Annual report 2025

Changing lives through medical technology

Content

Introduction

1 Lifecare and our progress

2 Corporate Governance

3 Financial statements

1. Lifecare and our progress

Annual Report 2025

2. Corporate Governance

3. Financial statements

Lifecare

2

Lifecare and our progress

PART 01

Annual Report 2025

Lifecare

1. Lifecare and our progress

2. Corporate Governance

3. Financial statements

3

About Lifecare

Lifecare is a medical sensor company developing technology for sensing and monitoring of various body analytes. Life- care’s focus is to bring the next generation of Continuous Glucose Monitoring (CGM) systems to market. Lifecare enables osmotic pressure as a sensing principle. Lifecare’s sensor technology is suitable for identifying and monitoring the occurrence of a wide range of analytes and molecules in the human body and in pets.

Lifecare is headquartered in Bergen, Norway, with research and development activities and production facilities in Mainz, Germany. Our chemistry lab operates in Bristol, UK. Addi- tionally, we have subsidiaries dedicated to the removal of subdermal implants and the commercialization of our sensor technology in the veterinary market. Through ongoing devel- opment projects with partners across Europe, we continue to drive innovation in our field.

Lifecare ASA is listed on Euronext Oslo Børs with ticker “LIFE”.

Read here for more information about Lifecare.

Make life easier

for patients with

diabetes

Changing lives through medical technology

MISSION

VISION

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Annual Report 2025

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CEO letter

A year of transition and execution

We have moved from technology validation to a fully inte- grated and controlled system - enabling us to produce the same implant with the same functionality, every time. This positions us to further optimise manufacturing processes and meet regulatory expectations as we progress toward clinical studies and commercialisation. This has been a deci- sive transition for Lifecare.

While 2024 demonstrated our sensor technology in an implantable format, 2025 was about converting that break- through into a robust, repeatable and scalable system. During the year, we moved from validating feasibility to demon- strating controlled, system-level execution of a fully inte- grated implantable Continuous Glucose Monitoring platform. This milestone significantly reduces the platform’s technical risk profile.

Working closely with our development and manufacturing partners, we strengthened the entire system architecture - from implant design and electronics to software and produc- tion processes.The focus shifted from laboratory validation to industrial reproducibility and regulatory readiness. We confirmed in vivo operation of our fully integrated, wireless dual-cavity implant manufactured under an updated and controlled production protocol. For the first time, implants

from a reproducible production batch tracked glucose

behaviour in living tissue without calibration, smoothing or

post-processing.

We confirmed in vivo operation of our fully integrated, wire- less dual-cavity implant manufactured under an updated and controlled production protocol. For the first time, implants from a reproducible production batch tracked glucose

“2025 marked our decisive transition from a validated concept to a robust, operational platform. With reproducible manufacturing and in vivo validation achieved, we have laid a strong foundation for our commercial future.”

Joacim Holter,

CEO

behaviour in living tissue without calibration, smoothing or post-processing.

The ongoing longevity study demonstrates coherent signal behaviour aligned with physiological glucose changes, confirms biocompatibility, and validates the integrity of the complete implant architecture under real biological condi- tions. Together with CE marking of the electronics module and continued regulatory progress toward first-in-human studies, these achievements materially strengthen the foun- dation of our platform.

Strategically, Lifecare has now demonstrated that its propri- etary osmotic sensing principle functions not only in labo- ratory and proof-of-concept environments, but as a fully integrated, implantable and reproducibly manufactured system. The remaining development activities are primarily focused on optimisation, regulatory execution and prepara- tion for commercial scale-up.

Financially, 2025 reflects continued investment in engi- neering development, manufacturing readiness and regula- tory preparation. At year-end, the company operated under a bridge financing structure pending completion of a rights issue. In January 2026, Lifecare completed the rights issue raising approximately NOK 80 million in gross proceeds, of

From concept to fully integrated implantable CGM platform

Read more

Platform validation in real biological conditions

which around NOK 50 million was used to repay the bridge facility. The transaction strengthened the company’s liquidity position and established two warrant programmes. The first warrant exercise period was completed in March 2026, generating approximately NOK 36 million in gross proceeds. A second exercise period is scheduled for June 2026 and represents an additional financing opportunity to support the company’s continued development and regulatory progress.

Importantly, the technical progress achieved during 2025 and early 2026 has strengthened external confidence in the platform. The combination of reproducible manufacturing, in vivo validation, regulatory advancement and intellectual property development positions Lifecare in a fundamentally stronger strategic position than one year ago.

Lifecare now moves forward with clear priorities: progressing regulatory approvals for first-in-human trials followed by the regulatory CE trial.

2025 represents more than continued development. It marks the transition from validated concept to operational plat- form - establishing the foundation for long-term commercial realisation.

Read more

1. Lifecare and our progress

Annual Report 2025

2. Corporate Governance

3. Financial statements

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Highlights 2025

Longevity study validates biocompatibility and functional coherence

Ongoing LFC-SEN-002 study confirms stable in-vivo signal behaviour, biocom- patibility, and system integrity in real biological conditions, supporting both the veterinary pathway and human clinical progression.

Finalized product design and production setup

In the first half of 2025, we finalized product design, reaching a design freeze that enables moving forward towards first-in-human trials.

Preparations towards CE marking

Continued to advance regulatory and CE-marking preparations. Formal CE-marking activities for the electronics resulted in CE mark of the veterinary product. Comprehensive documentation of the complete CGM system - including the implantable sensor, readout components, and manufacturing processes - is progressing in accordance with applicable medical device regulations and ISO 13485 requirements.

Manufacturing reproducibility established

First complete implant batch produced under updated production protocol, demonstrating controlled and repeatable production of implantation-ready devices.

Appointed Principal Investigator and trial sites for FIH trial

Preparations for the planned first-in-human (FIH) trial, with study protocol and identification of key clinical roles and partners to ensure efficient execution. Professor Simon Nitter Dankel has been appointed Principal Investigator and will lead the trial at the Research Unit for Health Surveys (RUHS) at the University of Bergen, Norway, bringing extensive clinical trial experience.

Regulatory foundation strengthened

CE marking activities for electronics advanced and first-in-human regulatory process progressing, reinforcing a struc- tured pathway toward clinical execution.

Financing secured to support near-term operations

Subsequent to year end, the company secured financing providing operational continuity into the next development phase. The company will continue to evaluate potential sources of funding to support its development roadmap. While the warrant program may repre- sent a potential source of future capital, actual proceeds remain uncertain and will depend on market conditions and the company’s progress. The Board continues to closely monitor liquidity and assess financing alternatives as appropriate.

System-level validation milestone

Reproducibly manufactured, fully integrated wireless implants confirmed to coherently track glucose-related behaviour in vivo without calibration or post-processing, marking the transition from feasibility validation to operational execution.

Annual Report 2025

Lifecare

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Key financial figures

24

2025

2025

Operating expenses in 2025 driven by successful demonstration of system functionality and key development milestones

116M

NOK 116 million raised in Q1 2026 capital issues securing operational continuity into next development phase

OPERATING EXPENSES NOK MILLION

0

-20

-40

-60

-80

-100

-120

-140

-160

2021

2

Employee benefits expenses

Depreciation and amortization

2022

18

2023

27

Other operating expenses

Number of employees (FTE)

2024

33

2025

24

35

30

25

20

15

10

5

0

Number of employees ( FTE )

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The market opportunity

According to the International Diabetes Federation (IDF), an estimated 589 million adults worldwide were living with diabetes in 2024. This number is projected to rise by 45% to 853 million by 2050. Currently, only about 57% of diabetes cases are diagnosed. One-third of those diagnosed require glucose monitoring. As a result, in 2024, the global potential patient group for glucose monitoring was approximately 110 million people - a figure that grows.

Despite the clear clinical need, access to continuous glucose monitoring (CGM) remains limited, with only 2–3% of the global patient population currently having access. This highlights a significant gap between existing adoption and unmet demand.

Diabetes disproportionately affects high-income countries, where 20% of adults with the condition reside. The economic burden is substantial, with diabetes-related healthcare expenditures reaching at least USD 1 000 billion in 2024, according to the IDF Diabetes Atlas. Meanwhile, the global CGM market was valued at USD 2.2 billion in 2023, indi- cating both the growing adoption of CGM technology and its significant market potential.

A PANDEMIC AFFECTING 1 IN 9 ADULTS, increasing to 1 in 8 adults by 2050

Million ADULTS WITH DIABETES

151

2000

537

2021

589

2024

853

2050E

Dexcom (G6 & G7), Medtronic, Abbott (FreeStyle Libre 2&3)

Longevity: 7 - 15 days

Annual cost: $ 2 300 - 6 000

Calibration: Yes, 1-2x per day

Current solutions

For patients with diabetes, measuring glucose levels is an essential part of daily life. Each day, millions of insulin therapy decisions are made based on glucose readings, directly impacting both short- and long-term health outcomes.

Since the introduction of blood glucose meters in the 1970s, glucose monitoring technology has evolved significantly. A breakthrough came in 1999 with the first CGM system, marking a new era in diabetes care.

Today, most CGM devices rely on glucose oxidase-based technology and are worn on the skin, using a small needle that penetrates the subcutaneous tissue to measure glucose levels. These sensors typically deliver readings every five minutes via a connected receiver or smartphone and must be replaced every 7 to 15 days. An alternative approach uses a fluorescence-based sensing mechanism in an implantable CGM, providing readings for up to 365 days. However, the device is relatively expensive.

Glucose oxIdase

Senseonics (Eversense)

Longevity: 180 - 365 days

Annual cost: $ 6 000

Calibration: Yes

fluorescence

The future of CGM will be defined by sensors that combine improved accuracy and extended longevity with greater convenience and affordability. Ideally, these sensors will be fully implantable, requiring fewer replacements while offering a seamless user experience for long-term diabetes management at a more accessible cost.

Our solution

Lifecare aims to develop the world’s smallest glucose sensor - an injectable, implantable device designed for long-term subcutaneous use and positioned at a mid-range cost. Glucose data will be transmitted wirelessly to a smart device, enabling continuous and convenient monitoring. The implant utilizes osmotic pressure-based technology to measure glucose levels with high precision. This approach has the potential to deliver a more convenient, accurate and long-term solution compared to existing glucose monitoring technologies.

Lifecare

Longevity:

Theoretically unlimited

Assumed annual cost: $ 4 000

Calibration: No

Osmotic pressure

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Our business strategy

Lifecare aim to achieve its vision “Changing lives through medical technology” by combining innovative continuous glucose monitoring (GCM) solutions, operational excellence, and global partnerships to improve healthcare outcomes for both humans and animals.

Advancing continuous glucose monitoring

Lifecare is committed to improving the lives of patients with diabetes through innovative, minimally invasive continuous glucose monitoring (CGM) technology. Our focus is on our CGM system, which uses proprietary osmotic pressure technology to provide continuous glucose monitoring with extended wear times, enhanced comfort, and more accurate glucose management.

Veterinary market as a stepping- stone to human healthcare

The veterinary market represents Lifecare’s initial commer- cial focus, enabling faster market entry and providing valu- able experience in manufacturing, logistics, product perfor- mance, and user interaction. This approach supports early revenue generation while de-risking the transition into the human CGM market, which requires clinical documentation and regulatory approvals. Insights gained from veterinary applications directly inform Lifecare’s development and regulatory strategy for human use.

Commercialization and market expansion

Lifecare aims to collaborate with established partners in key markets, with an initial focus on Europe and the United States. The company intends to explore partnership oppor- tunities that can support commercialization and market access, leveraging external expertise while maintaining control of its core technology and development activities.

Broad applicability and future growth

While glucose monitoring is our primary focus, our CGM system is adaptable for a range of medical and biomarker monitoring applications. This positions Lifecare for future expansion into new therapeutic areas, enabling long-term value creation for shareholders and patients alike.

Capital and financial strategy

Lifecare’s capital and financial strategy is designed to support the continued development, regulatory progress and future commercialization of the company’s sensor tech- nology. Capital allocation is prioritised towards advancing the CGM platform towards clinical validation, regulatory approval and market readiness.

As a development-stage company, Lifecare relies on external funding to finance its operations. The company seeks to maintain financial flexibility through a balanced approach to capital raising, primarily through equity financing. Funding decisions are aligned with key development and regulatory milestones to ensure sufficient resources to execute the company’s strategy and support long-term shareholder value.

1

2

3

Innovation

Continuously developing and refining our CGM device to enhance accuracy, reliability, and patient experience.

In-house manufacturing

Automated pilot production and scalable manufacturing capacity in Germany, securing quality control, supply chain flexibility, and readiness for future volume growth.

Strategic partnerships

Partnerships with established industry players support digital integration, data analytics, and potential commercialization, particularly in Europe and the United States.

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Our technology

Lifecare’s miniaturized sensor technology measures changes by reading osmotic pressure variations in a small chamber. While Lifecare’s initial focus is on glucose monitoring, the sensor technology is adaptable for use in a wide range of medical applications, including diagnostics and biomarker monitoring. This broad applicability provides Lifecare with future opportunities for expansion into new areas of healthcare.

While current technology for continuous glucose moni- toring uses glucose oxidase or flouresence as sensing principles, Lifecare’s technology is based on the osmotic pressure. We believe that our technology offers greater stability and longevity compared to glucose oxidase and fluorescence-based glucose monitoring, as it does not rely on enzymes or chemical dyes that degrade over time. It is less susceptible to biofouling and external interferences, improving accuracy in continuous monitoring. Additionally, our osmotic pressure sensor will be more energy-efficient, making it well-suited for long-term implantable glucose monitoring solutions.

The osmotic pressure technology

Lifecare’s osmotic pressure technology is based on biochem- ical reactions where glucose connects to molecules in a closed chamber. This reaction generates a pressure variation that can be measured and monitored for glucose sensing purposes.

The process is fully reversible. As glucose concentrations decrease, glucose molecules detach from the binding sites, causing the osmotic pressure to decline. There is a linear relationship between the glucose concentration in the surrounding fluid and the measurable osmotic pressure in the chamber. Additionally, since the technology does not consume any molecules when generating the signal, it has the potential for long-term use within the body.

Lifecare holds several important patents that are central to its innovative glucose monitoring technology. Read more about the patents here and in Note 11 in the Financial State- ments.

When glucose penetrates the semipermeable membrane into the chamber, glucose ligands (GL) are released from the glucose binding molecule (GBM) binding sites. This occurs because glucose has a slightly higher binding affinity to the GBM receptor. As a result, each glucose molecule causes the release of a GL molecule.

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Regulatory framework

Preclinical studies

Lifecare has conducted extensive laboratory research to develop and refine its sensor based on proprietary osmotic pressure technology. Preclinical studies have demonstrated the feasibility of monitoring glucose levels through osmotic pressure changes, validating the underlying operating principles and establishing proof-of-concept in a biological environment.

In-vitro testing confirms functionality of miniaturized sensors

Since 2022, the size of the core osmotic pressure chamber has been reduced by more than 95% without loss of signal integrity. Sensors incorporating the minia- turized chamber have been tested in vitro and have produced results comparable to earlier experiments using larger chambers.

Human trial confirms data accuracy

Lifecare’s first-in-human clinical development trial (LFC-SEN-001) was completed in May 2023. The primary objective of the trial was to establish proof- of-concept in humans and to generate data on signal performance and accuracy. The trial used a wired prototype of the implant, inserted via a needle, and included both healthy volunteers and individuals with diabetes. The devices were implanted for up to three days to ensure reliable signal acquisition and to support the development of predictive algorithms for the intended commercial system.

Data from the trial demonstrated a strong correla- tion between the CGM system and reference glucose measurements, with a mean absolute relative differ- ence (MARD) of 9.6%. These results are considered encouraging and support continued clinical devel- opment, subject to further validation and regulatory approval.

To assess long-term performance and robustness, a subset of sensors from the trial was subsequently evaluated in extended in vitro longevity testing. These studies demonstrated an operational lifetime of up to 172 days and a sensor chemistry shelf life exceeding 16 months. The results indicate favorable stability char- acteristics compared to conventional needle-based CGM sensors and support the feasibility of long-term implantation.

As a MedTech company, Lifecare s required to conduct clin- ical studies to demonstrate the safety, performance and efficacy of its implantable continuous glucose monitoring (CGM) system. As the company prioritizes commercializa- tion in Europe, the device must comply with the EU Medical Device Regulation (MDR).

Regulatory approval requires clinical evidence demonstrating that the CGM system provides accurate, reliable glucose monitoring and is safe for long-term use. Before human use, the device must undergo extensive validation, including preclinical studies, pilot trials and a pivotal clinical study. CE marking requires assessment and approval by a Notified Body.

Veterinary trial confirms longevity, biocompatibility and data accuracy

LFC-SEN-002 is an ongoing longevity and perfor- mance trial evaluating Lifecare’s implantable CGM technology in dogs. The trial focuses on biocompati- bility, system stability and in-vivo signal behaviour, and supports both veterinary product development and future human clinical programs. The trial is conducted under veterinary supervision in cooperation with

the Faculty of Veterinary Medicine, Department of Companion Animal Clinical Sciences at the Norwegian University of Life Sciences. Data generated in the trial provide direct input to Lifecare’s ongoing development and execution program.

Pilot trial to confirm operational efficiency and regulatory CE trial

The next phase of Lifecare’s clinical and regulatory development comprises a first-in-human pilot trial (FIH) followed by a pivotal CE-mark clinical trial (LFC- SEN-003).

The pilot trial is designed to confirm safety, tolera- bility, accuracy, and clinical performance of Lifecare’s integrated CGM system, consisting of an implantable sensor, software, and read-out device. The study must be authorized under Regulation (EU) 2017/745 (MDR), subject to regulatory approval.

An initial application for the pilot trial in 2025 did not receive approval. Following this, Lifecare engaged Link Medical as a specialized regulatory partner to support the resubmission process and strengthen the regula- tory pathway. Based on this, Lifecare expects regula- tory approval and study initiation in 2026.

Data generated from the pilot trial will form the foun- dation for the pivotal CE-marking study. The CE trial is intended to provide the clinical evidence required for regulatory approval and commercialization of the CGM system for human use in Europe.

Subject to financing, successful completion of the clin- ical program and regulatory approval, Lifecare targets a European commercial launch in 2027.

2023

2022

2024-2025

2026 - 2027

1. Lifecare and our progress

Annual Report 2025

2. Corporate Governance

3. Financial statements

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Corporate Governance

PART 02

Annual Report 2025

Lifecare

1. Lifecare and our progress

2. Corporate Governance

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The Board of Directors and Executive Management

Board of Directors

The Board of Directors holds overall responsibility for Life- care’s management and strategy. The Board is structured to ensure independent operation while addressing the collec- tive interests of all shareholders while meeting Lifecare’s needs for expertise, capacity and diversity.

Executive management

The Executive management team is responsible for over- seeing Lifecare’s daily operations, ensuring alignment with strategic goals.

Scientific advisory board

Lifecare has a scientific advisory board, which consists of highly reputable experts within diabetes technology, clinical medicine, endocrinology, physics and nanotechnology.

Find the presentation of our Board of Directors, Executive management and committees here .

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The Board of Directors Report

Organization

Lifecare is a medical sensor company developing technology for the sensing and monitoring of various body analytes. Lifecare is focused on transforming diabetes management through its implantable sensor technology, which utilizes osmotic pressure principles for continuous glucose moni- toring.

Lifecare’s strategy is centered on innovation, in-house manu- facturing, and strategic partnerships. Entry into the veteri- nary market is expected to provide the Group with valuable experience in production and logistics while addressing a clear unmet medical need. Strategic partnerships play a key role in strengthening Lifecare’s product offering and supporting commercialization efforts. Lifecare’s versatile sensor platform also enables potential future applications across broader healthcare markets.

The Lifecare Group (the Group) comprises Lifecare ASA (the Company) and its subsidiaries Lifecare Germany, Lifecare Veterinary, Lifecare Chemistry, and RemovAid. Lifecare Veter- inary is 80% owned and RemovAid is 89.6% owned, while the remaining subsidiaries are wholly owned.

1. Lifecare and our progress

Annual Report 2025

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Capital market and equity structure

Lifecare ASA is listed on Euronext Oslo Børs. During 2025, the Company continued to actively manage its capital structure and engage with the capital markets in support of its strategic objectives and long-term development

In June 2025, outstanding warrants issued in connection with the June 2024 share issue were exercised, generating gross proceeds of NOK 17.1 million for the Company.

As at 31 December 2025, Lifecare ASA had issued 19 060 973 shares distributed among 3 140 shareholders, with 84% of shareholders registered in Norway. The Company has one class of shares. At year-end 2025, Lifecare ASA held 1 023 own shares.

Lifecare ASA’s articles of association do not contain restric- tions on the transfer of shares, other than provisions related to the registration of shares in the VPS and compliance with applicable Norwegian law. All shares confer equal rights, and any transfers are subject to standard statutory requirements.

The Company is not aware of any shareholder agreements or other arrangements that limit the possibility to sell shares or exercise voting rights.

The Company continues to focus on maintaining a trans- parent and constructive dialogue with existing and potential investors.

Owner type

distribution

Owner country

distribution

Operational review

During 2025, Lifecare’s technology progressed from labora- tory innovation to a fully integrated implantable CGM system - marking a material step toward market readiness and first- in-human (FIH) trials.

Key compliance milestones for the electronics were achieved, including full radio frequency and electromagnetic compat- ibility compliance, significantly reducing both technical and product risk. Lifecare also established reproducible manufac- turing of the implant under the current production protocol, transitioning from prototype development to controlled, repeat- able production of implantation-ready devices.

These achievements underpin ongoing longevity trials and regulatory preparations, supporting veterinary and human clinical programs. Raw in-vivo data from initial deployments demonstrated coherent and physiologically plausible signal behaviour without calibration, smoothing, or post-processing. While no claims are made at this stage regarding numerical glucose accuracy or clinical performance, the results confirm that the sensing principle functions coherently in a wireless living system and that the complete implant architecture oper- ates as intended in vivo.

Data generated in the study provide important insights for continued optimisation of material stability, antenna perfor- mance, and firmware robustness. Together, these milestones significantly de-risk the technology platform.

Longevity trial

Reproducibly manufactured implants have been deployed in the ongoing longevity trial (LFC-SEN-002), representing the first in-vivo operation of the fully functional wireless dual-cavity system, where both the glucose-reactive cavity and the reference cavity operate simultaneously in living tissue as designed.

Observations from the trial show that the implants produce coherent and directionally consistent signal behaviour in-vivo, benchmarked against reference data from a commercially available CGM system. The data set has enabled detailed assessment of variability, signal stability, and handling in a real-world biological environment. These learnings directly contribute to de-risking the technology platform and support both Lifecare’s planned veterinary market pathway and progression toward FIH trials and CE marking.

Regulatory progress and CE preparations

Lifecare advanced its regulatory and CE-marking prepara- tions during the year. Formal CE-marking activities for the electronics were finalized in February 2026 leading to CE mark of the veterinary product. Comprehensive documenta- tion of the complete CGM system - including the implantable sensor, readout components, and manufacturing processes - is progressing in accordance with applicable medical device regulations and ISO 13485 requirements.

1. Lifecare and our progress

Annual Report 2025

2. Corporate Governance

3. Financial statements

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Ethics approval for the planned FIH trial was granted by the Norwegian Regional Committees for Medical and Health Research Ethics (REK) in 2025. An application for autho- rization of the clinical investigation was submitted to the Norwegian Medical Products Agency (NOMA). In early 2026, NOMA concluded that the application could not be approved in its current form and requested additional documentation and clarifications. Following this, Lifecare has engaged Link Medical as a specialised regulatory partner to support the resubmission process and further strengthen the regulatory pathway. The Company is addressing the requested items and plans to submit a revised application. Such iterative regulatory dialogue is a standard element of medical device regulatory processes.

The ongoing regulatory work is closely aligned with the tech- nical and manufacturing advancements achieved during 2025 and supports the Company’s planned progression toward FIH trials and CE marking of the complete CGM system for human use.

First in human trial readiness

As part of preparing for the planned FIH trials, Lifecare has finalized the study protocol and identified key clinical roles and partners to ensure efficient execution. Professor Simon Nitter Dankel has been appointed Principal Investigator. He leads the Research Unit for Health Surveys (RUHS) at the University of Bergen, Norway, which will host the trial site and brings extensive clinical trial experience.

The FIH trial is designed to assess implant safety, tolerability and glucose measurement performance in a controlled clin- ical setting.

Operational planning remains focused on ensuring that the organisation and clinical logistics are aligned for a struc- tured and well-controlled study initiation once approvals are in place.

Strengthening intellectual property

In 2025, Lifecare expanded its IP portfolio with European and U.S. patent filings for surface acoustic wave (SAW) sensing technology. SAW supports future sensor miniatur- ization while maintaining manufacturability, complementing existing piezoresistive pressure sensors and licensed Nano Tunneling Resistor (NTR) technology.

Pathway forward

Throughout 2025, Lifecare maintained operational discipline, finalizing product design, and advanced manufacturing and regulatory preparations. Lifecare has demonstrated that its proprietary osmotic pressure-based sensing prin- ciple functions not only in laboratory settings and wired proof-of-concept systems, but as a fully integrated, wireless implant architecture operating in living tissue. The remaining development focus is centred on optimisation, regulatory progression and manufacturing scale-up.

The Company remains in a capital-intensive development phase. While additional financing is needed to execute mile- stones going forward, the technical and regulatory progress achieved during 2025 has strengthened the underlying value proposition and strategic relevance of the platform.

Financial review of the Lifecare Group

The consolidated financial statements have been prepared in accordance with IFRS® Accounting Standards as adopted by the EU.

Profit/loss

The Group’s revenue and other income amounted to NOK 6.6 million for 2025 compared to NOK 9.7 million for 2024. Income in 2025 mainly relates to public grants in Norway and Germany, while the reduction reflects a continued focus on internal development activities and fewer laboratory services provided to external parties.

Employee benefits expenses amounted to NOK 35.5 million for 2025 compared to NOK 37.7 million for 2024. The reduc- tion is mainly due to reduced cost on the share incentive program.

Depreciation and amortization expenses were NOK 8.0 million for 2025 compared to NOK 4.9 million for 2024, reflecting investments in laboratory and office equipment at the new facilities in Mainz.

Other operating expenses amounted to NOK 93.1 million for 2025 compared to NOK 51.8 million for 2024. The increase primarily reflects the ramp-up of R&D activities, including engineering, preparation of production processes, and continued work on CE-mark readiness. The successful demonstration of system functionality in the longevity trials confirms that these expenses directly support key develop- ment milestones and the pathway toward veterinary and human clinical programs.

Total operating loss came to NOK 130.0 million for 2025 compared to NOK 84.8 million for 2024. The increased loss reflects higher operating expenses as well as lower revenue and other income compared with 2024.