income tax purposes (or, in the case of a partnership, the non-U.S. corporation satisfies active partner tests with respect to the partnership), the non-US corporation is treated for purposes of the PFIC tests as owning its proportionate share of the assets of such entity and as receiving directly its proportionate share of the other entity's income.

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Based on our analysis of our income, assets, activities and market capitalization for our taxable year ended December 31, 2025, we believe that we may be a PFIC for our taxable year ended December 31, 2025. The determination of whether we are a PFIC is made annually. Moreover, the calculation of the value of our non-cash assets may be based in part on the value of our shares or ADSs, the value of which may fluctuate considerably, and we hold a substantial amount of cash and cash equivalents. Therefore, it is difficult to predict whether we will be classified as a PFIC for the current taxable year or any future year, and no assurance can be given that we will not be a PFIC for our current taxable year or any future year due to, for example, changes in the composition of our assets or income, as well as changes in our market capitalization. Accordingly, we have not yet made any determination as to our expected PFIC status for the current year. Even if we determine that we are not a PFIC after the close of a taxable year, there can be no assurance that the IRS will agree with our conclusion. Furthermore, because there are uncertainties in the application of the relevant rules, it is possible that the IRS may challenge our classification of certain income and assets as non-passive or our valuation of our tangible and intangible assets, each of which may result in us being treated as a PFIC. Our United States counsel expresses no opinion with respect to our PFIC status for any prior, the current, or any future taxable year.

If we are classified as a PFIC in any year with respect to which a U.S. Holder owns the shares or ADSs, we will continue to be treated as a PFIC with respect to such U.S. Holder in all succeeding years during which the U.S. Holder owns the shares or ADSs, regardless of whether we continue to meet the tests described above unless we cease to be a PFIC and the U.S. Holder has made a "deemed sale" election under the PFIC rules. If the "deemed sale" election is made, the U.S. Holder will be deemed to have sold the shares or ADSs the U.S. Holder holds at their fair market value and any gain from such deemed sale would be subject to the rules described below. After the deemed sale election, so long as we do not become a PFIC in a subsequent taxable year, the U.S. Holder's shares or ADSs with respect to which such election was made will not be treated as shares in a PFIC and the U.S. Holder will not be subject to the rules described below with respect to any "excess distribution" the U.S. Holder receives from us or any gain from an actual sale or other disposition of the shares or ADSs.

For each taxable year we are treated as a PFIC with respect to U.S. Holders, U.S. Holders will be subject to special tax rules with respect to any "excess distribution" such U.S. Holder receives and any gain such U.S. Holder recognizes from a sale or other disposition (including, under certain circumstances, a pledge) of shares or ADSs, unless (i) such U.S. Holder makes a "qualified electing fund" election, or QEF Election, with respect to all taxable years during such U.S. Holder's holding period in which we are a PFIC or (ii) our shares or ADSs constitute "marketable" securities, and such U.S. Holder makes a mark-to-market election as discussed below. Distributions a U.S. Holder receives in a taxable year that are greater than 125% of the average annual distributions a U.S. Holder received during the shorter of the three preceding taxable years or the U.S. Holder's holding period for the shares or ADSs will be treated as an excess distribution. Under these special tax rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the excess distribution or gain will be allocated ratably over a U.S. Holder's holding period for the shares or ADSs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the amount allocated to the current taxable year, and any taxable year prior to the first taxable year in which we became a PFIC, will be treated as ordinary income; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the amount allocated to each other year will be subject to the highest tax rate in effect for that year and the interest charge generally applicable to underpayments of tax will be imposed on the resulting tax attributable to each such year.

The tax liability for amounts allocated to years prior to the year of disposition or "excess distribution" cannot be offset by any net operating losses for such years, and gains (but not losses) realized on the sale of the shares or ADSs cannot be treated as capital, even if a U.S. Holder holds the shares or ADSs as capital assets. In addition, if we are a PFIC, a U.S. Holder will generally be subject to similar rules with respect to distributions we receive from, and our dispositions of the stock of, any of our direct or indirect subsidiaries that also are PFICs, as if such distributions were indirectly received by, and/or dispositions were indirectly carried out by, such U.S. Holder. U.S. Holders should consult their tax advisors regarding the application of the PFIC rules to our subsidiaries.

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If a U.S. Holder makes an effective QEF Election, the U.S. Holder will be required to include in gross income each year, whether or not we make distributions, as capital gains, such U.S. Holder's pro rata share of our net capital gains and, as ordinary income, such U.S. Holder's pro rata share of our earnings in excess of our net capital gains. However, a U.S. Holder can only make a qualified electing fund election with respect to shares in a PFIC if such company agrees to furnish such U.S. Holder with certain tax information annually. We do not currently intend to provide U.S. Holders with the information necessary for U.S. Holders to make a QEF Election. Therefore, you should assume that you will not receive such information from us and would therefore be unable to make a QEF Election with respect to any of our shares or ADSs were we to be or become a PFIC.

U.S. Holders can avoid the interest charge on excess distributions or gain relating to the shares or ADSs by making a mark-to-market election with respect to the shares or ADSs, provided that the shares or ADSs are "marketable." Shares or ADSs will be marketable if they are "regularly traded" on certain U.S. stock exchanges or on a foreign stock exchange that meets certain conditions. For these purposes, the shares or ADSs (respectively) will be considered regularly traded during any calendar year during which they are traded, other than in de minimis quantities, on at least 15 days during each calendar quarter. Any trades that have as their principal purpose meeting this requirement will be disregarded. It should be noted that only the ADSs and not our shares will be listed on the Nasdaq Stock Market LLC. The Nasdaq Stock Market LLC is a qualified exchange for this purpose and, consequently, if the ADSs are regularly traded, the mark-to-market election should be available to a U.S. Holder. Consequently, our shares may not be marketable if Nasdaq Stockholm (where our shares are currently listed) does not meet the applicable requirements. Each U.S. Holder should consult its tax advisor as to the whether a mark-to-market election is available or advisable with respect to the shares or ADSs.

A U.S. Holder that makes a mark-to-market election must include in ordinary income for each year an amount equal to the excess, if any, of the fair market value of the shares or ADSs at the close of the taxable year over the U.S. Holder's adjusted tax basis in the shares or ADSs. An electing holder may also claim an ordinary loss deduction for the excess, if any, of the U.S. Holder's adjusted basis in the shares or ADSs over the fair market value of the shares or ADSs at the close of the taxable year, but this deduction is allowable only to the extent of any net mark-to-market gains for prior years. Gains from an actual sale or other disposition of the shares or ADSs will be treated as ordinary income, and any losses incurred on a sale or other disposition of the shares or ADSs will be treated as an ordinary loss to the extent of any net mark-to-market gains for prior years. Once made, the election cannot be revoked without the consent of the Internal Revenue Service, or the IRS, unless the shares or ADSs cease to be marketable.

However, a mark-to-market election generally cannot be made for equity interests in any lower-tier PFICs that we own, unless shares of such lower-tier PFIC are themselves "marketable." As a result, even if a U.S. Holder validly makes a mark-to-market election with respect to our shares or ADSs, the U.S. Holder may continue to be subject to the PFIC rules (described above) with respect to its indirect interest in any of our investments that are treated as an equity interest in a PFIC for U.S. federal income tax purposes. U.S. Holders should consult their tax advisors to determine whether any of these elections would be available and if so, what the consequences of the alternative treatments would be in their particular circumstances. Unless otherwise provided by the U.S. Treasury, each U.S. shareholder of a PFIC is required to make an annual filing containing such information as the U.S. Treasury may require. U.S. Holders should consult their tax advisors regarding the requirements of filing such information returns under these rules.

WE STRONGLY URGE YOU TO CONSULT YOUR TAX ADVISOR REGARDING THE IMPACT OF OUR PFIC STATUS ON YOUR INVESTMENT IN THE SHARES OR ADSs AS WELL AS THE APPLICATION OF THE PFIC RULES TO YOUR INVESTMENT IN THE SHARES OR ADSs.

#### Taxation of Distributions
Subject to the discussion above under "PFIC rules," distributions paid on shares or ADSs, other than certain pro rata distributions of shares or ADSs, will generally be treated as dividends to the extent paid out of our current or accumulated earnings and profits (as determined under U.S. federal income tax principles). Because we may not calculate our earnings and profits under U.S. federal income tax principles, we expect that distributions generally will be reported to U.S. Holders as dividends. Non-corporate U.S. Holders may qualify for the preferential rates of taxation with respect to dividends on our shares or ADSs applicable to

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long-term capital gains (i.e., gains from the sale of capital assets held for more than one year) applicable to qualified dividend income (as discussed below) if we are a "qualified foreign corporation" and certain holding period and other requirements (discussed below) are met. A non-U.S. corporation (other than a corporation that is classified as a PFIC for the taxable year in which the dividend is paid or the preceding taxable year) generally will be considered to be a qualified foreign corporation (a) if it is eligible for the benefits of a comprehensive tax treaty with the United States which the Secretary of Treasury of the United States determines is satisfactory for purposes of this provision and which includes an exchange of information provision, or (b) with respect to any dividend it pays on shares or ADSs that are readily tradable on an established securities market in the United States. Our ADSs will be listed on the Nasdaq Stock Market LLC, which is an established securities market in the United States, and we expect the ADSs to be readily tradable on the Nasdaq Stock Market LLC. However, there can be no assurance that the ADSs will continue to be considered readily tradable on an established securities market in the United States in the future. We are incorporated under the laws of Sweden, and we believe that we qualify as a resident of Sweden for purposes of, and are eligible for the benefits of, the U.S.-Sweden Tax Treaty, although there can be no assurance in this regard. Further, the IRS has determined that the U.S.-Sweden Tax Treaty is satisfactory for purposes of the qualified dividend rules and that it includes an exchange-of-information program. Therefore, subject to the discussion regarding the PFIC rules, such dividends will generally be expected to be "qualified dividend income" in the hands of individual U.S. Holders, provided that a holding period requirement (more than 60 days of ownership, without protection from the risk of loss, during the 121-day period beginning 60 days before the ex-dividend date) and certain other requirements are met. However, the qualified dividend income treatment will not apply if we are treated as a PFIC with respect to the U.S. Holder. Each U.S. Holder is advised to consult its tax advisors regarding the availability of the reduced tax rate on dividends with regard to its particular circumstances.

The amount of any dividend will be treated as foreign-source dividend income to U.S. Holders and will not be eligible for the dividends-received deduction generally available to U.S. corporations under the Code. Dividends will generally be included in a U.S. Holder's income on the date of the U.S. Holder's receipt of the dividend. The amount of any dividend income paid in foreign currency will be the U.S. dollar amount calculated by reference to the exchange rate in effect on the date of actual or constructive receipt, regardless of whether the payment is in fact converted into U.S. dollars. If the dividend is converted into U.S. dollars on the date of receipt, a U.S. Holder should not be required to recognize foreign currency gain or loss in respect of the dividend income. A U.S. Holder may have foreign currency gain or loss if the dividend is converted into U.S. dollars after the date of receipt. Such gain or loss would generally be treated as U.S.-source ordinary income or loss.

For U.S. foreign tax credit purposes, dividends generally will be treated as income from foreign sources and generally will constitute passive category income. Depending on a U.S. Holder's particular circumstances, a U.S. Holder may be eligible, subject to a number of complex limitations, to claim a foreign tax credit in respect of any foreign withholding taxes imposed on dividends received on our shares or ADSs. If a U.S. Holder does not elect to claim a foreign tax credit for foreign tax withheld, such U.S. Holder may instead claim a deduction, for U.S. federal income tax purposes, for the foreign tax withheld, but only for a year in which such U.S. Holder elects to do so for all creditable foreign income taxes. The rules governing foreign tax credits are complex and U.S. Holders should therefore consult their tax advisors regarding the effect of the receipt of dividends for foreign tax credit limitation purposes.

#### Sale or Other Taxable Disposition of Shares and ADSs
Subject to the discussion above under "PFIC rules," gain or loss realized on the sale or other taxable disposition of shares or ADSs will be capital gain or loss and will be long-term capital gain or loss if the U.S. Holder held the shares or ADSs for more than one year. The amount of the gain or loss will equal the difference between the U.S. Holder's tax basis in the shares or ADSs disposed of, and the amount realized on the disposition, in each case as determined in U.S. dollars. This gain or loss will generally be U.S.-source gain or loss for foreign tax credit purposes. The deductibility of capital losses is subject to limitations.

If the consideration received by a U.S. Holder is not paid in U.S. dollars, the amount realized will be the U.S. dollar value of the payment received determined by reference to the spot rate of exchange on the date of the sale or other disposition. However, if the shares or ADSs are treated as traded on an "established

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securities market" and you are either a cash basis taxpayer or an accrual basis taxpayer that has made a special election (which must be applied consistently from year to year and cannot be changed without the consent of the IRS), you will determine the U.S. dollar value of the amount realized in a non-U.S. dollar currency by translating the amount received at the spot rate of exchange on the settlement date of the sale. If you are an accrual basis taxpayer that is not eligible to or does not elect to determine the amount realized using the spot rate on the settlement date, you will recognize foreign currency gain or loss to the extent of any difference between the U.S. dollar amount realized on the date of sale or disposition and the U.S. dollar value of the currency received at the spot rate on the settlement date.

#### Information Reporting and Backup Withholding
Payments of dividends and sales proceeds that are made within the United States or through certain U.S.-related financial intermediaries generally are subject to information reporting, and may be subject to backup withholding, unless (i) the U.S. Holder is a corporation or other exempt recipient or (ii) in the case of backup withholding, the U.S. Holder provides a correct taxpayer identification number and certifies that it is not subject to backup withholding on a duly executed IRS Form W-9 or otherwise establishes an exemption.

Backup withholding is not an additional tax. The amount of any backup withholding from a payment to a U.S. Holder will be allowed as a credit against the U.S. Holder's U.S. federal income tax liability and may entitle the U.S. Holder to a refund, provided that the required information is timely furnished to the IRS. U.S. Holders should consult their own tax advisors regarding the backup withholding tax and information reporting rules.

#### Information with Respect to Foreign Financial Assets
Certain U.S. Holders who are individuals (and, under regulations, certain entities) may be required to report information relating to the shares or ADSs, subject to certain exceptions (including an exception for shares or ADSs held in accounts maintained by certain U.S. financial institutions), by filing IRS Form 8938 (Statement of Specified Foreign Financial Assets) with their federal income tax return. Such U.S. Holders who fail to timely furnish the required information may be subject to a penalty. Additionally, if a U.S. Holder does not file the required information, the statute of limitations with respect to tax returns of the U.S. Holder to which the information relates may not close until three years after such information is filed. U.S. Holders should consult their tax advisors regarding their reporting obligations with respect to their ownership and disposition of the shares or ADSs.

#### FATCA
Sections 1471 through 1474 of the Code (provisions commonly known as "FATCA" or the Foreign Account Tax Compliance Act) impose (a) certain reporting and due diligence requirements on foreign financial institutions and, (b) potentially require such foreign financial institutions to deduct a 30% withholding tax from (i) certain payments from sources within the United States, and (ii) "foreign passthru payments" (which is not yet defined in current guidance) made to certain non-U.S. financial institutions that do not comply with such reporting and due diligence requirements or certain other payees that do not provide required information. The United States has entered a number of intergovernmental agreements with other jurisdictions (IGAs) which may modify the operation of this withholding. Certain relevant intermediaries, such as custodians and depositary participants, are classified as financial institutions for these purposes. Given that Sweden has entered into a Model 1 IGA with the United States for giving effect to FATCA, Swedish financial institutions are also being instructed to become fully FATCA compliant, based on the terms of the IGA and relevant rules.

Under current guidance it is not clear whether or to what extent payments on shares or ADSs will be considered "foreign passthru payments" subject to FATCA withholding or the extent to which withholding on "foreign passthru payments" will be required under the applicable IGA. Investors should consult their own tax advisors on how the FATCA rules may apply to payments they receive in respect of the shares or ADSs.

Should any withholding tax in respect of FATCA be deducted or withheld from any payments arising to any investor, neither the Bank nor any other person will pay additional amounts as a result of the deduction or withholding.

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#### Material Swedish Tax Considerations
The following is a summary of certain material Swedish tax issues for holders of shares or ADSs that are not resident in Sweden for tax purposes. The summary is based on current legislation and is intended to provide general information only. The summary does not cover, inter alia, the special rules regarding tax-free dividends that may be applicable when investors hold shares or ADSs that are deemed to be held for business purposes (for tax purposes), foreign companies conducting business through a permanent establishment in Sweden, or foreign companies that have been Swedish companies. Each person considering an investment in shares or ADSs is advised to consult an independent tax advisor as to the tax consequences that could arise from the acquisition, ownership and disposition of the shares or ADSs.

#### Taxation of Dividends
For holders not resident in Sweden for tax purposes that receive dividends on shares or ADSs of a Swedish limited liability company, Swedish withholding tax is normally withheld. The same withholding tax applies to certain other payments made by a Swedish limited liability company, such as payments as a result of redemption of shares and repurchase of shares through an offer directed to all shareholders or all holders of a certain class. The withholding tax rate is 30%. The tax rate is, however, generally reduced under an applicable tax treaty. For example, under the U.S.-Sweden Tax Treaty the tax rate on dividends paid to U.S. holders entitled to the benefits of the U.S.-Sweden Tax Treaty should not exceed 15%. In Sweden, withholding tax deductions are normally carried out by Euroclear Sweden AB or, in respect of nominee-registered shares, by the nominee. The tax treaties Sweden has entered into generally enable the withholding tax deduction to be made in accordance with the tax rate stipulated in the treaty, provided that Euroclear Sweden AB or the nominee, as applicable, has received the required information concerning the tax residency of the investor entitled to the dividend (this applies also under the U.S.-Sweden tax treaty). Furthermore, investors entitled to reduced tax rates under applicable tax treaties may claim a refund from the Swedish tax authorities within five calendar years following the year the dividend was distributed if the full withholding tax rate at 30% has been withheld.

#### Taxation of Capital Gains
Holders not resident in Sweden for tax purposes are normally not liable for capital gains taxation in Sweden upon disposals of shares or ADSs. Holders of shares or ADSs may, however, be subject to taxation in their state of residence.

According to a special rule, private individuals not resident in Sweden for tax purposes are, however, subject to Swedish capital gains taxation upon disposals of shares or ADSs if they have been residents of Sweden due to a habitual abode in Sweden or a continuous stay in Sweden at any time during the calendar year of disposal or the ten calendar years preceding the year of disposal. In a number of cases though, the applicability of this rule is limited by tax treaties. For example, under the U.S.-Sweden Tax Treaty this rule applies for ten years from the date the private individuals became non-resident of Sweden for tax purposes.

F. Dividends and Paying Agents

We intend to focus on further developing and expanding our project portfolio. Available financial resources and recognized profit will therefore be reinvested in the operations to finance our long-term business. Any future dividends will be determined based on our long-term growth, earnings performance, and capital requirements. Insofar as dividends are proposed, they will be considered with respect to our objectives, scope, and risk. Consequently, the Board does not intend to propose any dividend to shareholders until such time as we generate sustainable profitability.

G. Statement by Experts

The consolidated financial statements of Vicore Pharma Holding AB at December 31, 2025 and 2024, and for each of the three years in the period ended December 31, 2025, appearing in this Registration Statement have been audited by Ernst & Young AB, independent registered public accounting firm, as set forth in their report thereon appearing elsewhere herein, and are included in reliance upon such report given

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on the authority of such firm as experts in accounting and auditing. Ernst & Young AB's registered address is Box 7850, 103 99 Stockholm, Sweden.

H. Documents on Display

When this registration statement on Form 20-F becomes effective, we will be subject to the information reporting requirements of the Exchange Act, applicable to foreign private issuers and under those requirements will file reports with the SEC. The SEC maintains a website at www.sec.gov from which our filings may be accessed.

As a foreign private issuer, we will be exempt from the rules under the Exchange Act related to the furnishing and content of proxy statements. In addition, our 10% beneficial owners will be exempt from Section 16 of the Exchange Act and the rules thereunder with respect to their purchases and sales of our securities. While our executive officers and members of our Board will be subject to the reporting requirements of Section 16(a) of the Exchange Act, they may rely on exemptive relief granted by the SEC (Release No. 34-104931, dated March 5, 2026), which provides conditional relief from Section 16(a) reporting for directors and executive officers of foreign private issuers that comply with Article 19 of the EU Market Abuse Regulation, subject to the conditions of the order. In addition, our executive officers and directors will not be subject to the "short-swing" profit recovery provisions of Section 16(b) or the short-sale prohibitions of Section 16(c) of the Exchange Act.

In addition, we will not be required under the Exchange Act to file annual, quarterly and current reports and financial statements with the SEC as frequently or as promptly as U.S. domestic companies whose securities are registered under the Exchange Act. However, we will file with the SEC, within 120 days after the end of each fiscal year, or such applicable time as required by the SEC, an annual report on Form 20-F containing financial statements audited by an independent registered public accounting firm, and may submit to the SEC, on a Form 6-K, unaudited semi-annual financial information as required.

We maintain a website at www.vicorepharma.com. The information contained on our website or available through our website is not incorporated by reference into and should not be considered a part of this registration statement, and the reference to our website in this registration statement is an inactive textual reference only.

I. Subsidiary Information

For information about our subsidiaries, See "Item 4. Information on the Company — C. Organizational Structure."

#### ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We are exposed to a variety of financial risks, including, but not limited to, market risk (including foreign exchange and interest rate risks), credit risks, and liquidity risks. Our overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on our financial performance. For discussion of the variety of financial risks that we face, see Note 18 in our consolidated financial statement contained elsewhere herein, which disclose our market risk (including foreign exchange and interest rate risks), credit risks, and liquidity risks, respectively.

#### ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
A. Debt Securities

Not applicable.

B. Warrants and Rights

Not applicable.

C. Other Securities

Not applicable.

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D. American Depositary Shares

Citibank, N.A. has agreed to act as the depositary for the American Depositary Shares. Citibank, N.A.'s depositary offices are located at 388 Greenwich Street, New York, New York 10013. American Depositary Shares are frequently referred to as "ADSs" and represent ownership interests in securities that are on deposit with the depositary bank. ADSs may be represented by certificates that are commonly known as "American Depositary Receipts", or "ADRs." The depositary typically appoints a custodian to safekeep the securities on deposit. In this case, the custodian is Citibank Europe Plc, Sweden branch, located at Birger Jarlsgatan 6, SE-111 84 Stockholm, Sweden.

We will appoint Citibank, N.A. as depositary pursuant to a deposit agreement. A copy of the deposit agreement will be on file with the SEC under cover of a registration statement on Form F-6. You may obtain a copy of the deposit agreement from the SEC's Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549 and from the SEC's website (www.sec.gov). Please refer to Registration Number 333- when retrieving such copy.

We are providing you with a summary description of the material terms of the ADSs and of your material rights as an owner of ADSs. Please remember that summaries by their nature lack the precision of the information summarized and that the rights and obligations of an owner of ADSs will be determined by reference to the terms of the deposit agreement and not by this summary. We urge you to review the deposit agreement in its entirety. The portions of this summary description that are italicized describe matters that may be relevant to the ownership of ADSs but that may not be contained in the deposit agreement.

Each ADS represents the right to receive, and to exercise the beneficial ownership interests in, 10 common shares that are on deposit with the depositary and/or custodian. An ADS also represents the right to receive, and to exercise the beneficial interests in, any other property received by the depositary or the custodian on behalf of the owner of the ADS but that has not been distributed to the owners of ADSs because of legal restrictions or practical considerations. We and the depositary may agree to change the ADS-to-Share ratio by amending the deposit agreement. This amendment may give rise to, or change, the depositary fees payable by ADS owners. The custodian, the depositary and their respective nominees will hold all deposited property for the benefit of the holders and beneficial owners of ADSs. The deposited property does not constitute the proprietary assets of the depositary, the custodian or their nominees. Beneficial ownership in the deposited property will under the terms of the deposit agreement be vested in the beneficial owners of the ADSs. The depositary, the custodian and their respective nominees will be the record holders of the deposited property represented by the ADSs for the benefit of the holders and beneficial owners of the corresponding ADSs. A beneficial owner of ADSs may or may not be the holder of ADSs. Beneficial owners of ADSs will be able to receive, and to exercise beneficial ownership interests in, the deposited property only through the registered holders of the ADSs, the registered holders of the ADSs (on behalf of the applicable ADS owners) only through the depositary, and the depositary (on behalf of the owners of the corresponding ADSs) directly, or indirectly, through the custodian or their respective nominees, in each case upon the terms of the deposit agreement.

If you become an owner of ADSs, you will become a party to the deposit agreement and therefore will be bound to its terms and to the terms of any ADR that represents your ADSs. The deposit agreement and the ADR specify our rights and obligations as well as your rights and obligations as an owner of ADSs and those of the depositary. As an ADS holder you appoint the depositary to act on your behalf in certain circumstances. The deposit agreement and the ADRs are governed by New York law. However, our obligations to the holders of shares will continue to be governed by the laws of Sweden, which may be different from the laws in the United States.

In addition, applicable laws and regulations may require you to satisfy reporting requirements and obtain regulatory approvals in certain circumstances. You are solely responsible for complying with such reporting requirements and obtaining such approvals. Neither the depositary, the custodian, us or any of their or our respective agents or affiliates shall be required to take any actions whatsoever on your behalf to satisfy such reporting requirements or obtain such regulatory approvals under applicable laws and regulations.

 ***As an owner of ADSs, we will not treat you as one of our shareholders and you will not have direct shareholder rights. The depositary will hold on your behalf the shareholder rights attached to the shares***

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 ***underlying your ADSs. As an owner of ADSs you will be able to exercise the shareholders rights for the common shares represented by your ADSs through the depositary bank only to the extent contemplated in the deposit agreement. To exercise any shareholder rights not contemplated in the deposit agreement you will, as an ADS owner, need to arrange for the cancellation of your ADSs and become a direct shareholder.***

The manner in which you own the ADSs (e.g., in a brokerage account vs. as registered holder, or as holder of certificated vs. uncertificated ADSs) may affect your rights and obligations, and the manner in which, and extent to which, the depositary's services are made available to you. As an owner of ADSs, you may hold your ADSs either by means of an ADR registered in your name, through a brokerage or safekeeping account, or through an account established by the depositary in your name reflecting the registration of uncertificated ADSs directly on the books of the depositary (commonly referred to as the "direct registration system" or "DRS"). The direct registration system reflects the uncertificated (book-entry) registration of ownership of ADSs by the depositary. Under the direct registration system, ownership of ADSs is evidenced by periodic statements issued by the depositary to the holders of the ADSs. The direct registration system includes automated transfers between the depositary and The Depository Trust Company, or DTC, the central book-entry clearing and settlement system for equity securities in the United States. If you decide to hold your ADSs through your brokerage or safekeeping account, you must rely on the procedures of your broker or bank to assert your rights as ADS owner. Banks and brokers typically hold securities such as the ADSs through clearing and settlement systems such as DTC. The procedures of such clearing and settlement systems may limit your ability to exercise your rights as an owner of ADSs. Please consult with your broker or bank if you have any questions concerning these limitations and procedures. All ADSs held through DTC will be registered in the name of a nominee of DTC. This summary description assumes you have opted to own the ADSs directly by means of an ADS registered in your name and, as such, we will refer to you as the "holder." When we refer to "you," we assume the reader owns ADSs and will own ADSs at the relevant time.

The registration of the common shares in the name of the depositary or the custodian shall, to the maximum extent permitted by applicable law, vest in the depositary or the custodian the record ownership in the applicable common shares with the beneficial ownership rights and interests in such common shares being at all times vested with the beneficial owners of the ADSs representing the common shares. The depositary or the custodian shall at all times be entitled to exercise the beneficial ownership rights in all deposited property, in each case only on behalf of the holders and beneficial owners of the ADSs representing the deposited property.

#### Dividends and Distributions
As a holder of ADSs, you generally have the right to receive the distributions we make on the securities deposited with the custodian. Your receipt of these distributions may be limited, however, by practical considerations and legal limitations. Holders of ADSs will receive such distributions under the terms of the deposit agreement in proportion to the number of ADSs held as of the specified record date, after deduction of the applicable fees, taxes and expenses.

#### Distributions of Cash
Whenever we make a cash distribution for the securities on deposit with the custodian, we will deposit the funds with the custodian. Upon receipt of confirmation of the deposit of the requisite funds, the depositary bank will arrange for the funds received in a currency other than U.S. dollars to be converted into U.S. dollars and for the distribution of the U.S. dollars to the holders, subject to the laws and regulations of Sweden.

The conversion into U.S. dollars will take place only if practicable and if the U.S. dollars are transferable to the United States. The depositary will apply the same method for distributing the proceeds of the sale of any property (such as undistributed rights) held by the custodian in respect of securities on deposit.

The distribution of cash will be made net of the fees, expenses, taxes and governmental charges payable by holders under the terms of the deposit agreement. The depositary will hold any cash amounts it is unable to distribute in a non-interest bearing account for the benefit of the applicable holders and beneficial

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owners of ADSs until the distribution can be effected or the funds that the depositary holds must be escheated as unclaimed property in accordance with the laws of the relevant states of the United States.

#### Distributions of Shares
Whenever we make a free distribution of shares for the securities on deposit with the custodian, we will deposit the applicable number of shares with the custodian. Upon receipt of confirmation of such deposit, the depositary will either distribute to holders new ADSs representing the common shares deposited or modify the ADS-to-common shares ratio, in which case each ADS you hold will represent rights and interests in the additional common shares so deposited. Only whole new ADSs will be distributed. Fractional entitlements will be sold, and the proceeds of such sale will be distributed as in the case of a cash distribution.

The distribution of new ADSs or the modification of the ADS-to-common shares ratio upon a distribution of common shares will be made net of the fees, expenses, taxes and governmental charges payable by holders under the terms of the deposit agreement. In order to pay such taxes or governmental charges, the depositary bank may sell all or a portion of the new shares so distributed.

No such distribution of new ADSs will be made if it would violate a law (*e.g.*, the U.S. securities laws) or if it is not operationally practicable. If the depositary does not distribute new ADSs as described above, it may sell the common shares received upon the terms described in the deposit agreement and will distribute the proceeds of the sale as in the case of a distribution of cash.

#### Distributions of Rights
Whenever we intend to distribute rights to subscribe for additional common shares, we will give prior notice to the depositary, and we will assist the depositary in determining whether it is lawful and reasonably practicable to distribute rights to subscribe for additional ADSs to holders.

The depositary will establish procedures to distribute rights to subscribe for additional ADSs to holders and to enable such holders to exercise such rights if it is lawful and reasonably practicable to make the rights available to holders of ADSs, and if we provide all of the documentation contemplated in the deposit agreement (such as opinions to address the lawfulness of the transaction). You may have to pay fees, expenses, taxes and other governmental charges to subscribe for the new ADSs upon the exercise of your rights. The depositary is not obligated to establish procedures to facilitate the distribution and exercise by holders of rights to subscribe for new common shares other than in the form of ADSs.

The depositary will *not* distribute the rights to you if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We do not timely request that the rights be distributed to you, or we request that the rights not be distributed to you; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We fail to deliver satisfactory documents to the depositary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • It is not reasonably practicable to distribute the rights.

The depositary will sell the rights that are not exercised or not distributed if such sale is lawful and reasonably practicable. The proceeds of such sale will be distributed to holders as in the case of a cash distribution. If the depositary is unable to sell the rights, it will allow the rights to lapse.

#### Elective Distributions
Whenever we intend to distribute a dividend payable at the election of shareholders either in cash or in additional common shares, we will give prior notice thereof to the depositary and will indicate whether we wish the elective distribution to be made available to you. In such case, we will assist the depositary in determining whether such distribution is lawful and reasonably practicable.

The depositary will make the election available to you only if it is reasonably practicable and if we have provided all of the documentation contemplated in the deposit agreement. In such case, the depositary bank will establish procedures to enable you to elect to receive either cash or additional ADSs, in each case as described in the deposit agreement.

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If the election is not made available to you, you will receive either cash or additional ADSs, depending on what a shareholder in Sweden would receive upon failing to make an election, as more fully described in the deposit agreement.

#### Other Distributions
Whenever we intend to distribute property other than cash, shares or rights to subscribe for additional shares, we will notify the depositary in advance and will indicate whether we wish such distribution to be made to you. If so, we will assist the depositary in determining whether such distribution to holders is lawful and reasonably practicable.

If it is reasonably practicable to distribute such property to you and if we provide to the depositary all of the documentation contemplated in the deposit agreement, the depositary will distribute the property to the holders in a manner it deems practicable.

The distribution will be made net of fees, expenses, taxes and governmental charges payable by holders under the terms of the deposit agreement. In order to pay such taxes and governmental charges, the depositary may sell all or a portion of the property received.

The depositary will *not* distribute the property to you and will sell the property if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We do not request that the property be distributed to you or if we request that the property not be distributed to you; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We do not deliver satisfactory documents to the depositary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The depositary determines that all or a portion of the distribution to you is not reasonably practicable.

The proceeds of such a sale will be distributed to holders as in the case of a cash distribution.

#### Redemption
Whenever we decide to redeem any of the securities on deposit with the custodian, we will notify the depositary in advance. If it is practicable and if we provide all of the documentation contemplated in the deposit agreement, the depositary will provide notice of the redemption to the holders.

The custodian will be instructed to surrender the shares being redeemed against payment of the applicable redemption price. The depositary will convert into U.S. dollars upon the terms of the deposit agreement, the redemption funds received in a currency other than U.S. dollars and will establish procedures to enable holders to receive the net proceeds from the redemption upon surrender of their ADSs to the depositary. You may have to pay fees, expenses, taxes and other governmental charges upon the redemption of your ADSs. If less than all ADSs are being redeemed, the ADSs to be retired will be selected by lot or on a *pro rata* basis, as the depositary may determine.

#### Changes Affecting Shares
The shares held on deposit for your ADSs may change from time to time. For example, there may be a change in nominal or par value, split-up, cancellation, consolidation or any other reclassification of such shares or a recapitalization, reorganization, merger, consolidation or sale of assets of the Company.

If any such change were to occur, your ADSs would, to the extent permitted by law and the deposit agreement, represent the right to receive the property received or exchanged in respect of the shares held on deposit.

The depositary may in such circumstances deliver new ADSs to you, amend the deposit agreement, the ADRs and the applicable Registration Statement(s) on Form F-6, call for the exchange of your existing ADSs for new ADSs and take any other actions that are appropriate to reflect as to the ADSs the change affecting the Shares. If the depositary may not lawfully distribute such property to you, the depositary may sell such property and distribute the net proceeds to you as in the case of a cash distribution.

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#### Issuance of ADSs Upon Deposit of Shares
Upon effectiveness of this registration statement, the shares will be deposited by certain shareholders with the custodian. Upon receipt of confirmation of such deposit, the depositary will issue ADSs to the applicable shareholders.

After the effectiveness of this registration statement, the depositary may create ADSs on your behalf if you or your broker deposit shares with the custodian. The depositary will deliver these ADSs to the person you indicate only after you pay any applicable issuance fees and any charges and taxes payable for the transfer of the shares to the custodian. Your ability to deposit shares and receive ADSs may be limited by U.S. and Swedish legal considerations applicable at the time of deposit.

The depositary shall instruct the custodian not to, and the depositary and the custodian shall not knowingly, accept for deposit a number of shares which upon application of the ADS to share ratio would give rise to fractional ADSs.

The issuance of ADSs may be delayed until the depositary or the custodian receives confirmation that all required approvals have been given and that the shares have been duly transferred to the custodian. The depositary will only issue ADSs in whole numbers.

When you make a deposit of shares, you will be responsible for transferring good and valid title to the depositary. As such, you will be deemed to represent and warrant that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The shares are duly authorized, validly issued, fully paid, non-assessable and legally obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • All preemptive (and similar) rights, if any, with respect to such shares have been validly waived or exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • You are duly authorized to deposit the shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The shares presented for deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim, and are not, and the ADSs issuable upon such deposit will not be, "restricted securities" (as defined in the deposit agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The shares presented for deposit have not been stripped of any rights or entitlements.

If any of the representations or warranties are incorrect in any way, we and the depositary may, at your cost and expense, take any and all actions necessary to correct the consequences of the misrepresentations.

#### Transfer, Combination and Split Up of ADRs
As an ADR holder, you will be entitled to transfer, combine or split up your ADRs and the ADSs evidenced thereby. For transfers of ADRs, you will have to surrender the ADRs to be transferred to the depositary and also must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • ensure that the surrendered ADR is properly endorsed or otherwise in proper form for transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • provide such proof of identity and genuineness of signatures as the depositary deems appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • provide any transfer stamps required by the State of New York or the United States; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • pay all applicable fees, charges, expenses, taxes and other government charges payable by ADR holders pursuant to the terms of the deposit agreement, upon the transfer of ADRs.

To have your ADRs either combined or split up, you must surrender the ADRs in question to the depositary with your request to have them combined or split up, and you must pay all applicable fees, charges and expenses payable by ADR holders, pursuant to the terms of the deposit agreement, upon a combination or split up of ADRs.

#### Withdrawal of Shares Upon Cancellation of ADSs
As a holder, you will be entitled to present your ADSs to the depositary for cancellation and then receive the corresponding number of underlying shares at the custodian's offices. Your ability to withdraw

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the shares held in respect of the ADSs may be limited by U.S. and Swedish legal considerations applicable at the time of withdrawal. In order to withdraw the common shares represented by your ADSs, you will be required to pay to the depositary the fees for cancellation of ADSs and any charges and taxes payable upon the transfer of the shares. You assume the risk for delivery of all funds and securities upon withdrawal. Once canceled, the ADSs will not have any rights under the deposit agreement.

If you hold ADSs registered in your name, the depositary may ask you to provide proof of identity and genuineness of any signature and such other documents as the depositary may deem appropriate before it will cancel your ADSs. The withdrawal of the common shares represented by your ADSs may be delayed until the depositary receives satisfactory evidence of compliance with all applicable laws and regulations. Please keep in mind that the depositary will only accept ADSs for cancellation that represent a whole number of securities on deposit.

You will have the right to withdraw the securities represented by your ADSs at any time except for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Temporary delays that may arise because (i) the transfer books for the shares or ADSs are closed, or (ii) shares are immobilized on account of a shareholders' meeting or a payment of dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Obligations to pay fees, taxes and similar charges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Restrictions imposed because of laws or regulations applicable to ADSs or the withdrawal of securities on deposit.

The deposit agreement may not be modified to impair your right to withdraw the securities represented by your ADSs except to comply with mandatory provisions of law.

The depositary will not accept for surrender ADSs representing less than one (1) common share. In the case of delivery for cancellation to the depositary of ADSs representing a number other than a whole number of shares, the depositary shall cause ownership of the appropriate whole number of common share(s) to be delivered to, for, or at the instruction of the person surrendering the ADSs in accordance with the terms of the deposit agreement, and will, at its discretion, either (i) return to the person surrendering such ADSs the number of ADSs representing any remaining fractional share(s), or (ii) sell or cause to be sold the fractional share(s) represented by the ADSs so surrendered and remit the proceeds of such sale (net of (a) applicable fees and charges of, and expenses incurred by, the depositary and (b) taxes deducted or withheld) to the person surrendering the ADSs.

#### Voting Rights
As a holder, you generally have the right under the deposit agreement to instruct the depositary to exercise the voting rights for the shares represented by your ADSs. The voting rights of holders of shares are described in "Item 10. Additional Information — A. Share Capital" and "Item 10. Additional Information — B. Memorandum and Articles of Association."

At our request, the depositary will distribute to you any notice of shareholders' meeting received from us together with information explaining how to instruct the depositary to exercise the voting rights of the securities represented by ADSs. In lieu of distributing such materials, the depositary may distribute to holders of ADSs instructions on how to retrieve such materials upon request.

If the depositary timely receives voting instructions from a holder of ADSs, it will endeavor to vote the securities (in person or by proxy) represented by the holder's ADSs in accordance with such voting instructions as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • In the event of voting by show of hands, the depositary will vote (or cause the custodian to vote) all shares held on deposit at that time in accordance with the voting instructions received from a majority of holders of ADSs who provide timely voting instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • In the event of voting by poll, the depositary will vote (or cause the Custodian to vote) the shares held on deposit in accordance with the voting instructions received from the holders of ADSs.

Securities for which no voting instructions have been received will not be voted (except as otherwise contemplated in the deposit agreement). Please note that the ability of the depositary to carry out voting

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instructions may be limited by practical and legal limitations and the terms of the securities on deposit. We cannot assure you that you will receive voting materials in time to enable you to return voting instructions to the depositary in a timely manner.

#### Fees and Charges
As an ADS holder, you will be required to pay the following fees (some of which may be cumulative) under the terms of the deposit agreement:

---

| | |
|:---|:---|
| **SERVICE**  | **FEES**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Issuance of ADSs (e.g., an issuance of ADS upon a deposit of shares, upon a change in the ADS(s)-to-share ratio, ADS conversions, or for any other reason), excluding ADS issuances as a result of distributions of shares) <br>| Up to U.S. 5¢ per ADS issued |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Cancellation of ADSs (e.g., a cancellation of ADSs for delivery of deposited property, upon a change in the ADS(s)-to-share ratio, ADS conversions, upon termination of the deposit agreement, or for any other reason) <br>| Up to U.S. 5¢ per ADS cancelled |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Distribution of cash dividends or other cash distributions (e.g., upon a sale of rights and other entitlements) <br>| Up to U.S. 5¢ per ADS held |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Distribution of ADSs pursuant to (i) share dividends or other free share distributions, or (ii) exercise of rights to purchase additional ADSs <br>| Up to U.S. 5¢ per ADS held |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Distribution of financial instruments, including, without limitation, securities other than ADSs or rights to purchase additional ADSs (e.g., upon a spin-off and contingent value rights) <br>| Up to U.S. 5¢ per ADS held |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • ADS Services <br>| Up to U.S. 5¢ per ADS held on the applicable record date(s) established by the depositary bank |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Registration of ADS transfers (e.g., upon a registration of the transfer of registered ownership of ADSs, upon a transfer of ADSs into DTC and *vice versa*, or for any other reason) <br>| Up to U.S. 5¢ per ADS (or fraction thereof) transferred |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Conversion of ADSs of one series for ADSs of another series (e.g., upon conversion of Partial Entitlement ADSs for Full Entitlement ADSs, or upon conversion of Restricted ADSs (each as defined in the deposit agreement) into freely transferable ADSs, and *vice versa* or conversion of ADSs for unsponsored ADSs (e.g., upon termination of the deposit agreement). <br>| Up to U.S. 5¢ per ADS (or fraction thereof) converted |

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As an ADS holder you will also be responsible to pay certain charges (some of which may be cumulative) such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • taxes (including applicable interest and penalties) and other governmental charges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the registration fees as may from time to time be in effect for the registration of shares on the share register and applicable to transfers of shares to or from the name of the custodian, the depositary or any nominees upon the making of deposits and withdrawals, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • certain SWIFT, cable, telex and facsimile transmission and delivery expenses;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the fees, expenses, spreads, taxes and other charges of the depositary and/or service providers (which may be a division, branch or affiliate of the depositary) in the conversion of foreign currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the reasonable and customary out-of-pocket expenses incurred by the depositary in connection with compliance with exchange control regulations and other regulatory requirements applicable to the shares, ADSs and ADRs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the fees, charges, costs and expenses incurred by the depositary bank, the custodian, or any nominee in connection with the ADR program; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the amounts payable to the depositary by any party to the deposit agreement pursuant to any ancillary agreement to the deposit agreement in respect of the ADS program, the ADSs, and the ADRs.

ADS fees and charges for (i) the issuance of ADSs, and (ii) the cancellation of ADSs are charged to the person for whom the ADSs are issued (in the case of ADS issuances) and to the person for whom ADSs are cancelled (in the case of ADS cancellations). In the case of ADSs issued by the depositary into DTC, the ADS issuance and cancellation fees and charges may be deducted from distributions made through DTC, and may be charged to the DTC participant(s) receiving the ADSs being issued or the DTC participant(s) holding the ADSs being cancelled, as the case may be, on behalf of the beneficial owner(s) and will be charged by the DTC participant(s) to the account of the applicable beneficial owner(s) in accordance with the procedures and practices of the DTC participants as in effect at the time. ADS fees and charges in respect of distributions and the ADS service fee are charged to the holders as of the applicable ADS record date. In the case of distributions of cash, the amount of the applicable ADS fees and charges is deducted from the funds being distributed. In the case of (i) distributions other than cash and (ii) the ADS service fee, holders as of the ADS record date will be invoiced for the amount of the ADS fees and charges and such ADS fees and charges may be deducted from distributions made to holders of ADSs. For ADSs held through DTC, the ADS fees and charges for distributions other than cash and the ADS service fee may be deducted from distributions made through DTC, and may be charged to the DTC participants in accordance with the procedures and practices prescribed by DTC and the DTC participants in turn charge the amount of such ADS fees and charges to the beneficial owners for whom they hold ADSs. In the case of (i) registration of ADS transfers, the ADS transfer fee will be payable by the ADS Holder whose ADSs are being transferred or by the person to whom the ADSs are transferred, and (ii) conversion of ADSs of one series for ADSs of another series (which may entail the cancellation, issuance and transfer of ADSs and the conversion of ADSs from one series to another series), the applicable ADS issuance, cancellation, transfer and conversion fees will be payable by the Holder whose ADSs are converted or by the person to whom the converted ADSs are delivered.

In the event of refusal to pay the depositary fees, the depositary may, under the terms of the deposit agreement, refuse the requested service until payment is received or may set off the amount of the depositary fees from any distribution to be made to the ADS holder. Certain depositary fees and charges (such as the ADS services fee) may become payable shortly after the effectiveness of this registration statement. Note that the fees and charges you may be required to pay may vary over time and may be changed by us and by the depositary. You will receive prior notice of such changes. The depositary may reimburse us for certain expenses incurred by us in respect of the ADR program, by making available a portion of the ADS fees charged in respect of the ADR program or otherwise, upon such terms and conditions as we and the depositary agree from time to time.

#### Amendments and Termination
We may agree with the depositary to modify the deposit agreement at any time without your consent. We undertake to give holders 30 days' prior notice of any modifications that would materially prejudice any of their substantial rights under the deposit agreement. We will not consider to be materially prejudicial to your substantial rights any modifications or supplements that are reasonably necessary for the ADSs to be registered under the Securities Act or to be eligible for book-entry settlement, in each case without imposing or increasing the fees and charges you are required to pay. In addition, we may not be able to provide you with prior notice of any modifications or supplements that are required to accommodate compliance with applicable provisions of law.

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You will be bound by the modifications to the deposit agreement if you continue to hold your ADSs after the modifications to the deposit agreement become effective. The deposit agreement cannot be amended to prevent you from withdrawing the common shares represented by your ADSs (except as permitted by law).

We have the right to direct the depositary to terminate the deposit agreement. Similarly, the depositary may in certain circumstances on its own initiative terminate the deposit agreement. In either case, the depositary must give notice to the holders at least 30 days before termination. Until termination, your rights under the deposit agreement will be unaffected. After termination, the depositary will continue to collect distributions received (but will not distribute any such property until you request the cancellation of your ADSs) and may sell the securities held on deposit. After the sale, the depositary will hold the proceeds from such sale and any other funds then held for the holders of ADSs in a non-interest bearing account. At that point, the depositary will have no further obligations to holders other than to account for the funds then held for the holders of ADSs still outstanding (after deduction of applicable fees, taxes and expenses).

In connection with any termination of the deposit agreement, the depositary may independently and without the need for any action by the Company, make available to holders of ADSs a means to elect to retain their interests in the deposited securities represented by their ADSs by means of an elective or mandatory conversion of ADSs for unsponsored American depositary shares issued as part of an unsponsored ADS program to be established by the depositary in respect of the deposited securities, upon such terms and conditions as the depositary may deem reasonably practicable and appropriate, subject however, in each case, to (i) the limitations of the laws of Sweden, (ii) satisfaction of the applicable registration requirements by the unsponsored ADS program under the Securities Act, (iii) the depositary giving notice of such elective or mandatory conversion to the holders of ADSs at least thirty (30) days prior to the termination date, and (iv) receipt by the depositary of the applicable ADSs for cancellation and payment of the applicable taxes and the ADS fees and charges of, and reimbursement of the applicable expenses incurred by, the depositary.

#### Books of Depositary
The depositary will maintain ADS holder records at its depositary office. You may inspect such records at such office during regular business hours but solely for the purpose of communicating with other holders in the interest of business matters relating to the ADSs and the deposit agreement.

The depositary will maintain in New York facilities to record and process the issuance, cancellation, combination, split-up and transfer of ADSs. These facilities may be closed from time to time, to the extent not prohibited by law.

#### Limitations on Obligations and Liabilities
The deposit agreement limits our obligations and the depositary's obligations to you. Please note the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We and the depositary are obligated only to take the actions specifically stated in the deposit agreement without negligence or bad faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The depositary disclaims any liability for any failure to carry out voting instructions, for any manner in which a vote is cast or for the effect of any vote, provided it acts in good faith and in accordance with the terms of the deposit agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The depositary disclaims any liability for any failure to determine the lawfulness or practicality of any action, for the content of any document forwarded to you on our behalf or for the accuracy of any translation of such a document, for the investment risks associated with investing in the shares, for the validity or worth of the shares, for any financial transaction entered into by any person in respect of the ADSs or any Deposited Property, for any tax consequences that result from the ownership of, or any transaction involving, ADSs, for the credit-worthiness of any third party, for allowing any rights to lapse under the terms of the deposit agreement, for the timeliness of any of our notices or for our failure to give notice.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We and the depositary will not be obligated to perform any act that is inconsistent with the terms of the deposit agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We and the depositary disclaim any liability if we or the depositary are prevented or forbidden from or subject to any civil or criminal penalty or restraint on account of, or delayed in, doing or performing any act or thing required by the terms of the deposit agreement, by reason of any provision, present or future of any law or regulation, or by reason of present or future provision of any provision of our memorandum and articles of association, or any provision of or governing the securities on deposit, or by reason of any act of God or war or other circumstances beyond our control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We and the depositary disclaim any liability by reason of any exercise of, or failure to exercise, any discretion provided for in the deposit agreement or in our memorandum and articles of association or in any provisions of or governing the securities on deposit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We and the depositary further disclaim any liability for any action or inaction in reliance on the advice or information received from legal counsel, accountants, any person presenting Shares for deposit, any holder of ADSs or authorized representatives thereof, or any other person believed by either of us in good faith to be competent to give such advice or information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We and the depositary also disclaim liability for the inability by a holder to benefit from any distribution, offering, right or other benefit that is made available to holders of the shares but is not, under the terms of the deposit agreement, made available to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We and the depositary may rely without any liability upon any written notice, request or other document believed to be genuine and to have been signed or presented by the proper parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We and the depositary also disclaim liability for any consequential or punitive damages for any breach of the terms of the deposit agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • No disclaimer of any Securities Act liability is intended by any provision of the deposit agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Nothing in the deposit agreement gives rise to a partnership or joint venture, or establishes a fiduciary relationship, among us, the depositary and you as ADS holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Nothing in the deposit agreement precludes the depositary (or its affiliates) from engaging in transactions in which parties adverse to us or the ADS owners have interests, and nothing in the deposit agreement obligates the depositary to disclose those transactions, or any information obtained in the course of those transactions, to us or to the ADS owners, or to account for any payment received as part of those transactions.

 *As the above limitations relate to our obligations and the depositary's obligations to you under the deposit agreement, we believe that, as a matter of construction of the clause, such limitations would likely continue to apply to ADS holders who withdraw the shares from the ADS facility with respect to obligations or liabilities incurred under the deposit agreement before the cancellation of the ADSs and the withdrawal of the shares, and such limitations would most likely not apply to ADS holders who withdraw the shares from the ADS facility with respect to obligations or liabilities incurred after the cancellation of the ADSs and the withdrawal of the shares and not under the deposit agreement.* 

 *In any event, you will not be deemed, by agreeing to the terms of the deposit agreement, to have waived our or the depositary's compliance with U.S. federal securities laws and the rules and regulations promulgated thereunder. In fact, you cannot waive our or the depositary's compliance with U.S. federal securities laws and the rules and regulations promulgated thereunder.* 

#### Taxes
You will be responsible for the taxes and other governmental charges payable on the ADSs and the securities represented by the ADSs. We, the depositary and the custodian may deduct from any distribution the taxes and governmental charges payable by holders and may sell any and all property on deposit to pay the taxes and governmental charges payable by holders. You will be liable for any deficiency if the sale proceeds do not cover the taxes that are due.

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The depositary may refuse to issue ADSs, to deliver, transfer, split and combine ADRs or to release securities on deposit until all taxes and charges are paid by the applicable holder. The depositary and the custodian may take, at its own discretion, reasonable administrative actions to obtain tax refunds and reduced tax withholding for any distributions on your behalf. However, you may be required to provide to the depositary and to the custodian proof of taxpayer status and residence and such other information as the depositary and the custodian may require to fulfill legal obligations. You are required to indemnify us, the depositary and the custodian for any claims by any governmental authority with respect to any and all taxes, additions to tax, penalties and interest.

#### Foreign Currency Conversion
The depositary will arrange for the conversion of all foreign currency received into U.S. dollars if such conversion is practical, and it will distribute the U.S. dollars in accordance with the terms of the deposit agreement. You may have to pay fees and expenses incurred in converting foreign currency, such as fees and expenses incurred in complying with currency exchange controls and other governmental requirements.

If the conversion of foreign currency is not practical or lawful, or if any required approvals are denied or not obtainable at a reasonable cost or within a reasonable period, the depositary may take the following actions in its discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Convert the foreign currency to the extent practical and lawful and distribute the U.S. dollars to the holders for whom the conversion and distribution is lawful and practical.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Distribute the foreign currency to holders for whom the distribution is lawful and practical.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Hold the foreign currency (without liability for interest) for the applicable holders.

#### Governing Law/Waiver of Jury Trial
The deposit agreement, the ADRs and the ADSs will be interpreted in accordance with the laws of the State of New York. The rights of holders of shares (including common shares represented by ADSs) are governed by the laws of Sweden.

As an owner of ADSs, you irrevocably agree that any legal action arising out of the deposit agreement, the ADSs or the ADRs, involving the Company or the depositary, may only be instituted in a state or federal court in the city of New York.

 **AS A PARTY TO THE DEPOSIT AGREEMENT, YOU IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, YOUR RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF THE DEPOSIT AGREEMENT OR THE ADRs AGAINST US AND/OR THE DEPOSITARY.** 

 *The deposit agreement provides that, to the extent permitted by law, ADS holders waive the right to a jury trial of any claim they may have against us or the depositary arising out of or relating to our shares, the ADSs or the deposit agreement, including any claim under U.S. federal securities laws. If we or the depositary opposed a jury trial demand based on the waiver, the court would determine whether the waiver was enforceable in the facts and circumstances of that case in accordance with applicable case law. However, you will not be deemed, by agreeing to the terms of the deposit agreement, to have waived our or the depositary's compliance with U.S. federal securities laws and the rules and regulations promulgated thereunder.* 

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#### PART II

#### ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
Not applicable.

#### ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
Not applicable.

#### ITEM 15. CONTROLS AND PROCEDURES
Not applicable.

#### ITEM 16. RESERVED
Not applicable.

#### ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT
Not applicable.

#### ITEM 16B. CODE OF ETHICS
Not applicable.

#### ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not applicable.

#### ITEM 16D. EXEMPTIONS FROM LISTING STANDARDS FOR AUDIT COMMITTEES
Not applicable.

#### ITEM 16E. PURCHASE OF EQUITY SECURITIES BY ISSUER AND AFFILIATED PURCHASERS
Not applicable.

#### ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
Not applicable.

#### ITEM 16G. CORPORATE GOVERNANCE
Not applicable.

#### ITEM 16H. MINE SAFETY DISCLOSURE
Not applicable.

#### ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
Not applicable.

#### ITEM 16J. INSIDER TRADING POLICIES
Not applicable.

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#### ITEM 16K. CYBERSECURITY
Not applicable.

#### PART III

#### ITEM 17. FINANCIAL STATEMENTS
We have elected to furnish financial statements and related information specified in Item 18.

#### ITEM 18. FINANCIAL STATEMENTS
Financial statements are filed as part of this registration statement, beginning on page F-1.

#### ITEM 19. EXHIBITS
The following documents are filed as part of this registration statement.

---

| | |
|:---|:---|
| **Exhibit <br> Number**  | **Description of Exhibit**  |
| &nbsp;&nbsp; 1.1 | [Certificate of Registration of the Registrant.](tm269615d8_ex1-1.htm)  |
| &nbsp;&nbsp; 1.2 | [Articles of Association of the Registrant.](tm269615d8_ex1-2.htm)  |
| &nbsp;&nbsp; 2.1\* | Form of Deposit Agreement. |
| &nbsp;&nbsp; 2.2\* | Form of American Depositary Receipt evidencing American Depositary Shares (included in Exhibit 2.1). |
| &nbsp;&nbsp; 4.1† | [Exclusive License Agreement, dated February 9, 2024 by and between the Registrant and Nippon Shinyaku Co., Ltd.](tm269615d8_ex4-1.htm)  |
| &nbsp;&nbsp; 4.2+ | [Co-worker LTIP 2025 and form of agreement thereunder.](tm269615d8_ex4-2.htm)  |
| &nbsp;&nbsp; 4.3+ | [Board RSU 2025 and form of agreement thereunder.](tm269615d8_ex4-3.htm)  |
| &nbsp;&nbsp; 4.4+ | [Board LTIP 2024 and form of agreement thereunder.](tm269615d8_ex4-4.htm)  |
| &nbsp;&nbsp; 4.5+ | [Co-worker LTIP 2023 and form of agreement thereunder.](tm269615d8_ex4-5.htm)  |
| &nbsp;&nbsp; 4.6+ | [Board LTIP 2023 and form of agreement thereunder.](tm269615d8_ex4-6.htm)  |
| &nbsp;&nbsp; 4.7+ | [Co-worker LTIP 2021 and form of agreement thereunder.](tm269615d8_ex4-7.htm)  |
| &nbsp;&nbsp; 4.8+ | [Co-worker LTIP 2026 and form of agreement thereunder.](tm269615d8_ex4-8.htm)  |
| &nbsp;&nbsp; 8.1 | [List of subsidiaries.](tm269615d8_ex8-1.htm)  |
| 15.1 | [Consent of Ernst & Young AB, independent registered public accounting firm.](tm269615d8_ex15-1.htm)  |

---

\*

To be filed by amendment.

+

Indicates management contract or compensatory plan.

†

Portions of this exhibit have been omitted pursuant to Item 601(b)(10)(iv) of Regulation S-K.

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#### SIGNATURES
The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this registration statement on its behalf.

#### VICORE PHARMA HOLDING AB
By:

/s/ Ahmed Mousa

Name: Ahmed Mousa

Title: Chief Executive Officer

Date: May 22, 2026

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#### Interim Condensed Consolidated Financial Statements as of March 31, 2026 and for three months ended March 31, 2026 and 2025

#### **Table of Contents** (Unaudited)

---

| | |
|:---|:---|
| | **Page**  |
| [Condensed Consolidated Statements of Comprehensive Income (Loss)](#tVPHA)  | [F-2](#tVPHA) |
| [Condensed Consolidated Statements of Financial Position](#tCCSO)  | [F-3](#tCCSO) |
| [Condensed Consolidated Statements of Changes in Shareholders' Equity](#tCCSO1)  | [F-4](#tCCSO1) |
| [Condensed Consolidated Statements of Cash Flows](#tCCSO2)  | [F-5](#tCCSO2) |
| [Notes to the Interim Condensed Consolidated Financial Statements](#tNTTI)  | [F-6](#tNTTI) |

---

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#### VICORE PHARMA HOLDING AB

#### CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (SEK in thousands, except per share amounts) (Unaudited)

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended March 31,**  | **For the Three Months Ended March 31,**  |
| | **2026**  | **2025**  |
| &nbsp;&nbsp;&nbsp; Net revenues  | 602 | 892 |
| Gross income  | 602 | 892 |
| &nbsp;&nbsp;&nbsp; Administrative expenses  | (21512) | (14126) |
| &nbsp;&nbsp;&nbsp; Research and development expenses  | (102595) | (78728) |
| &nbsp;&nbsp;&nbsp; Other operating income (expenses), net  | (340) | 417 |
| Operating loss  | (123845) | (91545) |
| &nbsp;&nbsp;&nbsp; Financial income  | 15958 | 6415 |
| &nbsp;&nbsp;&nbsp; Financial expenses  | (643) | (26405) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net financial income (expenses)  | 15315 | (19990) |
| Loss before tax  | (108530) | (111535) |
| &nbsp;&nbsp;&nbsp; Tax benefit  | (86) |  |
| Loss attributable to the parent company's shareholders  | (108616) | (111535) |
| Other comprehensive income: |  |  |
| &nbsp;&nbsp;&nbsp; Other comprehensive income (expenses)  | 254 | (595) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive income (loss) for the year, net of tax  | 254 | (595) |
|  Total comprehensive loss attributable to the parent company's shareholders  | (108362) | (112130) |
| Loss per share, before and after dilution (SEK)  | (0.39) | (0.48) |

---

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

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#### VICORE PHARMA HOLDING AB

#### CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (SEK in thousands)

---

| | | |
|:---|:---|:---|
| | **March 31, <br> 2026**  | **December 31, <br> 2025**  |
|  | **(Unaudited)**  |  |
| **Assets** |  |  |
| Long-term receivables  | 3015 | 1713 |
| Total fixed assets  | 3015 | 1713 |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp; Other receivables  | 4098 | 13803 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and accrued income  | 10358 | 11261 |
| &nbsp;&nbsp;&nbsp; Short-term investments  | 682371 | 588591 |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | 377423 | 578147 |
| Total current assets  | 1074250 | 1191802 |
| Total assets  | 1077265 | 1193515 |
| **Equity and liabilities** |  |  |
| Equity attributable to the parent company's shareholders  | 990911 | 1095462 |
| Non-current liabilities: |  |  |
| Other provisions  | 1690 | 4741 |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Trade payables  | 34095 | 21777 |
| &nbsp;&nbsp;&nbsp; Current tax liability  |  | 61 |
| &nbsp;&nbsp;&nbsp; Other liabilities  | 1023 | 11447 |
| &nbsp;&nbsp;&nbsp; Other provisions  | 1439 | 1649 |
| &nbsp;&nbsp;&nbsp; Accrued expenses and deferred income  | 48107 | 58378 |
| Total current liabilities  | 84664 | 93312 |
| Total liabilities  | 86354 | 98053 |
| Total equity and liabilities  | 1077265 | 1193515 |

---

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

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#### VICORE PHARMA HOLDING AB

#### CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (SEK in thousands) (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Share Capital**  | **Other <br> Contributed <br> Capital**  | **Retained <br> Earnings**  | **Total Equity**  |
| **Balance at December 31, 2025**  | **140763** | **2875615** | **(1920916)** | **1095462** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss for the year  |  |  | (108616) | (108616) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive loss  |  |  | 254 | 254 |
| &nbsp;&nbsp;&nbsp; Total comprehensive loss  | **—** | **—** | **(108362)** | **(108362)** |
| Transactions with owners: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issue of new shares  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issue costs  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term incentive program  |  | 3811 |  | 3811 |
| &nbsp;&nbsp;&nbsp; Total transactions with owners  |  | 3811 |  | 3811 |
| **Balance as of March 31, 2026 (Unaudited)**  | **140763** | **2879426** | **(2029278)** | **990911** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Share Capital**  | **Other <br> Contributed <br> Capital**  | **Retained <br> Earnings**  | **Total Equity**  |
| **Balance at December 31, 2024**  | **117290** | **2454493** | **(1442454)** | **1129329** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss for the year  |  |  | (111535) | (111535) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive loss  |  |  | (595) | (595) |
| &nbsp;&nbsp;&nbsp; Total comprehensive loss  | **—** | **—** | **(112130)** | **(112130)** |
| Transactions with owners: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issue of new shares  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issue costs  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term incentive program  |  | 3056 |  | 3056 |
| &nbsp;&nbsp;&nbsp; Total transactions with owners  |  | 3056 |  | 3056 |
| **Balance as of March 31, 2025 (Unaudited)**  | **117290** | **2457549** | **(1554584)** | **1020255** |

---

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

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#### VICORE PHARMA HOLDING AB

#### CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (SEK in thousands) (Unaudited)

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended <br> March 31,**  | **For the Three Months Ended <br> March 31,**  |
| | **2026**  | **2025**  |
| **Operating activities:** |  |  |
| Operating loss  | (123845) | (91545) |
| &nbsp;&nbsp;&nbsp; Non-cash adjustments  | (2672) | 2578 |
| &nbsp;&nbsp;&nbsp; Interest received  | 7241 | 289 |
| &nbsp;&nbsp;&nbsp; Interest paid  | (644) | (6) |
| &nbsp;&nbsp;&nbsp; Income tax paid  | (86) |  |
| Cash flows used in operating activities before changes in working capital  | **(120006)** | **(88684)** |
| **Cash flows from changes in working capital:** |  |  |
| Change in operating receivables  | 10844 | 25417 |
| Change in operating payables  | (8479) | (22846) |
| &nbsp;&nbsp;&nbsp; Cash flows used in operating activities  | **(117641)** | **(86113)** |
| **Investing activities:** |  |  |
| Acquisition of long-term receivables  | (1302) | (1120) |
| Acquisition of short-term investments  | (295342) | (332726) |
| Redemption of short-term investments  | 207981 |  |
| &nbsp;&nbsp;&nbsp; Cash flows from (used in) investing activities  | **(88663)** | **(333846)** |
| **Net increase (decrease) in cash**  | **(206304)** | **(419959)** |
| **Cash and cash equivalents at beginning of the year**  | **578147** | **1156001** |
| **Foreign exchange difference in cash and cash equivalents**  | **5580** | **(20570)** |
| **Cash and cash equivalents at year-end**  | **377423** | **715472** |

---

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

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#### VICORE PHARMA HOLDING AB

#### NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (SEK in thousands, except share, per share amounts and as otherwise indicated)
1. General information

Vicore Pharma Holding AB (publ) (the "Parent Company," and together with its subsidiaries, "Vicore" or the "Company") is a limited liability company with its registered office in Stockholm, Sweden. The address of the main office is Kornhamnstorg 53, 111 27 Stockholm, Sweden.

Vicore is a clinical-stage pharmaceutical company unlocking the potential of a new class of drugs with disease-modifying potential in respiratory and fibrotic diseases, including idiopathic pulmonary fibrosis ("IPF"). The Company's lead program, buloxibutid ("C21"), is an oral small molecule angiotensin II type 2 ("AT2") receptor agonist, which has received Orphan Drug and Fast Track designation from the United States Food and Drug Administration ("FDA") and is currently being investigated in the global 52-week Phase 2b ASPIRE trial in IPF.

The consolidated financial statements for the three-month periods ended March 31, 2026, and 2025 include the operations of the Parent Company and its fully owned subsidiaries, Vicore Pharma AB ("Vicore Pharma") and Vicore Pharma US, Inc.

These consolidated financial statements for the first quarter of 2026 were approved for issuance by the Board of Directors on May 6, 2026.

2. Summary of significant accounting and reporting policies

2.1. Basis of preparation

The interim condensed consolidated financial statements for the period ended March 31, 2026 have been prepared in accordance with IAS 34 Interim Financial Reporting, which allows a presentation of a selection of explanatory notes. The notes do not include all information required for full annual financial statements and should thus be read in conjunction with the consolidated financial statements as of, and for the years ended, December 31, 2025 and 2024. The interim condensed consolidated financial statements for the three months ended March 31, 2026 have been prepared using the same accounting policies and methods as those applied for the year ended December 31, 2025.

2.2. New and amended standards and interpretations of existing standards

New and amended accounting standards and interpretations that have been published and will take effect in 2026 or later have not been applied in the preparation of this financial report. IFRS 18 Presentation and Disclosure in Financial Statements, published by the IASB in April 2024. It will apply from January 1, 2027 and replace IAS 1 Presentation of Financial Statements. IFRS 18 will affect the presentation and disclosures in the Company's financial reports by introducing new categories in the income statement — operating activities, investing, and financing — as well as a new subtotal for operating income. The standard also includes enhanced disclosure requirements, particularly regarding Management Performance Measures (MPM). The Company is currently assessing the effects of IFRS 18.

3. Risks and uncertainties

3.1. Operational risks

The Company is engaged in research and development operations through its subsidiary Vicore Pharma AB. Research and development involves a significant inherent level of risk and is a capital-intensive process. The majority of initiated projects in the drug development industry will never reach market registration due to technical risks, including the risk of insufficient efficacy, intolerable side effects or manufacturing problems. The Company's development projects may be delayed and/or incur greater costs and capital need than expected. Delays in clinical development can occur for various reasons, including difficulties in reaching agreements with clinics about participation in clinical studies under acceptable

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conditions, problems in identifying and recruiting patients for studies, patients not completing a study or not returning for follow-up, or other events outside the Company's control. The Company is dependent on partners for clinical trials, manufacturing and supply, which also exposes the Company to third-party operational, quality, compliance and geopolitical supply chain risks.

Patents that the Company has applied for may not be granted and granted patents may be challenged, leading to loss of patent protection. If competing pharmaceutical products capture market share or reach the market faster, or if competing research projects achieve better product profiles, the future value of the product portfolio may be lower than expected. Decisions from public authorities, including decisions related to approvals, reimbursement and price changes, may also negatively impact the operations.

3.2. Financial risks

Through its operations, the Company is exposed to various types of financial risk; credit risks, market risks (foreign exchange risk, interest rate risk and other price risks) and liquidity risks (including refinancing risk). The Company's overall risk management objective focuses on the unpredictability of financial markets and strives to minimize potentially unfavorable consequences for the Company's financial position and performance. For additional information about operational and financial risks and other risk factors, refer to the notes to the consolidated financial statements for the year ended December 31, 2025 included in this registration statement.

4. Operating segments

The Company operates as a single operating segment. This determination is consistent with the internal reporting to the chief operating decision makers ("CODM") of the Company, which is the person or persons who make decisions about the allocation of resources and evaluate financial performance. The Company's CODM is the Chief Executive Officer. The CODM reviews information at the consolidated level for resource allocation and evaluation of the Company's financial performance. The CODM uses operating losses and cash flows from operating activities to evaluate performance in deciding how to allocate cash resources. Significant expenses presented to the CODM include research and development and general and administrative expenses, which are each separately presented on the Company's consolidated statements of operations. The Company's tangible and intangible assets are located in Sweden.

5. Share-based incentive programs

The purpose of share-based incentive programs is to promote the Company's long-term interests by motivating and rewarding the Company's senior management and other employees in line with the interests of the shareholders. As of March 31, 2026 and December 31, 2025, the Company had six active incentive programs that include the management team, other employees and board members.

 *2018 long-term incentive program* 

The Extra General Meeting held on August 13, 2018 approved the adoption a long-term incentive program for certain of the Company's senior management and key persons ("Co-worker LTIP 2018"). A maximum of 2,000,000 options may be allotted to participants under the program. During the third quarter of 2024, the Co-worker LTIP 2018 expired. The program was terminated as of December 31, 2025.

 *2021 long-term incentive programs* 

The annual general meeting held on May 11, 2021, resolved to implement a long-term incentive program for senior management and personnel (including employees and consultants) in the Company ("Coworker LTIP 2021") and to implement a long-term performance-based incentive program for independent board members in the Company who were not participants in Board LTIP 2020 ("Board LTIP 2021"). A maximum of 3,000,000 options (Co-worker LTIP 2021) and 61,773 share awards (Board LTIP 2021) may be allotted to participants in the programs. During the second quarter of 2024, the Board LTIP 2021 expired. This program was terminated as of December 31, 2025.

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 *2023 long-term incentive programs* 

At the annual general meeting held on May 11, 2023 ("2023 AGM"), the Company's shareholders approved the long-term incentive program for senior management and personnel ("Co-worker LTIP 2023") and the long-term incentive program for the board members in the Company ("Board LTIP 2023"). A maximum of 5,000,000 options (Co-worker LTIP 2023) and 79,931 share awards (Board LTIP 2023) may be allotted to participants in the programs.

 *2024 long-term incentive program* 

The 2024 AGM approved the long-term incentive program for the Company's board members ("Board LTIP 2024"). A maximum of 297,000 share awards may be issued to the program participants.

 *2025 long-term incentive programs* 

Two incentive programs were implemented by the resolution of the 2025 AGM, which include maximum of 7,000,000 employee stock options to senior leaders and key persons ("Co-worker LTIP 2025"), and a maximum of 1,070,000 RSUs to the board members ("Board RSU 2025").

 *Summary of options, share awards, and RSU activities* 

The summary of the option, share awards, and RSU activities for the three month period ended March 31, 2026 is as follows:

---

| | |
|:---|:---|
| | **For the Three Months <br> ended March 31,**  |
| **Number of share awards oustanding**  | **2026**  |
| Balance at January 1, 2026  | 8271266 |
| Granted |  |
| &nbsp;&nbsp;&nbsp; Co-worker LTIP 2023  | 300000 |
| &nbsp;&nbsp;&nbsp; Co-worker LTIP 2025  | 4661000 |
| Forfeited/lapsed |  |
| &nbsp;&nbsp;&nbsp; Co-worker LTIP 2023  | (36806) |
| Balance at March 31, 2026  | 13195460 |

---

The summary of the option, share awards, and RSU by incentive program is as follows:

---

| | |
|:---|:---|
| | **March 31,**  |
| | **2026**  |
| | **Number of <br> share awards**  |
| Employee stock options |  |
| &nbsp;&nbsp;&nbsp; Co-worker LTIP 2021  | 2299614 |
| &nbsp;&nbsp;&nbsp; Co-worker LTIP 2023  | 4564348 |
| &nbsp;&nbsp;&nbsp; Co-worker LTIP 2025  | 5811000 |
| **Total outstanding options**  | **12674962** |
| Share awards |  |
| Board LTIP 2023  | 57881 |
| Board LTIP 2024  | 141434 |
| Board LTIP 2025  | 321183 |
| **Total outstanding awards**  | **520498** |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

6. Fair value measurement

IFRS 13, Fair Value Measurement contains a valuation hierarchy regarding inputs to the measurements.

This measurement hierarchy is divided into three levels, which comprise:

Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities

Level 2 — Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as price quotations) or indirectly (that is, derived from price quotations)

Level 3 — Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs)

The Company recognizes transfers between levels of the fair value hierarchy (Levels 1, 2, and 3) as of the end of the reporting period during which the change in circumstances or inputs occurred.

Investments in financial assets are measured at fair value through profit or loss. Investments in listed shares are measured at fair value according to Level 1 in the valuation hierarchy. Listed investments are measured on the basis of their market price at the reporting period end.

Short-term investments are subsequently measured at amortized cost. Interest income is recognized in profit or loss using the effective interest method, and foreign exchange differences are recognized in profit or loss.

The Company's financial assets and liabilities include cash, cash equivalents, short-term investments, trade payables and accrued expenses. For these instruments, the carrying amount is considered a reasonable estimate of the fair value.

7. Reclassification of comparative information

In order to enhance comparability and reflect the presentation applied in the current period, certain comparative amounts in the consolidated statements of financial position have been reclassified. These reclassifications relate primarily to the net presentation of research and development payables, prepayments and accruals, which were previously presented on a gross basis. The reclassifications are immaterial to the prior period and did not affect profit or loss, total equity, or cash flows for any period presented.

The impact of the revision on the Company's statement of financial position as of December 31, 2025, is reflected in the following table:

---

| | | | |
|:---|:---|:---|:---|
| **(SEK in thousands)**  | **As previously <br> reported**  | **Adjustment**  | **As restated**  |
| Prepaid expenses and accrued income  | 36383 | (25122) | 11261 |
| Total current assets  | 1216924 | (25122) | 1191802 |
| **Total assets**  | **1218637** | **(25122)** | **1193515** |
| Trade payables  | (39473) | 17696 | (21777) |
| Accrued expenses and deferred income  | (65804) | 7426 | (58378) |
| Total current liabilities  | (118434) | 25122 | (93312) |
| **Total liabilities**  | **(123175)** | **25122** | **(98053)** |

---

8. #### Subsequent events
In May 2026, the Company's shareholders approved two long-term incentive programs: (i) an incentive program for our executive officers and personnel (including employees and consultants), or the Co-worker LTIP 2026, and (ii) an incentive program for members of our Board, or the Board RSU 2026. The aggregate maximum number of awards issuable under these programs is 11,000,000 stock options under the Co-worker LTIP 2026 and 1,185,000 RSUs under the Board RSU 2026.

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 *Co-worker LTIP 2026* 

Under the Co-worker LTIP 2026 program each option entitles holders to acquire one share in the Company for a fixed exercise price equal to125 percent of the volume-weighted average price of the Company's share on Nasdaq Stockholm for the five trading days preceding the grant date. The options vest over a three-year period, with one-third vesting on each anniversary of the grant date, such that all options will have vested on the third anniversary of the grant date, provided that the holder, with some customary exceptions (including retirement and permanent incapacity to work due to illness or accident), remains employed by the Company. Vested options must be exercised no later than the fifth anniversary of the grant date.

 *Board RSU 2026* 

Under the Board RSU 2026 program, participating directors receive, at no cost RSUs which vest over a period of approximately one year through whichever is earliest, (i) the 2027 Annual General Meeting or (ii) June 1, 2027 (the "RSU 2026 Vesting Date"). The RSUs are exercisable starting the next day following the RSU 2026 Vesting Date through the earlier of (i) 90 days after the last day of service as a member of the Board, or (ii) June 1, 2036. The Board RSU 2026 program covers RSUs issuable to the Board members if they elect to receive 50% of their gross board fees (excluding fees for committee work) in RSUs instead of cash compensation.

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#### Consolidated Financial Statements as of December 31, 2025 and 2024 and for each of three years in the period ended December 31, 2025

#### **Table of Contents**

---

| | |
|:---|:---|
| | **Page**  |
| [Report of Independent Registered Public Accounting Firm (PCAOB ID: 1433)](#fRIPF)  | [F-12](#fRIPF) |
| [Consolidated Statements of Comprehensive Income (Loss)](#fCSOC)  | [F-13](#fCSOC) |
| [Consolidated Statements of Financial Position](#fCSOF)  | [F-14](#fCSOF) |
| [Consolidated Statements of Changes in Shareholders' Equity](#fCSOC1)  | [F-15](#fCSOC1) |
| [Consolidated Statements of Cash Flows](#fCSOC2)  | [F-16](#fCSOC2) |
| [Notes to the Consolidated Financial Statements](#fNTTC)  | [F-17](#fNTTC) |

---

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#### Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Directors of Vicore Pharma Holding AB

#### Opinion on the Financial Statements
We have audited the accompanying consolidated statements of financial position of Vicore Pharma Holding AB (the Company) as of December 31, 2025 and 2024, the related consolidated statements of comprehensive income (loss)**,** changes in shareholders' equity and cash flows for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board.

#### Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Ernst & Young AB

We have served as the Company's auditor since 2005.

Stockholm, Sweden

April 17, 2026, except for Note 8, as to which the date is May 22, 2026

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#### VICORE PHARMA HOLDING AB

#### CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (SEK in thousands, except per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **For the Years Ended December 31,**  | **For the Years Ended December 31,**  | **For the Years Ended December 31,**  |
| | **Note**  | **2025**  | **2024**  | **2023**  |
| &nbsp;&nbsp;&nbsp; Net revenues  | 5  | 3817 | 109346 |  |
| Gross income  |  | 3817 | 109346 |  |
| &nbsp;&nbsp;&nbsp; Administrative expenses  | 6  | (67914) | (50443) | (36923) |
| &nbsp;&nbsp;&nbsp; Marketing and distribution expenses  | 6  |  |  | (7672) |
| &nbsp;&nbsp;&nbsp; Research and development expenses  | 6  | (390348) | (249263) | (276294) |
| &nbsp;&nbsp;&nbsp; Other operating income (expenses), net  | 6, 10  | 2059 | (3829) | (617) |
| Operating loss  |  | (452386) | (194189) | (321506) |
| &nbsp;&nbsp;&nbsp; Financial income  | 11  | 23888 | 25307 | 10538 |
| &nbsp;&nbsp;&nbsp; Financial expenses  | 12  | (48976) | (8) | (358) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net financial income (expenses)  |  | (25088) | 25299 | 10180 |
| Loss before tax  |  | (477474) | (168890) | (311326) |
| &nbsp;&nbsp;&nbsp; Tax benefit  | 13  |  | 256 | 384 |
| Loss attributable to the parent company´s shareholders  |  | (477474) | (168634) | (310942) |
| Other comprehensive income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Other comprehensive income (expenses)  |  | (988) | 442 | (668) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive income (loss) for the year, net of tax  |  | (988) | 442 | (668) |
|  Total comprehensive loss attributable to the parent company´s shareholders  |  | (478462) | (168192) | (311610) |
| Loss per share, before and after dilution (SEK)  | 14  | (1.99) | (1.23) | (3.18) |

---

The accompanying notes are an integral part of these consolidated financial statements.

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#### VICORE PHARMA HOLDING AB

#### CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (SEK in thousands)

---

| | | | |
|:---|:---|:---|:---|
| | | **December 31,**  | **December 31,**  |
| | **Note**  | **2025**  | **2024**  |
| **Assets** |  |  |  |
| Long-term receivables  | 19  | 1713 |  |
| Total fixed assets  |  | 1713 |  |
| Current assets: |  |  |  |
| &nbsp;&nbsp;&nbsp; Other receivables  |  | 13803 | 14385 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and accrued income  | 20  | 11261 | 13501 |
| &nbsp;&nbsp;&nbsp; Short-term investments  | 21  | 588591 |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  |  | 578147 | 1156001 |
| Total current assets  |  | 1191802 | 1183887 |
| Total assets  |  | 1193515 | 1183887 |
| **Equity and liabilities** |  |  |  |
| Equity:  | 22  |  |  |
| &nbsp;&nbsp;&nbsp; Share capital  |  | 140763 | 117290 |
| &nbsp;&nbsp;&nbsp; Other contributed capital  |  | 2875615 | 2454493 |
| &nbsp;&nbsp;&nbsp; Retained earnings  |  | (1920916) | (1442454) |
| Total equity  |  | 1095462 | 1129329 |
| Non-current liabilities: |  |  |  |
| Other provisions  | 23  | 4741 | 556 |
| Current liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp; Trade payables  | 17, 18  | 21777 | 21717 |
| &nbsp;&nbsp;&nbsp; Current tax liability  |  | 61 | 1932 |
| &nbsp;&nbsp;&nbsp; Other liabilities  |  | 11447 | 17714 |
| &nbsp;&nbsp;&nbsp; Other provisions  | 23  | 1649 | 328 |
| &nbsp;&nbsp;&nbsp; Accrued expenses and deferred income  | 24  | 58378 | 12311 |
| Total current liabilities  |  | 93312 | 54002 |
| Total liabilities  |  | 98053 | 54558 |
| Total equity and liabilities  |  | 1193515 | 1183887 |

---

The accompanying notes are an integral part of these consolidated financial statements.

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#### VICORE PHARMA HOLDING AB

#### CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (SEK in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Share Capital**  | **Other Contributed <br> Capital**  | **Retained Earnings**  | **Total Equity**  |
| **Balance at January 1, 2023**  | **40924** | **1210811** | **(962652)** | **289083** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss for the year  |  |  | (310942) | (310942) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive loss  |  |  | (668) | (668) |
| &nbsp;&nbsp;&nbsp; Total comprehensive loss  | **—** | **—** | **(311610)** | **(311610)** |
| Transactions with owners: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issue of new shares  | 14937 | 485469 |  | 500406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issue costs  |  | (29488) |  | (29488) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term incentive program  |  | 6998 |  | 6998 |
| &nbsp;&nbsp;&nbsp; Total transactions with owners  | 14937 | 462979 |  | 477916 |
| **Balance as of December 31, 2023**  | **55861** | **1673790** | **(1274262)** | **455389** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss for the year  |  |  | (168634) | (168634) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive income  |  |  | 442 | 442 |
| &nbsp;&nbsp;&nbsp; Total comprehensive loss  | **—** | **—** | **(168192)** | **(168192)** |
| Transactions with owners: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issue of new shares  | 61429 | 820714 |  | 882143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issue costs  |  | (48080) |  | (48080) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term incentive program  |  | 8069 |  | 8069 |
| &nbsp;&nbsp;&nbsp; Total transactions with owners  | 61429 | 780703 |  | 842132 |
| **Balance as of December 31, 2024**  | **117290** | **2454493** | **(1442454)** | **1129329** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss for the year  |  |  | (477474) | (477474) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive loss  |  |  | (988) | (988) |
| &nbsp;&nbsp;&nbsp; Total comprehensive loss  | **—** | **—** | **(478462)** | **(478462)** |
| Transactions with owners: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issue of new shares  | 23473 | 431625 |  | 455098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issue costs  |  | (24554) |  | (24554) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term incentive program  |  | 14051 |  | 14051 |
| &nbsp;&nbsp;&nbsp; Total transactions with owners  | 23473 | 421122 |  | 444595 |
| **Balance as of December 31, 2025**  | **140763** | **2875615** | **(1920916)** | **1095462** |

---

The accompanying notes are an integral part of these consolidated financial statements.

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#### VICORE PHARMA HOLDING AB

#### CONSOLIDATED STATEMENTS OF CASH FLOWS (SEK in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **For the Years Ended December 31,**  | **For the Years Ended December 31,**  | **For the Years Ended December 31,**  |
| | **Note**  | **2025**  | **2024**  | **2023**  |
| **Operating activities:** |  |  |  |  |
| Operating loss  |  | (452386) | (194189) | (321506) |
| &nbsp;&nbsp;&nbsp; Non-cash adjustments  | 25  | 17825 | 10128 | 72140 |
| &nbsp;&nbsp;&nbsp; Interest received  |  | 18339 | 20920 | 10431 |
| &nbsp;&nbsp;&nbsp; Interest paid  |  | (59) | (7) | (2) |
|  Cash flows used in operating activities before changes in working capital  |  | **(416281)** | **(163148)** | **(238937)** |
| **Cash flows from changes in working capital:** |  |  |  |  |
| Change in operating receivables  |  | 2555 | (14789) | (4284) |
| Change in operating payables  |  | 37989 | 12991 | (6362) |
| &nbsp;&nbsp;&nbsp; Cash flows used in operating activities  |  | **(375737)** | **(164946)** | **(249583)** |
| **Investing activities:** |  |  |  |  |
| Acquisition of short-term investments  | 21  | (983954) | (64810) | (199039) |
| Redemption of short-term investments  | 21  | 383448 | 213848 | 54584 |
| &nbsp;&nbsp;&nbsp; Cash flows from (used in) investing activities  |  | **(600506)** | **149038** | **(144455)** |
| **Financing activities:** |  |  |  |  |
| Amortization contract liability  |  |  |  | (63) |
| Issue of new shares  |  | 455098 | 882143 | 500406 |
| Issue costs  |  | (24554) | (48080) | (29488) |
| &nbsp;&nbsp;&nbsp; Cash flows from financing activities  |  | **430544** | **834063** | **470855** |
| **Net increase (decrease) in cash**  |  | **(545699)** | **818155** | **76817** |
| **Cash and cash equivalents at beginning of the year**  |  | **1156001** | **333620** | **256803** |
| **Foreign exchange difference in cash and cash equivalents**  | 11, 12  | **(32155)** | **4226** | **—** |
| **Cash and cash equivalents at year-end**  |  | **578147** | **1156001** | **333620** |

---

The accompanying notes are an integral part of these consolidated financial statements.

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#### VICORE PHARMA HOLDING AB

#### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (SEK in thousands, except share, per share amounts and as otherwise indicated)
1. Corporate Information

Vicore Pharma Holding AB (publ) (the "Parent Company," and together with its subsidiaries, "Vicore" or the "Company") is a limited liability company with its registered office in Stockholm, Sweden. The address of the main office is Kornhamnstorg 53, 111 27 Stockholm, Sweden.

Vicore is a clinical-stage pharmaceutical company unlocking the potential of a new class of drugs with disease-modifying potential in respiratory and fibrotic diseases, including idiopathic pulmonary fibrosis ("IPF"). The Company's lead program, buloxibutid ("C21"), is an oral small molecule angiotensin II type 2 ("AT2") receptor agonist, which has received Orphan Drug and Fast Track designation from the United States Food and Drug Administration ("FDA") and is currently being investigated in the global 52-week Phase 2b ASPIRE trial in IPF.

The consolidated financial statements include the operations of the Parent Company and its fully-owned subsidiaries Vicore Pharma AB ("Vicore Pharma"), Vicore Pharma US, Inc. and INIM Pharma AB (until INIM Pharma AB's merger into Vicore Pharma Holding AB in the second quarter of 2025).

These consolidated financial statements were approved for issuance by the Board of Directors on March 25, 2026.

2. Significant accounting policies

2.1. Basis of preparation

The consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards ("IFRS") Accounting Standards as issued by the International Accounting Standards Board ("IASB").

2.2. Currency and foreign currency transactions

The functional currency is the currency of the primary economic environments in which the companies operate. The Parent Company's functional currency is the Swedish kronor ("SEK"), which is also the reporting currency for the Company. The functional currency of the Parent Company's subsidiaries is typically the local currency.

Exchange rate differences are recognized in income (loss). Exchange rate gains and losses on operating assets and liabilities are reported in operating results, while exchange rate gains and losses on financial assets and liabilities are reported as financial items. Translation from the functional currency of the subsidiaries to the reporting currency is recognized in other comprehensive income.

2.3. Segment disclosures

The Company operates as a single operating segment based on the Company's internal organization and reporting structures. See Note 4 for additional disclosures.

2.4. Revenue from contracts with customers

The Company's revenue primarily consists of revenue from licensing and research collaboration agreements.

The transaction price is determined based on the expected amount the Company expects to receive under the agreement in exchange for the transfer of goods or services. Revenue is recognized either at a given point in time or overtime when, or if, the Company fulfills its performance obligations by transferring the promised goods or services to the collaboration partner.

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The Company recognizes contract liabilities upon receipt of payment for its unfulfilled performance obligations and recognizes these amounts as deferred income on the balance sheet. If the Company fulfills a performance obligation before compensation is received, it recognizes either accrued income or a receivable on the balance sheet, depending on when payment is due.

2.4.1. Licensing and research collaboration agreements

Consideration from licensing and research collaboration agreements generally comprises upfront licensing fees, milestone payments, and royalties. In addition, the Company may have contractual rights to reimbursement for certain costs incurred.

Non-refundable upfront payments are deferred and recognized as revenue as the underlying goods or services are delivered. For license and research collaboration arrangements, this is typically when the Company delivers technology to the counterparty. The Company evaluates whether licenses to technology constitutes a "right to use" or a "right to access" in accordance with IFRS 15. If the license is classified as a "right to use", revenue is recognized at a point in time. Conversely, if the license is classified as a "right to access", revenue is recognized overtime over the fulfillment period of the performance obligation. The Company measures progress towards completion by continuously assessing the percentage of completion based on the costs incurred.

Milestone payments represent amounts received from collaborators upon the achievement of certain scientific, regulatory, or commercial milestones. The Company recognizes milestone payments when the triggering event has occurred, there are no further contingencies or services to be provided with respect to that event, and the counterparty has no right to refund of the payment. The triggering event may be scientific results achieved by the Company or another party to the arrangement, regulatory approvals, or the marketing of products developed under the arrangement.

Royalty revenues are recognized when the underlying sales occur in accordance with the terms of the collaboration agreement and there is reasonable assurance that the receivables from outstanding royalties will be collected.

2.5. Leasing agreement

The Company has exclusively entered into leasing agreements with lease terms shorter than 12 months, primarily consisting of leases for premises.

Leasing agreements are reported as contract assets with a corresponding lease liability on the day that the leased asset is available for use by the Company. Leasing payments have been discounted with the Company's marginal loan interest rate. Leasing agreements with lease terms shorter than 12 are expensed on a straight-line basis over the lease term.

2.6. Employee benefits

Short-term compensation to employees, such as salary, social security contributions, holiday pay and bonus, is expensed when the employees perform services.

The Company offers defined contribution pension plans to its employees. The Company remits fixed contributions to a separate entity and has no legal or constructive obligation in relation to future retirement obligations under the pension plans. The Company's obligations related to the contributions to defined contribution plans are reported as expenses in the consolidated statement of comprehensive income (loss) as these benefits are earned.

2.7. Incentive programs

There are two types of share-based incentive programs: option programs for employees and share award and Restricted Share Unit ("RSU") programs for board members. The options, share awards and RSUs are granted free of charge and are settled with equity instruments.

The fair value of share-based payments is accounted for as personnel costs. The fair value of employee stock options is determined at grant date using the Black-Scholes model for pricing of options. For share

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awards and RSUs, the fair value is measured at the grant date based on the quoted market price of the Company's shares. The fair value is recognized ratably, along with a corresponding increase in equity, over the vesting period, adjusted for estimated forfeitures.

Social security contributions related to share-based awards to employees are expensed over the service period. The expense related to these contributions is calculated using the same valuation model as for the options issued. The provision estimate is updated at each reporting date based on the projected amount of the social charges that would be payable when the instruments are settled.

2.8. Financial income and expenses

Financial income consists primarily of interest income on cash and short-term investments, as well as net exchange rate gains arising from the remeasurement of cash and short-term investments denominated in foreign currencies. Financial expenses consists primarily of net exchange rate losses arising from the remeasurement of cash and short-term investments denominated in foreign currencies.

2.9. Income taxes

Income taxes consist of current and deferred taxes. Income taxes are recognized in income or loss except when the underlying transaction is recognized in other comprehensive income or equity, in which case the tax effect is recognized in other comprehensive income or equity.

The Company's deferred tax liability is mainly related to the depreciation of acquired intangible assets.

2.10. Earnings per share

Earnings per share before dilution are calculated as income or loss divided by the weighted average number of shares outstanding during the period.

Earnings per share after dilution are calculated as income or loss divided, in some cases adjusted, by the sum of the weighted average number of shares and shares issuable upon exercises of options and vesting of share awards and RSUs unless the inclusion of such shares would be anti-dilutive.

2.11. Intangible assets

Intangible assets held by the Company include acquired patents, licenses and similar rights.

Amortization of the intangible assets starts when the asset can be used, specifically when it is in the place and condition required to be able to use it for its intended purpose. The estimated useful life for intangible fixed assets with a finite useful life is generally in line with the remaining patent period. Amortization is recognized on a straight-line basis over the estimated useful life of the asset.

2.12. Fixed assets

Fixed assets are depreciated on a straight-line basis over their estimated useful lives. Fixed assets consist primarily of equipment with useful life of 5 years.

2.13. Impairment of non-financial assets

Non-financial assets are assessed for impairment in cases where there are indications of a decline in value or whenever events or changes in circumstances indicate that the fair value is not recoverable. Recoverability of these assets is assessed based on undiscounted expected future cash flows from the assets, considering a number of factors, including past operating results, budgets and economic projections, market trends, and product development cycles. Assets are deemed impaired when the undiscounted expected future cash flows derived from the asset are less than its carrying value. Impairment loss is measured as the excess of the carrying value of the impaired asset over its fair value.

2.14. Financial assets and liabilities

Financial assets and financial liabilities are recognized on the consolidated statement of financial position when the Company becomes a party to the transaction according to the instrument's contractual

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terms. Financial assets, or parts thereof, are removed from the balance sheet when the rights in the agreement are realized, expired or when the Company loses control over them. Financial liabilities, or parts thereof, are removed from the consolidated statement of financial position when the obligation in the agreement is fulfilled or otherwise extinguished. Acquisitions and divestments of financial assets are reported on the trade date. The trade date constitutes the day when the company undertakes to acquire or divest the asset.

Financial instruments are classified at acquisition based on the purpose for which the instrument was acquired and managed.

2.14.1. Classification and valuation of financial assets

The classification of financial assets that are debt instruments is based on the Company's business model for managing the asset and the nature of the asset's contractual cash flows. Assets are classified according to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Amortized cost

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Fair value through income or loss, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Fair value through other comprehensive income

The Company's financial assets that are classified at amortized cost include accounts receivable, certain other receivables, short-term investments, and cash and cash equivalents. Financial assets classified at amortized cost are initially measured at fair value with the addition of transaction costs.

After initial recognition, the assets are valued at amortized cost after deduction of loss reserve for expected credit losses. Assets classified at amortized cost are solely payments of principal and interest on the outstanding principal amount.

The Company's financial liabilities consist of accounts payable and other current liabilities, which are all classified at amortized cost. Financial liabilities recognized at amortized cost are initially measured at fair value including transaction costs. After the initial recognition, the financial liabilities are valued according to the effective interest method.

2.14.2. Impairment of financial assets

The Company's impairment model is based on expected credit losses considering all reasonable and substantiated information, including forward-looking information. A loss reserve is recorded when there is exposure to credit risk, typically at initial recognition for an asset or receivable. This loss reserve is updated at each reporting period end.

2.15. New and amended standards and interpretations of existing standards

As of January 1, 2025, the Company applies the amendments to International Accounting Standards ("IAS") 21 *The Effects of Changes in Foreign Exchange Rates*. Under IAS 21, the entities must disclose net exchange differences in profit or loss and other comprehensive income or loss, reconciliation of equity components, the functional currency (if different from the presentation currency), and reasons for any changes in functional currency. The adoption of IAS 21 has not had any material impact on the Company's financial statements.

New and amended accounting standards and interpretations that have been published and will take effect in 2026 or later have not been applied in the preparation of this financial report. IFRS 18 Presentation and Disclosure in Financial Statements, published by the IASB in April 2024. It will apply from January 1, 2027 and replace IAS 1 Presentation of Financial Statements. IFRS 18 will affect the presentation and disclosures in the Company's financial reports by introducing new categories in the income statement — operating activities, investing, and financing — as well as a new subtotal for operating income. The standard also includes enhanced disclosure requirements, particularly regarding Management Performance Measures (MPM). The Company is currently assessing the effects of IFRS 18.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3. Summary of critical accounting judgments and key sources of estimation uncertainty

The preparation of the financial statements in accordance with IFRS requires the Company's management to make judgments and accounting estimates that affect the application of the accounting policies and the carrying amounts of assets, liabilities, revenue and expenses.

The estimates and underlying assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. The actual outcome could deviate from these estimates. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are described below.

3.1.1. Impairment of intangible assets

During the year ended December 31, 2023, the Company recorded impairments on certain intangible assets related to discontinued research and development programs. As the programs were discontinued, the impairment loss represented the full carrying value of the intangible assets. Refer to Note 15.

In addition, the Company recognized certain intangible assets which became fully amortized during the year ended December 31, 2024. Prior to becoming fully amortized, these assets were tested for impairment utilizing assumptions and judgments to estimate a recoverable amount. These assumptions and judgments related to, among others, the expected future selling price for the Company's commercial product, buloxibutid, expected market penetration, expected development, marketing and distribution costs and expected likelihood that the products will pass the remaining stages of development. The assumptions were based on industry- and market-specific data and are produced by the management and reviewed by the Board of Directors.

3.1.2. Capitalization of intangible assets

Development expenditures are capitalized when they fulfill the criteria set out in IAS 38 and are expected to represent material amounts for the development initiative as a whole. Development expenditures are otherwise expensed as normal operating costs. The criteria for capitalization are that the end product of the development work has a demonstrable future earning capacity or cost savings and cash flow, and that there are technical and financial preconditions to finish the development work when it begins. The Company only has acquired intangible assets. Since regulatory approval has not yet been obtained for any developed assets, no costs have been capitalized to date.

3.1.3. Research and development expenses

The Company conducts research and development activities through external collaboration partners, such as clinical research organizations (CROs). The Company expenses the costs over these research and development activities over project term based on estimated completion percentage of the activities of each specific as of each reporting period end. The payments made prior to the receipt of goods or services to be used in research and development are capitalized until the goods or services are received.

3.1.4. Incentive programs

The Company has six active share-based long-term incentive programs. The applicable accounting policies are described in Note 2. The share-based expense recognized in each period is based on the original valuation of the awards at the grant date, vesting term, the number of options that are expected to be vested by the participant under the terms of the programs and a continuous reassessment of the value of the tax benefits for the participants in the incentive programs (for determining provisions for social security contributions). Significant valuation assumptions are described in Note 9 "Share-based payments".

3.1.5. Tax loss carryforwards

There is a high risk that the tax loss carryforwards may not be utilized as the Company may never achieve profitability. The tax loss carryforwards will be recorded when the Company has established a level

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of earnings which can support projection of future taxable income. As a result, no deferred tax assets related to tax loss carryforwards were recognized through December 31, 2025.

4. Operating segments

The Company operates as a single operating segment. This determination is consistent with the internal reporting to the chief operating decision makers ("CODM") of the Company, which is the person or persons who make decisions about the allocation of resources and evaluate financial performance. The Company's CODM is the Chief Executive Officer. The CODM reviews information at the consolidated level for resource allocation and evaluation of the Company's financial performance. The CODM uses operating losses and cash flows from operating activities to evaluate performance in deciding how to allocate cash resources. Significant expenses presented to the CODM include research and development and general and administrative expenses, which are each separately presented on the Company's consolidated statements of operations. The Company's tangible and intangible assets are located in Sweden.

5. Net revenues

In February 2024, the Company entered into an exclusive license agreement with Nippon Shinyaku, a Japanese pharmaceutical company, under which Nippon Shinyaku will develop and commercialize buloxibutid in Japan. The term of the agreement ends upon expiration of all of Nippon Shinyaku's payment obligations including all development and commercial milestone payments, together with all royalty obligations through the end of the royalty term, which extends until the later of (i) ten years after first commercial sale in Japan, (ii) one year following expiration of regulatory exclusivity in Japan, or (iii) expiration of the last-to-expire valid claim covering the buloxibutid in Japan. Either party may terminate the agreement for material breach by the other party, if such breach has not been cured within a specified time, or insolvency of the other party. The parties may also terminate the agreement by mutual consent. In addition, Nippon Shinyaku may terminate the license agreement for convenience beginning 12 months after its effective date by providing 360 days prior written notice.

Under the terms of the agreement, the Company received an initial payment of SEK 104.2 million (USD 10 million) and is entitled to potential development and commercial milestone payments up to a total of SEK 2.6 billion (USD 275 million). In addition, the Company receives reimbursement for the expenses incurred by the Company for certain drug development activities related to buloxibutid. The Company received SEK 3.8 million and SEK 5.1 million in reimbursements from Nippon Shinyaku for the years ended December 31, 2025 and 2024, respectively. The Company is also eligible to receive incremental royalties ranging up to the low 20%s based on annual net sales of buloxibutid in Japan. No royalties or milestone payments were received under the Nippon Shinyaku through December 31, 2025.

6. Operating expenses by nature of expense

The following table presents the breakdown of operating expenses based on the nature of expenses:

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| | | | |
|:---|:---|:---|:---|
| | **For years ended December 31,**  | **For years ended December 31,**  | **For years ended December 31,**  |
| **(in thousands of SEK)**  | **2025**  | **2024**  | **2023**  |
| External service providers  | 333071 | 208036 | 176600 |
| Personnel expenses  | 125191 | 89428 | 78313 |
| Depreciation and amortization  |  | 2242 | 3421 |
| Impairments  |  |  | 62555 |
| Other operating expenses  | 2129 | 5303 | 2774 |
| Total  | 460391 | 305009 | 323663 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

7. Leases

The following amounts related to leasing contracts are reported in the consolidated statement of comprehensive income:

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| | | | |
|:---|:---|:---|:---|
| | **For years ended December 31,**  | **For years ended December 31,**  | **For years ended December 31,**  |
| **(in thousands of SEK)**  | **2025**  | **2024**  | **2023**  |
| Leasing fees, short-term  | 1798 | 1737 | 1598 |
| **Depreciation** |  |  |  |
| Premises  |  |  | 63 |
| Interest  |  |  |  |
| Total lease costs  | 1798 | 1737 | 1661 |

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The cash flows related to the amortization of right-of-use assets were SEK 0, SEK 0, and SEK 63 thousand for the years ended December 31, 2025, 2024 and 2023, respectively.

8. Employees and personnel costs

The following schedule provides details of the personnel costs for the Board of Directors and other senior executives as well as other employees. Senior executives are defined below in Note 8.4.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For years ended December 31,**  | **For years ended December 31,**  | **For years ended December 31,**  | **For years ended December 31,**  | **For years ended December 31,**  | **For years ended December 31,**  | **For years ended December 31,**  | **For years ended December 31,**  | **For years ended December 31,**  |
| | **2025**  | **2025**  | **2025**  | **2024**  | **2024**  | **2024**  | **2023**  | **2023**  | **2023**  |
| **(in thousands of SEK)**  | **R&D**  | **G&A**  | **Total**  | **R&D**  | **G&A**  | **Total**  | **R&D**  | **G&A**  | **Total**  |
| **Board and other senior executives:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Salaries and other remuneration**  | 18061 | 23989 | **42050** | 21781 | 21631 | **43412** | 21306 | 16592 | **37898** |
| &nbsp;&nbsp;&nbsp; **Social security contributions**  | 3560 | 7075 | **10635** | 3874 | 3274 | **7148** | 2994 | 3095 | **6089** |
| &nbsp;&nbsp;&nbsp; **Pension costs**  | 1027 | 2018 | **3045** | 2262 | 2166 | **4428** | 2635 | 2401 | **5036** |
| &nbsp;&nbsp;&nbsp; **Subtotal**  | **22648** | **33082** | **55730** | **27917** | **27071** | **54988** | **26935** | **22088** | **49023** |
| **Other employees:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Salaries and other remuneration**  | 47539 | 7323 | **54862** | 23425 | 3184 | **26609** | 19411 | 1655 | **21066** |
| &nbsp;&nbsp;&nbsp; **Social security contributions**  | 5214 | 1551 | **6765** | 1133 | 369 | **1502** | 1358 | 409 | **1767** |
| &nbsp;&nbsp;&nbsp; **Pension costs**  | 4997 | 479 | **5476** | 3819 | 225 | **4044** | 2707 | 375 | **3082** |
| &nbsp;&nbsp;&nbsp; **Subtotal**  | **57750** | **9353** | **67103** | **28377** | **3778** | **32155** | **23476** | **2439** | **25915** |
| &nbsp;&nbsp;&nbsp; **Other personnel costs**  | 622 | 1736 | **2358** | 1121 | 1164 | **2285** | 1667 | 1708 | **3375** |
| &nbsp;&nbsp;&nbsp; **Total personnel costs**  | **81020** | **44171** | **125191** | **57415** | **32013** | **89428** | **52078** | **26235** | **78313** |

---

8.1. Salaries and other remuneration

Payroll costs related to the long-term incentive programs amounted to SEK 14,051 thousand, SEK 8,069 thousand and SEK 6,998 thousand for the years ended December 31, 2025, 2024 and 2023, respectively. For the detail of the total cost of the incentive programs, see Note 9 "Share-based incentive programs".

8.2. Pensions

The pension plans offered by the Company are defined contribution plans. The Company's expense related to the contributions to the defined contribution plans amounted to SEK 8,520 thousand, SEK 8,472 thousand and SEK 8,118 thousand for the years ended December 31, 2025, 2024 and 2023, respectively.

8.3. Share-based payments

Share-based payments refer to share awards and options granted to independent directors, the CEO, other senior executives, and other employees. Each vested share award entitles the holder to receive one

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share in the company, provided that the holder is still a member of the Board of Directors of the company at the time of vesting. Each option entitles the holder to acquire one share in the company for a predetermined exercise price. The options are subject to vesting over a three-year period, subject to the holder's employment with the Company. The participants in the programs receive share-based awards in exchange for services. For further information about the incentive programs, see Note 9 "Share-based payments".

8.4. Remuneration of key management personnel

Remuneration of the CEO and other senior executives consists of, in accordance with the guidelines for remuneration decided by the shareholders' meeting, basic salary, pension benefits, bonus and share-based incentives adopted by the shareholders' meeting (e.g. employee stock options).

Other senior executives refer to the individuals who, together with the CEO and the Members of the Board of Directors, constitute the key management personnel. Key management personnel include individuals with direct or indirect authority and responsibility for planning, directing, and controlling an entity's activities. This includes all directors (executive and non-executive) and senior management.

The CEO has a period of notice of six months in the event the termination is made by the Company or if the CEO resigns. Other senior executives have a period of three to six months, in the event the termination is made by the Company or if the senior executive resigns. In addition to salary during the termination period, the CEO is entitled to a termination benefit corresponding to six months' salary in the event of termination by the Company on a basis other than a breach of contract.

The compensation of key management personnel was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **For the years ended December 31,**  | **For the years ended December 31,**  | **For the years ended December 31,**  |
| **(in thousands of SEK)**  | **2025**  | **2024**  | **2023**  |
| **Members of the board:** |  |  |  |
| Short-term employee benefits  | 2740 | 1540 | 1850 |
| Post employment benefits  |  |  |  |
| Share-based payments  | 2717 | 2158 | 965 |
| **Senior executives:** |  |  |  |
| Short-term employee benefits  | 29152 | 34455 | 29986 |
| Post employment benefits  | 3045 | 4428 | 5036 |
| Share-based payments  | 7547 | 4850 | 4261 |
| Total  | 45201 | 47431 | 42098 |

---

Short-term employee benefits for the Board of Directors include other remuneration for board committee work. For the year ended December 31, 2024, other remuneration also includes the additional board fee approved at the general meeting of the shareholders, which was subject to the closing of certain equity financings.

9. Share-based payments

The purpose of share-based incentive programs is to promote the Company's long-term interests by motivating and rewarding the Company's senior management and other employees in line with the interests of the shareholders. As of December 31, 2025, the Company has six active incentive programs that include the management team, other employees, and the board members.

On September 10, 2024, the Company's share capital was increased through the issue of shares with preferential rights for the Company's existing shareholders. The rights issue was completed on October 7, 2024. In conjunction with the rights issue, the number of instruments, the exercise price and the number of shares each option or warrant in the Company's incentive program entitles to have been recalculated. In conjunction with this issuance, each vested instrument entitled the participant to one (1) share in the Company. After the recalculation, each vested instrument will entitle the participant to 1.04 shares in the

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Company. The number of instruments, the exercise price and the number of shares each option or warrant in the Company's incentive program entitles to were retrospectively adjusted.

 *2018 long-term incentive program* 

The Extra General Meeting held on August 13, 2018 approved the adoption a long-term incentive program for certain of the Company's senior management and key persons ("Co-worker LTIP 2018"). A maximum of 2,000,000 options may be allotted to participants under the program. During the third quarter of 2024, the Co-worker LTIP 2018 expired. The program is now terminated.

 *2021 long-term incentive programs* 

The annual general meeting held on May 11, 2021, resolved to implement a long-term incentive program for senior management and personnel (including employees and consultants) in the Company ("Co-worker LTIP 2021") and to implement a long-term performance-based incentive program for independent board members in the Company who were not participants in Board LTIP 2020 ("Board LTIP 2021"). A maximum of 3,000,000 options (Co-worker LTIP 2021) and 61,773 share awards (Board LTIP 2021) may be allotted to participants in the programs. During the second quarter of 2024, the Board LTIP 2021 expired. Since the share price increased by less than 40 percent during the measurement period, no share awards are vested. The program is now terminated.

Co-worker LTIP 2021 is an incentive program intended for members of senior management and personnel (including employees and consultants) in the Company. According to the program participants will be granted, free of charge, options subject to three-year vesting that entitle to acquire shares in the Company in total.

Co-worker LTIP 2021 is a program under which the participants will be granted, free of charge, options. Each Option entitles the holder to acquire one share in the Company for a pre-determined exercise price. The exercise price shall correspond to 125 percent of the volume-weighted average price of the Company's common share on Nasdaq Stockholm for the five trading days preceding the grant date. The options vest over a three-year period, with one-third each year on the anniversary of the grant date. The vested options are exercisable over the period ending on the fifth anniversary of the grant date.

 *2023 long-term incentive programs* 

At the annual general meeting held on May 11, 2023 ("2023 AGM"), the Company's shareholders approved the long-term incentive program for senior management and personnel ("Co-worker LTIP 2023") and the long-term incentive program for the board members in the Company ("Board LTIP 2023"). A maximum of 5,000,000 options (Co-worker LTIP 2023) and 79,931 share awards (Board LTIP 2023) may be allotted to participants in the programs.

Board LTIP 2023 is a program under which the participants are granted, free of charge, share awards subject to vesting that entitle to shares in the Company.

The share awards vest over approximately one year up to the date of, whichever is earliest, (i) the annual general meeting held on May 7, 2024 (the "2024 AGM") or (ii) June 1, 2024 ("Vesting Date").

The vested shares are exercisable starting on the vesting date through the earlier of (i) 90 days after the last day of service as a member of the Board of Directors or (ii) June 1, 2029.

Under the Co-Worker LTIP 2023, the options are granted free of charge to the participants. The Board of Directors may grant options annually for the period of three years after the 2023 AGM. Each option entitles the holder to acquire one share in the Company for a pre-determined exercise price. The exercise price corresponds to 125 percent of the volume-weighted average price of the Company's common share on Nasdaq Stockholm for the five trading days preceding the grant date. The options vest over a three-year period, with one-third each year on the anniversary of the grant date. The vested options are exercisable over the period ending on the fifth anniversary of the grant date.

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 *2024 long-term incentive program* 

The 2024 AGM approved the long-term incentive program for the Company's board members ("Board LTIP 2024"). A maximum of 297,000 share awards may be issued to the program participants.

Board LTIP 2024 is a program under which the participants are granted, free of charge, share awards subject to vesting based on the service provided. In addition, the program allows participants to receive 50 percent of their gross board fee, excluding committee fees, in share awards instead of cash compensation.

The share awards vest over approximately one year from the grant date up to the date of, whichever is earliest, (i) the annual general meeting held on May 6, 2025 (the "2025 AGM") or (ii) June 1, 2025 ("Vesting Date"). The earliest date at which the vested share awards may be converted into shares is the day immediately after the Vesting Date. The latest date at which vested share awards can be converted is the earlier of (i) 90 days after the last day of service as a member of the Board of Directors or (ii) June 1, 2034.

 *2025 long-term incentive programs* 

Two incentive programs were implemented by the resolution of the 2025 AGM, which include maximum of 7,000,000 employee stock options to senior leaders and key persons ("Co-worker LTIP 2025"), and a maximum of 1,070,000 RSUs to the board members ("Board RSU 2025").

Co-worker LTIP 2025 is an incentive program intended for members of senior management and personnel (including employees and consultants) in the Company. Under this program the participants are granted, free of charge, options subject to three-year vesting that entitle to acquire shares in the Company.

Each option entitles the holder to acquire one share in the Company for a pre-determined exercise price. The exercise price is equal to 125 percent of the volume-weighted average price of the Company's common share on Nasdaq Stockholm for the five trading days preceding the grant date. The options vest over a three-year period, with one-third each year on the anniversary of the grant date. The vested options are exercisable over the period ending on the fifth anniversary of the grant date.

Under the Board RSU 2025 program, the participants are granted, free of charge, RSUs that vest over approximately one year. The RSUs shall vest over approximately one year up to the date of, whichever is earliest, (i) the 2026 Annual General Meeting on May 6, 2026 or (ii) June 1, 2026 ("Vesting Date"). The earliest vested RSUs are convertible into shares starting at the vesting date through the earlier of (i) 90 days after the last day of service as a member of the Board of Directors, or (ii) June 1, 2035.

 *Summary of options, share awards, and RSU activities* 

The option, share awards, and RSU activities by program are as follows:

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| | | |
|:---|:---|:---|
| | **December 31,**  | **December 31,**  |
| | **2024**  | **2023**  |
| **Issued share awards (Board LTIP 2021)**  | **Number of <br> share awards**  | **Number of <br> share awards**  |
| Outstanding at January 1  | 54909 | 61773 |
| Forfeited during the year  |  | (6864) |
| Expired during the year  | (54909) |  |
| Outstanding at December 31  |  | 54909 |
| Exercisable at December 31  |  |  |

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---

| | | | |
|:---|:---|:---|:---|
| | **December 31,**  | **December 31,**  | **December 31,**  |
| | **2025**  | **2024**  | **2023**  |
| **Issued share awards (Board LTIP 2023)**  | **Number of <br> share awards**  | **Number of <br> share awards**  | **Number of <br> share awards**  |
| Outstanding at January 1  | 68906 | 79931 |  |
| Granted during the year  |  |  | 79931 |
| Exercised during the year  | (11025) | (11025) |  |
| Outstanding at December 31  | 57881 | 68906 | 79931 |
| Exercisable at December 31  | 57881 | 68906 |  |

---

---

| | | |
|:---|:---|:---|
| | **December 31,**  | **December 31,**  |
| | **2025**  | **2024**  |
| **Issued share awards (Board LTIP 2024)**  | **Number of <br> share awards**  | **Number of <br> share awards**  |
| Outstanding at January 1  | 159882 |  |
| Granted during the year  |  | 159882 |
| Exercised during the year  | (18448) |  |
| Outstanding at December 31  | 141434 | 159882 |
| Exercisable at December 31  | 141434 |  |

---

---

| | |
|:---|:---|
| | **December 31, 2025**  |
| **Issued share awards (Board LTIP 2025)**  | **Number of <br> share awards**  |
| Outstanding at January 1  |  |
| Granted during the year  | 321183 |
| Outstanding at December 31  | 321183 |
| Exercisable at December 31  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  |
| | **2025**  | **2025**  | **2024**  | **2024**  | **2023**  | **2023**  |
| **Issued options (Co-worker LTIP 2018)**  | **Average exercise <br> price per <br> option**  | **Number of <br> options**  | **Average exercise <br> price per <br> option**  | **Number of <br> options**  | **Average exercise <br> price per <br> option**  | **Number of <br> options**  |
| Outstanding at January 1  |  |  | 28.10 | 531667 | 26.90 | 939600 |
|  Forfeited/expired during the <br> year  |  |  | 28.10 | (531667) | 24.41 | (407933) |
| Outstanding at December 31  |  |  |  |  | 28.10 | 531667 |
| Exercisable at December 31  |  |  |  |  | 28.10 | 531667 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  |
| | **2025**  | **2025**  | **2024**  | **2024**  | **2023**  | **2023**  |
| **Issued options (Co-worker LTIP 2021)**  | **Average exercise <br> price per <br> option**  | **Number of <br> options**  | **Average exercise <br> price per <br> option**  | **Number of <br> options**  | **Average exercise <br> price per <br> option**  | **Number of <br> options**  |
| Outstanding at January 1  | 23.44 | 2349617 | 23.51 | 2597950 | 26.60 | 1753783 |
| Granted during the year  |  |  |  |  | 18.80 | 1155000 |
| Forfeited during the year  | 21.73 | (50003) | 24.22 | (248333) | 23.75 | (310833) |
| Outstanding at December 31  | 23.48 | 2299614 | 23.44 | 2349617 | 23.51 | 2597950 |
| Exercisable at December 31  | 26.57 | 1386282 | 25.50 | 669865 |  |  |

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  |
| | **2025**  | **2025**  | **2024**  | **2024**  | **2023**  | **2023**  |
| **Issued options (Co-worker LTIP 2023)**  | **Average exercise <br> price per <br> option**  | **Number of <br> options**  | **Average exercise <br> price per <br> option**  | **Number of <br> options**  | **Average exercise <br> price per <br> option**  | **Number of <br> options**  |
| Outstanding at January 1  | 18.92 | 827979 | 18.80 | 612667 |  |  |
| Granted during the year  | 12.15 | 3623175 | 19.20 | 244479 | 18.80 | 718084 |
| Forfeited during the year  | 12.25 | (150000) | 18.80 | (29167) | 18.80 | (105417) |
| Outstanding at December 31  | 13.45 | 4301154 | 18.92 | 827979 | 18.80 | 612667 |
| Exercisable at December 31  |  |  |  |  |  |  |

---

---

| | | |
|:---|:---|:---|
| | **December 31, 2025**  | **December 31, 2025**  |
| **Issued options (Co-worker LTIP 2025)**  | **Average exercise <br> price per <br> option**  | **Number of <br> options**  |
| Outstanding at January 1  |  |  |
| Granted during the year  | 10.20 | 1150000 |
| Outstanding at December 31  | 10.20 | 1150000 |
| Exercisable at December 31  |  |  |

---

 *Valuation of options, share awards and RSUs* 

The options are valued using the Black & Scholes model, with the value of the options based on the value of the underlying share, the options' exercise price and term, risk-free interest rate and volatility. The volatility has been based on the expected volatility of the Company's share and listed peer-companies. The risk-free interest rate assumption is based on the interest rate for Swedish government bonds. The fair value of the options, valuation assumptions and outstanding number of options by program and grant date as of December 31, 2025 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Program per year**  | **Grant date**  | **Maturity date**  | **Grant Date <br> Fair <br> Value (SEK)**  | **Exercise <br> price <br> (SEK)**  | **Volatility**  | **Options <br> Outstanding**  | **Vested**  |
| Co-worker LTIP 2021  | September 16, 2021  | September 16, 2026  | 6.84 | 25.50 | 50.00% | 669865 | 100.00% |
| Co-worker LTIP 2021  | March 31, 2022  | March 31, 2027  | 8.40 | 26.40 | 50.00% | 18750 | 100.00% |
| Co-worker LTIP 2021  | September 27, 2022  | September 27, 2027  | 8.44 | 27.60 | 50.00% | 697667 | 100.00% |
| Co-worker LTIP 2021  | September 29, 2023  | September 29, 2028  | 6.08 | 18.80 | 50.00% | 913332 | 91.74% |
| Co-worker LTIP 2023  | September 29, 2023  | September 29, 2028  | 6.08 | 18.80 | 50.00% | 583500 | 91.74% |
| Co-worker LTIP 2023  | March 26, 2024  | March 26, 2029  | 5.62 | 19.20 | 50.00% | 244479 | 82.44% |
| Co-worker LTIP 2023  | January 15, 2025  | June 15, 2029  | 3.80 | 12.25 | 60.54% | 2959375 | 58.65% |
| Co-worker LTIP 2023  | February 26, 2025  | June 15, 2029  | 3.42 | 10.11 | 60.07% | 75000 | 51.63% |
| Co-worker LTIP 2023  | March 25, 2025  | June 15, 2029  | 3.06 | 9.52 | 60.01% | 150000 | 47.11% |
| Co-worker LTIP 2023  | June 12, 2025  | June 12, 2030  | 3.54 | 11.80 | 60.82% | 35000 | 33.91% |
| Co-worker LTIP 2023  | September 24, 2025  | September 24, 2030  | 5.12 | 12.71 | 61.97% | 97200 | 16.54% |
| Co-worker LTIP 2023  | November 10, 2025  | November 10, 2030  | 4.21 | 13.52 | 62.27% | 156600 | 8.69% |
| Co-worker LTIP 2025  | May 6, 2025  | May 6, 2030  | 3.20 | 10.20 | 60.61% | 1150000 | 40.09% |

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The fair value of the share awards and RSUs is determined at the grant date based on the quoted market price of the Company's shares. The grant date fair values and outstanding shares of the awards and RSUs by program as of December 31, 2025 were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Program per year  | Grant date  | Maturity date  | Grant date fair value (SEK)  | Awards and RSUs Outstanding  | Vested  |
| Board LTIP 2023  | May 11, 2023  | June 1, 2029  | 17.56 | 57881 | 100.00% |
| Board LTIP 2024  | May 7, 2024  | June 1, 2034  | 19.10 | 141434 | 100.00% |
| Board RSU 2025  | May 6, 2025  | June 1, 2035  | 7.87 | 321183 | 65.57% |

---

 *Summary of the total cost of the incentive programs* 

The provision for social security contributions related to share-based incentive programs are reported as non-current liabilities.

The total costs for the share-based incentive programs for each year presented are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | For the years ended December 31,  | For the years ended December 31,  | For the years ended December 31,  |
| (in thousands of SEK)  | 2025  | 2024  | 2023  |
| Share-based compensation expense  | 14051 | 8069 | 6998 |
| Provisions for social security contributions  | 5506 | (604) | (240) |
| Total  | 19557 | 7465 | 6758 |

---

The breakdown of the options activity between senior executives and other employees for Co-worker LTIP plans is as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | December 31,  | December 31,  | December 31,  | December 31,  | December 31,  | December 31,  | December 31,  | December 31,  | December 31,  |
| | 2025  | 2025  | 2025  | 2024  | 2024  | 2024  | 2023  | 2023  | 2023  |
| Program 2018, 2019 and 2020 options (Co-worker LTIP 2018) | Number outstanding at Jan 1, 2025  | Granted/ forfeited  | Number outstanding at Dec 31, 2025  | Number outstanding at Jan 1, 2024  | Granted/ forfeited  | Number outstanding at Dec 31, 2024  | Number outstanding at Jan 1, 2023  | Granted/ forfeited  | Number outstanding at Dec 31, 2023  |
| Senior executives  |  |  |  | 395000 | (395000) |  | 753750 | (358750) | 395000 |
| Other employees  |  |  |  | 136667 | (136667) |  | 185850 | (49183) | 136667 |
| Total  |  |  |  | 531667 | (531667) |  | 939600 | (407933) | 531667 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | December 31,  | December 31,  | December 31,  | December 31,  | December 31,  | December 31,  | December 31,  | December 31,  | December 31,  |
| | 2025  | 2025  | 2025  | 2024  | 2024  | 2024  | 2023  | 2023  | 2023  |
| Program 2021, 2022 and 2023 options (Co-worker LTIP 2021) | Number outstanding at Jan 1, 2025  | Granted/ forfeited  | Number outstanding at Dec 31, 2025  | Number outstanding at Jan 1, 2024  | Granted/ forfeited  | Number outstanding at Dec 31, 2024  | Number outstanding at Jan 1, 2023  | Granted/ forfeited  | Number outstanding at Dec 31, 2023  |
| Senior executives  | 1681000 | (50003) | 1630997 | 1881000 | (200000) | 1681000 | 1116000 | 765000 | 1881000 |
| Other employees  | 668617 |  | 668617 | 716950 | (48333) | 668617 | 637783 | 79167 | 716950 |
| Total  | 2349617 | (50003) | 2299614 | 2597950 | (248333) | 2349617 | 1753783 | 844167 | 2597950 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | December 31,  | December 31,  | December 31,  | December 31,  | December 31,  | December 31,  | December 31,  | December 31,  | December 31,  |
| | 2025  | 2025  | 2025  | 2024  | 2024  | 2024  | 2023  | 2023  | 2023  |
| Program 2023 and 2024 options (Co-worker LTIP 2023) | Number outstanding at Jan 1, 2025  | Granted/ forfeited  | Number outstanding at Dec 31, 2025  | Number outstanding at Jan 1, 2024  | Granted/ forfeited  | Number outstanding at Dec 31, 2024  | Number outstanding at Jan 1, 2023  | Granted/ forfeited  | Number outstanding at Dec 31, 2023  |
| Senior executives  | 595000 | 1875000 | 2470000 | 400000 | 195000 | 595000 |  | 400000 | 400000 |
| Other employees  | 232979 | 1598175 | 1831154 | 212667 | 20312 | 232979 |  | 212667 | 212667 |
| Total  | 827979 | 3473175 | 4301154 | 612667 | 215312 | 827979 |  | 612667 | 612667 |

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| | | | |
|:---|:---|:---|:---|
| | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2025**  |
| **Program 2025 options (Co-worker LTIP 2025)**  | **Number <br> outstanding at <br> Jan 1, 2025**  | **Granted/<br>forfeited**  | **Number <br> outstanding at <br> Dec 31, 2025**  |
| Senior executives  |  | 1150000 | 1150000 |
| Other employees  |  |  |  |
| Total  |  | 1150000 | 1150000 |

---

10. Other operating income (expense)

---

| | | | |
|:---|:---|:---|:---|
| | **For the years ended December 31,**  | **For the years ended December 31,**  | **For the years ended December 31,**  |
| **(in thousands of SEK)**  | **2025**  | **2024**  | **2023**  |
| Exchange rate gains  | 4188 | 1474 | 2157 |
| Exchange rate losses  | (2129) | (5303) | (2774) |
| Total other operating income (expense), net  | 2059 | (3829) | (617) |

---

11. Financial income

---

| | | | |
|:---|:---|:---|:---|
| | **For the years ended December 31,**  | **For the years ended December 31,**  | **For the years ended December 31,**  |
| **(in thousands of SEK)**  | **2025**  | **2024**  | **2023**  |
| **Financial assets measured at fair value through income and loss** |  |  |  |
| Exchange rate gains currency accounts  |  | 4226 |  |
| **Total**  |  | 4226 |  |
| **Financial assets measured at amortized cost** |  |  |  |
| Interest income short-term investments  | 23888 | 21081 | 10538 |
| **Total interest income calculated using the effective interest method**  | 23888 | 21081 | 10538 |
| **Total included in net financial income (expense)**  | 23888 | 25307 | 10538 |

---

12. Financial expenses

---

| | | | |
|:---|:---|:---|:---|
| | **For the years ended December 31,**  | **For the years ended December 31,**  | **For the years ended December 31,**  |
| **(in thousands of SEK)**  | **2025**  | **2024**  | **2023**  |
| **Financial liabilities measured at amortized cost** |  |  |  |
| Exchange rate loss on cash and cash equivalents  | (32154) |  |  |
| Exchange rate loss on short-term investments  | (16762) |  |  |
| Loss on sale of securities  |  |  | (356) |
| **Total**  | (48916) |  | (356) |
| **Financial liabilities measured at amortized cost** |  |  |  |
| Interest expenses other financial liabilities  | (60) | (8) | (2) |
| **Total interest expenses calculated using the effective interest method**  | (60) | (8) | (2) |
| **Total included in net financial income (expense)**  | (48976) | (8) | (358) |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

13. Tax

---

| | | | |
|:---|:---|:---|:---|
| | **For the years ended December 31,**  | **For the years ended December 31,**  | **For the years ended December 31,**  |
| **(in thousands of SEK, except tax rate)**  | **2025**  | **2024**  | **2023**  |
| Current tax  |  |  |  |
| Change in deferred taxes on temporary differences  |  | 256 | 384 |
| Recognized tax  |  | 256 | 384 |
| **Reconciliation of effective tax rates** |  |  |  |
| Loss before tax  | (477474) | (168890) | (311326) |
| Tax according to applicable tax rate for Parent Company 20.6% (20.6%)  | 98360 | 34791 | 64133 |
| Tax effect non-deductible expenses  | (1459) | (1382) | (26430) |
| Tax effect non-taxable income  | 284 | 179 | 504 |
| Tax effect unrecognized tax assets  | (97185) | (33332) | (37823) |
| Current tax  |  |  |  |
| Effective tax rate  | 0% | 0% | 0% |

---

Recognized tax benefit relates to the tax effect of amortization of certain intangible assets. The Company has no tax items that are recognized in other comprehensive income. There is no deferred tax asset recognized for the issuance costs recorded directly against shareholders' equity as the future taxable profits that would allow the tax deduction are not deemed probable.

Tax loss carryforwards were SEK 2,010 thousand, SEK 1,512 thousand and SEK 1,299 thousand for the years ended December 31, 2025, 2024 and 2023, respectively. These carryforwards are indefinite. Deferred tax assets have not been recognized for the tax loss carryforwards, as it is unlikely that the Company will be able to utilize them to offset future taxable income. For further information about tax loss carryforwards, see Note 3 "Judgments and accounting estimates".

14. Earnings per share

---

| | | | |
|:---|:---|:---|:---|
| | **For the years ended December 31,**  | **For the years ended December 31,**  | **For the years ended December 31,**  |
| **Earnings per share before and after dilution**  | **2025**  | **2024**  | **2023**  |
| Loss for the year (in thousands of SEK)  | (477474) | (168634) | (310942) |
| Average number of ordinary shares  | 239883257 | 137738047 | 97918814 |
| **Earnings per share before and after dilution (SEK)**  | **(1.99)** | **(1.23)** | **(3.18)** |

---

The average number of outstanding shares has been adjusted for bonus shares issued to existing shareholders for all periods presented.

Diluted earnings per share are calculated by adjusting the weighted average number of shares outstanding for the dilution effect of potentially issuable shares. These potential shares are attributable to the options and share awards issued to senior executives, other employees and board members. For further information, see Note 9 "Share-based payments". If there is a loss for the year, the options, share awards and RSUs have anti-dilutive effect on the earnings per share. The options have no dilutive impact if the exercise price, including the addition of the value of remaining future services to be recognized during the vesting period, exceeds the average trading price for the period. The outstanding options, share awards, and RSUs were anti-dilutive as the Company generated the loss for all periods presented.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

15. Patents, licenses and similar rights

---

| | | | |
|:---|:---|:---|:---|
| | **December 31,**  | **December 31,**  | **December 31,**  |
| **(in thousands of SEK)**  | **2025**  | **2024**  | **2023**  |
| Opening cost  | 79192 | 79192 | 79192 |
| **Closing accumulated cost**  | 79192 | 79192 | 79192 |
| Opening amortizations  | (16637) | (14419) | (11092) |
| Amortizations for the year  |  | (2218) | (3327) |
| **Closing accumulated amortizations**  | (16637) | (16637) | (14419) |
| Opening impairments  | (62555) | (62555) |  |
| Impairments for the year  |  |  | (62555) |
| **Closing accumulated impairments**  | (62555) | (62555) | (62555) |
| Closing carrying amount  |  |  | 2218 |

---

15.1. Amortization

Amortization relates to previously acquired intangible assets. The intangible assets consist of certain patents associated with buloxibutid (C21) in the United States. The amortization for these patents began in September 2019 and ended upon expiration of the acquired patents in September 2024.

15.2. Impairments

During 2023, the Company recorded SEK 50.6 million and SEK 12.0 million impairments on the intangible assets attributable to the IMiD program and the drug candidate C106, respectively, due to the discontinuation of these programs. The impairment was equal to the full carrying value of these intangible assets as the programs were discontinued.

In addition, the Company recognized certain intangible assets which became fully amortized during the year ended December 31, 2024. Prior to becoming fully amortized, these assets were tested for impairment utilizing a probability-adjusted discounted cash flow model. The value in use for buloxibutid was determined by calculating the present value of the estimated future cash flows and adjusting these in order to take into account development risk. The valuation considered the cash flows over the projects' estimated remaining useful life, but did not include any residual value thereafter. The measurement is attributed to Level 3 in the fair value hierarchy and is based on the material assumptions below:

—

Revenue and cost forecasts for buloxibutid were projected over 12 years for the United States and 15 years for the European Union and Japan. In the United States, buloxibutid was protected by orphan drug protection for a period of 7 years after launch. In the European Union and Japan, buloxibutid was protected by orphan drug protection over 10 years after launch.

—

Revenue was estimated based on available data of different types considered indicators, e.g. forecasts of total market size, growth, anticipated market share of the product, competition from rival products and assessed price level. Market growth, anticipated market share of the product and assessed price level is derived from secondary sources, accepted industry assumptions and assumptions made by the Company.

—

Costs included development expenditures as well as direct and indirect project costs based on the Company's business plan. Operating margins were derived from secondary sources, accepted industry assumptions and assumptions made by the Company.

—

The present value of the cash flows was calculated and adjusted to reflect the probability of success for the project. This probability was based on accepted assumptions regarding the possibility for a corresponding product to go to market from the current development stage derived from secondary sources.

—

The weighted average pre-tax cost of capital was estimated at 13%.

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The critical assumptions mainly are assumptions made about market size, market share and price level. As with many pharmaceutical development projects, the results of the development work may be binary in the sense that the project can either be developed according to plan or must be cancelled altogether. Where appropriate, the valuation has been calibrated against completed share issues with external investors.

16. Equipment

---

| | |
|:---|:---|
| **(in thousands of SEK)**  | **December 31, <br> 2024**  |
| Opening cost  | 147 |
| **Closing accumulated cost**  | 147 |
| Opening depreciations  | (122) |
| Depreciations for the year  | (25) |
| **Closing accumulated depreciations**  | (147) |
| Closing carrying amount  |  |

---

There was no equipment balance outstanding as of December 31, 2025.

17. Financial assets and liabilities

The maximum credit risk exposure related to the financial assets is limited to their carrying values. There are no collaterals to secure the Company's financial assets.

The financial assets and liabilities as of December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
| | **December 31, 2025,**  | **December 31, 2025,**  |
| **(in thousands of SEK)**  | **Financial assets <br> and liabilities <br> measured at <br> amortized cost**  | **Total <br> carrying <br> amount**  |
| **Financial assets** |  |  |
| Other current receivables  | 328 | 328 |
| Accrued income  | 972 | 972 |
| Short-term investments  | 588591 | 588591 |
| Cash and cash equivalents  | 578147 | 578147 |
| **Total**  | 1168038 | 1168038 |
| **Financial liabilities** |  |  |
| Trade payables  | 21777 | 21777 |
| Other current liabilities  | 28 | 28 |
| Accrued expenses  | 33878 | 33878 |
| **Total**  | 55683 | 55683 |

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---

| | | |
|:---|:---|:---|
| | **December 31, 2024**  | **December 31, 2024**  |
| **(in thousands of SEK)**  | **Financial assets <br> and liabilities <br> measured at <br> amortized cost**  | **Total <br> carrying <br> amount**  |
| **Financial assets** |  |  |
| Other current receivables  | 930 | 930 |
| Accrued income  | 5370 | 5370 |
| Cash and cash equivalents  | 1156001 | 1156001 |
| **Total**  | 1162301 | 1162301 |
| **Financial liabilities** |  |  |
| Trade payables  | 21717 | 21717 |
| Other current liabilities  | 708 | 708 |
| Accrued expenses  | 6296 | 6296 |
| **Total**  | 28721 | 28721 |

---

17.1. Fair value measurement

IFRS 13, Fair Value Measurement contains a valuation hierarchy regarding inputs to the measurements. This measurement hierarchy is divided into three levels, which comprise:

Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities

Level 2 — Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as price quotations) or indirectly (that is, derived from price quotations)

Level 3 — Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs)

The Company recognizes transfers between levels of the fair value hierarchy (Levels 1, 2, and 3) as of the end of the reporting period during which the change in circumstances or inputs occurred.

Investments in financial fixed assets are measured at fair value with changes in value in income and loss. Investments in listed shares are measured at fair value according to Level 1 in the valuation hierarchy. Listed investments are measured on the basis of their market price at the reporting period end.

Short-term investments are subsequently measured at amortized cost. Interest income is recognized in profit or loss using the effective interest method, and foreign exchange differences are recognized in profit or loss. Short-term investments in EUR and USD amount to SEK 189,853 thousand. A 10 percent strengthening of SEK against EUR and USD would have a negative impact on profit after tax and equity of approximately SEK 18,985 thousand.

For other current receivables and liabilities, short-term investments, cash and cash equivalents, trade payables, and accrued expenses and income with a short maturity, the carrying amount is considered a reasonable estimate of the fair value.

18. Financial risks

Through its operations, the Company is exposed to various types of financial risk; credit risks, market risks (foreign exchange risk, interest rate risk and other price risks) and liquidity risks (including refinancing risk). The Company's overall risk management objective focuses on the unpredictability of financial markets and strives to minimize potentially unfavorable consequences for the Company's financial position and performance.

The Board of Directors has overall responsibility for managing financial risks and internal controls related to financial transactions. Financial risks and transactions are managed centrally by the Parent Company through the Company's CFO and CEO. The overall objective in terms of financial risks is: to provide cost-effective financing and cash management, to ensure that all payment commitments are processed

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at the right time, to ensure that all financial transactions are organized in a way that supports the Company in achieving the financial key ratios and ensure that risk exposures relating to credit risk, market risks and liquidity risk are reduced to an acceptable level.

The Board of Directors establishes written principles both for overall risk management and for specific areas such as credit risks, foreign exchange risks, interest rate risks, refinancing risks, liquidity risks and the use of derivative instruments and the handling of excess liquidity. The Company does not currently use derivatives but allows hedging of currency in certain situations.

18.1. Credit risk

Credit risk is the risk that the Company's counterparty to a financial instrument cannot fulfill its obligation and thereby causes a financial loss for the Company. Given the nature of the Company's business, with no foreseen revenues, credit risk is not a material issue at this stage of the Company's development. However, some credit risk exists in the Company's cash management, which is managed through the Company's treasury policy.

18.2. Financial credit risk

The financial assets that are covered by provisions for expected credit losses according to the general method consist of cash and cash equivalents. The Company applies a rating-based method in combination with other known information and forward-looking factors for assessing expected credit losses. The Company has defined default as when payment of the claim is 90 days overdue or more, or if other factors indicate a suspension of payments. Significant increase in credit risk has not been considered to exist for any receivable or asset on the reporting date. Such assessment is based on whether payment is 30 days overdue or more, or if significant deterioration of the rating occurs, entailing a rating below investment grade. In cases where the amounts are not deemed to be insignificant, a provision for expected credit losses is also recognized for these financial instruments.

There was no significant credit risk for any of the Company's financial assets. The Company's counterparties do not have credit ratings, except for cash and cash equivalents, for which the counterparties have investment grade credit risk ratings.

18.3. Market risks

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market prices. Market risks under the IFRS guidance are divided into three types: foreign exchange risk, interest rate risk and other price risks. Foreign exchange risk has the greatest impact on the Company as the financing received in local currency covers research and development costs in foreign currencies.

The Company does not currently have any loans that expose it to interest rate risks. Interest risk may occur in short term cash management and is regulated by maximum maturity.

18.4. Foreign exchange risk

Foreign exchange risk is the risk that the fair value of or future cash flow from a financial instrument may vary due to changes in foreign exchange rates. Foreign exchange risk relates to the risk that fluctuations in exchange rates will have a negative impact on the Company's statement of operations, balance sheet or cash flow.

18.5. Transaction currency risk

The exposure to the transaction currency risk results primarily from the Company's expenses in foreign currencies. The Company's development costs are primarily paid in USD and EUR. As a result, the Company is subject to exchange rate risks in relation to payment flows within Sweden and the eurozone, such as fluctuations where the exchange rate changes from the time an agreement is entered into until its payment is to be made in accordance with the agreement. Foreign exchange hedging is decided by the Board of Directors based on cash flow forecasts. In accordance with the Company's policy for financial risk, the

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company exchanges USD and EUR at a level of 60 – 100% of expected flows. The level of exposure based on the operating expenses, excluding payroll costs, in each currency is as follows:

---

| | | |
|:---|:---|:---|
| **Foreign exchange exposure 2025 (%)**  | **Operating <br> income**  | **Operating <br> expenses**  |
| GBP  |  | 12% |
| EUR  |  | 17% |
| DKK  |  | 4% |
| USD  | 100% | 48% |
| SEK  |  | 19% |

---

---

| | | |
|:---|:---|:---|
| **Foreign exchange exposure 2024 (%)**  | **Operating <br> income**  | **Operating <br> expenses**  |
| GBP  |  | 6% |
| EUR  |  | 17% |
| DKK  |  | 4% |
| USD  | 100% | 37% |
| SEK  |  | 36% |

---

---

| | | |
|:---|:---|:---|
| **Foreign exchange exposure 2023 (%)**  | **Operating <br> income**  | **Operating <br> expenses**  |
| GBP  | &nbsp;&nbsp;&nbsp;&nbsp; – &nbsp;&nbsp;&nbsp;&nbsp; | 15% |
| EUR  | &nbsp;&nbsp;&nbsp;&nbsp; – &nbsp;&nbsp;&nbsp;&nbsp; | 32% |
| DKK  | &nbsp;&nbsp;&nbsp;&nbsp; – &nbsp;&nbsp;&nbsp;&nbsp; | 6% |
| USD  | &nbsp;&nbsp;&nbsp;&nbsp; – &nbsp;&nbsp;&nbsp;&nbsp; | 13% |
| SEK  | &nbsp;&nbsp;&nbsp;&nbsp; – &nbsp;&nbsp;&nbsp;&nbsp; | 34% |

---

The Company's transaction exposure is primarily related to USD (EUR in 2023). A 10% increase of USD to SEK rate would have a negative impact on the income (loss) after tax and shareholders' equity of approximately SEK 14,243 thousand, SEK 9,019 thousand and SEK 2,429 thousand for the years ended December 31, 2025, 2024 and 2023, respectively.

18.6. Refinancing risk

Refinancing risk refers to the risk that cash and cash equivalents are unavailable and that financing can only be obtained partially, not at all or at an elevated cost. Currently, the Company is financed by shareholders' equity and is therefore not exposed to risks related to external loan financing. The main risks therefore entail the inability to obtain further equity investments from the Company's shareholders.

18.7. Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulties in fulfilling its obligations related to financial liabilities. The Board of Directors and executive management manage liquidity risk by continuously following up and by projecting future cash flow to reduce liquidity risk and ensure the solvency of the Company.

The Company uses rolling forecasts to ensure that the Company has sufficient cash assets to meet its operational requirements. This monitoring takes the form of reporting to the Board of Directors, whereby outcomes and forecasts are compared with the budget that is produced and approved by the Board of Directors each year.

The Company's surplus liquidity, in excess of the working capital requirements, is invested in interest-bearing current accounts. The Company had short-term investments of SEK 588,591 thousand and SEK 0 for the years ended December 31, 2025 and 2024, respectively. In addition, the Company had bank deposits of SEK 578,147 thousand and SEK 1,156,001 thousand as of December 31, 2025 and 2024, respectively.

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The contractual and undiscounted interest payments and financial liability repayments are in the following tables. Amounts in foreign currencies have been translated into SEK at the closing rate on the reporting date. Interest for financial instruments with a variable interest rate was calculated using the interest rate at the reporting date. Liabilities have been included in the earliest period during which repayment may be required.

---

| | | | |
|:---|:---|:---|:---|
| **(in thousands of SEK) <br> Maturity analysis**  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2025**  |
| **(in thousands of SEK) <br> Maturity analysis**  | **<1 month**  | **1 – 3 months**  | **>3 months**  |
| Trade payables  | 21413 | 365 |  |
| Other current liabilities  |  | 28 |  |
| Accrued expenses  | 20884 | 7786 | 29708 |
| **Total**  | 42297 | 8179 | 29708 |

---

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| | | | |
|:---|:---|:---|:---|
| **(in thousands of SEK) <br> Maturity analysis**  | **December 31, 2024**  | **December 31, 2024**  | **December 31, 2024**  |
| **(in thousands of SEK) <br> Maturity analysis**  | **<1 month**  | **1 – 3 months**  | **>3 months**  |
| Trade payables  | 10507 | 11210 |  |
| Other current liabilities  | 708 |  |  |
| Accrued expenses  | 2149 | 4034 | 6128 |
| **Total**  | 13364 | 15244 | 6128 |

---

18.8. Capital management

The Company's goals regarding its capital structure are to ensure financing of the Company's development and business plan. Equity or financing related to equity is expected to be the most realistic and possible alternative in the near future. No change occurred in the Company's capital management during the year.

19. Long-term receivable

---

| | |
|:---|:---|
| **(in thousands of SEK)**  | **December 31, <br> 2025**  |
| Opening deposits  |  |
| Deposits paid  | 2489 |
| Deposits refunded  | (776) |
| **Closing deposits**  | 1713 |

---

20. Prepaid expenses and accrued income

---

| | | |
|:---|:---|:---|
| | **December 31,**  | **December 31,**  |
| **(in thousands of SEK)**  | **2025**  | **2024**  |
| Accrued income  | 972 | 5103 |
| Accrued interest income  | 1468 | 267 |
| Prepaid rental charges  | 87 | 87 |
| Prepaid insurances  | 836 | 904 |
| Prepaid research and development expenses  | 6414 | 5908 |
| Prepaid software costs  | 418 |  |
| Other prepaid expenses  | 1066 | 1232 |
| **Total**  | 11261 | 13501 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

21. Short-term investments

As of December 31, 2025 and 2024, the short-term investments include interest-bearing investments of SEK 588,591 thousand and SEK 0, respectively.

22. Equity

---

| | | | |
|:---|:---|:---|:---|
| | **Number of <br> ordinary shares**  | **Share <br> capital (SEK)**  | **Other <br> contributed <br> capital (SEK)**  |
| **At January 1, 2023**  | **81847979** | **40923989** | **1210811196** |
| &nbsp;&nbsp;&nbsp; New share issue, June 9, 2023, registered June 9, 2023  | 9200000 | 4600000 | 140418985 |
| &nbsp;&nbsp;&nbsp; New share issue, June 9, 2023, registered July 10, 2023  | 20675000 | 10337500 | 315562082 |
| &nbsp;&nbsp;&nbsp; Share-based payments  |  |  | 6997962 |
| **At December 31, 2023**  | **111722979** | **55861489** | **1673790225** |
| **At January 1, 2024**  | **111722979** | **55861489** | **1673790225** |
| &nbsp;&nbsp;&nbsp; New share issue, May 29, 2024, registered May 29, 2024  | 11025 | 5512 |  |
| &nbsp;&nbsp;&nbsp; New share issue, Sep 10, 2024, registered Oct 11, 2024  | 111734004 | 55867001 | 684370109 |
| &nbsp;&nbsp;&nbsp; New share issue, Oct 7, 2024, registered Oct 16, 2024  | 11111111 | 5555555 | 88263444 |
| &nbsp;&nbsp;&nbsp; Share-based payments  |  |  | 8069120 |
| **At December 31, 2024**  | **234579119** | **117289557** | **2454492898** |
| **At January 1, 2025**  | **234579119** | **117289557** | **2454492898** |
| &nbsp;&nbsp;&nbsp; New share issue, June 24, 2025, registered June 24, 2025  | 30652 | 15326 |  |
| &nbsp;&nbsp;&nbsp; New share issue, November 13, 2025, registered November 13, 2025  | 46915822 | 23457911 | 407072067 |
| &nbsp;&nbsp;&nbsp; Share-based payments  |  |  | 14050358 |
| **At December 31, 2025**  | **281525593** | **140762794** | **2875615323** |

---

 *Share capital and dividend* 

As of December 31, 2025, the registered share capital consists of 281,525,593 issued shares. All issued shares have been fully paid for, and no shares are reserved for transfer. Each share carries one vote. The quotient value is SEK 0.50. There are no treasury shares held by the Parent Company itself or its subsidiaries. No dividends were distributed for any of the periods presented.

 *Other contributed capital* 

Other contributed capital consists of share premiums contributed by the shareholders when subscribing to shares.

 *Share-based payments* 

As of December 31, 2025, the Company had six active incentive programs that include the management team, other employees and board members. For more information, see Note 9 "Share-based payments".

 *Capital management* 

The Company manages its capital to ensure that it will be able to continue as a going concern. The capital structure of the Company consists of equity attributed to the Company's shareholders presented in the consolidated statement of changes in equity. The Company considers its financing needs in light of changes in economic circumstances, risks associated with its different assets, and the projected cash needs of the current and projected research activities. The Company's objective is to maintain its capital structure at a level to enable it to finance its activities for at least 12 months. The Company is not subject to any externally imposed capital requirements.

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23. Other provisions

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| | | |
|:---|:---|:---|
| | **December 31,**  | **December 31,**  |
| **(in thousands of SEK)**  | **2025**  | **2024**  |
| **Social security contributions related to share-based incentive programs** |  |  |
| Opening amount  | 884 | 1487 |
| Provisions for the year  | 5506 | (603) |
| **Severance pay** |  |  |
| Opening amount  |  | 1588 |
| Provisions for the year  |  | (1588) |
| **Total**  | 6390 | 884 |

---

24. Accrued expenses and deferred income

---

| | | |
|:---|:---|:---|
| | **December 31,**  | **December 31,**  |
| **(in thousands of SEK)**  | **2025**  | **2024**  |
| Accrued personnel-related expenses  | 24501 | 5700 |
| Accrued expenses, research and development  | 31065 | 5133 |
| Accrued expenses, other  | 2812 | 1479 |
| **Total**  | 58378 | 12311 |

---

25. Supplementary information to the cash flow statement

The non-cash adjustments in the statements of cash flow are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **For the years ended December 31,**  | **For the years ended December 31,**  | **For the years ended December 31,**  |
| **(in thousands of SEK)**  | **2025**  | **2024**  | **2023**  |
| Depreciations  |  | 2243 | 3423 |
| Impairments  |  |  | 62554 |
| Incentive programs, payroll expenses  | 14051 | 8068 | 6998 |
| Incentive programs, social security contributions  | 5506 | (605) | (240) |
| Provision for payroll tax, pension premium  |  | (22) | 73 |
| Exchange rate changes on short-term investments  | (744) |  |  |
| Other  | (988) | 444 | (668) |
| **Total**  | 17825 | 10128 | 72140 |

---

26. Related-party transactions

The disclosures related to the compensation of senior executives, and the Board of Directors by category, including short-term benefits, post-employment benefits, and share-based payments, are included in Note 8 "Employees and personnel costs."

27. Pledged assets and contingent liabilities

 *Agreement with Emeriti Bio AB and HaLaCore Pharma AB* 

The Company has a discovery services agreement with Emeriti Bio AB and HaLaCore Pharma AB, whereby Emeriti and HaLaCore are developing new drug substances targeting the AT2 receptor on behalf of the Company. If the Company chooses to continue development of any of these new drug substances, the Company may owe potential royalties in connection with partnering and/or commercializing any such new drug substance. The maximum the Company could owe under this Agreement, as of December 31, 2025, is SEK 36.25 million. This agreement does not cover the development and commercialization of buloxibutid.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

28. Reclassification of comparative information

In order to enhance comparability and reflect the presentation applied in the current period, certain comparative amounts in the consolidated statements of financial position have been reclassified. These reclassifications relate primarily to the net presentation of research and development payables, prepayments and accruals, which were previously presented on a gross basis. The reclassifications are immaterial to the prior period and did not affect profit or loss, total equity, or cash flows for any period presented.

The impact of the revision on the Company's statement of financial position as of December 31, 2025 is reflected in the following table:

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| | | | |
|:---|:---|:---|:---|
| **(SEK in thousand)**  | **As previously reported**  | **Adjustment**  | **As restated**  |
| Prepaid expenses and accrued income  | 36383 | (25122) | 11261 |
| Total current assets  | 1216924 | (25122) | 1191802 |
| **Total assets**  | **1218637** | **(25122)** | **1193515** |
| Trade payables  | (39473) | 17696 | (21777) |
| Accrued expenses and deferred income  | (65804) | 7426 | (58378) |
| Total current liabilities  | (118434) | 25122 | (93312) |
| **Total liabilities**  | **(123175)** | **25122** | **(98053)** |

---

The impact of the revision on the Company's statement of financial position as of December 31, 2024 is reflected in the following table:

---

| | | | |
|:---|:---|:---|:---|
| **(SEK in thousand)**  | **As previously reported**  | **Adjustment**  | **As restated**  |
| Prepaid expenses and accrued income  | 25188 | (11687) | 13501 |
| Total current assets  | 1195574 | (11687) | 1183887 |
| **Total assets**  | **1195574** | **(11687)** | **1183887** |
| Trade payables  | (29966) | 8249 | (21717) |
| Accrued expenses and deferred income  | (15749) | 3438 | (12311) |
| Total current liabilities  | (65689) | 11687 | (54002) |
| **Total liabilities**  | **(66245)** | **11687** | **(54558)** |

---

------

## Exhibit 1.1

**Exhibit 1.1**

*N.B. The English text is an in-house translation of the original Swedish text. Should there be any disparities between the Swedish and the English text, the Swedish text shall prevail.*

**e-Certificate of registration**

**LIMITED COMPANY**

Registration number<br> 556680-3804 <br> <u>Date of registration of the company <br> 2005-05-10</u> <u>Date of registration of current name 2015-10-20</u> <br> <u>Document created on <br> 2026-04-01 16:58</u> <u>Page 1 (2)</u>

---

| | |
|:---|:---|
| Registration number: | &nbsp;&nbsp;556680-3804 |
| Business name: | &nbsp;&nbsp;Vicore Pharma Holding AB |
| Address: | &nbsp;&nbsp;Postbox 14 414 52 GÖTEBORG |
| Registered office: | &nbsp;&nbsp;Stockholm |
| Note: |  |

---

The company is registered as a public limited company.

**THE COMPANY WAS FORMED**

2005-04-15

**SHARE CAPITAL**

---

| | | | |
|:---|:---|:---|:---|
| Share capital | : SEK | 140,762,795.133393 | 140,762,795.133393 |
| Min | : SEK | 100,000,000 | 100,000,000 |
| Max | : SEK | 400,000,000 | 400,000,000 |
| Number of shares | : |  | 281525593 |
| Min | : |  | 200000000 |
| Max | : |  | 800000000 |

---

**BOARD MEMBER, CHAIR OF THE BOARD**

580911 Schikan, Johannes Gerardus Christiaan Petrus, <br> Herengracht 14, 1015 BK AMSTERDAM, NETHERLANDS

**BOARD MEMBERS**

810715 Al-Wakeel, Yasir Baha, 1246 Wilson Street, <br> 94301 PALO ALTO, CA, UNITED STATES

*N.B. The English text is an in-house translation of the original Swedish text. Should there be any disparities between the Swedish and the English text, the Swedish text shall prevail.*

**e-Certificate of registration**

**LIMITED COMPANY**

Registration number<br> 556680-3804 <br> <u>Date of registration of the company <br> 2005-05-10</u> <u>Date of registration of current name 2015-10-20</u> <br> <u>Document created on <br> 2026-04-01 16:58</u> <u>Page 2 (2)</u>

---

| | |
|:---|:---|
| 640426 | Barbier, Ann Johanna, 19 Kenwood Street, |
|  | 02446 BROOKLINE MASSACHUSETTS, UNITED STATES |
| 610429-2724 | Björk, Margareta Elisabeth, Ålstensgatan 36, 167 65 BROMMA |
| 600712 | Buschle, Michael Joachim, Chemin de la Bateliére 6, 1007 LAUSANNE, |
|  | SWITZERLAND |
| 670916-5531 | Gunterberg, Jacob Uno Stanley, Jacob Gunterberg, |
|  | Igelkottsvägen 47, 167 57 BROMMA |
| 580502 | Hunter, Marie Heidi, Rue De Bordeaux 54, BRYSSEL 1060, BELGIUM |

---

**MANAGING DIRECTOR**

840318 Mousa, Ahmed Shaker, 54 Harvard Ave, 02446, BROOKLINE, MA, <br> UNITED STATES

**AUDITORS**

556053-5873 Ernst & Young Aktiebolag, Box 7850, 103 99 STOCKHOLM <br> Represented by: 820917-4880

**AUDITOR IN CHARGE**

820917-4880 Sallander, Linda Elisabeth, ERNST & YOUNG AB, <br> 401 82 GÖTEBORG

**SIGNATORY POWER**

The board of directors is entitled to sign.

Signatory power by any two jointly of the board members

Furthermore, the Managing Director, in the course of normal business activities, is also entitled to sign.

**ARTICLES OF ASSOCIATION**

Date of the latest change: 2025-05-06

**FINANCIAL YEAR**

Registered financial year: 0101 - 1231

Latest annual report submitted covers financial

period 20240101-20241231

*N.B. The English text is an in-house translation of the original Swedish text. Should there be any disparities between the Swedish and the English text, the Swedish text shall prevail.*

**e-Certificate of registration**

**LIMITED COMPANY**

Registration number<br> 556680-3804 <br> <u>Date of registration of the company <br> 2005-05-10</u> <u>Date of registration of current name 2015-10-20</u> <br> <u>Document created on <br> 2026-04-01 16:58</u> <u>Page 3 (2)</u>

**DATE OF REGISTRATION OF CURRENT AND PREVIOUS BUSINESS NAMES**

---

| | |
|:---|:---|
| 2015-10-20 | Vicore Pharma Holding AB |
| 2009-12-02 | Mintage Scientific AB |
| 2005-07-06 | A+ Science Holding AB |
| 2005-05-10 | Lagrummet Juni nr 82 Aktiebolag |

---

The above information is an extract from the Trade and Industry Register Bolagsverket, the Swedish Companies Registration Office.

Bolagsverket

851 81 Sundsvall

0771-670 670

bolagsverket@bolagsverket.se

www.bolagsverket.se

## Exhibit 1.2

**Exhibit 1.2**

*N.B. The English text is an in-house translation of the original Swedish text. Should there be any disparities between the Swedish and the English text, the Swedish text shall prevail.*

**Articles of Association for Vicore Pharma Holding AB (Publ)**

**Reg. No. 556680-3804**

---

| | |
|:---|:---|
| **§ 1.** | **Company** |

---

The name of the company is Vicore Pharma Holding AB (publ). The company is a limited liability company (publ).

---

| | |
|:---|:---|
| **§ 2.** | **Registered Head Office** |

---

The board of directors shall have its registered head office in Stockholm.

---

| | |
|:---|:---|
| **§ 3.** | **Objective of the company** |

---

The company's objective is to, directly or indirectly, carry out development of new products and methods within the field of science with emphasis on health and environment as well as own and manage shares and other securities in companies within such areas of business and any activity compatible therewith.

---

| | |
|:---|:---|
| **§ 4.** | **Share capital** |

---

The share capital shall be no less than SEK 100,000,000 and no more than SEK 400,000,000.

---

| | |
|:---|:---|
| **§ 5.** | **Number of shares** |

---

The number of shares in the company shall be no less than 200,000,000 and no more than 800,000,000.

---

| | |
|:---|:---|
| **§ 6.** | **Board of directors** |

---

The board of directors shall, to the extent appointed by the annual general meeting, consist of a minimum of three and a maximum of nine board members.

---

| | |
|:---|:---|
| **§ 7.** | **Auditors** |

---

The company shall appoint as auditors a minimum of one or a maximum of two auditors with a maximum of two deputies, or registered accounting company.

---

| | |
|:---|:---|
| **§ 8.** | **Summons** |

---

Summons to annual general meetings shall be announced in Post- och Inrikes Tidningar and on the company's website. Information regarding the issue of summons shall be announced in Dagens Industri. Should publication of the Dagens Industri cease, information should instead be announced in Svenska Dagbladet.

---

| | |
|:---|:---|
| **§ 9.** | **Registration of participation in annual general meeting** |

---

Shareholders who wish to participate in the annual general meeting shall register with the company no later than on the day that is specified in the summons to the annual general meeting. The latter mentioned day must not be a Sunday or holiday day, Saturday, midsummer, Christmas Eve or New Year's Eve and not fall earlier than the fifth weekday prior to the annual general meeting.

Shareholders may have the company of one or two assistants at the annual general meeting, however, only if the shareholder has provided notice of such in accordance with the previous paragraph.

---

| | |
|:---|:---|
| **§ 10.** | **General meetings** |

---

At the annual general meeting the following matters shall be raised:

1. Election of chairman for the meeting.

2. Preparation and approval of the voting list.

3. Election of two persons to verify the minutes along with the chairman.

4. Verification that the annual general meeting has been duly convened.

5. Approval of the agenda.

6. Presentation of annual report and auditors' report and consolidated financial statements and consolidated auditors' report.

7. Resolution regarding adoption of income statement and balance sheet and, when applicable, consolidated income statement and consolidated
balance sheet.

8. Resolution regarding allocation of the company's profit or loss according to the adopted balance sheet.

9. Resolution regarding adoption of discharge of liability for the board members and the Chief Executive Officer.

10. Resolution regarding adoption of the number of board members and deputies and, when applicable, of auditors and auditor deputies.

11. Resolution regarding adoption of remuneration for the board of directions and the auditors.

12. Election of the board of directors and any deputies and, when applicable, of auditors or auditor deputies.

13. Other matter that is submitted at the annual general meeting according to the Companies Act (2005:551) or the articles of association.

---

| | |
|:---|:---|
| **§ 11.** | **Collection of powers of attorney and postal voting** |

---

The board of directors may collect powers of attorney in accordance with the procedures described in Chapter 7, Section 4, second paragraph of the Swedish Companies Act (2005:551).

The board of directors may decide, prior to a shareholders' meeting, that the shareholders be permitted to exercise their voting rights by post prior to the shareholders' meeting.

---

| | |
|:---|:---|
| **§ 12.** | **Financial year** |

---

The financial year of the company shall be the calendar year.

---

| | |
|:---|:---|
| **§ 13.** | **Central Securities Depository clause** |

---

The company's shares shall be registered in a depository register according to the Swedish Central Securities Depositories and Financial Instruments Accounts Act (1998:1479).

## Exhibit 4.1

**Exhibit 4.1**

***Certain identified information has been excluded from this exhibit because it is both not material and is the type of information that the registrant treats as private or confidential. [\*\*\*] indicates that information has been excluded.***

**LICENSE Agreement by and AMONG**

**Vicore pharma AB**

**AND**

**Nippon Shinyaku Co., Ltd.**

**Executed Version**

**<u>**TABLE OF CONTENTS**</u>**

---

| | |
|:---|:---|
| **1. DEFINITIONS** | **3** |
| **2. LICENSE GRANTS** | **15** |
| **3. GOVERNANCE & DECISIONMAKING** | **19** |
| **4. RESEARCH & DEVELOPMENT** | **24** |
| **5. REGULATORY** | **27** |
| **6. MANUFACTURE AND SUPPLY** | **29** |
| **7. COMMERCIALIZATION** | **31** |
| **8. DILIGENCE & NON-COMPETE** | **33** |
| **9. PAYMENTS** | **34** |
| **10. INTELLECTUAL PROPERTY** | **41** |
| **11. CONFIDENTIALITY & PUBLICATION** | **48** |
| **12. REPRESENTATIONS & WARRANTIES** | **52** |
| **13. INDEMNIFICATION, LIABILITY & INSURANCE** | **55** |
| **14. TERM AND TERMINATION** | **58** |
| **15. MISCELLANEOUS** | **66** |

---

Page **2** of **82**

This License Agreement, entered into as of February 9 2024 (the "**Effective Date**"), is entered into by and among Vicore Pharma AB, a limited company existing under the laws of the Sweden having a principal place of business at Kornhamnstorg 53, SE-111 27 Stockholm, Sweden ("**Vicore**") and Nippon Shinyaku Co., Ltd., a Japanese corporation with an address of 14, Nishinosho-Monguchi-cho, Kisshoin, Minami-ku, Kyoto 601-8550, Japan ("**NS**"). Vicore and NS are referred to in this Agreement individually as a "**Party**" and collectively as the "**Parties**".

**RECITALS**

Whereas, Vicore is engaged in the discovery, research, development, and manufacture of C21, a small molecule targeting the angiotensin II type 2 receptor, and possesses proprietary technology, know-how and intellectual property rights relating thereto;

Whereas, NS possesses expertise in developing, manufacturing, marketing and selling pharmaceutical products; and

Whereas, NS wishes to develop, manufacture, and commercialize the Licensed Product in the Territory (as defined below).

Now, therefore, in consideration of the mutual covenants and promises contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto, intending to be legally bound, do hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. DEFINITIONS.**

The following capitalized terms or derivatives thereof (verbs, nouns, singular, plural), when used in this Agreement, shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. "**Accounting Standards**" means the International Financial Reporting Standards (IFRS), the U.S. Generally Accepted Accounting Principles (US GAAP), and any other internationally recognized accounting standards that may be adopted by a Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. "**Additional Indication**" means any disease other than those set forth in Licensed Field.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. "**Adverse Events**" shall mean any adverse medical occurrence in a patient or clinical investigation subject to whom the Licensed Product is administered and which could but does not necessarily have a causal relationship with the Licensed Product, including any unfavorable and unintended sign (including an abnormal laboratory finding, for example), symptom, or disease temporally associated with the administration of the Licensed Product, whether or not considered related to or caused by the administration of the Licensed Product.

Page **3** of **82**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. "**Affiliate**" means, with respect to a Party, any person or entity, which directly or indirectly controls, is controlled by, or is under common control with such Party. Solely as used in this definition, the term "control" means (a) the ownership, directly or indirectly, beneficially or legally, of at least fifty percent (50%) of the outstanding voting securities or capital stock (or such lesser percentage which is the maximum allowed to be owned by a person or entity in a particular jurisdiction) of such Party or other person or entity, as applicable, or such other comparable ownership interest with respect to any person or entity that is not a corporation; or (b) the power, direct or indirect, whether through ownership of voting securities or partnership or other ownership interests of more than fifty percent (50%), by contract or otherwise, to direct the management and policies of a Party or such other person or entity, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5. "**Agreement**" means this document including any and all exhibits, appendices and amendments to it as may be initially included, added or amended from time to time in accordance with the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6. **"Alliance Manager**" has the meaning set forth in <u>Section 3.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7. "**Applicable Law**" means any law, statute, ordinance, code, rule or regulation that has been enacted by a government authority (including without limitation, any Regulatory Authority and the U.S. Securities and Exchange Commission ("**SEC**") and is in force as of the Effective Date or comes into force during the Term, in each case to the extent that the same are applicable to the performance by the Parties of their respective obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8. "**Arising IP**" means collectively, Arising Know-How, Arising Patents and all Intellectual Property Rights therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9. "**Arising Know-How**" means all Know-How used, generated, or otherwise acquired by or on behalf NS or any of its Affiliates or their Sublicensees after the Effective Date in the course of performing any activities under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10. "**Arising Patents**" means (a) all Patent Rights arising from Arising Know-How filed during the Term and (b) all Patents co-invented (in accordance with U.S. patent law) by or on behalf of both Vicore and NS during the Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11. "**ATRAG**" means an angiotensin II type 2 receptor agonist.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12. "**Branding Strategy**" has the meaning set forth in <u>Section 7.5</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13. "**Business Day**" means a day other than a Saturday, Sunday, or a bank or other public holiday in Stockholm, Sweden, or Tokyo, Japan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14. "**Calendar Quarter**" means the respective periods of three (3) consecutive calendar months ending on March 31, June 30, September 30 and December 31 of each Calendar Year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15. "**Calendar Year**" means each successive period of twelve (12) months commencing on January 1 and ending on December 31.

Page **4** of **82**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16. "**Change of Control**" means with respect to a Party, (a) completion of a merger, reorganization, amalgamation, arrangement, share exchange, consolidation, tender or exchange offer, private purchase, business combination, recapitalization or other transaction involving such Party as a result of which either (1) the stockholders of such Party immediately preceding such transaction hold less than fifty percent (50%) of the outstanding shares, or less than fifty percent (50%) of the outstanding voting power, respectively, of the ultimate company or entity resulting from such transaction immediately after consummation thereof (including a company or entity which as a result of such transaction owns the then-outstanding securities of such Party or all or substantially all of such Party's assets, including such Party's assets related to the Licensed Product, either directly or through one or more subsidiaries), or (2) any single Third Party person or group (within the meaning of the U.S. Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect, referred to as a "Group") holds fifty percent (50%) or more of the outstanding shares or voting power of the ultimate company or entity resulting from such transaction immediately after the consummation thereof (including a company or entity which as a result of such transaction owns the then-outstanding securities of such Party or all or substantially all of such Party's assets either directly or through one or more subsidiaries); or (b) the direct or indirect acquisition (including by means of a tender offer or an exchange offer) by any Third Party person or Group of beneficial ownership (within the meaning of the U.S. Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect), or the right to acquire beneficial ownership, or formation of any Third Party Group which beneficially owns or has the right to acquire beneficial ownership, of fifty percent (50%) or more of either the outstanding voting power or the then outstanding shares of such Party, in each case on a fully-diluted basis. For the avoidance of doubt, a transaction solely to change the domicile of a Party shall not constitute a Change of Control as long as there is no change of direct or indirect shareholding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17. "**Clinical Study**" means a Phase 1 Study, Phase 2a Study, Phase 2b Study, Phase 3 Study, Phase 4 Study or other study (including a non-interventional study) in humans to obtain information regarding the product, including information relating to the safety, tolerability, pharmacological activity, pharmacokinetics, dose ranging, efficacy or other health outcomes of the Licensed Product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18. "**CMC**" means chemistry, manufacturing and control, as defined by the applicable Regulatory Authority that regulates a manufacturing activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19. "**CMO**" means a contract manufacturing organization for any cGMP activity to support development or commercial manufacturing activities, including any Clinical Study or commercial activities related to manufacture, testing, device, warehouse, packaging, labeling, and distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20. "**Commercial Milestone Event**" has the meaning set forth in <u>Section 9.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21. "**Commercial Milestone Payment**" has the meaning set forth in <u>Section 9.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22. "**Commercial Supply Agreement**" has the meaning set forth in <u>Section 6.1</u>.

Page **5** of **82**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23. **"Commercialization**" or "**Commercialize**" means any and all activities directed to marketing, promoting, distributing, importing, exporting, using, offering to sell or selling a product and interacting with Regulatory Authorities following receipt of Marketing Approval in the Territory, and activities directed to obtaining Pricing Approvals, as applicable, including those activities in accordance with each Commercialization Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24. "**Commercialization Plan**" has the meaning set forth in <u>Section 7.4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25. "**Commercialization Strategy**" has the meaning set forth in <u>Section 7.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26. "**Commercially Reasonable Efforts**" means (a) [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27. "**Competing Product**" means any [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28. "**Completion**" or "**Completed**" means with respect to a Clinical Study, the availability of topline data generated from such Clinical Study.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29. "**Confidential Information**" means any and all Know-How, information and Data of a confidential nature, whether financial, business, legal, technical or non-technical, whether in oral, written, electronic or other form, including information and data related to a Product, a Party, or any concepts, discoveries, inventions, data, designs or formulae in relation to this Agreement, that is disclosed, supplied or otherwise made available by or on behalf of one Party or any of its Affiliates or Sublicensees ("**Disclosing Party**") to the other Party or any of its Affiliates or Sublicensees ("**Receiving Party**") in connection with this Agreement. Arising IP shall be treated as the Confidential Information of both Parties hereunder. The terms of this Agreement shall be treated as the Confidential Information of both Parties hereunder. All Confidential Information disclosed by a Party pursuant to the Confidential Agreement between the Parties on [\*\*\*] (the "**Prior CDA**") shall be deemed to be Confidential Information of the applicable Party pursuant to this Agreement (with the mutual understanding and agreement that any use and disclosure thereof that is authorized under, and consistent with, <u>Section 10.7.1</u> shall not be restricted by, or be deemed a violation of, such Prior CDA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30. "**Control**", "**Controlled**" or "**Controlling**" means, with respect to a subject item (including any Intellectual Property Right, Know-How, Data, Marketing Approvals or Regulatory Materials) ("**Subject Item**"), the possession (whether arising by ownership, pursuant to a license or sublicense or otherwise, other than pursuant to this Agreement) by a Party of the ability of such Party or its Affiliate to grant a license, sublicense or access to the other Party with respect to such Subject Item, as provided in this Agreement, without resulting in any consideration payable by such Party or its Affiliate to any Third Party (except as contemplated by <u>Section 9.5.2</u>), or violating the terms of any agreement or other arrangement with any Third Party, in existence as of the time such Party or its Affiliates would first be required hereunder to grant the other Party such license, sublicense or access.

Page **6** of **82**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31. "**Cover**," "**Covered**" or "**Covering**" means, with respect to the applicable invention, discovery, process or product (including the Licensed Product), as appropriate, (a) and a Patent Right, that, in the absence of a (sub)license under, or ownership of, such Patent Right, the Development, Manufacture or Commercialization of such invention, discovery, process or product (including making, using, offering for sale, selling or importing thereof), as appropriate, with respect to a given country, would infringe such Patent Right (or, in the case of a Patent Right that has not yet issued, would infringe any then-pending claim in such Patent Right if it were to issue with such claim), and (b) and any Know-How, that, in the absence of a (sub)license under, or ownership of, such Know-How, the Development, Manufacture or Commercialization (including making, using, offering for sale, selling or importing thereof) of such invention, discovery, process or product incorporates, embodies or otherwise makes use of such Know-How.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32. "**CPI**" means the Consumer Price Index-Urban Wage Earners and Clerical Workers, U.S. City Average, All Items 1982-84=100, published by the United States Department of Labor, Bureau of Labor Statistics (or its successor equivalent index), in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33. "**CPI Adjustment**" means the sum of the percentage increase or decrease, if any, in the CPI applicable to such personnel for the [\*\*\*] of the Calendar Year prior to the Calendar Year for which the adjustment is being made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34. "**CREATE Act**" has the meaning set forth in <u>Section 10.4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35. "**CRO**" means a contract research organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36. "**CSO**" means a contract sales organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37. "**Data**" means any and all non-aggregated and aggregated research, pharmacology, pre-clinical, clinical, commercial, marketing, process development, Manufacturing and other data or information, including investigator brochures and reports (both preliminary and final), statistical analyses, expert opinions and reports, and safety data, in each case generated from, or related to, Clinical Studies or non-clinical studies, research or testing specifically related or directed to a Licensed Product. For the avoidance of doubt, Data shall be deemed Confidential Information of the Disclosing Party for the purposes of this Agreement and subject to <u>Section 11.1</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38. "**Defending Party**" has the meaning set forth in <u>Section 10.5.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39. "**Development**" or "**Develop**" means any and all clinical and non-clinical drug development activities conducted before or after obtaining Marketing Approval that are reasonably related to or leading to the development, preparation, and submission of data and information to a Regulatory Authority for the purpose of obtaining, supporting or expanding Marketing Approval or to the appropriate body for obtaining, supporting or expanding Pricing Approval, including all activities related to pharmacokinetic profiling, design and conduct of Clinical Studies, regulatory affairs, statistical analysis, report writing, and regulatory filing creation and submission (including the services of outside advisors and consultants in connection therewith).

Page **7** of **82**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40. "**Development Plan**" means the Development Plan for the Licensed Product in the Territory as described in <u>Section 4.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41. "**Developmental Milestone Event**" has the meaning set forth in <u>Section 9.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42. "**Developmental Milestone Payment**" has the meaning set forth in <u>Section 9.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43. "**Dollars**" or "**$**" means the lawful currency of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44. "**Exploit**" means to make, have made, use, import, export, offer to sell, sell, Develop, Manufacture, Commercialize, or otherwise exploit. "**Exploitation**" will be construed accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45. "**Effective Date**" has the meaning set forth in the preamble.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46. "**Finished Product**" shall mean the Licensed Product in its finished, labeled, assembled, and packaged form, ready for sale to the market or use in Clinical Studies or pre-clinical studies, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47. "**First Commercial Sale**" means the first commercial sale in an arms' length transaction of the Licensed Product to a Third Party by NS or any of its Affiliates or their Sublicensees in the Territory following receipt of applicable Marketing Approval of the Licensed Product in the Territory. For clarity, the First Commercial Sale shall not include (a) any sale of the Licensed Product for use in a Clinical Study or other Development activity, or (b) any distribution or other sale of the Licensed Product solely for patient assistance, named patient use, compassionate use, or test marketing programs or non-registrational studies or similar programs or studies where the Licensed Product is supplied without charge or at the actual Fully Burdened Manufacturing Cost thereof (without any markup).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48. "**FTE**" means a full-time equivalent employee (i.e., one fully-committed or multiple partially-committed employees aggregating to one full-time employee) employed or contracted by Vicore or its Affiliates and assigned to perform specified work hereunder (such as providing assistance in clinical training, document review and/or drafting, etc.), with such commitment of time and effort to constitute one employee performing such work on a full-time basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49. "**FTE Cost**" means, for all activities performed in accordance with this Agreement by Vicore, the result of (a) the number of FTEs performing for such activities, times (b) [\*\*\*] and each subsequent NS Fiscal Year, the FTE Cost shall be adjusted by the applicable CPI Adjustment, which shall be determined no later than [\*\*\*] of the preceding year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50. "**Fully Burdened Manufacturing Cost**" means [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51. "**Generic Product**" means with respect to the Licensed Product in the Territory, a drug approved by the PMDA as a generic equivalent to a Licensed Product (i.e., a drug with the same active pharmaceutical ingredient (API), dosage form, strength, quality, indication, effect, direction, and dose as the original proprietary drug).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52. "**Global Clinical Study**" has the meaning set forth in <u>Section 4.1.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53. "**Global Clinical Development Plan**" has the meaning set forth in <u>Section 4.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54. "**GPSP**" means the Japanese Good Post-Marketing Study Practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55. "**Governmental Authority**" means any applicable government authority, court, tribunal, arbitrator, agency, department, legislative body, commission or other instrumentality of (a) any government of any country or territory, (b) any nation, state, province, county, city or other political subdivision thereof or (c) any supranational body. Governmental Authorities include all Regulatory Authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56. "**GxP**" means quality standards and regulatory requirements including GCP, GLP and cGMP as defined in this section. GCP means; all applicable Good Clinical Practice standards for the design, conduct, performance, monitoring, auditing, recording, analyses and reporting of Clinical Studies, including, as applicable (a) as set forth in the International Conference on Harmonization of Technical Requirements for Registration of Pharmaceuticals for Human Use Harmonized Tripartite Guideline for Good Clinical Practice (CPMP/ICH/135/95), Japanese Ministerial Ordinance on Good Clinical Practice for Drugs and any other guidelines for Good Clinical Practice for trials on medicinal products in the Territory, (b) the Declaration of Helsinki (2004) as last amended at the 52<sup>nd</sup> World Medical Association in October 2000 and any further amendments or clarifications thereto, (c) 21 C.F.R. Parts 50 (Protection of Human Subjects), 56 (Institutional Review Boards) and 312 (Investigational New Drug Application), as may be amended from time to time, and (d) the equivalent Applicable Laws in the Territory, each as may be amended and applicable from time to time and in each case, that provide for, among other things, assurance that the clinical data and reported results are credible and accurate and protect the rights, integrity, and confidentiality of trial subjects. GLP means the then-current practices and procedures set forth in Title 21, United States Code of Federal Regulations, Part 58 (as amended), and the equivalent Applicable Law in the Territory, and any other regulations, guidelines or guidance documents relating to Good Laboratory Practices, or any foreign equivalents thereof in the country in which such studies or Clinical Studies are conducted or that are otherwise applicable. cGMP means all current Good Manufacturing Practices and regulations applicable to the Manufacture of the Product that are promulgated by any applicable Regulatory Authority having jurisdiction over the Manufacture of the Product, including, as applicable, as promulgated under and in accordance with (a) the principles detailed in the U.S. Current Good Manufacturing Practices, 21 C.F.R. Parts 4, 210, 211, 601, 610 and 820, (b) European Directive 2003/94/EC and Eudralex 4, (c) the principles detailed in the International Conference on Harmonization's Q7 Guideline, and (d) the equivalent Applicable Law in any relevant country or region, each as may be amended and applicable from time to time. "**IND**" means (a) an Investigational New Drug Application as defined in the FD&C Act and applicable regulations promulgated thereunder by the FDA, (b) the Investigational Medicinal Product Dossier (IMPD) in Europe, or (c) the equivalent application to the applicable Regulatory Authority in any other regulatory jurisdiction, and any amendments to the foregoing (a), (b) or (c), in each case, the filing of which is necessary to initiate or conduct a Clinical Study of an investigational drug or biological product in humans in such jurisdiction.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57. "**Indemnification Claim Notice**" has the meaning set forth in <u>Section 13.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58. "**Indemnified Party**" has the meaning set forth in <u>Section 13.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59. "**Indemnifying Party**" has the meaning set forth in <u>Section 13.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60. "**Indirect Taxes**" shall mean value added, sales, consumption, goods and services taxes or similar taxes required by Applicable Law to be disclosed as a separate item on the relevant invoice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61. "**Initial Indication**" means idiopathic pulmonary fibrosis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62. "**Initiation**" or "**Initiated**" means, (i) with respect to a Clinical Study of a Licensed Product, the first dosing of the first human subject pursuant to the protocol for such Clinical Study or (ii) with respect to a GLP Tox Study, the start date of the in-life phase of such GLP Tox Study.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63. "**Intellectual Property Rights**" means, collectively, Patent Rights, copyrights, Trademarks, designs, domain names, moral rights and all other intellectual property and proprietary rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64. "**JPY**" or "¥" means Japanese Yen, the lawful currency of Japan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65. "**Joint Steering Committee**" or "**JSC**" has the meaning set forth in <u>Section 3.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66. "**Know-How**" means any and all ideas, concepts, designs, technical information, techniques, Data, database rights, discoveries, inventions, practices, methods, procedures, processes, algorithm, knowledge, skill, experience, test data and any other information or technology, whether in written, electronic, graphic or any other form, including pharmaceutical, chemical, biological and biochemical compositions, formulations, assays, APIs, molecules, samples, cell lines, journals and laboratory notebooks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67. "**Licensed Compound**" means C21 or buloxibutid, an orally available low molecular weight ATRAG with the structure set forth in <u>Exhibit A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68. "**Licensed Field**" means, with respect to the Licensed Product, the prevention, mitigation, or treatment of the Initial Indication [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69. "**Licensed Product**" means any pharmaceutical formulation containing C21, also known as buloxibutid.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70. "**Licensed Product IP**" means (a) all Know-How that is Controlled by Vicore and its Affiliates and Covers the Research, Development, Manufacture, Commercialization, import, sale, export, and offer for sale and export of the Licensed Product ("**Licensed Product Know-How**") and (b) any Patent Rights that are Controlled by Vicore or its Affiliates as of the Effective Date and thereafter during the of the Term, and that Covers the Research, Development, Manufacture, Commercialization, import, sale, export, and offer for sale and export of the Licensed Product ("**Licensed Product Patents**"). The Licensed Product Patents as of the Effective Date are listed in <u>Exhibit B</u>, which shall be updated from time to time during the Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71. "**Losses**" has the meaning set forth in <u>Section 13.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72. "**MAA**" means a marketing authorization application in relation to the Licensed Product, filed or to be filed with the PMDA (or its successor or with an equivalent national agency in any other country), for authorization to place a medicinal product on the market in Japan (or any other territory).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73. "**Manufacture**" or "**Manufacturing**" means all activities related to the manufacture of a pharmaceutical product (including the Licensed Product), including, but not limited to, manufacturing supplies for Research, Development or Commercialization, packaging, in-process and Finished Product testing, pharmaceutical development including process development and validation, release of product, or any component or ingredient thereof, quality assurance and quality control activities related to manufacturing and release of product, ongoing stability tests, storage, shipment, and regulatory activities related to any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74. "**Marketing Approval**" means all approvals, licenses, registrations or authorizations of the Regulatory Authorities in the Territory or in the ROW, necessary for the commercial marketing and sale of a pharmaceutical product (including the Licensed Product) in such country in the Territory or in the ROW, including the approval of an MAA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75. "**Material Adverse Effect**" means any materially adverse impact on the value of the Licensed Product anywhere in the world, including but not limited to restriction on the Licensed Product's label or adverse impact to the safety or efficacy or expected price of the Licensed Product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76. "**Material Communication**" means any communication (including meetings) with Regulatory Authorities and Regulatory Authority questions or concerns regarding significant issues, including any of the following: key product quality attributes (e.g., purity), safety findings that could materially affect any other product that comprises an ATRAG (e.g., serious Adverse Events, emerging safety signals), clinical or nonclinical findings affecting patient safety, or efficacy or lack of efficacy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77. "**MHLW**" means the Ministry of Health, Labor and Welfare of Japan, or its successor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78. "**Net Sales**" means [\*\*\*]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79. "**NHI Price**" means the National Health Insurance price in Japan (*yakka*), per dosage unit, assigned by the MHLW, inclusive of consumption tax. For clarity, the consumption tax in Japan as of the Effective Date is ten percent (10%).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80. "**NS**" has the meaning set forth in the preamble.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81. "**NS Fiscal Year**" means the annual fiscal year adopted by NS in accordance with the applicable Accounting Standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82. "**NS Authorized Generic of the Licensed Product**" have the meaning set forth in Section 8.2.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83. "**Orphan Drug Designation**" or "**ODD**" means a designation of orphan drug status of a Licensed Product by the applicable Regulatory Authority in the Territory under Article 77-2(PDF:87KB) of the "Act on Securing Quality, Efficacy and Safety of Pharmaceuticals, Medical Devices, Regenerative and Cellular Therapy Products, Gene Therapy Products, and Cosmetics" because it is intended for use in less than fifty thousand (50,000) patients in Japan and for which there is a high medical need.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84. "**Party**" and "**Parties**" have the meaning set forth in the preamble.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85. "**Patent(s)**" or "**Patent Right(s)**" means all patents and patent applications (which for the purpose of this Agreement shall be deemed to include certificates of invention and applications for certificates of invention), including all divisionals, continuations, substitutions, continuations-in-part, re-examinations, reissues, additions, renewals, revalidations, extensions, registrations, pediatric exclusivity periods and supplementary protection certificates and the like of any such patents and patent applications, and any and all foreign equivalents of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86. "**Patent Term Extensions**" has the meaning set forth in <u>Section 10.7</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87. "**Person**" means any corporation, limited or general partnership, limited liability company, joint venture, trust, unincorporated association, governmental body, authority, bureau or agency, any other entity or body, or an individual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88. "**Phase 1 Study**" means a Clinical Study of an investigational product in human participants with the primary objective of characterizing its safety, tolerability, and pharmacokinetics and identifying a recommended dose and regimen for future studies as described in 21 C.F.R. 312.21(a), or a comparable Clinical Study prescribed by the relevant Regulatory Authority in a country other than the United States. A Phase 1 Study shall be deemed commenced when Initiated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89. "**Phase 2a Study**" means a Clinical Study of an investigational product in human participants that has the primary objective of establishing the safety and initial efficacy of a product, which is prospectively designed to generate sufficient data (if successful) to commence a Phase 2b Study. A Phase 2a Study shall be deemed commenced when Initiated.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90. "**Phase 2b Study**" means a Clinical Study of an investigational product in human participants with the primary objective of characterizing its activity in a specific disease state as well as generating more detailed safety, tolerability, and pharmacokinetics information as described in 21 C.F.R. 312.21(b), or a comparable Clinical Study prescribed by the relevant Regulatory Authority in a country other than the United States. A Phase 2b Study shall be deemed commenced when Initiated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91. "**Phase 3 Study**" means a Clinical Study of an investigational product in human participants that incorporates accepted endpoints for confirmation of statistical significance of efficacy and safety with the aim to obtain Marketing Approval in any country as described in 21 C.F.R. 312.21I, or a comparable Clinical Study prescribed by the relevant Regulatory Authority in a country other than the United States. The investigational product can be administered to patients as a single agent or in combination with other investigational or marketed agents and a Phase 3 Study shall be deemed commenced when Initiated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92. "**Phase 4 Study**" means a Clinical Study of an approved product in human participants that further investigates efficacy and safety of such product as a single agent or in combination with other agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93. "**PMDA**" means the Pharmaceuticals and Medical Devices Agency in Japan or any successor thereto that conducts scientific reviews of marketing authorization applications for pharmaceuticals and monitoring of their post-marketing safety in Japan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94. "**Post-Marketing Surveillance**" or "**PMS**" means any post-marketing surveillance required by a Regulatory Authority to ensure the efficacy and safety of the Licensed Product after receipt of Marketing Approval and to establish proper methods of use of the Licensed Product in the Territory, consisting of three (3) systems: (i) the adverse drug reactions and infections collection and reporting system; (ii) the reexamination system; and (iii) the reevaluation system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95. "**Pricing Approvals**" means such governmental approval, agreement, determination or decision establishing prices for the Licensed Product in the Territory that can be charged or reimbursed in regulatory jurisdictions where the applicable Governmental Authorities in the Territory approve or determine the price or reimbursement of pharmaceutical products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96. "**Prosecution and Maintenance**" or "**Prosecute and Maintain**" means, with regard to a particular Patent, the preparation, filing, prosecution and maintenance of such Patent, as well as all proceedings that may take place before the patent office in any given country, including but not limited to U.S. interferences, U.S. inter parties reviews and EP oppositions. For avoidance of doubt, "Prosecution and Maintenance" or "Prosecute and Maintain" shall not include any enforcement or other defensive actions taken with respect to a Patent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97. "**Receiving Party**" has the meaning set forth in <u>Section 11.1.1</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98. "**Regulatory Authority**" means any Governmental Authority involved in granting approvals for the Development, Manufacturing, Commercialization, Pricing Approval of a pharmaceutical product (including the Licensed Product), including the FDA, the EMA, the MHLW and the PMDA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99. "**Regulatory Exclusivity**" means any exclusive marketing rights or data exclusivity rights conferred by any applicable Regulatory Authority, other than an issued and unexpired Patent, including any regulatory data protection exclusivity (including, where applicable, pediatric exclusivity, or orphan drug exclusivity) or any other exclusivity afforded by restrictions which prevent the granting by a Regulatory Authority of regulatory approval to market a generic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.100. "**Regulatory Materials**" means regulatory applications, submissions, dossiers, notifications, registrations, case report forms, trial master file, DMF, common technical documents, question and answers with, or any communications to or from, Regulatory Authorities, Marketing Approvals or other filings or communications made to or with, or other approvals granted by, a Regulatory Authority that are necessary or reasonably desirable in order to Develop, Manufacture or Commercialize a pharmaceutical product (including a Licensed Product) in a particular country or regulatory jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.101. "**Research**" or "**Researching**" means activities, other than Development, related to the design, discovery, generation, identification, profiling, characterization, production, process development, cell line development, pre-clinical development or non-clinical or pre-clinical studies of a drug candidate (including the Licensed Product).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.102. "**ROW**" means the entire world except for the Territory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.103. "**Royalty Term**" means the time period from the First Commercial Sale of the Licensed Product in the Territory and ending on the later of: (i) ten (10) years after such First Commercial Sale of the Licensed Product in the Territory, (ii) the first anniversary following the expiration of Regulatory Exclusivity for such Licensed Product in the Territory, or (iii) the last to expire Valid Claim of the Licensed Product Patents Covering the Licensed Product in the Territory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.104. "**Safety Agreement**" has the meaning set forth in <u>Section 5.5</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.105. "**Senior Representatives**" has the meaning set forth in <u>Section 15.1.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.106. "**Shared Ratio**" means the ratio under which costs are shared by the Parties, which shall be [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.107. "**Subcontractor**" means (a) a Third Party contractor engaged by a Party to perform certain obligations or exercise certain rights of such Party under this Agreement on a fee-for-service basis (including CROs, CMOs, and CSOs), or (b) a Third Party distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.108. "**Sublicensee**" means a Third Party to whom NS or Vicore or their respective Affiliates or sublicensees has granted a sublicense or license under any intellectual property licensed to such Party in accordance with the terms of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.109. "**Term**" has the meaning set forth in <u>Section 14.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.110. "**Territory**" means Japan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.111. "**Third Party**" means any Person other than NS, Vicore or their respective Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.112. "**Third Party Claims**" has the meaning set forth in <u>Section 13.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.113. **Third Party IP Claim**" has the meaning set forth in <u>Section 10.5.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.114. "**Trademark**" means any trademark, trade name, service mark, service name, brand, domain name, trade dress, logo, slogan or other indicia of origin or ownership, including the goodwill and activities associated with each of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.115. "**United States**" or **"U.S."** means the United States of America and its territories and possessions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.116. "**Vicore**" has the meaning set forth in the preamble.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.117. "**Vicore Trademark**" means the product specific Trademarks of Vicore listed on <u>Exhibit E</u>, together with any further product specific Trademarks and trade names of which Vicore may become the proprietor or which Vicore may have the right to use on or in specific relation to the Product at any time during the Term. For avoidance of doubt, Vicore Trademark does not include general corporate Trademarks of Vicore pertaining to its business or services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.118. "**Valid Claim**" means (a) a claim of an issued and unexpired Patent which claim has not been revoked or held invalid or unenforceable by a court or other government agency of competent jurisdiction by a final determination without the possibility of appeal or has not been held or admitted to be invalid or unenforceable through re-examination or disclaimer, reissue, opposition procedure, nullity suit or otherwise by a final determination without the possibility of appeal or (b) a claim of a pending Patent Right that has not been abandoned, finally rejected or expired without the possibility of appeal or refiling.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. LICENSE GRANTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. **<u>Grant to NS</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1. <u>Research, Development and Commercialization License</u>. Subject to the terms and conditions of this Agreement (including Vicore's retained rights set forth in Section 2.5), during the Term, Vicore hereby grants to NS an exclusive (even as to Vicore and its Affiliates), non-transferable (except as set forth <u>Section 15.3</u>), royalty-bearing license, with the right to grant sublicenses (subject to <u>Section 2.3</u>), under the Licensed Product IP to Research and Develop, seek Marketing Approval with respect to, and Commercialize the Licensed Product in the Licensed Field and in the Territory.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2. <u>Manufacture License</u>. Subject to the terms and conditions of this Agreement, Vicore hereby grants to NS a non-exclusive, sublicensable (subject to <u>Section 2.3</u>), personal and non-transferable (except as set forth <u>Section 15.3</u>), license under the Licensed Product IP to Manufacture the Licensed Product anywhere in the world; provided that such Manufacture shall be solely for Research, Development, or Commercialization of the Licensed Product in the Licensed Field and in the Territory as set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.3. <u>Forbearance by NS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.3.1. NS and its Affiliates and their Sublicensees covenant not to Commercialize the Licensed Product in the ROW and the Licensed Field and shall not assist any Third Party in any such Commercialization. To the extent that NS or any of its Affiliates or their Sublicensees Manufactures the Licensed Product in the ROW, then NS covenants that such Manufacture shall be solely for the Research, Development or Commercialization of the Licensed Product in the Licensed Field and in the Territory. NS shall not, and shall not allow any of its Affiliates or their Sublicensees to, practice or otherwise use any of the Licensed Product IP other than as expressly permitted by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.3.2. NS hereby covenants and agrees that it shall not, and shall ensure that its Affiliates and any Sublicensee shall not, either directly or indirectly, promote, market, distribute, import, sell or have sold any Licensed Compound or Licensed Product, including via the Internet or mail order, to any Third Party or address or Internet Protocol address or the like in the ROW, or to any Third Party that NS, or any of its Affiliate or Sublicensee knows (or is reasonably expected to know) has previously exported or is likely to export the Licensed Product outside the Territory. NS shall not engage, and shall ensure that its Affiliates and Sublicensees shall not engage, in any advertising or promotional activities relating to the Licensed Product directed primarily to customers or other buyers or users located in any country or jurisdiction in the ROW, or solicit orders from any prospective customer or other buyer or user located in any country or jurisdiction in the ROW.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.4. <u>Additional Third Party License</u>. In the event an additional license to Patents of Third Parties or other rights to any Know-How or Intellectual Property Rights is strictly necessary for NS to Research and Develop, seek Marketing Approval with respect to, and Commercialize the Licensed Product in the Licensed Field in the Territory, and provided that such Third Party Patents, Know-How or Intellectual Property were known to Vicore as of the Effective Date, and was/were not disclosed to NS, Vicore [\*\*\*]. The risk of all other Third Party Patents, Know-How or Intellectual Property are addressed under <u>Section 10.5</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.5. <u>Forbearance by Vicore</u>. Vicore and its Affiliates and their Sublicensees covenant not to Commercialize the Licensed Product in the Territory in the Licensed Field, and shall not assist any Third Party in any such Commercialization other than as contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. **<u>Licenses Cover Clinical Data</u>**. The license grants set forth in <u>Sections 2.1</u> (and the restrictions applicable thereto) are hereby confirmed to apply to all Data, including Clinical Study results, generated by Vicore in connection with the Research and Development of the Licensed Product under this Agreement, by the application of such license grants to Know-How. For avoidance of doubt, those license grants shall include the right to submit Data associated with any Clinical Study conducted by Vicore to any Regulatory Authority in the Territory to support the Development and Marketing Approval of the Licensed Product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. **<u>Sublicense Rights</u>.** Subject to the terms of this Agreement and Vicore's prior written consent (which consent shall not be unreasonably withheld, conditioned, or delayed), NS shall have the right to sublicense (through one tier) the rights provided under <u>Section 2.1.1</u> and <u>Section 2.1.2</u> above; provided, however, that in the event of such sublicensing, (a) such Sublicensees shall be subject to the same confidentiality and diligence obligations as NS has hereunder, (b) such sublicense shall be in writing with terms that are consistent with the obligations of NS under this Agreement and (c) NS shall remain liable to Vicore for all the terms and conditions of this Agreement and any breach by the Sublicensee shall be considered a breach by NS. For avoidance of doubt, any NS Sublicensee may not grant a sublicense of the rights provided under <u>Section 2.1.1</u> and <u>Section 2.1.2.</u> Prior to providing written consent for Sublicense, Vicore may reasonably inquire and investigate with NS whether the proposed sublicensee has similar or greater capability (resources, expertise, knowledge) to Research, Develop, Manufacture, seek Marking Approval and Commercialize the Licensed Product as NS. Vicore may reasonably withhold consent under this Section if the proposed sublicensee does not have such capabilities. For the avoidance of any doubts, wholesalers which purchase the Licensed Products for the distribution in the Territory are not Sublicensees, and NS may choose such wholesalers without any consent from Vicore.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. **<u>No Implied Rights</u>**. No license or other right is or shall be created or granted hereunder by implication, estoppel or otherwise. All licenses and rights hereunder are or shall be granted only as expressly provided in this Agreement. All rights a Party not expressly granted hereunder are reserved by such Party and, except as otherwise expressly set forth herein, may be used by such Party for any purpose.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. **<u>Retained Rights</u>**. Vicore may, and hereby retains the right (on behalf of itself and any current or potential future licensees, other than NS and its Sublicensees) to, (a) perform (or have performed by its Subcontractors) Development activities for the Licensed Product in the ROW in accordance with this Agreement, (b) Manufacture (itself or through any Subcontractor) anywhere in the world, including in the Territory, the Licensed Product solely for sale in the ROW or for supply to NS as provided in Section 6, (c) conduct multi-national Clinical Study for the Licensed Product in the ROW, or inside the Territory (to the extent that NS does not elect to serve as the Territory sponsor or regulatory agent for such multi-national Clinical Study in the Territory), (d) conduct non-clinical Research or Development inside the Territory, (e) perform Vicore's other obligations under this Agreement, and generally, for avoidance of doubt, (f) Exploit the Licensed Product in the ROW. To the extent that the Vicore undertakes Research, Development or Manufacturing activities under this Agreement in the Territory, it shall notify and discuss with NS via the JSC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6. **<u>Additional Indications</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.1. The Parties agree to discuss in good faith expansion of the Licensed Field to include other indications in the Territory (i.e., to enable NS to Develop and Commercialize the Licensed Product in Additional Indications in the Territory).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.2. Should NS seek to expand the Licensed Field and initiate such discussions, it shall propose through the JSC in writing, the proposed Additional Indication, and timeline for development with respect to such Additional Indication. For a period no longer than [\*\*\*] from the receipt by Vicore of the written proposal from NS, the Parties will discuss outside of the JSC in good faith the terms associated with such expansion to this Agreement including Development Milestone Payments, and upon mutual agreement, amend this Agreement to incorporate the Additional Indication into the Licensed Field as well as any new milestone payments accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.3. If NS decides in its sole judgement not to pursue any other indication outside the Licensed Field, and if Vicore subsequently pursues Development of any such new indication outside the Territory, and should NS decide in the future to add such Additional Indication to the Licensed Field and use such data for the Territory, then NS shall reimburse Vicore for [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.4. If the proposed Additional Indication is: (i) [\*\*\*], (ii) [\*\*\*], the following shall also apply: If the Parties are unable to reach mutual agreement within the [\*\*\*] period described in the preceding Section, Vicore agrees that it will not enter into an agreement with a Third Party on more favorable terms (considered as a whole in Vicore's sole but reasonable discretion) than the best and final terms offered by NS to Vicore to include the Additional Indication without first offering such more favorable terms to NS, in which case NS shall have [\*\*\*] to accept such terms in writing. If NS does not accept such more favorable terms or such terms are not more favorable, then Vicore shall be free to enter into an agreement with a Third Party with respect to such proposed Additional Indication on terms it negotiates with a Third Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.5. For avoidance of doubt, this <u>Section 2.6</u> shall not apply to Vicore's grant of any rights in the ROW.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. GOVERNANCE & DECISIONMAKING**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. **<u>Alliance Manager</u>**. As soon as practicable after the Effective Date, each Party will designate an individual to facilitate communication and coordination of the Parties' activities under this Agreement, including Development, Manufacturing, and Commercialization of Licensed Product in the Territory (each, an "**Alliance Manager**"). Each Alliance Manager may also serve as a representative of its respective Party on one or more committees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. **<u>Joint Steering Committee</u>**. A Joint Steering Committee (the "**JSC**") shall be formed to oversee the overall activities of the Parties in the Development, seeking Marketing Approval, and Commercialization of the Licensed Product in the Territory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1. <u>Composition</u>. The representatives appointed to the JSC under <u>Section 3.2.2</u> must have sufficient seniority within the applicable Party to make decisions arising within the scope of the JSC's responsibilities. The JSC may change its size from time to time by mutual consent of its members, provided that the JSC shall consist at all times of an equal number of representatives of each of Vicore and NS. Each Party may replace its JSC representatives at any time upon written notice to the other Party. The JSC may invite non-members to participate in the discussions and meetings of the JSC, provided that such participants have no voting authority at the JSC and are bound under written obligation of confidentiality no less protective of the Parties' Confidential Information than those set forth in this Agreement. The JSC shall be co-chaired by NS and Vicore. The co-chairs' responsibilities shall include conducting meetings, including, when feasible, ensuring that objectives for each meeting are set and achieved. Responsibility for running each meeting of the JSC will alternate between the chairpersons from meeting-to-meeting. The Alliance Managers will work with the chairpersons to prepare and circulate agendas and to ensure the preparation of minutes. The chairpersons have no additional powers or rights beyond those held by the other JSC representatives, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.2. <u>Formation</u>. Within [\*\*\*] of the Effective Date, Vicore and NS shall each appoint [\*\*\*] each to the JSC. The JSC shall be responsible for discussing, approving and monitoring the execution of the Development Plan, seeking Marketing Approval, and Commercialization of the Licensed Product in the Territory. It shall also provide a forum for discussion and information sharing regarding Development of the Licensed Product in the ROW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.3. <u>Language.</u> All interactions under this Agreement, including JSC meetings and corresponding written materials, shall be in English.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4. <u>Responsibilities.</u> The JSC shall have the following specific responsibilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4.1. review and discuss matters that a Party believes may have a Material Adverse Effect on the Licensed Product in the Territory (with respect to NS) and in ROW (with respect to Vicore);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4.2. review, discuss and approve the Development Plan and any updates, modifications, amendments and supplements thereto as described in Section 4.1, including approving the protocols and reports for Clinical Studies conducted in the Territory, and monitor the implementation of any tasks set forth in the Development Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4.3. discuss the possibility of conducting Global Clinical Studies for use in the Territory, including the design, operational conduct and cost sharing for such Global Clinical Studies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4.4. oversee the implementation of, and the coordination between the Parties of activities to be performed under, the Commercial Supply Agreement, the Safety Agreement, and any other written agreement between the Parties with respect to the subject matter hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4.5. review, discuss and oversee Manufacturing of the Licensed Product in or for the Territory;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4.6. discuss the design, operational conduct and cost sharing for any Research of the Licensed Product required to obtain Marketing Approval in the Territory, including the regulatory strategy for receipt of approval from the PMDA with respect to the conduct of the applicable Clinical Studies in the Territory;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4.7. review and discuss Regulatory Materials in the Territory for the Licensed Product, as described in <u>Section 5.6</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4.8. develop, review, discuss, and determine whether to approve the Commercialization Plan and any updates thereto for the Licensed Product, as described in <u>Section 7.4</u>, as well as the Commercialization Strategy, as described in <u>Section 7.3</u>, and the Branding Strategy, as described in <u>Section 7.5</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4.9. review and facilitate discussion of proposed publications relating to the Licensed Product;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4.10. perform the activities assigned to it with respect to Commercialization of the Licensed Product as described in <u>Section 7</u>; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4.11. perform such other functions as appropriate to further the purposes of this Agreement, in each case as agreed in writing by the Parties or as expressly provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.5. <u>JSC Committee Meetings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.5.1. The JSC shall meet at least [\*\*\*] unless the Parties mutually agree in writing to a different frequency. The JSC shall also meet when required in order to perform its responsibilities. No later than [\*\*\*] prior to any meeting of the JSC (or such shorter time period as the Parties may agree), the Alliance Managers will prepare and circulate an agenda for such meeting; provided, however, that either Party may propose additional topics to be included on such agenda, either prior to or in the course of such meeting if the other Party agrees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.5.2. Either Party may also call a special meeting of the JSC (by videoconference, teleconference or in person) by providing at least [\*\*\*] prior written notice to the other Party if such Party reasonably believes that an urgent significant matter must be addressed prior to the next scheduled meeting, in which event such Party will work with the Alliance Managers of both Parties to provide the members of the JSC no later than [\*\*\*] prior to the special meeting with an agenda for the meeting and materials reasonably adequate to enable an informed decision on the matters to be considered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.5.3. With respect to both ordinary meetings (<u>Section 3.2.5.1</u>) and special meetings (<u>Section 3.2.5.2</u>) of the JSC, the JSC may meet in person, by videoconference or by teleconference. Each Party shall bear the expense of its respective JSC members' participation in such JSC meetings. Meetings of the JSC will be effective only if at least [\*\*\*] of each Party is present or participating in such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.5.4. The Alliance Managers will be responsible for preparing reasonably detailed written minutes of all JSC meetings that reflect material decisions made and action items identified at such meetings. The Alliance Managers will send draft meeting minutes to each member of the JSC for review and written approval by both Parties within [\*\*\*] after each JSC meeting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.6. <u>Decision-making</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.6.1. Other than as set forth herein, in order to make any decision required of it hereunder with respect to any approval, the JSC must have present (in person, by videoconference or telephonically) at least [\*\*\*] of each Party. The Parties will endeavor to make decisions of the JSC by consensus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.6.2. The JSC shall attempt in good faith to resolve any disputes or failure to agree by [\*\*\*]. If the JSC cannot resolve such dispute or failure to agree within [\*\*\*] of the matter being referred to it (or sooner if the context requires), such matter shall be resolved as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If a decision would reasonably be expected to have a Material Adverse Effect on the efficacy, safety or tolerability profile of the Licensed Compound or Product in the ROW in [\*\*\*] reasonable judgement, then [\*\*\*] will have the final decision-making authority on that decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the foregoing, if a decision would otherwise relate solely to the Research, Development and Commercialization of the Licensed Compound or the Licensed Product in the Territory, [\*\*\*] will have the final decision-making authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For all other disputes, the matter shall be referred to dispute resolution under <u>Section 15.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding the foregoing, neither Party shall be required to violate any Applicable Law, nor to spend funds or perform activities except as provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.7. <u>Limitations</u>. Notwithstanding the creation of the JSC, each Party shall retain the rights, powers and discretion granted to it hereunder, and the JSC shall not be delegated or vested with rights, powers or discretion unless such delegation or vesting is expressly provided herein, or the Parties expressly so agree in writing. The JSC shall not have the power to amend or modify this Agreement, and no decision by the JSC shall be in contravention of any terms and conditions of this Agreement. The Alliance Managers shall not have any rights, powers or discretion except as expressly granted to the Alliance Managers hereunder and in no event shall the Alliance Managers have any right or power to modify or amend this Agreement. It is understood and agreed that issues to be formally decided by the JSC are only those specific issues that are expressly provided in this Agreement to be decided by the JSC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.8. <u>Translations</u>. To the extent that documents distributed or presented to the JSC are in Japanese or a language other than English, the Party preparing or providing such document shall also provide an English translation thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. **<u>Pricing Strategy</u>**. Notwithstanding anything to the contrary in this Agreement, NS shall have sole responsibility regarding the negotiations pertaining to, and timing for application of, the NHI Price of the Licensed Product in the Territory. If Vicore desires to make a suggestion regarding the NHI Price strategy in the Territory, (i) Vicore shall [\*\*\*] or (ii) Vicore shall [\*\*\*]. In deciding the NHI Price strategy in the Territory, NS shall reasonably take into consideration any such Vicore's suggestion, provided that NS shall have the final decision-making authority on the NHI Price indicated by the Regulatory Authority in the Territory.

NS shall advise Vicore of its proposed NHI Price for the Product in the Territory in advance of commencing NHI Price discussions with Regulatory Authorities or other parties involved in pricing and reimbursement decisions. NS shall consider in good faith any comments received from Vicore with respect to strategy pertaining to NHI Price of the Product and shall keep Vicore informed on the status of any application for NHI Price or NHI Price approval for the Product in the Territory, including any discussion with Regulatory Authority with respect thereto. NS shall [\*\*\*] after obtaining the Regulatory Approval of the Licensed Product in the Field in the Territory.

In the event that during the Term, no [\*\*\*].

As between the Parties, NS shall have the sole right to determine the price of the Licensed Product sold to wholesalers in the Territory (including any discounts, rebates and other price reductions addressed therein), provided however that NS's pricing to wholesalers shall not price the Licensed Product in a manner that [\*\*\*].

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. RESEARCH & DEVELOPMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. **<u>Development Plan</u>**. All Development of the Licensed Product in the Territory will be conducted pursuant to a written development plan agreed to and approved by the JSC as updated from time to time in accordance with this <u>Section 4.1</u> and <u>Section 3.2</u> (the "Development Plan"). No later than [\*\*\*] after the Effective Date, NS shall provide Vicore with its initial version of the Development Plan including plans for the [\*\*\*] to be conducted by NS in the Territory. No later than [\*\*\*] after the Effective Date of this Agreement, NS shall submit an updated version of the Development Plan to the JSC for review and final approval of the JSC. The Development Plan and all updates thereto will contain in reasonable detail (a) all major Territory Development activities for the Licensed Product [\*\*\*] to be conducted solely in furtherance of obtaining and maintaining Marketing Approval of the Licensed Product in the Territory, (b) the estimated timelines for performing and completing such activities, and (c) an outline of the key elements involved in obtaining Marketing Approval of the Licensed Product in the Licensed Field, as well as Additional Indications added to the Licensed Field, from all applicable Regulatory Authorities throughout the Territory, including the timelines for regulatory filings for the Licensed Product in the Territory. In addition, at least annually during the Term, the JSC will propose, discuss, and determine whether to approve any and all updates to the Development Plan. Once approved by the JSC, each update to the Development Plan will become effective and supersede the then-current Development Plan. Notwithstanding any provision to the contrary set forth in this Agreement, including NS's final decision-making authority under Section 3.2.4, the Development Plan must be consistent with Vicore's plan for global Development of the Licensed Product, as discussed through the JSC. For example, NS must plan all Development activities in the Territory to be completed as soon as possible using Commercially Reasonable Efforts and in no event later than necessary for NS to participate in global Development of the Product as contemplated under this Agreement. Vicore's draft Global Clinical Development Plan for the Licensed Product is attached to this Agreement as <u>Exhibit C</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1. <u>Global Clinical Study(s)</u>. Subject to <u>Section 4.2.2</u>, if Vicore plans to conduct a global clinical study (the "**Global Clinical Study**"), the JSC shall discuss and agree upon whether such Global Clinical Study should include the Territory; [\*\*\*], NS shall use Commercially Reasonable Efforts to participate in a Global Clinical Study for an indication in the Licensed Field as described in <u>Section 4.2.2</u> in order to meet its obligation to use Commercially Reasonable Efforts to Develop and Commercialize the Product in the Territory). In the event that, subject to NS's final decision-making authority above, the JSC determines to include the Territory in a Global Clinical Study, the Parties shall consult with the applicable Regulatory Authorities for advice, as needed, and then the JSC shall determine the number (or proportion) of participants to seek to enroll from the Territory in such a Global Clinical Study. Vicore shall be permitted to set deadlines for NS's decision with respect to participation in a Global Clinical Study under this <u>Section 4.1.1</u> as well as agreement regarding the number or proportion of participants to seek to enroll in such study in order to ensure the efficient and timely Development of the Licensed Product worldwide, provided that such deadline shall be a date which is after a date of NS's consultation with PMDA regarding a clinical study for the Licensed Product. For a Global Clinical Study that NS has agreed to participate in under this Section, consistent with NS's obligation to ensure its Development Plan is consistent with Vicore's plan for global Development of the Licensed Product, NS shall use Commercially Reasonable Efforts to initiate enrollment of participants in the Territory in any Global Clinical Study within [\*\*\*] of Vicore doing so in ROW. For avoidance of doubt, any [\*\*\*] of the Licensed Product shall not be considered a Global Clinical Study and NS shall not be required to participate in such Clinical Studies.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.2. With respect to indications in the Licensed Field, NS shall be required to participate in the Global Clinical Study as set forth in <u>Section 4.1.1</u> or contribute the costs of such Global Clinical Study as set forth in <u>Section 4.2.3</u>. [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.3. <u>Licensed Product Development</u>. NS shall use Commercially Reasonable Efforts to obtain Marketing Approvals for the Licensed Product in the Territory and for Development activities to be undertaken in connection therewith. All Development activities, including but not limited to Clinical Studies, shall be conducted in accordance with Applicable Law, including GxP, and regulatory and trial participant safety requirements. Where there are Territory-specific requirements pertaining to the Development in the Territory and included in the Development Plan, NS shall be solely responsible for such Development activities and for such expenses incurred by or on behalf of NS. In addition, Vicore shall use Commercially Reasonable Efforts to support NS in the completion of such Territory-specific activities at NS' request [\*\*\*]. For avoidance of doubt, any activities for which NS seeks Vicore's support in the Development, Manufacturing and Commercialization for the Licensed Product shall be considered Territory-specific activities (other than the initial transfer of Know-How under <u>Section 4.1.4</u> and the Manufacturing activities described under <u>Section 6.2</u>, <u>Section 6.3</u> and <u>Section 6.5</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.4. <u>Initial Know-How Transfer from Vicore</u>. Vicore shall provide NS with an initial set of documentation reflecting Licensed Product Know-How that Vicore believes is necessary or useful for NS to initiate Development of the Licensed Product in the Territory within [\*\*\*] of the Effective Date. Vicore will additionally provide any reasonably requested further documentation reflecting Licensed Product Know-How as are reasonably necessary or reasonably useful in order for NS to Develop the Licensed Product as contemplated under this Agreement for an additional [\*\*\*] thereafter. Subsequent support to NS in connection with its Development or Commercialization of the Licensed Product shall be covered by <u>Section 4.1.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. **<u>Research and Development Costs</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.1. NS shall be responsible for all costs associated with the Research and Development of the Licensed Product in the Territory incurred by NS, its Affiliates, any Sublicensee and its Subcontractors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.2. With respect to a Global Clinical Study, to the extent NS, its Affiliates, its Sublicensees, or its Subcontractors perform Development activities in connection with such Global Clinical Study in the Territory, NS shall [\*\*\*], with respect to such Global Clinical Study.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.3. Vicore shall have the right, to the extent NS does not perform Development activities in connection with such Global Clinical Study in the Territory, to request that NS [\*\*\*], with respect to such Global Clinical Study. For costs incurred pursuant to this Section, Vicore shall have the right to invoice NS on a quarterly basis for such costs incurred by Vicore with respect to the Global Clinical Study, and NS shall pay the amount invoiced within [\*\*\*] of receipt of any such invoice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.4. If the Parties decide to conduct any non-clinical Research or non-clinical Development of the Licensed Product for use both in the Territory and the ROW in accordance with <u>Section 3.2.4.6</u> (including any GLP toxicology studies of the Licensed Product), [\*\*\*]. For avoidance of doubt, to the extent that it is necessary for NS to have access to or include in submissions to PMDA any non-clinical Research or non-clinical Development of the Licensed Product conducted after the Effective Date, [\*\*\*]. For avoidance of doubt, in addition to any Vicore Research, Development, Manufacturing or Commercialization of the Licensed Product conducted under this Agreement, Vicore or Third Party (sub)licensees of Vicore shall be permitted to conduct such activities in the ROW. Notwithstanding anything to the contrary in this Agreement, if NS does not agree under this <u>Section 4.2.4</u> to [\*\*\*] with respect to any non-clinical Research or non-clinical Development of the Licensed Product for use both in the Territory and the ROW, within [\*\*\*] of Vicore's proposal for such non-clinical Research or non-clinical Development to the JSC, then NS shall not have access to the resulting data from any non-clinical Research or non-clinical Development of the Licensed Product for use in the Territory, unless [\*\*\*], provided that Vicore shall provide any information necessary for NS to determine the necessity of such non-clinical Research or non-clinical Development of the Licensed Product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. **<u>Reporting; Development Records</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.1. <u>Annual Reporting</u>. NS shall update Vicore as to the status of the Development and Manufacture of the Licensed Product in the Territory through a written annual report no later than [\*\*\*] following the end of NS Fiscal Year outlining NS's efforts in connection with Development relating to the Licensed Product and informing Vicore of material events related to the Development of the Licensed Product to the extent such information is not already provided to Vicore through the JSC. Such report shall provide a rolling diligence plan summarizing the Research, Development and Manufacturing activities anticipated to be undertaken over the next [\*\*\*] and shall summarize the Development activities carried out in the past NS Fiscal Year. Such written report shall be in sufficient detail so as to enable Vicore to monitor NS's compliance with its diligence obligations under <u>Section 8</u>. [\*\*\*].

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4. **<u>Subcontractors</u>**. NS will have the right to use its Affiliates or Third Parties to Research, Develop, Manufacture, and Commercialize the Licensed Product under the terms and conditions of this Agreement, provided that: (a) NS remains responsible for such Subcontractors and consultants as it selects to the same extent it would if it had done such work itself; (b) the Subcontractors and consultants undertake in writing obligations of confidentiality and non-use regarding Confidential Information that are at least as restrictive as those undertaken by the Parties pursuant to <u>Section 10.7.1</u>; and (c) NS shall own or otherwise Control all intellectual property developed by the Subcontractors and consultants in the course of performing any such work under the Development Plan that is related to the Licensed Product and would otherwise be licensed or assigned to Vicore under this Agreement has NS performed the activities, which includes, prior to commencing any such activities, having such Subcontractor or consultant execute an agreement licensing or assigning, as applicable, any inventions and related Intellectual Property Rights to the Party by whom they are employed or for whom they are providing services (or its designated Affiliate).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. REGULATORY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. **<u>Ownership</u>**. NS shall own all INDs, and MAAs submitted by NS to any Regulatory Authority in the Territory for use of the Licensed Product in the Licensed Field. Vicore shall own all INDs, MAAs and related Regulatory Materials submitted to any Regulatory Authority in the ROW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. **<u>Support and Cooperation</u>**. Following the Initial Know-How Transfer as described in <u>Section 4.1.4</u>, and except as provided otherwise under <u>Section 4.2.3</u> and <u>Section 4.2.4</u>, Vicore shall, upon NS's request, i) make available to NS any and all results of non-Clinical Studies, CMC related studies and Clinical Studies and electronic Data of Clinical Studies necessary for the MAA (including, but not limited to, common technical documents) to the extent available to Vicore, and ii) cooperate with NS in good faith for (a) preparation of the common technical document for the MAA specifically in the Territory, (b) response to the compliance inspection by Japanese Regulatory Authority and (c) NS's maintenance and control of the Marketing Approval of the Product in the Territory. [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. **<u>Responsibility</u>**. Subject to <u>Section 3.2.6</u>, NS shall have final authority for all regulatory matters relating to the Licensed Product for use in the Licensed Field in the Territory, including (i) overseeing, monitoring and coordinating all regulatory actions, communications and filings with, and submissions to, each such Regulatory Authority in the Territory; (ii) interfacing, corresponding and meeting with each such Regulatory Authority; (iii) seeking and maintaining all regulatory filings; and (iv) maintaining and submitting all records required to be maintained or required to be submitted to each such Regulatory Authority. For avoidance of doubt, NS's final authority with respect to the matters set forth in this <u>Section 5.3</u> is subject to such decision-making not having a Material Adverse Effect on the Licensed Product as set forth in <u>Section 3.2.6</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. **<u>Regulatory Meetings.</u>** NS shall provide Vicore with reasonable advance notice (no less than [\*\*\*] in any event) of any formal meeting or discussion (*Taimen-Jyogen*) with any Regulatory Authority in the Territory related to the Licensed Product or such other meeting or discussion with any Regulatory Authority in the Territory that is material to the Development or Commercialization of the Licensed Product in the Territory. NS shall lead such meeting or discussion, provided however that Vicore or its designee shall have the right, but not the obligation, to attend and participate in such meeting or discussion, at its own expense. If NS requests Vicore to participate in such meeting, and subject to Vicore personnel availability during normal business hours, NS shall pay the applicable FTE Cost and reasonable external expenses including travel and lodging incurred in performing such requested participation. If Vicore elects not to attend such meeting or discussion, NS shall promptly provide Vicore with a written English summary of such meeting or discussion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5. **<u>Pharmacovigilance and PMS</u>**. As the owner of all investigational and registration filings and Marketing Approvals in the Territory, NS shall be responsible for complying with all pharmacovigilance and PMS requirements under Applicable Laws. These activities shall include conducting all pharmacovigilance and PMS in the Territory at NS' sole expense as may be required by the Regulatory Authority in the Territory during Development and Commercialization. Such pharmacovigilance requirements and the obligations of the Parties for cross-territory sharing of pharmacovigilance data in a global pharmacovigilance database shall be set forth in a customary safety agreement to be executed by the Parties no later than [\*\*\*] after the Effective Date, but in any case prior to [\*\*\*] in the Territory (the "**Safety Agreement**"). The global safety database of the Licensed Product shall be established, maintained and managed at [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6. **<u>Regulatory Filings and Communications</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.1. <u>Submission of Regulatory Materials</u>. NS shall, make Commercially Reasonable Efforts to provide copies of all Regulatory Materials that it intends to submit to any Regulatory Authority in the Territory related to the Licensed Product reasonably in advance of the date of such submission so as to permit Vicore to review such Materials and provide comments to NS regarding the same. NS will, at its discretion, consider Vicore' comments regarding such Regulatory Materials in good faith, [\*\*\*]. For clarification, such Regulatory Materials shall be provided by NS to Vicore on an AS-IS basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.2. <u>Sharing of Regulatory Materials</u>. Each Party shall, upon written request, provide to the other Party copies of Regulatory Materials related to the Licensed Product that are reasonably expected by the requesting Party to have an impact on the submission and review of the regulatory filings in the Territory under such requesting Party's Control, including, in any reasonably available format to facilitate the submission of such Materials to Regulatory Authorities (e.g., eCTD). For clarification, such Regulatory Materials shall be provided by either Party to the other Party on an AS-IS basis. Such Materials shall be provided to the other Party promptly following such reasonable request during the Term. In the case of Regulatory Materials submitted to a Regulatory Authority, subject to <u>Section 5.6.1</u>, the Parties shall share final copies of such Regulatory Materials following submission to the Regulatory Authority in the Territory, the United States and the European Union. NS shall share drafts of such Regulatory Materials to ensure consistency with submissions in the ROW. The Parties shall implement mechanism(s) for the sharing of such materials related to the Licensed Product submitted to Regulatory Authorities in their respective territories (the Territory in the case of NS, the United States and the European Union in the case of Vicore).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.3. <u>Material Communications.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.3.1. Within [\*\*\*] after receipt of any Material Communication from a Regulatory Authority with respect to the Licensed Product, NS shall provide Vicore, through its Alliance Manager, with a brief written description of the principal issues raised in such Material Communication and, upon such Vicore' request, NS shall also provide complete copies of such correspondence within a reasonable period of time following such request. NS shall allow Vicore a reasonable opportunity to review and comment on any proposed response to such Material Communications in advance of the transmission of such response, and shall reasonably consider all comments timely provided in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.3.2. Within [\*\*\*] after receipt of any Material Communications from a Regulatory Authority related to a Clinical Study hold or potential Clinical Study hold for safety reasons or for a potential withdrawal from the market in the Territory for a safety issue or a report of a serious safety finding by a Regulatory Authority for the Licensed Product, NS shall provide Vicore, through its Alliance Manager, with a brief written description of the principal issues raised in such Material Communication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. MANUFACTURE AND SUPPLY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. **<u>Generally</u>**. Within [\*\*\*] days following the Effective Date of this Agreement, the Parties shall initiate negotiations pertaining to the terms of Vicore's supply to NS and quality of Licensed Compound and Licensed Product for Clinical Trials as set forth in <u>Section 6.2</u>. On or before [\*\*\*], the Parties shall start negotiating the terms of a Commercial Supply Agreement and, no later than [\*\*\*], enter into a Commercial Supply Agreement and a related quality agreement that provides for the Commercial supply of Licensed Compound and Licensed Product by Vicore as set forth in <u>Section 6.3</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. **<u>Manufacturing Supply for Development</u>**.

Pursuant to the terms to be agreed between the Parties under <u>Section 6.1</u>, Vicore (or its Third Party CMO) shall Manufacture the Licensed Compound and Licensed Product, and it shall use Commercially Reasonable Effort to supply the Licensed Product in the form [\*\*\*]. Such material may be used in connection with the Development (as defined in <u>Section 1.39</u>) of the Licensed Product in the Territory, including supply for quality control purposes, process development purposes, non-clinical, technology transfer and Clinical Studies. For avoidance of doubt, Vicore shall supply Licensed Product in the [\*\*\*] as it would for its own Development activities in the ROW; to the extent that any Manufacturing activities beyond this are required or requested by NS, Vicore shall use reasonable efforts to conduct such activities with out-of-pocket and FTE Cost reimbursement as contemplated by <u>Section 4.1.3</u>. The delivery of the Licensed Product in [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. **<u>Commercial Manufacturing Supply</u>**.

Pursuant to a Commercial Supply Agreement, following a technology transfer as described in <u>Section 6.5</u>, until an application for partial change of Marketing Approvals for NS's formulation of the Licensed Product is approved by the Regulatory Authority in the Territory, Vicore (or its Third Party CMO) shall Manufacture the Licensed Compound and Licensed Product, and it shall use Commercially Reasonable Effort to supply the Licensed Product in [\*\*\*] to NS in the quantities requested by NS at the Fully Burdened Manufacturing Cost plus [\*\*\*]. Such material may be used in connection with the Commercialization of the Licensed Product in the Territory as permitted by such Commercial Supply Agreement. NS shall [\*\*\*]. After an application for partial change of Marketing Approvals for NS's formulation of the Licensed Product is approved, Vicore (or its Third Party CMO) shall Manufacture the Licensed Compound and Licensed Product, and it shall supply the Licensed Product in the form [\*\*\*] to NS in the quantities requested by NS at the Fully Burdened Manufacturing Cost plus an additional [\*\*\*]. Such material may be used in connection with the Commercialization of the Licensed Product in the Territory as permitted by such Commercial Supply Agreement. NS shall [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. **<u>Future Contract Manufacturer Use</u>**. If NS is to enter into any Manufacturing contract with a future Third Party CMO for the supply of the Licensed Product, then Vicore shall have the right to review and comment prior to execution of such contract, and NS shall consider in good faith any comments provided by Vicore. Notwithstanding the foregoing, NS shall be required to implement any comments provided by Vicore to make such contract consistent with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5. **<u>Technology Transfer Assistance</u>**. Upon requested by NS, Vicore shall provide reasonable assistance to NS to conduct a technology transfer of the Licensed Product Know-How and materials required in order for NS or a Third Party CMO to Manufacture the Licensed Product or for NS to Research, Develop or Commercialize the Licensed Product in the Territory. [\*\*\*].

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. COMMERCIALIZATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. **<u>Commercialization Responsibilities</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1. <u>NS</u>. Subject to the other provisions of this <u>Section 7</u>, NS shall be solely responsible for and have sole control over all aspects of the Commercialization of the Licensed Product in the Territory, including planning and implementation, distribution, booking of sales, pricing, reimbursement and costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2. <u>Vicore</u>. Vicore shall be solely responsible and have sole control over all aspects of the Commercialization of the Licensed Product in the ROW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. **<u>Joint Steering Committee</u>**. As further set forth in <u>Section 3.2</u>, the JSC will oversee the marketing and Commercialization strategies for the Licensed Product in the Territory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.1. The JSC shall include a commercial representative from each Party reasonably in advance of the Commercialization of the Licensed Product in the Territory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.2. The JSC shall be responsible for information exchange regarding (i) the Commercialization Strategy in the Territory including updates to the Commercialization Plan as may be required from time to time; (ii) the branding strategy (including global positioning, promotional messages, colors and other visual branding elements) as further set forth in <u>Section 7.5</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.3. The JSC shall be an information-sharing committee that shall endeavor to reach consensus regarding the matters related to the Commercialization of the Licensed Product in the Territory. In the absence of consensus within the JSC, [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3. **<u>Commercialization Strategy</u>**. The key Commercialization principles for the Licensed Product in the Territory will be set forth in a written summary of the Commercialization strategy for the Licensed Product (the "**Commercialization Strategy**"). The JSC shall prepare the initial draft of such Commercialization Strategy for the Licensed Product in the Territory within [\*\*\*] for the Licensed Product, and then annually thereafter. Amendments to the Commercialization Strategy will become effective following review and approval by the JSC.

Page **31** of **82**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4. **<u>Commercialization Plan</u>**. No less than [\*\*\*] in advance of the reasonably expected First Commercial Sale of the Licensed Product in the Territory, and on an annual basis thereafter, NS shall prepare and deliver to the JSC for review a written plan that summarizes the Commercialization activities to be undertaken with respect to the Licensed Product in the Territory in the next NS Fiscal Year, including budget (the "**Commercialization Plan**"). The Commercialization Plan shall be consistent with the most recent Commercialization Strategy approved by the JSC. The Commercialization Plan shall subsequently be updated and modified by NS, from time to time at its discretion and no less frequently than once per NS Fiscal Year, based upon, among other things, NS's Commercialization activities with respect to such Product in the Territory, a copy of which updated plan will be provided to the JSC. Notwithstanding the foregoing, in the event of any disagreement between the Parties regarding the Commercialization Plan, [\*\*\*], provided that such decisions do not have a Material Adverse Effect on the Licensed Product in the ROW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5. **<u>Branding</u>**. The JSC shall, from time to time during the Term, develop (and thereafter modify and update) a high-level branding strategy (including positioning and promotional messages) for the Licensed Product in the Territory (the "**Branding Strategy**"), which shall be consistent with Vicore' branding strategy in the ROW. For avoidance of doubt, the Parties may agree to coordinate branding activities in connection with the Branding Strategy but are under no obligation to do so. Each Party shall be responsible for the creation, production and regulatory filings of written sales, promotion and advertising materials for the Licensed Product for use in such Party's respective Territory, which such materials shall be compliant with Applicable Law and consistent with the Vicore' branding strategy in the ROW ("**Promotional Materials**"). Upon one Party's request, the other Party shall provide copies of representative samples of its final, approved Promotional Materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6. **<u>Reporting Obligations</u>**. NS shall report to the JSC in writing, by no later than each [\*\*\*] following the first Marketing Approval of the Licensed Product in the Licensed Field in the Territory (for the period ending [\*\*\*] of the prior NS Fiscal Year), summarizing NS´s Commercialization activities for the Licensed Product in the Territory performed to date (or updating such report for activities performed since the last such report was given hereunder, as applicable) and activities to be undertaken in the next NS Fiscal Year. Such written report shall be sufficient in detail so as to enable Vicore to monitor NS' compliance with its diligence obligations under <u>Section 8</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7. **<u>Warehousing and Distribution</u>**. NS (or its Sublicensees) shall be responsible for booking sales in its Territory. Moreover, NS and its Affiliates shall be solely responsible for handling all returns of the Licensed Product sold in the Territory, as well as all aspects of Licensed Product order processing, invoicing and collection, distribution, inventory and receivables of Licensed Product sold in the Territory.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8. **<u>Recalls, Market Withdrawals or Corrective Actions</u>**. In the event that any Regulatory Authority issues or requests a recall or takes a similar action in connection with the Licensed Product in the Territory, or in the event either Party determines that an event, incident or circumstance has occurred that may result in the need for a recall or market withdrawal of the Licensed Product in the Territory, the Party notified of such recall or similar action, or the Party that desires such recall or similar action, shall, within [\*\*\*] of such request, order or determination, notify the other Party's Alliance Manager and JSC members by telephone or e-mail. Each Party, in consultation with the other Party, shall decide whether to conduct a recall of the Licensed Product in the Territory and/or the ROW, and the manner in which any such recall shall be conducted (except in the case of a government mandated recall, when such Party may act without such advance notice but shall notify the other Party as soon as possible). Except as may otherwise be agreed to by the Parties, NS shall bear all expense of any such recall or market withdrawal in the Territory and Vicore shall bear such expense in the ROW. Notwithstanding the forgoing, to the extent that a recall in the Territory described under this <u>Section 7.8</u> is due to a defect in the supply of the drug from Vicore to NS that is the fault of Vicore, then Vicore shall bear the expense of such recall. Any product recall shall be further detailed in the Commercial Supply Agreement. Each Party shall make available all of its pertinent records that may be reasonably requested by the other Party in order to effect a recall of the Licensed Product in either the Territory (in the case of NS) or the ROW (in the case of Vicore). The Parties' rights and obligations under this <u>Section 7.8</u> shall be subject to the terms of any Party's Supply Agreement(s) and quality agreements. In the event of a conflict between the provisions of any such Party's Supply Agreement and quality agreement and this <u>Section 7.8</u>, the provisions of such Party's Supply Agreement and quality agreement shall govern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. DILIGENCE & NON-COMPETE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. **<u>Diligence Requirements</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.1. <u>Development and Marketing Approval</u>. NS shall use Commercially Reasonable Efforts to obtain Marketing Approval as well as Orphan Drug Designation for the Licensed Product in the Initial Indication and [\*\*\*], as well as any Additional Indications (if and when such Additional Indications are added to the Licensed Field) in the Territory on the timelines included in the Development Plan, including conducting all Development and regulatory activities needed to obtain such approvals. NS's diligence obligations include the requirement to use Commercial Reasonable Efforts to perform all Clinical Studies necessary to obtain Marketing Approval for the Licensed Product in the Territory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.2. <u>Commercialization</u>. NS shall use Commercially Reasonable Efforts to Commercialize the Licensed Product in the Initial Indication, [\*\*\*] and any Additional Indications (if and when the Licensed Product has obtained Marketing Approval in the Initial Indication, [\*\*\*] and/or such Additional Indications) in the Territory.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. **<u>Non-Compete</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.1. <u>Generally</u>. During the Term, NS, by itself or through its Affiliates or any Third Party, shall not in-license, Manufacture or Commercialize any Competing Product for use in the Licensed Field in the Territory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.2. <u>Pre-First Commercial Sale Development Activities</u>. NS, by itself or through its Affiliates or any Third Party, shall not Develop any Competing Product before and until [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.3. During the Term and thereafter, NS and its Affiliates and their Sublicensees covenant not to Research, Develop, Manufacture or Commercialize a Generic Product of the Licensed Product excluding, subject to <u>Section 8.2.4</u>, any authorized generic of the Licensed Compound inside or outside the Territory and shall not assist any Third Party in any such Research, Development, Manufacture or Commercialization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.4. <u>Authorized Generics.</u> To the extent that NS wishes to Research, Develop, Manufacture or Commercialize an authorized generic of the Licensed Compound, then Vicore's prior written consent shall be required and shall be subject to mutual agreement regarding the timing for the lunch of such authorized generic as well as the associated financial terms. Such an authorized generic approved by Vicore ("NS Authorized Generic of the Licensed Product") shall be limited to the Territory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. PAYMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. **<u>Licensed Product Up-Front License Fee</u>**. In partial consideration for the license and rights granted to NS herein related to Licensed Product, NS shall pay to Vicore a one-time, non-refundable and non-creditable upfront Payment of ten million Dollars (USD$10 million), within [\*\*\*] after the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2. **<u>Developmental Milestone Payments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.1. As partial consideration for the rights granted hereunder regarding the Licensed Product, NS shall pay Vicore a one-time, non-refundable, non-creditable milestone Payment (each, a "**Developmental Milestone Payment**") upon the first achievement of the Development and regulatory milestone events set forth below (each, a "**Developmental Milestone Event**") with respect to the Licensed Product in each of the Initial Indication and for [\*\*\*] (if the Parties include [\*\*\*] in the Development Plan). If other Additional Indications are subsequently added to the Licensed Field pursuant to the right of first refusal to such Additional Indications in <u>Section 2.6</u>, then NS shall also make a one-time, non-refundable, non-creditable milestone Development Milestone Payment to Vicore upon the first achievement of the Development and regulatory milestone events to be set forth in an amendment to this <u>Section 9.2</u> for such future Additional Indications. Such Developmental Milestone Payments shall be made within [\*\*\*] of achievement of the corresponding Developmental Milestone Event.

Page **34** of **82**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Developmental Milestone Events** | &nbsp;&nbsp;**Developmental<br> Milestone Payment<br> (USD)** |
| &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] |
| &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] |
| &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] |
| &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] |
| &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] |
| &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] |
| &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] |
| &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] |
| &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.2. <u>Skipped Developmental Milestone Events and Payments</u>. If any of the above Developmental Milestone Events are skipped or unnecessary for a Licensed Product on an indication by indication basis (i.e. a later Developmental Milestone Payment is payable before an earlier Developmental Milestone Payment for such indication), then the skipped or unnecessary Developmental Milestone Event will be deemed to have been achieved upon the achievement of the subsequent milestone and the corresponding Developmental Milestone Payment(s) shall then become due and payable when the subsequent Development Milestone for such indication becomes payable, as applicable. In addition, in the case of the milestone upon [\*\*\*] with the Licensed Product in the Territory in the Initial Indication, such Milestone shall also be due in the case of and upon [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.3. <u>The daily NHI price.</u> For the purpose of this <u>Section 9.2</u>, the Parties shall agree on how to calculate the daily NHI Price which shall be consistent with common practices in the Territory.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3. **<u>Commercial Milestone Payments</u>**. As partial consideration for the rights granted hereunder regarding the Licensed Product, NS shall pay Vicore the one-time, non-refundable, non-creditable milestone Payments (each, a "**Commercial Milestone Payment**") set forth below within [\*\*\*] after achievement (first occurrence) of the applicable commercial milestone event for aggregate sales of Licensed Product (each, a "**Commercial Milestone Event**"). For clarity, if multiple Commercial Milestone Events are achieved in a NS Fiscal Year, then NS shall remit to Vicore the aggregate milestone Payments for all Commercial Milestone Events that are first achieved in such Calendar Year the Licensed Products.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Commercial Milestone Events** | &nbsp;&nbsp;**Commercial Milestone Payment** |
| &nbsp;&nbsp;Annual Net Sales of [\*\*\*] | &nbsp;&nbsp;[\*\*\*] |
| &nbsp;&nbsp;Annual Net Sales of [\*\*\*] | &nbsp;&nbsp;[\*\*\*] |
| &nbsp;&nbsp;Annual Net Sales of [\*\*\*] | &nbsp;&nbsp;[\*\*\*] |
| &nbsp;&nbsp;Annual Net Sales of [\*\*\*] | &nbsp;&nbsp;[\*\*\*] |
| &nbsp;&nbsp;Annual Net Sales of [\*\*\*] | &nbsp;&nbsp;[\*\*\*] |
| &nbsp;&nbsp;Annual Net Sales of [\*\*\*] | &nbsp;&nbsp;[\*\*\*] |
| &nbsp;&nbsp;Annual Net Sales of [\*\*\*] | &nbsp;&nbsp;[\*\*\*] |
| &nbsp;&nbsp;Annual Net Sales of [\*\*\*] | &nbsp;&nbsp;[\*\*\*] |
| &nbsp;&nbsp;Annual Net Sales of [\*\*\*] | &nbsp;&nbsp;[\*\*\*] |
| &nbsp;&nbsp;Annual Net Sales of [\*\*\*] | &nbsp;&nbsp;[\*\*\*] |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4. **<u>Royalties</u>**. As partial consideration for the rights granted hereunder regarding the Licensed Product, NS shall make non-refundable and non-creditable running royalty Payments to Vicore on the Net Sales of the Licensed Product sold in the Territory, as calculated by multiplying the applicable Royalty Rate set forth in the table below by the corresponding amount of incremental, aggregated annual Net Sales of the Licensed Product sold in the Territory in the applicable NS Fiscal Year. For the sake of clarity, if Net Sales from April to September is [\*\*\*] and aggregate Net Sales from October to March is [\*\*\*], NS shall pay [\*\*\*] as Royalties for April to September and [\*\*\*] as Royalties for October to March.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portion of annual Net Sales amount** | &nbsp;&nbsp;**Royalty Rate** |
| &nbsp;&nbsp;Portion of aggregate Net Sales up to [\*\*\*] | &nbsp;&nbsp;[\*\*\*] |
| &nbsp;&nbsp;Portion of aggregate Net Sales more than [\*\*\*] and up to [\*\*\*] | &nbsp;&nbsp;[\*\*\*] |
| &nbsp;&nbsp;Portion of aggregate Net Sales more than [\*\*\*] | &nbsp;&nbsp;[\*\*\*] |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5. **<u>Additional Royalty Terms.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5.1. <u>Reductions for Third Party Obligations</u>. In the event it would be reasonably necessary to obtain additional licenses to Patents of Third Parties that claim the composition of matter of the active pharmaceutical ingredient ("**API**") of the Licensed Product in the Territory, in order to Commercialize the API of the Licensed Product ("**Additional Third Party Licenses**"), NS may negotiate and obtain any such Additional Third Party Licenses but shall not be obligated to do so. NS and Vicore shall [\*\*\*] the royalties under such Additional Third Party Licenses and Vicore's [\*\*\*] share of such royalties shall be payable solely in the form of a reduction of the royalty Payments that would otherwise be payable by NS to Vicore. Such deduction shall not exceed [\*\*\*] of the royalties otherwise payable in each royalty payment period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5.2. <u>Additional New Third Party In-Licenses</u>. Subject to <u>Section 9.5.1</u> above, if, during the Term, the Parties determine and mutually agree that it would be reasonably necessary or useful for the Development, Manufacture or Commercialization of the Licensed Product in both the Territory and the ROW to obtain a license or other rights to any Know-How or Intellectual Property Rights from a Third Party, then Vicore and NS shall jointly negotiate such license to the extent solely applicable to the Licensed Product and share all upfront fees, maintenance fees and non-territory-specific milestone payments (as applicable) according to the Shared Ratio. NS shall be responsible for milestone payments and royalties in and specifically for the Territory, and Vicore shall be responsible for milestone payments and royalties in and specifically for the ROW, that are required thereunder. Notwithstanding the foregoing, but subject to <u>Section 9.5.1</u> above, if a Party (the "***Licensee Party***") otherwise enters into an agreement to obtain a license or other rights to any Know-How or Intellectual Property Rights from [\*\*\*] that such Licensee Party deems necessary or useful for the Development, Manufacture or Commercialization of the Licensed Product in either the Territory (with respect to NS) or in the ROW (with respect to Vicore), then (A) the other Party shall not be obligated to share in the cost of such license, but (B) the Know-How or Intellectual Property Rights licensed from such Third Party shall not be deemed "Controlled" by the Licensee Party, and (C) the other Party shall not be granted a sublicense under Know-How and Intellectual Property Rights in-licensed under such license. Such deduction shall not exceed [\*\*\*] of the royalties otherwise payable.

For avoidance of doubt, <u>Sections 9.5.1</u> and <u>9.5.2</u> do not limit either Party's right to obtain any licenses to any Intellectual Property Rights or Patent Rights from any Third Party as it may deem necessary or useful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5.3. <u>Generic Competition.</u> On an indication by indication basis, if a Licensed Product is generating Net Sales in the Territory during the Royalty Term at a time when a Generic Product of such Licensed Product is being sold in the Territory, and the unit volume of the Generic Product sold in the Territory in a [\*\*\*] exceeds [\*\*\*] of the combined unit volume of such Licensed Product and Generic Product sold in the Territory in [\*\*\*], then the royalty rate applicable to Net Sales of such Product in the Territory in such calendar quarter shall be reduced by [\*\*\*].

Page **37** of **82**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5.4. <u>Royalty Minimum</u>. Notwithstanding the foregoing, in no event shall the royalties due to Vicore in a Calendar Quarter be reduced by more than [\*\*\*] of the amount that would otherwise be due under <u>Section 9.4</u>. This includes any reduction of royalties under <u>Section 9.5.1</u>, <u>Section 9.5.2</u> or <u>Section 9.5.3.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6. **<u>Payment Terms.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6.1. <u>Manner of Payment</u>. All Payments to be made by NS hereunder shall be made in Dollars by wire transfer to such bank account as Vicore may designate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6.2. <u>Reports and Commercial Milestone Payment and Royalty Payments</u>. For as long as a royalty Payments are due to Vicore under this Agreement, NS shall furnish to Vicore a written report, within [\*\*\*] after the end of each Calendar Quarter, showing in Dollars, the amount of Net Sales of the Licensed Product in the Territory and royalty Payments earned for such Calendar Quarter. Royalty Payments consistent with the written reports provided under this <u>Section 9.6.2</u> for [\*\*\*] shall be due within [\*\*\*] after the end of each [\*\*\*]. The report shall include, at a minimum, the following information for the applicable Calendar Quarter: [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6.3. <u>Records and Audits</u>. NS shall keep complete, true and accurate books and records in accordance with its Accounting Standards in relation to the Licensed Product's Net Sales and royalty Payments. NS shall keep such books and records for at least [\*\*\*] following NS Fiscal Year to which they pertain. Vicore may, upon at least [\*\*\*] prior written request, cause an internationally recognized independent accounting firm (the "**Auditor**"), which is reasonably acceptable to NS, to inspect the relevant records of such NS and its Affiliates to verify the Payments made by the NS and the related reports, statements and books of accounts, as applicable. Before beginning its audit, the Auditor shall execute an undertaking acceptable to the NS by which the Auditor agrees to keep confidential all information reviewed during the audit. The Auditor shall have the right to disclose to Vicore only its conclusions regarding any Payments owed under this Agreement. NS and its Affiliates shall make their records available for inspection by the Auditor during regular business hours at such place or places where such records are customarily kept, upon receipt of reasonable advance notice from Vicore or the Auditor.

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The records shall be reviewed solely to verify the accuracy of NS's Payment obligations and compliance with the financial terms of this Agreement (including calculation of Net Sales). Such inspection right shall not be exercised more than once in any NS Fiscal Year and not more frequently than once with respect to records covering any specific period of time. In addition, Vicore shall only be entitled to audit the books and records of NS from the [\*\*\*] NS Fiscal Years prior to the NS Fiscal Year in which the audit request is made. Vicore agrees to hold in strict confidence all information received and all information learned in the course of any audit or inspection, except to the extent necessary to enforce its rights under this Agreement or to the extent required to comply with any law, regulation or judicial order. In the event that the final result of the inspection reveals an undisputed underpayment or overpayment by NS, the underpaid or overpaid amount shall be settled promptly. Vicore shall pay for such inspections, as well as its expenses associated with enforcing its rights with respect to any Payments hereunder, provided, however, that if an underpayment of more than [\*\*\*] of the total Payments due hereunder for the applicable year is discovered, the fees and expenses charged by the Auditor shall be paid by NS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6.4. <u>Currency Exchange</u>. The amounts due to Vicore under this Agreement shall be expressed in Dollars, except where payment in JPY is expressly noted for payment of Commercial Sales Milestones. When conversion of Payments from any foreign currency is required to be undertaken by NS, all such Payment shall be converted into Dollars at the exchange rate (TTS rate) of the invoice date of each payment reported in the Wall Street Journal web site (<u>https://www.wsj.com/market-data/currencies/exchangerates</u>)

Page **39** of **82**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6.5. <u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6.5.1. The royalties, milestones and other amounts payable by NS to Vicore pursuant to this Agreement ("**Payments**") shall not be reduced on account of taxes, except as otherwise expressly provided below in this <u>Section 9.6.5</u>. Vicore alone shall be responsible for paying any and all taxes (other than withholding taxes required by Applicable Law to be paid by NS) levied on account of, or measured in whole or in part by reference to, any Payments it receives. NS shall deduct or withhold from the Payments any taxes that it is required by Applicable Laws to deduct or withhold. If, however, Vicore is entitled under any applicable tax treaty to a reduction of the rate of, or the elimination of, applicable withholding tax, it may deliver to NS or the appropriate Governmental Authority (with the assistance of NS to the extent that this is reasonably required and is expressly requested in writing) the prescribed forms necessary to reduce the applicable rate of withholding or to relieve NS of its obligation to withhold tax, and NS shall apply the reduced rate of withholding, or dispense with withholding, as the case may be, provided that NS has received evidence, in a form reasonably satisfactory to NS, of Vicore' delivery of all applicable forms at least [\*\*\*] prior to the time that the Payments are due. If NS withholds any taxes from the Payments while Vicore is entitled under any applicable tax treaty to a reduction of the rate of, or the elimination of, applicable withholding tax, NS shall cooperate with Vicore with respect to any documentation required by the appropriate Governmental Authority or reasonably requested by Vicore to secure a reduction of the rate of, or the elimination of, the applicable taxes withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6.5.2. Notwithstanding anything to the contrary contained in this Agreement, the following shall apply with respect to Indirect Taxes. All Payments are stated exclusive of Indirect Taxes. If any Indirect Taxes are chargeable in respect of any Payments, NS shall pay such Indirect Taxes at the applicable rate in respect of any such Payments following the receipt, where applicable, of an Indirect Taxes invoice issued in the appropriate form by Vicore in respect of those Payments, such Indirect Taxes to be payable on the due date of the Payments to which such Indirect Taxes relate or at the time such Indirect Taxes are required to be collected by Vicore, in the case of Payment of Indirect Taxes to Vicore. The Parties shall issue invoices for all goods and services supplied under this Agreement consistent with Indirect Tax requirements, and to the extent any invoice is not initially issued in an appropriate form, NS shall promptly inform Vicore and shall cooperate with Vicore to provide such information or assistance as may be necessary to enable the issuance of such invoice consistent with Indirect Tax requirements.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6.6. <u>Blocked Payments</u>. In the event that, by reason of Applicable Law in any country, it becomes impossible or illegal for NS to transfer, or have transferred on its behalf, Payments owed to Vicore hereunder, NS shall promptly notify Vicore of the conditions preventing such transfer and such Payments shall be deposited in local currency in the relevant country to the credit of Vicore in a recognized banking institution designated by the Vicore or, if none is designated by Vicore within a period of [\*\*\*], in a recognized banking institution selected by NS, as the case may be, and identified in a written notice given to Vicore.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6.7. <u>Interest Due</u>. NS shall pay Vicore interest on any Payments that are not paid on or before the date such Payments are due under this Agreement at lesser of a rate of [\*\*\*] per month or the maximum applicable legal rate, calculated on the total number of days such Payment is delinquent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. INTELLECTUAL PROPERTY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1. **<u>Ownership of Licensed Product IP</u>.** Vicore shall be or remain the owner of Licensed Product IP existing prior to the Effective Date or independently developed by Vicore outside the scope of this Agreement. NS shall be or remain the owner of any other IP owned by NS prior to the Effective Date or independently developed by NS outside the scope of this Agreement and without use or access to the Licensed Product IP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2. **<u>Ownership and Right to Exploit the Arising IP</u>**. Vicore shall own all Arising Know How and Arising Patents and Vicore shall have the right to Exploit and Sublicense its interest in any such Arising Know How and Arising Patents in the ROW. NS shall have the right to Exploit and Sublicense (subject to <u>Section 2.3</u>) Arising Know How and Arising Patents in the Territory consistent with its rights to Research, Develop, Manufacturing and Commercialize the Licensed Product under this Agreement. To the extent necessary for compliance with Applicable Law (such as competition law) the Parties shall discuss in good faith the joint ownership by Vicore and NS of any Arising Know How and Arising Patents. Subject to the foregoing and to the extent permitted under Applicable Law (such as competition law), NS hereby assigns to Vicore all right title and interest in any Arising Know How and any Arising Patent Rights, and shall execute any confirming assignments or transfer instruments, in order that Vicore shall hold the ownership provided for in this <u>Section 10.2</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3. **<u>Prosecution and Maintenance</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.1. <u>IP Coordination</u>. Representatives of the Parties shall meet together from time to time as reasonably requested by either Party to discuss the Prosecution and Maintenance of all Patents within the Licensed Product IP and Arising IP. In addition to the notification rights listed below, with respect to such Patents, the Parties shall discuss with each other the overall strategy for Prosecution and Maintenance of such Patents in advance (for example, scope of claims to be pursued, countries for national entry, etc.). Each Party shall consider in good faith the other Party's suggestions and comments regarding such Prosecution and Maintenance strategy. If there is a disagreement between the Parties' representatives at either Party's request, matters may be escalated to the JSC as it deems appropriate; provided that any decision regarding Patents are subject to the terms and conditions of this <u>Section 10.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.2. <u>Licensed Product IP.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.2.1. <u>General</u>. Subject to remainder of this <u>Section 10.3.2.1</u>, as between the Parties, Vicore shall have the sole responsibility, at Vicore's sole discretion and Vicore's expense, to Prosecute and Maintain all Licensed Product Patents, in Vicore's name. With respect to Licensed Product Patents in the Territory, Vicore shall consult with NS, on its strategy for the Prosecution and Maintenance of such Patents. Vicore shall furnish NS, via electronic mail or such other method as mutually agreed by the Parties, copies of substantive proposed filings and documents received from outside counsel in the course of Prosecuting and Maintaining such Patents, or copies of documents filed with the relevant patent offices or other Governmental Authorities with respect to such Patents, and such other substantive documents related to the Prosecution and Maintenance of such Patents, and as applicable in sufficient time (i.e. at least [\*\*\*] unless any deadline is shorter than [\*\*\*] in which case such documents shall be notified to NS immediately upon receipt) prior to filing such document or making any payment due thereunder to allow for review and comment by NS and will consider in good faith timely comments from NS thereon. Vicore will furnish NS, via electronic mail or such other method as mutually agreed by the Parties, copies of documents filed with the relevant national patent offices or other Governmental Authorities in the Territory with respect to such Patents.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.2.2. <u>Dropped Licensed Product IP</u>. In the event that Vicore elects not to Prosecute and Maintain (or continue to Prosecute and Maintain, including filing a Patent claiming priority to a Patent prior to its issuance), any Patent under <u>Section 10.3.2.2</u> that Covers the sale or use (but not only the Manufacture) of the Licensed Product in the Licensed Field in the Territory, Vicore will notify NS at least [\*\*\*] days before any such Patent would become abandoned, no longer available or otherwise forfeited. NS will have the right but not the obligation, at NS's sole discretion, and sole responsibility for all applicable costs, to Prosecute and Maintain such Patents in the Territory (which right will include the right to file additional Patents claiming priority to such Patent). In such case, Vicore shall render all necessary assistance reasonably requested by NS in Prosecution and Maintenance of such Patents by NS and will be reimbursed at Vicore's FTE Cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.3. <u>Arising IP.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.3.1. <u>General</u>*.* Vicore shall be responsible for the filing of any priority and subsequent PCT applications and shall generally be responsible, at Vicore's expense, for the Prosecution and Maintenance of all Patent Rights within the Arising IP worldwide. Notwithstanding the forgoing, in the event that Arising IP is owned jointly by the Parties, the Parties shall share equally the costs of Prosecution and Maintenance of Patents within the Arising IP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.3.2. <u>Patent Miscellaneous</u>. NS hereby agrees to reasonably cooperate in any such Prosecution and Maintenance by Vicore, including obtaining any necessary signatures from NS's personnel or executing any documents required to Prosecute and Maintain the Patents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4. **<u>CREATE Act</u>**. Neither Party shall invoke the Cooperative Research and Technology Enhancement Act ("**CREATE Act**") in connection with the Prosecution or Maintenance of any Patent licensed under this Agreement without the prior written consent of the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5. **<u>Intellectual Property Litigation</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5.1. <u>Third Party IP Claims</u>. For the purposes of this <u>Section 10.5.1</u>, "**Third Party IP Claim**" shall <u>mean</u>, with regard to any given Patent or the Licensed Product (as applicable):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5.1.1. any suspected or threatened infringement by a Third Party of any Patent that is exclusively licensed by a Party to the other hereunder(including any "patent certification" filed in the United States under 21 U.S.C. §355(b)(2) or 21 U.S.C. §355(j)(2) or similar provisions in other jurisdictions or of any declaratory judgment, or similar action alleging the invalidity, unenforceability or non-infringement of any such Patent Rights or any administrative challenge to any such Patent Rights under Chapters 31 and 32 of Title 35, USC or similar provisions in other jurisdictions alleging the unpatentability of any Intellectual Property);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5.1.2. any claim by a Third Party that the exercise of the rights granted hereunder under any Patent exclusively licensed by a Party to the other infringes any Intellectual Property Rights (excluding Trademarks) of a Third Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5.1.3. any claim by a Third Party of alleged patent infringement with respect to the Development, Manufacture or Commercialization of the Licensed Product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5.1.4. <u>Cooperation</u>. Each Party shall promptly notify the other Party in writing of any Third Party IP Claim of which such Party becomes aware. The notifying Party shall provide the other Party with all evidence available to it supporting its belief that there is any such Third Party IP Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5.2. <u>Defense</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5.2.1. Each Party shall be responsible for any claim brought against it by a Third Party that its activities related to this Agreement, including the Development, Manufacture or Commercialization of the Licensed Product, infringe any Patent Rights of a Third Party in its respective territory, such as a claim under <u>Section 10.5.1.1</u> or <u>Section 10.5.1.2</u> at its own expense and shall be responsible for legal fees and any monetary damages levied in connection with any such action, subject to any applicable indemnification obligations of Vicore under this Agreement (such Party, the "**Defending Party**"). Any counterclaims shall be handled as set forth in <u>Section 10.5.3</u> (Enforcement).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5.2.2. As between the Parties, the Party controlling the Prosecution and Maintenance of any Patent under <u>Section 10.3</u> shall have the right (but not the obligation), at its sole discretion and expense, to defend against a declaratory judgment action or other action challenging any such Patent. If the Party controlling such Prosecution and Maintenance of Patents under <u>Section 10.3</u> does not confirm it shall defend such Patent under this <u>Section 10.5.2.2</u> within [\*\*\*] (or such shorter period of time as is required under the applicable Law in the United States, in the Territory, or any other country in the ROW to not waive any statutory rights), or elects not to continue any such defense (in which case it shall promptly provide notice thereof to the other Party), then the other Party shall have the right (but not the obligation), at its sole discretion, to defend any such Patent but only so long as such Patent is in the respective Party's territory (that is, for Patents in the Territory in the case of NS) and is either owned (in whole or in part) by, or exclusively licensed to, such respective Party .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5.2.3. For avoidance of a doubt, the Defending Party or the Party defending an action under <u>Section 10.5.2</u> shall have the right to obtain assistance from the other Party as set forth in <u>Section 10.5</u> and no settlement shall be reached except in accordance with <u>Section 10.5.3.2.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5.3. <u>Enforcement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5.3.1. NS shall have the first right, but not the obligation, to take any reasonable measures it deems appropriate with respect to any infringement occurring in the Territory that adversely affects the Commercialization of the Licensed Product of either (i) [\*\*\*] or (ii) [\*\*\*]. Such measures may include (a) initiating or prosecuting an infringement, misappropriation or other appropriate suit or action (each an "**Infringement Action**") in the Territory, or (b) notwithstanding the provisions of <u>Section 2.4</u>, [\*\*\*]. Notwithstanding the foregoing, if NS does not inform Vicore that it intends to either initiate such an Infringement Action or [\*\*\*] within [\*\*\*] after NS's receipt of a notice of infringement in accordance with Section <u>10.5.1.4</u> (or sooner if any deadlines require action prior to such [\*\*\*], then Vicore shall [\*\*\*], with respect to any such Patent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5.3.2. Vicore shall have the sole and exclusive right, but not the obligation, to take any reasonable measures it deems appropriate with respect to any infringement of any Patent within the Licensed Product IP or Arising IP, except as otherwise provided in <u>Section 10.5.3.1</u>. Such measures may include (a) initiating or prosecuting an Infringement Action, or (b) [\*\*\*]. In the event that Vicore does not wish to initiate or discontinues such an Infringement Action, NS shall [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5.4. <u>Cooperation and Settlement</u>. During the pendency of such action with respect to any Third Party IP Claim, at the other Party's request, the Party responsible for defending or enforcing any such action (the "**Responsible Party**") shall provide the other Party with all information reasonably requested regarding the status of such action (subject to the other Party entering into a common interest agreement if requested by the Responsible Party, and without disclosing any information that would compromise attorney-client privilege or similar privileges). All materials provided by the Responsible Party to the other Party shall be treated as the Responsible Party's Confidential Information. In any action or defense initiated by the Responsible Party, the other Party shall be entitled to, and if legally required shall, join the action so long as the Responsible Party retains at all times the sole right to direct and control the action (including the choice of its own counsel). The other Party is entitled to be independently represented by counsel of its choice, at its expense. When the Responsible Party is bringing or defending an action with respect to any Third Party IP Claim, then (a) upon request by the Responsible Party, the other Party shall assist in the defense against or enforcement of such action at the Responsible Party's costs, including if required or desirable to bring, maintain or prove damages in such action, furnishing a power of attorney, furnishing documents and information, cooperating in discovery, providing access to witnesses (including inventors) and executing all necessary documents as the Responsible Party may request, and (b) neither Party shall settle, consent to judgment or otherwise voluntarily dispose of the suit or action without the prior written consent of the other Party, which consent shall not be unreasonably delayed, conditioned, or withheld if such settlement, consent to judgment or other voluntary disposition does not impose any liability on the other Party (other than liability that is fully satisfied by the settling Party on behalf of the other Party) and does not impose any restrictions on the other Party.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5.5. <u>Allocation of Proceeds</u>**.** The proceeds recovered by a Party from any enforcement action described in <u>Section 10.5.3</u> (including any licensing revenues) shall [\*\*\*] with respect to the infringement under <u>Section 10.5.3</u> and then to [\*\*\*], provided that if such other Party has not elected to join the action but has been required to do so by the enforcing Party, the enforcing Party shall [\*\*\*]. If such recovery is insufficient to cover all such costs and expenses of both Parties, it shall be shared between the Parties, with the Party who exercises its enforcement rights under <u>Section 10.5.3</u> and recovers damages retaining [\*\*\*]. If such recovery exceeds the amount required to cover all such costs and expenses of both Parties, the excess proceeds shall be split and with the enforcing Party [\*\*\*] of such excess proceeds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6. **<u>Common Interest Disclosures</u>**. With regard to any information or opinions disclosed pursuant to this Agreement by one Party to each other regarding intellectual property or technology owned by Third Parties, the Parties agree that they have a common legal interest in determining whether, and to what extent, Third Party intellectual property rights may affect the conduct of the Development, Manufacture and Commercialization of this Licensed Product as contemplated by this Agreement, and have a further common legal interest in defending against any actual or prospective Third Party claims based on allegations of misuse or infringement of intellectual property rights relating to the conduct of the Development, Manufacture or Commercialization of the Licensed Product. Accordingly, the Parties agree that all such information and materials obtained by Vicore and NS from each other shall be used solely for purposes of the Parties' common legal interests with respect to the conduct of this Agreement. All information and materials shall be treated as protected by the attorney-client privilege, the work product privilege, and any other privilege or immunity that may otherwise be applicable. By sharing any such information and materials, neither Party intends to waive or limit any privilege or immunity that may apply to the shared information and materials. Neither Party shall have the authority to waive any privilege or immunity on behalf of the other Party without such other Party's prior written consent, nor shall the waiver of privilege or immunity resulting from the conduct of one Party be deemed to apply against any other Party. In addition, the Parties agree that all such information and materials may be subject to a separate common interest agreement mutually acceptable to the Parties that they may enter into with respect to such information and materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7. **<u>Patent Term Extensions</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7.1. Vicore shall, at its expense, have the sole right but not the obligation to apply for and obtain any patent term extension, supplementary protection certificates or similar extension of rights, for any Patents in the Licensed Product IP or the Arising IP in the Territory, but with respect to the Licensed Product IP only to the extent such Patents solely Cover the Licensed Product and not other products. Vicore agrees to execute any authorization or instruments, make any filings, or take such further actions as may be requested by NS to implement and obtain any patent term extension, supplementary protection certificates or similar extension of rights, for any Patents within the Licensed Product IP or Arising IP Covering the Licensed Product in the Territory, at NS's expense.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7.2. Vicore shall have the sole right but not the obligation to apply for and obtain any patent term extension, supplementary protection certificates or similar extension of rights, for any Patents in the Licensed Product IP or the Arising IP in the ROW.NS agrees to execute any authorization or instruments, make any filings, or take such further actions as may be requested by Vicore to implement and obtain any patent term extension, supplementary protection certificates or similar extension of rights, for any Patents within the Licensed Product IP or Arising IP Covering the Licensed Product in the ROW, at Vicore' expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8. **<u>License to Trademarks.</u>** During the term of this Agreement, Vicore grants to NS the license to use Vicore Trademark to Research and Develop, seek Marketing Approval with respect to, and Commercialize the Licensed Product in the Territory. NS may sublicense such rights to the Sublicensees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9. **<u>Trademark Registration.</u>** Vicore shall be responsible to register any Vicore Trademark in the Territory. In addition, in the event Vicore believes that it is advisable to effect any filing or obtain any governmental approval for the use by Vicore of any of Vicore Trademark, the Parties shall fully cooperate in order to do so. All expenses relating to the registration of Vicore Trademark in the Territory, as well as the making of any filings or obtaining any governmental approvals for the use by NS of Vicore Trademark shall [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10. **<u>Trademark Infringements.</u>** Vicore reserves the right in its sole discretion to institute any proceedings against a Third Party infringer. NS agrees to cooperate fully with Vicore in any action taken by Vicore against such a Third Party infringer, provided that all expenses of such action shall be borne by Vicore. If Vicore elects not to pursue any such action against a Third Party infringer, NS shall have the right, but not the obligation, to pursue such action at NS's cost and expense. In such case, allocation of any recovery Vicore and NS is awarded for any action against the Third Party infringer shall first be allocated to [\*\*\*], and any remaining amounts shall be allocated between the Parties as agreed between the Parties prior to initiation of such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. CONFIDENTIALITY & PUBLICATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1. **<u>Nondisclosure Obligation</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.1. All Confidential Information disclosed by one Party (the "**Disclosing Party**") to the other Party (the "**Receiving Party**") under this Agreement shall be maintained in confidence by the Receiving Party and shall not be disclosed to a Third Party or used for any purpose except to exercise its licenses and other rights, to perform its obligations, or as otherwise set forth herein, without the prior written consent of the Disclosing Party, except to the extent that such Confidential Information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is known by the Receiving Party at the time of its receipt, and not through a prior disclosure by the Disclosing Party, as documented by the Receiving Party's business records;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is known to the public before its receipt from the Disclosing Party, or thereafter becomes generally known to the public through no breach of this Agreement by the Receiving Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is subsequently disclosed to the Receiving Party by a Third Party who is not known by the Receiving Party to be under an obligation of confidentiality to the Disclosing Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is developed by the Receiving Party independently of Confidential Information received from the Disclosing Party, as documented by the Receiving Party's business records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.2. Specific aspects or details of Confidential Information shall not be deemed to be within the public domain or in the possession of the Receiving Party merely because the Confidential Information is embraced by more general information in the public domain or in the possession of the Receiving Party. Further, any combination of Confidential Information shall not be considered in the public domain or in the possession of the recipient Party merely because individual elements of such Confidential Information are in the public domain or in the possession of the Receiving Party unless the combination and its principles are in the public domain or in the possession of the Receiving Party.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.3. Notwithstanding the obligations of confidentiality and non-use set forth above and in <u>Section 11.1.4</u> below, a Receiving Party may provide Confidential Information disclosed to it, and disclose the existence and terms of this Agreement as may be reasonably required in order to perform its obligations and to Exploit its licenses and other rights under this Agreement, and specifically to (a) Affiliates and actual and potential (in the course of conducting due diligence) Sublicensees, and their employees, directors, agents, consultants, or advisors to the extent necessary for the potential or actual performance of its obligations or exercise of its licenses and other rights under this Agreement in each case who are under an obligation of confidentiality with respect to such information that is no less stringent than the terms of this <u>Section 11.1.3</u>; (b) Governmental Authority, including any other Regulatory Authorities in order to obtain patents or perform its obligations or Exploit its rights under this Agreement, provided that such Confidential Information shall be disclosed only to the extent reasonably necessary to do so, and where permitted, subject to confidential treatment; (c) the extent required by Law, including by the rules or regulations of the United States Securities and Exchange Commission or similar regulatory agency in a country other than the United States or of any stock exchange or listing entity; (d) any bona fide actual or prospective acquirers, underwriters, investors, lenders or other financing sources and any bona fide actual or prospective collaborators, licensors, Sublicensees, licensees or strategic partners and to employees, directors, agents, consultants and advisers of such Third Party, in each case who are under an obligation or confidentiality with respect to such information that is no less stringent than the terms of this <u>Section 11.1</u> (but of duration customary in confidentiality agreements entered into for a similar purpose) and (e) to Third Parties to the extent a Party is required to do so pursuant to the terms of an in-license provided that the material terms of such in-license have been disclosed to the Disclosing Party. If a Party is required by Applicable Law to disclose Confidential Information of the other Party that is subject to the non-disclosure provisions of this <u>Section 11.1.3</u>, such Party shall promptly inform the other Party of the disclosure that is being sought in order to provide the other Party an opportunity to challenge or limit the disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.4. Notwithstanding <u>Section 11.1.1</u>, Confidential Information that is permitted or required to be disclosed shall remain otherwise subject to the confidentiality and non-use provisions of this <u>Section 11.1</u>. If either Party concludes that a copy of this Agreement must be filed with the United States Securities and Exchange Commission or similar regulatory agency in a country other than the United States, such Party will, a reasonable time prior to any such filing, provide the other Party with a copy of such agreement showing any provisions hereof as to which the Party proposes to request confidential treatment, shall provide the other Party with an opportunity to comment on any such proposed redactions and to suggest additional redactions, and shall take such Party's reasonable comments into consideration before filing such agreement and use Commercially Reasonable Efforts to have terms identified by such other Party afforded confidential treatment by the applicable regulatory agency.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2. **<u>Publication and Publicity</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.1. <u>Publication</u>. Except for disclosures permitted pursuant to <u>Section 11.1</u> and <u>Section 11.2.2</u>, if NS wishes to make a publication or public presentation relating to the Licensed Product or any results of Research and Development activities under this Agreement, it shall deliver to Vicore a copy of the proposed written publication or presentation at least [\*\*\*] prior to submission for publication or presentation. Vicore shall have the right (a) to propose modifications to the publication or presentation for patent reasons or trade secret reasons or to remove Confidential Information of Vicore or its Affiliates, and NS shall remove all Confidential Information of Vicore if so requested by Vicore and otherwise reflect Vicore' reasonable comments into consideration, or (b) to request a reasonable delay in publication or presentation in order to protect patentable information. If Vicore requests a delay, NS shall delay submission or presentation for a period of [\*\*\*] (or such shorter period as may be mutually agreed by the Parties) to enable Vicore to file patent applications protecting Vicore' rights in such information. With respect to any proposed publications or disclosures by investigators or academic or non-profit collaborators, such materials shall be subject to review under this <u>Section 11.2.1</u> to the extent that NS has the right and ability (after using Commercially Reasonable Efforts to obtain such right and ability) to do so. Subject to the obligations of confidentiality and non-use set forth in <u>Section 11.1.1</u> above, Vicore shall be free to make any publication or public presentation relating to the Licensed Product or any results of Research and Development of the Licensed Product in the ROW but shall provide to NS a copy of such publication or presentation within [\*\*\*] of such publication or presentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.2. <u>Publicity</u>. Except as set forth in <u>Sections 11.1, 11.2.1</u> and <u>11.3</u>, the terms of this Agreement may not be disclosed by either Party, and neither Party shall use the name, Trademark, trade name or logo of the other Party or its employees in any publicity, news release or disclosure relating to this Agreement, its subject matter, or the activities of the Parties hereunder without the prior express written permission of the other Party except (a) as may be required by Applicable Law, including by the rules or regulations of the United States Securities and Exchange Commission or similar regulatory agency in any country other than the United States or of any stock exchange or listing entity, provided that the Party issuing such press release gives reasonable notice prior to use of such name, Trademark, trade name or logo of the other Party, and otherwise complies with <u>Section 11.1.3</u>, or (b) as expressly permitted by the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3. **<u>Press Release</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3.1. <u>Initial Press Release</u>. The Parties agree to issue the press release attached hereto as <u>Exhibit D</u> on the date and time agreed between the Parties.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3.2. <u>Further Press Releases</u>. Except as provided in this <u>Section 11.3</u>, neither Party will issue a press release or public announcement relating to this Agreement without the prior written approval of the other Party (such approval not to be unreasonably withheld, conditioned or delayed), except that a Party may (a) once a press release or other public statement is approved in writing by both Parties, make subsequent public disclosure of the information contained in such press release or other written statement without the further approval of the other Party, and (b) issue a press release or public announcement as required by Applicable Law (including a press release corresponding to any securities disclosure, such as pursuant to a Form 8-K), including by the rules or regulations of the United States Securities and Exchange Commission or similar regulatory agency in a country other than the United States or of any stock exchange or listing entity, provided that the Party issuing such press release gives reasonable prior notice to the other Party of and the opportunity to comment on the press release or public announcement, and otherwise complies with this <u>Section 11.3</u>. In addition, Vicore may, with NS's prior written approval, such approval not to be unreasonably withheld, conditioned or delayed, issue a press release regarding the Payment or receipt of any milestone Payments under this Agreement with respect to the Licensed Product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. REPRESENTATIONS & WARRANTIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1. **<u>Representations, Warranties and Covenants of Both Parties</u>**. Each Party hereby represents and warrants as of the Effective Date, and covenants, to the other Party that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.1. it has the power, authority and the legal right to enter into this Agreement and perform its obligations hereunder, and that it has taken all necessary action on its part required to authorize the execution and delivery of this Agreement and the performance of its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.2. this Agreement has been duly executed and delivered on behalf of such Party and constitutes a legal, valid and binding obligation of such Party and is enforceable against it in accordance with its terms subject to the effects of bankruptcy, insolvency or other laws of general application affecting the enforcement of creditor rights and judicial principles affecting the availability of specific performance and general principles of equity, whether enforceability is considered a proceeding at law or equity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.3. to the extent required, all necessary consents, approvals and authorizations of other parties required to be obtained by such Party in connection with the execution and delivery of this Agreement and the performance of its obligations hereunder have been obtained;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.4. the execution and delivery of this Agreement and the performance of such Party's obligations hereunder (a) do not conflict with or violate any requirement of Applicable Law or any provision of the certificate of incorporation, bylaws or any similar instrument of such Party, as applicable, in any material way, and (b) do not conflict with, violate, or breach or constitute a default or require any consent not already obtained under, any contractual obligation or court or administrative order by which such Party is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.5. all employees, consultants, or (sub)contractors (except (i) academic or public institution collaborators, and (ii) Third Parties under the licenses or other agreements entered prior to the Effective Date) of such Party or Affiliates performing Research, Development or Manufacturing activities hereunder on behalf of such Party are, and such Party hereby covenants to the other Party that they will be, obligated to assign all material rights, title and interests in and to any inventions developed by them, whether or not patentable, to such Party or Affiliate, respectively, as the sole owner thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.6. such Party will, and such Party hereby covenants to the other Party that it will, perform its activities pursuant to this Agreement in compliance with GxP and Applicable Law, in each case as applicable under the laws and regulations of the country and the state and local government wherein such activities are conducted, and with respect to the care, handling and use in Development activities hereunder of any nonhuman animals by or on behalf of such Party, will at all times comply (and will ensure compliance by any of its Subcontractors) with all applicable national, federal, state and local laws, regulations and ordinances in performing its obligations under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.7. such Party is not debarred under the United States Federal Food, Drug and Cosmetic Act or comparable Applicable Laws and it does not, and will not during the Term, employ or use the services of any person or entity who is debarred, in connection with the Development, Manufacture or Commercialization of the Licensed Product. If either Party becomes aware of the debarment or threatened debarment of any person or entity providing services to such Party, including the Party itself and its Affiliates or Sublicensees, which directly or indirectly relate to activities under this Agreement, the other Party shall be immediately notified in writing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2. **<u>Representations and Warranties of Vicore</u>**. Vicore hereby represents and warrants to NS, as of the Effective Date, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.1. Vicore is the sole owner of, or otherwise has the right to grant, all licenses it purports to grant to NS with respect to the Licensed Product IP under this Agreement free and clear of all mortgages, pledges, liens, encumbrances, or claims of any kind, and (ii) has the authority to grant to NS the licenses set forth in this Agreement. No written notice of default or termination has been received or given under any agreement pursuant to which Vicore owns or otherwise controls any of the Licensed Product IP and there is no act or omission by Vicore that would provide any Third Party that is a party to any such agreement the right to terminate any such agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.2. Vicore has not previously entered into any agreement, whether written or oral, with respect to, or otherwise assigned, transferred, licensed, conveyed or otherwise encumbered its right, title or interest in or to, the Licensed Product IP in such a way as to make the representation set forth in <u>Section 12.2.1</u> not true, and it will not enter into any such agreements or grant any such right, title or interest to any Person that is in conflict with the licenses granted to NS under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.3. To Vicore's best knowledge, no Third Party is infringing, misappropriating or otherwise violating, or threatening to infringe, misappropriate or otherwise violate any of the Licensed Product IP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.4. To Vicore's best knowledge, the discovery, development, generation invention, creation, conception and reduction to practice of any of the Licensed Product IP have not constituted or involved the misappropriation of trade secrets or other rights or property of any Third Party. To Vicore's knowledge the performance of this Agreement will not infringe, misappropriate, or otherwise violate any intellectual property of any Third Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.5. To Vicore's best knowledge, there are (a) no claims, judgments or settlements against or owed by Vicore and (b) no pending or threatened claims or litigation, in each case ((a) and (b)), related to any of the Licensed Product IP. Vicore has not received any written claim alleging that any of the Licensed Product Patents are invalid or unenforceable as of the Effective Date and, to Vicore's best knowledge, there is no basis to reasonably conclude that any claim of any of the Licensed Product Patents is invalid or unenforceable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. INDEMNIFICATION, LIABILITY & INSURANCE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1. **<u>Indemnification by NS</u>**. NS agrees to defend Vicore, its Affiliates and their respective directors, officers, stockholders, employees and agents, and their respective successors, heirs and assigns (collectively, the "**Vicore Indemnitees**"), and will indemnify and hold harmless the Vicore Indemnitees, from and against any liabilities, losses, costs, damages, fees or expenses payable to a Third Party, and reasonable attorneys' fees and other legal expenses with respect thereto (collectively, "**Losses**") arising out of any claim, action, lawsuit or other proceeding by a Third Party (collectively, "**Third Party Claims**") brought against any Vicore Indemnitee and resulting from or occurring as a result of: (a) any activities conducted by an NS employee, consultant or (sub)contractor in the performance of the Research, Development, Manufacture or Commercialization Activities contemplated by this Agreement, (b) the Research, Development, Manufacture or Commercialization of the Licensed Product by NS or its Affiliates, Sublicensees, distributors or contractors, (c) any breach by NS of any of its representations, warranties or covenants pursuant to this Agreement, or (d) the negligence or willful misconduct of NS or any NS Affiliate or Sublicensee in the performance of this Agreement; except in any such case to the extent such Losses result from: (i) the negligence or willful misconduct of any Vicore Indemnitee, (ii) any breach by Vicore of any of its representations, warranties, covenants or obligations pursuant to this Agreement, or (iii) any breach of Applicable Law by any Vicore Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2. **<u>Indemnification by Vicore</u>**. Vicore agrees to defend NS, its Affiliates and their respective directors, officers, stockholders, employees and agents, and their respective successors, heirs and assigns (collectively, the "**NS Indemnitees**"), and will indemnify and hold harmless the NS Indemnitees, from and against any Losses arising out of Third Party Claims brought against any NS Indemnitee and resulting from or occurring as a result of: (a) any breach by Vicore of any of its representations, warranties or covenants pursuant to this Agreement, (b) the negligence or willful misconduct of any Vicore Indemnitee or any (sub)contractor of Vicore in the performance of this Agreement,; except in any such case to the extent such Losses result from: (i) the negligence or willful misconduct of any NS Indemnitee, (ii) any breach by NS of any of its representations, warranties, covenants or obligations pursuant to this Agreement, or (iii) any breach of Applicable Law by any NS Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3. **<u>Notice of Claim</u>**. All indemnification claims provided for in <u>Section 13.1</u> and <u>Section 13.2</u> will be made solely by such Party to this Agreement (the "**Indemnified Party**"). The Indemnified Party will give the other Party (the "**Indemnifying Party**") prompt written notice (an "**Indemnification Claim Notice**") of any Losses or the discovery of any fact upon which the Indemnified Party intends to base a request for indemnification under <u>Section 13.1</u> or <u>Section 13.2</u>, but in no event will the Indemnifying Party be liable for any Losses to the extent such Losses result from any delay in providing such notice. Each Indemnification Claim Notice must contain a description of the claim and the nature and amount of such Loss (to the extent that the nature and amount of such Loss is known at such time). The Indemnified Party will furnish promptly to the Indemnifying Party copies of all papers and official documents received in respect of any Losses and Third Party Claims.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4. **<u>Defense, Settlement, Cooperation and Expenses</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4.1. <u>Control of Defense</u>. At its option, the Indemnifying Party may assume the defense of any Third Party Claim by giving written notice to the Indemnified Party within [\*\*\*] after the Indemnifying Party's receipt of an Indemnification Claim Notice. The assumption of the defense of a Third Party Claim by the Indemnifying Party will not be construed as an acknowledgment that the Indemnifying Party is liable to indemnify the Indemnified Party in respect of the Third Party Claim, nor will it constitute a waiver by the Indemnifying Party of any defenses it may assert against the Indemnified Party's claim for indemnification. Upon assuming the defense of a Third Party Claim, the Indemnifying Party may appoint as lead counsel in the defense of the Third Party Claim any legal counsel selected by the Indemnifying Party. In the event the Indemnifying Party assumes the defense of a Third Party Claim, the Indemnified Party will as soon as reasonably possible deliver to the Indemnifying Party all original notices and documents (including court papers) received by the Indemnified Party in connection with the Third Party Claim. Should the Indemnifying Party assume the defense of a Third Party Claim, except as provided in this <u>Section 13.4.1</u>, the Indemnified Party will be responsible for the legal costs or expenses subsequently incurred by such Indemnified Party in connection with the analysis, defense or settlement of the Third Party Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4.2. <u>Right to Participate in Defense</u>. Without limiting <u>Section 13.4.1</u>, any Indemnified Party will be entitled to participate in, but not control, the defense of such Third Party Claim and to employ counsel of its choice for such purpose; provided, however, that such employment will be at the Indemnified Party's own cost and expense unless (a) the employment thereof has been specifically authorized by the Indemnifying Party in writing, (b) the Indemnifying Party has failed to assume the defense and employ counsel in accordance with <u>Section 13.4.1</u> (in which case the Indemnified Party will control the defense), or (c) the interests of the Indemnified Party and the Indemnifying Party with respect to such Third Party Claim are sufficiently adverse to prohibit the representation by the same counsel of both Parties under Applicable Law, ethical rules or equitable principles in which case the Indemnifying Party will be responsible for any such costs and expenses of counsel for the Indemnified Party.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4.3. <u>Settlement</u>. With respect to any Third Party Claims relating solely to the payment of money damages in connection with a Third Party Claim and that will not admit liability or violation of Applicable Law on the part of the Indemnified Party or result in the Indemnified Party's becoming subject to injunctive or other relief or otherwise adversely affecting the business of the Indemnified Party in any manner (such as granting a license or admitting the invalidity of a Patent Controlled by an Indemnified Party), and as to which the Indemnifying Party will have acknowledged in writing the obligation to indemnify the Indemnified Party hereunder, the Indemnifying Party will have the sole right to consent to the entry of any judgment, enter into any settlement or otherwise dispose of such Loss, on such terms as the Indemnifying Party, in its sole discretion, will deem appropriate. With respect to all other Losses in connection with Third Party Claims, where the Indemnifying Party has assumed the defense of the Third Party Claim in accordance with <u>Section 13.4.1</u>, the Indemnifying Party will have authority to consent to the entry of any judgment, enter into any settlement or otherwise dispose of such Loss provided it obtains the prior written consent of the Indemnified Party (which consent will not be unreasonably withheld). The Indemnifying Party will not be liable for any settlement, consent to entry of judgment, or other disposition of a Loss by an Indemnified Party that is reached without the written consent of the Indemnifying Party. Regardless of whether the Indemnifying Party chooses to defend or prosecute any Third Party Claim, no Indemnified Party will admit any liability with respect to or settle, compromise or discharge, any Third Party Claim without the prior written consent of the Indemnifying Party, such consent not to be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4.4. <u>Cooperation</u>. Regardless of whether the Indemnifying Party chooses to defend or prosecute any Third Party Claim, the Indemnified Party will, and will cause each other Indemnified Party to, cooperate in the defense or prosecution thereof and will furnish such records, information and testimony, provide such witnesses and attend such conferences, discovery proceedings, hearings, trials and appeals as may be reasonably requested in connection therewith. Such cooperation will include access during normal business hours afforded to Indemnifying Party to, and reasonable retention by the Indemnified Party of, records and information that are reasonably relevant to such Third Party Claim, and making Indemnified Parties and other employees and agents available on a mutually convenient basis to provide additional information and explanation of any material provided hereunder, and the Indemnifying Party will reimburse the Indemnified Party for all its reasonable out-of-pocket costs and expenses in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4.5. <u>Costs and Expenses</u>. Except as provided above in this <u>Section 13.4</u>, the costs and expenses, including attorneys' fees and expenses, incurred by the Indemnified Party in connection with any claim will be reimbursed on a Calendar Quarter basis by the Indemnifying Party, without prejudice to the Indemnifying Party's right to contest the Indemnified Party's right to indemnification and subject to refund in the event the Indemnifying Party is ultimately held not to be obligated to indemnify the Indemnified Party.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5. **<u>Insurance</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5.1. <u>Vicore' Insurance Obligations</u>. Vicore will maintain, at its cost, reasonable insurance against liability and other risks associated with its activities contemplated by this Agreement, including but not limited to its indemnification obligations herein, in such amounts and on such terms as are customary for prudent practices for biotech companies of similar size and with similar resources in the pharmaceutical industry for the activities to be conducted by it under this Agreement taking into account the scope of development of products. Vicore will furnish to NS evidence of such insurance, upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5.2. <u>NS's Insurance Obligations</u>. NS will maintain, at its cost, reasonable insurance against liability and other risks associated with its activities contemplated by this Agreement (including product liability), including but not limited to its indemnification obligations herein, in such amounts and on such terms as are customary for prudent practices for large companies in the pharmaceutical industry for the activities to be conducted by NS under this Agreement. NS will maintain such insurance or self-insurance throughout the Term, and will furnish to Vicore evidence of such insurance, upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6. **<u>LIMITATION OF CONSEQUENTIAL DAMAGES</u>**. EXCEPT FOR (A) CLAIMS THAT ARE SUBJECT TO INDEMNIFICATION UNDER <u>SECTIONS 13.1 AND 13.2</u>, (B) A PARTY'S BREACH OF <u>SECTION 8.1 OR 8.2</u> OR (C) CLAIMS ARISING OUT OF A PARTY'S BREACH OF ITS CONFIDENTIALITY OBLIGATIONS UNDER THIS AGREEMENT, NEITHER PARTY NOR ANY OF ITS AFFILIATES WILL BE LIABLE TO THE OTHER PARTY TO THIS AGREEMENT OR ITS AFFILIATES FOR ANY INCIDENTAL, CONSEQUENTIAL, SPECIAL, PUNITIVE OR OTHER INDIRECT DAMAGES OR LOST OR IMPUTED PROFITS OR ROYALTIES, LOST DATA OR COST OF PROCUREMENT OF SUBSTITUTE GOODS OR SERVICES, WHETHER LIABILITY IS ASSERTED IN CONTRACT, TORT (INCLUDING NEGLIGENCE AND STRICT PRODUCT LIABILITY), INDEMNITY OR CONTRIBUTION, AND IRRESPECTIVE OF WHETHER THAT PARTY OR ANY REPRESENTATIVE OF THAT PARTY HAS BEEN ADVISED OF, OR OTHERWISE MIGHT HAVE ANTICIPATED THE POSSIBILITY OF, ANY SUCH LOSS OR DAMAGE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. TERM AND TERMINATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1. **<u>Agreement Term</u>**. The term of this Agreement (the "**Term**") will commence on the Effective Date and will extend, unless this Agreement is terminated earlier in accordance with <u>Section 14.2</u>, until such time as all of NS's Payment obligations under this Agreement have expired. Upon the natural expiration (as opposed to termination) of NS's Payment obligations with respect to the Licensed Product, the licenses granted by Vicore to NS under this Agreement shall remain in effect as granted in accordance with this Agreement, shall become irrevocable, fully paid-up and royalty-free licenses and shall last as long as NS intends to Develop or Commercialize the Licensed Product in the Licensed Field in the Territory.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2. **<u>Termination</u>**. Notwithstanding anything in this Agreement or elsewhere to the contrary, subject to <u>Section 14.3.3</u> below, this Agreement may be terminated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.1. <u>Termination for Material Breach</u>**.** Either Party shall have the right to terminate this Agreement in the event the other Party has materially breached or materially defaulted in the performance of any of its obligations hereunder which breach or default is material in the overall context of this Agreement, and such breach has continued for [\*\*\*] (or [\*\*\*] in the case of a Payment breach) after written notice thereof was provided to the breaching Party by the non-breaching Party which clearly describes the remedies that the non-breaching Party intends to apply should the breach remain uncured. Any such termination shall become effective at the end of such [\*\*\*] (or [\*\*\*] with respect to payment breach) period if, prior to the expiration of the [\*\*\*] (or [\*\*\*] day, as applicable) period, the breaching Party has not cured any such breach or default. In the event that the breach is not susceptible to cure during such [\*\*\*] period, then, upon written notice to the non-breaching Party during the initial [\*\*\*] period, the breaching Party may have additional time, not to exceed another [\*\*\*] to cure such breach. If the allegedly breaching Party disputes the breach and provides written notice of that dispute to the other Party, the matter shall be addressed under the dispute resolution provisions in <u>Section 15.1</u>, and the notifying Party may not terminate this Agreement until it has been finally determined under <u>Section 15.1.3,</u> that this Agreement was materially breached as described above and the breaching Party does not cure the breach within [\*\*\*] of the arbitration award under <u>Section 15.1.3</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.2. <u>Termination by Mutual Agreement</u>. This Agreement as a whole may be terminated by the mutual written consent of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.3. <u>Termination by NS for Convenience</u>. NS may terminate this Agreement in its entirety by providing three hundred and sixty (360) days) prior written notice. Notwithstanding the foregoing, NS may not terminate this Agreement for convenience within the first twelve (12) months following the Effective Date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.4. <u>Termination for Insolvency</u>. Either Party may terminate this Agreement if, at any time, the other Party will file in any court or agency pursuant to any statute or regulation of any state or country, a petition in bankruptcy or insolvency or for the appointment of a receiver or trustee of the Party or of substantially all of its assets, or if the other Party proposes a written agreement of composition or extension of substantially all of its debts, or if the other Party will be served with an involuntary petition against it, filed in any insolvency proceeding, and such petition will not be dismissed within [\*\*\*] after the filing thereof, or if the other Party will propose or be a party to any dissolution or liquidation, or if the other Party will make an assignment of substantially all of its assets for the benefit of creditors. Upon the bankruptcy of any Party, the non-bankrupt Party will further be entitled to a complete duplicate of, or complete access to, any such intellectual property, and such, if not already in its possession, will be promptly delivered to the non-bankrupt Party, unless the bankrupt Party elects to continue, and continues, to perform all of its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.5. <u>Termination for Patent Challenge</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.5.1. <u>Licensed Product Patents</u>. Vicore may terminate this Agreement if NS or its Affiliates disputes, or assist any Third Party to dispute, the validity of any Licensed Product Patent in a patent re-examination, inter-partes review, post-grant or other patent office proceeding, opposition, litigation, or other court proceeding and, within [\*\*\*] written notice from Vicore, NS fails to rescind any and all of such actions, provided however that, nothing in this clause prevents NS from taking any of the actions referred to in this clause and provided further that Vicore will not have the right to terminate if NS:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) asserts invalidity as a defense in any court proceeding brought by Vicore asserting infringement of one of the foregoing Patents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Acquires a Third Party that has an existing challenge, whether in a court or administrative proceeding, against one of the foregoing Patents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) licenses a product for which Vicore has an existing challenge, whether in a court or administrative proceeding, against one of the foregoing Patents.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3. **<u>Effects of Termination</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.1. <u>Effects of Termination</u>. In the event of any termination of this Agreement other than termination (i) by NS for Vicore's material breach under <u>Section 14.2.1</u>, (ii) by NS due to Vicore' insolvency under <u>Section 14.2.4</u>, or (iii) under <u>Section 14.2.2</u> (termination by mutual agreement), then the following shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.1.1. At Vicore's request, NS will return to Vicore or destroy (and certify such destruction to Vicore), at Vicore' option, all Vicore' Confidential Information and Know-How related to the Licensed Product (provided that NS shall be entitled to retain one (1) copy for archival and compliance purposes, and as required by Applicable Law or regulatory requirement), NS and its Affiliates and their respective Sublicensees will cease all Research, Development, Manufacture and Commercialization of Licensed Compound and Licensed Products except as expressly permitted by this <u>Section 14.3.1</u>, and the non-compete set forth in <u>Section 8.2</u> regarding the Licensed Product will continue in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.1.2. Vicore shall have the right to acquire some or all of the available inventory of the Licensed Product, as requested by Vicore, in the possession of NS and its Affiliates as of the date of such termination, provided that, if Vicore so acquires any or all such inventory, Vicore shall reimburse NS the cost incurred by NS for such inventory and if Vicore does not purchase such inventory NS shall be entitled to continue selling any such inventory in the Territory for up to (but no more than) [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.1.3. All licenses and sublicenses granted by Vicore to NS hereunder shall immediately terminate, provided, however, that they will continue to survive solely to enable NS to (i) complete sales of Licensed Product for any purchase orders that were in place prior to the effective date of termination and (ii) sell off any existing inventory of Licensed Product pursuant to <u>Section 14.3.1.2</u>; thereafter, NS (and its Affiliates and respective Sublicensees) will discontinue Commercialization of the Licensed Product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.1.4. All licenses and rights granted by NS to Vicore under <u>Section 2.2</u>, <u>Section 2.3</u>, <u>Section 2.4, Section 2.5</u> and <u>Section 2.6</u> shall remain in effect as granted in accordance with this Agreement. Furthermore, NS shall assign its rights to any Arising IP to Vicore at no further cost to Vicore.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.1.5. NS shall continue all ongoing Clinical Studies until the effective date of termination and shall wind-down at its sole expense (unless otherwise previously agreed with Vicore) any such ongoing Clinical Studies thereafter in accordance with Applicable Law, including GxP, and regulatory and trial participant safety requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.1.6. NS will, as promptly as practicable, and subject to Vicore' reasonable assistance, use good faith diligent efforts to, to the extent legally permissible (including to the extent permitted under NS's obligations to Third Parties on the effective date of termination), (i) transfer and assign to Vicore or Vicore' designee all of NS's right, title and interest in and to all material governmental or regulatory filings and approvals (including all Marketing Approvals and pricing approvals, and Regulatory Materials), in all cases, to the extent relating to the Development, Manufacture or Commercialization of the Licensed Product in the Territory, and (ii) transfer to Vicore or Vicore' designee copies of all material Data, Know-How, Clinical Study data and safety data in NS's possession to the extent related to the Research, Development, Manufacture or Commercialization of the Licensed Product. In addition, NS will appoint Vicore (or its designated agent in Japan) as NS's or NS's Affiliates' agent for all Licensed Product-related matters involving Regulatory Authorities until all Marketing Approvals and other regulatory filings hereunder have been assigned to Vicore or its designee. In the event of failure to obtain such assignment, NS hereby consents and grants to Vicore the right to access and reference (without any further action required on the part of NS, whose authorization to file this consent with any Regulatory Authority is hereby granted) any such item with respect to the Licensed Product on an exclusive (even as to NS) basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.1.7. If NS or its Affiliates are Manufacturing Licensed Product on the effective date of termination, at Vicore' option (which must be exercised in writing to NS within [\*\*\*] of the effective date of termination), NS or its Affiliates will use Commercially Reasonable Efforts to supply such Licensed Product to Vicore at NS's Fully Burdened Manufacturing Cost plus [\*\*\*], until the earlier of (i) such time as Vicore has procured or developed its own source of such Licensed Product supply, or (ii) [\*\*\*] following the effective date of termination. The Parties will promptly negotiate a supply and related quality agreement to govern the specific terms and conditions of such supply.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.1.8. If Vicore so requests within [\*\*\*] of the effective date of termination, the Parties will cooperate, to the extent legally permissible (including to the extent permitted under NS's obligations to Third Parties on the effective date of termination), to assign to Vicore any Third Party agreements that are specific and relating to the Development, Manufacture or Commercialization of the Licensed Product to which NS is a party, subject to any required consents of such Third Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.1.9. The Parties will cooperate, to the extent legally permissible (including to the extent permitted under NS's obligations to Third Parties on the effective date of termination), to promptly transfer and assign or exclusively license (or, if applicable, will cause its Affiliates to assign) to Vicore all of NS's (and such Affiliates') worldwide right, title and interest in and to any registered trademarks or registered internet domain names that are specific to the Licensed Product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.1.10. More generally, the Parties shall cooperate to ensure a smooth and orderly transition of the Licensed Product, including any Development, Manufacturing, or Commercialization activities ongoing at the time of termination to Vicore, pursuant to a termination agreement to be negotiated by the Parties within [\*\*\*] following the termination notice. Such agreement shall be consistent with this <u>Section 14.3.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.2. <u>For Material Breach or Insolvency</u>. In the event that NS terminates this Agreement as a result of Vicore' material breach or due to Vicore' insolvency under <u>Section 14.2.1</u> or <u>Section 14.2.4</u>, then the following terms shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.2.1. At the Disclosing Party's request, the Receiving Party will return to the Disclosing Party or destroy (and certify such destruction to the Disclosing Party), at Disclosing Party's option, all Disclosing Party's Confidential Information related to the Licensed Product (provided that the Receiving Party shall be entitled to retain one (1) copy for archival and compliance purposes, and as required by Applicable Law or regulatory requirements).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.2.2. All Research, Development, Manufacture and Commercialization of the Licensed Product by NS or any of its Affiliates or their Sublicensees shall immediately cease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.2.3. All licenses and sublicenses granted by Vicore to NS hereunder shall immediately terminate. All licenses and rights granted by NS to Vicore under <u>Section 2.2</u>, <u>Section 2.3</u>, <u>Section 2.4</u>, <u>Section 2.5</u> and <u>Section 2.6</u> shall remain in effect as granted in accordance with this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.2.4. The non-compete set forth in <u>Section 8.2</u> regarding the Licensed Product will no longer apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.2.5. NS shall have the right to continue to sell some or all of the available inventory of the Licensed Product in the possession of NS and its Affiliates as of the date of such termination. If NS elects not to sell some or all of such inventory of the Licensed Product, Vicore shall acquire such inventory and shall reimburse NS the cost incurred by NS for such inventory, provided that NS elects not to retain the licenses granted by Vicore pursuant to this Agreement (as provided in <u>Section 14.3.2.6</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.2.6. NS may elect to retain the licenses granted by Vicore pursuant to this Agreement (such licenses to thereafter be royalty and milestone payment bearing at [\*\*\*] of the rates and amounts provided in this Agreement and irrevocable). In connection with such election by NS, the Commercial Supply Agreement shall remain in effect notwithstanding any provisions contained in this Agreement or the Commercial Supply Agreement, provided, however*,* that Vicore shall have the right to subsequently terminate the Commercial Supply Agreement effective upon completion of a manufacturing technology transfer of the Licensed Product and the Licensed Compound to a contract manufacturer (subject to NS's review and consent). In the event NS elects this option, this shall be the sole and exclusive remedy for such material breach or insolvency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.2.7. More generally, the Parties shall cooperate to ensure a smooth and orderly termination of this Agreement as provided in this <u>Section 14.3.2</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.3. <u>Rights in Bankruptcy.</u> All rights and licenses granted under or pursuant to this Agreement are, and shall otherwise be deemed to be, for all purposes of Section 365(n) of the United States Bankruptcy Code and of any similar or analogous provisions of Applicable Laws outside of the United States (the "**Bankruptcy Code**"), licenses and rights to "intellectual property" as defined under Section 101(35A) of the U.S. Bankruptcy Code. Each Party agrees that the other Party, as licensee of such rights under this Agreement, shall retain and may fully exercise all of its rights and elections under the Bankruptcy Code. In the event of the commencement of a bankruptcy proceeding by or against a Party under the Bankruptcy Code (the "**Insolvent Party**"), the other Party shall be entitled to a complete duplicate of (or complete access to, as appropriate) any intellectual property and Know-How licensed to such Party under this Agreement and held by such first Party and its successors and assigns (and all embodiments of such intellectual property and Know-How), provided that, a Party shall not be required to provide any duplicate copies and embodiments of such intellectual property or Know-How to the other Party so long it has already provided such intellectual property and Know-How it is required to provide to under this Agreement, and, if not already in its possession, shall be promptly delivered to it (a) upon any such commencement of a bankruptcy proceeding upon its written request therefore, unless the Insolvent Party continues to perform all of its obligations under this Agreement, or (b) if not delivered or granted under (a) above, following the rejection of this Agreement by or on behalf of the Insolvent Party upon written request therefore by the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.4. <u>Survival</u>. The termination or expiration of this Agreement shall not affect any Payment of any debts or obligations accruing prior to or after such date of termination or expiration. The provisions of <u>Section 1</u> (to the extent necessary to give effect to the surviving provisions), <u>Section 7.8</u> (for any recall of the Licensed Product supplied by Vicore to NS during the Term of this Agreement), <u>Section 9.4</u> (with respect to any Net Sales accrued following the Term during a permitted sell-off period under Section <u>14.3.1.2</u> or Section <u>14.3.2.5</u>), <u>Section 9.6</u> (for any final payments, reports, or audits), <u>Section 10.5</u> (for any litigation under <u>Section 10.5</u> initiated during the Term of this Agreement), <u>Section 10.2</u> (assignment of Arising Know-How and Arising Patents), Section 11.1 (nondisclosure obligations), <u>Section 13.1</u> to <u>Section 13.4</u> (to the extent concerning Third Party Claims under this Agreement), <u>Section 14</u> (until completion of termination obligations), <u>Section 14.3.2.6</u> (to the extent NS makes such election in the event of material breach or Vicore insolvency and any other Section necessary to effectuate Vicore's continued right to receive milestones and royalties at [\*\*\*] of prior levels), and <u>Section 15</u> (Miscellaneous)will survive the expiration or any termination of this Agreement for any reason, in accordance with their respective terms and conditions, and for the respective duration stated therein, and where no duration is stated, will survive indefinitely. In addition, any Section that is referred to in the above listed Sections shall survive solely for the interpretation or enforcement of the surviving terms.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1. **<u>Dispute Resolution</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.1. <u>Resolution by Senior Representatives</u>. The Parties will seek to settle amicably any and all disputes, controversies or claims arising out of or in connection with this Agreement. Any dispute between the Parties will be promptly presented to the Chief Executive Officer of NS and the Chief Executive Officer of Vicore US (the "**Senior Representatives**"), or their respective designees, for resolution. Such Senior Representatives, or their respective designees, will meet in person or by teleconference as soon as reasonably possible thereafter, and use their good faith efforts to mutually agree upon the resolution of the dispute, controversy or claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.2. <u>Request for Arbitration</u>. If after negotiating in good faith, the Parties fail after good faith discussions undertaken within reasonable promptness, to reach an amicable agreement within [\*\*\*], then either Party may upon written notice to the other submit to binding arbitration pursuant to <u>Section 15.1.3</u> below. No statements made by either Party during such discussions will be used by the other Party or admissible in arbitration or any other subsequent proceeding for resolving the dispute.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.3. <u>Arbitration.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.3.1. Subject to <u>Section 15.2</u>, any dispute, claim or controversy arising from or related in any way to this Agreement or the interpretation, application, breach, termination or validity thereof, including any claim of inducement of this Agreement by fraud or otherwise, not resolved under the provisions of <u>Section 15.1.1</u>, will be resolved by final and binding arbitration conducted in accordance with the terms of this <u>Section 15.1.3.1</u>. The arbitration will be held in New York, New York, USA according to Rules of Arbitration of the ICC. The arbitration will be conducted by a panel of [\*\*\*] arbitrators, unless otherwise agreed by the Parties, appointed in accordance with applicable ICC rules. Any arbitration herewith will be conducted in the English language to the maximum extent possible. The IBA Rules on the Taking Evidence in International Arbitration shall be referred to as guidelines. The arbitrators will render a written decision no later than [\*\*\*] following the selection of the arbitrators, including a basis for any damages awarded and a statement of how the damages were calculated. Any award will be promptly paid in U.S. dollars free of any tax, deduction or offset. Each Party agrees to abide by the award rendered in any arbitration conducted pursuant to this <u>Section 15.1.3.1</u>. With respect to money damages, nothing contained herein will be construed to permit the arbitrator or any court or any other forum to award punitive or exemplary damages, except in the case of breach of <u>Section 11.1</u>. By entering into this agreement to arbitrate, the Parties expressly waive any claim for punitive or exemplary damages, except in the case of breach of <u>Section 11.1</u>. The losing Party of the arbitration shall bear its and the winning Party's legal fees and costs related to the arbitration (including witness and expert fees). Judgment on the award so rendered will be final and may be entered in any court having jurisdiction thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.3.2. Where an arbitration pertains to a un unresolved disagreement regarding a business strategy or business plan that the JSC and Senior Officials could not reach consensus, after good faith efforts, as opposed to a legal or contract dispute, the arbitration panel shall invite each Party to present its most reasonable position for its business strategy or business plan, and shall be limited to selecting the business strategy or business plan that the arbitration panel determines is more reasonable. In such case, the arbitration panel shall comprise [\*\*\*] arbitrators with significant experience in the pharmaceutical industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.3.3. EACH PARTY HERETO WAIVES ITS RIGHT TO TRIAL OF ANY ISSUE BY JURY. EACH PARTY HERETO WAIVES ANY CLAIM FOR ATTORNEYS' FEES AND COSTS AND PREJUDGMENT INTEREST FROM THE OTHER.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.4. <u>Court Actions</u>. Nothing contained in this Agreement will deny either Party the right to seek injunctive or other equitable relief from a court of competent jurisdiction in the context of a bona fide emergency or prospective irreparable harm, and such an action may be filed and maintained notwithstanding any ongoing dispute resolution discussions or arbitration proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2. **<u>Governing Law, Jurisdiction, Equitable Relief, Losses, and Remedies</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2.1. This Agreement will be governed by and construed and enforced in accordance with the laws of the State of New York, USA, without reference to any rules of conflicts of laws. For clarification, any dispute relating to the scope, validity, enforceability or infringement of any Patents will be governed by and construed and enforced in accordance with the patent laws of the applicable jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2.2. Each Party acknowledges and agrees that the restrictions set forth in <u>Section 8.2</u> of this Agreement are reasonable and necessary to protect the legitimate interests of the other Party and that the other Party would not have entered into this Agreement in the absence of such restrictions, and that any breach or threatened breach of any of these provisions will probably result in irreparable injury to the other Party for which there will be no adequate remedy at law. In the event of a breach or threatened breach of any such provision, each Party will be authorized and entitled to obtain from any court of competent jurisdiction equitable relief, whether preliminary or permanent, specific performance and an equitable accounting of all earnings, profits and other benefits arising from such breach, which rights will be cumulative and in addition to any other rights or remedies to which such Party may be entitled in law or equity. Each Party agrees to waive any requirement that the other Party (a) post a bond or other security as a condition for obtaining any such relief, and (b) show irreparable harm, balancing of harms, consideration of the public interest or inadequacy of monetary damages as a remedy. Nothing in this <u>Section 15.2.2</u> is intended, or should be construed, to limit a Party's rights to equitable relief or any other remedy for a breach of any other provision of this Agreement. Except for (i) any amount awarded to be paid by one Party to the other by the panel of arbitrators in a final and binding arbitration proceeding adjudicated under <u>Section 15.1.3.1</u>, and (ii) any offset of undisputed but unpaid amounts under this Agreement, neither Party will have the right to set off any amount it is owed or believes it is owed against payments due or payable to the other Party under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2.3. Neither Party will be entitled to recover any Losses relating to any matter arising under one provision of this Agreement to the extent that such Party has already recovered Losses with respect to such matter pursuant to other provisions of this Agreement (including recoveries under <u>Section 13</u>).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3. **<u>Assignments & Successors</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3.1. <u>Assignments & Successors</u>. This Agreement may not be assigned or otherwise transferred, nor may any right or obligation hereunder be assigned or transferred, by either Party without the prior written consent of the other Party, such consent not to be unreasonably withheld, conditioned or delayed. Notwithstanding anything in this <u>Section 15.3.1</u> to the contrary, each Party may, without the other Party's prior written consent, assign this Agreement and its rights and obligations hereunder in whole or in part to an Affiliate or to a Third Party that acquires, by or otherwise in connection with, a merger, sale of assets, reorganization or other similar transaction, all or substantially all of the assets of the Party relating to this Agreement. Any permitted successor or assignee of any rights or obligation under this Agreement must expressly assume the performance thereof in a writing delivered to the non-assigning Party; provided that the assigning Party shall provide notice of such permitted assignment to the non-assigning Party promptly following the occurrence thereof. Notwithstanding any permitted assignment, the assigning Party, in the case of an assignment to the Party's Affiliate, will remain responsible for the performance by such Affiliate assignee of any obligation hereunder so assigned. Any purported assignment in violation of this <u>Section 15.3.1</u> will be void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4. **<u>Acquiror IP</u>**. Notwithstanding anything to the contrary in this Agreement, in the event of a Change of Control involving either Party or its business after the Effective Date (the Third Party acquiring such Party or its business being the Acquiror), whether by merger, asset purchase or otherwise, as to any such Acquiror, the non-acquired Party shall not obtain rights, licenses, options or access to any Intellectual Property Rights or Know-How, product candidates or products that are held by the Acquiror or any Affiliate of the (but excluding the acquired Party itself), that were not generated through any material use or access to the Intellectual Property Rights or Know-How of the acquired Party, or that are not used in a material fashion by the acquired Party in connection with the Licensed Product under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5. **<u>Force Majeure</u>**. No Party will be held responsible to the other Party nor be deemed to be in default under, or in breach of any provision of, this Agreement for failure or delay in performing any obligation of this Agreement when such failure or delay is due to force majeure, and without the fault or negligence of the Party so failing or delaying. For purposes of this Agreement, force majeure means a cause beyond the reasonable control of a Party, which may include acts of God; acts, regulations, or laws of any government; war; terrorism; civil commotion; fire, flood, earthquake, tornado, tsunami, explosion or storm; pandemic; epidemic and failure of public utilities or common carriers. In such event the Party so failing or delaying will immediately notify the other Party of such inability and of the period for which such inability is expected to continue. The Party giving such notice will be excused from such of its obligations under this Agreement as it is thereby disabled from performing for so long as it is so disabled for up to a maximum [\*\*\*], after which time the Parties will negotiate in good faith any modifications of the terms of this Agreement that may be necessary to arrive at an equitable solution, unless the Party giving such notice has set out a reasonable timeframe and plan to resolve the effects of such force majeure and executes such plan within such timeframe. To the extent possible, each Party will use reasonable efforts to minimize the duration of any force majeure.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6. **<u>Notices</u>**. Any notice or request required or permitted to be given under or in connection with this Agreement will be deemed to have been sufficiently given if in writing and personally delivered or sent by internationally recognized overnight express courier service (signature required), prepaid, to the Party for which such notice is intended, at the address set forth for such Party below:

If to Vicore, addressed to:

Vicore Pharma,

Postbox 14, 414 51

Gothenburg, Sweden

with electronic copy sent to both: [\*\*\*] and [\*\*\*]

If to NS, addressed to:

NIPPON SHINYAKU CO., LTD.

14, Nishinosho-Monguchicho,

Kisshoin, Minami-ku, Kyoto 601-8550, Japan

[\*\*\*]

[\*\*\*]

or to such other address for such Party as it will have specified by like notice to the other Party; provided that notices of a change of address will be effective only upon receipt thereof. If delivered personally, the date of delivery will be deemed to be the date on which such notice or request was given. If sent by internationally recognized overnight express courier service, the date of delivery will be deemed to be the second Business Day after such notice or request was deposited with such service. It is understood and agreed that this <u>Section 15.6</u> is not intended to govern the day to day business communications necessary between the Parties in performing their duties, in due course, under the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7. **<u>Export Clause</u>**. Each Party acknowledges that the laws and regulations of the United States and other countries may restrict the export and re-export of commodities and technical data of United States or such foreign country origin. Each Party agrees that it will not export or re-export restricted commodities or the technical data of the other Party in any form without the appropriate United States or foreign government licenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.8. **<u>Waiver</u>**. Neither Party may waive or release any of its rights or interests in this Agreement except in writing. The failure of either Party to assert a right hereunder or to insist upon compliance with any term or condition of this Agreement will not constitute a waiver of that right or excuse a similar subsequent failure to perform any such term or condition. No waiver by either Party of any condition or term in any one or more instances will be construed as a continuing waiver or subsequent waiver of such condition or term or of another condition or term.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.9. **<u>Severability</u>**. If any provision of this Agreement is held to be illegal, invalid or unenforceable by a court of competent jurisdiction, such adjudication will not affect or impair, in whole or in part, the validity, enforceability, or legality of any remaining portions of this Agreement. All remaining portions will remain in full force and effect as if the original Agreement had been executed without the invalidated, unenforceable or illegal part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.10. **<u>Entire Agreement; Modifications</u>**. This Agreement (including attachments) sets forth and constitutes the entire agreement and understanding between the Parties with respect to the subject matter hereof, and all prior agreements, understanding, promises and representations, whether written or oral, with respect thereto are superseded hereby. Each Party confirms that it is not relying on any representations or warranties of the other Party except as specifically set forth herein. No amendment, modification, release or discharge will be binding upon the Parties unless in writing and duly executed by authorized representatives of both Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.11. **<u>Relationship of the Parties</u>**. It is expressly agreed that the Parties will be independent contractors of one another and that the relationship between the Parties will not constitute a partnership, joint venture or agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.12. **<u>Interpretation</u>**. Except as otherwise explicitly specified to the contrary, (a) references to an article section, appendix, exhibit or schedule means an article, section of, or appendix, schedule or exhibit to this Agreement, unless another agreement is specified, (b) the word "including" (in its various forms) means "including without limitation," (c) the words "will" and "shall" have the same meaning, (d) references to a particular statute or regulation include all rules and regulations thereunder and any predecessor or successor statute, rules or regulation, in each case as amended or otherwise modified from time to time, (e) references to a particular Person include such Person's successors and assigns to the extent not prohibited by this Agreement, (f) unless otherwise specified, "$" is in reference to United States dollars, (g) the headings contained in this Agreement, in any exhibit or schedule to this Agreement and in the table of contents to this Agreement are for convenience only and will not in any way affect the construction of or be taken into consideration in interpreting this Agreement; and (h) or the context otherwise requires, the word "or" is used in the inclusive sense (and/or).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.13. **<u>Books and Records</u>**. Any books and records to be maintained under this Agreement by a Party or its Affiliates or Sublicensees will be maintained in accordance with generally accepted accounting principles, or in the case of non-United States sales, other applicable Accounting Standards, consistently applied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.14. **<u>Construction of Agreement</u>**. The terms and provisions of this Agreement represent the results of negotiations between the Parties and their representatives, each of which has been represented by counsel of its own choosing, and neither of which has acted under duress or compulsion, whether legal, economic or otherwise. Accordingly, the terms and provisions of this Agreement will be interpreted and construed in accordance with their usual and customary meanings, and each of the Parties hereto hereby waives the application in connection with the interpretation and construction of this Agreement of any rule of law to the effect that ambiguous or conflicting terms or provisions contained in this Agreement will be interpreted or construed against the Party whose attorney prepared the executed draft or any earlier draft of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.15. **<u>Supremacy</u>**. In the event of any express conflict or inconsistency between this Agreement and any Schedule, Exhibit or Appendix hereto, the terms of this Agreement will apply. The Parties understand and agree that the Schedules and Appendices hereto are not intended to be the final and complete embodiment of any terms or provisions of this Agreement, and are to be updated from time to time during the Term, as appropriate and in accordance with the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.16. **<u>Counterparts</u>**. This Agreement may be signed in counterparts, each of which will be deemed an original, notwithstanding variations in format or file designation which may result from the electronic transmission, storage and printing of copies of this Agreement from separate computers or printers. Signatures transmitted via electronic mail in PDF format will be treated as original signatures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.17. **<u>Compliance with Laws</u>**. Each Party will, and will ensure that its Affiliates and Sublicensees will, comply with all relevant laws (including all Applicable Laws) and regulations in exercising its rights and fulfilling its obligations under this Agreement.

**[SIGNATURE PAGE FOLLOWS]**

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**IN WITNESS WHEREOF**, the Parties have caused this Agreement to be executed by their representatives thereunto duly authorized as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| **Vicore Pharma AB** | **Vicore Pharma AB** | **Nippon Shinyaku Co., Ltd.** | **Nippon Shinyaku Co., Ltd.** |
| By: | /s/ Ahmed Mousa | By: | /s/ Toru Nakai |
| Name: Ahmed Mousa | Name: Ahmed Mousa | Name: Toru Nakai | Name: Toru Nakai |
| Title: Chief Executive Officer | Title: Chief Executive Officer | Title: President, Representative Director | Title: President, Representative Director |
| Date: February 9, 2025 | Date: February 9, 2025 | Date: February 9, 2025 | Date: February 9, 2025 |

---

Page **73** of **82**

**<u>Exhibit Index</u>**

Exhibit A [\*\*\*]

Exhibit B [\*\*\*]

Exhibit C [\*\*\*]

Exhibit D Initial Press Release

Exhibit E: [\*\*\*]

Page **74** of **82**

**<u>Exhibit A</u>**

[\*\*\*]

Page **75** of **82**

**<u>Exhibit B</u>**

[\*\*\*]

Page **76** of **82**

**<u>Exhibit C</u>**

[\*\*\*]

Page **77** of **82**

**<u>Exhibit D</u>**

**<u>Initial Press Release</u>**

 

***NEWS RELEASE***

---

| | |
|:---|:---|
| ![](tm269615d8_ex4-1img002.jpg) | **NIPPON SHINYAKU CO., LTD.**<br>February 9, 2024 |

---

**Nippon Shinyaku and Vicore Pharma enter into an Exclusive License Agreement to Develop and Commercialize C21 for the treatment of Idiopathic Pulmonary Fibrosis in Japan**

KYOTO, Japan, February 9, 2024 - Nippon Shinyaku Co., Ltd. (Nippon Shinyaku; Headquarters: Kyoto: President, Toru Nakai) announced that Nippon Shinyaku and Vicore Pharma Holding AB (publ) (Vicore; Headquarters: Stockholm. Sweden, CEO: Ahmed Mousa. NASDAQ Stockholm: VICO) have entered into an exclusive license agreement for the development and commercialization of C21 for the treatment of idiopathic pulmonary fibrosis **(**IPF**)** in the territory of Japan.

IPF is one of the idiopathic interstitial pneumonias, a serious chronic lung disease designated as an intractable disease by the Ministry of Health, Labour and Welfare. IPF causes progressive fibrosis in the lungs, resulting in symptoms such as respiratory dysfunction, dry cough and pulmonary hypertension. IPF is reported to be more common in men over the age of 50, and the average survival time after diagnosis is 3 to 5 years and several months in the case of an acute exacerbation. In Japan, there are a few anti-fibrosis drugs, but the treatment options are very limited and there is a high unmet need for the development of effective therapies.

C21 is a first-in-class orally available small-molecule angiotensin II type 2 receptor agonist (ATRAG) that Vicore is developing overseas for the treatment of IPF. A Phase Ila study (AIR study) is ongoing outside Japan and has shown tolerability and stabilization or improvement in respiratory function at interim analysis in naive IPF patients. A global Phase IIb study (ASPIRE study) is planned to start in the first half of 2024. C21 was granted orphan drug designation by the European Medicines Agency in 2016 and by the U.S. Food and Drug Administration in 2017.

Nippon Shinyaku is focusing on the field of intractable, rare disorders and dedicated to the development and commercialization of therapeutic agents and providing medical information. According to this agreement, Nippon Shinyaku aims to contribute to the treatment for IPF patients by moving forward clinical development and delivering C21 to patients suffering from IPF as soon as possible.

Page **78** of **82**

**About Vicora Pharma Holding AB(publ)**

Vicore is an innovative clinical-stage pharmaceutical company unlocking the potential of a new class of drugs with disease-modifying potential. The company is establishing a portfolio in respiratory diseases, including IPF. Using its unique expertise in ATRAG chemistry and biology, Vicore is further fueling its pipeline with several new therapies across additional potential indications. The company's shares (VICO) are listed on Nasdaq Stockholm's main market. For more information, see <u>www.vicorepharma.com</u>.

**Contact**

Corporate Communications Dept.. Nippon Shinyaku Co., Ltd.

FAX: +81-75-321-9128

Page **79** of **82**

![](tm269615d8_ex4-1img001.jpg)

Vicore and Nippon Shinyaku Enter into an Exclusive License Agreement to Develop and Commercialize C21 in Japan

&nbsp;&nbsp;&nbsp;&nbsp;· C21
 is a potentially transformative therapy for the treatment of idiopathic pulmonary fibrosis
 (IPF)

&nbsp;&nbsp;&nbsp;&nbsp;· Vicore
 to receive USD 10 million upfront and is entitled to up to USD 275 million in milestones
 in addition to tiered royalty payments

&nbsp;&nbsp;&nbsp;&nbsp;· Nippon
 Shinyaku has been granted exclusive rights to and **will** be responsible for development
 of C21 in Japan

&nbsp;&nbsp;&nbsp;&nbsp;· Vicore
 retains rights to develop and commercialize C21 in all markets outside of Japan

Stockholm, February 9, 2024 - Vicore Pharma Holding AB (publ), unlocking the potential of a new class of drug candidates, angiotensin II type 2 receptor agonists (ATRAGs), today announced it has entered into an exclusive licensing agreement with Nippon Shinyaku Co. Ltd., a leading Japanese pharmaceutical company, to develop and commercialize Vicore's drug candidate C21 in Japan.

Under the terms of the agreement, Vicore will receive an upfront payment of USD 10 million and is entitled to potential development and commercial milestone payments up to a total of USD 275 million. Vicore is eligible to receive tiered royalties extending into the low 20s based on annual net sales of C21 in Japan. Nippon Shinyaku holds the exclusive right to develop and commercialize C21 in Japan focusing initially on the treatment of idiopathic pulmonary fibrosis (IPF). Nippon Shinyaku will be operationally and financially responsible for development of C21 in Japan and will contribute Japanese patients and sites to the global late-stage development of C21 at its expense. Vicore retains **all** rights to C21 in the rest of the **world.**

C21 is an oral therapy being developed for treatment of IPF and has been granted orphan drug designation by the U.S. Food and Drug Administration and European Medicines Agency. Although IPF affects approximately 34 000 patients in Japan, treatment options are very limited. In the Phase 2a AIR study, 021 demonstrated transformative potential by safely and effectively stabilizing or improving lung function in previously untreated individuals with IPF. A global Phase 2b ASPIRE study is planned to initiate in the first half of this year.

"This partnership is an important milestone in the development of C21", said Ahmed Mousa, CEO of Vicore. "Nippon Shinyaku is an ideal partner that brings expertise in rare disease together with a strong track record of successfully partnering with leading companies to bring innovative treatments to the Japanese market. We look forward to working with the Nippon Shinyaku team and leveraging their expertise to successfully develop and commercialize this product in Japan."

"IPF is a disease with a high unmet medical need," said Toru Nakai, President & Representative Director of Nippon Shinyaku. "I am delighted to enter into an agreement with Vicore to develop this extremely promising therapy for the Japanese market. C21 will be an important addition to the Nippon Shinyaku portfolio of therapies for rare diseases."

Page **80** of **82**

![](tm269615d8_ex4-1img001.jpg)

Renexes LLC served as an adviser to Vicore in connection with the transaction.

**For further information, please contact:**

Ahmed Mousa, CEO,<sub></sub> tel: [\*\*\*], [\*\*\*]

Hans Jeppsson, CFO, tel: [\*\*\*], [\*\*\*]

771JS *information constitutes inside information which Vicore Pnarma Holding AB (pub!) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above on 9 February 2024,* at *08*.00 *CEST.*

***About Nippon Shinyaku***

*Based on Nippon Shinyaku's business philosophy, "Helping people lead healthier, happier lives," we aim* io *be an organization trusted* by the awnmunrly *through creating unique medicines that will bring hope to patients and families sufferingfrom illness. Please visit our website <u>{https://www.nippon-shinvaku.co.in/enaPsh.A</u> for products or detailed information.*

***About Vicore Pharma Holding AB (publ)***

*Vicore is* an *innovative clinical-stage pharmaceutical company unlocking the potential of* a new cJtrss *of drugs with disease-modifying potential. The company is establishing a portfolio in respiratory diseases, including idiopathic pulmonary fibrosis (IFF). C21 is a ficst-in-dass orally available small molecule angiotensin 11 type 2 receptor agonist (ATRAG) currently in phase 2a developmentfor IPF. Almee'" (an investigational medical device* in *clinical development) is a digital therapeutic based on cognitive behavioral therapy created to address the psychological impact of living with pulmonaryfibrosis. Using its unique expertise in ATRAG chemistry and biology, Vicore is further fueling its pipeline with several new therapies across additional potential indications. The company's shares (VICO) ore listed on Nasdaq Stockholm's main market. For more information, see <u>www. vicorepharma.com.</u>*

Page **81** of **82**

**<u>Exhibit E</u>**

[\*\*\*]

Page **82** of **82**

## Exhibit 4.2

**Exhibit 4.2**

![](tm269615d2_ex4-2img001.jpg)

**TERMS REGARDING Vicore Pharma Holding AB´S INCENTIVE PROGRAM (Co-worker LTIP 2025)**

**The scope of the incentive program**

In accordance with the resolution by the Annual General Meeting 2025 held on May 6, 2025, Vicore Pharma Holding AB (publ) ("Vicore Pharma" or the "Company"), Reg. No. 556680-3804, resolved to implement a long-term incentive program for senior management and key persons (including employees and consultants) in the Company ("Co-worker LTIP 2025"). Co-worker LTIP 2025 is a program under which the participants will be granted, free of charge, options ("Options") subject to three-year vesting that entitle to acquire a maximum of 7,000,000 shares in the Company in total, in accordance with the terms stipulated below.

**Entitlement to Options**

Co-worker LTIP 2025 is intended for senior management and key persons (including employees and consultants) in the Company (each a "Participant"). The Board of Directors in Vicore Pharma may, based on the guidelines resolved by the Annual General Meeting 2025, annually resolve upon allocation of Options (with each respective date of granting being a "Granting Date"). The Options are granted free of charge. The Options are non-transferable and may not be pledged. Participants shall be given notice of its participation in the Co-worker LTIP 2025 through a notice form ("GRANT NOTICE & AGREEMENT") furnished by the Board of Directors.

**Vesting**

The Options shall vest over a three-year period with one third each year on the anniversary of the Grant Day, whereby all Options shall vest on the third anniversary of the Granting Date, provided that the Participant, with some customary exceptions (including retirement and permanent incapacity to work due to illness or accident), still is employed by the Company (or, in the case of consultants, still providing services to the Company). Vesting, otherwise, takes place annually where 1/3 of the Options will be vested after 12 months, but no Options shall be deemed vested at a time that falls within 12 months from the Granting Date.

Vested Options may be exercised at any time until the fifth anniversary of the Granting Date.

The number of Options will be recalculated in accordance with the recalculation provisions set out in the terms and conditions of the warrants (Sw. *teckningsoptioner*) referred to below.

In the event of a public takeover offer, asset sale, liquidation, merger or any other such transaction affecting the Company, the Options will vest in their entirety if the Participant's employment or consultancy engagement, within 24 months following the completion of such event, is involuntarily terminated or there is a reduction in salary or diminution in role other than for cause.

Each day when vesting of Options occurs is hereinafter referred to as a "Vesting Day". The number of Options vested on each Vesting Day shall be rounded downwards to the nearest whole number of Options.

![](tm269615d2_ex4-2img001.jpg)

Vesting is made automatically at the above-mentioned dates and does not require any activity from either Vicore Pharma or the Participant.

Each Option entitles the Participant to acquire one share in the Company for a predetermined exercise price ("Exercise Price"). The Exercise Price per share shall correspond to 125 percent of the volume-weighted average price of the Company's share on Nasdaq Stockholm for the five trading days preceding the Granting Date, and be set out in the GRANT NOTICE & AGREEMENT.

The Exercise Price shall be paid in cash to Vicore Pharma in connection with the exercise of the Option. The Participant's acquisition of a share is carried out by Vicore Pharma, a subsidiary in the Group (the "Subsidiary"), or other party appointed by the Subsidiary or Vicore Pharma, acting as representative for the Participant, by exercising the warrant which the Option is hedged by and subscribing for a share in the name of the Participant. The Participant shall authorize the Subsidiary, or any other party appointed by the Subsidiary or Vicore Pharma, to, on behalf of the Participant, subscribe for the shares and the Participant shall pay the purchase price to the Company.

In connection with the exercise of the Options, the Participant may exercise a lower number of vested Options. The exercise of the Option shall be made on a form furnished by the Board of Directors. The purchase price shall be paid to the entity designated by the Company.

**Transferability**

The Option may not be transferred or pledged and may only be exercised by the Participant or by the estate of the Participant.

**Termination of employment**

If the Participant's employment/assignment with the Group is terminated, and if not otherwise follows from these terms and conditions, all Options that have not been vested in accordance with the provisions under the section "Vesting" above at the date of notice of termination shall immediately forfeit and not be exercisable thereafter. For the avoidance of doubt, the Participant will retain all Options that have been vested in accordance with the provisions under the section "Vesting" above.

Notwithstanding the foregoing, if the employment/assignment is terminated as a result of that the Participant retires due to age or receives sickness benefit or otherwise is being prevented from carrying out the duties due to medical reasons attributable to the Participant, and which are not considered temporary, the vesting shall continue in accordance with these terms and conditions.

**Redemption in certain situations**

In case of a public takeover offer, asset sale, liquidation, merger or any other such transaction affecting the Company, Vicore Pharma, or anyone designated by Vicore Pharma, shall be entitled to redeem the Options (vested as well as unvested) from the Participant. Redemption shall be made for a consideration per Option equal to the consideration following from the transaction, as determined by the Board of Directors.

Vicore Pharma Holding AB \| Kornhamnstorg 53, SE-111 27 Stockholm, Sweden

Phone: +46 (0)31 78 80 560 \| Reg no. 556680-3804 \| www.vicorepharma.com

![](tm269615d2_ex4-2img001.jpg)

The request by Vicore Pharma for redemption shall be made by a written notice to the Participant and after such notice redemption shall take place by payment of the redemption consideration to the Participant within 10 days from the date of the completion of the transaction. Following a notice from Vicore Pharma that Vicore Pharma exercises its right to redeem Options, no Options may be exercised irrespective of any provisions to the contrary in these terms and conditions.

**Taxes**

Vicore Pharma is entitled to refuse to accept exercise of Options in case the Participant does not pay a cash amount to Vicore Pharma corresponding to the payment liabilities that may arise on behalf of the Group related to the Participant's income taxes triggered by the exercise of the Options (to the extent such amounts cannot be deducted from the Participant's salary).

**Warrant terms**

The terms for the warrants (Sw. *teckningsoptioner*) which entitle to subscription of common shares upon the exercise of Options, have been registered with the Swedish Companies Registration Office, and shall constitute a part of the terms of the Options. The terms can be obtained from Vicore Pharma. The number of Options will be recalculated in accordance with the terms and conditions of said warrants.

**Foreign jurisdictions**

Vicore Pharma has not, and will not, take any actions in any other jurisdiction than Sweden in order to procure that the Options granted hereunder can be exercised by the Participant. Vicore Pharma reserves the right not to effect exercise in case such exercise would conflict the legislation or require additional actions in any foreign jurisdiction.

**Applicable law and dispute**

Swedish law shall apply on these terms. Any dispute shall be finally settled by arbitration in accordance with the Rules for Expedited Arbitration of the Arbitration Institute of the Stockholm Chamber of Commerce. The proceedings shall take place in Stockholm. The cost for the proceedings shall be paid by Vicore Pharma irrespective of the outcome of the proceedings, unless the Participant's request for arbitral proceedings was obviously unfounded in which case the costs shall be paid by the Participant.

**Authorisation by the Board of Directors**

In each case these terms are referring to the Board of Directors, the Board of Directors shall be entitled to authorize one or more of the management of Vicore Pharma to make any decisions or execute any action on behalf of the Board of Directors.

Vicore Pharma Holding AB \| Kornhamnstorg 53, SE-111 27 Stockholm, Sweden

Phone: +46 (0)31 78 80 560 \| Reg no. 556680-3804 \| www.vicorepharma.com

![](tm269615d2_ex4-2img001.jpg)

**Co-worker LTIP 2025 in Vicore Pharma Holding AB**

**GRANT NOTICE & AGREEMENT**

NAME

May 6, 2025

The Annual General Meeting in Vicore Pharma Holding AB (publ) (the "**Company**") held on May 6, 2025, resolved to implement a long-term incentive program for senior management and key persons (including employees and consultants) in the Company ("**Co-worker LTIP 2025**").

In summary, the resolution entails that a number of selected individuals (each a "**Participant**") are granted options (the "**Options**") which entitle the Participant to receive a corresponding number of shares in the Company after the third anniversary of the date of this Grant Notice & Agreement.

The Options shall vest over a three-year period with one-third each year on the anniversary of the Granting Day, whereby all Options shall vest on the third anniversary of the Granting Date, provided that the holder, with some customary exceptions (including retirement and permanent incapacity to work due to illness or accident), still is employed by the Company (or, in the case of consultants, still providing services to the Company). Vesting, otherwise, takes place annually where 1/3 of the Options will be vested after 12 months, but no Options shall be deemed vested at a time that falls within 12 months from the Granting Date.

The latest point in time at which vested Options may be exercised shall be the fifth anniversary of the Granting Date. The Options are awarded free of charge. Each Option entitles the holder to acquire one share in the Company for a pre-determined exercise price (the "**Exercise Price**"). The exercise price shall correspond to 125 percent of the volume-weighted average price of the Company's share on Nasdaq Stockholm for the five trading days preceding the Granting Date.

You have, under **Co-worker LTIP 2025:1**, been allocated **XXX,XXX Options**, entitling you to a corresponding number of shares in the Company, subject to the detailed terms set out in "TERMS REGARDING Vicore Pharma Holding AB´S PERSONNEL OPTION PROGRAM (Co-worker LTIP 2025)", Schedule 1. Granting date for said Options is May 6, 2025 (the "**Granting Date**").

The Exercise Price has been established to **SEK XX.XX**.

The latest point in time at which vested Options may be exercised shall be the fifth anniversary of the Granting Date, i.e. May 6, 2030. Exercise of Options shall be made on a form provided to you upon request to the Company.

The Options are non-transferable and may not be pledged.

By signing this Grant Notice & Agreement, you hereby confirm

i) that you have read, understood and accepted the above information,

ii) that you have read, understood and accepted the "TERMS REGARDING Vicore Pharma Holding AB´S PERSONNEL OPTION PROGRAM (Co-worker LTIP 2025)",

iii) that you have read, understood and accepted the information under "Personal data" on the next page of this Grant Notice & Agreement,

iv) that you accept the receipt of the above said number of Options (in accordance with the above said terms and conditions), and

Vicore Pharma Holding AB \| Kornhamnstorg 53, SE-111 27 Stockholm, Sweden

Phone: +46 (0)31 78 80 560 \| Reg no. 556680-3804 \| www.vicorepharma.com

![](tm269615d2_ex4-2img001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;v) that you understand and accept that
 all tax- and currency risks and effects for you related to your participation in Co-worker
 LTIP 2025 are your responsibility.

---

| |
|:---|
| Place and date |
| Signature |
| Clarification of signature |

---

Vicore Pharma Holding AB \| Kornhamnstorg 53, SE-111 27 Stockholm, Sweden

Phone: +46 (0)31 78 80 560 \| Reg no. 556680-3804 \| www.vicorepharma.com

![](tm269615d2_ex4-2img001.jpg)

**Personal data**

If you choose to participate in the incentive program Co-worker LTIP 2025 the Company will process your personal data submitted to the Company under the program. The Company is the data controller of such personal data, whether or not the personal data has been collected directly by the Company, other companies within the Company's group or in any other way. The personal data includes inter alia, your name, address, personal identity number, employment number, position, salary details, bank account number and any other personal data that are necessary for the administration of the program. The Company will process the personal data for the purposes of managing the program as well as monitoring and subsequent evaluation of the program, which may include linking to, and matching with, other filing systems in the Company. The processing of personal data is necessary for the Company in order to fulfill the agreement concerning Co-worker LTIP 2025 and to enable the Company to fulfill its statutory obligations. If you do not provide the requested personal data to the Company, you may not participate in the program.

Personal data may, for specified purposes, sometimes be disclosed to other companies within the Company's group, to banks or to companies with which the Company cooperates, within and outside the EU/EEA. Should personal data be transferred outside the EU/EEA, it will be conducted in accordance with suitable safeguards approved by the EU. You may, at any time, request further information regarding such transfer and request copies of agreements or other safeguards used by the Company for such transfer. In certain situations, the Company is also obligated by law to disclose data, e.g. to the Swedish Tax Agency.

Pursuant to applicable personal data protection legislation you have the right to request and receive, free of charge, information on the personal data relating to you that is processed by the Company, regardless of how that data has been collected. Requests for information on the personal data being processed by the Company, erasure of personal data, limitations to the processing of personal data, data portability, or rectification of personal data may be directed to Vicore's Data Protection Officer (DPO), who you may also contact if you desire any further information regarding the Company's processing of personal data. Should you wish to register a complaint regarding the Company's processing of personal data you may contact the Swedish Data Protection Authority in its capacity of supervisory authority.

The personal data will be stored for the duration of your participation in Co-worker LTIP 2025 and during such subsequent period of time as is necessary for the Company to fulfill its statutory obligations under the program and to carry out an evaluation of the program and any other legal obligations that the Company may have in connection with the program.

Contact details: Vicore's Data Protection Officer (E-mail: DPO@vicorepharma.com), Vicore Pharma Holding AB, Kornhamnstorg 53, SE-111 27 Stockholm.

Vicore Pharma Holding AB \| Kornhamnstorg 53, SE-111 27 Stockholm, Sweden

Phone: +46 (0)31 78 80 560 \| Reg no. 556680-3804 \| www.vicorepharma.com

## Exhibit 4.3

**Exhibit 4.3**

![](tm269615d2_ex4-3img002.jpg)

**Bilaga A**

***Appendix A***

**Villkor för teckningsoptioner i Board RSU 2025 i Vicore Pharma Holding AB (publ)**

***Terms and conditions for warrants in Board RSU 2025 in Vicore Pharma Holding AB (Publ)***

---

| | |
|:---|:---|
| **1** | **Definitioner/*Definitions*** |

---

I dessa villkor ska följande benämningar ha den innebörd som anges nedan.

In these terms and conditions, the following terms shall have the meaning given below.

---

| | |
|:---|:---|
| Aktiebolagslagen | aktiebolagslagen (2005:551); |
| *Companies Act* | *the Swedish Companies Act (SFS 2005:551);* |
| avstämningsbolag | bolag som har infört avstämningsförbehåll i bolagsordningen och anslutit sina aktier till Euroclear; |
| *Central Securities Depository Company* | *a company whose articles of association contain an article stating that the company's shares must be registered in a central securities depository register and whose shares are registered through Euroclear;* |
| avstämningskonto | konto vid Euroclear för registrering av sådana finansiella instrument som anges i lagen (1998:1479) om värdepapperscentraler och kontoföring av finansiella instrument; |
| *Securities Account* | *an account with Euroclear for registering such financial instruments as referred to in the Swedish Central Securities Depositories and Financial Instruments Accounting Act (1998:1479);* |
| bankdag | dag som inte är lördag, söndag eller annan allmän helgdag eller som beträffande betalning av skuldebrev inte är likställd med allmän helgdag i Sverige; |
| *Business Day* | *a day which is not a Sunday or other public holiday or, with respect to the payment of promissory notes, is not equated with a public holiday in Sweden;* |

---

![](tm269615d2_ex4-3img002.jpg)

---

| | |
|:---|:---|
| Banken | den bank eller det kontoförande institut som Bolaget vid var<br> tid utsett att handha administration av teckningsoptionerna enligt dessa villkor; |
| *Bank* | *the bank or account operator which the Company at each time has appointed to handle the administration of the Warrants in accordance with these terms and conditions;* |
| Bolaget | Vicore Pharma Holding AB (publ), (org. nr 556680-3804); |
| *Company* | *Vicore Pharma Holding AB (publ) (reg. no. 556680-3804);* |
| Euroclear | Euroclear Sweden AB, org nr 556112-8074; |
| *Euroclear* | *Euroclear Sweden AB, (the Swedish Central Securities Depository and Clearing Organisation), company reg no 556112-8074;* |
| marknadsnotering | notering av aktie i Bolaget på börs, reglerad marknad, handelsplattform (s.k. multilateral trading facility) inom Europeiska Ekonomiska Samarbetsområdet ("EES") eller annan motsvarande handelsplats; |
| *Listing* | *listing of shares in the Company on a stock exchange, regulated market, multilateral trading facility within the EEA area or other corresponding market place;* |
| optionsinnehavare | den som är registrerad på avstämningskonto som innehavare av teckningsoption; |
| *Warrant Holder* | *a person registered in a Securities Account as the holder of a Warrant;* |
| teckning | teckning av nya aktier i Bolaget med utnyttjande av teckningsoption enligt 14 kap. aktiebolagslagen; |
| *Subscription* | *subscription of shares in the Company on exercise of Warrants in accordance with Chapter 14 of the Companies Act;* |
| teckningskurs | den kurs till vilken teckning av nya aktier med utnyttjande av teckningsoption kan ske; |
| *Exercise Price* | *the price at which Subscription for new shares may take place on exercise of Warrants;* |
| teckningsoption | rätt att teckna en ny aktie i Bolaget mot betalning enligt dessa villkor; |

---

Vicore Pharma Holding AB \| Kornhamnstorg 53, SE-111 27 Stockholm, Sweden

Phone: +46 (0)31 78 80 560 \| Reg no. 556680-3804 \| www.vicorepharma.com

![](tm269615d2_ex4-3img002.jpg)

---

| | |
|:---|:---|
| *Warrant* | *the right to subscribe for one newly issued share in the*<br> *Company in exchange for payment in accordance with these terms and conditions;* |
| teckningsoptionsbevis | bevis till vilket knutits ett visst antal teckningsoptioner enligt dessa villkor. |
| *Warrant Certificate* | *a certificate which is linked to a certain number of warrants in accordance with these terms and conditions.* |

---

---

| | |
|:---|:---|
| **2** | **Teckningsoptioner och registrering/*Warrants and registration*** |

---

Antalet teckningsoptioner uppgår till upp till högst 1 070 000.

*The total number of Warrants amounts to not more than 1,070,000.*

Om Bolaget är avstämningsbolag får Bolagets styrelse fatta beslut om att teckningsoptionerna ska registreras på avstämningskonto. Vid sådant förhållande ska inga teckningsoptionsbevis eller andra värdepapper ges ut. Optionsinnehavare ska på Bolagets anmaning vara skyldig att omedelbart till Bolaget eller Euroclear inlämna eventuella teckningsoptionsbevis representerande teckningsoptioner samt meddela Bolaget erforderliga uppgifter om värdepapperskonto på vilket innehavarens teckningsoptioner ska registreras.

*In the event the Company is a Central Securities Depository Company, the board of directors of the Company shall be entitled to resolve that the Warrants be registered on a Securities Account. In the event such resolution is adopted, no Warrant Certificates or other securities shall be issued. At the request of the Company, Warrant Holders shall be obliged to surrender immediately to the Company or Euroclear any Warrant Certificates representing Warrants and to provide the Company with the requisite details of the securities account on which the Warrant Holder's Warrants are to be registered.*

Om Bolagets styrelse fattat beslut enligt andra stycket ovan, ska styrelsen därefter vara oförhindrad att, med de begränsningar som må följa av lag eller annan författning, fatta beslut om att teckningsoptionerna inte längre ska vara registrerade på avstämningskonto. *In the event the board of directors of the Company adopts a resolution in accordance with the second paragraph above, subject to any applicable statutory or regulatory limitations, the board of directors shall thereafter be at liberty to resolve that the Warrants are no longer to be registered on a Securities Account.*

---

| | |
|:---|:---|
| **3** | **Rätt att teckna nya aktier/*Right to subscribe for new shares*** |

---

Varje teckningsoption berättigar optionsinnehavaren till teckning av en ny aktie i Bolaget till en teckningskurs motsvarande aktiens kvotvärde.

*Each Warrant entitles the holder thereof to subscribe for one new share in the Company at an Exercise Price corresponding to the quota value of the share (Sw. kvotvärde).*

Vicore Pharma Holding AB \| Kornhamnstorg 53, SE-111 27 Stockholm, Sweden

Phone: +46 (0)31 78 80 560 \| Reg no. 556680-3804 \| www.vicorepharma.com

![](tm269615d2_ex4-3img002.jpg)

Teckningskursen, liksom antalet aktier som varje teckningsoption ger rätt att teckna, kan bli föremål för justering i de fall som anges i punkt 8 nedan.

*The Exercise Price and the number of shares for which each Warrant entitles the holder to subscribe may be recalculated in the circumstances set out in section 8 below.*

Teckning kan endast ske av det hela antal aktier, vartill det sammanlagda antalet teckningsoptioner berättigar och som en och samma optionsinnehavare önskar utnyttja. Vid sådan teckning ska bortses från eventuell överskjutande del av teckningsoption, som inte kan utnyttjas.

*Subscription may only take place in respect of the entire number of shares for which the total number of Warrants entitles the Warrant Holder to subscribe and which a single Warrant Holder desires to exercise. On such Subscription, any excess fractions of Warrants which cannot be exercised shall be disregarded.*

---

| | |
|:---|:---|
| **4** | **Anmälan om teckning/*Application for Subscription*** |

---

Anmälan om teckning av aktier kan äga rum under tiden från och med den dagen för registrering av teckningsoptionerna hos Bolagsverket till och med den 15 juni 2035. Inges inte anmälan om teckning inom ovan angiven tid upphör teckningsoptionen att gälla.

*Application for Subscription of shares may take place during the period from and including the day of registration of the Warrants with the Swedish Companies' Office up to and including 15 June 2035. If an application for Subscription is not submitted within the time stated above, the Warrant shall lapse.*

Under tid Bolaget är avstämningsbolag och teckningsoption är registrerad på avstämningskonto ska följande gälla. Vid teckning ska ifylld anmälningssedel enligt fastställt formulär inges till Bolaget eller ett av Bolaget anvisat kontoförande institut. Anmälan om teckning är bindande och kan inte återkallas.

*The following shall apply in the event the Company is a Central Securities Depository Company and the Warrants are registered on a Central Securities Depository Account. The Warrants may be exercised through a written application for Subscription to the Company or to the designated Central Securities Depository Company. Applications for Subscription are binding and irrevocable.*

Om Bolaget inte är avstämningsbolag eller om teckningsoption inte är registrerad på Avstämningskonto ska teckning ske genom skriftlig anmälan på teckningslista till Bolaget varvid antalet teckningsoptioner som utnyttjas ska anges. Vid teckning ska optionsinnehavare i förekommande fall inlämna motsvarande teckningsoptionsbevis till Bolaget.

*In the event the Company is not a Central Securities Depository Company or if the Warrants are not registered on a Central Securities Depository Account, the Warrants may be exercised through a written application for Subscription to the Company, stating the number of Warrants which are to be exercised. In conjunction with a Subscription, the Warrant Holder shall, where applicable, surrender corresponding Warrant Certificates to the Company.*

Vicore Pharma Holding AB \| Kornhamnstorg 53, SE-111 27 Stockholm, Sweden

Phone: +46 (0)31 78 80 560 \| Reg no. 556680-3804 \| www.vicorepharma.com

![](tm269615d2_ex4-3img002.jpg)

---

| | |
|:---|:---|
| **5** | **Betalning för ny aktie/*Payment for new shares*** |

---

Vid anmälan om teckning ska betalning samtidigt erläggas för det antal aktier som anmälan om teckning avser. Betalning ska ske kontant till ett av Bolaget anvisat bankkonto.

*On application for Subscription, payment for the number of shares which the application for Subscription covers shall be made simultaneously. Payment shall be made in cash to a bank account designated by the Company.*

---

| | |
|:---|:---|
| **6** | **Registrering på avstämningskonto och i aktieboken/ *Registration in Securities Account and in the share register*** |

---

Sedan betalning för tecknade aktier har erlagts, verkställs teckning genom att de nya aktierna upptas i Bolagets aktiebok och på respektive optionsinnehavares avstämningskonto såsom interimsaktier. Sedan registrering har skett hos Bolagsverket blir registreringen av de nya aktierna i aktieboken och på avstämningskontot slutgiltig. Som framgår av punkten 8 nedan senareläggs i vissa fall tidpunkten för sådan registrering.

*Following payment for subscribed shares, Subscription shall be effected through the registration of the new shares as interim shares in the Company's share register and on the respective Warrant Holder's Securities Account. Following registration with the Swedish Companies Registration Office, the registration of the new shares in the share register and on Securities Accounts will become definitive. According to section 8 below such registration might in certain circumstances be postponed.*

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| | |
|:---|:---|
| **7** | **Utdelning på ny aktie/*Dividends on new shares*** |

---

De nytecknade aktierna medför rätt till vinstutdelning första gången på den avstämningsdag för utdelning som infaller närmast efter det att teckning verkställts. *Shares which are issued following subscription shall entitle to participation in the distribution of profits for the first time on the nearest record date occurring after the subscription has been exercised.*

---

| | |
|:---|:---|
| **8** | **Omräkning av teckningskurs och antal aktier/*Recalculation of Exercise Price and the number of shares*** |

---

Beträffande den rätt som ska tillkomma optionsinnehavare i de situationer som anges nedan ska följande gälla:

Vicore Pharma Holding AB \| Kornhamnstorg 53, SE-111 27 Stockholm, Sweden

Phone: +46 (0)31 78 80 560 \| Reg no. 556680-3804 \| www.vicorepharma.com

![](tm269615d2_ex4-3img002.jpg)

*The following provisions shall govern the rights that vests in Warrant Holder in the events described below:*

---

| | |
|:---|:---|
| **A** | **Fondemission/*Bonus issue*** |

---

Vid fondemission ska teckning - där anmälan om teckning görs på sådan tid att tilldelning av aktier inte kan verkställas senast på femte vardagen före den bolagsstämma som ska pröva frågan om fondemission - verkställas först sedan stämman beslutat om fondemissionen. Aktier som tillkommer på grund av teckning som verkställs efter beslutet om fondemission upptas på optionsinnehavares avstämningskonto såsom interimsaktier, vilket innebär att sådana aktier inte omfattas av beslut om fondemission. Slutlig registrering på avstämningskonto sker först efter avstämningsdagen för fondemissionen. *In the event of a bonus issue, where an application for Subscription is submitted at such time that the allotment of shares cannot be made on or before the fifth weekday prior to the general meeting which resolves to make the bonus issue, Subscription shall be effected only after the general meeting has adopted a resolution approving the bonus issue. Shares which vest pursuant to Subscription effected after the adoption of a resolution approving the bonus issue shall be registered in the Warrant Holder's Securities Account as interim shares, and accordingly such shares shall not entitle the holder thereof to participate in the bonus issue. Definitive registration in Securities Accounts shall only take place after the record date for the bonus issue.*

Vid teckning som verkställs efter beslut om fondemission tillämpas en omräknad teckningskurs liksom ett omräknat antal aktier som varje teckningsoption ger rätt att teckna. Omräkningarna utförs av Bolaget enligt följande:

*In conjunction with Subscription which is effected after the adoption of a resolution to make a bonus issue, a recalculated Exercise Price as well as a recalculated number of shares for which each Warrant entitles the Warrant Holder to subscribe shall be applied. The recalculation shall be carried out by the Company in accordance with the following formula:*

Omräknad teckningskurs = (föregående teckningskurs) x (antalet aktier i Bolaget före fondemissionen) / (antalet aktier i Bolaget efter fondemissionen)

*Recalculated Exercise Price = (previous Exercise Price) x (the number of shares in the Company prior to the bonus issue) / (the number of shares in the Company after the bonus issue).*

Omräknat antal aktier som varje teckningsoption ger rätt att teckna = (föregående antal aktier som varje teckningsoption berättigar till teckning av) x (antalet aktier i Bolaget efter fondemissionen) / (antalet aktier i Bolaget före fondemissionen)

*Recalculated number of shares for which each Warrant entitles the Warrant Holder to subscribe = (previous number of shares for which each Warrant entitled the holder to subscribe) x (the number of shares in the Company after the bonus issue) / (the number of shares in the Company prior to the bonus issue).*

Den enligt ovan omräknade teckningskursen och det omräknade antalet aktier som varje teckningsoption ger rätt att teckna ska fastställas av Bolaget snarast efter bolagsstämmans beslut om fondemissionen.

*The Exercise Price and the number of shares which each Warrant entitles the holder to subscribe for, recalculated as set out above, shall be determined by the Company as soon as possible after the general meeting has adopted a resolution approving the bonus issue.*

Vicore Pharma Holding AB \| Kornhamnstorg 53, SE-111 27 Stockholm, Sweden

Phone: +46 (0)31 78 80 560 \| Reg no. 556680-3804 \| www.vicorepharma.com

![](tm269615d2_ex4-3img002.jpg)

---

| | |
|:---|:---|
| **B** | **Sammanläggning eller uppdelning av aktien i Bolaget/*Reverse share split or share split*** |

---

Genomför Bolaget en sammanläggning eller uppdelning (split) av aktierna, ska bestämmelserna i moment A ovan äga motsvarade tillämpning. Såsom avstämningsdag ska anses den dag då sammanläggningen eller uppdelningen verkställs av Euroclear på begäran av Bolaget.

*In the event the Company effects a reverse share split or share split, the provisions of sub-section A above shall apply mutatis mutandis. The record date shall be deemed to be the date on which the reverse share split or share split is carried out by Euroclear at the request of the Company.*

**C** **Nyemission/*New issue***

Genomför Bolaget en nyemission av aktier mot kontant betalning eller kvittning med företrädesrätt för aktieägarna, ska följande gälla beträffande rätten till att delta i nyemissionen för aktie som tillkommit på grund av teckning med utnyttjande av teckningsoption.

*If the Company issues new shares subject to pre-emption rights for shareholders to subscribe for new shares in exchange for cash payment or by set off, the following shall apply with respect to the right to participate in the new issue for shareholders whose shares vest as a consequence of Subscription on exercise of the Warrant:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Beslutas
 nyemissionen av styrelsen under förutsättning av bolagsstämmans godkännande eller med
stöd av bolagsstämmans bemyndigande, ska i beslutet om nyemissionen anges den senaste dag då teckning ska vara verkställd
för att aktie, som tillkommit genom teckning enligt dessa villkor, ska medföra rätt att delta i nyemissionen.

*If the board of directors of the Company has resolved to carry out a new issue conditional upon the approval of the general meeting of the shareholders or pursuant to authorisation granted by the general meeting of the shareholders, the resolution of the new issue shall state the last day on which Subscription must be effected in order to entitle the holders of the shares held pursuant to Subscription according to these terms and conditions to participate in the new issue.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Beslutas
 nyemissionen av bolagsstämman, ska teckning där anmälan om teckning görs
 på sådan tid, att teckningen inte kan verkställas senast på femte
 vardagen före den bolagsstämma som ska pröva frågan om nyemission verkställas
 först sedan stämman beslutat om denna. Aktier som tillkommer på grund av
 teckning som verkställs efter emissionsbeslutet upptas interimistiskt på avstämningskonto,
 vilket innebär att de inte ger rätt att delta i nyemissionen. Slutlig registrering
 på avstämningskonto sker först efter avstämningsdagen för nyemissionen.

*If the general meeting adopts a resolution to issue new shares, where an application for Subscription is submitted at such time that it cannot be effected on or before the fifth weekday prior to the general meeting which shall resolve on the new issue, Subscription shall only be effected following the adoption of a resolution with respect thereto by the general meeting. Shares which vest as a consequence of such Subscription shall be registered in the Securities Account as interim shares, and accordingly shall not entitle the holders to participate in the new issue. Definitive registration in Securities Accounts shall only take place after the record date for the new issue.*

Vicore Pharma Holding AB \| Kornhamnstorg 53, SE-111 27 Stockholm, Sweden

Phone: +46 (0)31 78 80 560 \| Reg no. 556680-3804 \| www.vicorepharma.com

![](tm269615d2_ex4-3img002.jpg)

Vid teckning som verkställs på sådan tid att rätt till att delta i nyemissionen inte föreligger tillämpas en omräknad teckningskurs och ett omräknat antal aktier som varje teckningsoption ger rätt att teckna. Omräkningarna ska utföras av Bolaget enligt följande: *Where Subscription is effected at such time that no right to participate in the new issue arises, a recalculated Exercise Price as well as a recalculated number of shares for which each Warrant entitles the holder to subscribe shall apply. Recalculations shall be made by the Company in accordance with the following formulae:*

Omräknad teckningskurs = (föregående teckningskurs) x (aktiens genomsnittliga marknadskurs under den i emissionsbeslutet fastställda teckningstiden ("aktiens genomsnittskurs")) / (aktiens genomsnittskurs ökad med det på grundval därav framräknade teoretiska värdet på teckningsrätten)

*Recalculated Exercise Price = (previous Exercise Price) x (the average quoted price of the share during the subscription period stated in the resolution approving the issue ("average price of the share")) / (the average price of the share increased by the theoretical value of the subscription right calculated on the basis thereof).*

Omräknat antal aktier = (föregående antal aktier, som varje teckningsoption ger rätt att teckna) x (aktiens genomsnittskurs ökad med det på grundval därav framräknade teoretiska värdet på teckningsrätten) / (aktiens genomsnittskurs)

*Recalculated number of shares = (previous number of shares for which each Warrant entitled the holder to subscribe) x (the average price of the share increased by the theoretical value of the subscription right calculated on the basis thereof) / (the average price of the share).*

Aktiens genomsnittskurs ska anses motsvara genomsnittet av det för varje handelsdag under teckningstiden framräknade medeltalet av den under dagen noterade högsta och lägsta betalkursen enligt den kurslista på vilken aktien är noterad. I avsaknad av notering av betalkurs ska i stället den senaste noterade köpkursen ingå i beräkningen. Noteras varken betalkurs eller köpkurs under viss dag, ska vid beräkningen av aktiens genomsnittskurs bortses från sådan dag.

*The average price of the share shall be deemed to be the equivalent of the average calculated mean value, for each trading day during the subscription period, of the highest and lowest quoted paid price on that day according to the list on which the shares are quoted. In the absence of a quoted paid price, the bid price shall form the basis for the calculation. Days on which neither a paid price nor a bid price is quoted shall be excluded from the calculation.*

Det teoretiska värdet på teckningsrätten ska beräknas enligt följande:

*The theoretical value of the subscription right is calculated in accordance with the following formulae:*

Teoretiskt värde på teckningsrätten = (det nya antal aktier som högst kan kommat att utges enligt emissionsbeslutet) x ((aktiens genomsnittskurs) - (emissionskursen för den nya aktien)) / (antalet aktier före emissionsbeslutet)

Vicore Pharma Holding AB \| Kornhamnstorg 53, SE-111 27 Stockholm, Sweden

Phone: +46 (0)31 78 80 560 \| Reg no. 556680-3804 \| www.vicorepharma.com

![](tm269615d2_ex4-3img002.jpg)

*Theoretical value of subscription right = (the maximum number of new shares which may be issued pursuant to the resolution approving the issue) x ((the average price of the share) - (the issue price of the new share)) / (the number of shares prior to the adoption of the resolution approving the issue).*

Uppstår härvid ett negativt värde, ska det teoretiska värdet på teckningsrätten bestämmas till noll.

*If this results in a negative value, the theoretical value of the subscription right shall be deemed to be zero.*

Den enligt ovan omräknade teckningskursen och det omräknade antalet aktier som varje teckningsoption ger rätt att teckna ska fastställas av Bolaget två bankdagar efter utgången av teckningstiden och tillämpas vid varje nyteckning som verkställs därefter.

*The Exercise Price and the number of shares for which each Warrant entitles the holder to subscribe, recalculated as set out above, shall be determined by the Company two Business Days after the expiry of the subscription period and shall apply to each Subscription effected thereafter.*

Om Bolagets aktier vid tidpunkten för emissionsbeslutet inte är föremål för marknadsnotering, ska en häremot svarande omräkning ske, dels av teckningskursen, dels av det antal aktier som varje teckningsoption ger rätt att teckna. Omräkningen, som ska utföras av Bolaget, ska ha som utgångspunkt att värdet på teckningsoptionerna ska lämnas oförändrat.

*If the Company's shares at the time of the resolution to issue the new shares, are not subject to a Listing, a corresponding recalculation of the Exercise Price and the number of shares for which each Warrant entitles the holder to subscribe shall take place. The recalculation, which shall be made by the Company, shall be based on the assumption that the value of the Warrants shall remain unchanged.*

Under tiden innan den omräknade teckningskursen och det omräknade antalet aktier som varje teckningsoption ger rätt att teckna har fastställts, verkställs aktieteckning endast preliminärt, varvid det antal aktier som varje teckningsoption före omräkning berättigar till teckning upptas intermistiskt på avstämningskonto. Slutlig registrering på avstämningskonto sker först sedan den omräknade teckningskursen och det omräknade antalet aktier som varje teckningsoption ger rätt att teckna har fastställts.

*During the period prior to the determination of the recalculated Exercise Price and the recalculated number of shares for which each Warrant entitles the holder to subscribe, Subscription shall only be effected on a preliminary basis, whereby the number of shares each Warrant entitles the holder to subscribe for prior to recalculation shall be registered in the Securities Account on an interim basis. Definitive registration in Securities Accounts shall be made following determination of the recalculated Exercise Price and the recalculated number of shares for which each Warrant entitles the holder to subscribe.*

Vicore Pharma Holding AB \| Kornhamnstorg 53, SE-111 27 Stockholm, Sweden

Phone: +46 (0)31 78 80 560 \| Reg no. 556680-3804 \| www.vicorepharma.com

![](tm269615d2_ex4-3img002.jpg)

**D** **Emission av teckningsoptioner eller konvertibler enligt 14 respektive 15 kap. aktiebolagslagen/*Issue of convertible bonds or warrants in accordance with Chapter 14 and 15 of the Companies Act***

Genomför Bolaget en emission av teckningsoptioner eller konvertibler, i båda fallen med företrädesrätt för aktieägarna att teckna sådana aktierelaterade instrument mot kontant betalning eller kvittning, ska beträffande rätten till delta i emissionen för aktie som utgivits vid teckning bestämmelserna i moment C, första stycket punkterna 1 och 2 äga motsvarande tillämpning.

*In the event the Company issues convertible bonds or warrants, in both cases subject to pre-emption rights for the shareholders to subscribe for such equity related instrument in exchange for cash payment or by set off, the provisions of sub-section C, first paragraph, sub-paragraphs 1 and 2 shall apply mutatis mutandis in respect of the right to participate in the issue for any share which has been issued through Subscription.*

Vid teckning som verkställs på sådan tid att rätt till att delta i emissionen inte föreligger, tillämpas en omräknad teckningskurs och ett omräknat antal aktier som varje teckningsoption ger rätt att teckna. Omräkningarna ska utföras av Bolaget enligt följande:

*Where Subscription is effected at such time that no right to participate in the new issue arises, a recalculated Exercise Price as well as a recalculated number of shares for which each Warrant entitles the holder to subscribe shall apply. Recalculations shall be made by the Company in accordance with the following formulae:*

Omräknad teckningskurs = (föregående teckningskurs) x (aktiens genomsnittliga marknadskurs under den i emissionsbeslutet fastställda teckningstiden ("aktiens genomsnittskurs) / (aktiens genomsnittskurs ökad med teckningsrättens värde)

*Recalculated Exercise Price = (previous Exercise Price) x (the average quoted price of the share during the relevant period stated in the resolution approving the issue ("average price of the share")) / (the average price of the share increased by the value of the subscription right).*

Omräknat antal aktier = (föregående antal aktier som varje teckningsoption berättigar till teckning av) x (aktiens genomsnittskurs ökad med teckningsrättens värde) / (aktiens genomsnittskurs).

*Recalculated number of shares = (previous number of shares for which each Warrant entitled the holder to subscribe) x (the average price of the share increased by the value of the subscription right) / (the average price of the share).*

Aktiens genomsnittskurs beräknas i enlighet med vad som angivits i moment C ovan. *The average price of the share shall be calculated in accordance with the provisions of sub-section C above.*

Teckningsrättens värde ska anses motsvara genomsnittet av det för varje handelsdag under teckningstiden framräknade medeltalet av den under dagen noterade högsta och lägsta betalkursen enligt den kurslista på vilken teckningsrätten är noterad. I avsaknad av notering av betalkurs ska i stället den senaste noterade köpkursen ingå i beräkningen. Noteras varken betalkurs eller köpkurs under viss dag, ska vid beräkningen av teckningsrättens värde bortses från sådan dag.

*The value of the subscription right shall be deemed to be the equivalent of the average calculated mean value, for each trading day during the subscription period, of the highest and lowest quoted paid price on that day according to list on which the subscription rights are quoted. In the absence of a quoted paid price, the quoted bid price shall form the basis for the calculation. Days on which neither a paid price nor a bid price is quoted shall be excluded from the calculation.*

Vicore Pharma Holding AB \| Kornhamnstorg 53, SE-111 27 Stockholm, Sweden

Phone: +46 (0)31 78 80 560 \| Reg no. 556680-3804 \| www.vicorepharma.com

![](tm269615d2_ex4-3img002.jpg)

Om teckningsrätten inte är föremål för notering, ska teckningsrättens värde så långt möjligt fastställas med ledning av den förändring i marknadsvärde avseende Bolagets aktier som kan bedömas ha uppkommit till följd av emissionen av teckningsoptionerna eller konvertiblerna.

*If the subscription rights are not subject to a Listing, the value of the subscription right shall, to the greatest extent possible, be determined based upon the change in the market value of the Company's shares which may be deemed to have occurred as a consequence of the issue of the convertible bonds or warrants.*

Den enligt ovan omräknade teckningskursen och det omräknade antalet aktier som varje teckningsoption ger rätt att teckna ska fastställas av Bolaget två bankdagar efter utgången av teckningstiden för emissionen och tillämpas vid varje teckning som verkställs därefter.

*The Exercise Price and the number of shares for which each Warrant entitles the holder to subscribe, recalculated as set out above, shall be determined by the Company two Business Days after the expiry of the subscription period and shall apply to each Subscription effected thereafter.*

Om Bolagets aktier vid tidpunkten för emissionsbeslutet inte är föremål för marknadsnotering, ska en häremot svarande omräkning ske, dels av teckningskursen, dels av det antal aktier som varje teckningsoption ger rätt att teckna. Omräkningen, som ska utföras av Bolaget, ska ha som utgångspunkt att värdet på teckningsoptionerna ska lämnas oförändrat.

*If the Company's shares, at the time of the resolution to issue the notes, are not subject to a Listing, a corresponding recalculation of the Exercise Price and the number of shares for which each Warrant entitles the holder to subscribe shall take place. The recalculation, which shall be made by the Company, shall be based on the assumption that the value of the Warrants shall remain unchanged.*

Vid teckning som verkställs under tiden innan den omräknade teckningskursen och det omräknade antalet aktier som varje teckningsoption ger rätt att teckna har fastställts, ska bestämmelserna i moment C stycke 10 ovan äga motsvarande tillämpning

*Upon Subscription effected during the period prior to the determination of the recalculated Exercise Price and the recalculated number of shares for which each Warrant entitles the holder to subscribe, the terms and conditions in sub-section C paragraph 10 shall apply.*

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| | |
|:---|:---|
| **E** | **Vissa andra fall av erbjudanden till aktieägarna/*Other offers to shareholders*** |

---

Skulle Bolaget i andra fall än som avses i moment A-D ovan lämna erbjudande till aktieägarna att, med företrädesrätt till aktieägarna enligt principerna i 13 kap 1 § aktiebolagslagen, av Bolaget förvärva värdepapper eller rättighet av något slag eller besluta att, enligt ovan nämnda principer, till aktieägarna utdela sådana värdepapper eller rättigheter utan vederlag, ska vid teckning som påkallas på sådan tid, att därigenom erhållen aktie inte medför rätt att delta i erbjudandet, tillämpas en omräknad teckningskurs och ett omräknat antal aktier som varje teckningsoption ger rätt att teckna. Omräkningen ska utföras av Bolaget enligt följande:

Vicore Pharma Holding AB \| Kornhamnstorg 53, SE-111 27 Stockholm, Sweden

Phone: +46 (0)31 78 80 560 \| Reg no. 556680-3804 \| www.vicorepharma.com

![](tm269615d2_ex4-3img002.jpg)

*Where the Company, in circumstances other than those referred to in sub-sections A-D above, makes offers to the shareholders, subject to pre-emption rights for the shareholders in accordance with the principles set out in Chapter 13, section 1 of the Companies Act, to acquire securities or rights of any type from the Company or resolves, in accordance with the principles mentioned above, to distribute such securities or rights to the shareholders without consideration, in conjunction with Subscription which is effected at such time that the shares thereby received do not entitle the holder to participate in the offer, a recalculated Exercise Price as well as a recalculated number of shares for which each Warrant entitles the holder to subscribe shall apply. Recalculations shall be made by the Company in accordance with the following formulae:*

Omräknad teckningskurs = (föregående teckningskurs) x (aktiens genomsnittliga marknadskurs under den i erbjudandet fastställda anmälningstiden ("aktiens genomsnittskurs") / (aktiens genomsnittskurs ökad med värdet av rätten till att delta i erbjudandet ("inköpsrättens värde")

*Recalculated Exercise Price = (previous Exercise Price) x (the average quoted price of the share during the application period for the offer ("average price of the share")) / (the average price of the share increased by the value of the right to participate in the offer ("value of the purchase right").*

Omräknat antal aktier = (föregående antal aktier som varje teckningsoption ger rätt att teckna) x (aktiens genomsnittskurs ökad med inköpsrättens värde) / (aktiens genomsnittskurs)

*Recalculated number of shares = (previous number of shares for which each Warrant entitled the holder to subscribe) x (the average price of the share increased by the value of the purchase right) / (the average price of the share).*

Aktiens genomsnittskurs beräknas i enlighet med bestämmelserna i moment C ovan.

*The average price of the share shall be calculated in accordance with the provisions of sub-section C above.*

För det fall aktieägarna erhållit inköpsrätter och handel med dessa ägt rum, ska värdet av rätten att delta i erbjudandet anses motsvara inköpsrättens värde. Inköpsrättens värde ska härvid anses motsvara genomsnittet av det för varje handelsdag under anmälningstiden framräknade medeltalet av den under dagen noterade högsta och lägsta betalkursen enligt den kurslista på viken inköpsrätten noteras. I avsaknad av noterad betalkurs ska i stället den senaste noterade köpkursen ingå i beräkningen. Noteras varken betalkurs eller köpkurs under viss dag, ska vid beräkningen av inköpsrättens värde bortses från sådan dag.

*Where shareholders have received purchase rights and trading in these has taken place, the value of the right to participate in the offer shall be deemed to be equivalent to the value of the purchase rights. For this purpose, the value of the purchase right shall be deemed to be equivalent to the average calculated mean value, for each trading day during the application period, of the highest and lowest quoted paid price during the day according to list on which the purchase rights are quoted. In the absence of a quoted paid price, the quoted bid price shall form the basis for the calculation. Days on which neither a paid price nor a bid price is quoted shall be excluded from the calculation.*

Vicore Pharma Holding AB \| Kornhamnstorg 53, SE-111 27 Stockholm, Sweden

Phone: +46 (0)31 78 80 560 \| Reg no. 556680-3804 \| www.vicorepharma.com

![](tm269615d2_ex4-3img002.jpg)

För det fall aktieägarna inte erhållit inköpsrätter eller om sådan handel med inköpsrätter som avses i föregående stycke inte ägt rum, ska omräkning av teckningskurs ske med tillämpning så långt möjligt av de principer som anges ovan i detta moment E, varvid följande ska gälla. Om notering sker av de värdepapper eller rättigheter som erbjuds aktieägarna, ska värdet av rätten att delta i erbjudandet anses motsvara genomsnittet av det för varje handelsdag under 25 handelsdagar från och med första dagen för sådan notering framräknade medeltalet av den under dagen noterade högsta och lägsta betalkursen vid affärer i dessa värdepapper eller rättigheter på den marknadsplats vid vilken nämnda värdepapper eller rättigheter är noterade, i förekommande fall minskat med det vederlag som betalats för dessa i samband med erbjudandet. I avsaknad av noterad betalkurs ska i stället den senaste noterade köpkursen ingå i beräkningen.

Noteras varken betalkurs eller köpkurs under viss dag, ska vid beräkningen av värdet av rätten att delta i erbjudandet bortses från sådan dag. Vid omräkning enligt detta stycke av teckningskursen och det antal aktier som varje teckningsoption ger rätt att teckna, ska nämnda period om 25 handelsdagar anses motsvara den i erbjudandet fastställda anmälningstiden enligt första stycket i detta moment E.

*If the shareholders do not receive purchase rights or where such trading in purchase rights as referred to in the preceding paragraph otherwise does not take place, the recalculation of the Exercise Price shall be made as far as possible by applying the principles set out above in this sub-section E and the following shall apply. Where listing of the securities or rights offered to the shareholders takes place, the value of the right to participate in the offer shall be deemed to be equivalent to the average calculated mean value, for each trading day during the period of 25 trading days calculated from the first day of listing, of the highest and lowest transaction prices quoted for trades in such securities or rights reduced, where appropriate, by the consideration paid for these in conjunction with the offer. In the absence of a quoted paid price, the quoted bid price shall form the basis for the calculation. Days on which neither a paid price nor a bid price is quoted shall be excluded from the calculation of the value of the right to participate in the offer. In the recalculation of the Exercise Price and the number of shares for which each Warrant entitles the holder to subscribe, the period of 25 trading days referred to above shall be deemed to be the application period determined for the offer pursuant to the first paragraph of this Section E.*

Om notering inte sker av de värdepapper eller rättigheter som erbjuds aktieägarna, ska värdet av rätten att delta i erbjudandet så långt möjligt fastställas med ledning av den förändring i marknadsvärde avseende Bolagets aktier som kan bedömas ha uppkommit till följd av erbjudandet.

*Where no listing of such securities or rights offered to the shareholders takes place, the value of the right to participate in the offer shall, to the greatest extent possible, be determined based on the change in the market value of the Company's shares which may be deemed to have occurred as a consequence of the offer.*

Den enligt ovan omräknade teckningskursen och det antal aktier som varje teckningsoption ger rätt att teckna ska fastställas av Bolaget snarast efter det att värdet av rätten att delta i erbjudandet kunnat beräknas.

Vicore Pharma Holding AB \| Kornhamnstorg 53, SE-111 27 Stockholm, Sweden

Phone: +46 (0)31 78 80 560 \| Reg no. 556680-3804 \| www.vicorepharma.com

![](tm269615d2_ex4-3img002.jpg)

*The Exercise Price and the number of shares for which each Warrant entitles the holder to subscribe, recalculated in accordance with the above, shall be determined by the Company as soon as possible after it becomes possible to calculate the value of the right to participate in the offer.*

Om Bolagets aktier vid tidpunkten för erbjudandet inte är föremål för marknadsnotering, ska en häremot svarande omräkning ske, dels av teckningskursen, dels av det antal aktier som varje teckningsoption ger rätt att teckna. Omräkningen, som ska utföras av Bolaget, ska ha som utgångspunkt att värdet på teckningsoptionerna ska lämnas oförändrat.

*If the Company's shares, at the time of the offer, are not subject to a Listing, a corresponding recalculation of the Exercise Price and the number of shares for which each Warrant entitles the holder to subscribe shall take place. The recalculation, which shall be made by the Company, shall be based on the assumption that the value of the Warrants shall remain unchanged.*

Vid teckning som verkställs under tiden innan den omräknade teckningskursen och det omräknade antalet aktier som varje teckningsoption ger rätt att teckna har fastställts, ska bestämmelserna i moment C stycket 10 ovan äga motsvarande tillämpning

*Upon Subscription effected during the period prior to the determination of the recalculated Exercise Price and the recalculated number of shares for which each Warrant entitles the holder to subscribe, the terms and conditions in sub-section C paragraph 10 shall apply.*

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|:---|:---|
| **F** | **Likabehandling av optionsinnehavare och aktieägare/*Equal treatment of Warrant Holders and shareholders*** |

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Vid nyemission av aktier mot kontant betalning med företrädesrätt för aktieägarna eller emission enligt 14 eller 15 kap aktiebolagslagen mot kontant betalning med företrädesrätt för aktieägarna, får Bolaget besluta att ge samtliga optionsinnehavare samma företrädesrätt som aktieägarna. Därvid ska varje optionsinnehavare, utan hinder av att aktieteckning inte har skett eller verkställts, anses vara ägare till det antal aktier som optionsinnehavaren skulle ha erhållit, om aktieteckning verkställts enligt den teckningskurs och det antal aktier som varje teckningsoption ger rätt att teckna som gällde vid tidpunkten för emissionsbeslutet.

*Where the Company issues new shares or makes an issue pursuant to Chapters 14 or 15 of the Companies Act, with pre-emption rights for shareholders to subscribe for equity related instruments in exchange for cash payment, the Company may grant all Warrant Holders the same pre-emption rights as the shareholders. In conjunction therewith, each Warrant Holder, irrespective of whether subscription for shares has been made, shall be deemed to be the owner of the number of shares which such Warrant Holder would have received, had Subscription on the basis of the Warrant been effected in respect of the Exercise Price, and the number of shares for which each Warrant entitles the holder to subscribe, in effect at the time of the resolution to issue the shares.*

Om Bolaget beslutar att lämna ett sådant erbjudande som beskrivs i moment E ovan, ska vad som anges i föregående stycke tillämpas på motsvarande sätt, dock att det antal aktier som optionsinnehavaren ska anses vara ägare till i sådant fall ska fastställas på grundval av den teckningskurs och det antal aktier som varje teckningsoption ger rätt att teckna vid tidpunkten för beslutet att lämna erbjudandet.

Vicore Pharma Holding AB \| Kornhamnstorg 53, SE-111 27 Stockholm, Sweden

Phone: +46 (0)31 78 80 560 \| Reg no. 556680-3804 \| www.vicorepharma.com

![](tm269615d2_ex4-3img002.jpg)

*If the Company resolves to make an offer to the shareholders as described in sub-section E above, what has been stated in the preceding paragraph shall apply mutatis mutandis. However, the number of shares of which each warrant holder shall be deemed to be the owner shall, in such circumstances, be determined on the basis of the Exercise Price, and the number of shares for which each Warrant entitles the holder to subscribe, in effect at the time of the resolution to make the offer.*

Om Bolaget beslutar att ge optionsinnehavarna företrädesrätt i enlighet med vad som anges i detta moment F, ska ingen omräkning ske enligt moment C, D eller E ovan av teckningskursen eller det antal aktier som varje teckningsoption ger rätt att teckna.

*If the Company resolves to grant the warrant holders pre-emption rights in accordance with the provisions set out in this sub-section F, no recalculation as set out in sub-sections C, D, or E above of the Exercise Price and the number of shares for which each Warrant entitles the holder to subscribe for shall be made.*

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|:---|:---|
| **G** | **Utdelning/*Dividend*** |

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Om Bolaget beslutar att lämna kontant utdelning till aktieägarna innebärande att dessa erhåller utdelning som, tillsammans med andra under samma räkenskapsår utbetalda utdelningar, överskrider 5 procent av aktiens genomsnittskurs under en period om 25 handelsdagar närmast före den dag då styrelsen för Bolaget offentliggör sin avsikt att till bolagsstämman lämna förslag om sådan utdelning, ska, vid anmälan om teckning som sker på sådan tid att därigenom erhållen aktie inte medför rätt till erhållande av sådan utdelning, tillämpas en omräknad teckningskurs och ett omräknat antal aktier. Omräkningarna ska baseras på den del av den sammanlagda utdelningen som överstiger 3 procent av aktiens genomsnittskurs under ovannämnd period (extraordinär utdelning). Omräkningarna ska utföras av Bolaget enligt följande formler:

*If the Company resolves to pay a cash dividend to shareholders resulting in that the shareholders receive dividends which, together with other dividends paid out during the same financial year, exceed 5 per cent of the average price of the share during a period of 25 trading days immediately prior to the day on which the board of directors in the Company publishes its intention to propose such dividend to the shareholders' meeting, a recalculated Exercise Price and a recalculated number of shares shall be applied in connection with application for subscription which occurs in such time that a share thereby received does not provide a right to receipt of such dividend. The recalculations shall be based on the part of the aggregate dividend amount which exceeds 3 per cent of the average price of the share during the abovementioned period (extraordinary dividend). The recalculations shall be made by the Company in accordance with the following formulae:*

Omräknad teckningskurs = (föregående teckningskurs) x (aktiens genomsnittliga marknadskurs under en period om 25 handelsdagar räknat fr.o.m. den dag då aktien noteras utan rätt till extraordinär utdelning ("aktiens genomsnittskurs")) / (aktiens genomsnittskurs ökad med den extraordinära utdelning som utbetalas per aktie).

Vicore Pharma Holding AB \| Kornhamnstorg 53, SE-111 27 Stockholm, Sweden

Phone: +46 (0)31 78 80 560 \| Reg no. 556680-3804 \| www.vicorepharma.com

![](tm269615d2_ex4-3img002.jpg)

*Recalculated Exercise Price = (previous Exercise Price) x (the average quoted price of the share during a period of 25 trading days calculated from the day on which the share is listed without any right to the extraordinary dividend (the "average price of the share")) /(the average price of the share increased by the extraordinary dividend paid out per share) .*

Omräknat antal aktier som varje teckningsoption berättigar till teckning av = (föregående antal aktier som varje teckningsoption berättigar till teckning av) x (aktiens genomsnittskurs ökad med den extraordinära utdelning som utbetalas per aktie) / (aktiens genomsnittskurs).

*Recalculated number of shares for which each warrant entitles the holder to subscribe = (previous number of shares for which each warrant entitles the holder to subscribe) x (the average price of the share increased by the extraordinary dividend paid out per share) / (the average price of the share).*

Aktiens genomsnittskurs beräknas i enlighet med bestämmelserna i moment C ovan. *The average price of the share shall be calculated in accordance with the provisions set out in sub-section C above.*

Enligt ovan omräknad teckningskurs och omräknat antal aktier fastställs av Bolaget två bankdagar efter utgången av ovan angiven period om 25 handelsdagar och ska tillämpas vid teckning som verkställs därefter.

*The Exercise Price and number of shares, recalculated as set out above, shall be determined by the Company two business days after the expiry of the above-mentioned period of 25 trading days and shall apply to each subscription effected thereafter.*

Vid teckning som verkställs under tiden innan den omräknade teckningskursen och det omräknade antalet aktier har fastställts, ska teckning verkställas i enlighet med bestämmelserna i moment C sista stycket ovan.

*During the period prior to the determination of the recalculated Exercise Price and the recalculated number of shares, Subscription shall be effected in accordance with the provisions in sub-section C last section above.*

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|:---|:---|
| **H** | **Minskning av aktiekapitalet/*Reduction of share capital*** |

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Om Bolagets aktiekapital skulle minskas med återbetalning till aktieägarna och sådan minskning är obligatorisk ska tillämpas en omräknad teckningskurs liksom ett omräknat antal aktier som varje teckningsoption ger rätt att teckna.

*If the Company's share capital is reduced though a repayment to the shareholders, and such reduction is compulsory, a recalculated Exercise Price and a recalculated number of shares for which each Warrant entitles the holder to subscribe, shall be applied.*

Omräkningen genomförs av Bolaget enligt följande:

*The recalculations shall be made by the Company in accordance with the following formulae:*

Omräknad teckningskurs = (föregående teckningskurs) x (aktiens genomsnittliga marknadskurs under en period om 25 handelsdagar räknat från och med den dag då aktien noteras utan rätt till återbetalning ("aktiens genomsnittskurs")) /(aktiens genomsnittskurs ökad med det belopp som återbetalas per aktie)

Vicore Pharma Holding AB \| Kornhamnstorg 53, SE-111 27 Stockholm, Sweden

Phone: +46 (0)31 78 80 560 \| Reg no. 556680-3804 \| www.vicorepharma.com

![](tm269615d2_ex4-3img002.jpg)

*Recalculated Exercise Price = (previous Exercise Price) x (the average quoted price of the share during a period of 25 trading days calculated from the day on which the share is listed without any right to participate in the distribution (the "average price of the share")) /(the average price of the share increased by the amount repaid per share).*

Omräknat antal aktier = (föregående antal aktier som varje teckningsoption ger rätt att teckna) x (aktiens genomsnittskurs ökad med det belopp som återbetalas per aktie) / (aktiens genomsnittskurs)

*Recalculated number of shares for which each Warrant entitles the holder to subscribe = (previous number of shares for which each Warrant entitled the holder to subscribe) x (the average price of the share increased by the amount repaid per share) / (the average price of the share).*

Aktiens genomsnittskurs beräknas i enlighet med bestämmelserna i moment C ovan. *The average price of the share is calculated in accordance with the provisions set out in sub-section C above.*

Vid omräkning enligt ovan och där minskningen sker genom inlösen av aktier, ska istället för det faktiska belopp som återbetalas per aktie användas ett beräknat återbetalningsbelopp enligt följande:

*In carrying out the recalculations according to the above and where the reduction is made through redemption of shares, instead of using the actual amount which is repaid for each share, an amount calculated as follows shall be applied:*

Beräknat återbetalningsbelopp per aktie = (det faktiska belopp som återbetalas per inlöst aktie minskat med aktiens genomsnittliga marknadskurs under en period om 25 handelsdagar närmast före den dag då aktien noteras utan rätt till att delta i minskningen ("aktiens genomsnittskurs"))/ (det antal aktier i Bolagets som ligger till grund för inlösen av en aktie minskat med talet 1)

*Calculated amount to be repaid for each share = (the actual amount repaid for each redeemed share reduced by the average market price of the share during a period of 25 trading days immediately prior to the day on which the share is listed without any right to participate in the reduction (the "average price of the share")) / (the number of shares of the Company which carry an entitlement to the redemption of one share, reduced by 1).*

Aktiens genomsnittskurs beräknas i enlighet med bestämmelserna i moment C ovan.

*The average exchange price is calculated in accordance with the provisions set out in sub-section C above.*

Den enligt ovan omräknade teckningskursen och det omräknade antalet aktier som varje teckningsoption ger rätt att teckna ska fastställas av Bolaget två bankdagar efter utgången av den angivna perioden om 25 handelsdagar och ska tillämpas vid aktieteckning som verkställs därefter.

*The Exercise Price and number of shares for which each Warrant entitles the holder to subscribe, recalculated as set out above, shall be determined by the Company two Business Days after the expiry of the above-mentioned period of 25 trading days, and shall apply to each Subscription effected thereafter.*

Vicore Pharma Holding AB \| Kornhamnstorg 53, SE-111 27 Stockholm, Sweden

Phone: +46 (0)31 78 80 560 \| Reg no. 556680-3804 \| www.vicorepharma.com

![](tm269615d2_ex4-3img002.jpg)

Vid teckning som verkställs under tiden innan den omräknade teckningskursen och det omräknade antalet aktier har fastställts, ska teckning verkställas i enlighet med bestämmelserna i moment C sista stycket ovan.

*During the period prior to the determination of the recalculated Exercise Price and the recalculated number of shares, Subscription shall be effected in accordance with the provisions in sub-section C last section above.*

Om Bolagets aktiekapital skulle minskas genom inlösen av aktier med återbetalning till aktieägarna och sådan minskning inte är obligatorisk, men där, enligt Bolagets bedömning, minskningen med hänsyn till dess tekniska utformning och ekonomiska effekter är att jämställa med minskning som är obligatorisk, ska omräkning av teckningskursen och det antal aktier som varje teckningsoption ger rätt att teckna ske med tillämpning så långt möjligt av de principer som anges i detta moment H.

*If the Company's share capital is reduced through redemption of shares with repayment to the shareholders, where such reduction is not compulsory, but where, in the opinion of the Company, the reduction, due to its technical structure and its financial effects, is equivalent to a compulsory reduction, the recalculation of the Exercise Price and the number of shares for which each Warrant entitles the holder to subscribe shall be made, to the greatest extent possible, in accordance with the principles stated above in this sub-section H.*

Om Bolagets aktier vid tidpunkten för minskningen inte är föremål för marknadsnotering, ska en häremot svarande omräkning av teckningskursen ske. Omräkningen, som ska utföras av Bolaget, ska ha som utgångspunkt att värdet på teckningsoptionerna ska lämnas oförändrat.

*If the Company's shares, at the time of the reduction of the share capital, are not subject to a Listing, a corresponding recalculation of the Exercise Price and the number of shares for which each Warrant entitles the holder to subscribe shall take place. The recalculation, which shall be made by the Company, shall be based on the assumption that the value of the Warrants shall remain unchanged.*

**I** **Omräkning ska leda till skäligt resultat/*Recalculation shall give a reasonable result***

För det fall Bolaget genomför åtgärd som avses i moment A-E, G eller H ovan och skulle, enligt Bolagets bedömning, tillämpning av härför avsedd omräkningsformel, med hänsyn till åtgärdens tekniska utformning eller av annat skäl, inte kunna ske eller leda till att den ekonomiska kompensation som optionsinnehavarna erhåller i förhållande till aktieägarna inte är skälig, ska Bolaget genomföra omräkningen av teckningskursen och det antal aktier som varje teckningsoption ger rätt att teckna på sätt Bolaget finner ändamålsenligt i syfte att omräkningen leder till ett skäligt resultat.

*Should the Company take actions such as those stated in sub-sections A-E, G or H above and if, in the Company's opinion, application of the recalculation formula established for such action, taking into account the technical framework of such action or for other reasons, could not be made or would result in the Warrant Holders receiving, in relation to the shareholders, economic compensation that is not reasonable, the Company shall, subject to prior written approval by the board of directors of the Company, make the recalculation of the Exercise Price, and the number of shares for which each Warrant entitles the holder to subscribe, in such a manner as the Company determines is appropriate to ensure that the recalculation gives a reasonable result.*

Vicore Pharma Holding AB \| Kornhamnstorg 53, SE-111 27 Stockholm, Sweden

Phone: +46 (0)31 78 80 560 \| Reg no. 556680-3804 \| www.vicorepharma.com

![](tm269615d2_ex4-3img002.jpg)

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|:---|:---|
| **J** | **Avrundning/*Rounding off*** |

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Vid omräkning av teckningskursen enligt ovan ska denna avrundas till helt tiotal öre, varvid fem öre ska avrundas nedåt och antalet aktier avrundas till två decimaler.

*On recalculation of the Exercise Price in accordance with the above, the Exercise Price shall be rounded off to the nearest SEK 0.10, for which purposes SEK 0.05 shall be rounded downwards and the number of shares shall be rounded off to two decimal places.*

**K** **Fusion enligt 23 kap 15 § aktiebolagslagen/ *Mergers according to Chapter 23, section 15 of the Companies Act*** 

Om bolagsstämman skulle godkänna en fusionsplan enligt 23 kap 15 § aktiebolagslagen, varigenom Bolaget ska uppgå i annat bolag, får anmälan om teckning därefter ej ske.

*In the event the general meeting approves a merger plan in accordance with Chapter 23, section 15 of the Companies Act, pursuant to which the Company is to be merged into another company, applications for Subscription may not thereafter be made.*

Senast en månad innan Bolaget tar slutlig ställning till fråga om fusion enligt ovan, ska optionsinnehavare genom meddelande enligt punkten 11 nedan underrättas om fusionsavsikten. Underrättelsen ska innehålla en redogörelse över det huvudsakliga innehållet i fusionsplanen samt en erinran om att teckning inte får ske efter att beslut om fusion fattats av bolagsstämman.

*Not later than one month prior to a final determination by the Company in respect of a merger as set forth above, notice shall be given to Warrant Holders in accordance with section 11 below in respect of the proposed merger. Such notice shall include the main aspects of the proposed merger plan and a reminder that applications for Subscription may not be made following a final decision regarding the merger in accordance with the provisions set forth in the preceding paragraph.*

Om Bolaget lämnar underrättelse om fusion enligt ovan, ska optionsinnehavare – oavsett vad som i punkten 4 ovan sägs om tidigaste tidpunkt för anmälan om teckning – äga rätt att göra anmälan om teckning från den dag då underrättelsen om fusionsavsikten lämnats, förutsatt att teckning kan verkställas senast på femte vardagen före den bolagsstämma, vid vilken fusionsplanen, varigenom Bolaget ska uppgå i annat bolag ska godkännas.

*In the event the Company gives notice regarding a proposed merger in accordance with the above, each Warrant Holder, irrespective of that which is set forth in section 4 above regarding the earliest time at which applications for Subscription may be made, shall be entitled to apply for Subscription commencing on the date on which notice is given regarding the proposed merger, provided that it is possible to effect Subscription not later than the fifth weekday prior to the general meeting at which the merger plan, pursuant to which the Company is to be merged into another company, is to be approved.*

Vicore Pharma Holding AB \| Kornhamnstorg 53, SE-111 27 Stockholm, Sweden

Phone: +46 (0)31 78 80 560 \| Reg no. 556680-3804 \| www.vicorepharma.com

![](tm269615d2_ex4-3img002.jpg)

**L** **Fusion enligt 23 kap 28 § aktiebolagslagen/*Mergers according to Chapter 23, Section 28 of the Companies Act***

Om Bolagets styrelse upprättar en fusionsplan enligt 23 kap 28 § aktiebolagslagen, eller annan motsvarande associationsrättslig lagstiftning, ska följande gälla.

*If the Company draws up a merger plan in accordance with Chapter 23, Section 28 of the Companies Act, the following shall apply.*

Äger ett moderbolag samtliga aktier i Bolaget, och offentliggör Bolagets styrelse sin avsikt att upprätta en fusionsplan enligt 23 kap 28 § aktiebolagslagen, ska Bolaget, för det fall att sista dag för anmälan om teckning enligt punkten 4 ovan infaller efter sådant offentliggörande, fastställa en ny sista dag för anmälan om teckning ("slutdagen"). Slutdagen ska infalla inom 60 dagar från offentliggörandet.

*If the parent company holds all Shares in the Company and the board of directors of the Company announces its intention to draw up a merger plan according the provisions of Chapter 23, Section 28 of the Companies Act, then the Company if the last date for Subscription according to section 4 above occurs after such announcement, shall determine a new last date for notification of Subscription (the final date). The final date shall occur within 60 days from the announcement.*

Äger en aktieägare (majoritetsaktieägaren) ensam eller tillsammans med dotterföretag aktier representerande så stor andel av samtliga aktier i Bolaget att majoritetsaktieägaren, enligt vid var tid gällande lagstiftning, har rätt att påkalla tvångsinlösen av återstående aktier och offentliggör majoritetsägaren sin avsikt att påkalla tvångsinlösen av återstående aktier, ska vad som i föregående stycke sägs om slutdagen äga motsvarande tillämpning.

*If a shareholder (the majority shareholder) alone, or jointly with subsidiaries, holds a sufficient portion of all Shares in the Company entitling the majority shareholder the right to initiate compulsory acquisition according to applicable laws of the remaining Shares in the Company and if the majority shareholder announces its intention to initiate compulsory acquisition, the preceding sub-paragraph shall apply.*

Om offentliggörandet skett i enlighet med vad som anges ovan i detta moment L, ska – oavsett vad som i punkten 4 ovan sägs om tidigaste tidpunkt för anmälan om teckning – optionsinnehavare äga rätt att göra sådan anmälan fram till slutdagen. Bolaget ska senast fyra veckor före slutdagen genom meddelande enligt punkten 11 nedan erinra optionsinnehavarna om denna rätt samt att anmälan om teckning ej får ske efter slutdagen.

*In the event the announcement has been made in accordance with what is stated in this sub-section L, shall - irrespective of what is stated in section 3 above regarding the earliest date for notification of Subscription – the Warrant Holder be entitled to make such notification up to the final date. The Company shall not later than four weeks prior to the final date by notification according to section 11 below remind the Warrant Holder of such right and that notification of Subscription is not permitted after the final date.*

Vicore Pharma Holding AB \| Kornhamnstorg 53, SE-111 27 Stockholm, Sweden

Phone: +46 (0)31 78 80 560 \| Reg no. 556680-3804 \| www.vicorepharma.com

![](tm269615d2_ex4-3img002.jpg)

**M** **Delning/*Division***

Om bolagsstämman skulle godkänna en delningsplan enligt 24 kap 17 § aktiebolagslagen, varigenom Bolaget ska delas genom att en del av Bolagets tillgångar och skulder övertas av ett eller flera andra aktiebolag mot vederlag till aktieägarna i Bolaget, tillämpas en omräknad teckningskurs liksom ett omräknat antal aktier som varje teckningsoption ger rätt att teckna, enligt principerna för utdelning i punkt G ovan. Omräkningen ska baseras på den del av Bolagets tillgångar och skulder som övertas av övertagande bolag.

*Where the general meeting adopts a resolution to approve a division plan pursuant to Chapter 24, section 17 of the Companies Act, pursuant to which a proportion of the assets and liabilities of the Company are taken over by two or more other companies, a recalculated Exercise Price and a recalculated number of shares for which each Warrant entitles the Warrant Holder to subscribe shall be calculated. The provisions of sub-section G regarding Dividend shall then apply mutatis mutandis. The recalculation shall be based on the proportion of the assets and liabilities of the Company that are taken over by the transferee company or companies.*

Om samtliga Bolagets tillgångar och skulder övertas av ett eller flera andra aktiebolag mot vederlag till aktieägarna i Bolaget ska bestämmelserna om likvidation enligt punkt M nedan äga motsvarande tillämpning, innebärande bl.a. att rätten att begära teckning upphör samtidigt med registrering enligt 24 kap 27 § aktiebolagslagen och att underrättelse till optionsinnehavare ska ske senast fyra veckor innan delningsplanen underställs bolagsstämman.

*Where all assets and liabilities of the companies are taken over by two or more other companies, on paying consideration to the shareholders of the Company, the provisions of sub-section M below regarding liquidation shall apply mutatis mutandis. Inter alia, this means that the right to demand Subscription shall terminate simultaneously with the registration in accordance with Chapter 24, section 27 of the Companies Act and that the Warrant Holder shall be notified no later than four weeks before the division plan shall be submitted for approval to the general meeting.*

---

| | |
|:---|:---|
| **N** | **Likvidation/*Liquidation*** |

---

Om det beslutas att Bolaget ska träda i likvidation får teckning, oavsett grunden för likvidation, därefter inte ske. Rätten att begära teckning upphör samtidigt med likvidationsbeslutet oavsett om detta beslut har vunnit laga kraft.

*If it is resolved that the Company be put into liquidation, for whatever reason, Subscription may not take place thereafter. The right to demand Subscription shall terminate simultaneously with the adoption of the resolution to put the Company in liquidation, irrespective of whether such resolution has become final.*

Senast fyra veckor innan bolagsstämma tar ställning till fråga om Bolaget ska träda i likvidation enligt 25 kap aktiebolagslagen ska optionsinnehavarna genom meddelande enligt punkt 11 nedan underrättas om den planerade likvidationen. Underrättelsen ska innehålla en erinran om att teckning inte får ske efter beslut om likvidation.

*Not later than four weeks prior to the adoption of a resolution by a general meeting in respect of whether or not the Company should be put into liquidation in accordance with Chapter 25 of the Companies Act, the Warrant Holders shall be notified with respect to the planned liquidation in accordance with section 10 below. The notice shall state that subscription may not take place following the adoption of the resolution in respect of liquidation.*

Vicore Pharma Holding AB \| Kornhamnstorg 53, SE-111 27 Stockholm, Sweden

Phone: +46 (0)31 78 80 560 \| Reg no. 556680-3804 \| www.vicorepharma.com

![](tm269615d2_ex4-3img002.jpg)

Om Bolaget lämnar underrättelse om avsedd likvidation enligt ovan, ska optionsinnehavare - oavsett vad som i punkt 4 ovan sägs om tidigaste tidpunkt för teckning - äga rätt att påkalla teckning från den dag då underrättelsen lämnats, förutsatt att teckning kan verkställas före tidpunkten för den bolagsstämma vid vilken frågan om Bolagets likvidation ska behandlas.

*If the Company gives notice of a planned liquidation pursuant to the above, the Warrant Holders shall, notwithstanding the provisions of section 4 in respect of the earliest date for application for Subscription, be entitled to apply for Subscription commencing on the day on which the notice is given, provided that Subscription may be effected not later than prior to the general meeting at which the resolution regarding the liquidation of the Company shall be addressed.*

Oavsett vad som ovan sagts om att teckning inte får ske efter beslut om likvidation, återinträder rätten att begära teckning om likvidationen inte genomförs.

*Notwithstanding the provisions above pursuant to which Subscription may not take place after the adoption of a resolution regarding liquidation, the right to subscribe shall be reinstated in the event the liquidation is not carried out.*

**O** **Konkurs/ *Insolvent liquidation*** 

Vid Bolagets konkurs får teckning med utnyttjande av teckningsoption inte ske. Om konkursbeslutet hävs av högre rätt, återinträder rätten till teckning.

*If the Company is put into insolvent liquidation, Subscription may not take place through the exercise of Warrants. Where, however, the decision to put the Company into insolvent liquidation is set aside by a higher court, subscription rights shall be reinstated.*

---

| | |
|:---|:---|
| **9** | **Särskilt åtagande av Bolaget/*Special undertaking by the Company*** |

---

Bolaget förbinder sig att inte vidta någon i punkten 8 ovan angiven åtgärd som skulle medföra en omräkning av teckningskursen till belopp som understiger akties vid var tid gällande kvotvärde.

*The Company undertakes not to take any measures set forth in section 8 above that would result in an adjustment of the Exercise Price to an amount less than the from time to time prevailing quota value of the Share.*

---

| | |
|:---|:---|
| **10** | **Förvaltare/*Nominees*** |

---

Enligt 3 kap 7 § lagen (1998:1479) om värdepapperscentraler och kontoföring av finansiella instrument kan juridiska personer erhålla medgivande till att registreras som förvaltare. Sådan förvaltare ska betraktas som optionsinnehavare vid tillämpning av dessa villkor.

*According to Chapter 3 section 7 of the Central Securities Depositories and Financial Instruments Accounts Act (1998:1479), a legal entity shall be entitled to be registered as nominee. Such a nominee shall be regarded as a Warrant Holder for the purposes of the application of these terms and conditions.*

Vicore Pharma Holding AB \| Kornhamnstorg 53, SE-111 27 Stockholm, Sweden

Phone: +46 (0)31 78 80 560 \| Reg no. 556680-3804 \| www.vicorepharma.com

![](tm269615d2_ex4-3img002.jpg)

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| | |
|:---|:---|
| **11** | **Meddelanden/*Notices*** |

---

Meddelanden rörande teckningsoptionerna ska tillställas en optionsinnehavare till sådan e-postadress som skriftligen meddelats till bolaget eller styrelsen (eller sådan annan e-post- eller postadress som är känd för Bolaget).

*Notices concerning the Warrants shall be sent to a Warrant Holder to the email address notified in writing to the Company or board of directors (or such other email or postal address that the Company is aware of).*

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| | |
|:---|:---|
| **12** | **Rätt att företräda optionsinnehavare/*Right to represent Warrant Holders*** |

---

Utan att särskilt uppdrag från optionsinnehavarna föreligger, är Banken behörig att företräda optionsinnehavarna i frågor av formell natur som rör villkoren för teckningsoptionerna.

*The Bank shall be entitled to represent Warrant Holders in matters of a formal nature concerning the Warrants without special authorisation from the Warrant Holders.*

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| | |
|:---|:---|
| **13** | **Ändring av villkor/*Amendments to terms and conditions*** |

---

Bolagets styrelse har rätt att besluta om ändring av dessa optionsvillkor i den mån lagstiftning, domstolsavgörande eller myndighetsbeslut så kräver eller om det i övrigt av praktiska skäl är ändamålsenligt eller nödvändigt och optionsinnehavarnas rättigheter inte i något avseende försämras.

*The Company's board of directors shall be entitled to amend the terms and conditions of the Warrants to the extent required by legislation, decisions of courts of law or decisions of governmental authorities or where otherwise, in the Company's opinion, such is necessary or expedient for practical reasons and provided that the rights of the Warrant Holders are in no way prejudiced.*

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| | |
|:---|:---|
| **14** | **Sekretess/*Confidentiality*** |

---

Bolaget och Euroclear får inte utan tillstånd lämna uppgift till utomstående om optionsinnehavare. Bolaget har rätt till insyn i Euroclears avstämningsregister över teckningsoptionerna, vari framgår vem som är registrerad för teckningsoption.

*The Company and Euroclear may not, without authorisation, disclose information regarding the Warrant Holders to any third party. The Company shall have access to information contained in the register of warrants held by Euroclear which sets out the persons registered as holders of Warrants.*

Vicore Pharma Holding AB \| Kornhamnstorg 53, SE-111 27 Stockholm, Sweden

Phone: +46 (0)31 78 80 560 \| Reg no. 556680-3804 \| www.vicorepharma.com

![](tm269615d2_ex4-3img002.jpg)

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| | |
|:---|:---|
| **15** | **Begränsning av ansvar/*Limitation of liability*** |

---

I fråga om de åtgärder som enligt dessa optionsvillkor ankommer på Bolaget, Euroclear eller Banken gäller med beaktande av bestämmelserna i lagen (1998:1479) om värdepapperscentraler och kontoföring av finansiella instrument att ansvarighet inte kan göras gällande för skada, som beror av svensk eller utländsk lag, svensk eller utländsk myndighetsåtgärd, krigshändelse, strejk, blockad, bojkott, lockout eller annan liknande omständighet. Förbehållet i fråga om strejk, blockad, bojkott och lockout gäller även om Bolaget, Euroclear eller Banken vidtar eller är föremål för sådan konfliktåtgärd.

*In respect of measures which it is incumbent on the Company, Euroclear or the Bank to take in accordance with the terms and conditions of the Warrants, taking into consideration the provisions of the Central Securities Depositories and Financial Instruments Accounts Act (1998:1479), neither the Company, Euroclear nor the Bank shall be liable for loss which arises as a consequence of Swedish or foreign legislation, the actions of Swedish or foreign governmental authorities, acts of war, strikes, blockades, boycotts, lockouts, or other similar circumstances. The reservation in respect of strikes, blockade, boycotts, and lockouts shall apply notwithstanding that the Company, Euroclear or the Bank is itself the subject of, or effects, such measures.*

Euroclear är inte heller skyldigt att i andra fall ersätta skada som uppkommer, om Euroclear varit normalt aktsam. Motsvarande ansvarsbegränsning ska gälla även för Bolaget och Banken. Härutöver gäller att Bolaget och Banken inte i något fall är ansvarig för indirekt skada.

*Nor shall Euroclear be liable for loss which arises under other circumstances provided Euroclear has duly exercised normal caution. The Company and the Bank shall also enjoy a corresponding limitation of liability. In addition, under no circumstances shall the Company or the Bank be liable for indirect loss.*

Föreligger hinder för Bolaget, Euroclear eller Banken att vidta åtgärd på grund av omständighet som anges i första stycket, får åtgärden uppskjutas till dess hindret har upphört.

*If the Company, Euroclear or the Bank is unable to perform its obligations as a consequence of a circumstance specified in the first paragraph, such performance may be postponed until such time as the cause for the impediment has terminated.*

---

| | |
|:---|:---|
| **16** | **Tillämplig lag och forum/*Applicable law and forum*** |

---

Svensk lag gäller för dessa optionsvillkor och därmed sammanhängande rättsfrågor. Tvist med anledning av dessa optionsvillkor ska avgöras av allmän domstol med Göteborgs tingsrätt som första instans eller sådan annan domstol som Bolaget skriftligen godkänner. 

 

*These terms and conditions and any related legal matters shall be governed by Swedish law. Legal proceedings relating to these terms and conditions shall be brought before the Gothenburg District Court or such other forum as is accepted in writing by the Company.*

Vicore Pharma Holding AB \| Kornhamnstorg 53, SE-111 27 Stockholm, Sweden

Phone: +46 (0)31 78 80 560 \| Reg no. 556680-3804 \| www.vicorepharma.com

**Board RSU 2025 in Vicore Pharma Holding AB (publ)**

**GRANT NOTICE & AGREEMENT**

On 6 May 2025, the Annual General Meeting in Vicore Pharma Holding AB (publ) (the "**Company**") resolved on an equity-based program for the members of the Board of Directors in the Company ("**Board RSU 2025**").

In summary, the resolution entails that the board members (each a "**Participant**") are granted Restricted Share Units (the "**RSUs**") which entitle the Participant to receive a corresponding number of shares in the Company after the vesting date, provided that the Participant is still a member of the Board of Directors on such date. The RSUs are granted free of charge and each vested RSU entitles the Participant to one share in the Company without any compensation being payable.

The RSUs may not be transferred or pledged.

You have, under Board RSU 2025, been allocated **XX,XXX** **RSUs**, entitling you to a corresponding number of shares in the Company, subject to the above and the detailed terms set out in "*Terms for Board RSU 2025 in Vicore Pharma Holding AB (publ)*".

The RSUs vest over approximately one year corresponding to up to the date of, whichever is earliest, (i) the Annual General Meeting 2026 or (ii) June 1, 2026 ("**Vesting Date**"). Your vested RSUs will be exercised upon request. The earliest point in time at which vested RSUs may be exercised shall be the day falling immediately after the Vesting Date. The latest point in time at which vested RSUs can be exercised shall be the earlier of (i) 90 days after the last day of service as a member of the Board of Directors, or (ii) June 1, 2035.

By signing this Grant Notice & Agreement, you hereby confirm

i) that you have read, understood and accepted the above information,

ii) that you have read, understood and accepted the "*Terms for Board RSU 2025 in Vicore Pharma Holding AB (publ)*",

iii) that you have read, understood and accepted the information under "Personal data" on the next page of this Grant Notice & Agreement,

iv) that you accept the receipt of the above said number of RSUs (in accordance with the above said terms and conditions), and

v) that you understand and accept that all tax- and currency risks and effects for you related to your participation in Board RSU 2025 are your responsibility.

---

| |
|:---|
| Place and date |
| Signature |
| Clarification of signature |

---

Please complete, sign and return this Grant Notice & Agreement by scanned copy to XXXX@vicorepharma.com by no later than June 30, 2025.

**Personal data**

Personal data submitted to the Company, e.g. contact details and personal identity number, or otherwise registered in connection with the administration of Board RSU 2025, is processed by the Company, as data controller, for the administration of the program. The processing of personal data is necessary for the Company in order to fulfill the agreement concerning Board RSU 2025 and to enable the Company to fulfill its statutory obligations. If you do not provide the requested personal data to the Company, you may not participate in the program.

Personal data may, for specified purposes, sometimes be disclosed to other companies within the Company's group, to banks or to companies with which the Company cooperates, within and outside the EU/EEA. Should personal data be transferred outside the EU/EEA, it will be conducted in accordance with suitable safeguards approved by the EU. You may, at any time, request further information regarding such transfer and request copies of agreements or other safeguards used by the Company for such transfer. In certain situations, the Company is also obligated by law to disclose data, e.g. to the Swedish Tax Agency.

Requests for information on the personal data being processed by the Company, erasure of personal data, limitations to the processing of personal data, data portability, or rectification of personal data may be directed to the Company's CFO, who you may also contact if you desire any further information regarding the Company's processing of personal data. Should you wish to register a complaint regarding the Company's processing of personal data you may contact the Swedish Data Protection Authority in its capacity of supervisory authority.

Personal data is only kept for as long as it is necessary for the administration of Board RSU 2025 or as long as it is required for the Company to fulfill its statutory obligations.

Address to the Company's CFO: XXXX@vicorepharma.com

## Exhibit 4.4

**Exhibit 4.4**

**TERMS FOR BOARD LTIP 2024 IN VICORE PHARMA HOLDING AB (PUBL)**

1. Background
 and scope of Board LTIP 2024

At the annual general meeting in Vicore Pharma Holding AB (publ), Reg. No 556680-3804 (the "**Company**" or "**Vicore**"), held on 7 May 2024 (the "**Annual General Meeting**"), it was resolved to introduce a share-based incentive program for Board members in the Company ("**Board LTIP 2024**"). As part of Board LTIP 2024, the Company will therefore grant share awards ("**Share Awards**") that entitle to not more than 297,000 shares in Vicore in total, in accordance with these terms and conditions (the "**T&C's**").

2. Entitlement
 to Share Awards

The number of share awards will be determined by dividing in total SEK 1,980,000 with the volume weighted average price of the Company's share on Nasdaq Stockholm for the five trading days immediately prior to the grant date. Thus, the number of share awards will be determined in close connection to the date of grant and distributed equal on a 1:1 basis as the fixed annual compensation to Board members. That is, SEK 660,000 to the chairman and SEK 220,000 to each Board member. In addition, the Board members shall, individually and at their choice, have the right to receive 50 percent of their gross board fees (excluding fees for committee work), as set out under item 10 in the notice to the Annual General Meeting, in share awards instead of cash compensation. If a, or several, Board members so decides, and have informed of their decision before grant date, the number of additional share awards received shall be calculated in accordance with the principles above.

A Board member that is entitled to or is a holder of Share Awards shall be referred to as the "**Participant**". The effective date of the award shall be [·] 2024 (the "**Grant Date**").

3. Vesting

The Share Awards vest on the date of, whichever is earliest, (i) the Annual General Meeting 2025 or (ii) June 1, 2025 ("**Vesting Date**"). Share Awards only vest provided that the holder was a Board member of the Company at the Vesting Date.

4. Exercise
 of Share Awards

4.1 Vested
 Share Awards shall be exercised upon request. The earliest point in time at which vested
 Share Awards may be exercised shall be the day falling immediately after the Vesting Date.
 The latest point in time at which vested Share Awards can be exercised shall be the earlier
 of (i) 90 days after the last day of service as a member of the Board of Directors,
 or (ii) June 1, 2034.

4.2 Each
 vested Share Award entitles the Participant to receive one share in Vicore without any compensation
 being payable. The requirement that the Participant shall be a Board member of Vicore at
 the relevant time of vesting shall not apply if the Share Awards have vested in accordance
 with what is stated in item 7.2 below. For clarity, if the Participant was not a Board member
 of Vicore on the Vesting Date, and if the aforementioned exceptions do not apply, the Share
 Awards will not be exercisable.

4.3 The
 exercise of the Share Awards shall be made on a form furnished by the Company.

5. Automatic
 exercise and lapse

Unless exercised on a form furnished by the Company, vested Share Awards will be exercised automatically on the earliest day set out in item 3, and on the same day all unvested Share Awards will lapse.

6. Transferability

The Share Awards may not be transferred and vested Share Awards may only be exercised by the Participant or, in the event of the death of the Participant, by the Participant's estate (Sw. *dödsbo*), heirs (Sw. *arvtagare*) or beneficiaries (Sw. *testamentstagare*).

7. General
 clause on leaving the Board

7.1 A
 Share Award which has not vested will lapse automatically on the date on which a Participant
 is no longer a Board member of Vicore, whether or not such resignation is voluntary.

7.2 In
 the event any party (an "**Overtaking Entity** "), alone or together with subsidiaries,
 has become the owner of more than 90 percent of all outstanding shares in the Company ()"**Take-Over** "),
 a sale of substantially all assets ()"**Asset Sale** "), merger where the Company
 is not the surviving entity ()"**Merger**") or any other similar transaction
 affecting the Company has been completed before the Vesting Date, all granted Share Awards
 will vest in their entirety upon the day of completion of such transaction. All Share Awards
 vested due to a Take-Over, Asset Sale, Merger or any other transaction affecting the Company
 can be exercised on the date falling immediately after the date of the completion of the
 relevant transaction.

8. Re-purchase

Following a Take-Over, Asset Sale, Merger or any other similar transaction affecting the Company, the Company, or the surviving entity in case of a Merger, shall have the right by a written communication to that effect, to re-purchase all Share Awards from the Participants for market value. The right to re-purchase Share Awards shall in such cases encompass all Share Awards.

9. Merger

9.1 In
 the event that the general meeting, in accordance with Chapter 23 Section 15 of the
 Swedish Companies Act, approve – or all shareholders, in accordance with paragraph
 four of aforementioned provision, signs – a merger plan, whereby the Company shall
 be absorbed by another company, whereby the Company shall be absorbed by a parent company,
 exercise of Share Awards may not thereafter be made.

9.2 Not
 later than in the immediate adjacent to the Board of Directors' resolution to convene
 a general meeting that shall resolve upon merger pursuant to what is stated above, or if
 the merger plan shall be signed by all shareholders, not later than six weeks prior to such
 signing, notice shall be given to the Participant in respect of the intent to execute a merger
 of the Company. The notice shall be given by the Board of Directors in the manner set out
 in item 14 below. The notice shall state the principal terms of the merger plan and remind
 the Participant that exercise of Share Awards may not be made after a final decision regarding
 a merger has been made or a merger plan has been signed, in accordance with what is stated
 in item 9.1 above.

9.3 In
 the event that a merger has been effectuated in pursuance of such decisions as referred to
 in item 9.1 above, the Participant shall, in exchange for the Participant's Share Awards
 and unless the Share Awards have been re-purchased in accordance with item 9 above, have
 a right to receive shares in the absorbing company upon exercise of Share Awards. The right
 to receive shares in the absorbing company in the event of a merger shall however not prevail
 if the Participant has a right to have his or her Share Awards re-purchased by the absorbing
 company for cash consideration pursuant to the terms set out in the merger plan.

10. Partition

10.1 In
 the event that the general meeting, in accordance with Chapter 24 Section 17 of the
 Swedish Companies Act, approves – or all shareholders, in accordance with paragraph
 four of aforementioned provision, signs – a partition plan, whereby the Company shall
 be dissolved without liquidation, exercise of Share Awards may not thereafter be made.

10.2 Not
 later than in the immediate adjacent to the Board of Directors' resolution to convene
 a general meeting that shall resolve upon partition pursuant to what is stated above, or
 if the partition plan shall be signed by all shareholders, not later than six weeks prior
 to such signing, notice shall be given to Participants in respect of the intent to execute
 a partition of the Company. The notice shall be given by the Board of Directors in the manner
 set out in item 14 below. The notice shall state the principal terms of the partition plan
 and remind the Participant that exercise of Share Awards may not be made after a final decision
 regarding partition has been made or a partition plan has been signed, in accordance with
 what is stated above.

10.1 In
 the event of a forthcoming partition, the Board of Directors shall use reasonable endeavors
 to procure that the value of the Participant's Share Awards is unaffected.

11. Liquidation

11.1 In
 the event it is resolved that the Company shall enter into liquidation in accordance with
 Chapter 25 of the Swedish Companies Act, regardless of the grounds for such liquidation,
 exercise of Share Awards may not thereafter be made. The right to exercise the Share Awards
 shall also terminate if the Company is declared bankrupt. The right to exercise the Share
 Awards shall terminate in conjunction with the resolution to liquidate the Company, regardless
 of whether such resolution has entered into effect (Sw *. vunnit laga kraft*), or in
 conjunction with the declaration of bankruptcy.

11.2 Not
 later than in the immediate adjacent to the Board of Directors' resolution to convene
 a general meeting that shall resolve whether the Company shall be placed into liquidation
 in accordance with what is stated in item 11.1 above, notice shall be given to the Participant
 in respect of the intended liquidation. The notice shall be given by the Board of Directors
 of the Company in the manner set out in item 14 below. The notice shall state that exercise
 of Share Awards may not be made following the adoption of a resolution by the general meeting
 that the Company shall enter into liquidation.

11.3 Should
 a liquidation be effected, all Share Awards shall lapse.

12. Discontinued
 merger or partition or terminated liquidation

Notwithstanding the provisions set forth in items 9.1, 10.1 and 11.1 above, stating that exercise of Share Awards may not be made following the approval of a Merger, partition or resolution of entering into liquidation or declaration of bankruptcy, the right to exercise Share Awards shall be re-instated in circumstances where the merger or partition, respectively, is discontinued or the liquidation or declaration of bankruptcy has been terminated.

13. Recalculation
 terms

The provisions in item 8 (a)–(j) in the terms and conditions for the warrants issued to ensure the delivery of shares upon exercise of Share Awards, <u>Appendix 1</u>, shall constitute an integral part of the T&C's and what is stated in regards to warrants in item 8 (a)–(j) in <u>Appendix 1</u> shall prevail *mutatis mutandis* to Share Awards. Items 8 (a)–(j) in <u>Appendix 1</u> *inter alia* states that the number of shares to which each warrant entitles may be recalculated. In case of a conflict between the terms of the T&C's and <u>Appendix 1</u>, the terms of the T&C's shall prevail.

14. Notices

Notices to be given to a Participant pursuant to the T&C's shall be sent via registered letter, courier or e-mail to the Participant's address or e-mail address that is known to the Company. The notice shall be deemed received by the Participant at the earlier of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) the
 date when the Participant signs a certificate of receipt,

ii) the date when the Participant otherwise confirms receipt, and

iii) in case of a notice sent by registered letter, on the date occurring five days after the date when the notice was sent by the Company.

15. Force
 Majeure

15.1 In
 respect to actions by the Company, the Company cannot be made liable for loss resulting from
 Swedish or foreign legislation, Swedish or foreign governmental actions, acts of war, terrorism,
 strikes, blockades, boycotts, lockouts or other similar circumstances. The reservation in
 respect to strikes, blockades, boycotts and lockouts shall apply even if the Company is itself
 the subject of such action.

15.2 In
 the event the Company, fully or partially, is prevented from taking actions due to circumstances
 mentioned in item 15.1 above, the actions may be postponed until the obstacle is removed.
 If the Company due to such circumstance is prevented from making or receiving payments, the
 Company or the Participant shall not be required to pay interest.

16. Applicable
 law and dispute

16.1 Swedish
 law shall apply on the T&C's. Any dispute shall be finally settled by arbitration
 in accordance with the rules for expedited arbitration of the Arbitration Institute
 of Stockholm Chamber Commerce. The seat of arbitration shall be Stockholm, Sweden. The language
 of the arbitration shall be Swedish (unless otherwise agreed by the disputing parties).

16.2 All
 arbitral proceedings conducted pursuant to item 16.1, all information disclosed and all documents
 submitted or issued by or on behalf of any of the disputing Parties or the arbitrators in
 any such proceedings as well as all decisions and awards made or declared in the course of
 any such proceedings shall be kept strictly confidential and may not be used for any other
 purpose than these proceedings or the enforcement of any such decision or award nor be disclosed
 to any third party without the prior written consent of the party to which the information
 relates or, as regards to a decision or award, the prior written consent of all the other
 disputing parties.

17. Authorisation
 by the Board of Directors

In each case these terms are referring to the Board of Directors, the Board of Directors shall be entitled to authorise one or more of the management of the Company to make any decisions or execute any action on behalf of the Board of Directors.

**Board LTIP 2024 in Vicore Pharma Holding AB (publ)**

**GRANT NOTICE & AGREEMENT**

On 7 May 2024, the annual general meeting in Vicore Pharma Holding AB (publ) (the "**Company**") resolved on a share-based incentive program for the members of the board of directors in the Company ("**Board LTIP 2024**").

In summary, the resolution entails that the Board members (each a "**Participant**") are granted share awards (the "**Share Awards**") which entitle the Participant to receive a corresponding number of shares in the Company after the vesting date, provided that the Participant is still a member of the Board of Directors on such date. The Share Awards are granted free of charge and each vested Share Award entitles the Participant to one share in the Company without any compensation being payable.

The Share Awards may not be transferred or pledged.

On this day, 30 May 2024, you have, under Board LTIP 2024, been allocated **XX,XXX Share Awards**, entitling you to a corresponding number of shares in the Company, subject to the above and the detailed terms set out in "*Terms for Board LTIP 2024 in Vicore Pharma Holding AB (publ)*".

The Share Awards vest over approximately one year corresponding to up to the date of, whichever is earliest, (i) the Annual General Meeting 2025 or (ii) June 1, 2025 ("**Vesting Date**"). Your vested Share Awards will be exercised upon request. The earliest point in time at which vested Share Awards may be exercised shall be the day falling immediately after the Vesting Date. The latest point in time at which vested Share Awards can be exercised shall be the earlier of (i) 90 days after the last day of service as a member of the Board of Directors, or (ii) June 1, 2034.

By signing this Grant Notice & Agreement, you hereby confirm

&nbsp;&nbsp;&nbsp;&nbsp;i) that
 you have read, understood and accepted the above information,

ii) that you have read, understood and accepted the "*Terms for Board LTIP 2024 in Vicore Pharma Holding AB (publ)*",

iii) that you have read, understood and accepted the information under "Personal data" on the next page of this Grant Notice & Agreement,

iv) that you accept the receipt of the above said number of Share Awards (in accordance with the above said terms and conditions), and

&nbsp;&nbsp;&nbsp;&nbsp;v) that
 you understand and accept that all tax- and currency risks and effects for you related to
 your participation in Board LTIP 2024 are your responsibility.

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| |
|:---|
| *Place and date* |
| *Signature* |
| *Clarification of signature* |

---

Please complete, sign and return this Grant Notice & Agreement by scanned copy to XXXX@vicorepharma.com by no later than 30 June 2024.

**Personal data**

Personal data submitted to the Company, e.g. contact details and personal identity number, or otherwise registered in connection with the administration of Board LTIP 2024, is processed by the Company, as data controller, for the administration of the program. The processing of personal data is necessary for the Company in order to fulfill the agreement concerning Board LTIP 2024 and to enable the Company to fulfill its statutory obligations. If you do not provide the requested personal data to the Company, you may not participate in the program.

Personal data may, for specified purposes, sometimes be disclosed to other companies within the Company's group, to banks or to companies with which the Company cooperates, within and outside the EU/EEA. Should personal data be transferred outside the EU/EEA, it will be conducted in accordance with suitable safeguards approved by the EU. You may, at any time, request further information regarding such transfer and request copies of agreements or other safeguards used by the Company for such transfer. In certain situations, the Company is also obligated by law to disclose data, e.g. to the Swedish Tax Agency.

Requests for information on the personal data being processed by the Company, erasure of personal data, limitations to the processing of personal data, data portability, or rectification of personal data may be directed to the Company's CFO, who you may also contact if you desire any further information regarding the Company's processing of personal data. Should you wish to register a complaint regarding the Company's processing of personal data you may contact the Swedish Data Protection Authority in its capacity of supervisory authority.

Personal data is only kept for as long as it is necessary for the administration of Board LTIP 2024 or as long as it is required for the Company to fulfill its statutory obligations.

Address to the Company's CFO: XXXX@vicorepharma.com

## Exhibit 4.5

**Exhibit 4.5**

![](tm269615d2_ex4-5img001.jpg)

**TERMS REGARDING Vicore Pharma Holding AB´S INCENTIVE PROGRAM (Co-worker LTIP 2023)**

**The scope of the incentive program**

In accordance with the resolution by the Annual General Meeting 2023 held on May 11, 2023, Vicore Pharma Holding AB (publ) ("Vicore Pharma" or the "Company"), Reg. No. 556680-3804, resolved to implement a long-term incentive program for senior management and key persons (including employees and consultants) in the Company ("Co-worker LTIP 2023"). Co-worker LTIP 2023 is a program under which the participants will be granted, free of charge, options ("Options") subject to three-year vesting that entitle to acquire a maximum of 5,000,000 shares in the Company in total, in accordance with the terms stipulated below.

**Entitlement to Options**

Co-worker LTIP 2023 is intended for senior management and key persons (including employees and consultants) in the Company (each a "Participant"). The Board of Directors in Vicore Pharma may, based on the guidelines resolved by the Annual General Meeting 2023, annually resolve upon allocation of Options (with each respective date of granting being a "Granting Date"). The Options are granted free of charge. The Options are non-transferable and may not be pledged. Participants shall be given notice of its participation in the Co-worker LTIP 2023 through a notice form ("GRANT NOTICE & AGREEMENT") furnished by the Board of Directors.

**Vesting**

The Options shall vest over a three-year period with one third each year on the anniversary of the Grant Day, whereby all Options shall vest on the third anniversary of the Granting Date, provided that the Participant, with some customary exceptions (including retirement and permanent incapacity to work due to illness or accident), still is employed by the Company (or, in the case of consultants, still providing services to the Company). Vesting, otherwise, takes place annually where 1/3 of the Options will be vested after 12 months, but no Options shall be deemed vested at a time that falls within 12 months from the Granting Date.

Vested Options may be exercised at any time until the fifth anniversary of the Granting Date.

The number of Options will be recalculated in accordance with the recalculation provisions set out in the terms and conditions of the warrants (Sw. *teckningsoptioner*) referred to below.

In the event of a public takeover offer, asset sale, liquidation, merger or any other such transaction affecting the Company, the Options will vest in their entirety if the Participant's employment or consultancy engagement, within 24 months following the completion of such event, is involuntarily terminated or there is a reduction in salary or diminution in role other than for cause.

Each day when vesting of Options occurs is hereinafter referred to as a "Vesting Day". The number of Options vested on each Vesting Day shall be rounded downwards to the nearest whole number of Options.

![](tm269615d2_ex4-5img001.jpg)

Vesting is made automatically at the above-mentioned dates and does not require any activity from either Vicore Pharma or the Participant.

Each Option entitles the Participant to acquire one share in the Company for a predetermined exercise price ("Exercise Price"). The Exercise Price per share shall correspond to 125 percent of the volume weighted average price of the Company's share on Nasdaq Stockholm for the five trading days preceding the Granting Date, and be set out in the GRANT NOTICE & AGREEMENT.

The Exercise Price shall be paid in cash to Vicore Pharma in connection with the exercise of the Option. The Participant's acquisition of a share is carried out by Vicore Pharma, a subsidiary in the Group (the "Subsidiary"), or other party appointed by the Subsidiary or Vicore Pharma, acting as representative for the Participant, by exercising the warrant which the Option is hedged by and subscribing for a share in the name of the Participant. The Participant shall authorize the Subsidiary, or any other party appointed by the Subsidiary or Vicore Pharma, to, on behalf of the Participant, subscribe for the shares and the Participant shall pay the purchase price to the Company.

In connection with the exercise of the Options, the Participant may exercise a lower number of vested Options. The exercise of the Option shall be made on a form furnished by the Board of Directors. The purchase price shall be paid to the entity designated by the Company.

**Transferability**

The Option may not be transferred or pledged and may only be exercised by the Participant or by the estate of the Participant.

**Termination of employment**

If the Participant's employment/assignment with the Group is terminated, and if not otherwise follows from these terms and conditions, all Options that have not been vested in accordance with the provisions under the section "Vesting" above at the date of notice of termination shall immediately forfeit and not be exercisable thereafter. For the avoidance of doubt, the Participant will retain all Options that have been vested in accordance with the provisions under the section "Vesting" above.

Notwithstanding the foregoing, if the employment/assignment is terminated as a result of that the Participant retires due to age or receives sickness benefit or otherwise is being prevented from carrying out the duties due to medical reasons attributable to the Participant, and which are not considered temporary, the vesting shall continue in accordance with these terms and conditions.

**Redemption in certain situations**

In case of a public takeover offer, asset sale, liquidation, merger or any other such transaction affecting the Company, Vicore Pharma, or anyone designated by Vicore Pharma, shall be entitled to redeem the Options (vested as well as unvested) from the Participant. Redemption shall be made for a consideration per Option equal to the consideration following from the transaction, as determined by the Board of Directors.

Vicore Pharma Holding AB \| Kornhamnstorg 53, SE-111 27 Stockholm, Sweden

Phone: +46 (0)31 78 80 560 \| Reg no. 556680-3804 \| www.vicorepharma.com

![](tm269615d2_ex4-5img001.jpg)

The request by Vicore Pharma for redemption shall be made by a written notice to the Participant and after such notice redemption shall take place by payment of the redemption consideration to the Participant within 10 days from the date of the completion of the transaction. Following a notice from Vicore Pharma that Vicore Pharma exercises its right to redeem Options, no Options may be exercised irrespective of any provisions to the contrary in these terms and conditions.

**Taxes**

Vicore Pharma is entitled to refuse to accept exercise of Options in case the Participant does not pay a cash amount to Vicore Pharma corresponding to the payment liabilities that may arise on behalf of the Group related to the Participant's income taxes triggered by the exercise of the Options (to the extent such amounts cannot be deducted from the Participant's salary).

**Warrant terms**

The terms for the warrants (Sw. *teckningsoptioner*) which entitle to subscription of common shares upon the exercise of Options, have been registered with the Swedish Companies Registration Office, and shall constitute a part of the terms of the Options. The terms can be obtained from Vicore Pharma. The number of Options will be recalculated in accordance with the terms and conditions of said warrants.

**Foreign jurisdictions**

Vicore Pharma has not, and will not, take any actions in any other jurisdiction than Sweden in order to procure that the Options granted hereunder can be exercised by the Participant. Vicore Pharma reserves the right not to effect exercise in case such exercise would conflict the legislation or require additional actions in any foreign jurisdiction.

**Applicable law and dispute**

Swedish law shall apply on these terms. Any dispute shall be finally settled by arbitration in accordance with the Rules for Expedited Arbitration of the Arbitration Institute of the Stockholm Chamber of Commerce. The proceedings shall take place in Stockholm. The cost for the proceedings shall be paid by Vicore Pharma irrespective of the outcome of the proceedings, unless the Participant's request for arbitral proceedings was obviously unfounded in which case the costs shall be paid by the Participant.

**Authorisation by the Board of Directors**

In each case these terms are referring to the Board of Directors, the Board of Directors shall be entitled to authorize one or more of the management of Vicore Pharma to make any decisions or execute any action on behalf of the Board of Directors.

Vicore Pharma Holding AB \| Kornhamnstorg 53, SE-111 27 Stockholm, Sweden

Phone: +46 (0)31 78 80 560 \| Reg no. 556680-3804 \| www.vicorepharma.com

![](tm269615d2_ex4-5img001.jpg)

**Co-worker LTIP 2023 in Vicore Pharma Holding AB**

**GRANT NOTICE & AGREEMENT**

NAME

November 10, 2025

The Annual General Meeting in Vicore Pharma Holding AB (publ) (the "**Company**") held on May 11, 2023, resolved to implement a long-term incentive program for senior management and key persons (including employees and consultants) in the Company ("**Co-worker LTIP 2023**").

In summary, the resolution entails that a number of selected individuals (each a "**Participant**") are granted options (the "**Options**") which entitle the Participant to receive a corresponding number of shares in the Company after the third anniversary of the date of this Grant Notice & Agreement.

The Options shall vest over a three-year period with one-third each year on the anniversary of the Granting Day, whereby all Options shall vest on the third anniversary of the Granting Date, provided that the holder, with some customary exceptions (including retirement and permanent incapacity to work due to illness or accident), still is employed by the Company (or, in the case of consultants, still providing services to the Company). Vesting, otherwise, takes place annually where 1/3 of the Options will be vested after 12 months, but no Options shall be deemed vested at a time that falls within 12 months from the Granting Date.

The latest point in time at which vested Options may be exercised shall be the fifth anniversary of the Granting Date. The Options are awarded free of charge. Each Option entitles the holder to acquire one share in the Company for a pre-determined exercise price (the "**Exercise Price**"). The exercise price shall correspond to 125 percent of the volume-weighted average price of the Company's share on Nasdaq Stockholm for the five trading days preceding the Granting Date.

You have, under **Co-worker LTIP 2023:2f**, been allocated **XXX,XXX Options**, entitling you to a corresponding number of shares in the Company, subject to the detailed terms set out in "TERMS REGARDING Vicore Pharma Holding AB´S PERSONNEL OPTION PROGRAM (Co-worker LTIP 2023)", Schedule 1. Granting date for said Options is November 10, 2025 (the "**Granting Date**").

The Exercise Price has been established to **SEK XX.XX**.

The latest point in time at which vested Options may be exercised shall be the fifth anniversary of the Granting Date, i.e. November 10, 2030. Exercise of Options shall be made on a form provided to you upon request to the Company.

The Options are non-transferable and may not be pledged.

By signing this Grant Notice & Agreement, you hereby confirm

&nbsp;&nbsp;&nbsp;&nbsp;i) that you have read, understood and
 accepted the above information,

ii) that you have read, understood and accepted the "TERMS REGARDING Vicore Pharma Holding AB´S PERSONNEL OPTION PROGRAM (Co-worker LTIP 2023)",

iii) that you have read, understood and accepted the information under "Personal data" on the next page of this Grant Notice & Agreement,

iv) that you accept the receipt of the above said number of Options (in accordance with the above said terms and conditions), and

&nbsp;&nbsp;&nbsp;&nbsp;v) that you understand and accept that
 all tax- and currency risks and effects for you related to your participation in Co-worker
 LTIP 2023 are your responsibility.

Vicore Pharma Holding AB \| Kornhamnstorg 53, SE-111 27 Stockholm, Sweden

Phone: +46 (0)31 78 80 560 \| Reg no. 556680-3804 \| www.vicorepharma.com

![](tm269615d2_ex4-5img001.jpg)

---

| |
|:---|
| *Place and date* |
| *Signature* |
| *Clarification of signature* |

---

Vicore Pharma Holding AB \| Kornhamnstorg 53, SE-111 27 Stockholm, Sweden

Phone: +46 (0)31 78 80 560 \| Reg no. 556680-3804 \| www.vicorepharma.com

![](tm269615d2_ex4-5img001.jpg)

**Personal data**

If you choose to participate in the incentive program Co-worker LTIP 2023 the Company will process your personal data submitted to the Company under the program. The Company is the data controller of such personal data, whether or not the personal data has been collected directly by the Company, other companies within the Company's group or in any other way. The personal data includes inter alia, your name, address, personal identity number, employment number, position, salary details, bank account number and any other personal data that are necessary for the administration of the program. The Company will process the personal data for the purposes of managing the program as well as monitoring and subsequent evaluation of the program, which may include linking to, and matching with, other filing systems in the Company. The processing of personal data is necessary for the Company in order to fulfill the agreement concerning Co-worker LTIP 2023 and to enable the Company to fulfill its statutory obligations. If you do not provide the requested personal data to the Company, you may not participate in the program.

Personal data may, for specified purposes, sometimes be disclosed to other companies within the Company's group, to banks or to companies with which the Company cooperates, within and outside the EU/EEA. Should personal data be transferred outside the EU/EEA, it will be conducted in accordance with suitable safeguards approved by the EU. You may, at any time, request further information regarding such transfer and request copies of agreements or other safeguards used by the Company for such transfer. In certain situations, the Company is also obligated by law to disclose data, e.g. to the Swedish Tax Agency.

Pursuant to applicable personal data protection legislation you have the right to request and receive, free of charge, information on the personal data relating to you that is processed by the Company, regardless of how that data has been collected. Requests for information on the personal data being processed by the Company, erasure of personal data, limitations to the processing of personal data, data portability, or rectification of personal data may be directed to Vicore's Data Protection Officer (DPO), who you may also contact if you desire any further information regarding the Company's processing of personal data. Should you wish to register a complaint regarding the Company's processing of personal data you may contact the Swedish Data Protection Authority in its capacity of supervisory authority.

The personal data will be stored for the duration of your participation in Co-worker LTIP 2023 and during such subsequent period of time as is necessary for the Company to fulfill its statutory obligations under the program and to carry out an evaluation of the program and any other legal obligations that the Company may have in connection with the program.

Contact details: Vicore's Data Protection Officer (E-mail: DPO@vicorepharma.com), Vicore Pharma Holding AB, Kornhamnstorg 53, SE-111 27 Stockholm.

Vicore Pharma Holding AB \| Kornhamnstorg 53, SE-111 27 Stockholm, Sweden

Phone: +46 (0)31 78 80 560 \| Reg no. 556680-3804 \| www.vicorepharma.com

## Exhibit 4.6

**Exhibit 4.6**

![](tm269615d2_ex4-6img001.jpg)

**Bilaga A**

***Schedule A***

**Villkor för teckningsoptioner i Board LTIP 2023 i Vicore Pharma Holding AB (publ)**

***Terms and conditions for warrants in Board LTIP 2023 in Vicore Pharma Holding AB (Publ)***

---

| | |
|:---|:---|
| **1** | **Definitioner/*Definitions*** |

---

I dessa villkor ska följande benämningar ha den innebörd som anges nedan.

In these terms and conditions, the following terms shall have the meaning given below.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aktiebolagslagen | aktiebolagslagen (2005:551); |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Companies Act* | *the Swedish Companies Act (SFS 2005:551);* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;avstämningsbolag | bolag som har infört avstämningsförbehåll i bolagsordningen och anslutit sina aktier till Euroclear; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Central Securities Depository Company* | *a company whose articles of association contain an article stating that the company's shares must be registered in a central securities depository register and whose shares are registered through Euroclear;* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;avstämningskonto | konto vid Euroclear för registrering av sådana finansiella instrument som anges i lagen (1998:1479) om värdepapperscentraler och kontoföring av finansiella instrument; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Securities Account* | *an account with Euroclear for registering such financial instruments as referred to in the Swedish Central Securities Depositories and Financial Instruments Accounting Act (1998:1479);* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;bankdag | dag som inte är lördag, söndag eller annan allmän helgdag eller som beträffande betalning av skuldebrev inte är likställd med allmän helgdag i Sverige; |

---

![](tm269615d2_ex4-6img001.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Business Day* | *a day which is not a Sunday or other public holiday or, with respect to the payment of promissory notes, is not equated with a public holiday in Sweden;* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banken | den bank eller det kontoförande institut som Bolaget vid var tid utsett att handha administration av teckningsoptionerna enligt dessa villkor; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Bank* | *the bank or account operator which the Company at each time has appointed to handle the administration of the Warrants in accordance with these terms and conditions;* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bolaget | Vicore Pharma Holding AB (publ), (org. nr 556680-3804); |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Company* | *Vicore Pharma Holding AB (publ) (reg. no. 556680-3804);* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Euroclear | Euroclear Sweden AB, org nr 556112-8074; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Euroclear* | *Euroclear Sweden AB, (the Swedish Central Securities Depository and Clearing Organisation), company reg no 556112-8074;* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;marknadsnotering | notering av aktie i Bolaget på börs, reglerad marknad, handelsplattform (s.k. multilateral trading facility) inom Europeiska Ekonomiska Samarbetsområdet ("EES") eller annan motsvarande handelsplats; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Listing* | *listing of shares in the Company on a stock exchange, regulated market, multilateral trading facility within the EEA area or other corresponding market place;* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;optionsinnehavare | den som är registrerad på avstämningskonto som innehavare av teckningsoption; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Warrant Holder* | *a person registered in a Securities Account as the holder of a Warrant;* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;teckning | teckning av nya aktier i Bolaget med utnyttjande av teckningsoption enligt 14 kap. aktiebolagslagen; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Subscription* | *subscription of shares in the Company on exercise of Warrants in accordance with Chapter 14 of the Companies Act;* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;teckningskurs | den kurs till vilken teckning av nya aktier med utnyttjande av teckningsoption kan ske; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Exercise Price* | *the price at which Subscription for new shares may take place on exercise of Warrants;* |

---

![](tm269615d2_ex4-6img001.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;teckningsoption | rätt att teckna en ny aktie i Bolaget mot betalning enligt dessa villkor; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Warrant* | *the right to subscribe for one newly issued share in the Company in exchange for payment in accordance with these terms and conditions;* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;teckningsoptionsbevis | bevis till vilket knutits ett visst antal teckningsoptioner enligt dessa villkor. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Warrant Certificate* | *a certificate which is linked to a certain number of warrants in accordance with these terms and conditions.* |

---

---

| | |
|:---|:---|
| **2** | **Teckningsoptioner och registrering/*Warrants and registration*** |

---

Antalet teckningsoptioner uppgår till upp till högst 120 000.

*The total number of Warrants amounts to not more than 120,000.*

Om Bolaget är avstämningsbolag får Bolagets styrelse fatta beslut om att teckningsoptionerna ska registreras på avstämningskonto. Vid sådant förhållande ska inga teckningsoptionsbevis eller andra värdepapper ges ut. Optionsinnehavare ska på Bolagets anmaning vara skyldig att omedelbart till Bolaget eller Euroclear inlämna eventuella teckningsoptionsbevis representerande teckningsoptioner samt meddela Bolaget erforderliga uppgifter om värdepapperskonto på vilket innehavarens teckningsoptioner ska registreras.

*In the event the Company is a Central Securities Depository Company, the board of directors of the Company shall be entitled to resolve that the Warrants be registered on a Securities Account. In the event such resolution is adopted, no Warrant Certificates or other securities shall be issued. At the request of the Company, Warrant Holders shall be obliged to surrender immediately to the Company or Euroclear any Warrant Certificates representing Warrants and to provide the Company with the requisite details of the securities account on which the Warrant Holder's Warrants are to be registered.*

Om Bolagets styrelse fattat beslut enligt andra stycket ovan, ska styrelsen därefter vara oförhindrad att, med de begränsningar som må följa av lag eller annan författning, fatta beslut om att teckningsoptionerna inte längre ska vara registrerade på avstämningskonto. *In the event the board of directors of the Company adopts a resolution in accordance with the second paragraph above, subject to any applicable statutory or regulatory limitations, the board of directors shall thereafter be at liberty to resolve that the Warrants are no longer to be registered on a Securities Account.*

---

| | |
|:---|:---|
| **3** | **Rätt att teckna nya aktier/*Right to subscribe for new shares*** |

---

Varje teckningsoption berättigar optionsinnehavaren till teckning av en ny aktie i Bolaget till en teckningskurs motsvarande aktiens kvotvärde.

![](tm269615d2_ex4-6img001.jpg)

*Each Warrant entitles the holder thereof to subscribe for one new share in the Company at an Exercise Price corresponding to the quota value of the share (Sw. kvotvärde).*

Teckningskursen, liksom antalet aktier som varje teckningsoption ger rätt att teckna, kan bli föremål för justering i de fall som anges i punkt 8 nedan.

*The Exercise Price and the number of shares for which each Warrant entitles the holder to subscribe may be recalculated in the circumstances set out in section 8 below.*

Teckning kan endast ske av det hela antal aktier, vartill det sammanlagda antalet teckningsoptioner berättigar och som en och samma optionsinnehavare önskar utnyttja. Vid sådan teckning ska bortses från eventuell överskjutande del av teckningsoption, som inte kan utnyttjas.

*Subscription may only take place in respect of the entire number of shares for which the total number of Warrants entitles the Warrant Holder to subscribe and which a single Warrant Holder desires to exercise. On such Subscription, any excess fractions of Warrants which cannot be exercised shall be disregarded.*

---

| | |
|:---|:---|
| **4** | **Anmälan om teckning/*Application for Subscription*** |

---

Anmälan om teckning av aktier kan äga rum under tiden från och med den dagen för registrering av teckningsoptionerna hos Bolagsverket till och med den 1 december 2031. Inges inte anmälan om teckning inom ovan angiven tid upphör teckningsoptionen att gälla.

*Application for Subscription of shares may take place during the period from and including the day of registration of the Warrants with the Swedish Companies' Office up to and including 1 December 2031. If an application for Subscription is not submitted within the time stated above, the Warrant shall lapse.*

Under tid Bolaget är avstämningsbolag och teckningsoption är registrerad på avstämningskonto ska följande gälla. Vid teckning ska ifylld anmälningssedel enligt fastställt formulär inges till Bolaget eller ett av Bolaget anvisat kontoförande institut. Anmälan om teckning är bindande och kan inte återkallas.

*The following shall apply in the event the Company is a Central Securities Depository Company and the Warrants are registered on a Central Securities Depository Account. The Warrants may be exercised through a written application for Subscription to the Company or to the designated Central Securities Depository Company. Applications for Subscription are binding and irrevocable.*

Om Bolaget inte är avstämningsbolag eller om teckningsoption inte är registrerad på Avstämningskonto ska teckning ske genom skriftlig anmälan på teckningslista till Bolaget varvid antalet teckningsoptioner som utnyttjas ska anges. Vid teckning ska optionsinnehavare i förekommande fall inlämna motsvarande teckningsoptionsbevis till Bolaget.

*In the event the Company is not a Central Securities Depository Company or if the Warrants are not registered on a Central Securities Depository Account, the Warrants may be exercised through a written application for Subscription to the Company, stating the number of Warrants which are to be exercised. In conjunction with a Subscription, the Warrant Holder shall, where applicable, surrender corresponding Warrant Certificates to the Company.*

![](tm269615d2_ex4-6img001.jpg)

---

| | |
|:---|:---|
| **5** | **Betalning för ny aktie/*Payment for new shares*** |

---

Vid anmälan om teckning ska betalning samtidigt erläggas för det antal aktier som anmälan om teckning avser. Betalning ska ske kontant till ett av Bolaget anvisat bankkonto.

*On application for Subscription, payment for the number of shares which the application for Subscription covers shall be made simultaneously. Payment shall be made in cash to a bank account designated by the Company.*

---

| | |
|:---|:---|
| **6** | **Registrering på avstämningskonto och i aktieboken/ *Registration in Securities Account and in the share register*** |

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Sedan betalning för tecknade aktier har erlagts, verkställs teckning genom att de nya aktierna upptas i Bolagets aktiebok och på respektive optionsinnehavares avstämningskonto såsom interimsaktier. Sedan registrering har skett hos Bolagsverket blir registreringen av de nya aktierna i aktieboken och på avstämningskontot slutgiltig. Som framgår av punkten 8 nedan senareläggs i vissa fall tidpunkten för sådan registrering.

*Following payment for subscribed shares, Subscription shall be effected through the registration of the new shares as interim shares in the Company's share register and on the respective Warrant Holder's Securities Account. Following registration with the Swedish Companies Registration Office, the registration of the new shares in the share register and on Securities Accounts will become definitive. According to section 8 below such registration might in certain circumstances be postponed.*

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| **7** | **Utdelning på ny aktie/*Dividends on new shares*** |

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De nytecknade aktierna medför rätt till vinstutdelning första gången på den avstämningsdag för utdelning som infaller närmast efter det att teckning verkställts. *Shares which are issued following subscription shall entitle to participation in the distribution of profits for the first time on the nearest record date occurring after the subscription has been exercised.*

![](tm269615d2_ex4-6img001.jpg)

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| **8** | **Omräkning av teckningskurs och antal aktier/*Recalculation of Exercise Price and the number of shares*** |

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Beträffande den rätt som ska tillkomma optionsinnehavare i de situationer som anges nedan ska följande gälla:

*The following provisions shall govern the rights that vests in Warrant Holder in the events described below:*

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| **A** | **Fondemission/*Bonus issue*** |

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Vid fondemission ska teckning - där anmälan om teckning görs på sådan tid att tilldelning av aktier inte kan verkställas senast på femte vardagen före den bolagsstämma som ska pröva frågan om fondemission - verkställas först sedan stämman beslutat om fondemissionen. Aktier som tillkommer på grund av teckning som verkställs efter beslutet om fondemission upptas på optionsinnehavares avstämningskonto såsom interimsaktier, vilket innebär att sådana aktier inte omfattas av beslut om fondemission. Slutlig registrering på avstämningskonto sker först efter avstämningsdagen för fondemissionen.

*In the event of a bonus issue, where an application for Subscription is submitted at such time that the allotment of shares cannot be made on or before the fifth weekday prior to the general meeting which resolves to make the bonus issue, Subscription shall be effected only after the general meeting has adopted a resolution approving the bonus issue. Shares which vest pursuant to Subscription effected after the adoption of a resolution approving the bonus issue shall be registered in the Warrant Holder's Securities Account as interim shares, and accordingly such shares shall not entitle the holder thereof to participate in the bonus issue. Definitive registration in Securities Accounts shall only take place after the record date for the bonus issue.*

Vid teckning som verkställs efter beslut om fondemission tillämpas en omräknad teckningskurs liksom ett omräknat antal aktier som varje teckningsoption ger rätt att teckna. Omräkningarna utförs av Bolaget enligt följande:

*In conjunction with Subscription which is effected after the adoption of a resolution to make a bonus issue, a recalculated Exercise Price as well as a recalculated number of shares for which each Warrant entitles the Warrant Holder to subscribe shall be applied. The recalculation shall be carried out by the Company in accordance with the following formula:*

Omräknad teckningskurs = (föregående teckningskurs) x (antalet aktier i Bolaget före fondemissionen) / (antalet aktier i Bolaget efter fondemissionen)

*Recalculated Exercise Price = (previous Exercise Price) x (the number of shares in the Company prior to the bonus issue) / (the number of shares in the Company after the bonus issue).*

Omräknat antal aktier som varje teckningsoption ger rätt att teckna = (föregående antal aktier som varje teckningsoption berättigar till teckning av) x (antalet aktier i Bolaget efter fondemissionen) / (antalet aktier i Bolaget före fondemissionen)

*Recalculated number of shares for which each Warrant entitles the Warrant Holder to subscribe = (previous number of shares for which each Warrant entitled the holder to subscribe) x (the number of shares in the Company after the bonus issue) / (the number of shares in the Company prior to the bonus issue).*

Den enligt ovan omräknade teckningskursen och det omräknade antalet aktier som varje teckningsoption ger rätt att teckna ska fastställas av Bolaget snarast efter bolagsstämmans beslut om fondemissionen.

*The Exercise Price and the number of shares which each Warrant entitles the holder to subscribe for, recalculated as set out above, shall be determined by the Company as soon as possible after the general meeting has adopted a resolution approving the bonus issue.*

![](tm269615d2_ex4-6img001.jpg)

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| **B** | **Sammanläggning eller uppdelning av aktien i Bolaget/*Reverse share split or share split*** |

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Genomför Bolaget en sammanläggning eller uppdelning (split) av aktierna, ska bestämmelserna i moment A ovan äga motsvarade tillämpning. Såsom avstämningsdag ska anses den dag då sammanläggningen eller uppdelningen verkställs av Euroclear på begäran av Bolaget.

*In the event the Company effects a reverse share split or share split, the provisions of sub-section A above shall apply mutatis mutandis. The record date shall be deemed to be the date on which the reverse share split or share split is carried out by Euroclear at the request of the Company.*

**C** **Nyemission/*New issue***

Genomför Bolaget en nyemission av aktier mot kontant betalning eller kvittning med företrädesrätt för aktieägarna, ska följande gälla beträffande rätten till att delta i nyemissionen för aktie som tillkommit på grund av teckning med utnyttjande av teckningsoption.

*If the Company issues new shares subject to pre-emption rights for shareholders to subscribe for new shares in exchange for cash payment or by set off, the following shall apply with respect to the right to participate in the new issue for shareholders whose shares vest as a consequence of Subscription on exercise of the Warrant:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Beslutas
 nyemissionen av styrelsen under förutsättning av bolagsstämmans godkännande
eller med stöd av bolagsstämmans bemyndigande, ska i beslutet om nyemissionen anges den senaste dag då teckning ska vara
verkställd för att aktie, som tillkommit genom teckning enligt dessa villkor, ska medföra rätt att delta i nyemissionen.

*If the board of directors of the Company has resolved to carry out a new issue conditional upon the approval of the general meeting of the shareholders or pursuant to authorisation granted by the general meeting of the shareholders, the resolution of the new issue shall state the last day on which Subscription must be effected in order to entitle the holders of the shares held pursuant to Subscription according to these terms and conditions to participate in the new issue.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Beslutas
 nyemissionen av bolagsstämman, ska teckning där anmälan om teckning görs
 på sådan tid, att teckningen inte kan verkställas senast på femte
 vardagen före den bolagsstämma som ska pröva frågan om nyemission verkställas
 först sedan stämman beslutat om denna. Aktier som tillkommer på grund av
 teckning som verkställs efter emissionsbeslutet upptas interimistiskt på avstämningskonto,
 vilket innebär att de inte ger rätt att delta i nyemissionen. Slutlig registrering
 på avstämningskonto sker först efter avstämningsdagen för nyemissionen.

*If the general meeting adopts a resolution to issue new shares, where an application for Subscription is submitted at such time that it cannot be effected on or before the fifth weekday prior to the general meeting which shall resolve on the new issue, Subscription shall only be effected following the adoption of a resolution with respect thereto by the general meeting. Shares which vest as a consequence of such Subscription shall be registered in the Securities Account as interim shares, and accordingly shall not entitle the holders to participate in the new issue. Definitive registration in Securities Accounts shall only take place after the record date for the new issue.*

![](tm269615d2_ex4-6img001.jpg)

Vid teckning som verkställs på sådan tid att rätt till att delta i nyemissionen inte föreligger tillämpas en omräknad teckningskurs och ett omräknat antal aktier som varje teckningsoption ger rätt att teckna. Omräkningarna ska utföras av Bolaget enligt följande: *Where Subscription is effected at such time that no right to participate in the new issue arises, a recalculated Exercise Price as well as a recalculated number of shares for which each Warrant entitles the holder to subscribe shall apply. Recalculations shall be made by the Company in accordance with the following formulae:*

Omräknad teckningskurs = (föregående teckningskurs) x (aktiens genomsnittliga marknadskurs under den i emissionsbeslutet fastställda teckningstiden ("aktiens genomsnittskurs")) / (aktiens genomsnittskurs ökad med det på grundval därav framräknade teoretiska värdet på teckningsrätten)

*Recalculated Exercise Price = (previous Exercise Price) x (the average quoted price of the share during the subscription period stated in the resolution approving the issue ("average price of the share")) / (the average price of the share increased by the theoretical value of the subscription right calculated on the basis thereof).*

Omräknat antal aktier = (föregående antal aktier, som varje teckningsoption ger rätt att teckna) x (aktiens genomsnittskurs ökad med det på grundval därav framräknade teoretiska värdet på teckningsrätten) / (aktiens genomsnittskurs)

*Recalculated number of shares = (previous number of shares for which each Warrant entitled the holder to subscribe) x (the average price of the share increased by the theoretical value of the subscription right calculated on the basis thereof) / (the average price of the share).*

Aktiens genomsnittskurs ska anses motsvara genomsnittet av det för varje handelsdag under teckningstiden framräknade medeltalet av den under dagen noterade högsta och lägsta betalkursen enligt den kurslista på vilken aktien är noterad. I avsaknad av notering av betalkurs ska i stället den senaste noterade köpkursen ingå i beräkningen. Noteras varken betalkurs eller köpkurs under viss dag, ska vid beräkningen av aktiens genomsnittskurs bortses från sådan dag.

*The average price of the share shall be deemed to be the equivalent of the average calculated mean value, for each trading day during the subscription period, of the highest and lowest quoted paid price on that day according to the list on which the shares are quoted. In the absence of a quoted paid price, the bid price shall form the basis for the calculation. Days on which neither a paid price nor a bid price is quoted shall be excluded from the calculation.*

Det teoretiska värdet på teckningsrätten ska beräknas enligt följande:

*The theoretical value of the subscription right is calculated in accordance with the following formulae:*

Teoretiskt värde på teckningsrätten = (det nya antal aktier som högst kan kommat att utges enligt emissionsbeslutet) x ((aktiens genomsnittskurs) - (emissionskursen för den nya aktien)) / (antalet aktier före emissionsbeslutet)

![](tm269615d2_ex4-6img001.jpg)

*Theoretical value of subscription right = (the maximum number of new shares which may be issued pursuant to the resolution approving the issue) x ((the average price of the share) - (the issue price of the new share)) / (the number of shares prior to the adoption of the resolution approving the issue).*

Uppstår härvid ett negativt värde, ska det teoretiska värdet på teckningsrätten bestämmas till noll.

*If this results in a negative value, the theoretical value of the subscription right shall be deemed to be zero.*

Den enligt ovan omräknade teckningskursen och det omräknade antalet aktier som varje teckningsoption ger rätt att teckna ska fastställas av Bolaget två bankdagar efter utgången av teckningstiden och tillämpas vid varje nyteckning som verkställs därefter.

*The Exercise Price and the number of shares for which each Warrant entitles the holder to subscribe, recalculated as set out above, shall be determined by the Company two Business Days after the expiry of the subscription period and shall apply to each Subscription effected thereafter.*

Om Bolagets aktier vid tidpunkten för emissionsbeslutet inte är föremål för marknadsnotering, ska en häremot svarande omräkning ske, dels av teckningskursen, dels av det antal aktier som varje teckningsoption ger rätt att teckna. Omräkningen, som ska utföras av Bolaget, ska ha som utgångspunkt att värdet på teckningsoptionerna ska lämnas oförändrat.

*If the Company's shares at the time of the resolution to issue the new shares, are not subject to a Listing, a corresponding recalculation of the Exercise Price and the number of shares for which each Warrant entitles the holder to subscribe shall take place. The recalculation, which shall be made by the Company, shall be based on the assumption that the value of the Warrants shall remain unchanged.*

Under tiden innan den omräknade teckningskursen och det omräknade antalet aktier som varje teckningsoption ger rätt att teckna har fastställts, verkställs aktieteckning endast preliminärt, varvid det antal aktier som varje teckningsoption före omräkning berättigar till teckning upptas intermistiskt på avstämningskonto. Slutlig registrering på avstämningskonto sker först sedan den omräknade teckningskursen och det omräknade antalet aktier som varje teckningsoption ger rätt att teckna har fastställts.

*During the period prior to the determination of the recalculated Exercise Price and the recalculated number of shares for which each Warrant entitles the holder to subscribe, Subscription shall only be effected on a preliminary basis, whereby the number of shares each Warrant entitles the holder to subscribe for prior to recalculation shall be registered in the Securities Account on an interim basis. Definitive registration in Securities Accounts shall be made following determination of the recalculated Exercise Price and the recalculated number of shares for which each Warrant entitles the holder to subscribe.*

![](tm269615d2_ex4-6img001.jpg)

**D** **Emission av teckningsoptioner eller konvertibler enligt 14 respektive 15 kap. aktiebolagslagen/*Issue of convertible bonds or warrants in accordance with Chapter 14 and 15 of the Companies Act***

Genomför Bolaget en emission av teckningsoptioner eller konvertibler, i båda fallen med företrädesrätt för aktieägarna att teckna sådana aktierelaterade instrument mot kontant betalning eller kvittning, ska beträffande rätten till delta i emissionen för aktie som utgivits vid teckning bestämmelserna i moment C, första stycket punkterna 1 och 2 äga motsvarande tillämpning.

*In the event the Company issues convertible bonds or warrants, in both cases subject to pre-emption rights for the shareholders to subscribe for such equity related instrument in exchange for cash payment or by set off, the provisions of sub-section C, first paragraph, sub-paragraphs 1 and 2 shall apply mutatis mutandis in respect of the right to participate in the issue for any share which has been issued through Subscription.*

Vid teckning som verkställs på sådan tid att rätt till att delta i emissionen inte föreligger, tillämpas en omräknad teckningskurs och ett omräknat antal aktier som varje teckningsoption ger rätt att teckna. Omräkningarna ska utföras av Bolaget enligt följande: *Where Subscription is effected at such time that no right to participate in the new issue arises, a recalculated Exercise Price as well as a recalculated number of shares for which each Warrant entitles the holder to subscribe shall apply. Recalculations shall be made by the Company in accordance with the following formulae:*

Omräknad teckningskurs = (föregående teckningskurs) x (aktiens genomsnittliga marknadskurs under den i emissionsbeslutet fastställda teckningstiden ("aktiens genomsnittskurs) / (aktiens genomsnittskurs ökad med teckningsrättens värde) *Recalculated Exercise Price = (previous Exercise Price) x (the average quoted price of the share during the relevant period stated in the resolution approving the issue ("average price of the share")) / (the average price of the share increased by the value of the subscription right).*

Omräknat antal aktier = (föregående antal aktier som varje teckningsoption berättigar till teckning av) x (aktiens genomsnittskurs ökad med teckningsrättens värde) / (aktiens genomsnittskurs).

*Recalculated number of shares = (previous number of shares for which each Warrant entitled the holder to subscribe) x (the average price of the share increased by the value of the subscription right) / (the average price of the share).*

Aktiens genomsnittskurs beräknas i enlighet med vad som angivits i moment C ovan. *The average price of the share shall be calculated in accordance with the provisions of sub-section C above.*

Teckningsrättens värde ska anses motsvara genomsnittet av det för varje handelsdag under teckningstiden framräknade medeltalet av den under dagen noterade högsta och lägsta betalkursen enligt den kurslista på vilken teckningsrätten är noterad. I avsaknad av notering av betalkurs ska i stället den senaste noterade köpkursen ingå i beräkningen.

Noteras varken betalkurs eller köpkurs under viss dag, ska vid beräkningen av teckningsrättens värde bortses från sådan dag.

*The value of the subscription right shall be deemed to be the equivalent of the average calculated mean value, for each trading day during the subscription period, of the highest and lowest quoted paid price on that day according to list on which the subscription rights are quoted. In the absence of a quoted paid price, the quoted bid price shall form the basis for the calculation. Days on which neither a paid price nor a bid price is quoted shall be excluded from the calculation.*

![](tm269615d2_ex4-6img001.jpg)

Om teckningsrätten inte är föremål för notering, ska teckningsrättens värde så långt möjligt fastställas med ledning av den förändring i marknadsvärde avseende Bolagets aktier som kan bedömas ha uppkommit till följd av emissionen av teckningsoptionerna eller konvertiblerna.

*If the subscription rights are not subject to a Listing, the value of the subscription right shall, to the greatest extent possible, be determined based upon the change in the market value of the Company's shares which may be deemed to have occurred as a consequence of the issue of the convertible bonds or warrants.*

Den enligt ovan omräknade teckningskursen och det omräknade antalet aktier som varje teckningsoption ger rätt att teckna ska fastställas av Bolaget två bankdagar efter utgången av teckningstiden för emissionen och tillämpas vid varje teckning som verkställs därefter.

*The Exercise Price and the number of shares for which each Warrant entitles the holder to subscribe, recalculated as set out above, shall be determined by the Company two Business Days after the expiry of the subscription period and shall apply to each Subscription effected thereafter.*

Om Bolagets aktier vid tidpunkten för emissionsbeslutet inte är föremål för marknadsnotering, ska en häremot svarande omräkning ske, dels av teckningskursen, dels av det antal aktier som varje teckningsoption ger rätt att teckna. Omräkningen, som ska utföras av Bolaget, ska ha som utgångspunkt att värdet på teckningsoptionerna ska lämnas oförändrat.

*If the Company's shares, at the time of the resolution to issue the notes, are not subject to a Listing, a corresponding recalculation of the Exercise Price and the number of shares for which each Warrant entitles the holder to subscribe shall take place. The recalculation, which shall be made by the Company, shall be based on the assumption that the value of the Warrants shall remain unchanged.*

Vid teckning som verkställs under tiden innan den omräknade teckningskursen och det omräknade antalet aktier som varje teckningsoption ger rätt att teckna har fastställts, ska bestämmelserna i moment C stycke 10 ovan äga motsvarande tillämpning

*Upon Subscription effected during the period prior to the determination of the recalculated Exercise Price and the recalculated number of shares for which each Warrant entitles the holder to subscribe, the terms and conditions in sub-section C paragraph 10 shall apply.*

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| **E** | **Vissa andra fall av erbjudanden till aktieägarna/*Other offers to shareholders*** |

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Skulle Bolaget i andra fall än som avses i moment A-D ovan lämna erbjudande till aktieägarna att, med företrädesrätt till aktieägarna enligt principerna i 13 kap 1 § aktiebolagslagen, av Bolaget förvärva värdepapper eller rättighet av något slag eller besluta att, enligt ovan nämnda principer, till aktieägarna utdela sådana värdepapper eller rättigheter utan vederlag, ska vid teckning som påkallas på sådan tid, att därigenom erhållen aktie inte medför rätt att delta i erbjudandet, tillämpas en omräknad teckningskurs och ett omräknat antal aktier som varje teckningsoption ger rätt att teckna. Omräkningen ska utföras av Bolaget enligt följande:

![](tm269615d2_ex4-6img001.jpg)

*Where the Company, in circumstances other than those referred to in sub-sections A-D above, makes offers to the shareholders, subject to pre-emption rights for the shareholders in accordance with the principles set out in Chapter 13, section 1 of the Companies Act, to acquire securities or rights of any type from the Company or resolves, in accordance with the principles mentioned above, to distribute such securities or rights to the shareholders without consideration, in conjunction with Subscription which is effected at such time that the shares thereby received do not entitle the holder to participate in the offer, a recalculated Exercise Price as well as a recalculated number of shares for which each Warrant entitles the holder to subscribe shall apply. Recalculations shall be made by the Company in accordance with the following formulae:*

Omräknad teckningskurs = (föregående teckningskurs) x (aktiens genomsnittliga marknadskurs under den i erbjudandet fastställda anmälningstiden ("aktiens genomsnittskurs") / (aktiens genomsnittskurs ökad med värdet av rätten till att delta i erbjudandet ("inköpsrättens värde")

*Recalculated Exercise Price = (previous Exercise Price) x (the average quoted price of the share during the application period for the offer ("average price of the share")) / (the average price of the share increased by the value of the right to participate in the offer ("value of the purchase right").*

Omräknat antal aktier = (föregående antal aktier som varje teckningsoption ger rätt att teckna) x (aktiens genomsnittskurs ökad med inköpsrättens värde) / (aktiens genomsnittskurs)

*Recalculated number of shares = (previous number of shares for which each Warrant entitled the holder to subscribe) x (the average price of the share increased by the value of the purchase right) / (the average price of the share).*

Aktiens genomsnittskurs beräknas i enlighet med bestämmelserna i moment C ovan. *The average price of the share shall be calculated in accordance with the provisions of sub-section C above.*

För det fall aktieägarna erhållit inköpsrätter och handel med dessa ägt rum, ska värdet av rätten att delta i erbjudandet anses motsvara inköpsrättens värde. Inköpsrättens värde ska härvid anses motsvara genomsnittet av det för varje handelsdag under anmälningstiden framräknade medeltalet av den under dagen noterade högsta och lägsta betalkursen enligt den kurslista på viken inköpsrätten noteras. I avsaknad av noterad betalkurs ska i stället den senaste noterade köpkursen ingå i beräkningen. Noteras varken betalkurs eller köpkurs under viss dag, ska vid beräkningen av inköpsrättens värde bortses från sådan dag.

*Where shareholders have received purchase rights and trading in these has taken place, the value of the right to participate in the offer shall be deemed to be equivalent to the value of the purchase rights. For this purpose, the value of the purchase right shall be deemed to be equivalent to the average calculated mean value, for each trading day during the application period, of the highest and lowest quoted paid price during the day according to list on which the purchase rights are quoted. In the absence of a quoted paid price, the quoted bid price shall form the basis for the calculation. Days on which neither a paid price nor a bid price is quoted shall be excluded from the calculation.*

![](tm269615d2_ex4-6img001.jpg)

För det fall aktieägarna inte erhållit inköpsrätter eller om sådan handel med inköpsrätter som avses i föregående stycke inte ägt rum, ska omräkning av teckningskurs ske med tillämpning så långt möjligt av de principer som anges ovan i detta moment E, varvid följande ska gälla. Om notering sker av de värdepapper eller rättigheter som erbjuds aktieägarna, ska värdet av rätten att delta i erbjudandet anses motsvara genomsnittet av det för varje handelsdag under 25 handelsdagar från och med första dagen för sådan notering framräknade medeltalet av den under dagen noterade högsta och lägsta betalkursen vid affärer i dessa värdepapper eller rättigheter på den marknadsplats vid vilken nämnda värdepapper eller rättigheter är noterade, i förekommande fall minskat med det vederlag som betalats för dessa i samband med erbjudandet. I avsaknad av noterad betalkurs ska i stället den senaste noterade köpkursen ingå i beräkningen.

Noteras varken betalkurs eller köpkurs under viss dag, ska vid beräkningen av värdet av rätten att delta i erbjudandet bortses från sådan dag. Vid omräkning enligt detta stycke av teckningskursen och det antal aktier som varje teckningsoption ger rätt att teckna, ska nämnda period om 25 handelsdagar anses motsvara den i erbjudandet fastställda anmälningstiden enligt första stycket i detta moment E.

*If the shareholders do not receive purchase rights or where such trading in purchase rights as referred to in the preceding paragraph otherwise does not take place, the recalculation of the Exercise Price shall be made as far as possible by applying the principles set out above in this sub-section E and the following shall apply. Where listing of the securities or rights offered to the shareholders takes place, the value of the right to participate in the offer shall be deemed to be equivalent to the average calculated mean value, for each trading day during the period of 25 trading days calculated from the first day of listing, of the highest and lowest transaction prices quoted for trades in such securities or rights reduced, where appropriate, by the consideration paid for these in conjunction with the offer. In the absence of a quoted paid price, the quoted bid price shall form the basis for the calculation. Days on which neither a paid price nor a bid price is quoted shall be excluded from the calculation of the value of the right to participate in the offer. In the recalculation of the Exercise Price and the number of shares for which each Warrant entitles the holder to subscribe, the period of 25 trading days referred to above shall be deemed to be the application period determined for the offer pursuant to the first paragraph of this Section E.*

Om notering inte sker av de värdepapper eller rättigheter som erbjuds aktieägarna, ska värdet av rätten att delta i erbjudandet så långt möjligt fastställas med ledning av den förändring i marknadsvärde avseende Bolagets aktier som kan bedömas ha uppkommit till följd av erbjudandet.

*Where no listing of such securities or rights offered to the shareholders takes place, the value of the right to participate in the offer shall, to the greatest extent possible, be determined based on the change in the market value of the Company's shares which may be deemed to have occurred as a consequence of the offer.*

Den enligt ovan omräknade teckningskursen och det antal aktier som varje teckningsoption ger rätt att teckna ska fastställas av Bolaget snarast efter det att värdet av rätten att delta i erbjudandet kunnat beräknas.

![](tm269615d2_ex4-6img001.jpg)

*The Exercise Price and the number of shares for which each Warrant entitles the holder to subscribe, recalculated in accordance with the above, shall be determined by the Company as soon as possible after it becomes possible to calculate the value of the right to participate in the offer.*

Om Bolagets aktier vid tidpunkten för erbjudandet inte är föremål för marknadsnotering, ska en häremot svarande omräkning ske, dels av teckningskursen, dels av det antal aktier som varje teckningsoption ger rätt att teckna. Omräkningen, som ska utföras av Bolaget, ska ha som utgångspunkt att värdet på teckningsoptionerna ska lämnas oförändrat.

*If the Company's shares, at the time of the offer, are not subject to a Listing, a corresponding recalculation of the Exercise Price and the number of shares for which each Warrant entitles the holder to subscribe shall take place. The recalculation, which shall be made by the Company, shall be based on the assumption that the value of the Warrants shall remain unchanged.*

Vid teckning som verkställs under tiden innan den omräknade teckningskursen och det omräknade antalet aktier som varje teckningsoption ger rätt att teckna har fastställts, ska bestämmelserna i moment C stycket 10 ovan äga motsvarande tillämpning

*Upon Subscription effected during the period prior to the determination of the recalculated Exercise Price and the recalculated number of shares for which each Warrant entitles the holder to subscribe, the terms and conditions in sub-section C paragraph 10 shall apply.*

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|:---|:---|
| **F** | **Likabehandling av optionsinnehavare och aktieägare/*Equal treatment of Warrant Holders and shareholders*** |

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Vid nyemission av aktier mot kontant betalning med företrädesrätt för aktieägarna eller emission enligt 14 eller 15 kap aktiebolagslagen mot kontant betalning med företrädesrätt för aktieägarna, får Bolaget besluta att ge samtliga optionsinnehavare samma företrädesrätt som aktieägarna. Därvid ska varje optionsinnehavare, utan hinder av att aktieteckning inte har skett eller verkställts, anses vara ägare till det antal aktier som optionsinnehavaren skulle ha erhållit, om aktieteckning verkställts enligt den teckningskurs och det antal aktier som varje teckningsoption ger rätt att teckna som gällde vid tidpunkten för emissionsbeslutet.

*Where the Company issues new shares or makes an issue pursuant to Chapters 14 or 15 of the Companies Act, with pre-emption rights for shareholders to subscribe for equity related instruments in exchange for cash payment, the Company may grant all Warrant Holders the same pre-emption rights as the shareholders. In conjunction therewith, each Warrant Holder, irrespective of whether subscription for shares has been made, shall be deemed to be the owner of the number of shares which such Warrant Holder would have received, had Subscription on the basis of the Warrant been effected in respect of the Exercise Price, and the number of shares for which each Warrant entitles the holder to subscribe, in effect at the time of the resolution to issue the shares.*

Om Bolaget beslutar att lämna ett sådant erbjudande som beskrivs i moment E ovan, ska vad som anges i föregående stycke tillämpas på motsvarande sätt, dock att det antal aktier som optionsinnehavaren ska anses vara ägare till i sådant fall ska fastställas på grundval av den teckningskurs och det antal aktier som varje teckningsoption ger rätt att teckna vid tidpunkten för beslutet att lämna erbjudandet.

![](tm269615d2_ex4-6img001.jpg)

*If the Company resolves to make an offer to the shareholders as described in sub-section E above, what has been stated in the preceding paragraph shall apply mutatis mutandis.*

*However, the number of shares of which each warrant holder shall be deemed to be the owner shall, in such circumstances, be determined on the basis of the Exercise Price, and the number of shares for which each Warrant entitles the holder to subscribe, in effect at the time of the resolution to make the offer.*

Om Bolaget beslutar att ge optionsinnehavarna företrädesrätt i enlighet med vad som anges i detta moment F, ska ingen omräkning ske enligt moment C, D eller E ovan av teckningskursen eller det antal aktier som varje teckningsoption ger rätt att teckna.

*If the Company resolves to grant the warrant holders pre-emption rights in accordance with the provisions set out in this sub-section F, no recalculation as set out in sub-sections C, D, or E above of the Exercise Price and the number of shares for which each Warrant entitles the holder to subscribe for shall be made.*

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| **G** | **Utdelning/*Dividend*** |

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Om Bolaget beslutar att lämna kontant utdelning till aktieägarna innebärande att dessa erhåller utdelning som, tillsammans med andra under samma räkenskapsår utbetalda utdelningar, överskrider 5 procent av aktiens genomsnittskurs under en period om 25 handelsdagar närmast före den dag då styrelsen för Bolaget offentliggör sin avsikt att till bolagsstämman lämna förslag om sådan utdelning, ska, vid anmälan om teckning som sker på sådan tid att därigenom erhållen aktie inte medför rätt till erhållande av sådan utdelning, tillämpas en omräknad teckningskurs och ett omräknat antal aktier.

Omräkningarna ska baseras på den del av den sammanlagda utdelningen som överstiger 3 procent av aktiens genomsnittskurs under ovannämnd period (extraordinär utdelning).

Omräkningarna ska utföras av Bolaget enligt följande formler:

*If the Company resolves to pay a cash dividend to shareholders resulting in that the shareholders receive dividends which, together with other dividends paid out during the same financial year, exceed 5 per cent of the average price of the share during a period of 25 trading days immediately prior to the day on which the board of directors in the Company publishes its intention to propose such dividend to the shareholders' meeting, a recalculated Exercise Price and a recalculated number of shares shall be applied in connection with application for subscription which occurs in such time that a share thereby received does not provide a right to receipt of such dividend. The recalculations shall be based on the part of the aggregate dividend amount which exceeds 3 per cent of the average price of the share during the abovementioned period (extraordinary dividend). The recalculations shall be made by the Company in accordance with the following formulae:*

Omräknad teckningskurs = (föregående teckningskurs) x (aktiens genomsnittliga marknadskurs under en period om 25 handelsdagar räknat fr.o.m. den dag då aktien noteras utan rätt till extraordinär utdelning ("aktiens genomsnittskurs")) / (aktiens genomsnittskurs ökad med den extraordinära utdelning som utbetalas per aktie).

![](tm269615d2_ex4-6img001.jpg)

*Recalculated Exercise Price = (previous Exercise Price) x (the average quoted price of the share during a period of 25 trading days calculated from the day on which the share is listed without any right to the extraordinary dividend (the "average price of the share"))/(the average price of the share increased by the extraordinary dividend paid out per share) .*

Omräknat antal aktier som varje teckningsoption berättigar till teckning av = (föregående antal aktier som varje teckningsoption berättigar till teckning av) x (aktiens genomsnittskurs ökad med den extraordinära utdelning som utbetalas per aktie) / (aktiens genomsnittskurs).

*Recalculated number of shares for which each warrant entitles the holder to subscribe = (previous number of shares for which each warrant entitles the holder to subscribe) x (the average price of the share increased by the extraordinary dividend paid out per share) / (the average price of the share).*

Aktiens genomsnittskurs beräknas i enlighet med bestämmelserna i moment C ovan. *The average price of the share shall be calculated in accordance with the provisions set out in sub-section C above.*

Enligt ovan omräknad teckningskurs och omräknat antal aktier fastställs av Bolaget två bankdagar efter utgången av ovan angiven period om 25 handelsdagar och ska tillämpas vid teckning som verkställs därefter.

*The Exercise Price and number of shares, recalculated as set out above, shall be determined by the Company two business days after the expiry of the above-mentioned period of 25 trading days and shall apply to each subscription effected thereafter.*

Vid teckning som verkställs under tiden innan den omräknade teckningskursen och det omräknade antalet aktier har fastställts, ska teckning verkställas i enlighet med bestämmelserna i moment C sista stycket ovan.

*During the period prior to the determination of the recalculated Exercise Price and the recalculated number of shares, Subscription shall be effected in accordance with the provisions in sub-section C last section above.*

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| **H** | **Minskning av aktiekapitalet/*Reduction of share capital*** |

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Om Bolagets aktiekapital skulle minskas med återbetalning till aktieägarna och sådan minskning är obligatorisk ska tillämpas en omräknad teckningskurs liksom ett omräknat antal aktier som varje teckningsoption ger rätt att teckna.

*If the Company's share capital is reduced though a repayment to the shareholders, and such reduction is compulsory, a recalculated Exercise Price and a recalculated number of shares for which each Warrant entitles the holder to subscribe, shall be applied.*

Omräkningen genomförs av Bolaget enligt följande:

*The recalculations shall be made by the Company in accordance with the following formulae:*

Omräknad teckningskurs = (föregående teckningskurs) x (aktiens genomsnittliga marknadskurs under en period om 25 handelsdagar räknat från och med den dag då aktien noteras utan rätt till återbetalning ("aktiens genomsnittskurs")) /(aktiens genomsnittskurs ökad med det belopp som återbetalas per aktie)

![](tm269615d2_ex4-6img001.jpg)

*Recalculated Exercise Price = (previous Exercise Price) x (the average quoted price of the share during a period of 25 trading days calculated from the day on which the share is listed without any right to participate in the distribution (the "average price of the share"))/(the average price of the share increased by the amount repaid per share).*

Omräknat antal aktier = (föregående antal aktier som varje teckningsoption ger rätt att teckna) x (aktiens genomsnittskurs ökad med det belopp som återbetalas per aktie) / (aktiens genomsnittskurs)

*Recalculated number of shares for which each Warrant entitles the holder to subscribe = (previous number of shares for which each Warrant entitled the holder to subscribe) x (the average price of the share increased by the amount repaid per share) / (the average price of the share).*

Aktiens genomsnittskurs beräknas i enlighet med bestämmelserna i moment C ovan. *The average price of the share is calculated in accordance with the provisions set out in sub-section C above.*

Vid omräkning enligt ovan och där minskningen sker genom inlösen av aktier, ska istället för det faktiska belopp som återbetalas per aktie användas ett beräknat återbetalningsbelopp enligt följande:

*In carrying out the recalculations according to the above and where the reduction is made through redemption of shares, instead of using the actual amount which is repaid for each share, an amount calculated as follows shall be applied:*

Beräknat återbetalningsbelopp per aktie = (det faktiska belopp som återbetalas per inlöst aktie minskat med aktiens genomsnittliga marknadskurs under en period om

25 handelsdagar närmast före den dag då aktien noteras utan rätt till att delta i minskningen ("aktiens genomsnittskurs"))/ (det antal aktier i Bolagets som ligger till grund för inlösen av en aktie minskat med talet 1)

*Calculated amount to be repaid for each share = (the actual amount repaid for each redeemed share reduced by the average market price of the share during a period of 25 trading days immediately prior to the day on which the share is listed without any right to participate in the reduction (the "average price of the share")) / (the number of shares of the Company which carry an entitlement to the redemption of one share, reduced by 1).*

Aktiens genomsnittskurs beräknas i enlighet med bestämmelserna i moment C ovan.

*The average exchange price is calculated in accordance with the provisions set out in sub-section C above.*

Den enligt ovan omräknade teckningskursen och det omräknade antalet aktier som varje teckningsoption ger rätt att teckna ska fastställas av Bolaget två bankdagar efter utgången av den angivna perioden om 25 handelsdagar och ska tillämpas vid aktieteckning som verkställs därefter.

*The Exercise Price and number of shares for which each Warrant entitles the holder to subscribe, recalculated as set out above, shall be determined by the Company two Business Days after the expiry of the above-mentioned period of 25 trading days, and shall apply to each Subscription effected thereafter.*

![](tm269615d2_ex4-6img001.jpg)

Vid teckning som verkställs under tiden innan den omräknade teckningskursen och det omräknade antalet aktier har fastställts, ska teckning verkställas i enlighet med bestämmelserna i moment C sista stycket ovan.

*During the period prior to the determination of the recalculated Exercise Price and the recalculated number of shares, Subscription shall be effected in accordance with the provisions in sub-section C last section above.*

Om Bolagets aktiekapital skulle minskas genom inlösen av aktier med återbetalning till aktieägarna och sådan minskning inte är obligatorisk, men där, enligt Bolagets bedömning, minskningen med hänsyn till dess tekniska utformning och ekonomiska effekter är att jämställa med minskning som är obligatorisk, ska omräkning av teckningskursen och det antal aktier som varje teckningsoption ger rätt att teckna ske med tillämpning så långt möjligt av de principer som anges i detta moment H.

*If the Company's share capital is reduced through redemption of shares with repayment to the shareholders, where such reduction is not compulsory, but where, in the opinion of the Company, the reduction, due to its technical structure and its financial effects, is equivalent to a compulsory reduction, the recalculation of the Exercise Price and the number of shares for which each Warrant entitles the holder to subscribe shall be made, to the greatest extent possible, in accordance with the principles stated above in this sub-section H.*

Om Bolagets aktier vid tidpunkten för minskningen inte är föremål för marknadsnotering, ska en häremot svarande omräkning av teckningskursen ske. Omräkningen, som ska utföras av Bolaget, ska ha som utgångspunkt att värdet på teckningsoptionerna ska lämnas oförändrat.

*If the Company's shares, at the time of the reduction of the share capital, are not subject to a Listing, a corresponding recalculation of the Exercise Price and the number of shares for which each Warrant entitles the holder to subscribe shall take place. The recalculation, which shall be made by the Company, shall be based on the assumption that the value of the Warrants shall remain unchanged.*

**I** **Omräkning ska leda till skäligt resultat/*Recalculation shall give a reasonable result***

För det fall Bolaget genomför åtgärd som avses i moment A-E, G eller H ovan och skulle, enligt Bolagets bedömning, tillämpning av härför avsedd omräkningsformel, med hänsyn till åtgärdens tekniska utformning eller av annat skäl, inte kunna ske eller leda till att den ekonomiska kompensation som optionsinnehavarna erhåller i förhållande till aktieägarna inte är skälig, ska Bolaget genomföra omräkningen av teckningskursen och det antal aktier som varje teckningsoption ger rätt att teckna på sätt Bolaget finner ändamålsenligt i syfte att omräkningen leder till ett skäligt resultat.

*Should the Company take actions such as those stated in sub-sections A-E, G or H above and if, in the Company's opinion, application of the recalculation formula established for such action, taking into account the technical framework of such action or for other reasons, could not be made or would result in the Warrant Holders receiving, in relation to the shareholders, economic compensation that is not reasonable, the Company shall, subject to prior written approval by the board of directors of the Company, make the recalculation of the Exercise Price, and the number of shares for which each Warrant entitles the holder to subscribe, in such a manner as the Company determines is appropriate to ensure that the recalculation gives a reasonable result.*

![](tm269615d2_ex4-6img001.jpg)

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| **J** | **Avrundning/*Rounding off*** |

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Vid omräkning av teckningskursen enligt ovan ska denna avrundas till helt tiotal öre, varvid fem öre ska avrundas nedåt och antalet aktier avrundas till två decimaler.

*On recalculation of the Exercise Price in accordance with the above, the Exercise Price shall be rounded off to the nearest SEK 0.10, for which purposes SEK 0.05 shall be rounded downwards and the number of shares shall be rounded off to two decimal places.*

**K** **Fusion enligt 23 kap 15 § aktiebolagslagen/ *Mergers according to Chapter 23, section 15 of the Companies Act*** 

Om bolagsstämman skulle godkänna en fusionsplan enligt 23 kap 15 § aktiebolagslagen, varigenom Bolaget ska uppgå i annat bolag, får anmälan om teckning därefter ej ske.

*In the event the general meeting approves a merger plan in accordance with Chapter 23, section 15 of the Companies Act, pursuant to which the Company is to be merged into another company, applications for Subscription may not thereafter be made.*

Senast en månad innan Bolaget tar slutlig ställning till fråga om fusion enligt ovan, ska optionsinnehavare genom meddelande enligt punkten 11 nedan underrättas om fusionsavsikten. Underrättelsen ska innehålla en redogörelse över det huvudsakliga innehållet i fusionsplanen samt en erinran om att teckning inte får ske efter att beslut om fusion fattats av bolagsstämman.

*Not later than one month prior to a final determination by the Company in respect of a merger as set forth above, notice shall be given to Warrant Holders in accordance with section 11 below in respect of the proposed merger. Such notice shall include the main aspects of the proposed merger plan and a reminder that applications for Subscription may not be made following a final decision regarding the merger in accordance with the provisions set forth in the preceding paragraph.*

Om Bolaget lämnar underrättelse om fusion enligt ovan, ska optionsinnehavare – oavsett vad som i punkten 4 ovan sägs om tidigaste tidpunkt för anmälan om teckning – äga rätt att göra anmälan om teckning från den dag då underrättelsen om fusionsavsikten lämnats, förutsatt att teckning kan verkställas senast på femte vardagen före den bolagsstämma, vid vilken fusionsplanen, varigenom Bolaget ska uppgå i annat bolag ska godkännas.

*In the event the Company gives notice regarding a proposed merger in accordance with the above, each Warrant Holder, irrespective of that which is set forth in section 4 above regarding the earliest time at which applications for Subscription may be made, shall be entitled to apply for Subscription commencing on the date on which notice is given regarding the proposed merger, provided that it is possible to effect Subscription not later than the fifth weekday prior to the general meeting at which the merger plan, pursuant to which the Company is to be merged into another company, is to be approved.*

![](tm269615d2_ex4-6img001.jpg)

**L** **Fusion enligt 23 kap 28 § aktiebolagslagen/*Mergers according to Chapter 23, Section 28 of the Companies Act***

Om Bolagets styrelse upprättar en fusionsplan enligt 23 kap 28 § aktiebolagslagen, eller annan motsvarande associationsrättslig lagstiftning, ska följande gälla.

*If the Company draws up a merger plan in accordance with Chapter 23, Section 28 of the Companies Act, the following shall apply.*

Äger ett moderbolag samtliga aktier i Bolaget, och offentliggör Bolagets styrelse sin avsikt att upprätta en fusionsplan enligt 23 kap 28 § aktiebolagslagen, ska Bolaget, för det fall att sista dag för anmälan om teckning enligt punkten 4 ovan infaller efter sådant offentliggörande, fastställa en ny sista dag för anmälan om teckning ("slutdagen").

Slutdagen ska infalla inom 60 dagar från offentliggörandet.

*If the parent company holds all Shares in the Company and the board of directors of the Company announces its intention to draw up a merger plan according the provisions of Chapter 23, Section 28 of the Companies Act, then the Company if the last date for Subscription according to section 4 above occurs after such announcement, shall determine a new last date for notification of Subscription (the final date). The final date shall occur within 60 days from the announcement.*

Äger en aktieägare (majoritetsaktieägaren) ensam eller tillsammans med dotterföretag aktier representerande så stor andel av samtliga aktier i Bolaget att majoritetsaktieägaren, enligt vid var tid gällande lagstiftning, har rätt att påkalla tvångsinlösen av återstående aktier och offentliggör majoritetsägaren sin avsikt att påkalla tvångsinlösen av återstående aktier, ska vad som i föregående stycke sägs om slutdagen äga motsvarande tillämpning.

*If a shareholder (the majority shareholder) alone, or jointly with subsidiaries, holds a sufficient portion of all Shares in the Company entitling the majority shareholder the right to initiate compulsory acquisition according to applicable laws of the remaining Shares in the Company and if the majority shareholder announces its intention to initiate compulsory acquisition, the preceding sub-paragraph shall apply.*

Om offentliggörandet skett i enlighet med vad som anges ovan i detta moment L, ska – oavsett vad som i punkten 4 ovan sägs om tidigaste tidpunkt för anmälan om teckning – optionsinnehavare äga rätt att göra sådan anmälan fram till slutdagen. Bolaget ska senast fyra veckor före slutdagen genom meddelande enligt punkten 11 nedan erinra optionsinnehavarna om denna rätt samt att anmälan om teckning ej får ske efter slutdagen.

*In the event the announcement has been made in accordance with what is stated in this sub-section L, shall - irrespective of what is stated in section 3 above regarding the earliest date for notification of Subscription – the Warrant Holder be entitled to make such notification up to the final date. The Company shall not later than four weeks prior to the final date by notification according to section 11 below remind the Warrant Holder of such right and that notification of Subscription is not permitted after the final date.*

![](tm269615d2_ex4-6img001.jpg)

**M** **Delning/*Division***

Om bolagsstämman skulle godkänna en delningsplan enligt 24 kap 17 § aktiebolagslagen, varigenom Bolaget ska delas genom att en del av Bolagets tillgångar och skulder övertas av ett eller flera andra aktiebolag mot vederlag till aktieägarna i Bolaget, tillämpas en omräknad teckningskurs liksom ett omräknat antal aktier som varje teckningsoption ger rätt att teckna, enligt principerna för utdelning i punkt G ovan. Omräkningen ska baseras på den del av Bolagets tillgångar och skulder som övertas av övertagande bolag.

*Where the general meeting adopts a resolution to approve a division plan pursuant to Chapter 24, section 17 of the Companies Act, pursuant to which a proportion of the assets and liabilities of the Company are taken over by two or more other companies, a recalculated Exercise Price and a recalculated number of shares for which each Warrant entitles the Warrant Holder to subscribe shall be calculated. The provisions of sub-section G regarding Dividend shall then apply mutatis mutandis. The recalculation shall be based on the proportion of the assets and liabilities of the Company that are taken over by the transferee company or companies.*

Om samtliga Bolagets tillgångar och skulder övertas av ett eller flera andra aktiebolag mot vederlag till aktieägarna i Bolaget ska bestämmelserna om likvidation enligt punkt M nedan äga motsvarande tillämpning, innebärande bl.a. att rätten att begära teckning upphör samtidigt med registrering enligt 24 kap 27 § aktiebolagslagen och att underrättelse till optionsinnehavare ska ske senast fyra veckor innan delningsplanen underställs bolagsstämman.

*Where all assets and liabilities of the companies are taken over by two or more other companies, on paying consideration to the shareholders of the Company, the provisions of sub-section M below regarding liquidation shall apply mutatis mutandis. Inter alia, this means that the right to demand Subscription shall terminate simultaneously with the registration in accordance with Chapter 24, section 27 of the Companies Act and that the Warrant Holder shall be notified no later than four weeks before the division plan shall be submitted for approval to the general meeting.*

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| **N** | **Likvidation/*Liquidation*** |

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Om det beslutas att Bolaget ska träda i likvidation får teckning, oavsett grunden för likvidation, därefter inte ske. Rätten att begära teckning upphör samtidigt med likvidationsbeslutet oavsett om detta beslut har vunnit laga kraft.

*If it is resolved that the Company be put into liquidation, for whatever reason, Subscription may not take place thereafter. The right to demand Subscription shall terminate simultaneously with the adoption of the resolution to put the Company in liquidation, irrespective of whether such resolution has become final.*

Senast fyra veckor innan bolagsstämma tar ställning till fråga om Bolaget ska träda i likvidation enligt 25 kap aktiebolagslagen ska optionsinnehavarna genom meddelande enligt punkt 11 nedan underrättas om den planerade likvidationen. Underrättelsen ska innehålla en erinran om att teckning inte får ske efter beslut om likvidation.

*Not later than four weeks prior to the adoption of a resolution by a general meeting in respect of whether or not the Company should be put into liquidation in accordance with Chapter 25 of the Companies Act, the Warrant Holders shall be notified with respect to the planned liquidation in accordance with section 10 below. The notice shall state that subscription may not take place following the adoption of the resolution in respect of liquidation.*

![](tm269615d2_ex4-6img001.jpg)

Om Bolaget lämnar underrättelse om avsedd likvidation enligt ovan, ska optionsinnehavare - oavsett vad som i punkt 4 ovan sägs om tidigaste tidpunkt för teckning - äga rätt att påkalla teckning från den dag då underrättelsen lämnats, förutsatt att teckning kan verkställas före tidpunkten för den bolagsstämma vid vilken frågan om Bolagets likvidation ska behandlas.

*If the Company gives notice of a planned liquidation pursuant to the above, the Warrant Holders shall, notwithstanding the provisions of section 4 in respect of the earliest date for application for Subscription, be entitled to apply for Subscription commencing on the day on which the notice is given, provided that Subscription may be effected not later than prior to the general meeting at which the resolution regarding the liquidation of the Company shall be addressed.*

Oavsett vad som ovan sagts om att teckning inte får ske efter beslut om likvidation, återinträder rätten att begära teckning om likvidationen inte genomförs.

*Notwithstanding the provisions above pursuant to which Subscription may not take place after the adoption of a resolution regarding liquidation, the right to subscribe shall be reinstated in the event the liquidation is not carried out.*

**O** **Konkurs/ *Insolvent liquidation*** 

Vid Bolagets konkurs får teckning med utnyttjande av teckningsoption inte ske. Om konkursbeslutet hävs av högre rätt, återinträder rätten till teckning.

*If the Company is put into insolvent liquidation, Subscription may not take place through the exercise of Warrants. Where, however, the decision to put the Company into insolvent liquidation is set aside by a higher court, subscription rights shall be reinstated.*

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| **9** | **Särskilt åtagande av Bolaget/*Special undertaking by the Company*** |

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Bolaget förbinder sig att inte vidta någon i punkten 8 ovan angiven åtgärd som skulle medföra en omräkning av teckningskursen till belopp som understiger akties vid var tid gällande kvotvärde.

*The Company undertakes not to take any measures set forth in section 8 above that would result in an adjustment of the Exercise Price to an amount less than the from time to time prevailing quota value of the Share.*

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| **10** | **Förvaltare/*Nominees*** |

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Enligt 3 kap 7 § lagen (1998:1479) om värdepapperscentraler och kontoföring av finansiella instrument kan juridiska personer erhålla medgivande till att registreras som förvaltare. Sådan förvaltare ska betraktas som optionsinnehavare vid tillämpning av dessa villkor.

*According to Chapter 3 section 7 of the Central Securities Depositories and Financial Instruments Accounts Act (1998:1479), a legal entity shall be entitled to be registered as nominee. Such a nominee shall be regarded as a Warrant Holder for the purposes of the application of these terms and conditions.*

![](tm269615d2_ex4-6img001.jpg)

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| **11** | **Meddelanden/*Notices*** |

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Meddelanden rörande teckningsoptionerna ska tillställas en optionsinnehavare till sådan e-postadress som skriftligen meddelats till bolaget eller styrelsen (eller sådan annan e-post- eller postadress som är känd för Bolaget).

*Notices concerning the Warrants shall be sent to a Warrant Holder to the email address notified in writing to the Company or board of directors (or such other email or postal address that the Company is aware of).*

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| **12** | **Rätt att företräda optionsinnehavare/*Right to represent Warrant Holders*** |

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Utan att särskilt uppdrag från optionsinnehavarna föreligger, är Banken behörig att företräda optionsinnehavarna i frågor av formell natur som rör villkoren för teckningsoptionerna.

*The Bank shall be entitled to represent Warrant Holders in matters of a formal nature concerning the Warrants without special authorisation from the Warrant Holders.*

---

| | |
|:---|:---|
| **13** | **Ändring av villkor/*Amendments to terms and conditions*** |

---

Bolagets styrelse har rätt att besluta om ändring av dessa optionsvillkor i den mån lagstiftning, domstolsavgörande eller myndighetsbeslut så kräver eller om det i övrigt av praktiska skäl är ändamålsenligt eller nödvändigt och optionsinnehavarnas rättigheter inte i något avseende försämras.

*The Company's board of directors shall be entitled to amend the terms and conditions of the Warrants to the extent required by legislation, decisions of courts of law or decisions of governmental authorities or where otherwise, in the Company's opinion, such is necessary or expedient for practical reasons and provided that the rights of the Warrant Holders are in no way prejudiced.*

---

| | |
|:---|:---|
| **14** | **Sekretess/*Confidentiality*** |

---

Bolaget och Euroclear får inte utan tillstånd lämna uppgift till utomstående om optionsinnehavare. Bolaget har rätt till insyn i Euroclears avstämningsregister över teckningsoptionerna, vari framgår vem som är registrerad för teckningsoption.

*The Company and Euroclear may not, without authorisation, disclose information regarding the Warrant Holders to any third party. The Company shall have access to information contained in the register of warrants held by Euroclear which sets out the persons registered as holders of Warrants.*

![](tm269615d2_ex4-6img001.jpg)

---

| | |
|:---|:---|
| **15** | **Begränsning av ansvar/*Limitation of liability*** |

---

I fråga om de åtgärder som enligt dessa optionsvillkor ankommer på Bolaget, Euroclear eller Banken gäller med beaktande av bestämmelserna i lagen (1998:1479) om värdepapperscentraler och kontoföring av finansiella instrument att ansvarighet inte kan göras gällande för skada, som beror av svensk eller utländsk lag, svensk eller utländsk myndighetsåtgärd, krigshändelse, strejk, blockad, bojkott, lockout eller annan liknande omständighet. Förbehållet i fråga om strejk, blockad, bojkott och lockout gäller även om Bolaget, Euroclear eller Banken vidtar eller är föremål för sådan konfliktåtgärd.

*In respect of measures which it is incumbent on the Company, Euroclear or the Bank to take in accordance with the terms and conditions of the Warrants, taking into consideration the provisions of the Central Securities Depositories and Financial Instruments Accounts Act (1998:1479), neither the Company, Euroclear nor the Bank shall be liable for loss which arises as a consequence of Swedish or foreign legislation, the actions of Swedish or foreign governmental authorities, acts of war, strikes, blockades, boycotts, lockouts, or other similar circumstances. The reservation in respect of strikes, blockade, boycotts, and lockouts shall apply notwithstanding that the Company, Euroclear or the Bank is itself the subject of, or effects, such measures.*

Euroclear är inte heller skyldigt att i andra fall ersätta skada som uppkommer, om Euroclear varit normalt aktsam. Motsvarande ansvarsbegränsning ska gälla även för Bolaget och Banken. Härutöver gäller att Bolaget och Banken inte i något fall är ansvarig för indirekt skada.

*Nor shall Euroclear be liable for loss which arises under other circumstances provided Euroclear has duly exercised normal caution. The Company and the Bank shall also enjoy a corresponding limitation of liability. In addition, under no circumstances shall the Company or the Bank be liable for indirect loss.*

Föreligger hinder för Bolaget, Euroclear eller Banken att vidta åtgärd på grund av omständighet som anges i första stycket, får åtgärden uppskjutas till dess hindret har upphört.

*If the Company, Euroclear or the Bank is unable to perform its obligations as a consequence of a circumstance specified in the first paragraph, such performance may be postponed until such time as the cause for the impediment has terminated.*

---

| | |
|:---|:---|
| **16** | **Tillämplig lag och forum/*Applicable law and forum*** |

---

Svensk lag gäller för dessa optionsvillkor och därmed sammanhängande rättsfrågor. Tvist med anledning av dessa optionsvillkor ska avgöras av allmän domstol med Göteborgs tingsrätt som första instans eller sådan annan domstol som Bolaget skriftligen godkänner. *These terms and conditions and any related legal matters shall be governed by Swedish law. Legal proceedings relating to these terms and conditions shall be brought before the Gothenburg District Court or such other forum as is accepted in writing by the Company.*

**Board LTIP 2023 in Vicore Pharma Holding AB (publ)**

**GRANT NOTICE & AGREEMENT**

On 11 May 2023, the Annual General Meeting in Vicore Pharma Holding AB (publ) (the "**Company**") resolved to introduce a share-based incentive program for Board members in the Company ("**Board LTIP 2023**").

In summary, the resolution entails that the Board members (each a "**Participant**") are granted share awards (the "**Share Awards**") which entitle the Participant to receive a corresponding number of shares in the Company after the vesting date, provided that the Participant is still a member of the Board of Directors on such date. The Share Awards are granted free of charge and each vested Share Award entitles the Participant to one share in the Company without any compensation being payable.

The Share Awards may not be transferred or pledged.

On this day, June 19, 2023, you have, under Board LTIP 2023, been allocated **XX,XXX Share Awards**, entitling you to a corresponding number of shares in the Company, subject to the above and the detailed terms set out in "*Terms for Board LTIP 2023 in Vicore Pharma Holding AB (publ)*".

The Share Awards vest over approximately one year corresponding to up to the date of, whichever is earliest, (i) the Annual General Meeting 2024 or (ii) June 1, 2024 ("**Vesting Date**"). Your vested Share Awards will be exercised upon request. The earliest point in time at which vested Share Awards may be exercised shall be the day falling immediately after the Vesting Date. The latest point in time at which vested Share Awards can be exercised shall be the earlier of (i) 90 days after the last day of service as a member of the Board of Directors, or (ii) June 1, 2029.

By signing this Grant Notice & Agreement, you hereby confirm

&nbsp;&nbsp;&nbsp;&nbsp;i) that
 you have read, understood and accepted the above information,

ii) that you have read, understood and accepted the "*Terms for Board LTIP 2023 in Vicore Pharma Holding AB (publ)*",

iii) that you have read, understood and accepted the information under "Personal data" on the next page of this Grant Notice & Agreement,

iv) that you accept the receipt of the above said number of Share Awards (in accordance with the above said terms and conditions), and

&nbsp;&nbsp;&nbsp;&nbsp;v) that
 you understand and accept that all tax- and currency risks and effects for you related to
 your participation in Board LTIP 2023 are your responsibility.

---

| |
|:---|
| *Place and date* |
| *Signature* |
| *Clarification of signature* |

---

Please complete, sign and return this Grant Notice & Agreement to XXXX@vicorepharma.com by no later than June 26, 2023.

**Personal data**

Personal data submitted to the Company, e.g. contact details and personal identity number, or otherwise registered in connection with the administration of Board LTIP 2023, is processed by the Company, as data controller, for the administration of the program. The processing of personal data is necessary for the Company in order to fulfill the agreement concerning Board LTIP 2023 and to enable the Company to fulfill its statutory obligations. If you do not provide the requested personal data to the Company, you may not participate in the program.

Personal data may, for specified purposes, sometimes be disclosed to other companies within the Company's group, to banks or to companies with which the Company cooperates, within and outside the EU/EEA. Should personal data be transferred outside the EU/EEA, it will be conducted in accordance with suitable safeguards approved by the EU. You may, at any time, request further information regarding such transfer and request copies of agreements or other safeguards used by the Company for such transfer. In certain situations, the Company is also obligated by law to disclose data, e.g. to the Swedish Tax Agency.

Requests for information on the personal data being processed by the Company, erasure of personal data, limitations to the processing of personal data, data portability, or rectification of personal data may be directed to the Company's CFO, who you may also contact if you desire any further information regarding the Company's processing of personal data. Should you wish to register a complaint regarding the Company's processing of personal data you may contact the Swedish Data Protection Authority in its capacity of supervisory authority.

Personal data is only kept for as long as it is necessary for the administration of Board LTIP 2023 or as long as it is required for the Company to fulfill its statutory obligations.

Address to the Company's CFO: XXXX@vicorepharma.com

## Exhibit 4.7

**Exhibit 4.7**

![](tm269615d2_ex4-7img001.jpg)

**TERMS REGARDING Vicore Pharma Holding AB´S INCENTIVE PROGRAM (Co-worker LTIP 2021) The scope of the incentive program**

In accordance with the resolution by the Annual General Meeting 2021 held on May 11, 2021, Vicore Pharma Holding AB (publ) ("Vicore Pharma" or the "Company"), Reg. No. 556680-3804, resolved to implement a long-term incentive program for senior management and key persons (including employees and consultants) in the Company ("Co-worker LTIP 2021"). Co-worker LTIP 2021 is a program under which the participants will be granted, free of charge, options ("Options") subject to three-year vesting that entitle to acquire a maximum of 3,000,000 shares in the Company in total, in accordance with the terms stipulated below.

**Entitlement to Options**

Co-worker LTIP 2021 is intended for senior management and key persons (including employees and consultants) in the Company (each a "Participant"). The Board of Directors in Vicore Pharma shall, based on the guidelines resolved by the Annual General Meeting 2021, annually resolve upon

allocation of Options (with each respective date of granting being a "Granting Date"). The Options are granted free of charge. The Options are non-transferable and may not be pledged. Participants shall be given notice of its participation in the Co-worker LTIP 2021 through a notice form ("GRANT NOTICE & AGREEMENT") furnished by the Board of Directors.

**Vesting**

The Options shall vest over a three-year period with one third each year on the anniversary of the Grant Day, whereby all Options shall vest on the third anniversary of the Granting Date, provided that the Participant, with some customary exceptions (including retirement and permanent incapacity to work due to illness or accident), still is employed by the Company (or, in the case of consultants, still providing services to the Company). Vesting, otherwise, takes place annually where 1/3 of the Options will be vested after 12 months, but no Options shall be deemed vested at a time that falls within 12 months from the Granting Date.

Vested Options may be exercised at any time until the fifth anniversary of the Granting Date.

The number of Options will be recalculated in accordance with the recalculation provisions set out in the terms and conditions of the warrants (Sw. *teckningsoptioner*) referred to below.

In the event of a public takeover offer, asset sale, liquidation, merger or any other such transaction affecting the Company, the Options will vest in their entirety if the Participant's employment or consultancy engagement, within 24 months following the completion of such event, is involuntarily terminated or there is a reduction in salary or diminution in role other than for cause.

Each day when vesting of Options occurs is hereinafter referred to as a "Vesting Day". The number of Options vested on each Vesting Day shall be rounded downwards to the nearest whole number of Options.

![](tm269615d2_ex4-7img001.jpg)

Vesting is made automatically at the above-mentioned dates and does not require any activity from either Vicore Pharma or the Participant.

Each Option entitles the Participant to acquire one share in the Company for a predetermined exercise price ("Exercise Price"). The Exercise Price per share shall correspond to 125 percent of the volume weighted average price of the Company's share on Nasdaq Stockholm for the five trading days preceding the Granting Date, and be set out in the GRANT NOTICE & AGREEMENT.

The Exercise Price shall be paid in cash to Vicore Pharma in connection with the exercise of the Option. The Participant's acquisition of a share is carried out by Vicore Pharma, a subsidiary in the Group (the "Subsidiary"), or other party appointed by the Subsidiary or Vicore Pharma, acting as representative for the Participant, by exercising the warrant which the Option is hedged by and subscribing for a share in the name of the Participant. The Participant shall authorize the Subsidiary, or any other party appointed by the Subsidiary or Vicore Pharma, to, on behalf of the Participant, subscribe for the shares and the Participant shall pay the purchase price to the Company.

In connection with the exercise of the Options, the Participant may exercise a lower number of vested Options. The exercise of the Option shall be made on a form furnished by the Board of Directors. The purchase price shall be paid to the entity designated by the Company.

**Transferability**

The Option may not be transferred or pledged and may only be exercised by the Participant or by the estate of the Participant.

**Termination of employment**

If the Participant's employment/assignment with the Group is terminated, and if not otherwise follows from these terms and conditions, all Options that have not been vested in accordance with the provisions under the section "Vesting" above at the date of notice of termination shall immediately forfeit and not be exercisable thereafter. For the avoidance of doubt, the Participant will retain all Options that have been vested in accordance with the provisions under the section "Vesting" above.

Notwithstanding the foregoing, if the employment/assignment is terminated as a result of that the Participant retires due to age or receives sickness benefit or otherwise is being prevented from carrying out the duties due to medical reasons attributable to the Participant, and which are not considered temporary, the vesting shall continue in accordance with these terms and conditions.

**Redemption in certain situations**

In case of a public takeover offer, asset sale, liquidation, merger or any other such transaction affecting the Company, Vicore Pharma, or anyone designated by Vicore Pharma, shall be entitled to redeem the Options (vested as well as unvested) from the Participant. Redemption shall be made for a consideration per Option equal to the consideration following from the transaction, as determined by the Board of Directors.

Vicore Pharma Holding AB \| Kornhamnstorg 53, SE-111 27 Stockholm, Sweden

Phone: +46 (0)31 78 80 560 \| Reg no. 556680-3804 \| www.vicorepharma.com

![](tm269615d2_ex4-7img001.jpg)

The request by Vicore Pharma for redemption shall be made by a written notice to the Participant and after such notice redemption shall take place by payment of the redemption consideration to the Participant within 10 days from the date of the completion of the transaction. Following a notice from Vicore Pharma that Vicore Pharma exercises its right to redeem Options, no Options may be exercised irrespective of any provisions to the contrary in these terms and conditions.

**Taxes**

Vicore Pharma is entitled to refuse to accept exercise of Options in case the Participant does not pay a cash amount to Vicore Pharma corresponding to the payment liabilities that may arise on behalf of the Group related to the Participant's income taxes triggered by the exercise of the Options (to the extent such amounts cannot be deducted from the Participant's salary).

**Warrant terms**

The terms for the warrants (Sw. *teckningsoptioner*) which entitle to subscription of common shares upon the exercise of Options, have been registered with the Swedish Companies Registration Office, and shall constitute a part of the terms of the Options. The terms can be obtained from Vicore Pharma. The number of Options will be recalculated in accordance with the terms and conditions of said warrants.

**Foreign jurisdictions**

Vicore Pharma has not, and will not, take any actions in any other jurisdiction than Sweden in order to procure that the Options granted hereunder can be exercised by the Participant. Vicore Pharma reserves the right not to effect exercise in case such exercise would conflict the legislation or require additional actions in any foreign jurisdiction.

**Applicable law and dispute**

Swedish law shall apply on these terms. Any dispute shall be finally settled by arbitration in accordance with the Rules for Expedited Arbitration of the Arbitration Institute of the Stockholm Chamber of Commerce. The proceedings shall take place in Stockholm. The cost for the proceedings shall be paid by Vicore Pharma irrespective of the outcome of the proceedings, unless the Participant's request for arbitral proceedings was obviously unfounded in which case the costs shall be paid by the Participant.

**Authorisation by the Board of Directors**

In each case these terms are referring to the Board of Directors, the Board of Directors shall be entitled to authorize one or more of the management of Vicore Pharma to make any decisions or execute any action on behalf of the Board of Directors.

Vicore Pharma Holding AB \| Kornhamnstorg 53, SE-111 27 Stockholm, Sweden

Phone: +46 (0)31 78 80 560 \| Reg no. 556680-3804 \| www.vicorepharma.com

![](tm269615d2_ex4-7img001.jpg)

**Co-worker LTIP 2021 in Vicore Pharma Holding AB**

**GRANT NOTICE & AGREEMENT**

NAME

September 29, 2023

The Annual General Meeting in Vicore Pharma Holding AB (publ) (the "**Company**") held on May 11, 2021, resolved to implement a long-term incentive program for senior management and key persons (including employees and consultants) in the Company ("**Co-worker LTIP 2021**").

In summary, the resolution entails that a number of selected individuals (each a "**Participant**") are granted options (the "**Options**") which entitle the Participant to receive a corresponding number of shares in the Company after the third anniversary of the date of this Grant Notice & Agreement.

The Options shall vest over a three-year period with one third each year on the anniversary of the Granting Day, whereby all Options shall vest on the third anniversary of the Granting Date, provided that the holder, with some customary exceptions (including retirement and permanent incapacity to work due to illness or accident), still is employed by the Company (or, in the case of consultants, still providing services to the Company). Vesting, otherwise, takes place annually where 1/3 of the Options will be vested after 12 months, but no Options shall be deemed vested at a time that falls within 12 months from the Granting Date.

The latest point in time at which vested Options may be exercised shall be the fifth anniversary of the Granting Date. The Options are awarded free of charge. Each Option entitles the holder to acquire one share in the Company for a pre-determined exercise price (the "**Exercise Price**"). The exercise price shall correspond to 125 percent of the volume weighted average price of the Company's share on Nasdaq Stockholm for the five trading days preceding the Granting Date.

You have, under **Co-worker LTIP 2021:3**, been allocated **XXX,XXX Options**, entitling you to a corresponding number of shares in the Company, subject to the detailed terms set out in "TERMS REGARDING Vicore Pharma Holding AB´S PERSONNEL OPTION PROGRAM (Co-worker LTIP 2021)", Schedule 1. Granting date for said Options is September 29, 2023 (the "**Granting Date**").

The Exercise Price has been established to **SEK XX.XX**.

The latest point in time at which vested Options may be exercised shall be the fifth anniversary of the Granting Date, i.e. September 29, 2028. Exercise of Options shall be made on a form provided to you upon request to the Company.

The Options are non-transferable and may not be pledged.

By signing this Grant Notice & Agreement, you hereby confirm

&nbsp;&nbsp;&nbsp;&nbsp;i) that
 you have read, understood and accepted the above information,

ii) that you have read, understood and accepted the "TERMS REGARDING Vicore Pharma Holding AB´S PERSONNEL OPTION PROGRAM (Co-worker LTIP 2021)",

iii) that you have read, understood and accepted the information under "Personal data" on the next page of this Grant Notice & Agreement,

iv) that you accept the receipt of the above said number of Options (in accordance with the above said terms and conditions), and

&nbsp;&nbsp;&nbsp;&nbsp;v) that
 you understand and accept that all tax- and currency risks and effects for you related to
 your participation in Co-worker LTIP 2021 are your responsibility.

Vicore Pharma Holding AB \| Kornhamnstorg 53, SE-111 27 Stockholm, Sweden

Phone: +46 (0)31 78 80 560 \| Reg no. 556680-3804 \| www.vicorepharma.com

![](tm269615d2_ex4-7img001.jpg)

---

| |
|:---|
| *Place and date* |
| *Signature* |
| *Clarification of signature* |

---

Vicore Pharma Holding AB \| Kornhamnstorg 53, SE-111 27 Stockholm, Sweden

Phone: +46 (0)31 78 80 560 \| Reg no. 556680-3804 \| www.vicorepharma.com

![](tm269615d2_ex4-7img001.jpg)

**Personal data**

If you choose to participate in the incentive program Co-worker LTIP 2021 the Company will process your personal data submitted to the Company under the program. The Company is the data controller of such personal data, whether or not the personal data has been collected directly by the Company, other companies within the Company's group or in any other way. The personal data includes inter alia, your name, address, personal identity number, employment number, position, salary details, bank account number and any other personal data that are necessary for the administration of the program. The Company will process the personal data for the purposes of managing the program as well as monitoring and subsequent evaluation of the program, which may include linking to, and matching with, other filing systems in the Company. The processing of personal data is necessary for the Company in order to fulfill the agreement concerning Co-worker LTIP 2021 and to enable the Company to fulfill its statutory obligations. If you do not provide the requested personal data to the Company, you may not participate in the program.

Personal data may, for specified purposes, sometimes be disclosed to other companies within the Company's group, to banks or to companies with which the Company cooperates, within and outside the EU/EEA. Should personal data be transferred outside the EU/EEA, it will be conducted in accordance with suitable safeguards approved by the EU. You may, at any time, request further information regarding such transfer and request copies of agreements or other safeguards used by the Company for such transfer. In certain situations, the Company is also obligated by law to disclose data, e.g. to the Swedish Tax Agency.

Pursuant to applicable personal data protection legislation you have the right to request and receive, free of charge, information on the personal data relating to you that is processed by the Company, regardless of how that data has been collected. Requests for information on the personal data being processed by the Company, erasure of personal data, limitations to the processing of personal data, data portability, or rectification of personal data may be directed to Vicore's Data Protection Officer (DPO), who you may also contact if you desire any further information regarding the Company's processing of personal data. Should you wish to register a complaint regarding the Company's processing of personal data you may contact the Swedish Data Protection Authority in its capacity of supervisory authority.

The personal data will be stored for the duration of your participation in Co-worker LTIP 2021 and during such subsequent period of time as is necessary for the Company to fulfill its statutory obligations under the program and to carry out an evaluation of the program and any other legal obligations that the Company may have in connection with the program.

Contact details: Vicore's Data Protection Officer (E-mail: DPO@vicorepharma.com), Vicore Pharma Holding AB, Kornhamnstorg 53, SE-111 27 Stockholm.

Vicore Pharma Holding AB \| Kornhamnstorg 53, SE-111 27 Stockholm, Sweden

Phone: +46 (0)31 78 80 560 \| Reg no. 556680-3804 \| www.vicorepharma.com

## Exhibit 4.8

**Exhibit 4.8**

**Villkor för teckningsoptioner i Vicore Pharma Holding AB (publ), serie Co-worker LTIP 2026<br> *Terms and conditions for warrants in Vicore Pharma Holding AB (publ), series Co-worker LTIP 2026***

**1.** **Definitioner/ *Definitions*** 

I dessa villkor ska följande benämningar ha den innebörd som anges nedan.<br> *The following terms and conditions shall have the following meaning when used herein.*

---

| | |
|:---|:---|
| "**Aktie**"/<br> "***Share***" | &nbsp;&nbsp; avser samtliga vid var tid utgivna aktier i Bolaget,<br> *means each share in the Company issued and outstanding from time to time;* |
| "**Aktiebolagslagen**"/<br> "***Swedish Companies Ac***t" | &nbsp;&nbsp; avser aktiebolagslagen (2005:551), i vid var tid gällande lydelse,<br> *means the Swedish Companies Act (2005:551), as amended from time to time;* |
| "**Bank**"/ <br> "***Bank***" | &nbsp;&nbsp; avser den bank eller kontoförande institut som Bolaget använder för åtgärder relaterade till Teckningsoptionerna,<br> *means the bank or account operator that the Company uses for actions related to the Warrants*; |
| "**Bankdag**"/<br> "***Business Day***" | &nbsp;&nbsp; avser dag som inte är söndag eller annan allmän helgdag och på vilken svenska banker är öppna för allmänheten,<br> *means a day that is not a Sunday or other public holiday and on which Swedish banks are open to the general public;* |
| "**Bolaget**"/<br> "***Company***" | &nbsp;&nbsp; avser Vicore Pharma Holding AB (publ), org.nr 556680-3804,<br> *means Vicore Pharma Holding AB (publ), reg. no. 556680-3804;* |
| "**Euroclear**"/<br> "***Euroclear***" | &nbsp;&nbsp; avser Euroclear Sweden AB eller annan värdepapperscentral enligt lagen (1998:1479) om värdepapperscentraler och kontoföring av finansiella instrument,<br> *means Euroclear Sweden AB or other central securities depository (Sw. värdepapperscentral) in accordance with the Swedish Central Securities Depositories and Financial Instrument Accounts Act (1998:1479).* |
| "**Optionsinnehavare**"/<br> "***Warrant Holder***" | &nbsp;&nbsp; avser innehavare av Teckningsoptioner,<br> *means a holder of Warrants;* |
| "**Teckning**"/<br> "***Subscription***" | &nbsp;&nbsp; avser teckning av Aktier genom utnyttjande av Teckningsoptioner enligt 14 kap. Aktiebolagslagen,<br> *means subscription for Shares by exercising Warrants in accordance with Ch. 14 of the Swedish Companies Act;* |
| "**Teckningskurs**"/<br> "***Subscription Price***" | &nbsp;&nbsp; avser den kurs till vilken Teckning av nya Aktier genom utnyttjande av Teckningsoption kan ske,<br> *means the price at which Subscription of new Shares, by exercising a Warrant, can be made*; |
| "**Teckningsoption**"/<br> "***Warrant***" | &nbsp;&nbsp; avser rätt att teckna en Aktie mot betalning i pengar enligt dessa villkor,<br> *means a right to subscribe for one new Share against cash payment in accordance with these terms and conditions;* |

---

The English translation is for convenience only and in case of any discrepancy, the Swedish text shall control.

**2.** **Teckningsoptioner och registrering/ *Warrants and registration*** 

2.1. Antalet Teckningsoptioner uppgår till sammanlagt högst 11 000 000.<br> *The number of Warrants amounts to a maximum of 11,000,000 in total.* 

2.2. Bolaget ska på begäran av Optionsinnehavare utfärda teckningsoptionsbevis ställda till viss man eller order,
representerande en Teckningsoption eller multiplar därav. Bolaget verkställer på begäran av Optionsinnehavare utbyte
och växling av teckningsoptionsbevis.<br> *The Company shall, upon request from a Warrant Holder, issue warrant certificates payable to a certain person or order, each representing one Warrant or multiples thereof. The Company will effect exchanges and conversions of Warrant certificates upon request from a Warrant Holder.* 

2.3. Bolagets styrelse ska äga rätt att fatta beslut om att Teckningsoptionerna ska registreras av Euroclear i ett avstämningsregister
enligt lagen (1998:1479) om värdepapperscentraler och kontoföring av finansiella instrument. För det fall sådant
beslut inte fattats ska vad som stadgas i punkterna 2.4–2.7 nedan inte gälla. För det fall sådant beslut fattats
ska vad som stadgas i punkterna 2.4–2.7 nedan gälla istället för vad som stadgas i punkt 2.2 ovan.<br> *The Company's board of directors is entitled to resolve that the Warrants shall be registered with Euroclear in a securities register pursuant to the Swedish Central Securities Depositories and Financial Instruments Accounts Act (1998:1479). In case such a resolution is not passed, what is stated in sections 2.4–2.7 below shall not apply. In case such a resolution is passed, what is stated in sections 2.4–2.7 below shall apply instead of what is stated in section 2.2 above.* 

2.4. Optionsinnehavare ska, efter det att beslut enligt punkt 2.3 fattats, på Bolagets anmaning vara skyldig att omedelbart till
Bolaget eller Euroclear inlämna samtliga teckningsoptionsbevis representerande Teckningsoptioner samt meddela Bolaget erforderliga
uppgifter om värdepapperskonto på vilket Optionsinnehavarens Teckningsoptioner ska registreras enligt nedan.<br> *A Warrant Holder shall, after a resolution according to section 2.3 has been passed, upon the Company's request be obliged to immediately submit to the Company or Euroclear all the warrant certificates representing the Warrants and supply the Company with the necessary information on the securities account in which the Warrant Holder's Warrants shall be registered according to the below.* 

2.5. Teckningsoptionerna ska registreras av Euroclear i ett avstämningsregister enligt lagen (1998:1479) om värdepapperscentraler
och kontoföring av finansiella instrument, till följd varav inga fysiska värdepapper ska utges.<br> *The Warrants shall be registered by Euroclear in a securities register pursuant to the Swedish Central Securities Depositories and Financial Instruments Accounts Act (1998:1479) and consequently no physical securities will be issued.* 

2.6. Teckningsoptionerna registreras för Optionsinnehavarens räkning på konto i Bolagets avstämningsregister. Registreringar
avseende Teckningsoptionerna ska ombesörjas av Banken.<br> *The Warrants are registered on an account in the Company's central securities depository register on behalf of the Warrant Holder. Registrations relating to the Warrants shall be made by the Bank.* 

2.7. För det fall Bolagets styrelse fattat beslut enligt punkt 2.3 ovan, ska styrelsen därefter vara oförhindrad att, med
de begränsningar som må följa av lag eller annan författning, fatta beslut om att Teckningsoptionerna inte längre
ska vara registrerade av Euroclear i ett avstämningsregister. För det fall sådant sistnämnt beslut fattats ska vad
som stadgas i punkt 2.2 ovan gälla istället för vad som stadgas i punkterna 2.4–2.6 ovan.<br> *In the event that the Company's board of directors has passed a resolution in accordance with section 2.3 above, the board of directors will be free to resolve, within the restrictions that may follow from law or other regulations, that the Warrants shall no longer be registered by Euroclear in a securities register. If such a resolution is passed, what is stated in section 2.2 above shall apply instead of what is stated in sections 2.4–2.6 above.* 

The English translation is for convenience only and in case of any discrepancy, the Swedish text shall control.

**3.** **Rätt att teckna nya Aktier/ *Right to subscribe for new Shares*** 

3.1. Optionsinnehavare ska ha rätt att under perioden från och med registrering av teckningsoptionerna hos Bolagsverket fram
till och med den 1 december 2033, eller den tidigare dag som följer av punkt 8 nedan eller av bestämmelser enligt teckningsoptionsavtal,
för varje Teckningsoption teckna en (1) ny Aktie. Teckningskursen per Aktie ska motsvara aktiens kvotvärde.<br> *During the period as from and including the day of registration of the warrants with the Swedish Companies Registration Office up until and including 1 December 2033, or the earlier date set forth in section 8 below or by provisions according to warrant agreement, Warrant Holders shall be entitled to subscribe for one (1) new Share for each Warrant. The Subscription Price per Share shall correspond to the share's quota value.* 

3.2. Teckningskursen, liksom antalet Aktier som varje Teckningsoption ger rätt att teckna, kan bli föremål för justering
i de fall som anges i punkt 8 nedan. Teckningskursen får dock aldrig understiga Aktiens kvotvärde.<br> *The Subscription Price as well as the number of Shares which each Warrant entitles the Warrant Holder to subscribe for, may be subject to adjustment in cases specified in section 8 below. The Subscription Price may, however, never be less than the Share's quota value.* 

3.3. Om en Optionsinnehavare är förhindrad att teckna Aktier under den period som anges i punkt 3.1 på grund av bestämmelser
i EU:s marknadsmissbruksförordning (596/2014/EU), lag (2016:1307) om straff för marknadsmissbruk på värdepappersmarknaden,
lag (2016:1306) med kompletterande bestämmelser till EU:s marknadsmissbruksförordning eller annan på Bolaget tillämplig
insiderlagstiftning ska Bolaget äga rätt att medge att sådan Optionsinnehavare istället får teckna Aktier så
snart denne inte längre är förhindrad att göra det, dock senast trettio kalenderdagar efter att sådant hinder
har upphört.<br> *If a Warrant Holder is prevented from subscribing for Shares during the period set out in section 3.1 due to provisions under the EU market abuse regulation (596/2014/EU), the Swedish Securities Market Abuse Penal Act (2016:1307), the Swedish Act with Supplementary Provisions to the EU Market Abuse Regulation (2016:1306) or other insider regulation applicable to the Company, the Company may instead permit such Warrant Holder to subscribe for Shares as soon as the Warrant Holder is no longer prevented from doing so, however no later than thirty calendar days after such prevention has ceased.* 

3.4. Teckning kan endast ske av det hela antal Aktier till vilka de Teckningsoptioner som Optionsinnehavaren önskar utnyttja berättigar.
Vid Teckning ska bortses från eventuell överskjutande del av Teckningsoption, som inte kan utnyttjas.<br> *Subscription can only be made for the full number of Shares exercisable under the Warrants, that the Warrant Holder would like to exercise. At Subscription any excess portion of the Warrant which can not be exercised shall be disregarded.* 

**4.** **Teckning/ *Subscription*** 

4.1. Teckning sker genom att Optionsinnehavaren enligt fastställt formulär skriftligen tecknar Aktier, varvid ska anges det antal
Aktier som tecknas. Teckning är bindande och kan inte återkallas.<br> *Subscription is made by the Warrant Holder subscribing for the Shares, in writing, in accordance with an established form, indicating the number of Shares that are subscribed for. Subscription is binding and may not be revoked.* 

The English translation is for convenience only and in case of any discrepancy, the Swedish text shall control.

4.2. Sker inte Teckning inom i punkt 3.1 angiven tid, upphör all rätt enligt Teckningsoptionerna att gälla.<br> *If Subscription is not made within the period set forth in section 3.1, any and all rights pursuant to the Warrants shall expire.* 

4.3. Vid sådan Teckning ska, för registreringsåtgärder, skriftlig och ifylld teckningssedel enligt fastställt
formulär inges till Bolaget eller den Bolaget anvisar. I förekommande fall ska Optionsinnehavaren samtidigt överlämna
till Bolaget teckningsoptionsbevis representerade det antal Teckningsoptioner som anmälan om Teckning avser.<br> *Such Subscription shall, for registration purposes, be made in a written notification on a specified form to the Company or to whom the Company assign. The Warrant Holder shall, where applicable, simultaneously submit to the Company the warrant certificates representing the number of Warrants that the notification concerns.* 

**5.** **Betalning för ny Aktie/ *Payment for new Share*** 

Vid Teckning ska betalning erläggas genast för det antal Aktier som Teckningen avser. Betalning ska ske kontant till ett av Bolaget anvisat bankkonto.<br> *At Subscription, payment for the number of Shares relating to the Subscription shall be made immediately. Payment shall be made, in cash, to an account designated by the Company.*

**6.** **Införande i aktieboken/ *Registration in the share register*** 

Efter Teckning verkställs tilldelning genom att de nya Aktierna upptas i Bolagets aktiebok såsom interimsaktier. Sedan registrering hos Bolagsverket och Euroclear ägt rum blir registreringen på avstämningskonto slutgiltig. Som framgår av punkterna 7 och 8 nedan senareläggs i vissa fall tidpunkten för sådan slutlig registrering.<br> *After Subscription allotment will be effected by the new Shares being registered in the Company's share register as interim shares. The registration on the central securities depository account will be final after the registrations with the Swedish Companies Registration Office and Euroclear are final. As stated in sections 7 and 8 below, such final registration may be postponed in certain cases.*

**7.** **Utdelning på ny Aktie m.m./ *New Shares' right to dividends etc.*** 

Teckning som görs på sådan tid att den inte kan verkställas senast på tionde kalenderdagen före avstämningsdag för utdelning som beslutats av eller föreslagits Bolagets bolagsstämma samma år, verkställs först efter avstämningsdagen för utdelning. Aktier, som tillkommit på grund av Teckning som verkställs efter avstämningsdagen för utdelning, upptas interimistiskt på avstämningskonto, vilket innebär att de inte har rätt att erhålla utdelning.<br> *Subscription made at such time that it can not be effected at the latest on the tenth calendar day preceding the record date for a dividend approved by or proposed to the general meeting that year, will be executed only after the dividend record date. Shares which have been issued due to Subscription effected after the dividend record date, will be temporarily registered in the central securities depository account, which means that they are not entitled to receive dividends.*

**8.** **Omräkning av Teckningskursen m.m./ *Adjustment of Subscription Price etc.*** 

Beträffande den rätt som ska tillkomma Optionsinnehavare vid de bolagshändelser som anges nedan ska följande gälla:<br> *With respect to the rights that may accrue to Warrant Holders in the case of the corporate events set out below, the following shall apply:*

8.1. **Tillvägagångssätt/ *Procedure*** 

8.1.1. Omräkning ska göras av Bolaget enligt punkt 8.2 nedan.<br> *The recalculations shall be made by the Company in accordance with section 8.2 below.* 

The English translation is for convenience only and in case of any discrepancy, the Swedish text shall control.

8.1.2. Skulle Optionsinnehavaren inte vara överens med Bolaget om en justering av villkoren genom omräkning enligt punkt 8.2 nedan,
ska Optionsinnehavaren ha rätt att begära ett oberoende fastställande av en lämplig justering enligt vad som anges
nedan.<br> *Should the Warrant Holder not agree on an adjustment of these terms and conditions by recalculation in accordance with section 8.2 below, the Warrant Holder shall have the right to request an independent determination of the appropriate adjustment as set out below.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Såvida inte Bolaget och den Optionsinnehavaren som begärt justering av villkoren, inom trettio (30) dagar från det
att begäran om ett oberoende fastställande framställdes, har enats om en kvalificerad expert (härefter kallad "**Experten** "),
ska Stockholms Handelskammare, efter begäran av Optionsinnehavaren, utnämna en Expert. En sådan utnämning ska vara
slutlig och bindande för Optionsinnehavaren och för Bolaget.<br> *Unless the Company and the Warrant Holder requesting the adjustment of these terms and conditions, within thirty (30) days from the request for independent determination, have agreed on a qualified expert (hereinafter referred to as the "**Expert** "), the Stockholm Chamber of Commerce shall, at the request of the requesting Warrant Holder, appoint an Expert. such appointment shall be final and binding on the Warrant Holder and the Company.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Experten ska självständigt beakta den inträffade händelsen och dess inverkan på Teckningsoptionerna och/eller
Aktierna och/eller Optionsinnehavaren. Experten har rätt att erhålla värdering eller övrig assistans från annan
ansedd utomstående part efter instruktioner av Experten.<br> *The Expert shall independently consider the event that occurred and its effect on the Warrants and/or Shares and/or the Warrant Holder. In doing this, the Expert may obtain a valuation or other assistance from a reputable third party instructed by the Expert.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Experten ska fastställa en lämplig omräkning i enlighet med dessa villkor för att till fullo kompensera Optionsinnehavaren
för varje utspädning och annan negativ påverkan. Experten ska så långt möjligt tillämpa de omräkningsprinciper
som följer av punkt 8.2 och/eller av andra för ändamålet relevanta bestämmelser i dessa villkor för Teckningsoptioner
och/eller i s.k. teckningsoptionsägaravtal avseende innehav av Teckningsoptioner, Aktier och/eller andra rättigheter i Bolaget.<br> *The Expert shall decide on the appropriate adjustments in accordance with these terms and conditions in order to fully compensate the Warrant Holder for any dilution and other adverse effects. The Expert shall as far as possible apply the adjustment principles set out in section 8.2 and/or any other relevant provisions of these terms and conditions and/or any Warrant Holder agreement regarding the holding of Warrants, Shares and/or any other interests in the Company.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Experten ska avge sitt beslut inom trettio (30) dagar räknat från den dag då denne tillsattes.<br> *The Expert shall render his/her decision within thirty (30) days from the date when he/she was appointed.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Expertens beslut ska vara slutligt bindande för Bolaget och för samtliga Optionsinnehavare.<br> *The Expert's decision shall be final and binding on the Company and all Warrant Holders.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Ersättningen för Expertens kostnader och skälig ersättning till denne ska delas lika mellan Bolaget och den Optionsinnehavare
som begär justering.<br> *The costs incurred by, and reasonable remuneration to, the Expert shall be divided equally between the Company and the Warrant Holder requesting the adjustment.* 

The English translation is for convenience only and in case of any discrepancy, the Swedish text shall control.

8.2. **Omräkning/ *Recalculations*** 

8.2.1. En omräkning av det antal Aktier som varje Teckningsoption ger rätt att teckna ska utföras om Teckning verkställs
efter beslut om sådana bolagshändelser som anges i punkterna 8.2.2–8.2.21 nedan.<br> *A recalculated number of Shares which every Warrant confers the right to subscribe for, shall be made if Subscription is executed following a resolution on such corporate events as set in sections 8.2.2–8.2.21 below.* 

8.2.2. **Fondemission/ *Bonus Issue*** 

Genomför Bolaget en <u>fondemission</u> ska Teckning – där anmälan om Teckning görs på sådan tid att den inte kan verkställas senast på tionde kalenderdagen före bolagsstämma som beslutar om emissionen – verkställas först sedan stämman beslutat om denna. Aktier, som tillkommit på grund av Teckning verkställd efter emissionsbeslutet, registreras interimistiskt på avstämningskonto, vilket innebär att Optionsinnehavaren inte har rätt att deltaga i emissionen. Slutlig registrering på avstämningskonto sker först efter avstämningsdagen för fondemissionen.<br> *In the event the Company carries out a <u>bonus issue</u>, Subscription shall – where notice of Subscription is made at such time that it cannot be effected at the latest on the tenth calendar day prior to the shareholders' meeting which resolves upon the issue – be effected only after the shareholders' meeting has resolved to carry out the bonus issue. Shares which is issued as a consequence of Subscription executed after such a resolution shall be registered on an interim basis in the central securities depository account and do not entitle the Warrant Holder to participate in the issue. Final registration in the central securities depository account shall take place only after the record date for the bonus issue.*

Vid Teckning som verkställs efter beslutet om fondemission tillämpas en omräknad Teckningskurs liksom en omräkning av det antal Aktier som varje Teckningsoption berättigar till Teckning av. Omräkningarna utförs av Bolaget enligt följande formler:<br> *In conjunction with Subscription effected after the resolution to carry out the bonus issue, a re-calculated Subscription Price as well as a re-calculated number of Shares which each Warrant shall entitle to Subscribe for shall apply. The recalculations shall be made by the Company in accordance with the following formulas:*

---

| | | |
|:---|:---|:---|
| Omräknad Teckningskurs | &nbsp;&nbsp;= | &nbsp;&nbsp;Föregående Teckningskurs *x* antalet Aktier före fondemissionen |
| Omräknad Teckningskurs | &nbsp;&nbsp;= | &nbsp;&nbsp;Antalet Aktier efter fondemissionen |
| Omräknat antal Aktier som varje Teckningsoption berättigar till Teckning av | &nbsp;&nbsp;= | &nbsp;&nbsp;Föregående antal Aktier som varje Teckningsoption berättigar till Teckning av *x* antalet Aktier efter fondemissionen |
| Omräknat antal Aktier som varje Teckningsoption berättigar till Teckning av | &nbsp;&nbsp;= | &nbsp;&nbsp;Antalet Aktier före fondemissionen |
| *Re-calculated Subscription Price* | &nbsp;&nbsp;*=* | &nbsp;&nbsp;*Previous Subscription Price x number of Shares prior to the bonus issue* |
| *Re-calculated Subscription Price* | &nbsp;&nbsp;*=* | &nbsp;&nbsp;*Number of Shares following the bonus issue* |
| *Re-calculated number of Shares that each Warrant entitles to Subscribe for* | &nbsp;&nbsp;*=* | &nbsp;&nbsp;*The previous number of Shares that each Warrant entitled to Subscribe for x number<br> of Shares following the bonus issue* |
| *Re-calculated number of Shares that each Warrant entitles to Subscribe for* | &nbsp;&nbsp;*=* | &nbsp;&nbsp;*Number of Shares prior to the bonus issue* |

---

The English translation is for convenience only and in case of any discrepancy, the Swedish text shall control.

Vid omräkning enligt ovanstående formler ska bortses från Aktier som innehas av Bolaget. Enligt ovan omräknad Teckningskurs och omräknat antal Aktier fastställs av Bolaget snarast möjligt efter bolagsstämmans beslut om fondemission, men tillämpas först efter avstämningsdagen för emissionen.<br> *When recalculating in accordance with the above formulas, any Shares held by the Company shall be disregarded. The recalculated Subscription Price and number of Shares, recalculated in accordance with the above, shall be determined by the Company as soon as possible following the general meeting's resolution regarding the bonus issue, but will not be applied until after the record date for the issue.*

8.2.3. **Sammanläggning eller uppdelning/ *Reverse split or split*** 

Genomför Bolaget en <u>sammanläggning eller uppdelning</u> av Aktier ska punkt 8.2.2 ovan äga motsvarande tillämpning, varvid som avstämningsdag ska anses den dag då sammanläggning respektive uppdelning, på Bolagets begäran, sker hos Euroclear.<br> *If the Company <u>carries out a reverse share split or a share split</u>, section 8.2.2 above shall apply correspondingly, whereby the record date shall be deemed to be the date on which the reverse share split or share split is effected by Euroclear upon request by the Company.*

8.2.4. **Nyemission med företrädesrätt/ *New Share issue in accordance with the shareholders' preferential rights*** 

Genomför Bolaget en <u>nyemission</u> – med företrädesrätt för aktieägarna att teckna nya Aktier mot kontant betalning eller kvittning – ska följande gälla beträffande rätten till deltagande i emissionen för Aktie som tillkommit på grund av Teckning med utnyttjande av Teckningsoption:<br> *In the event the Company carries out a <u>new issue of Shares</u> – with preferential rights for shareholders to subscribe for new Shares in exchange for cash payment or payment through set-off of claims – the following shall apply with respect to the right to participate in the issue for Shares which are issued as a consequence of the Subscription through exercise of Warrants:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Om Bolagets Aktier vid tidpunkten för emissionen inte är föremål för marknadsnotering, ska omräkning ske, dels av Teckningskursen, dels av det antal Aktier som varje Teckningsoption ger rätt att teckna i enlighet med denna punkt 8.2.4 angivna principer. Omräkningen ska utföras av Bolaget och ska ha som utgångspunkt att värdet på Teckningsoptionerna ska lämnas oförändrat.<br> *If the Company's Shares are not listed at the time of the issuance, a recalculation of the Subscription Price and the number of Shares each Warrant entitles to subscribe for shall be adjusted in accordance with the principles set forth in this section 8.2.4. The recalculation shall be made by the Company and shall be made on the basis that the value of the Warrants shall remain unchanged.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Om Bolagets Aktier vid tidpunkten för emissionen är föremål för marknadsnotering, ska följande gälla beträffande rätten att delta i emissionen:<br> *If the Company's Shares are listed at the time of the issuance, the following shall apply with respect to the rights to participate in the new issue:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Beslutas emissionen av styrelsen under förutsättning av bolagsstämmans godkännande eller med stöd av bolagsstämmans bemyndigande, ska i beslutet anges den senaste dag då Teckning ska vara verkställd för att Aktie, som tillkommit genom Teckning, ska medföra rätt att delta i emissionen. Sådan dag får inte infalla tidigare än tionde kalenderdagen efter emissionsbeslutet.<br> *Where the board of directors resolves to issue Shares subject to approval by the general meeting or in accordance with an authorization by the general meeting, the resolution to issue Shares shall set forth the last date on which Subscription through the exercise of Warrants shall be executed in order for Shares, which is issued as a consequence of Subscription, shall entitle the Warrant Holders to participate in the issue. Such date may not be earlier than ten calendar days following the resolution to issue Shares.*

The English translation is for convenience only and in case of any discrepancy, the Swedish text shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Beslutas emissionen av bolagsstämman, ska Teckning – som påkallas på sådan tid att Teckningen inte kan verkställas senast på tionde kalenderdagen före den bolagsstämma som beslutar om emissionen – verkställas först sedan Bolaget verkställt omräkning enligt denna punkt 8.2.4. Aktie, som tillkommit på grund av sådan Teckning, registreras interimistiskt på avstämningskonto, vilket innebär att de inte har rätt att delta i emissionen.<br> *Where the general meeting has resolved upon the issue, the Subscription – for which notice for Subscription is made at such time that it cannot be effected on or before the tenth calendar day prior to the general meeting which decides upon the issue – shall be effected only after the Company has effected recalculation in accordance with this section 8.2.4. Shares which are issued as a consequence of such Subscription shall be registered on an interim basis in the central securities depository account and shall not entitle to participation in the issue.*

Vid Teckning som verkställts på sådan tid att rätt till deltagande i nyemissionen inte uppkommer tillämpas en omräknad Teckningskurs liksom en omräkning av det antal Aktier som varje Teckningsoption berättigar till Teckning av. Omräkningarna utförs av Bolaget enligt nedan:<br> *Where Subscription is made at such time that no right to participate in the new issue arises, a recalculated Subscription Price as well as a recalculated number of Shares which each Warrant entitles to subscribe for shall apply. Recalculations shall be made by the Company in accordance with the following formulas:*

---

| | | |
|:---|:---|:---|
| Omräknad<br> Teckningskurs | &nbsp;&nbsp;= | &nbsp;&nbsp;Föregående Teckningskurs *x* Aktiens genomsnittliga aktiekurs under den i emissionsbeslutet fastställda teckningstiden (Aktiens genomsnittskurs) |
| Omräknad<br> Teckningskurs | &nbsp;&nbsp;= | &nbsp;&nbsp;Aktiens genomsnittskurs ökad med det på grundval därav framräknade teoretiska värdet på teckningsrätten |
| Omräknat antal Aktier som varje Teckningsoption berättigar till Teckning av | &nbsp;&nbsp;= | &nbsp;&nbsp;Föregående antal Aktier som varje Teckningsoption berättigar till Teckning av *x* (Aktiens genomsnittskurs ökad med det på grundval därav framräknade teoretiska värdet på teckningsrätten) |
| Omräknat antal Aktier som varje Teckningsoption berättigar till Teckning av | &nbsp;&nbsp;= | &nbsp;&nbsp;Aktiens genomsnittskurs |
| *Recalculated Subscription Price* | &nbsp;&nbsp;= | &nbsp;&nbsp;*The Subscription Price x the average share price of the Share during the subscription period set forth in the issue resolution (average price of Share)* |
| *Recalculated Subscription Price* | &nbsp;&nbsp;= | &nbsp;&nbsp;*The average price of Share increased by the theoretical value of the subscription right calculated on the basis thereof* |
| *Recalculated number of Shares that each Warrant entitles to Subscribe for* | &nbsp;&nbsp;= | &nbsp;&nbsp;*The previous number of Shares that each Warrant entitled to subscribe for x (the average price of Share increased by the theoretical value of the subscription right calculated on the basis thereof)* |
| *Recalculated number of Shares that each Warrant entitles to Subscribe for* | &nbsp;&nbsp;= | &nbsp;&nbsp;*The average price of Share* |

---

Aktiens genomsnittskurs ska anses motsvara genomsnittet av det för varje handelsdag under teckningstiden framräknade medeltalet av den under dagen noterade högsta och lägsta betalkursen för Aktien enligt marknadsnotering. I avsaknad av notering av betalkurs ska i stället den som slutkurs noterade köpkursen ingå i beräkningen. Dag utan notering av vare sig betalkurs eller köpkurs ska inte ingå i beräkningen.<br> *The average price of a Share shall be deemed to correspond to the average for each trading day during the subscription period of the calculated mean value of the highest and lowest price paid for the Share according to market quotation. In the absence of a quoted paid price, the bid price which is quoted as the closing price shall form the basis for the calculation. Days when no paid price or bid price is quoted, shall be excluded from the calculation.*

The English translation is for convenience only and in case of any discrepancy, the Swedish text shall control.

Det teoretiska värdet på teckningsrätten framräknas enligt följande formel:<br> *The theoretical value of the subscription right shall be calculated according to the following formula:*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Teckningsrättens värde | &nbsp;&nbsp;= | &nbsp;&nbsp;Det antal nya Aktier som högst kan komma att utges enligt emissionsbeslutet *x* (Aktiens genomsnittskurs minus teckningskursen för den nya Aktien) |
| &nbsp;&nbsp;Teckningsrättens värde | &nbsp;&nbsp;= | &nbsp;&nbsp;Antalet Aktier före emissionsbeslutet |
| &nbsp;&nbsp;*The value of a subscription right* | &nbsp;&nbsp;= | &nbsp;&nbsp;*The* maximum *number of new Shares which may be issued pursuant to the issue resolution x (the average price of share minus the Subscription Price for the new Share)* |
| &nbsp;&nbsp;*The value of a subscription right* | &nbsp;&nbsp;= | &nbsp;&nbsp;*The number of Shares prior to the issue resolution* |

---

Vid omräkning enligt ovanstående formel ska bortses från Aktier som innehas av Bolaget. Uppstår ett negativt värde, ska det teoretiska värdet på teckningsrätten bestämmas till noll.<br> *When recalculating in accordance with the above formula, any Shares held by the Company shall be disregarded. If a negative value arises, the theoretical value of the subscription right shall be determined to be zero.*

Enligt ovan omräknad Teckningskurs och omräknat antal Aktier ska fastställas av Bolaget två Bankdagar efter teckningstidens utgång och ska tillämpas vid Teckning, som verkställs därefter.<br> *The recalculated Subscription Price and the recalculated number of Shares as set forth above shall be determined by the Company two Business days after the expiration of the subscription period and shall apply to Subscriptions executed thereafter.*

Under tiden till dess att omräknad Teckningskurs och omräknat antal Aktier som varje Teckningsoption berättigar till Teckning av fastställts, verkställs Teckning endast preliminärt, varvid det antal Aktier, som varje Teckningsoption före omräkning berättigar till Teckning av, upptas interimistiskt på avstämningskonto. Dessutom noteras särskilt att varje Teckningsoption efter omräkningar kan berättiga till ytterligare Aktier. Slutlig registrering på avstämningskontot sker sedan omräkningarna fastställts.<br> *During the period until the recalculated Subscription Price and recalculated number of Shares that each Warrant entitles to subscribe for are determined, Subscription shall only be executed on a preliminary basis, whereupon the full number of Shares according to the not yet recalculated number of Shares will be registered in the central securities depository account on an interim basis. In addition, a special note shall be recorded to the effect that the Warrant may entitle the Warrant Holder to additional shares pursuant to the recalculated number of Shares. Final registration in the central securities depository account shall be effected following the determination of the recalculations.*

8.2.5. **Nyemission av teckningsoptioner eller konvertibler med företrädesrätt/ *Issue of warrants and convertibles in accordance with the shareholders' preferential rights*** 

Genomför Bolaget en <u>emission enligt 14 kap. eller 15 kap. Aktiebolagslagen</u> – med företrädesrätt för aktieägarna och mot kontant betalning eller genom kvittning – ska beträffande rätten till deltagande i emissionen för Aktie, som tillkommit på grund av Teckning med utnyttjande av Teckningsoption bestämmelserna i punkterna 8.2.4.I, och 8.2.4.II första stycket (i) och (ii) ovan äga motsvarande tillämpning.<br> *Where the Company carries out an <u>issue in accordance with Ch. 14 or Ch. 15 of the Swedish Companies Act</u> – with preferential rights for the shareholders in exchange for cash payment or payment through set-off of claims – the provisions contained in sections 8.2.4.I, and 8.2.4.II first paragraph (i) and (ii), shall apply correspondingly, with respect to the right to participate in the issue for Shares that have been issued as a consequence of Subscription through exercise of the Warrant.*

The English translation is for convenience only and in case of any discrepancy, the Swedish text shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Om Bolagets Aktier eller teckningsrätter vid tidpunkten för emissionen inte är föremål för marknadsnotering, ska omräkning ske, dels av Teckningskursen, dels av det antal Aktier som varje Teckningsoption ger rätt att teckna i enlighet med denna punkt 8.2.5 angivna principer. Omräkningen ska utföras av Bolaget och ska ha som utgångspunkt att värdet på Teckningsoptionerna ska lämnas oförändrat.<br> *Should the Company's Shares or subscription rights not be listed, at the time of the issuance, a recalculation of the Subscription Price and the number of Shares each Warrant entitles to subscribe for shall be adjusted in accordance with the principles set forth in this section 8.2.5. The recalculation shall be made by the Company and shall be made on the basis that the value of the Warrants shall remain unchanged.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Om Bolagets Aktier eller teckningsrätter vid tidpunkten för emissionen är föremål för marknadsnotering, ska vid Teckning som verkställts på sådan tid att rätt till deltagande i emissionen inte uppkommer tillämpas en omräknad Teckningskurs liksom en omräkning av det antal Aktier som varje Teckningsoption berättigar till Teckning av. Omräkningarna utförs av Bolaget enligt följande formler:<br> *Should the Company's Shares or subscription rights be listed at the time of the issuance, where Subscription is made at such time that no right to participate in the issue arises, a recalculated Subscription Price as well as a recalculated number of Shares which each Warrant entitles to Subscribe for shall be applied. Recalculations shall be made by the Company in accordance with the following formulas:*

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| | | |
|:---|:---|:---|
| Omräknad Teckningskurs | &nbsp;&nbsp;= | &nbsp;&nbsp;Föregående Teckningskurs *x* Aktiens genomsnittliga aktiekurs under den i emissionsbeslutet fastställda teckningstiden (Aktiens genomsnittskurs) |
| Omräknad Teckningskurs | &nbsp;&nbsp;= | &nbsp;&nbsp;Aktiens genomsnittskurs ökad med teckningsrättens värde |
| Omräknat antal Aktier som varje Teckningsoption berättigar till Teckning av | &nbsp;&nbsp;= | &nbsp;&nbsp;Föregående antal Aktier som varje Teckningsoption berättigar till Teckning av *x* (Aktiens genomsnittskurs ökad med teckningsrättens värde) |
| Omräknat antal Aktier som varje Teckningsoption berättigar till Teckning av | &nbsp;&nbsp;= | &nbsp;&nbsp;Aktiens genomsnittskurs |
| *Recalculated Subscription Price* | &nbsp;&nbsp;= | &nbsp;&nbsp;*Previous Subscription Price x the average share price of the share during the Subscription Period set forth in the resolution approving the issue (average price of Share)* |
| *Recalculated Subscription Price* | &nbsp;&nbsp;= | &nbsp;&nbsp;*The average price of Share increased by the value of the subscription right* |
| *Recalculated number of Shares that each Warrant entitles to Subscribe for* | &nbsp;&nbsp;= | &nbsp;&nbsp;*Previous number of Shares that each Warrant entitles to Subscribe for x (the average price of Share increased by the value of the subscription right)* |
| *Recalculated number of Shares that each Warrant entitles to Subscribe for* | &nbsp;&nbsp;= | &nbsp;&nbsp;*Average price of Share* |

---

Teckningsrättens värde ska anses motsvara genomsnittet av det för varje handelsdag under teckningstiden framräknade medeltalet av den under dagen noterade högsta och lägsta betalkursen för teckningsrätten enligt marknadsnotering. I avsaknad av notering av betalkurs ska i stället den som slutkurs noterade köpkursen ingå i beräkningen. Dag utan notering av vare sig betalkurs eller köpkurs ska inte ingå i beräkningen.<br> *The value of the subscription right shall be deemed to correspond to the average mean value of the highest and lowest prices paid for such rights each trading day during the subscription period according to market quotation. In the absence of a quoted paid price, the final bid price shall form the basis for the calculation. Days when no paid price or bid price is quoted, shall be excluded from the calculation.*

The English translation is for convenience only and in case of any discrepancy, the Swedish text shall control.

Enligt ovan omräknad Teckningskurs och omräknat antal Aktier ska fastställas av Bolaget två Bankdagar efter teckningstidens utgång och ska tillämpas vid Teckning, som verkställs därefter.<br> *The recalculated Subscription Price and the recalculated number of Shares as set forth above shall be determined by the Company two Business Days after the expiration of the subscription period and shall apply to Subscriptions made after such time.*

Vid anmälan om Teckning som sker under tiden fram till dess att omräknad Teckningskurs och omräknat antal Aktier som varje Teckningsoption berättigar till Teckning av fastställts, ska bestämmelserna i punkt 8.2.4, sista stycket ovan, äga motsvarande tillämpning.<br> *In relation to notice of Subscription effected during the period until the re-calculated Subscription Price and recalculated number of Shares have been determined, the provisions set forth in the final paragraph of section 8.2.4 above shall apply correspondingly.*

8.2.6. **Andra riktade erbjudanden till aktieägarna/ *Other offers directed to the shareholders*** 

Skulle Bolaget i andra fall än som avses i punkterna 8.2.2–8.2.5 ovan <u>rikta erbjudande till aktieägarna</u> att, med företrädesrätt enligt principerna i 13 kap. 1 § Aktiebolagslagen, av Bolaget förvärva värdepapper eller rättighet av något slag eller besluta att, enligt ovan nämnda principer, till aktieägarna utdela sådana värdepapper eller rättigheter utan vederlag (erbjudandet) ska vid Teckning, som görs på sådan tid, att därigenom erhållen Aktie inte medför rätt till deltagande i erbjudandet, ska följande gälla:<br> *In the event the Company, under circumstances other than those set forth in sections 8.2.2–8.2.5 above, <u>directs an offer to the shareholders</u>, with a preferential rights pursuant to the principles set forth in Ch. 13 § 1 of the Swedish Companies Act, to acquire securities or rights of any kind from the Company, or where the Company resolves, pursuant to the above stated principles, to distribute to its shareholders such securities or rights without consideration (the offer), the following shall apply, with respect to Subscriptions requested at such a time that the thereby acquired Shares do not carry rights to participate in the offer:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Om Bolagets Aktier vid tidpunkten för emissionen inte är föremål för marknadsnotering, ska omräkning ske, dels av Teckningskursen, dels av det antal Aktier som varje Teckningsoption ger rätt att teckna i enlighet med denna punkt 8.2.6 angivna principer. Omräkningen ska utföras av Bolaget och ska ha som utgångspunkt att värdet på Teckningsoptionerna ska lämnas oförändrat.<br> *Should the Company's Shares not be listed, at the time of the issuance, a recalculation of the Subscription Price and the number of Shares each Warrant entitles to subscribe for shall be adjusted in accordance with the principles set forth in this section 8.2.6. The recalculation shall be made by the Company and shall be made on the basis that the value of the Warrants shall remain unchanged.*

The English translation is for convenience only and in case of any discrepancy, the Swedish text shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Om Bolagets Aktier vid tidpunkten för emissionen är föremål för marknadsnotering, ska tillämpas en omräknad Teckningskurs liksom en omräkning av det antal Aktier som varje Teckningsoption berättigar till Teckning av. Omräkningarna utförs av Bolaget enligt följande formler:<br> *Should the Company's Shares be listed at the time of the issuance, a recalculated Subscription Price as well as a recalculated number of Shares which each Warrant entitles to Subscribe for shall be applied. Recalculations shall be made by the Company in accordance with the following formulas:*

---

| | | |
|:---|:---|:---|
| Omräknad Teckningskurs | &nbsp;&nbsp;= | &nbsp;&nbsp;Föregående Teckningskurs *x* Aktiens genomsnittliga aktiekurs under den i erbjudandet fastställda anmälningstiden (Aktiens genomsnittskurs) |
| Omräknad Teckningskurs | &nbsp;&nbsp;= | &nbsp;&nbsp;Aktiens genomsnittskurs ökad med värdet av rätten till deltagande i erbjudandet (inköpsrättens värde) |
| Omräknat antal Aktier som varje Teckningsoption berättigar till Teckning av | &nbsp;&nbsp;= | &nbsp;&nbsp;Föregående antal Aktier som varje Teckningsoption berättigar till Teckning av *x* (Aktiens genomsnittskurs ökad med inköpsrättens värde) |
| Omräknat antal Aktier som varje Teckningsoption berättigar till Teckning av | &nbsp;&nbsp;= | &nbsp;&nbsp;Aktiens genomsnittskurs |
| *Recalculated Subscription Price* | &nbsp;&nbsp;= | &nbsp;&nbsp;*Previous Subscription Price x the average share price of the share during the notice period set forth in the offer (the average price of share)* |
| *Recalculated Subscription Price* | &nbsp;&nbsp;= | &nbsp;&nbsp;*Average price of share increased by the value of the right to participate in the offer* |
| *Recalculated number of Shares that each Warrant entitles to Subscribe for* | &nbsp;&nbsp;= | &nbsp;&nbsp;*Previous number of Shares that each Warrant entitles to Subscribe for x (the average price of Share increased by the value of the purchase right)* |
| *Recalculated number of Shares that each Warrant entitles to Subscribe for* | &nbsp;&nbsp;= | &nbsp;&nbsp;*Average price of Share* |

---

Aktiens genomsnittskurs beräknas i enlighet med vad som angivits i punkt 8.2.4 ovan.<br> *The average price of Share is calculated in accordance with the provisions set forth in section 8.2.4 above.*

För det fall att aktieägarna erhållit inköpsrätter och handel med dessa ägt rum, ska värdet av rätten till deltagande i erbjudandet anses motsvara inköpsrättens värde. Inköpsrättens värde ska härvid anses motsvara genomsnittet av det för varje handelsdag under anmälningstiden framräknade medeltalet av den under dagen noterade högsta och lägsta betalkursen för inköpsrätten enligt marknadsnotering. I avsaknad av notering av betalkurs ska i stället den som slutkurs noterade köpkursen ingå i beräkningen. Dag utan notering av vare sig betalkurs eller köpkurs ska inte ingå i beräkningen.<br> *In the event the shareholders received purchase rights and trading in such rights has taken place, the value of the right to participate in the offer shall be deemed to be equivalent to the value of the purchase right. The value of the purchase right in such circumstances shall be deemed to correspond to the average mean value of the highest and lowest prices paid each trading day during the application period according to market quotation. In the event no paid price is quoted, the bid price quoted as the closing price shall be used in the calculation instead. Days when no paid price or bid price is quoted, shall be excluded from such calculation.*

The English translation is for convenience only and in case of any discrepancy, the Swedish text shall control.

För det fall aktieägarna ej erhållit inköpsrätter eller eljest sådan handel med inköpsrätter som avses i föregående stycke ej ägt rum, ska omräkning av Teckningskursen och det antal Aktier som varje Teckningsoption berättigar till Teckning av ske med tillämpning så långt möjligt av de principer som anges ovan i denna punkt 8.2.6, varvid följande ska gälla. Om en marknadsnotering sker av de värdepapper eller rättigheter som erbjuds aktieägarna, ska värdet av rätten till deltagande i erbjudandet anses motsvara genomsnittet av det för varje handelsdag under 25 handelsdagar från och med första dag för marknadsnotering framräknade medeltalet av den under dagen noterade högsta och lägsta betalkursen vid affärer i dessa värdepapper eller rättigheter enligt marknadsnotering, i förekommande fall minskat med det vederlag som betalats för dessa i samband med erbjudandet. I avsaknad av notering av betalkurs ska i stället den som slutkurs noterade köpkursen ingå i beräkningen. Noteras varken betalkurs eller köpkurs under viss eller vissa dagar, ska vid beräkningen av värdet av rätten till deltagande i erbjudandet bortses från sådan dag. Den i erbjudandet fastställda anmälningstiden ska vid omräkning av Teckningskurs och antal Aktier enligt detta stycke anses motsvara den ovan i detta stycke nämnda perioden om 25 handelsdagar. Om sådan marknadsnotering ej äger rum, ska värdet av rätten till deltagande i erbjudandet så långt möjligt fastställas med ledning av den marknadsvärdesförändring avseende Bolagets Aktier som kan bedömas ha uppkommit till följd av erbjudandet.<br> *In the event the shareholders have not received purchase rights or where such trading in purchase rights mentioned in the previous paragraph has otherwise not taken place, recalculation of the Subscription Price and number of Shares shall take place, thereby applying, to the greatest extent possible, the principles set forth above in this section 8.2.6, whereupon the following shall apply. If market quotation of the securities or rights which are offered to the shareholders takes place, the value of the right to participate in the offer shall be deemed to correspond to the average of the calculated mean values, for each trading day during a period of 25 trading days commencing on the first day for the market quotation, of the highest and lowest price paid during the said day, for transactions in these securities or rights at the market place, where applicable, decreased by any consideration paid for such securities or rights in connection with the offer. In the absence of a quotation of paid price, the last bid price quoted shall be used in the calculation instead. If neither a selling price nor a bid price is quoted on certain given day or days, such day shall be excluded from the calculation of the value of the right to participate in the offer. When recalculation of the Subscription Price and the number of Shares is made according to this paragraph, the above mentioned period of 25 trading days shall be deemed to correspond to the application period determined in the offer. In the event no such market quotation takes place, the value of the right to participate in the offer shall, to the greatest extent possible, be based upon the change in the market value of the Company's Shares, which may be deemed to have occurred as a consequence of the offer.*

Enligt ovan omräknad Teckningskurs och omräknat antal Aktier ska fastställas av Bolaget snarast möjligt efter erbjudandetidens utgång och ska tillämpas vid Teckning, som verkställs efter ett sådant fastställande har skett.<br> *The Subscription Price and number of Shares recalculated in accordance with the above shall be determined by the Company as soon as possible after the expiration of the offer and shall be applied on Subscriptions effected after such determination.*

Vid anmälan om Teckning som sker under tiden till dess att omräknad Teckningskurs och omräknat antal Aktier varje Teckningsoption berättigar till Teckning av fastställts, ska bestämmelserna i punkt 8.2.4, sista stycket ovan, äga motsvarande tillämpning.<br> *In relation to Subscriptions which are effected during the period until the re-calculated Subscription Price and recalculated number of Shares have been determined, the provisions set forth in the final paragraph of section 8.2.4 above shall apply correspondingly.*

The English translation is for convenience only and in case of any discrepancy, the Swedish text shall control.

8.2.7. **Optionsinnehavares rätt vid nyemission av teckningsoptioner eller konvertibler med företrädesrätt/ *Warrant Holders' rights at an issue of warrants and convertibles in accordance with the shareholders' preferential rights*** 

Genomför Bolaget en <u>nyemission eller emission enligt 14 kap. eller 15 kap. Aktiebolagslagen – med företrädesrätt för aktieägarna</u> och mot kontant betalning eller genom kvittning – äger Bolaget besluta att ge samtliga Optionsinnehavare av samma företrädesrätt som enligt beslutet tillkommer aktieägarna. Därvid ska varje Optionsinnehavare, oaktat sålunda att Teckning ej verkställts, anses vara ägare till det antal Aktier som Optionsinnehavaren skulle ha erhållit, om Teckning på grund av Teckningsoption verkställts av det antal Aktier, som varje Teckningsoption berättigade till Teckning av vid tidpunkten för beslutet om emission.<br> *Where the Company carries out a <u>new share issue or an issue in accordance with Ch. 14 or Ch. 15 of the Swedish Companies Act – with preferential rights for the shareholders</u> to subscribe for new Shares in exchange for cash payment or payment through set-off of claims – the Company is entitled to decide that all Warrant Holders are entitled to the same preferential rights that are bestowed upon the shareholders. In connection with this, each Warrant Holder, disregarding that Subscription has not been made, will be considered as owners of the number of Shares that the Warrant Holder would have received if the Subscription had been executed before the issue.*

Skulle Bolaget besluta att till aktieägarna rikta ett sådant erbjudande som avses i punkt 8.2.6 ovan, ska vad i föregående stycke sagts äga motsvarande tillämpning, dock att det antal Aktier som Optionsinnehavaren anses vara ägare till i sådant fall ska fastställas efter den Teckningskurs, som gällde vid tidpunkten för beslutet om erbjudandet.<br> *Should the Company direct such an offer intended in section 8.2.6 above, to its shareholders, the provisions set forth in previous paragraph will apply correspondingly. However, the number of Shares which the Warrant Holder shall be deemed to be owner of shall be determined after the Subscription Price which applied at the time of the resolution of the offer.*

Om Bolaget skulle besluta att ge Optionsinnehavarna företrädesrätt i enlighet med bestämmelserna i denna punkt 8.2.7, ska någon omräkning enligt punkterna 8.2.4, 8.2.5 eller 8.2.6 ovan inte äga rum.<br> *If the Company resolves to give the Warrant Holders' preferential rights, in accordance to the provisions set forth in this section 8.2.7, recalculation according to sections 8.2.4, 8.2.5 or 8.2.6, shall not be made.*

8.2.8. **Utdelning/ *Dividend*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Om Bolagets Aktier inte är föremål för marknadsnotering, och det beslutas om <u>utdelning</u> till aktieägarna, oavsett om det rör sig om en kontant eller sakutdelning, ska en omräkning av Teckningskursen utföras av Bolaget varigenom Teckningskursen ska reduceras med ett belopp motsvarande utdelningen per Aktie.<br> *Should the Company's Shares not be listed, and the Company resolves to pay a <u>dividend</u> to the shareholders whether in cash or in kind, the Company shall, recalculate the Subscription Price shall be reduced by the dividend per Share.*

The English translation is for convenience only and in case of any discrepancy, the Swedish text shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Om Bolagets Aktier är föremål för marknadsnotering och beslutas om <u>utdelning</u> till aktieägarna ska, där anmälan om Teckning som görs på sådan tid, att därigenom erhållen Aktie inte medför rätt till erhållande av sådan utdelning, tillämpas en omräknad Teckningskurs och ett omräknat antal Aktier som varje Teckningsoption berättigar till Teckning av. Omräkningen ska baseras på den sammanlagda utdelningen. Omräkningarna utförs av Bolaget enligt följande formler:<br> *Should the Company's shares be listed, at the time of the issuance, and in the event the Company resolves to pay a <u>dividend</u> to the shareholders recalculation of the Subscription Price and the number of Shares each Warrant entitles the Warrant Holder to Subscribe for, shall be made regarding Subscriptions requested at such a time that the Shares thereby received do not carry rights to receive such dividend. The recalculation shall be based upon the total dividend. The recalculation shall be made by the Company in accordance with the following formulas:*

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| | | |
|:---|:---|:---|
| Omräknad Teckningskurs | &nbsp;&nbsp;= | &nbsp;&nbsp;Föregående Teckningskurs *x* Aktiens genomsnittliga aktiekurs under en period om 25 handelsdagar räknat fr.o.m. den dag då Aktien noteras utan rätt till utdelning (Aktiens genomsnittskurs) |
| Omräknad Teckningskurs | &nbsp;&nbsp;= | &nbsp;&nbsp;Aktiens genomsnittskurs ökad med den utdelning som utbetalas per Aktie |
| Omräknat antal Aktier som varje Teckningsoption berättigar till Teckning av | &nbsp;&nbsp;= | &nbsp;&nbsp;Föregående antal Aktier som varje Teckningsoption berättigar till Teckning av *x* (Aktiens genomsnittskurs ökad med den utdelning som utbetalas per Aktie) |
| Omräknat antal Aktier som varje Teckningsoption berättigar till Teckning av | &nbsp;&nbsp;= | &nbsp;&nbsp;Aktiens genomsnittskurs |
| *Recalculated Subscription Price* | &nbsp;&nbsp;= | &nbsp;&nbsp;*Previous Subscription Price x the average share price of the Share during a period of 25 trading days calculated from the day on which the Share is quoted without any right to dividend (the average price of Share)* |
| *Recalculated Subscription Price* | &nbsp;&nbsp;= | &nbsp;&nbsp;*Average price of Share increased by the dividend paid per Share* |
| *Re-calculated number of Shares that each Warrant entitles to Subscribe for* | &nbsp;&nbsp;= | &nbsp;&nbsp;*Previous number of Shares that each Warrant entitles to subscribe for x (the average price of Share increased by the dividend paid per Share)* |
| *Re-calculated number of Shares that each Warrant entitles to Subscribe for* | &nbsp;&nbsp;= | &nbsp;&nbsp;*Average price of Share* |

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Enligt ovan omräknad Teckningskurs och omräknat antal Aktier ska fastställas av Bolaget senast vid tidpunkten för utbetalning av utdelningen och ska tillämpas vid Teckning som verkställs därefter.<br> *The recalculated Subscription Price and the recalculated number of Shares as set out above shall be determined by the Company at the latest by the time of payment of the dividend in question and shall apply to Subscriptions executed thereafter.*

Har anmälan om Teckning ägt rum men, p.g.a. bestämmelserna i punkt 7 ovan, slutlig registrering på avstämningskonto ej skett, ska särskilt noteras att varje Teckningsoption efter omräkningar kan berättiga Optionsinnehavare till ytterligare Aktier. Slutlig registrering på avstämningskonto sker sedan omräkningarna fastställts, dock tidigast vid den tidpunkt som anges i punkt 7 ovan. Om Bolaget inte längre är avstämningsbolag verkställs Teckning genom att de nya Aktierna upptas i aktieboken som interimsaktier. Slutlig registrering i aktieboken sker sedan omräknad Teckningskurs och omräknat antal Aktier som varje Teckningsoption berättigar till Teckning av fastställts.<br> *In the event that notice for Subscription has been made but, due to the regulations in section 7 above, final registration on the central securities depository account has not been made, it shall be specifically noted that each Warrant after recalculations may entitle the Warrant Holder to additional Shares. Final registration in the central securities depository account is made after the recalculations has been determined, but in no event earlier than the time stated in section 7 above. In the event that the Company is no longer a company registered with Euroclear, Subscription for Shares is effected by the new Shares being registered as interim shares in the Company's share register. Final registration in the share register is made after the recalculated Subscription Price and the recalculated number of Shares which each Warrant entitles to have been determined.*

8.2.9. **Återbetalning till aktieägarna med obligatorisk minskning av aktiekapital m.m./ *Repayment to the shareholders by reduction of share capital*** 

Om Bolagets <u>aktiekapital eller reservfond skulle minskas med återbetalning till aktieägarna</u> ska följande gälla:<br> *In the event the Company's s<u>hare capital or statutory reserve is reduced through a repayment to the shareholders</u>, the following shall apply:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Om Bolagets Aktier inte är föremål för marknadsnotering, ska omräkning ske, dels av Teckningskursen, dels av det antal Aktier som varje Teckningsoption ger rätt att teckna i enlighet med denna punkt 8.2.9 angivna principer. Omräkningen som ska utföras av Bolaget, ska ha som utgångspunkt att värdet på Teckningsoptionerna ska lämnas oförändrat.<br> *Should the Company's Shares not be listed, a recalculation of the Subscription Price and the number of Shares each Warrant entitles to subscribe for shall be effected in accordance with the principles set forth in this section 8.2.9. The recalculation shall be made by the Company and shall be made on the basis that the value of the Warrants shall remain unchanged.*

The English translation is for convenience only and in case of any discrepancy, the Swedish text shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Om Bolagets Aktier är föremål för marknadsnotering, ska tillämpas en omräknad Teckningskurs liksom en omräkning av det antal Aktier som varje Teckningsoption berättigar till Teckning av. Omräkningarna utförs av Bolaget och enligt följande formler:<br> *Should the Company's Shares be listed, a recalculated Subscription Price as well as a recalculated number of Shares which each Warrant entitles to Subscribe for shall be applied. Recalculations shall be made by the Company in accordance with the following formulas:*

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| | | |
|:---|:---|:---|
| Omräknad Teckningskurs | &nbsp;&nbsp;= | &nbsp;&nbsp;Föregående Teckningskurs *x* Aktiens genomsnittliga aktiekurs under en period om 25 handelsdagar räknat fr.o.m. den dag då Aktien noteras utan rätt till återbetalning (Aktiens genomsnittskurs) |
| Omräknad Teckningskurs | &nbsp;&nbsp;= | &nbsp;&nbsp;Aktiens genomsnittskurs ökad med det belopp som återbetalas per Aktie |
| Omräknat antal Aktier som varje Teckningsoption berättigar till Teckning av | &nbsp;&nbsp;= | &nbsp;&nbsp;Föregående antal Aktier som varje Teckningsoption berättigar till Teckning av *x* (Aktiens genomsnittskurs ökad med det belopp som återbetalas per Aktie) |
| Omräknat antal Aktier som varje Teckningsoption berättigar till Teckning av | &nbsp;&nbsp;= | &nbsp;&nbsp;Aktiens genomsnittskurs |
| *Recalculated Subscription Price* | &nbsp;&nbsp;= | &nbsp;&nbsp;*Previous Subscription Price x the average share price of the Share during a period of 25 trading days calculated from the day of which the Share is quoted without any right to participate in the distribution (the average price of Share)* |
| *Recalculated Subscription Price* | &nbsp;&nbsp;= | &nbsp;&nbsp;*Average price of Share increased by the amount repaid per Share* |
| *Recalculated number of Shares that each Warrant entitles to Subscribe for* | &nbsp;&nbsp;= | &nbsp;&nbsp;*Previous number of Shares that the Warrant entitles to Subscribe for x (the average price of Share increased by the amount repaid per Share)* |
| *Recalculated number of Shares that each Warrant entitles to Subscribe for* | &nbsp;&nbsp;= | &nbsp;&nbsp;*Average price of Share* |

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Aktiens genomsnittskurs beräknas i enlighet med vad som angivits i punkt 8.2.4 ovan.<br> *The average price of Share is calculated in accordance with the provisions set forth in section 8.2.4 above.*

The English translation is for convenience only and in case of any discrepancy, the Swedish text shall control.

Vid omräkning enligt ovan och där minskningen sker genom <u>inlösen av Aktier</u>, ska istället för det faktiska belopp som återbetalas per Aktie ett beräknat återbetalningsbelopp användas enligt följande:<br> *When re-calculating in accordance with the above and in the event that reduction is effected through <u>redemption of shares</u>, a repayment amount according to the calculation below shall be used instead of the actual amount that will be repaid per Share according to the following:*

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| | | |
|:---|:---|:---|
| Beräknat återbetalningsbelopp<br> per Aktie | &nbsp;&nbsp;= | &nbsp;&nbsp;Det faktiska belopp som återbetalas på inlöst Aktie minskat med Aktiens genomsnittliga aktiekurs under en period om 25 handelsdagar närmast före den dag då Aktien noteras utan rätt till deltagande minskningen (Aktiens genomsnittskurs) |
| Beräknat återbetalningsbelopp<br> per Aktie | &nbsp;&nbsp;= | &nbsp;&nbsp;Det antal Aktier i Bolaget som ligger till grund för inlösen av en Aktie minskat med talet 1 |
| *Calculated repayment<br> per Share* | &nbsp;&nbsp;= | &nbsp;&nbsp;*The actual amount that has been repaid per redeemed Share reduced by the average share price of the Shares during a 25 day period immediately prior to the day the Share is quoted without the right to participate in the reduction (the average price of Share)* |
| *Calculated repayment<br> per Share* | &nbsp;&nbsp;= | &nbsp;&nbsp;*The number of Shares in the Company that serves as basis for the redemption of Shares reduced with the number 1* |

---

Aktiens genomsnittskurs beräknas i enlighet med vad som angivits i punkt 8.2.4 ovan.<br> *The average price of Share is calculated in accordance with the provisions set forth in section 8.2.4 above.*

Enligt ovan omräknad Teckningskurs och omräknat antal Aktier ska fastställas av Bolaget två Bankdagar efter utgången av den angivna perioden om 25 handelsdagar och ska tillämpas vid Teckning, som verkställs därefter.<br> *The recalculated Subscription Price and recalculated number of Shares as set out above shall be determined by the Company two Business Days after the expiration of the stated period of 25 trading days, and shall apply to Subscriptions made after such time.*

Teckning verkställs ej under tiden från minskningsbeslutet t.o.m. den dag då den omräknade Teckningskursen och det omräknade antalet Aktier fastställts enligt vad ovan sagts.<br> *Subscriptions shall not be executed during the period commencing with the adoption of the resolution to reduce the share capital up to and including the day on which the recalculated Subscription Price and recalculated number of Shares is determined.*

8.2.10. **Återköp av egna Aktier m.m./ *Repurchase of shares etc.*** 

Om Bolaget – utan att fråga är om minskning av aktiekapital – skulle genomföra <u>återköp av egna Aktier</u> men där, enligt Bolagets bedömning, sådan åtgärd med hänsyn till dess tekniska utformning och ekonomiska effekter, är att jämställa med minskning som är obligatorisk, ska omräkning av Teckningskursen och antal Aktier som varje Teckningsoption berättigar till Teckning av ske med tillämpning av så långt möjligt av de principer som anges ovan i punkt 8.2.9.<br> *In the event the Company – without reducing the share capital – should carry out a <u>repurchase of its own Shares</u>, but where the measure due to its technical structure and financial effects, is equivalent to a reduction, the recalculation of the Subscription Price as well as of the number of Shares that each Warrant entitles to Subscription of shall be made by applying, to the extent possible, the principles set forth in section 8.2.9.*

8.2.11. **Byte av aktiekapitalsvaluta/ *Change of the currency of share capital*** 

Genomför bolaget <u>byte av aktiekapitalsvaluta</u>, innebärande att Bolagets aktiekapital ska vara bestämt i annan valuta än svenska kronor, ska Teckningskursen omräknas till samma valuta som aktiekapitalet är bestämt i samt därvid avrundas till två decimaler. Sådan valutaomräkning ska ske med tillämpning av den växelkurs som använts för omräkning av aktiekapitalet vid valutabytet.<br> *In the event the Company <u>carries out a change of the currency of its share capital</u> resulting in that the share capital of the Company shall be determined in a currency other than SEK, the Subscription Price shall be recalculated into the same currency as the currency of the share capital and be rounded off to two decimals. Such recalculation of the currency shall be made with application of the exchange rate which has been used when re-calculating the currency of the share capital.*

The English translation is for convenience only and in case of any discrepancy, the Swedish text shall control.

Enligt ovan omräknad Teckningskurs fastställs av Bolaget och ska tillämpas vid Teckning som verkställs från och med den dag som bytet av aktiekapitalsvaluta får verkan.<br> *The recalculated Subscription Price in accordance with above shall be determined by the Company and shall be applied on Subscriptions which are effected as from the day the currency change of the share capital became effective.*

8.2.12. **Skälig omräkning/ *Reasonable recalculation*** 

Genomför Bolaget åtgärd som avses i punkterna 8.2.2–8.2.6 eller punkterna 8.2.8–8.2.11 ovan eller annan liknande åtgärd med liknande effekt och skulle, enligt Bolagets bedömning, tillämpning av härför avsedd omräkningsformel, med hänsyn till åtgärdens tekniska utformning eller av annat skäl, ej kunna ske eller leda till att den ekonomiska kompensation som Optionsinnehavarna erhåller i förhållande till aktieägarna inte är skälig, ska Bolaget genomföra omräkningarna av Teckningskursen och av antalet Aktier som varje Teckningsoption berättigar till Teckning av i syfte att omräkningarna leder till ett skäligt resultat.<br> *In the event that the Company carries out measures set forth in sections 8.2.2–8.2.6 or sections 8.2.8–8.2.11 above or other similar measure with similar effect and, if, according to the Company's opinion, the application of the intended recalculation formula with regard to the technical structure or for another reason, may not be possible or result that the economic compensation the Warrant Holders shall receive becoming unreasonable in relation to that of the shareholders, the Company shall make the recalculation of the Subscription Price as well as the number of Shares that each Warrant entitles to Subscribe for, for the purpose of the recalculation leading to a reasonable result.*

8.2.13. **Avrundning/ *Rounding*** 

Vid omräkning enligt ovan ska Teckningskursen avrundas till helt tiotal öre, varvid fem öre ska avrundas uppåt, och antalet Aktier avrundas till två decimaler. Endast hela Aktier kan tecknas. För det fall Teckningskursen är bestämd i annan valuta än svenska kronor ska, vid omräkningar enligt ovan, Teckningskursen istället avrundas till två decimaler.<br> *In conjunction with recalculations in accordance with the above, the Subscription Price shall be rounded to the nearest SEK 0.10, whereupon SEK 0.05 shall be rounded upwards and the number of Shares rounded off to two decimals. Only whole Shares may be Subscribed for. In the event that the Subscription Price is determined in another currency than SEK, the Subscription Price shall, upon recalculation in accordance with the above, be rounded off to two decimals.*

8.2.14. **Likvidation/ *Liquidation*** 

Beslutas att Bolaget ska träda i likvidation enligt 25 kap. Aktiebolagslagen får, oavsett likvidationsgrunden, anmälan om Teckning ej därefter ske. Rätten att göra anmälan om Teckning upphör i och med bolagsstämmans likvidationsbeslut, oavsett sålunda att detta ej må ha vunnit laga kraft.<br> *In the event it is resolved that the Company shall enter into liquidation according to Ch. 25 of the Swedish Companies Act, notice for Subscription may not thereafter be made, regardless of the reasons for liquidation. The right to make notice for Subscription shall terminate upon the resolution to place the Company in liquidation regardless of whether such resolution has entered into effect.*

The English translation is for convenience only and in case of any discrepancy, the Swedish text shall control.

Senast två månader innan bolagsstämman tar ställning till fråga om Bolaget ska träda i frivillig likvidation enligt 25 kap. 1 § Aktiebolagslagen, ska Optionsinnehavarna genom meddelande enligt punkt 11 nedan underrättas om den avsedda likvidationen. I meddelandet ska intagas en erinran om att anmälan om Teckning ej får ske, sedan bolagsstämman fattat beslut om likvidation.<br> *No later than two months prior to the determination by the shareholders' meeting as to whether the Company shall be placed into voluntary liquidation according to Ch. 25 § 1 of the Swedish Companies Act, notice shall be given to the Warrant Holders in accordance with section 11 below in respect of the intended liquidation. The notice shall state that notice of Subscription may not be made following the adoption of a resolution by the shareholders' meeting to place the Company in liquidation.*

Skulle Bolaget lämna meddelande om avsedd likvidation enligt ovan, ska Optionsinnehavare – oavsett vad som i punkt 4 ovan sägs om tidigaste tidpunkt för anmälan om Teckning – äga rätt att göra anmälan om Teckning från den dag då meddelandet lämnats, förutsatt att Teckning kan verkställas senast på tionde kalenderdagen före den bolagsstämma vid vilken frågan om Bolagets likvidation ska behandlas.<br> *In the event the Company gives notice of an intended liquidation in accordance with the above, each Warrant Holder – irrespective of what is set forth in section 4 regarding the earliest time at which notice for Subscriptions may be made – shall be entitled to make a notice for Subscription from the day on which the notice is given, provided it is possible to effect Subscription not later than the tenth calendar day prior to the shareholders' meeting at which the issue of the Company's liquidation shall be addressed.*

8.2.15. **Fusion och delning/ *Merger and de-merger*** 

Skulle bolagsstämman, enligt <u>23 kap. 15 § Aktiebolagslagen, godkänna fusionsplan</u> varigenom Bolaget ska uppgå i annat bolag, eller om bolagsstämman, enligt <u>24 kap. 17 § Aktiebolagslagen, skulle godkänna delningsplan</u> varigenom Bolaget ska upplösas utan likvidation, får anmälan om Teckning därefter ej ske.<br> *In the event the shareholders' meeting <u>approves a merger plan, in accordance with Ch. 23 § 15 of the Swedish Companies Act</u>, pursuant to which the Company is to be merged into another company, or in the event the shareholders' meeting <u>approves a demerger plan, in accordance with Ch. 24 § 17 of the Swedish Companies Act</u>, pursuant to which the Company will be dissolved without liquidation, notice for Subscription may not thereafter be made.*

Senast två månader innan Bolaget tar slutlig ställning till frågan om fusion eller delning enligt ovan, ska Optionsinnehavarna genom meddelande enligt punkt 11 nedan underrättas om fusions- eller delningsavsikten. I meddelandet ska en redogörelse lämnas för det huvudsakliga innehållet i den avsedda fusionsplanen eller delningsplanen samt ska Optionsinnehavarna erinras om att anmälan om Teckning ej får ske, sedan slutligt beslut fattats om fusion eller delning.<br> *No later than two months prior to final determination by the Company in respect of a merger or demerger as set forth above, notice shall be given to Warrant Holders in accordance with section 11 below of the intended merger or demerger. The notice shall set forth the principal contents of the intended merger plan or demerger plan and each Warrant Holder shall be notified that Subscription may not be made following a final resolution regarding the merger or demerger.*

Om Bolaget lämnar meddelande om planerad fusion eller delning enligt ovan, ska Optionsinnehavare – oavsett vad som i punkt 4 ovan sägs om tidigaste tidpunkt för anmälan om Teckning – äga rätt att påkalla Teckning från den dag då meddelandet lämnats om fusions- eller delningsavsikten, förutsatt att Teckning kan verkställas senast på tionde kalenderdagen före den bolagsstämma vid vilken fusionsplanen eller delningsplanen ska godkännas.<br> *In the event the Company gives notice regarding a intended merger or demerger in accordance with the above, each Warrant Holder – irrespective of what is set forth in section 4 above regarding the earliest time at which notice for Subscription may be made – shall be entitled to make a notice for Subscription from the date on which notice is given, provided it is possible to effect Subscription not later than the tenth calendar day prior to the shareholders' meeting at which the merger plan or demerger plan is to be approved.*

The English translation is for convenience only and in case of any discrepancy, the Swedish text shall control.

Genomför Bolaget en gränsöverskridande fusion enligt 23 kap. 36 § Aktiebolagslagen eller en gränsöverskridande delning enligt 24 kap. 30 § samma lag, gäller bestämmelserna i denna punkt i tillämpliga delar.<br> *In the event the Company carries out a cross-border merger in accordance with Ch. 23 § 36 of the Companies Act or a cross-border demerger in accordance with Ch. 24 § 30 of the Swedish Companies Act, the provisions of this section shall apply in a corresponding manner.*

8.2.16. **Förenklad fusion och tvångsinlösen/ *Simplified merger and buy out procedure*** 

Upprättar Bolagets styrelse en <u>fusionsplan enligt 23 kap. 28 § Aktiebolagslagen</u> varigenom Bolaget ska uppgå i ett annat bolag eller blir Bolagets Aktier föremål för <u>tvångsinlösenförfarande</u> enligt 22 kap. Aktiebolagslagen ska följande gälla.<br> *In the event the Company's board of directors prepares a <u>merger plan in accordance with Ch. 23 § 28 of the Swedish Companies Act</u>, pursuant to which the Company is to be merged into another company or if the Company's Shares will be subject to a <u>buy out procedure</u> in accordance with Ch. 22 of the Swedish Companies Act, the following shall apply.*

Äger ett svenskt aktiebolag samtliga Aktier i Bolaget, och offentliggör Bolagets styrelse sin avsikt att upprätta en fusionsplan enligt i föregående stycke angivet lagrum, ska Bolaget, för det fall att sista dag för Teckning enligt punkt 4 ovan infaller efter sådant offentliggörande, fastställa en ny sista dag för Teckning (slutdagen). Slutdagen ska infalla inom 60 dagar från offentliggörandet.<br> *In the event a Swedish limited liability company owns all the shares of the Company and the Company's board of directors publishes its intention to prepare a merger plan in accordance with the legislation referred to in the preceding paragraph, the Company shall provided that the final day for notice for Subscription pursuant to section 4 above occurs after such publication, determine a new final date for notice for Subscription (expiration date). The expiration date shall occur within 60 days of the publication.*

Om offentliggörandet skett i enlighet med vad som anges ovan i denna punkt 8.2.16, ska – oavsett vad som i punkt 4 ovan sägs om tidigaste tidpunkt för anmälan om Teckning – Optionsinnehavare äga rätt att göra sådan anmälan om Teckning fram till slutdagen. Bolaget ska senast tre veckor före slutdagen genom meddelande enligt punkt 11 nedan erinra Optionsinnehavarna om denna rätt samt att Teckning ej får ske efter slutdagen.<br> *If publication has been made in accordance with the above set forth in this section 8.2.16, each Warrant Holder – irrespective of what is set forth in section 4 above regarding the earliest time at which notice for Subscription may be made – shall be entitled to such notification to and including the expiration date. Not later than three weeks prior to the expiration date, the Company shall notify the Warrant Holders, pursuant to section 11 below, of such right and that notice for Subscription may not be made after the expiration date.*

8.2.17. **Gränsöverskridande ombildning/ *Cross-border conversion*** 

Skulle bolagsstämman, enligt <u>24 a kap. 17 § aktiebolagslagen, godkänna ombildningsplan</u> varigenom Bolaget ombildas till en motsvarande juridisk person som omfattas av lagstiftningen i en annan stat inom Europeiska ekonomiska samarbetsområdet än Sverige (gränsöverskridande ombildning), får anmälan om Teckning inte ske.<br> *In the event the shareholders' meeting <u>approves a conversion plan, in accordance with Ch. 24 a § 17 of the Companies Act</u>, pursuant to which the Company is converted to a corresponding legal entity subject to the legislation of a state within the European Economic Area other than Sweden (cross-border conversion), notice for Subscription may not thereafter be made.*

The English translation is for convenience only and in case of any discrepancy, the Swedish text shall control.

Senast två månader innan Bolaget tar slutlig ställning till frågan om gränsöverskridande ombildning enligt ovan, ska Teckningsoptionshavarna genom meddelande enligt punkt 12 nedan underrättas om ombildningsavsikten. I meddelandet ska en redogörelse lämnas för det huvudsakliga innehållet i den avsedda ombildningsplanen samt ska Teckningsoptionshavarna erinras om att anmälan om Teckning ej får ske, sedan slutligt beslut fattats om ombildning.<br> *No later than two months prior to final determination by the Company in respect of a cross-border conversion as set forth above, notice shall be given to Warrant Holders in accordance with section 12 below of the intended conversion. The notice shall set forth the principal contents of the intended conversion plan and each Warrant Holder shall be notified that Subscription may not be made following a final decision regarding the conversion.*

Om Bolaget lämnar meddelande om planerad gränsöverskridande ombildning enligt ovan, ska Optionsinnehavare – oavsett vad som i punkt 4 ovan sägs om tidigaste tidpunkt för anmälan om Teckning – äga rätt att påkalla Teckning från den dag då meddelandet lämnats om ombildningsavsikten, förutsatt att Teckning kan verkställas senast på tionde kalenderdagen före den bolagsstämma vid vilken ombildningsplanen ska godkännas.<br> *In the event the Company gives notice regarding a intended cross-border conversion in accordance with the above, each Warrant Holder – irrespective of what is set forth in section 4 above regarding the earliest time at which notice for Subscription may be made – shall be entitled to make a notice for Subscription from the date on which notice is given, provided it is possible to effect Subscription not later than the tenth calendar day prior to the shareholders' meeting at which the conversion plan is to be approved.*

8.2.18. **Återställande av rätt att teckna Aktier/ *Restoration of rights*** 

Oavsett vad under punkterna 8.2.14, 8.2.15, 8.2.16 och 8.2.17 ovan sagts om att anmälan om Teckning ej får ske efter beslut om likvidation, godkännande av fusionsplan/delningsplan/ombildningsplan eller efter utgången av ny slutdag vid fusion, delning eller ombildning ska rätten att göra anmälan om Teckning åter inträda för det fall att likvidationen upphör respektive fusionen, delningen eller ombildningen ej genomförs.<br> *Notwithstanding the provisions set forth in sections 8.2.14, 8.2.15, 8.2.16 and 8.2.17 above stating that notice for Subscriptions may not be made following the resolution on liquidation, approval of a merger plan/demerger plan/conversion plan or the end of a new expiration date at a merger, demerger or conversion, the right to make a notice for Subscription shall be reinstated in the event the liquidation is terminated or where the merger, demerger or conversion is not executed.*

8.2.19. **Konkurs/ *Bankruptcy*** 

För den händelse Bolaget skulle <u>försättas i konkurs</u>, får anmälan om Teckning ej därefter ske. Om emellertid konkursbeslutet häves av högre rätt får anmälan om Teckning återigen ske.<br> *In the event the Company is <u>declared bankrupt</u>, notice for Subscription may not thereafter be made. Where, however, the bankruptcy decision is reversed by a court of higher instance, notice for Subscription may again be made.*

8.2.20. **Notering/ *Listing*** 

Vad som ovan angivits rörande notering på handelsplats ska gälla för det fall Bolagets Aktier är föremål för offentlig och organiserad handel på reglerad marknad eller annan organiserad multilateral handelsplattform. Hänvisning till handelsplats ska då avse sådan reglerad marknad eller annan multilateral handelsplattform. Vid utgivandet av Teckningsoptionerna är Aktierna noterade på Nasdaq Stockholm som vid tillfället är en reglerad marknad.<br> *What is stated above concerning quoting on a market will apply if the Company's Shares are subject to public and organized trading on a regulated market or other organized multilateral trading facility. Reference to trading then shall apply to such a regulated market or other multilateral trading facility*. *At the date of the issuance of the Warrants the Shares are listed at Nasdaq Stockholm which at that time is a regulated market.*

The English translation is for convenience only and in case of any discrepancy, the Swedish text shall control.

8.2.21. **Kvotvärde/ *Quota value*** 

Om angiven åtgärd och omräkning enligt något av punkterna 8.2.2–8.2.12 ovan skulle medföra en omräkning av Teckningskursen till ett belopp understigande Aktiens kvotvärde, ska ändå Aktiens kvotvärde erläggas för Aktie.<br> *If the measures and recalculations stated in any of the sections 8.2.2–8.2.12 above would result in a recalculation of the Subscription Price that would amount to a number less than the Share's quota value, the quota value shall nevertheless be paid for the Share.*

**9.** **Ersättning/ *Compensation*** 

Om det vid tillämpningen av ändringarna i punkt 8.2, inte är praktiskt eller juridiskt möjligt att tillämpa en reducerad Teckningskurs ska antalet Aktier som varje Teckningsoption berättigar Optionsinnehavaren att teckna, i ett andra steg, omräknas (dvs ökas) för att ersätta Optionsinnehavaren för den uteblivna reduceringen av Teckningskursen, dvs ökat krona för krona.<br> *If, in the application of the adjustments in this section 8.2, it is not practicable or legally possible to apply a reduced Subscription Price, the number of Shares which each Warrant entitles the Warrant Holder to purchase shall, in a secondary step, be recalculated (i.e. increased) in order to compensate the Warrant Holder for the non reduction in the Subscription Price, i.e. increased krona per krona.*

**10.** **Förvaltare/ *Nominee*** 

För Teckningsoption som är förvaltarregistrerad enligt lag om värdepapperscentraler och kontoföring av finansiella instrument ska vid tillämpningen av dessa villkor förvaltaren betraktas som Optionsinnehavare.<br> *If a Warrant is registered with a nominee pursuant to the Central Securities Depositories and Swedish Financial Instruments Accounts Act, such nominee shall be regarded as the Warrant Holder where these terms and conditions are applied.*

**11.** **Meddelanden/ *Notices*** 

11.1. Meddelanden rörande Teckningsoptionerna ska tillställas varje Optionsinnehavare som skriftligen meddelat sin postadress
till Bolaget.<br> *Notices concerning the Warrants shall be sent to each Warrant Holder who has informed the Company of his/her/its mail address.* 

11.2. För det fall Teckningsoptionerna är registrerade av Euroclear i ett avstämningsregister ska meddelande rörande
Teckningsoptionerna, istället för vad som stadgas i punkt 11.1 ovan tillställas varje registrerad Optionsinnehavare och
annan rättighetshavare som är antecknad på konto i Bolagets avstämningsregister.<br> *In the event that the Warrants are registered with Euroclear in a, notices concerning the Warrants shall, instead of what is stated in section 11.1 above, be sent to each registered Warrant Holder or other right holder who is registered in an account the Company's securities register.* 

11.3. Meddelanden ska, i förekommande fall, även lämnas till marknadsplatsen och offentliggöras enligt marknadsplatsens
regler.<br> *Notices shall, if applicable, also be given to the market place and be made public in accordance with the rules applicable to such market place.* 

**12.** **Ändring av villkoren/ *Amendments of the terms and conditions*** 

Bolaget äger rätt att besluta om ändring av dessa villkor i den mån lagstiftning, domstolsavgörande eller myndighetsbeslut så kräver eller om det i övrigt – enligt Bolagets bedömning – av praktiska skäl är ändamålsenligt eller nödvändigt och Optionsinnehavarnas rättigheter inte i något väsentligt avseende försämras.<br> *The Company is entitled to amend these terms and conditions to the extent it is required by legislation, court decisions or decisions of authorities, or if there under other circumstances – according to the Company's opinion – are practical reasons that are appropriate or necessary and the Warrant Holders' rights are not materially impaired.*

The English translation is for convenience only and in case of any discrepancy, the Swedish text shall control.

**13.** **Sekretess/ *Confidentiality*** 

Bolaget, Banken eller Euroclear får ej obehörigen till tredje man lämna ut uppgift om Optionsinnehavare. Bolaget äger rätt att få ut följande uppgifter från Euroclear om Optionsinnehavares konto i Bolagets avstämningsregister: (i) Optionsinnehavares namn, personnummer eller annat identifikationsnummer samt postadress och (ii) antal Teckningsoptioner.<br> *The Company, the Bank or Euroclear may not without necessary authorization disclose information regarding the Warrant Holders to third parties. The Company shall be entitled to the following information from Euroclear about the Warrant Holder's account in the share register of the Company: (i) the Warrant Holder's name, personal identity number or other identity number and address and (ii) the number of Warrants.*

**14.** **Begränsning av Bolagets, Bankens och Euroclears ansvar/ *Limitation of the Company's, the Bank's and the Euroclear's liability*** 

14.1. I fråga om de på Bolaget, Banken och Euroclear ankommande åtgärderna gäller – beträffande Euroclear
med betraktande av bestämmelserna i lagen om värdepapperscentraler och kontoföring av finansiella instrument – att
ansvarighet inte kan göras gällande för skada som beror på svenskt eller utländskt lagbud, svensk eller utländsk
myndighets åtgärd, krigshändelse, strejk, blockad, bojkott, lockout eller annan liknande omständighet. Förbehållet
i fråga om strejk, blockad, bojkott och lockout gäller även om Bolaget, Banken eller Euroclear själv vidtar eller
 är föremål för sådan konfliktåtgärd.<br> *With respect to the actions incumbent on the Company, the Bank or Euroclear, none of the Company, the Bank or Euroclear – in the case of Euroclear, subject to the provisions of the Central Securities Depositories and Swedish Financial Instruments Accounts Act – shall be held liable for damage arising as a result of Swedish or foreign legislation, any action of a Swedish or foreign authority, acts of war, strikes, blockades, boycotts, lockouts, or similar circumstances. The exemption in respect of strikes, blockades, boycotts and lockouts applies also in cases where the Company, the Bank or Euroclear itself takes or is the subject of such measure or conflict.* 

14.2. Bolaget, Banken eller Euroclear är inte heller skyldig att i andra fall ersätta skada som uppkommer om Bolaget, Banken eller
Euroclear varit normalt aktsam. Bolaget, Banken och Euroclear är i intet fall ansvarig för indirekt skada. Härvid uppmärksammas
Optionsinnehavare på att denne ansvarar för att handlingar som Bolaget tillställts är riktiga och behörigen
undertecknade samt att Bolaget underrättas om ändringar som sker beträffande lämnade uppgifter.<br> *Furthermore neither shall the Company, the Bank nor Euroclear shall be liable for damage arising in other cases if the Company, the Bank or Euroclear, as appropriate, has exercised normal caution. In addition, under no circumstances shall the Company, the Bank or Euroclear be held liable for any indirect damage. A Warrant Holder is hereby made aware that he/she/it is responsible for that the documents sent to the Company are correct and have been duly signed and that the Company is informed of changes that are made with regard to information provided.* 

14.3. Föreligger hinder för Bolaget, Banken eller Euroclear att verkställa betalning eller vidta annan åtgärd
på grund av omständighet som anges i första stycket, får åtgärden uppskjutas till dess hindret har upphört.
Om Bolaget till följd av en sådan omständighet är förhindrat att verkställa eller ta emot betalning ska
Bolaget respektive Optionsinnehavaren inte vara skyldig att erlägga dröjsmålsränta.<br> *If the Company, the Bank or Euroclear is prevented from making payment or taking any measure due to a circumstance referred to in the first paragraph, the taking of such measure may be postponed until such hinder no longer exists. If the Company as a result of such a circumstance is prevented from making or receiving a payment, the Company or the Warrant Holder shall not be required to pay interest.* 

The English translation is for convenience only and in case of any discrepancy, the Swedish text shall control.

**15.** **Tillämplig lag och forum/ *Applicable law and dispute resolution*** 

15.1. Dessa villkor och alla rättsliga frågor med anknytning till Teckningsoptionerna ska avgöras och tolkas enligt svensk
rätt.<br> *These terms and conditions and relating legal matters with connection to the Warrants shall be governed and interpreted by Swedish law.* 

15.2. Tvist i anledning av dessa villkor ska slutligt avgöras genom skiljedom administrerad vid SCC Skiljedomsinstitut.<br> *Any dispute with respect to these terms and conditions shall be decided through arbitration according to the Arbitration Rules of the SCC Arbitration Institute.* 

15.3. Skiljeförfarandet ska hållas i Stockholm. Det svenska språket ska användas i förfarandet.<br> *The arbitration shall take place in Stockholm. The Swedish language shall be used during the proceedings.* 

15.4. Skiljeförfarande som påkallats med hänvisning till denna skiljeklausul omfattas av sekretess. Sekretessen omfattar
all information som framkommer under förfarandet liksom beslut eller skiljedom som meddelas i anledning av förfarandet. Information
som omfattas av sekretess får inte i någon form vidarebefordras till tredje person. Om Teckningsoptioner överlåts
till en tredje person ska sådan tredje person automatiskt vara bunden av denna skiljeklausul.<br> *Arbitration called for in accordance with this arbitration clause is subject to confidentiality. The confidentiality applies for all information which is obtained during the procedure as well as the decision or the arbitration decision which is communicated as a result of the procedure. Information covered by confidentiality may not in any form be forwarded to a third party. If the Warrants are transferred to a third party, such third party shall automatically be bound by this arbitration clause.* 

**16.** **Överlåtelse och äganderätt till Teckningsoptioner/ *Transfer and title to Warrants*** 

Överlåtelse av Teckningsoption kan ske genom ett sedvanlig överlåtelsehandling och, om avtal föreligger avseende innehav av Teckningsoption i Bolaget, i enlighet med bestämmelserna i sådant avtal.<br> *A transfer of a Warrant may be effected by an instrument of transfer in any usual or common form, subject to the terms of any Warrant Holder agreement regarding the holding of Warrants in the Company.*

\* \* \* \* \*

The English translation is for convenience only and in case of any discrepancy, the Swedish text shall control.

![](tm269615d8_ex4-8img001.jpg)

**Co-worker LTIP 2026 in Vicore Pharma Holding AB**

**GRANT NOTICE & AGREEMENT**

[Employee name]

[Date]

The Annual General Meeting in Vicore Pharma Holding AB (publ) (the "**Company**") held on May 6, 2026, resolved to implement a long-term incentive program for senior management and key persons (including employees and consultants) in the Company ("**Co-worker LTIP 2026**").

In summary, the resolution entails that a number of selected individuals (each a "**Participant**") are granted options (the "**Options**") which entitle the Participant to receive a corresponding number of shares in the Company after the third anniversary of the date of this Grant Notice & Agreement.

The Options shall vest over a three-year period with one-third each year on the anniversary of the Granting Day, whereby all Options shall vest on the third anniversary of the Granting Date, provided that the holder, with some customary exceptions (including retirement and permanent incapacity to work due to illness or accident), still is employed by the Company (or, in the case of consultants, still providing services to the Company). Vesting, otherwise, takes place annually where 1/3 of the Options will be vested after 12 months, but no Options shall be deemed vested at a time that falls within 12 months from the Granting Date.

The latest point in time at which vested Options may be exercised shall be the fifth anniversary of the Granting Date. The Options are awarded free of charge. Each Option entitles the holder to acquire one share in the Company for a pre-determined exercise price (the "**Exercise Price**"). The exercise price shall correspond to 125 percent of the volume-weighted average price of the Company's share on Nasdaq Stockholm for the five trading days preceding the Granting Date.

You have, under **Co-worker LTIP [2026:X]**, been allocated [**XX] Options**, entitling you to a corresponding number of shares in the Company, subject to the detailed terms set out in "TERMS REGARDING Vicore Pharma Holding AB´S PERSONNEL OPTION PROGRAM (Co-worker LTIP 2026)", Schedule 1. Granting date for said Options is [Date] (the "**Granting Date**").

The Exercise Price has been established to **SEK [XX]**.

The latest point in time at which vested Options may be exercised shall be the fifth anniversary of the Granting Date, i.e. [Date]. Exercise of Options shall be made on a form provided to you upon request to the Company.

The Options are non-transferable and may not be pledged.

Vicore Pharma Holding AB (publ) \| Kornhamnstorg 53, SE-111 27 Stockholm<br> Phone: +46 (0)31 78 80 560 \| VAT no SE556680380401 \| <u>www.vicorepharma.com</u>

![](tm269615d8_ex4-8img001.jpg)

By signing this Grant Notice & Agreement, you hereby confirm

&nbsp;&nbsp;&nbsp;&nbsp;i) that you have read, understood and accepted the above information,

ii) that you have read, understood and accepted the "TERMS REGARDING Vicore Pharma Holding AB´S PERSONNEL OPTION PROGRAM (Co-worker LTIP 2026)",

iii) that you have read, understood and accepted the information under "Personal data" on the next page of this Grant Notice & Agreement,

iv) that you accept the receipt of the above said number of Options (in accordance with the above said terms and conditions), and

&nbsp;&nbsp;&nbsp;&nbsp;v) that you understand and accept that all tax- and currency risks and effects for you related to your participation in Co-worker LTIP
2026 are your responsibility.

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| |
|:---|
| Place and date |
| Signature |
| Clarification of signature |

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Vicore Pharma Holding AB (publ) \| Kornhamnstorg 53, SE-111 27 Stockholm<br> Phone: +46 (0)31 78 80 560 \| VAT no SE556680380401 \| <u>www.vicorepharma.com</u>

![](tm269615d8_ex4-8img001.jpg)

**Personal data**

If you choose to participate in the incentive program Co-worker LTIP 2026 the Company will process your personal data submitted to the Company under the program. The Company is the data controller of such personal data, whether or not the personal data has been collected directly by the Company, other companies within the Company's group or in any other way. The personal data includes inter alia, your name, address, personal identity number, employment number, position, salary details, bank account number and any other personal data that are necessary for the administration of the program. The Company will process the personal data for the purposes of managing the program as well as monitoring and subsequent evaluation of the program, which may include linking to, and matching with, other filing systems in the Company. The processing of personal data is necessary for the Company in order to fulfill the agreement concerning Co-worker LTIP 2026 and to enable the Company to fulfill its statutory obligations. If you do not provide the requested personal data to the Company, you may not participate in the program.

Personal data may, for specified purposes, sometimes be disclosed to other companies within the Company's group, to banks or to companies with which the Company cooperates, within and outside the EU/EEA. Should personal data be transferred outside the EU/EEA, it will be conducted in accordance with suitable safeguards approved by the EU. You may, at any time, request further information regarding such transfer and request copies of agreements or other safeguards used by the Company for such transfer. In certain situations, the Company is also obligated by law to disclose data, e.g. to the Swedish Tax Agency.

Pursuant to applicable personal data protection legislation you have the right to request and receive, free of charge, information on the personal data relating to you that is processed by the Company, regardless of how that data has been collected. Requests for information on the personal data being processed by the Company, erasure of personal data, limitations to the processing of personal data, data portability, or rectification of personal data may be directed to Vicore's Data Protection Officer (DPO), who you may also contact if you desire any further information regarding the Company's processing of personal data. Should you wish to register a complaint regarding the Company's processing of personal data you may contact the Swedish Data Protection Authority in its capacity of supervisory authority.

The personal data will be stored for the duration of your participation in Co-worker LTIP 2026 and during such subsequent period of time as is necessary for the Company to fulfill its statutory obligations under the program and to carry out an evaluation of the program and any other legal obligations that the Company may have in connection with the program.

Contact details: Vicore's Data Protection Officer (E-mail: DPO@vicorepharma.com), Vicore Pharma Holding AB, Kornhamnstorg 53, SE-111 27 Stockholm.

Vicore Pharma Holding AB (publ) \| Kornhamnstorg 53, SE-111 27 Stockholm<br> Phone: +46 (0)31 78 80 560 \| VAT no SE556680380401 \| <u>www.vicorepharma.com</u>

## Exhibit 8.1

**Exhibit 8.1**

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| | | |
|:---|:---|:---|
| **Subsidiaries of Vicore Pharma<br> Holding AB (publ)** | **Country of<br> Incorporation** | **Percentage Ownership** |
| Vicore Pharma AB | Sweden | 100.0% |
| Vicore Pharma US, Inc. | United States | 100.0% |

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## Exhibit 15.1

**Exhibit 15.1**

**Consent of Independent Registered Public Accounting Firm**

We consent to the reference to our firm under the caption "Experts" and to the use of our report dated April 17, 2026 (except for Note 8, as to which the date is May 22, 2026) in the Registration Statement (Form 20-F) of Vicore Pharma Holding AB dated May 22, 2026.

/s/ Ernst & Young AB

Stockholm, Sweden

May 22, 2026