213800TYYFXKYF3V2A23-2025-12-31-1-en.xhtml

• Oncoinvent ASA • Annual Report 2025 2

About Oncoinvent ............................................ 2

CEO statement ................................................ 4

Directors’ Report .............................................. 5

Board ............................................................ 23

Management ................................................. 24

Corporate Governance Report ........................ 26

Financial Statements ..................................... 42

Notes to the Financial Statements .................. 49

Auditor’s Report ............................................. 94

Oncoinvent (OSE: ONCIN) is developing Radspherin®, a receptor-independent alpha

radiation therapy that leverages the unique anatomy of the abdominal cavity to destroy

residual micrometastases using a single, highly localized dose of alpha radiation. The initial

clinical focus is treatment of ovarian and colorectal cancer patients after surgical removal of

the primary tumor and visible metastases in the peritoneum, the thin membrane lining the

abdominal cavity and covering the abdominal organs.

This radiopharmaceutical is designed to prevent or delay recurrence in the peritoneal cavity,

keeping patients disease-free for longer than the current standard of care and thereby also

impacting overall survival. It is broadly applicable to any cancer that spreads to the

peritoneum, e.g. ovarian, colorectal, and gastric cancers. Radspherin® stands out for its

simplicity, excellent safety proﬁle, and seamless integration into existing surgical workﬂows.

Oncoinvent’s product candidate is easy to use, avoids systemic delivery and signiﬁcant

toxicity. It is also differentiated in being simple to manufacture, scalable, and supply de-

risked.

Data from two trials in ovarian (phase 1) and colorectal (phase 1/2a) cancer are highly

promising, showing an excellent safety proﬁle and meaningful signals of efficacy. Interim

data from an ongoing, randomized, controlled phase 2 ovarian cancer trial is expected in

2026. With blockbuster potential, active pharma partnership momentum in the ﬁeld, plus

strong endorsements from leading experts, Oncoinvent is built for scale and commercial

success, and is set to become the new standard for post-surgical cancer care. The Company

was founded by the originators of Algeta and Xoﬁgo (acquired by Bayer).

• Oncoinvent ASA • Annual Report 2025 3

• Oncoinvent ASA • Annual Report 2025 4

2025 was clearly a defining year for Oncoinvent. We delivered

meaningful clinical progress with Radspherin® and

strengthened our financial platform. Together, these advances

position us well for further clinical and corporate development

in 2026 and beyond.

Clinical advancement

A key highlight was the final Phase 1 data in platinum-sensitive

recurrent ovarian cancer showing a favorable recurrence profile at two

years for patients treated at the selected dose. The results support the

potential of Radspherin® to reduce peritoneal recurrence in a

population with substantial unmet need and add to the growing body of

evidence for localized alpha therapy in this setting. The data were

published in Gynecologic Oncology, further strengthening the safety

and tolerability profile.

During the year, we initiated the randomized part of our Phase 2 trial in

first-line ovarian cancer, expanded participating sites, and randomized

26 patients by year-end. Study refinements and additional centers are

expected to support stronger enrollment momentum into 2026.

We also presented mature Phase 1/2a data in colorectal cancer with

peritoneal metastases. The study demonstrated a favorable safety

profile and encouraging signs of activity in patients undergoing

cytoreductive surgery, supporting the feasibility of integrating

Radspherin® into established treatment pathways. These findings

broaden the potential of our platform beyond ovarian cancer and

provide a basis for continued evaluation in CRC.

Strategic and organizational progress

The merger with BerGenBio marked a major milestone, expanding our

shareholder base and resulting in a listing on the Oslo Stock Exchange.

Following the transaction, we completed a fully underwritten NOK 130

million equity financing, extending our runway beyond a planned Phase

2 interim readout. We also strengthened our leadership team with the

appointment of Dr. Ramzi Amri as Chief Financial Officer.

Financial position and outlook

We maintained disciplined control while

receiving revenues from Artbio and ended the

year with close to NOK 180 million in cash. Our

immediate focus is to accelerate recruitment in

the ongoing Phase 2 ovarian cancer trial, while

continuing to capitalize on our proven and

unique manufacturing capabilities, explore

partnerships and additional development

opportunities for Radspherin®.

Oystein Soug,

CEO

Strategy and strategic focus areas

Oncoinvent’s vision is to transform cancer care through direct alpha

therapy, giving patients with peritoneal cancers a genuine opportunity

for longer survival and improved quality of life. At the Company’s

current stage of development, our priority is disciplined execution to

advance Radspherin® while strengthening the foundation for future

development and potential partnering.

Our focus is on continued clinical progress, including patient

recruitment, together with CMC and manufacturing activities required

to support future clinical and commercial needs. In parallel,

Oncoinvent will evaluate value-creating strategic opportunities related

to Radspherin®, the Company’s manufacturing facility, and the highly

capable organization it has built with deep expertise in

radiopharmaceutical development and production.

Radspherin®

Radspherin® is a receptor-independent alpha radiation therapy that

leverages the unique anatomy of the abdominal cavity to destroy

residual micrometastases using a single, highly localized dose of alpha

radiation.

A single dose of Radspherin® is given directly into the peritoneal cavity

after surgery. It is a suspension of calcium carbonate microparticles

(microspheres) containing the alpha-emitting radionuclide radium-224.

After instillation into the targeted body cavity, the microparticles spread

throughout creating a localized radiation field. Alpha radiation from

radium-224 is powerful and effectively kills cancer cells by causing

irreparable DNA damage, whereas the less than 0.1 mm radiation range

minimizes radiation exposure to surrounding healthy tissues.

It is anticipated that Radspherin® can treat several forms of cancer.

Because it is a receptor-independent treatment, its use will not be

limited to patients with a particular antigen expression.

Peritoneal metastasis is the first clinical target area for Radspherin®.

Peritoneal carcinomatosis or metastasis occurs when cancer cells

spread (metastasize) to the peritoneal cavity from a tumor in another

organ, but in rare cases the peritoneum itself is the primary tumor site.

The condition is associated with significant morbidity and mortality,

often determining and limiting survival, highlighting the need for novel

treatment options.

• Oncoinvent ASA • Annual Report 2025 6

Surgery remains a cornerstone in the treatment of peritoneal

metastasis, and the therapeutic goal of Radspherin® is to treat residual

micrometastases remaining after the surgery by direct delivery of alpha

radiation to the peritoneal cavity. The treatment aims to be effective

without subjecting deeper cell layers of organs and tissues to harmful

radiation doses. Radspherin® is manufactured and shipped from our

GMP facility and typically used 1-3 days after surgery while the patient

is still hospitalized. The treatment is administered through a catheter

that is placed at the

end of the surgical

procedure. The

administration is a

simple bedside

procedure and

represents limited

added invasiveness for

the patient.

Clinical development program

Radspherin® is in clinical development in two indications: peritoneal

metastasis from ovarian and colorectal cancer. One Phase 1 trial in

ovarian cancer and one Phase 1/2a trial in colorectal cancer have been

completed and one randomized Phase 2 trial in ovarian cancer is

ongoing in the US and Europe.

Ovarian Cancer

Completed trial - Phase 1 in ovarian cancer

This trial was a Phase 1 open label trial in patients with peritoneal

carcinomatosis from platinum sensitive recurrent epithelial ovarian,

fallopian tube or primary peritoneal carcinoma scheduled for

secondary cytoreduction. It was designed to evaluate the dose, safety

and tolerability, and signal of efficacy of intraperitoneally administered

Radspherin® following complete surgical resection. 10 out of 21

patients received the highest, and recommended, intraperitoneal dose

of 7 MBq Radspherin® after dose escalation (1, 2, 4 and 7 MBq).

The final 24-month data, announced in October 2025, reported that:

- Only 1 of these 10 patients had peritoneal recurrence, and

peritoneal recurrence rate remains at 10%.

• Oncoinvent ASA • Annual Report 2025 7

- Two additional patients were reported with lymph node

metastases outside of the peritoneum, giving an overall

recurrence rate of 30%.

In similar populations, approximately 55-60% of patients

receiving best standard of care would expect disease

recurrence at this time point0F

The 24-months data was presented at the 27th Congress of the

European Society of Gynecological Oncology (ESGO) 26-28 February

2026, in Copenhagen.

In December, the 12-month data from this trial was published in the

respected peer-reviewed journal Gynecologic Oncology, under the title:

“First experience with intraperitoneal

224

Ra-labeled microparticles after

Coleman et al. N Engl J Med. 2019 Nov 14;381(20):1929-1939

Harter et al. N Engl J Med. 2021 Dec 2;385(23):2123-2131

Shi et al. Lancet Oncol. 2021 Apr;22(4):439-449

cytoreductive surgery in patients with peritoneal recurrence of platinum-

sensitive epithelial ovarian cancer.”

Ongoing trial - Phase 2 in ovarian cancer

This is a Phase 2 randomized controlled trial (Clinicaltrial.gov:

NCT06504147) assessing the efficacy and safety of Radspherin

patients with peritoneal metastases from ovarian cancer. The primary

objective is to compare progression-free survival (PFS) between

patients who receive Radspherin

after complete surgical resection

following pre-operative chemotherapy, and patients receiving pre-

operative chemotherapy and surgery alone. Patients will be followed up

for 24 months and an interim analysis is planned at the end of 2026.

Ensuring timely recruitment of patients to the trial is a continued top

priority for the company, and in January 2026 the Company announced

that four new sites had been opened. The randomized part of the study

has been actively recruiting patients at six sites since March 2025, and

the trial is now recruiting patients at a total of 10 sites across the United

States (1), Spain (4), the United Kingdom (2), Norway (1), Belgium (1),

and Italy (1).

Colorectal cancer

Completed trial - Phase 1/2a in colorectal cancer

This trial was a Phase1/2a open label trial in patients with peritoneal

carcinomatosis from colorectal cancer scheduled for cytoreduction

and hyperthermic intraperitoneal chemotherapy (HIPEC). The trial was

designed to evaluate the dose, safety and tolerability, and signal of

“

Peritoneal metastases remain a defining challenge in ovarian cancer,

often driving recurrence. These final results are truly encouraging,

suggesting that Radspherin® could help delay disease progression and

offer patients hope for longer, healthier lives. It is particularly promising

to see that the new recurrences were limited to lymph nodes, which are

typically associated with longer survival compared to peritoneal

relapses.

”

Dr. Luis Chiva, Principal Investigator and Director of Department of

Obstetrics and Gynecology, Clinica Universidad de Navarra, Spain.

• Oncoinvent ASA • Annual Report 2025 8

efficacy of intraperitoneally administered Radspherin® following

complete surgical resection.

In this single-arm trial of 47 patients, 36 received Radspherin® at the

target dose of 7 MBq dose. The primary endpoint - peritoneal

recurrence-free survival (pRFS) - yielded remarkable results:

- Only 28% (10 of 36) experienced peritoneal disease recurrence

at 18 months, a marked reduction compared to published data

for standard of care, where approximately 50% of patients

typically see peritoneal recurrence at this stage1F

- At 18 months, 61% (22 of 36) of patients had experienced any

recurrence, but notably, just 23% (5 of 22) had peritoneum as

the first site of recurrence. Final data from all 47 treated

patients across dose levels further reinforce the favorable safety

profile of Radspherin®.

The final data was presented in October 2025 at the 15th International

Congress on Peritoneal Surface Malignancies (PSOGI).

Manufacturing capabilities

Oncoinvent has built its own facility to manufacture Radspherin® in a

Good Manufacturing Practice (GMP) facility for radiopharmaceuticals.

Since 2019, Oncoinvent has had and has maintained the manufacturing

authorization issued by the Norwegian Medical Products Agency and

the necessary authorizations from the Directorate for Radiation

Protection and Nuclear Safety (DSA) for the use of radioactivity since

2018. To this date, Oncoinvent has successfully manufactured and

released all batches for the clinical trials. Oncoinvent made a strategic

Quénet et al. Lancet Oncol. 2021 Feb;22(2):256-266

decision early on to establish an internal manufacturing capability for

clinical supply of drug product which has the capacity to manufacture

and supply Radspherin® for multi-center phase 2 clinical studies in

Europe and North America. The manufacturing facility at Oncoinvent

has been of vital importance and has provided the company with the

ability to develop product candidates as well as to continuously

upgrade and scale up the production process. Manufacturing

comprises production of the Ra-224 radioisotope (drug substance) and

its incorporation into the final drug product, Radspherin®, a calcium

carbonate microparticle formulation. The process is designed to be

scalable to support Phase 3 and commercial supply, with an attractive

cost of goods

. Going forward towards a phase 3 program, the company plans to

perform a technology transfer to establish manufacturing at a Contract

Manufacturing Organization (CMO) for commercial supply of

Radspherin®.

• Oncoinvent ASA • Annual Report 2025 9

IPR

Securing intellectual property rights (IPR) and sufficient protection of

the technological platform is of critical importance for Oncoinvent's

long-term value generation. The Company has set up and implemented

an IPR strategy to secure inventions and expand the protection of its

technological platform. It has succeeded in securing patent rights for

Radspherin® in all relevant jurisdictions worldwide and has three

pending patent applications to expand the protection of Radspherin®.

An overview of the Company’s Radspherin® patent portfolio is shown in

the figure.

Overview of Oncoinvent’s Radspherin® patent portfolio. Additionally, a patent application

covering a monoclonal antibody targeting protein tyrosine kinase 7 or derivatives thereof

(WO2025040588A1) was filed in 2024 (Priority date 18 August 2023).

Merger with BerGenBio

In October 2025, Oncoinvent completed a merger with BerGenBio ASA.

The old Oncoinvent ASA was terminated, the old BerGenBio ASA

changed name to Oncoinvent ASA and a new subsidiary Oncoinvent

Solutions AS was formed. The Merger put BerGenBio’s capital and

listing to productive use by strengthening Oncoinvent’s ability to

execute on its clinical strategy. The Merger added approximately NOK

45 million in cash to fund Oncoinvent’s clinical development plan.

Moreover, the combination substantially broadened the shareholder

base, improving liquidity in the share and enabling an uplisting to

Euronext Oslo Børs.

Important events in 2025

- In March, we announced positive read-out of the safety lead-in

cohort and opening of randomized part of Phase 2 trial in

ovarian cancer patients

- In April, we announced that the positive interim 18-months data

from Phase1 trial in ovarian cancer patients provide continued

promise of preventing disease progression

- In June, we announced positive final 18-months data from

Phase1/2a trial in colorectal cancer patients

- In June, we announced a merger between Oncoinvent and

Bergenbio, together with a fully underwritten rights issue

- In August, we entered into a strategic agreement for Thorium-

228 radioisotopes, a precursor to Radium-224, to supply the

Phase 3 clinical program for Radspherin®

• Oncoinvent ASA • Annual Report 2025 10

- In October, we reported positive final 24-months data from the

Phase 1 Trial of Radspherin® in ovarian cancer

- In October, we presented the final 18-months data from the

Phase 1/2a trial in colorectal cancer at the 15th International

Congress on Peritoneal Surface Malignancies (PSOGI).

- In October 2025, we appointed Dr- Ramzi Amri as CFO

- In December, we completed the fully underwritten rights issue

with preferential subscription rights for existing shareholders at

the time of completion of the proposed merger between

BerGenBio and Oncoinvent, raising gross proceeds of NOK 130

million.

- In December, we published the 12-month data from the Phase 1

trial in ovarian cancer in Gynecologic Oncology

Post period highlights

- In January 2026, we announced four additional sites open for

recruitment in Oncoinvent’s Phase 2 trial

- In February 2026, we presented Positive 24-month Follow-up

Data from Phase 1 Ovarian Cancer Study of Radspherin® at

ESGO 2026

• Oncoinvent ASA • Annual Report 2025 11

Financial Review

(Figures in brackets = same period 2024 unless stated otherwise)

Accounting policies

The financial statements of Oncoinvent Group have been prepared in

accordance with International Financial Reporting Standards (IFRS) as

adopted by the EU. Figures are for the Group and for the Parent

Company Oncoinvent ASA labelled ASA on the next pages.

Financial Results

Oncoinvent was in 2H 2025 part of a merger and the financials are

impacted by this. Comparable numbers from 2024 for the Group is from

former Oncoinvent ASA and for ASA from BerGenBio, see further

information in note 3.

Operating Revenues

Revenue for the full year 2025 amounted to NOK 28.1 million (NOK 8.1

million) for the Group, amid effect of ArtBio service and rental

agreement and NOK 6.2 million (NOK 6.7 million) for ASA.

Operating Expenses

Total operating expenses for the full year 2025 amounted to NOK 186.4

million (NOK 149.1 million) for the Group and NOK 75.7 million (NOK

159.2 million) for ASA.

Payroll and related employee costs for the full year 2025 amounted to

NOK 69.7 million (NOK 59.1 million) for the Group and NOK 8.4 million

(NOK 17.5 million) for ASA. This represents an increase of NOK 10.6

million for the Group in 2025 compared to 2024 due to change in

headcount year on year, granting of bonuses in 2025 (while no bonuses

were granted in 2024), and salary increases in the workforce. For the

Parent, the decrease is caused by the decision to stop the development

activities and reduction in headcount in BerGenBio, which led to the

merger with Oncoinvent.

Other operating expenses amounted to NOK 105.4 million (NOK 75.5

million) for the full year 2025 for the Group and NOK 67.0 million (NOK

141.2 million) for ASA. Operating expenses were driven primarily by the

timing of cost of the clinical studies with the ovarian cancer phase 2

initiated and active recruitment start in 2025. In 2025 in the Group NOK

21.6 million is expensed as part of the merger. This cost has no cash

effect and represents the value of BerGenBio in the transaction above

identified net assets. See further information in note 3.

The operating loss for the full year 2025 amounted to NOK158.3 million

(NOK 141.0 million) for the Group and NOK 69.5 million (NOK 152.5

million) for ASA.

For the full year 2025 the net financial items amounted to a gain of NOK

3.3 million (gain of NOK 0.8 million) for the Group which represent a

result from interest income on bank deposits and a net loss of NOK 55.7

million (gain of NOK 12.6 million) for ASA. For ASA, the net loss in 2025

is caused by adjustment of the value of financial assets, shares in

Oncoinvent Solutions AS, by NOK 57.2 million in 2025.

Losses after tax for the full year 2025 NOK 155.1 million (NOK 140.2

million) for the Group and NOK 125.2 million (NOK 139.9 million) for

ASA.

Financial Position

Total assets as of 31 December 2025 increased to NOK 205.0 million

(NOK 171.0 million as of 31 December 2024) for the Group and to NOK

387.6 million (NOK 151.8 million as of 31 December 2024) for the ASA

due to the proceeds from the rights issue and the merger.

• Oncoinvent ASA • Annual Report 2025 12

Total liabilities were NOK 58.6 million as of 31 December 2025 (NOK

62.7 million as of 31 December 2024) for the Group and NOK 95 million

as of 31 December 2025 (NOK 29.1 million as of 31 December 2024).

Total equity as of 31 December 2025 was NOK 146.3 million (NOK 108.3

million as of 31 December 2024) for the Group, corresponding to an

equity ratio of 71.39% (63.35 % as of 31 December 2024). For ASA the

total equity as of 31 December 2025 was NOK 292.6 million (NOK 122.7

million as of 31 December 2024) for ASA, corresponding to an equity

ratio of 75.49% (80.81 % as of 31 December 2024).

Cash Flow

Net cash flow from operating activities was negative by NOK 129.9

million for the full year 2025 (negative by 87.9 million) for the Group,

mainly driven by the level of activity in the in the clinical studies and

drug manufacturing activities and negative by NOK 71.7 million for the

full year 2025 (negative by 152.3 million) for the ASA.

Net cash flow from investing for the full year 2025 was positive by NOK

3.4 million (NOK 0.3 million) for the Group and positive by NOK 2.2

million (NOK 3.4 million) for ASA.

Net cash flow from financing activities was positive for the full year

2025 NOK 119.2 million (positive NOK 191.2 million) for the Group

representing net proceeds from issue of equity and positive by NOK

101.7 million (NOK 129.6 million) for ASA.

Cash and cash equivalents increased to NOK 179.7 million as of 31

December 2025 (NOK 135.7 million 31 December 2024) for the Group,

with NOK 51.2 million being effect of merger with BerGenBio ASA. For

ASA cash and cash equivalents increased to NOK 164.6 million as of 31

December 2025 (NOK 134.2 million 31 December 2024).

Going concern

The cash position at the end of 2025 of NOK 179.7 million on Group

level funds the planned R&D activities into 2027 and beyond an interim

analysis from the ongoing clinical trial in ovarian cancer, expected at

the end of 2026. Additional funding will be required to continue and

further develop the clinical program and pipeline. The management and

the Board are working to secure this in due time.

The Board stated that the annual accounts represent a true and fair

view of the Group and Company’s financial position at the turn of the

year. According to the Norwegian Accounting Act section 2-2 (8), the

Board confirmed that the financial statements have been prepared

under the going concern assumption.

Risks factors and risk management

Oncoinvent has a liability insurance which covers Directors and

Officers in the Company and subsidiaries.

Interest rate risk

The Group holds NOK 179.7 million (NOK 135.7 million) in cash and

cash equivalents and does not have any borrowings. The Company’s

interest rate risk is therefore in the rate of return of its cash on hand.

Bank deposits are exposed to market fluctuations in interest rates,

which affect the financial income and the return on cash. The Company

had NOK 2.2 million (NOK 3.3 million) in interest income as of

December 31, 2025.

Exchange rate risk

The value of non-Norwegian currency denominated revenues and costs

will be affected by changes in currency exchange rates or exchange

• Oncoinvent ASA • Annual Report 2025 13

control regulations. The Company undertakes various transactions in

foreign currencies and is consequently exposed to fluctuations in

exchange rates. The exposure arises largely from the clinical

development and manufacturing. The Company is mainly exposed to

fluctuations in Euro (EUR), and to some degree in American dollars

(USD), British Pounds (GBP), and Danish kroner (DKK). The Company

has chosen not to hedge its operational performance as the Company’s

cash flow is denominated in several currencies and the foreign currency

exposure is mostly linked to trade payables with short payment terms.

The Company is evaluating its current risk management of foreign

exchange rates in 2026.

Credit risk

Credit risk is the risk of counterparty default in a financial asset,

liability, or customer contract, resulting in a financial loss. The

Company’s receivables are generally limited to receivables from public

authorities by way of government grants. The credit risk generated from

financial assets in the Company is limited since it consists of cash

deposits. The Company only places its cash in bank deposits in

recognized financial institutions to limit its credit risk exposure. The

Company has not suffered any loss on receivables during 2025 and the

Company considers its credit risk as being low.

Liquidity risk

Liquidity is monitored on a continual basis by management. The Group

works continuously to ensure financial flexibility in the short and long

term to achieve its strategic and operational objectives. Management

considers the Company’s liquidity situation to be satisfactory. The cash

position of the Group at year’s end 2025 was NOK 179.7 million (NOK

134.2 million). Capital markets are used as a source of equity financing

when this is appropriate and when conditions in these markets are

acceptable. The Board is constantly evaluating market conditions and

considering a range of opportunities to strengthen the balance sheet.

The Board has reasonable expectation that the Company will maintain

adequate funding to maintain operational activity for the foreseeable

future.

Non-financial risks

The Company’s lead product candidate Radspherin® has completed

recruitment for two phase 1/2a trials and initiated a randomized

controlled phase 2 trial. This is regarded as an early stage of

development and the Company’s planned clinical studies may not

prove to be successful. Additionally, the sourcing of the precursor

isotope, Thorium-228 is dependent on a limited number of suppliers.

The Company is exposed to intellectual property risks, including the

ability to obtain, maintain and defend patents, as well as the risk of

third-party claims or challenges that could impact freedom to operate.

Certain aspects of the Company’s manufacturing and know-how may

be protected as trade secrets, which require robust internal controls to

maintain their enforceability.

The Company is dependent on the availability, transport, and handling

of radioactive isotopes and related materials. Disruptions in isotope

supply chains, including regulatory, logistical or supplier-related

constraints, could materially impact clinical and future commercial

activities.

• Oncoinvent ASA • Annual Report 2025 14

The Company operates in a global environment and is exposed to

geopolitical risks, including sanctions, trade restrictions, and conflicts,

which may affect suppliers, clinical trial sites, logistics, and

collaboration partners.

The Company may also be exposed to risks related to public health

events, including pandemics, which could impact clinical trial

execution, site operations, regulatory interactions, and supply chains.

Competitive technology

The Company operates in a highly competitive industry sector with

many large players and is subject to rapid and substantial technological

change.

Market risks

The financial success of the Company requires obtaining marketing

authorization and achieving an acceptable reimbursement price for its

products. There can be no guarantee that the Company’s products will

obtain the selling prices or reimbursement rates foreseen by the

Company. The Company will need approvals from the US Food and

Drug Administration (FDA) to market its products in the US, and from

the relevant authorities to market its products in Europe, as well as

equivalent regulatory authorities in other worldwide jurisdictions to

commercialize those regions. The Company’s future earnings are likely

to be largely dependent on the timely marketing authorization of

Radspherin® for various indications.

https://www.iqvia.com/blogs/2025/10/radiopharmaceuticals-a-

transformative-force-in-oncology-drug-development

Market developments

Radiopharmaceutical therapeutics continued to scale in 2025, with

expectations increasingly tied to manufacturing and radionuclide

supply. One forecast projected the radiopharmaceutical therapeutics

market to expand from USD 7.3 billion in 2024 to USD 13.5 billion by

20322F

. Key transactions included Eli Lilly’s acquisition of POINT

Biopharma (~USD 1.4 billion, 2023), Bristol Myers Squibb’s acquisition

of RayzeBio (~USD 4.1 billion,2023), AstraZeneca’s acquisition

of Fusion Pharmaceuticals (up to ~USD 2.4 billion, 2024), Sanofi’s EUR

300 million investment in Orano Med (EUR 1.9 billion valuation, 2024),

and Lantheus Holdings’ acquisition of Evergreen Theragnostics (2025).

Commercial validation: Novartis reported 2025 net sales of USD 2.0

billion for the radiopharmaceutical Pluvicto and USD 0.816 billion for

Lutathera, and the U.S. Food and Drug Administration expanded

Pluvicto’s indication in March 2025.

Access to alpha‑emitting radionuclides has become a central

determinant of program credibility and timelines, driven by the different

supply dynamics. For Actinium‑225, the key constraint has been the

scarcity of parent material, necessitating new production pathways

with substantial scale‑up efforts; this was underscored by the

temporary pause of BMS’s ACTION‑1 trial in 2024. In contrast,

Radium‑224/Lead-212 supply relies on Thorium‑228, which faces far

fewer raw‑material constraints and is now supported by emerging

• Oncoinvent ASA • Annual Report 2025 15

industrial‑scale supply chains, enabling more predictable availability.

As a result, market activity has concentrated on securing Actinium‑225

capacity, while for radium-224/lead-212 the strategic focus is to ensure

access to Thorium‑228.

Against this backdrop, Oncoinvent is developing Radspherin, an

intraperitoneal Ra-224 alpha therapy using calcium carbonate

microparticles that does not rely on tumor receptor targeting; Phase 1

(NCT03732768) supported dose selection and a randomized Phase 2

(ClinicalTrials.gov NCT06504147) is ongoing. Standard of care for

selected peritoneal metastases from ovarian and colorectal cancer

includes cytoreductive surgery plus systemic chemotherapy, with

HIPEC considered in colorectal settings and in specific centers/settings

for ovarian as well; Radspherin is being evaluated as an adjunct, after

complete macroscopic tumor resection, to address microscopic

residual disease.

With Radspherin®, Oncoinvent has a highly differentiated asset that

combines the key advantages of modern radiopharmaceuticals with a

direct delivery method. Radspherin®, by using Ra-224, is based on good

raw material supply and long enough half-life (3.6 days) to enable

efficient logistics and wide-ranging distribution. Radspherin® could

potentially be used in several body cavities and, owing to its receptor-

independent mechanism of action, represents a Pipeline-in-a-Product

opportunity; the first clinical target for Radspherin® is the treatment of

peritoneal carcinomatosis.

Organization

Oncoinvent’s Management team, as per 22 April 2026:

Name

Position

Oystein Soug

Chief Executive Officer

Ramzi Amri

Chief Financial Officer

Kari Myren

Chief Medical Officer

Gro Elisabeth Hjellum

Chief Operation Officer

Kristine Lofthus

Chief Production Officer

Anne-Kirsti Aksnes

Chief Clinical Officer

Stian Brekke

Head of Regulatory Affairs

Anne Cecilie Alvik

Head of Quality Assurance

Oncoinvent’s Board, as per 22 April 2026:

Gillies O’Bryan-Tear (Chairperson), Ingrid Teigland Akay, Kari Grønås,

Hilde Steineger, Orlando Oliveira, Johan Häggblad, Olav Hellebø and

Anne Cecilie Alvik (employee representative).

• Oncoinvent ASA • Annual Report 2025 16

Sustainability

Corporate social responsibility

Oncoinvent’s social commitment is the development of cancer

treatments for patients who have no or inadequate treatment options

for their disease. This mission encompasses all activities from

researching novel mechanisms in the lab to developing medicines in

the clinic, working with patient organizations and hospitals to

advancing novel products to the market.

Operating within the radiopharmaceutical industry, Oncoinvent

recognizes that the Company has a responsibility to integrate our

business values and operations in a way so that we act responsibly in a

broader social context and meet key expectations of our stakeholders.

These stakeholders include employees, patients, regulators, suppliers,

shareholders, the community and the environment.

Oncoinvent has incorporated Corporate Social Responsibility

principles into the Code of Conduct, agreed by the Board of Directors

on 22 April 2026. They consist of principles related to business

conduct, anti-corruption, human rights, employment without

discrimination, labor rights and work conditions, whistleblowing and

environmental responsibility. The Code of Conduct is published on the

Group’s website www.Oncoinvent.com.

Oncoinvent is subject to the Transparency Act, which entered into force

on 1 July 2022, and will be made available on the Company’s webpage

www.oncoinvent.com.

In Oncoinvent, we work continuously to comply with human rights and

to ensure that working conditions for all employees comply with human

rights and dignity. Our Code of Conduct commits us to fair practice,

honesty, transparency and integrity in every aspect of dealing with our

employees or in our external relations with customers, the public, the

business community, shareholders, suppliers, competitors and

government authorities.

Working environment

Oncoinvent’s policy is to ensure equal opportunities and prevent

discrimination because of gender, ethnicity, nationality, ancestry, color,

or religion. Oncoinvent adheres to the anti-discrimination act in our

business. The activities include recruitment, salary and working

conditions, promotion, professional development, and protection

against harassment. Oncoinvent aims to be a workplace where there is

no discrimination due to disability.

As of 31

December 2025, Oncoinvent had a total of 44 employees, of

whom 40 were full-time employees. The group has traditionally

encouraged an environment where the number of employed women

and men is relatively equal. Working time arrangements at the group are

independent of gender. Oncoinvent provides paid parental leave for

both genders.

• Oncoinvent ASA • Annual Report 2025 17

Work force

Women

Men

Total

Total workforce

Total workforce full-time employees

Total workforce part-time employees

Number of non-permanent employees

50 percent of the Board members are women, and 63 percent of the

management team.

Women

Men

Total

Management

Board

The Board considers the work environment within the group to be good.

No accidents or injuries resulting in absence were registered in 2025.

Absence due to illness in the group was 2.4 percent in 2025.

The company has an employee representative on the Board and has a

Health and Safety officer. Oncoinvent provides general HSE training to

all its employees and ensures that competency is kept up to date

through its Quality Management System. To ensure safe handling of

radioactive material, Oncoinvent's Quality Management System

includes a Radiation Safety Manual and several SOPs regarding

handling of radioactive materials and waste. Employees in relevant

roles implement these procedures and attend a practical radiation

safety course as a part of their onboarding. Oncoinvent’s policy

prohibits unlawful discrimination against employees, shareholders,

Board members, customers, and suppliers on account of ethnic or

national origin, age, sex or religion. Respect for the individual is the

cornerstone of Oncoinvent’s policy. All people shall be treated with

dignity and respect, and they shall not be unreasonably interfered with

in the conduct of their duties and responsibilities. Oncoinvent provides

conditions for a safe, healthy and satisfactory working environment for

all employees. Employees shall not, under any circumstances, be

subjected to harassment or other improper conduct. Oncoinvent has

not been subject to any legal proceedings regarding the working

environment or workers’ rights in the reporting period.

Health and safety

Since the establishment of the laboratory facilities, Oncoinvent has

focused extensively on establishing high standards for health, safety,

and environment. The company has invested significantly in a

comprehensive ventilation and air purification system to minimize and

monitor any emission generated during the Radspherin® production

process and other research and development activities and has

established a good knowledge base and know-how. Further, an

Environmental Monitoring System as well as infrastructure for real-time

monitoring of various parameters and emissions is in place, and

Oncoinvent has implemented controls and reporting routines.

Oncoinvent has focused on improving the health and safety areas and a

Working Environment Committee is in place to ensure the safety and

wellbeing of all employees. An external Occupational Health Service

(OHS) company also provide advice and services for the benefit of the

working environment. Additionally, Oncoinvent is working closely with

the Norwegian radiation and nuclear safety authorities to ensure the

safe and proper handling of radionuclides.

• Oncoinvent ASA • Annual Report 2025 18

External environment

As we are currently not engaged in any commercial drug supply

manufacturing activities, our direct environmental footprint stems

primarily from the resources consumed in our office spaces and our

lab. We account for the footprint arising out of our indirect business

activities such as employee travel and are conscious of the impact of

waste that we generate. Specifically radioactive waste and managing

this risk is an important aspect of our supply chain management.

Currently we do not measure the environmental footprint of the

activities conducted by third parties. We are also cognizant of the

impact of pharmaceuticals on the environment and are developing

systems to manage this risk. Furthermore, we consider it imperative to

have stringent systems and initiatives in place to address our future

needs in terms of safe and responsible waste management.

We are committed to ensuring that our products, services, and

activities maintain a sound environmental standard and that waste and

pollution are reduced to an absolute minimum.

Accordingly, we focus on environmental aspects related to:

• Emissions to air and water

• Substitution of hazardous chemicals harmful to health and the

environment

• Waste management

Waste is sorted according to national and local guidelines.

Hazardous waste, including chemicals, used oil, varnish and paint,

fluorescent tubes, batteries, and waste electrical and electronic

equipment (WEEE), must be handled in accordance with established

procedures. Dedicated procedures are in place for the sorting and

handling of radioactive waste. For radioactive and chemical waste,

procedures are in place to ensure proper handling and disposal. All

hazardous waste is declared and delivered to approved waste

management companies for recycling or deposition.

Governance and ethics

Ensuring good governance practices involves all people in Oncoinvent.

This includes governance as documented in the guidelines for

corporate governance, ethical conduct and anti-corruption based on

the Oncoinvent values and respect for human rights. Oncoinvent

considers solid corporate governance as a prerequisite to creating

value for shareholders and gaining the confidence of investors.

Oncoinvent will strive to comply with the generally accepted principles

of good corporate governance through its internal controls and

management structure. Oncoinvent believes that its current guidelines

for corporate governance are in line with the latest version of the

Norwegian Code of Practice for Corporate Governance, and a

description of this is given in this report. A complete description of the

recommendation is available at the Norwegian-Corporate Governance

Board (NCGB) web page. For further details, please see the section

entitled Corporate Governance in this Annual Report and on the group’s

homepage.

• Oncoinvent ASA • Annual Report 2025 19

Shareholder information

As of 15 April 2026, there were 4,478,412 shares outstanding in

Oncoinvent, distributed amongst 6,367 shareholders. There is only one

group of shares and all shares have equal voting rights. The 20 largest

shareholders control 63 percent of total shares outstanding.

The share ownership on 15 April 2026:

Shareholder

# of shares

% of total shares

Hadean Ventures

688 729

15.4 %

Linc AB

555 363

12.4 %

MP Pensjon PK

337 515

7.5 %

Sindre Bakkejord

182 198

4.1 %

Canica AS

164 609

3.7 %

Kristian Falnes

140 000

3.1 %

John Fredriksen

109 970

2.5 %

Meteva AS

90 114

2.0 %

Stavanger Forvaltning AS

82 240

1.8 %

Helene Sundt AB

75 974

1.7 %

Sciencons AS

61 000

1.4 %

Lucellum AS

52 000

1.2 %

Jon Magne Asmyr

50 000

1.1 %

Nordnet Livsforsikring AS

48 132

1.1 %

Norda ASA

46 606

1.0 %

Myna AS

37 300

0.8 %

Ivar Holmefjord

26 390

0.6 %

Gillies O’Bryan-Tear

26 369

0.6 %

Sundt AS

25 164

0.6 %

Ro Invest AS

24 598

0.5 %

Top 20 shareholders

2 824 271

63.1 %

Total other shareholders

1 654 141

36,9 %

Total number of shares

4 478 412

100 %

Compensation to management

The compensation of the management is intended to ensure

Oncoinvent’s continued ability to attract and retain the most qualified

management team members and to provide a solid basis for

succession planning. The Compensation Committee submits

recommendations on compensation policy and adjustments in

compensation of the management team members for the approval of

the Board. The compensation of the management team consists of

fixed salary and bonuses, incentive programs, and pension schemes.

Subject to individual agreement, members of the management team

are also entitled to other fixed benefits. The Compensation Policy and

the Compensation Report are both subject for approval by the Annual

General Meeting in May 2026.

Financial results and cover of loss in

Oncoinvent ASA

The results for Oncoinvent ASA for 2025 show a loss of TNOK 125,156.

The Board proposes that the loss in 2025 is covered by the retained

earnings.

• Oncoinvent ASA • Annual Report 2025 20

Outlook

Oncoinvent’s mission is to provide patients with peritoneal cancers a

meaningful opportunity for extended survival and improved quality of

life. During 2025, the Company made significant progress in advancing

Radspherin® and strengthening its clinical, operational, and financial

platform. Entering 2026, the priority is disciplined and focused

execution to sustain this momentum and further de-risk the program.

In this context, Oncoinvent intends to further capitalize on its pilot

manufacturing facility in Oslo, which provides strategic control over

production, process optimization, and quality assurance. The facility

strengthens the Company’s ability to support clinical supply, refine

manufacturing processes, and build critical know-how in

radiopharmaceutical production. Over time, the pilot plant is expected

to serve as an important platform for scaling activities, supporting

potential partnerships, and in parallel, Oncoinvent will continue to

assess strategic and value-enhancing opportunities, including potential

partnerships, while maintaining prudent capital allocation and financial

discipline. Supported by a unique radiopharmaceutical platform, solid

clinical data, and an experienced team and Board, Oncoinvent believes

it is well positioned to play a transformative role in the treatment of

peritoneal cancers.

Oslo, 22 April 2026

Board and CEO of Oncoinvent ASA

Gillies O’Bryan-Tear

(Chairperson)

Ingrid Teigland Akay

Kari Grønås

Hilde Steineger

Orlando Oliveira

Johan Häggblad

Olav Hellebø

Anne Cecilie Alvik

Øystein Soug

(CEO)

• Oncoinvent ASA • Annual Report 2025 31

• the Board and the chairperson of the General Meeting shall

ensure that the shareholders are able to vote separately on

each of the proposals to be considered, including voting for

individual candidates nominated for election to the Board and

other corporate bodies (if applicable);

• The chairperson of the Board and the Chief Executive Officer

shall be present at general meetings, unless there are valid

reasons for being absent. Chairperson of the Nomination

Committee, members of the Compensation Committee and the

Audit Committee, as well as the auditor, should be present at

general meetings where matters of relevance for such

Committees/persons are on the agenda; and

• the Board shall make arrangements to ensure an independent

chairperson for the General Meeting.

The person who is a shareholder five business days before the General

Meeting (the record date) has the right to attend and vote at the General

Meeting. Owners of nominee-registered shares who wish to attend the

General Meeting must give prior notice to the company.

Participation without being present

Shareholders who are unable to be present at the General Meeting

must be given the opportunity to vote by proxy. The Company shall in

this respect:

• provide information on the procedure for attending by proxy;

• nominate a person who will be available to vote on behalf of

shareholders as their proxy;

• prepare a proxy form, which shall, insofar as this is possible, be

set up so that it is possible to vote on each of the items on the

agenda and each of the candidates that are nominated for

election; and

• where practicable, the Company shall facilitate electronic

participation and advance voting in general meetings in order to

ensure broad shareholder participation.

Deviations from the recommendation: None

7. Nomination committee

The company should have a nomination committee, and the nomination

committee should be laid down in the company’s articles of association. The

nomination committee should propose candidates for the board and the

nomination committee, and remuneration for the members of these bodies.

The general meeting should stipulate guidelines for the duties of the

nomination committee, elect the chairperson and members of the

nomination committee, and determine the committee's remuneration.

The nomination committee should have contact with shareholders, the

Board and the company’s executive personnel as part of its work on

proposing candidates for election. Shareholders should be informed about

how they can propose candidates.

The members of the nomination committee should be selected to take into

account the interests of shareholders in general. The majority of the

committee should be independent of the Board and the executive

• Oncoinvent ASA • Annual Report 2025 32

personnel. The nomination committee should not include any executive

personnel or any member of the company’s Board.

The nomination committee should justify why it is proposing each candidate

separately.

The company should provide information on the membership of the

committee.

***

The Company has a Nomination Committee, and the Nomination

Committee is laid down in the Company’s Articles of Association. The

Company’s General Meeting stipulates guidelines for the nomination

committee, elects the members and the Chairperson of the Nomination

Committee, and determines their remuneration. The current

Nomination Committee was elected at the Extraordinary General

Meeting 4 August 2025.

All members of the Nomination Committee are independent of the

Company’s Board and Management Team, and none are members of

the Board. Neither the CEO nor others of the Management Team are

members of the Nomination Committee.

The Nomination Committee must look actively to the shareholders and

anchor the recommendation with the Company’s largest shareholders.

If any candidates are proposed by such shareholders, the Nomination

Committee shall include those candidates among the candidates in the

recommendation to the General Meeting for election of members to the

Nomination Committee.

The Nomination Committee shall give recommendations for the

election of shareholder elected members of the Board and the

members of the Nomination Committee, and compensation to the

members of the Board and the members of the Nomination Committee.

The Nomination Committee shall justify why it is proposing each

candidate separately.

Oncoinvent's shareholders are entitled to nominate candidates to the

Board of Oncoinvent Holding ASA. Information on how to send input

and proposals can be found on Oncoinvent’s website in the section

“Committee’s composition” under “Investor Relations” and “Corporate

Governance”.

For information about the members of the Nomination Committee,

please see “Committee composition” under “Corporate Governance” in

the Investor section at www.Oncoinvent.com.

Deviations from the recommendation: None

8. Composition and independence of the

board

The composition of the Board should ensure that the board can attend to

the common interests of all shareholders and meets the company’s need for

expertise, capacity and diversity. Attention should be paid to ensuring that

the board can function effectively as a collegiate body.

• Oncoinvent ASA • Annual Report 2025 33

The composition of the Board should ensure that it can operate

independently of any special interests. The majority of the shareholder-

elected members of the board should be independent of the company’s

executive personnel and material business contacts. At least two of the

members of the board elected by shareholders should be independent of

the company’s main shareholder(s).

The Board should not include executive personnel. If the board does include

executive personnel, the company should provide an explanation for this

and implement consequential adjustments to the organization of the work

of the board, including the use of board committees to help ensure more

independent preparation of matters for discussion by the board, cf. Section

9 of the Code of Practice.

The general meeting (or the corporate assembly where appropriate) should

elect the chairman of the Board.

The term of office for members of the Board should not be longer than two

years at a time.

The annual report should provide information to illustrate the expertise of

the members of the Board, and information on their record of attendance

at board meetings. In addition, the annual report should identify which

members are considered to be independent.

Members of the Board should be encouraged to own shares in the

company.

***

The Nomination Committee shall give weight to the proposed

candidates’ experience, qualifications, and their capacity to serve as

officers of the Company in a satisfactory manner. Emphasis will also be

given to ensuring reasonable representation in terms of gender, equality

and background, and to ensuring the independence of members of the

Company’s Board.

The current Board was elected at the Extraordinary General meeting 4

August 2025. As per 31 December 2025, the Board consists of eight

members, and currently has the following composition:

Gillies O’Bryan-Tear (Chairperson), Ingrid Teigland Akay, Kari Grønås,

Hilde Steineger, Orlando Oliveira, Johan Häggblad, Olav Hellebø and

Anne Cecilie Alvik (employee representative).

For more information on each board member, please see section

“Board” in the Annual Report.

The composition of the Company’s Board is considered to ensure that

the shareholders’ interests are maintained, and that the Company’s

need for a diversified and experienced Board with sufficient capacity is

in place. The members of the Board represent a combination of

expertise, capabilities and experience from the pharmaceutical

industry and finance business.

The composition of the Board ensures that it can act independently of

any special interests. All the shareholder-elected members of the

Board are independent of the Company’s Management Team and

material business connections. All members of the Board, except one,

• Oncoinvent ASA • Annual Report 2025 34

are considered to be independent of the Company’s major

shareholder(s). A major shareholder means in this connection a

shareholder that owns or controls 10 percent or more of the Company’s

shares or votes, and independence shall entail that there are no

circumstances or relations that may be expected to be able to influence

independent assessments of the person in question. The Board does

not include Management Team. The Chairperson of the Board is elected

by the General Meeting. The term of office for members of the Board is

no longer than one year at the time. Members of the Board may be re-

elected. For further information about the members of the Board,

including number of shares and who are considered independent, see

Note 11 Related parties and compensation to Management in the

Company’s Annual Report, and the section “Board” in the Annual

Report.

Deviations from the recommendation: None

9. The work of the Board

The Board should issue instructions for its own work as well as for the

Management Team with particular emphasis on clear internal allocation of

responsibilities and duties.

These instructions should state how the Board and Management Team shall

handle agreements with related parties, including whether an independent

valuation must be obtained.

The Board should also present any such agreements in their annual

directors’ report. The Board should ensure that members of the Board and

executive personnel make the company aware of any material interests that

they may have in items to be considered by the Board.

In order to ensure a more independent consideration of matters of a

material character in which the chairman of the board is, or has been,

personally involved, the board's consideration of such matters should be

chaired by some other member of the board.

The board should adopt instructions for board committees.

The Public Companies Act stipulates that large companies must have an

audit committee. The entire Board should not act as the company’s audit

committee. Smaller companies should give consideration to establishing an

audit committee. In addition to the legal requirements on the composition

of the audit committee etc., the majority of the members of the committee

should be independent of the company.

The Board should also consider appointing a remuneration committee in

order to help ensure thorough and independent preparation of matters

relating to compensation paid to the executive personnel. Membership of

such a committee should be restricted to members of the board who are

independent of the company’s executive personnel.

The Board should provide details in the annual report of any board

committees appointed.

• Oncoinvent ASA • Annual Report 2025 35

The Board should evaluate its performance and expertise annually.

***

The Board shall produce an annual plan for its own work, with particular

focus on objectives, strategy and implementation. The Board shall

implement instructions for its own work and the work of the

Management Team, focusing on determining allocation of internal

responsibilities and duties. The objectives, responsibilities and

functions of the Board and the CEO shall be in compliance with rules

and standards applicable to the Company.

Related party transactions

The Board shall arrange for a valuation to be obtained from an

independent third party in the event of a transaction between the

Company and its related parties, e.g., shareholders, a shareholder’s

parent company, members of the Board, Management Team or closely

related parties of any such parties. An independent valuation shall also

be carried out in the event of transactions between companies within

the same group where any of the companies involved have minority

shareholders.

The Board ensures that members of the Board and Management Team

make the Company aware of any material interests that they may have

in items to be considered by the Board. In order to ensure a more

independent consideration of matters of a material character in which

the chairperson of the board is, or has been, personally involved, the

board's consideration of such matters will be chaired by some other

member of the board.

Pursuant to the Company's corporate governance policy, the Board

shall prepare an instruction on how the Board and Management Team

shall deal with agreements with related parties, including whether an

independent valuation must be obtained. The Board shall present all

such agreements in the Company's annual report.

Conflict of interests and disqualification

A member of the Board and Management Team cannot consider

matters in which it or any of its related parties has a special financial or

prominent personal interest. Each board member shall ensure that the

Board and Management Team are aware of any material interests that

they may have in matters to be considered by the Board, so that these

can be considered in an unbiased and satisfactory manner.

Committees

The Board has established two permanent Board Committees, which

are described in further detail below. The current members of the

committees were elected at the Board meeting in August 2025.

Members of the committee are appointed for one year. These

committees do not pass resolutions but supervise the work of the

Company’s management on behalf of the Board and prepare matters

for Board’ consideration within their specialized areas. In this

preparatory process, the committees have the opportunity to draw on

company resources, and to seek advice and recommendations from

sources outside the Company. The Board also establishes ad-hoc sub-

committees as needed, e.g. development, finance, manufacturing and

in connection with M&A activities. The Board shall implement charters

for the committees.

• Oncoinvent ASA • Annual Report 2025 36

Audit Committee

The members of the Audit Committee are Hilde Steineger (chair),

Orlando Oliveira and Olav Hellebø. The CFO acts as the committee’s

secretary. The composition of the committee meets the requirements

of the Norwegian Code of Practice for Corporate Governance as regards

independence, and all the committee members are considered to be

independent of Management Team.

Two meetings were held in 2025:

Compensation committee

The members of the Compensation Committee are Gillies O’Bryan-Tear

(chair) and Kari Dyvik. The composition of the committee meets the

requirements of the Norwegian Code of Practice for Corporate

Governance as regards independence, and all the committee members

are considered to be independent of Management Team.

One meeting were held in 2025:

Annual evaluations

The Board shall annually evaluate its performance and expertise for the

previous year. This evaluation shall include the composition of the

Board and the manner in which its members function, individually and

as a group, in relation to the objectives set out for its work.

Deviations from the recommendation: None

10. Risk management and internal control

The Board must ensure that the company has sound internal control and

systems for risk management that are appropriate in relation to the extent

and nature of the company’s activities.

The Board should carry out an annual review of the company’s most

important areas of exposure to risk and its internal control arrangements.

***

To manage the Company specific risks and risk inherent in the industry,

and to comply with international and national regulations, the

Company will implement a periodic review process to identify, analyze

and handle the main risk factors facing the Group. The Audit Committee

will periodically receive written reports highlighting the main risks and

proposed actions to address these as well as any significant

weaknesses in the internal control regime. Our aim is to have an annual

review by the Board of the Company’s most important areas of

exposure to risk and its internal control arrangements. Risk

Management is further described under “Directors’ Report”, in the Risk

section.

Deviations from the recommendation: None

Remuneration of the Board

The remuneration of directors should reflect responsibility, expertise, time

commitment and the complexity of the company’s activities. The

remuneration of directors should not be linked to the company’s

• Oncoinvent ASA • Annual Report 2025 37

performance. The company should not grant share options to members of

its board.

Members of the Board and/or companies with which they are

associated should not take on specific assignments for the company in

addition to their appointment as a member of the board. If they do

nonetheless take on such assignments this should be disclosed to the

full board. The remuneration for such additional duties should be

approved by the board.

Any remuneration in addition to normal directors’ fees should be

specifically identified in the annual report.

***

The compensation of the Board is determined by the shareholders at

the Company's annual general meeting, based on the proposal from the

nomination committee.

The compensation of the Board shall reflect:

• the Board's responsibility and expertise;

• the complexity of the Company; and

• if applicable, the time spent and the level of activity performed

in the Board and any board committee in which the board

members participate.

Due to the complexity of the business and the alignment of

compensation levels of similar companies, the Nomination Committee

proposes to grant the Board share options. The Nomination Committee

acknowledges that the grant of share options to Board members

represents a deviation from the Norwegian Code of Practice for

Corporate Governance (NUES), but the Nomination Committee is of the

opinion that the deviation is supported by the Company's need to offer

compensation in line with similar companies. The Nomination

Committee is of the opinion that participation in the Company's share

option program will not weaken the Board members’ independence.

Members of the Board, or companies associated with members of the

Board, shall not engage in specific assignments for the Company in

addition to their appointments as members of the Board. If they do take

on such assignments the entire Board must be informed and the

consideration for such additional duties is subject to approval by the

Board.

Deviations from the NUES recommendation: Granting share options to the

Board. The Nomination Committee is of the opinion that participation in

the Company's share option program will not reduce the Board members’

independence.

11. Remuneration of Management Team

The guidelines on the salary and other remuneration for executive

personnel must be clear and easily understandable, and they must

contribute to the company’s commercial strategy, long-term interests and

financial viability.

• Oncoinvent ASA • Annual Report 2025 38

The arrangements for salary and other remuneration of executive personnel

should promote alignment of interests between shareholders and executive

personnel. The remuneration arrangements should be simple and

transparent and address the criteria for goal attainment. Performance-

related remuneration should be subject to an absolute limit. Performance-

related remuneration should be based on measurable criteria that the

executive personnel can influence.

***

The Board has established guidelines for the compensation of the

Management Team, and these guidelines will be communicated to the

Annual General Meeting for approval. The guidelines will be considered

and approved by the general meeting and in the event of any material

changes and at least every fourth year. The guidelines set out the main

principles in determining the salary and other compensation of the

Management Team. The Board of Director’s guidelines on the

compensation of Management Team are outlined in an appendix to the

agenda for the Annual General Meeting.

Performance-related compensation of the executive personnel in the

form of share options, bonuses or the like shall be linked to value

creation for the shareholders, sound risk management, and the

Company’s financial performance over time.

Information about all compensation paid to each member of

Management Team is presented in the Compensation report.

Deviations from the recommendation: None

12. Information and communications

The Board should disclose of financial and other information with due

regard to the requirement of equal treatment of participants in the

securities market. The Board should establish guidelines for the company’s

contact with shareholders other than through general meetings.

***

The Company shall continuously provide its shareholders, Euronext

Oslo Børs and the financial markets in general (through Euronext Oslo

Børs’ information system) with accurate, clear, relevant and

simultaneous information about the Company and its operations.

Relevant information will be given in the form of annual reports,

quarterly reports, press releases, notices to the stock exchange and

investor presentations in accordance with what is deemed appropriate

from time to time. The Company shall seek to clarify its long-term

potential, including strategies, value drivers and risk factors.

The Company’s presentations are webcast directly and may be found

on Oncoinvent’s website, along with the half-yearly and annual reports,

under “Investor Relations”.

The Company has procedures for establishing discussions with

shareholders to enable the Company to develop a balanced

understanding of the circumstances and focus of shareholders. Such

discussions will always be in compliance with the principle of equal

treatment of the Company’s shareholders.

Deviations from the recommendation: None

• Oncoinvent ASA • Annual Report 2025 39

13. Takeovers

The Board should establish guiding principles for how it will act in the event

of a take-over bid.

In a bid situation, the company’s Board and management have an

independent responsibility to help ensure that shareholders are treated

equally, and that the company’s business activities are not disrupted

unnecessarily. The board has a particular responsibility to ensure that

shareholders are given sufficient information and time to form a view of the

offer.

The Board should not hinder or obstruct take-over bids for the company’s

activities or shares.

Any agreement with the bidder that acts to limit the company’s ability to

arrange other bids for the company’s shares should only be entered into

where it is self-evident that such an agreement is in the common interest of

the company and its shareholders. This provision shall also apply to any

agreement on the payment of financial compensation to the bidder if the

bid does not proceed. Any financial compensation should be limited to the

costs the bidder has incurred in making the bid.

Agreements entered into between the company and the bidder that are

material to the market's evaluation of the bid should be publicly disclosed

no later than at the same time as the announcement that the bid will be

made is published.

In the event of a take-over bid for the company’s shares, the company’s

Board should not exercise mandates or pass any resolutions with the

intention of obstructing the take-over bid unless this is approved by the

general meeting following announcement of the bid.

If an offer is made for a company’s shares, the company’s Board should

issue a statement making a recommendation as to whether shareholders

should or should not accept the offer. The board’s statement on the offer

should make it clear whether the views expressed are unanimous, and if this

is not the case it should explain the basis on which specific members of the

board have excluded themselves from the board’s statement. The board

should arrange a valuation from an independent expert. The valuation

should include an explanation, and should be made public no later than at

the time of the public disclosure of the board’s statement.

Any transaction that is in effect a disposal of the company’s activities should

be decided by a general meeting (or the corporate assembly where

relevant).

***

In a take-over process, the Board and Management Team each have an

individual responsibility to ensure that the Company’s shareholders are

treated equally and that there are no unnecessary interruptions to the

Company’s business activities. The Board has a particular

responsibility in ensuring that the shareholders have sufficient

information and time to assess the offer.

• Oncoinvent ASA • Annual Report 2025 40

Main principles for action in the event of a takeover

offer

In the event of a takeover process, the Board shall seek to abide by the

recommendations of the Code, and ensure that the following take

place:

• the Board will not seek to hinder or obstruct any takeover bid for

the Company’s operations or shares unless there are particular

reasons for doing so;

• the Board shall not undertake any actions intended to give

shareholders or others an unreasonable advantage at the

expense of other shareholders or the Company;

• the Board shall not institute measures with the intention of

protecting the personal interests of its members at the expense

of the interests of the shareholders; and

• the Board must be aware of the particular duty it has for

ensuring that the values and interests of the shareholders are

protected.

In the event of a take-over bid, the Board will, in addition to complying

with relevant legislation and regulations, seek to comply with the

recommendations in the Code. This includes obtaining a valuation from

an independent expert. On this basis, the Board will make a

recommendation as to whether the shareholders should accept the

bid.

There are no other written guidelines for procedures to be followed in

the event of a take-over bid. The Company has not found it appropriate

to draw up any explicit basic principles for Oncoinvent’s conduct in the

event of a take-over bid, other than the actions described above. The

Board otherwise concurs with what is stated in the Code regarding this

issue.

Deviations from the recommendation: None

14. Auditor

The Board or the audit committee should ensure that the auditor submits

the main features of the plan for the audit of the company to the audit

committee annually.

The Board or the audit committee should invite the auditor to meetings that

deal with the annual accounts and sustainability reporting. At the meetings,

the chief executive officer should review any material changes in the

company’s accounting policies, the assessment of material accounting

estimates, and, where applicable, material matters related to the

company’s sustainability reporting. The auditor should comment on the

chief executive officer’s review, and account for key matters of the audit and

all material matters on which there has been disagreement between the

auditor and management.

The board or the audit committee should at least once a year review with

the auditor the systems for internal control and risk management related to

financial reporting and sustainability reporting, as well as any deficiencies

identified by the auditor and proposals for improvements.

• Oncoinvent ASA • Annual Report 2025 41

The Board or the audit committee should establish guidelines in respect of

the use of the auditor by the company’s Management Team for services

other than the audit.

***

The Board ensures that the auditor submits the main features of the

plan for the audit of the Company to the Audit Committee annually.

The Board invites the auditor to meetings that deal with the annual

accounts, so the auditor can report on any changes in the company’s

accounting principles and key aspects of the audit, comment on any

material estimated accounting figures and report all matters on which

there has been disagreement between the auditor and the Management

Team of the company.

The Board once a year reviews the Company’s internal control

procedures with the auditor, including weaknesses identified by the

auditor and proposals for improvement.

At least once a year, the Audit Committee will meet with the auditor to

consider the auditor’s views on the Group’s accounting principles, risk

areas and internal control procedures.

The Audit Committee receives an annual summary from the external

auditor of services other than auditing that have been provided to the

Company. The Company has established guidelines for the

management’s use of the external auditor for services other than

auditing.

The auditors’ fees, presented in Note 9 of the consolidated financial

statements in the Annual Report, are stated for the relevant categories

of auditing and other services. The auditor’s fee is determined at the

Annual General Meeting.

Deviations from the recommendation: None

• Oncoinvent ASA • Annual Report 2025 42

Income Statement and other Comprehensive

Income .......................................................... 43

Statement of Financial Position ...................... 44

Statement of Cash Flows ............................... 46

Statement of Changes in Equity ...................... 47

Notes to the Financial Statements .................. 49

Auditor’s Report ............................................. 94

• Oncoinvent ASA • Annual Report 2025

the asset, based on the pattern of consumption of the benefits of the

underlying asset by equal annual instalments.

Research and development costs

Research costs are expensed as incurred.

Internal development costs related to the Group’s development of

products are recognized in the income statement in the year incurred

unless it meets the asset recognition criteria of IAS 38 “Intangible

Assets”. An internally generated asset arising from the development

phase of an R&D project is recognized as an intangible asset if the

Group can demonstrate:

• Its ability to use or sell the intangible assets

• The technical feasibility of completing the intangible asset so

that the asset will be available for use or sale

• Its intention to complete and its ability and intention to use or

sell the asset

• How the asset will generate future economic benefits

• The availability of adequate technical, financial and other

resources to complete the development and use or sale of the

asset

• The ability to measure reliably the expenditure during

development

Uncertainties related to the regulatory approval process and results

from on-going clinical trials, generally indicate that the criteria are not

met until the time when marketing authorization is obtained from

relevant regulatory authorities. The Group has currently no

development expenditure qualifying for recognition under IAS 38.

Property, plant and equipment

Property, plant and equipment are stated at cost, net of accumulated

depreciation and accumulated impairment losses, if any. Acquisition

cost includes expenditures that are directly attributable to the

acquisition of the individual item. Property, plant and equipment are

depreciated on a straight- line basis over the expected useful life of the

asset. If significant individual parts of the assets have different useful

lives, they are recognized and depreciated separately. Depreciation

commences when the assets are ready for their intended use.

An item of property, plant and equipment and any significant part

initially recognized is derecognized upon disposal or when no future

economic benefits are expected from its use or disposal. Any gain or

loss arising on derecognition of the asset (calculated as the difference

between the net disposal proceeds and the carrying amount of the

asset) is included in the income statement when the asset is

derecognized.

The residual values, useful lives and methods of depreciation of the

property, plant and equipment are reviewed at each financial year and

adjusted prospectively, if appropriate.

Investment in subsidiaries

Subsidiaries are consolidated in the Group Financial Statement. In the

Company Financial Statement subsidiaries are measured at cost.

• Oncoinvent ASA • Annual Report 2025

Lease

Identifying a lease

At the inception of a contract, the Group assesses whether the contract

is, or contains, a lease. A contract is, or contains a lease, if the contract

conveys the right to control the use of an identified asset for a period of

time in exchange for consideration.

The Group (the Company) as a lessee Separating components in the

lease contract

For contracts that constitute, or contain a lease, the Group (the

Company) separates lease components if it benefits from the use of

each underlying asset either on its own or together with other resources

that are readily available, and the underlying asset is neither highly

dependent on, nor highly interrelated with, the other underlying assets

in the contract. The Group (the Company) then accounts for each lease

component within the contract as a lease separately from non-lease

components of the contract.

Recognition of lease and exemptions

At the lease commencement date, the Group (the Company)

recognizes a lease liability and corresponding right-of-use asset for all

lease agreements in which it is the lessee, except for the following

exemptions applied:

• Short-term leases (defined as 12 months or less

• Low value assets

For these leases, the Group (the Company) recognizes the lease

payments as other operating expenses in the statement of profit or loss

when they incurred.

Lease liabilities

The lease liability is recognized at the commencement date of the

lease. The Group (the Company) measures the lease liability at the

present value of the lease payments for the right to use the underlying

asset during the lease term that are not paid at the commencement

date.

The lease term represents the non-cancellable period of the lease,

together with periods covered by an option either to extend or to

terminate the lease when the Group (the Company) is reasonably

certain to exercise this option.

The lease payments included in the measurement comprise fixed lease

payments (including in-substance fixed payments), less any lease

incentives receivable.

The lease liability is subsequently measured by increasing the carrying

amount to reflect interest on the lease liability, reducing the carrying

amount to reflect the lease payments made and remeasuring the

carrying amount to reflect any reassessment or lease modifications.

The Group (the Company) does not include variable lease payments in

the lease liability. Instead, the Group (the Company) recognizes these

variable lease expenses in profit or loss when they occur.

Right-of-use assets

The Group measures the right-of use asset at cost, less any

accumulated depreciation and impairment losses, adjusted for any

• Oncoinvent ASA • Annual Report 2025

remeasurement of lease liabilities. The cost of the right-of-use asset

comprise:

• The amount of the initial measurement of the lease liability

recognized

• Any lease payments made at or before the commencement

date, less any incentives received

• Any initial direct costs incurred by the Group.

The Group (the Company) applies the depreciation requirements in IAS

16 Property, Plant and Equipment in depreciating the right-of-use asset,

except that the right-of-use asset is depreciated from the

commencement date to the earlier of the lease term and the remaining

useful life of the right-of-use asset.

The Group (the Company) applies IAS 36 Impairment of Assets to

determine whether the right-of-use asset is impaired and to account for

any impairment loss identified.

Financial assets

Initial recognition and measurement

Financial assets are classified, at initial recognition, as subsequently

measured at amortized cost, and fair value through profit or loss.

Financial assets are recognized initially at fair value plus, in the case of

financial assets not recorded at fair value through profit or loss,

transaction costs that are attributable to the acquisition of the financial

asset.

Financial assets are derecognized when the rights to receive cash flows

from the assets have expired or the Group has transferred its rights to

receive cash flows from the assets.

Financial assets at amortized cost

This category is the most relevant to the Group. The Group measures

financial assets at amortized cost if both of the following conditions are

met:

• The financial asset is held within a business model with the

objective to hold financial assets in order to collect contractual

cash flows; and

• The contractual terms of the financial asset give rise on

specified dates to cash flows that are solely payments of

principal and interest on the principal amount outstanding.

Financial assets at amortized cost are subsequently measured using

the effective interest (EIR) method and are subject to impairment.

Gains and losses are recognized in profit or loss when the asset is

derecognized, modified or impaired.

Financial assets at fair value through profit or loss

Financial assets at fair value through profit or loss are carried in the

statement of financial position at fair value with net changes in fair

value recognized in the statement of profit or loss.

The Group financial assets at fair value through profit or loss include

money market funds.

Financial liabilities

Initial recognition and measurement

All financial liabilities are recognized initially at fair value.

• Oncoinvent ASA • Annual Report 2025

The Group’s financial liabilities include trade and other payables, and

loans and borrowings.

Subsequent measurement

For purposes of subsequent measurement, financial liabilities are

classified in one category:

• Financial liabilities at amortized cost (loans and borrowings).

Derecognition

A financial liability is derecognized when the obligation under the

liability is discharged, cancelled or expires.

Current vs non-current classification

The Group presents assets and liabilities in the statement of financial

position based on current/non-current classification. An asset is

current when it is:

Expected to be realized or intended to be sold or consumed in the

normal operating cycle

Held primarily for the purpose of trading

Expected to be realized within twelve months after the reporting period,

Cash or cash equivalent unless restricted from being exchanged or

used to settle a liability for at least twelve months after the reporting

period

All other assets are classified as non-current. A liability is current when:

• It is expected to be settled in the normal operating cycle

• It is held primarily for the purpose of trading

• It is due to be settled within twelve months after the reporting

period, or

• There is no unconditional right to defer the settlement of the

liability for at least twelve months after the reporting period

The Company classifies all other liabilities as non-current. Deferred tax

assets and liabilities are classified as non-current assets and liabilities.

Impairment

The Group assesses at each reporting date whether there is an

indication that an asset may be impaired. If any indication exists, or

when annual impairment testing for an asset is required, the Company

estimates the asset’s recoverable amount. An asset’s recoverable

amount is the higher of an asset’s or CGU’s (cash-generating unit) fair

value less costs of disposal and its value in use. It is determined for an

individual asset, unless the asset does not generate cash inflows that

are largely independent of those from other assets or groups of assets.

Where the carrying amount of an asset or CGU exceeds its recoverable

amount, the asset is considered impaired and is written down to its

recoverable amount.

Share-based payments

The Group operates an equity-settled, share-based compensation plan,

under which the Group receives services from employees as

consideration for share-based payments (options).

• Oncoinvent ASA • Annual Report 2025

The cost of equity-settled transactions is determined by the fair value at

the date when the grant is made using an appropriate valuation model.

That cost is recognized, together with a corresponding increase in other

paid in capital in equity, over the period in which the performance

and/or service conditions are fulfilled in employee benefits expense.

The cumulative expense recognized for equity-settled transactions at

each reporting date until the vesting date reflects the extent to which

the vesting period has expired and the Group’s best estimate of the

number of equity instruments that will ultimately vest. The statement of

profit or loss expense or credit for a period represents the movement in

cumulative expense recognized at the beginning and end of that period

and is recognized in employee benefits expense.

The fair value of the options granted is measured using the Black-

Scholes model. Measurement inputs include share price on the

measurement date, exercise price of the instrument, expected volatility,

weighted average expected life of the instruments, expected dividends

and the risk-free interest rate.

When the options are exercised, the Group will issue new shares. The

proceeds received net of any directly attributable transaction costs are

recognized as share capital (nominal value) and share premium

reserve.

Taxes

Current income tax

Current income tax assets and liabilities are measured at the amount

expected to be recovered from or paid to the taxation authorities. The

tax rates and tax laws used to compute the amount are those that are

enacted or substantively enacted, at the reporting date in the country

where the Group operates and generates taxable income.

Deferred tax

Deferred tax is provided using the liability method on temporary

differences between the tax bases of assets and liabilities and their

carrying amounts for financial reporting purposes at the reporting date.

Deferred tax liabilities are recognized for all taxable temporary

differences, except when the deferred tax liability arises from the initial

recognition of goodwill or an asset or liability in a transaction that is not

a business co

bination and, at the time of the transaction, affects

neither the accounting profit nor taxable profit or loss.

Deferred tax assets are recognized for all deductible temporary

differences, the carry forward of unused tax credits and any unused tax

losses. Deferred tax assets are recognized to the extent that it is

probable that taxable profit will be available against which the

deductible temporary differences, and the carry forward of unused tax

credits and unused tax losses can be utilized.

The carrying amount of deferred tax assets is reviewed at each reporting

date and reduced to the extent that it is no longer probable that

sufficient taxable profit will be available to allow all or part of the

deferred tax asset to be utilized. Unrecognized deferred tax assets are

re-assessed at each reporting date and are recognized to the extent that

it has become probable that future taxable profits will allow the

deferred tax asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are

expected to apply in the year when the asset is realized or the liability is

• Oncoinvent ASA • Annual Report 2025

settled, based on tax rates (and tax laws) that have been enacted or

substantively enacted at the reporting date.

Deferred tax relating to items recognized outside profit or loss is

recognized outside profit or loss. Deferred tax items are recognized in

correlation to the underlying transaction either in OCI or directly in

equity.

Foreign currencies

The Group’s financial statements are presented in NOK, which is also

the parent’s functional currency.

For each entity within the Group, the Group has determined the

functional currency based on the primary economic environment of

which the entity operates. Items included in the financial statements

are measured using that functional currency based on the primary

economic environment of which the entity operates. Items included in

the financial statements are measured using that functional currency.

The functional currency for the Group’s entities is NOK.

Transactions and balances

Transactions in foreign currencies are recorded at their respective

functional currency spot rates at the date the transaction first qualifies

for recognition.

Monetary assets and liabilities denominated in foreign currencies are

translated at the functional currency spot rates of exchange at the

reporting date.

Differences arising on settlement or translation of monetary items are

recognized in profit or loss as financial items.

Cash and short-term deposits

Cash and short-term deposits in the statement of financial position

comprise cash at banks and on hand, short-term deposits with a

maturity of three months or less and money market funds, which are

subject to an insignificant risk of changes in value, as this are held for

the purpose of meeting short-term cash commitments. See note 3.

For the purpose of the statement of cash flows, cash and cash

equivalents consist of cash, short-term deposits and money market

fund as defined above. The indirect method is used to prepare the

statement of cash flow.

Provisions

Provisions are recognized when the Group has a present obligation

(legal or constructive) as a result of a past event, it is probable that an

outflow of resources embodying economic benefits will be required to

settle the obligation and a reliable estimate can be made of the amount

of the obligation. The expense relating to a provision is presented in the

Income Statement and other Comprehensive Income net of any

reimbursement.

If the effect of the time value of money is material, provisions are

discounted using a current pre-tax rate that reflects, when appropriate,

the risks specific to the liability. When discounting is used, the increase

in the provision due to the passage of time is recognized as a finance

cost.

Contingent liabilities are not recognized in the statement of financial

position but are reported in the relevant schedules and notes. They may

arise from uncertainty as to the existence of a liability represent a

liability in respect of which the amount cannot be reliably measured.

• Oncoinvent ASA • Annual Report 2025

Contingent liabilities are disclosed if the possibility of an outflow of

economic benefit to settle the obligation is more than remote.

Pensions and other post-employment benefits

The Group has a defined contribution pension scheme for all

employees. Under the defined contribution scheme, the Group does

not commit itself to paying specific future pension benefits, but makes

annual contributions to the employees’ pension savings.

For 2025, the Group’s payment to the defined contribution scheme

amounts to 6% of salary up to 12G and additional 2% of salary between

7.1G and 12G for employees in Oncoinvent Solutions AS and 7% of

salary up to 12G and additional 18.1% of salary between 7.1G and 12G

for employees in ASA (G is Norwegian National Insurance basic

amount).

Further details about pensions, and the closing of the defined benefit

scheme, are given in Note 10.

New and amended standards and interpretations

The standards and interpretations that are issued, but not yet effective,

up to the date of issuance of the Group’s financial statements are

disclosed in the following section. Note that only the ones that are

expected to have material impact on the Group’s financial position,

performance, and/ or disclosures are discussed. The Group intends to

adopt these standards, if applicable, when they become effective.

IFRS 18

In April 2024, the International Accounting Standards Board issued IFRS

18 Presentation and Disclosure in Financial Statements, which will

replace IAS 1 Presentation of Financial Statements. IFRS 18 introduces

new requirements for the presentation of income and expenses in the

statement of profit and losses, including defined categories and

subtotals, and enhanced disclosure requirements for management-

defined performance measures. IFRS 18 is effective for annual

reporting periods beginning on or after 1 January 2027, subject to

endorsement by the European Union. The Group has not early adopted

IFRS 18. Based on a preliminary assessment, IFRS 18 is expected to

affect the presentation and disclosure of the consolidated statement of

profit or loss when adopted but is not expected to affect the recognition

or measurement of the Group’s assets, liabilities, income or

expenses. Changes in accounting policies and disclosures

The accounting policies adopted are consistent with those of the

previous financial year, except for the amendments to IFRS which have

been implemented by the Group during the current financial year. No

additional new standard has been applicable for the Group’s 2025

financial statements.

• Oncoinvent ASA • Annual Report 2025

Note 3 – Material accounting judgments,

estimates and assumptions

The preparation of the Group’s financial statements requires

management to make judgments, estimates and assumptions that

affect the reported amounts of revenues, expenses, assets and

liabilities, and the disclosure of contingent liabilities. Uncertainty about

these assumptions and estimates could result in outcomes that require

a material adjustment to the carrying amount of assets or liabilities

affected in future periods.

Merger between Oncoinvent and BerGenBio in 2025

The triangular merger between former Oncoinvent ASA and Bergenbio

Norge AS, where consideration shares were issued by former

BerGenBio ASA to shareholders of former Oncoinvent ASA, was

completed 29 October 2025. At completion of the merger, BerGenBio

had ceased its activities, and the transaction has been classified as a

reverse purchase of former BerGenBio ASA by former Oncoinvent ASA,

and the transaction has been accounted according to IFRS 2 Share

based payment as a reverse purchase. From 29 October 2025 all Group

companies have been consolidated into the Oncoinvent Group. All

identified assets and liabilities have been consolidated. The value of

BerGenBio in the transaction was NOK 65 million. Of this NOK 43.4

million in net assets has been identified and included in the Group

balance sheet at completion of the transaction. The value above

identified assets and liabilities has been treated as costs for purchase

of the public listing and shareholders and has been recognized as costs

in the Group accounts in 2025 by NOK 21.6 million included in other

operating expenses.

The historical financial information of the Group accounts up to the

completion of the merger is from former Oncoinvent ASA. From 29

October 2025 all Group companies have been consolidated and

included in the Group accounts. Historical financial information in the

parent company accounts is from the entity Oncoinvent ASA (previously

named BerGenBio ASA).

From the completion of the merger former BerGenBio ASA has changed

name to Oncoinvent ASA and serves as the parent company in the

Oncoinvent Group and is also public listed on Oslo Stock Exchange.

The subsidiary Oncoinvent Solutions AS continues the operations of

former Oncoinvent.

BerGenBio's subsidiaries, BerGenBio ApS in Denmark and BerGenBio

Limited in UK have ceased all of its operations and are under

liquidation. Assets and liabilities have been included in the Group

accounts from the merger 29 October 2025.

Estimates and assumptions

Preparation of the accounts in accordance with IFRS requires the use of

judgment, estimates and assumptions that have consequences for

recognition in the balance sheet of assets and liabilities and recorded

revenues and expenses. The use of estimates and assumptions is

based on the best discretionary judgement of the Group’s management

and the Board of Directors. Uncertainties about these adjustments and

estimates could result in outcomes that require adjustment to the

carrying amount of assets or liabilities affected in future periods.

Assumptions and estimates were based on available information at the

• Oncoinvent ASA • Annual Report 2025

time of the preparation of the financial statements. Existing

circumstances and assumptions about future developments, however,

may change and such changes are reflected when they occur.

Share-based payments

The Group initially measures the cost of equity-settled transactions

with employees using the Black-Scholes model to determine the fair

value of the options.

Estimating fair value for share-based payment transactions requires

determination of the most appropriate valuation model, which is

dependent on the terms and conditions of the grant. This estimate also

requires determination of the most appropriate inputs to the valuation

model including the expected life of the share option, volatility and

dividend yield and making assumptions about them. The assumptions

and models used for estimating fair value for share-based payment

transactions are disclosed in Note 6.

Money market fund

Money market fund is classified as cash and cash equivalent. The

criteria for classifying this as cash equivalent are that these funds are

short term, highly liquid, readily convertible into known amounts of

cash and subject to insignificant risk of change in value. The evaluation

of these criteria requires use of judgment. The purpose of the fund is to

meet short-term commitments, and hence the Company has access to

use the funds with only a few days’ notice. The funds invested in is well-

known and have invested in shares exchanged in an active marked, and

hence the funds are considered highly liquid. Even though it is not

possible to know the exact amount of cash the funds can be converted

to, the funds in which the money is invested are low risk and low profit,

and hence it is possible to predict the most likely outcomes. There are

expected to be insignificant changes in value of these funds.

Taxes

Deferred tax assets are recognized for unused tax losses to the extent

that it is probable that taxable profit will be available against which the

losses can be utilized. The Group considers that a deferred tax asset

related to accumulated tax losses cannot be recognized in the

statement of financial position until the product under development

has been approved for marketing by the relevant authorities. Significant

management judgement is required to determine the amount, if any, of

deferred tax assets that can be recognized, based upon the likely timing

and the level of future taxable profits, together with future tax planning

strategies.

Note 4 – Segments and revenue

The Group is still in a R&D phase and currently does not generate

revenues. For management purposes, the Group’s activity is organized

in one business unit, and the internal reporting is structured in

accordance with this. All non-current assets are located at the

Company’s main office in Oslo, Norway. The preparation of the Group’s

financial statements requires management to make judgments,

estimates and assumptions that

• Oncoinvent ASA • Annual Report 2025

6 0

Sales Revenue

Oncoinvent signed in December of 2024 an agreement with Artbio. As

part of the agreement Artbio will rent space and equipment as well as

have access to specified services from Oncoinvent from 1 January

2025.

The revenue in the Parent company is related to an outlicense

agreement and intercompany management services.

PARENT 2024	PARENT 2025	REVENUE RECOGNIZED	GROUP 2025	GROUP 2024
		Revenue from
	5,404	contract	23,037	1,539
1,909	805	Other revenue		1,190
1,909	6,209	Sales revenue	23,037	2,729

Skattefunn

The Skattefunn R&D tax incentive scheme is a government program

designed to stimulate research and development in Norwegian trade

and industry.

For the Group a project was approved including 2024, and a new

application has been approved for the years 2025-2027.

For the Parent company (previously BerGenBio ASA) a project was

approved including 2024.

Industrial Ph.D. grant from The Research Council of Norway

(Forskningsrådet)

For the Group the industrial Ph.D. project is a collaboration between

Oncoinvent ASA, Oslo University Hospital and the University of Oslo.

The Ph.D. candidate for this project is employed by Oncoinvent. The

project, Development of Targeted Radionuclide Therapy, is approved for

the period 2022-2026.

For the Parent company the Ph.D. project was a collaboration between

BerGenBio ASA and University of Bergen.

• Oncoinvent ASA • Annual Report 2025

6 1

PARENT 2024	PARENT 2025	GRANTS RECOGNIZED IN STATEMENT OF PROFIT AND LOSS	GROUP 2025	GROUP 2024
4,750		Skattefunn	4,750	4,750
27		Industrial Ph.D grant from The Research Council of Norway	282	624
4,777	0	Total grants, other operating income	5,032	5,374

PARENT 2024	PARENT 2025	GRANTS RECEIVABLES	GROUP 2025	GROUP 2024
4,750		Skattefunn	4,750	4,750
254	161	Industrial Ph.D grant from The Research Council of Norway	319	626
5,004	161	Total grants receivables	5,069	5,376

• Oncoinvent ASA • Annual Report 2025

6 2

Note 5 – Salary and personnel expense and

management remuneration

PARENT 2024	PARENT 2025	SALARY AND BENEFIT EXPENSES	GROUP 2025	GROUP 2024
8,384	9,830	Salaries and holiday pay	46,946	45,718
154	1,145	Social security tax	7,803	8,064
1,400		Bonuses	5,333
861	773	Pension expenses	3,503	3,699
5,709	(3,476)	Share-based payment expenses	3,873	2,191
(42)		Social security cost on share-based payments
1,060	155	Other personnel costs	2,262
17,527	8,427	Total salaries and personnel expense	69,721	59,076
5	4	Number of FTEs employed during the financial year	38	40
5	2.5	Number of FTEs at end of year	44	34

596

For compensation to the Board and Management, please see

Compensation Report 2025 published on the Company’s website.

• Oncoinvent ASA • Annual Report 2025

6 3

Key Management personnel and Board compensation (in 1,000 NOK):

Numbers in the table below are included according to the Group accounts for the Management and the Board. This means Executives in Oncoinvent for

2024 and 2025 (annual equivalent):

			Share base
2025			benefit
	Short-term	Post employment
NOK 1,000	benefit		(period costs)	Total
Øystein Soug (CEO)	3,807	130	649	4,587
Tore Kvam (CFO)	2,532	129	248	2,909
Kari Myren (CMO)	2,580	130	258	2,968
Gro Elisabeth Hjellum (COO)	2,411	131	275	2,817
Kristine Lofthus (CPO)	1,722	128	252	2,102
Stian Brekke (Head of Regulatory)	1,574	115	260	1,949
Anne-Kirsti Aksnes (CCO)	2,057	109	237	2,403
Anne Cecilie Alvik (Head of QA)	2,150	91	240	2,480
Total management	18,833	962	2,420	22,215
Gillies O'Bryan-Tear (chair)	600		67	667
Anne Cecilie Alvik	370			370
Hilde Steineger	370		32	402
Kari Grønås	370		32	402
Orlando Oliveira	370		32	402
Olav Hellebø (from Nov 2025)	370			370
Johan Häggblad (from Nov 2025)	370		23	393
Total board and other	2,820	0	186	3006

• Oncoinvent ASA • Annual Report 2025

6 4

			Share base
2024			benefit
	Short-term
NOK 1,000	benefit	Post employment	(period costs)	Total
Øystein Soug (CEO from Sept 2024)	918	35	122	1,075
Tore Kvam (CFO)	1,737	119	47	1,903
Kari Myren (CMO)	2,053	120	103	2,276
Gro Elisabeth Hjellum (COO)	1,905	122	91	2,118
Kristine Lofthus (CPO)	1,445	118	51	1,614
Stian Brekke (Head of Regulatory)	1,335	111	63	1,509
Anne-Kirsti Aksnes (CCO)	1,868	109	44	2,021
Anne Cecilie Alvik (Head of QA)	1,267	121	23	1,411
Total management	12,528	855	543	13,926
Gillies O'Bryan-Tear			26	26
Hilde Steineger			11	11
Kari Grønås			11	11
Orlando Oliveira			11	11
Roy H. Larsen (chair)	367			367
Øyvind Sverre Bruland	298			298
Petter Jan Fjellstad	298			298
Thora J. Jonasdottir	298			298
Mona Elisabeth Rootwelt-Revheim	298			298
Total board and other	1,559	0	59	1618

• Oncoinvent ASA • Annual Report 2025

No loans or guarantees have been given to any members of Company

Management, the Board of directors or other corporate bodies.

Bonus

Management received a bonus according to the established bonus

program based on achievement of key financial and non-financial

objectives. According to the bonus program, participants can receive

maximum between 10-30 % in bonus per year of their annual base

salary. The bonus is calculated based on yearly objectives.

Pension

The company has defined contribution plans in accordance with local

laws. The contribution plan covers full-time employees and amounts to

between 6 % and 8 % of the salary. Where 6% is calculated up to 12 G

(see definition of the basic amount) and an addition of 2% between 7,1-

12 G. The employees may influence the investment management

through an agreement with Gjensidige ASA. The contribution is

expensed when it is accrued. The company also has a contractual

pension in the private sector (AFP – early retirement pension plan) as

part of the collective agreement scheme agreed upon with unions. The

contractual pension is considered a current expense.

Severance pay

The CEO has an agreement where there is a mutual notice period of 3

months. Also, the CEO has an agreement which gives him the right to a

compensation of 12 months severance pay. There are no similar

arrangements for any of the other employees of the Company with

respect to termination of their employment.

Share options

Management and other employees have during the year been granted

share options. The share option plan is further presented in note 6.

Note 6 – Share option plan

The Oncoinvent Group has during 2025 had two share option programs.

In Oncoinvent (now Oncoinvent Solutions AS) there is a share option

program that have been continued after the merger.

The share option program covering employees, management and board

members. As of 31.12.2025, 42 (34) employees and 5 members of the

board were included in the option program. The option vests during the

first 4 years from the grant date (1/4 after 12 months and remaining 3/4

monthly over the next 36 months) and have a duration of 7 years. The

share option program is in general equity settled. Vested share options

give the right to receive shares in Oncoinvent ASA at strike price, one

share option give the right to receive one share.

The fair value of the options is set on the grant date and are expensed

over the vesting period. The fair value of options granted in 2H 2025 was

NOK 0.19 per option.

The cost of equity-settled transactions is recognized in payroll and

other payroll-related expenses, together with a corresponding increase

in equity over the period in which the service and, where applicable, the

performance conditions are fulfilled (the vesting period). The

cumulative expense recognized for equity-settled transactions at each

reporting date until the vesting date reflects the extent to which the

vesting period has expired and the Company’s best estimate of the

number of equity instruments that will ultimately vest. The expense or

credit in the statement of profit or loss and other comprehensive

• Oncoinvent ASA • Annual Report 2025

income for a period represents the movement in cumulative expense

recognized as of the beginning and end of that period.

In 2025 the share option program has been adjusted due to the merger

between Oncoinvent and BerGenBio and for the rights issue executed in

Q4 2025 with the following:

- For the share options granted before the merger, the number of

options has been adjusted with the exchange factor in the merger (1.2)

and the strike of these options have been adjusted to secure a value

neutral transition.

- After the merger, the option program is earned in Oncoinvent

Solutions AS where the employees are hired, but with commitment to

issue shares under the share option program is in Oncoinvent ASA.

- The strike of all options granted before the Rights Issue has been

adjusted according to the share option terms.

After the period, in 2026, a reverse share split has been executed where

100 shares have been merged to 1 share. All share options granted

before the reverse share split have in 2026 been adjusted accordingly;

100 options have been merged to 1 option, the strike has been adjusted

up by 100.

In addition, there were at end of 2025 in total 173,482 share options

outstanding to previous employees in BerGenBio ASA (now Oncoinvent

ASA). These options expired in end of February 2026 and are at end of

2025 out of money, and not included in the tables below.

• Oncoinvent ASA • Annual Report 2025

6 7

NO. OF OPTIONS	2025		2024
NO. OF OPTIONS	# OF OPTIONS*	WEIGHTED AVERAGE STRIKE PRICE*	# OF OPTIONS*	WEIGHTED AVERAGE STRIKE PRICE*
Outstanding options 1.1	1 229 808	17,73	941 260	48,97
Options granted	30 044 000	0,84	841 110	4,96
Options forfeited	(257 109)	12,51	(512 562)	50,77
Options exercised	0		0
Option adjusted	1 044 669	5,54	0
Options expired	(30 298)	38,65	(40 000)	52,00
Outstanding options 31.12	32 031 070	1,55	1 229 808	18,02
Of which exercisable	693 122	25,51	318 682	49,96

The fair value of the options has been calculated using Black & Scholes

option-pricing model. The average fair value of the options granted in

second half of 2025 was NOK 0.19.

* Numbers in the table above is as of 31 December 2025. After the

period, in 2026, a reverse share split has been executed where 100

shares have been merged to 1 share. All share options granted before

the reverse share split have in 2026 been adjusted accordingly; 100

options have been merged to 1 option, the strike has been adjusted up

by 100.

• Oncoinvent ASA • Annual Report 2025

6 8

The outstanding options are subject to the following conditions:

EXPIRY DATE	AVERAGE STRIKE PRICE*	NUMBER OF SHARE OPTIONS*
2026	38.70	92,047
2027	42.30	42,066
2028	50.47	127,592
2029	52.00	54,956
2030	52.00	29,338
2031	1.69	1,015,291
2032	0.78	30,669,780
		32,031,070

*Numbers in the table above is as of 31 December 2025. After the

period, in 2026, a reverse share split has been executed where 100

shares have been merged to 1 share. All share options granted before

the reverse share split have in 2026 been adjusted accordingly; 100

options have been merged to 1 option, the strike has been adjusted up

by 100.

• Oncoinvent ASA • Annual Report 2025

6 9

The fair value of the options has been calculated using Black & Scholes option-pricing model.

0

Outstanding options
at 31.12.2025
Exercise price (NOK)*	Number of outstanding options*	Weighted Average remaining	Number of options exercisable*
		contractual life
0.50	25,770,000	6.98
2,16 - 3,04	5,537,203	6.08	212,473
11.06	374,143	5.26	155,896
38.65 - 46,38	162,008	0.88	162,008
52,00 - 55,39	187,716	3.23	162,745
	32,031,070		693,122

The calculations are based on the following assumptions:

Share price on the grant date

The share price is set to the WVAP in the grant date.

The strike price per option

The strike price is the share price on the grant date.

Volatility

It is assumed that historic volatility is an indication of future volatility.

The expected volatility is therefore stipulated to be the same as the

historic volatility of 55%.

The term of the option

It is assumed that 50 % of the options will exercise the options once

they are exercised. The options are expected to have a term of 7 years.

Dividend

The estimated dividend per share is NOK 0 per annum.

Risk-free interest rate

The risk-free interest rate is set equal to the interest rate on government

bonds during the term of the option.

• Oncoinvent ASA • Annual Report 2025

7 0

Number of options held by Management team	Position	2025*	2024*
Øystein Soug	Chief Executive Officer	6,106,476	530,000
Tore Kvam	Chief Financial Officer	373,131	59,000
Gro Elisabeth Hjellum	Chief Operating Officer	2,334,820	18,400
Anne-Kirsti Aksnes	Chief Clinical Officer	2,336,763	20,000
Kari Myren	Chief Medical Officer	2,358,414	38,000
Kristine Lofthus	Chief Production Officer	1,829,542	14,000
Stian Brekke	Head of Regulatory Affairs	1,828,814	13,400
Anne Cecilie Alvik	Head of Quality Assurance	1,828,446	13,100
Total allocated share options to Management Team		18,996,406	705,900

Number of options held by the Board of Directors	Position	2025*	2024*
Gillies O'Bryan-Tear	Chair	353,726	136,111
Kari Grønås	Board member	165,166	58,333
Hilde Steineger	Board member	165,166	58,333
Orlando Oliveira	Board member	165,166	58,333
Johan Häggblad	Board member	95,021	40,000
Total allocated share options to the Board		944,245	351,110

*Numbers in the tables above is as of 31 December 2025. After the

period, in 2026, a reverse share split has been executed where 100

shares have been merged to 1 share. All share options granted before the

reverse share split have in 2026 been adjusted accordingly; 100

options have been merged to 1 option, the strike has been adjusted up

by 100.

• Oncoinvent ASA • Annual Report 2025

7 1

Note 7 – Property, plant and equipment

Property, plant and equipment are recognized at cost less accumulated

depreciation and any impairment losses. Such cost includes the cost of

replacing parts of the property, plant and equipment and borrowing

costs for long-term construction projects if the recognition criteria are

met. When significant parts of property, plant and equipment are

required to be replaced at intervals, the Company recognizes such

parts as individual assets with specific useful lives and depreciates

them accordingly. Likewise, when a major inspection is performed, its

cost is recognized in the carrying amount of the plant and equipment as

a replacement if the recognition criteria are satisfied. All other repair

and maintenance costs are recognized in the statement of profit and

loss and other comprehensive income as incurred.

The Company has established a program pursuant to which board members may resolve to receive the whole or parts of its remuneration

in the form of restricted stock units ("RSUs").

	No. RSUs	Vested	Expires
Ludvik Sandnes	2,885	AGM 2023	AGM 2023 + 3 years
Total number of RSU's	2,885

• Oncoinvent ASA • Annual Report 2025

7 2

GROUP	EQUIPMENT	LABORATORY EQUIPMENT	LAND, BUILDINGS AND OTHER PROPERTY	OFFICE MACHINERY	2025 TOTAL
Accumulated cost 1 Jan.	3 096	22 169	34 015	2 941	62 222
Additions				119	119
Accumulated cost 31 Dec.	3 096	22 169	34 015	3 061	62 341
Depreciation 1 January	(2 441)	(19 277)	(17 251)	(2 650)	(41 619)
Depreciation	(469)	(2 245)	(5 602)	(219)	(8 535)
Depreciation 31 Dec.	(2 910)	(21 522)	(22 854)	(2 868)	(50 154)
Net book value 31 Dec.	186	647	11 161	192	12 187
Economic life	5 years	5 years	10 years	3 years
Depreciation method	linear	linear	linear	linear

GROUP	EQUIPMENT	LABORATORY EQUIPMENT	LAND, BUILDINGS AND OTHER PROPERTY	OFFICE MACHINERY	2024 TOTAL
Accumulated cost 1 Jan.	3 059	22 140	33 115	2 871	61 185
Additions	37	29	900	70	1 037
Accumulated cost 31 Dec.	3 096	22 169	34 015	2 941	62 222
Depreciation 1 January	(1 865)	(16 596)	(11 680)	(2 274)	(32 415)
Depreciation	(576)	(2 681)	(5 571)	(376)	(9 204)
Depreciation 31 Dec.	(2 441)	(19 277)	(17 251)	(2 650)	(41 619)
Net book value 31 Dec.	655	2 892	16 764	292	20 603
Economic life	5 years	5 years	10 years	3 years
Depreciation method	linear	linear	linear	linear

		LABORATORY	LAND, BUILDINGS	OFFICE	2025
PARENT	EQUIPMENT	EQUIPMENT	AND OTHER	MACHINERY	TOTAL
			PROPERTY
Accumulated cost 1 Jan.	137				137
Additions
Disposals in the year	(137)				(137)
Accumulated cost 31 Dec.	0	0	0	0	0
Depreciation 1 January	(126)				(126)
Depreciation	(10)				(10)
Disposals in the year	136				136
Depreciation 31 Dec.	0	0	0	0	0
Net book value as 31 Dec.	0	0	0	0	0
Economic life	5 years	5 years
Depreciation method	Straight-line	Straight-line

		LABORATORY	LAND, BUILDINGS	OFFICE	2024
PARENT	EQUIPMENT	EQUIPMENT	AND OTHER	MACHINERY	TOTAL
			PROPERTY
Accumulated cost 1 Jan.	137	1,590			1,727
Additions					0
Disposals in the year		(1,590)			(1,590)
Accumulated cost 31 Dec.	137	0	0	0	137
Depreciation 1 January	(113)	(1,590)			(1,703)
Depreciation	(13)				(13)
Disposals in the year		1,590			1,590
Depreciation 31 Dec.	(126)	0	0	0	(126)
Net book value 31 Dec.	11	0	0	0	11
Economic life	5 years	5 years
Depreciation method	Straight-line	Straight-line			71

• Oncoinvent ASA • Annual Report 2025

The Company presents assets and liabilities in the statement of

financial position based on current/non-current classification. An asset

is current when it is:

• Expected to be realized or intended to be sold or consumed in

the normal operating cycle

• Held primarily for the purpose of trading

• Expected to be realized within twelve months after the reporting

period, or

• Cash or cash equivalent unless restricted from being exchanged

or used to settle a liability for at least twelve months after the

reporting period

• All other assets are classified as non-current. A liability is

current when:

• It is expected to be settled in the normal operating cycle

• It is held primarily for the purpose of trading

• It is due to be settled within twelve months after the reporting

period, or

• There is no unconditional right to defer the settlement of the

liability for at least twelve months after the reporting period

The Company assesses at each reporting date whether there is an

indication that an asset may be impaired. If any indication exists, or

when annual impairment testing for an asset

is required, the Company estimates the asset’s recoverable amount. An

asset’s recoverable amount is the higher of an asset’s or CGU’s (cash-

generating unit) fair value less costs of disposal and its value in use. It is

determined for an individual asset, unless the asset does not generate

cash inflows that are largely independent of those from other

assets or groups of assets. Where the carrying amount of an asset or

CGU exceeds its recoverable amount, the asset is considered impaired

and is written down to its recoverable amount.

Note 8 – Leases

The right-of-use assets comprise a rental agreement for Office and

Laboratory premises with 15 months left on the rental contract as of 31.

December 2025.

The Group has utilized the practical expedients relating to leases where

short term leases and lease contracts of low value have not been

recognized as right of use assets. Expenses relating to low-value assets

comprise leasing of office printers and minor appliances in Oslo. The

Group's right-of-use assets are categorised and presented in the table

below.

The Group had total cash outflows related to leases of NOK 2,9 million

in 2025 and NOK 4 million in 2024.

For the Company, the lease agreement for offices in Bergen has been

terminated in 2025 and there is no lease agreement at end of 2025.

The Company had total cash outflows related to leases of NOK 0.3 mill

in 2025 and NOK 0.5 million in 2024.

PARENT 2024	PARENT 2025	RIGHT-OF-USE ASSETS	GROUP 2025	GROUP 2024
408	1,244	Right-of-use asset as per 1 January	6,108	12,040
(443)	(284)	Depreciations costs during the year	(2,715)	(5,351)
1,279	(959)	Extension options exercised / additions/reductions		(2,319)
		Adjustment of right to use asset		1,739
1,244		Value of right-of-use assets	3,394	6,108
2.8	0	Remaining lease term or economic life	1.3	2.3
		Linear depreciation method

PARENT 2024	PARENT 2025	LEASE LIABILITY	GROUP 2025	GROUP 2024
418	1,260	Lease liability as per January 1st	7,453	12,173
1,279	(959)	Additions / changed liabilities		(2,319)
		Adjustment of lease liability	(1,381)	1,606
(438)	(301)	Cash payments for the principal portion of the lease liability	(2,523)	(4,007)
(35)	(8)	Cash payments for the interest portion of the lease liability	(408)	(687)
35	8	Interest expense on lease liabilities	408	687
		Currency exchange differences
1,260	0	Lease liability as per Dec. 31st	3,549	7,453
442	0	Current lease liabilities	2,875	2,711
817	0	Non-current lease liabilities	675	4,742

PARENT 2024	PARENT 2025	LEASE EXPENSES	GROUP 2025	GROUP 2024
443	284	Depreciation expenses of right-of-use asset	2,715	5,351
35	8	Interest expense on lease liabilities	408	687
475		Expense short-term leases
35		Expense low-value leases	404	423
998	293	TOTAL RECOGNIZED IN PROFIT AND LOSS	3,527	6,461

7 5

• Oncoinvent ASA • Annual Report 2025

7 6

0

PARENT 2024	PARENT 2025	UNDISCOUNTED LEASE LIABILITIES	GROUP 2025	GROUP 2024
459		Less than 1 year	3,017	2,863
926		1-2 years	769	2,863
		2-3 years		716
		3-4 years
		4-5 years
		More than 5 years
1,385		Total undiscounted lease liabilities at Dec. 31st	3,787	6,442

The leases do not contain any restrictions on the company's dividend policy or financing. The company does not have significant residual value

guarantees related to its leases to disclose.

Practical expedients applied

The company printers and some minor office appliances with contract terms of 1 to 3 years. The company has elected to apply the practical expedient

of low value assets for some of these leases and does not recognise lease liabilities or right-of-use assets. The leases are instead expensed when they

incur. The company has also applied the practical expedient to not recognise lease liabilities and right-of-use assets for short-term leases such as

parking, presented in the table above.

Variable lease payments

In addition to the lease liabilities above, the company is committed to pay variable lease payments for some of their leases. The variable lease

payments are expensed as incurred.

• Oncoinvent ASA • Annual Report 2025

7 7

Note 9 – Other Operating Expenses

PARENT 2024	PARENT 2025	OTHER OPERATING EXPENSES	GROUP 2025	GROUP 2024
117,968	50,490	R&D expenses	62,819	52,003
117,968	50,490	Clinical trials	44,715	30,245
		Manufacturing	17,940	12,033
		Other R&D expenses	164	9,725
		Laboratory expenses and equipment	2,483	4,581
4,592	1,026	Patents	1,381	733
2,015	1,616	Rent, Office and IT	4,328	3,213
1,851	2,941	Audit, legal and consulting	6,348	8,362
14,778	10,885	Other operating expenses	6,432	6,598
		Merger effect (cost of non-identified assets BerGenBio)	21,637
141,203	66,960	Total operating expenses	105,429	75,489

Specification auditor’s fee

PARENT 2024	PARENT 2025		GROUP 2025	GROUP 2024
228	400	Statutory audit	600	291
264	496	Other assurance services	775	264
		Other non-assurance services
22	22	Tax consultant services	22	22
513	919	Total	1,397	577

VAT not included in the fees specified above.

• Oncoinvent ASA • Annual Report 2025

7 8

Note 10 – Finance cost, finance income and

other income

PARENT 2024	PARENT 2025	FINANCE INCOME	GROUP 2025	GROUP 2024
102	89	Interest income on tax repaid	89	99
3,299	2,215	Interest income on bank deposits	3,397	1,244
13,135	2,526	Other finance income	617	206
16,536	4,830	Total financial income	4,103	1,548

PARENT 2024	PARENT 2025	FINANCE EXPENSES	GROUP 2025	GROUP 2024
		Other financial expenses	(23)	(80)
	(57,185)	Value adjustment shares in subsidiaries
(3,962)	(3,330)	Foreign exchange losses	(820)	(652)
(3,962)	(60,514)	Total financial expenses	(843)	(732)

• Oncoinvent ASA • Annual Report 2025

7 9

Note 11 – Income tax

PARENT 2024	PARENT 2025		GROUP 2025	GROUP 2024
(139,927)	(125,156)	Profit before tax	(155,070)	(140,201)
(30,784)	(27,532)	Income taxes calculated at 22%	(34,115)	(30,844)
	5	Adjustment in respect of current income tax of previous
		years
		Changes in unrecognised deferred tax asset
1,279	12,581	Non-deductible expenses	853
(1,323)	(823)	Non-taxable income	(19)	(1,440)
		Change in temporary differences
		Effect of change in tax rate
30,828	15,770	Change in deferred tax asset not recognized	33,282	32,285
0	0	Tax expense	0	0

Deferred tax and deferred tax assets

PARENT 2024	PARENT 2025		GROUP 2025	GROUP 2024
		Deferred tax assets (22% of temporary differences)
(473,201)	(488,537)	Tax losses carried forward	(666,015)	(148,335)
(11)	(6)	Property, plant and equipment	(1,444)	(1,238)
(4)		Other	(34)	(296)
473,215	488,543	Deferred tax asset not recognized	667,493	149,869
0	0	Deferred tax assets - gross	0	0

• Oncoinvent ASA • Annual Report 2025

8 0

The Company has a tax loss of NOK 115.4 million in 2025, and in total a

tax loss carried forward as of 31 December 2025 of NOK 2,266.2

million.

There are no timing restrictions on carrying forward the tax loss, and it

can be carried forward indefinitely.

The deferred tax asset has not been recognised in the statement of

financial position, as the Company does not consider that taxable

income in the short-term will sufficiently support the use of a deferred

tax asset.

The Group has a tax loss of NOK 185.8 million in 2025, and in total a tax

loss carried forward as of 31 December 2025 of NOK 3,071.2 million

and includes Oncoinvent Solutions AS and Oncoinvent ASA in Norway.

There are no timing restrictions on carrying forward the tax loss, and it

can be carried forward indefinitely.

The deferred tax asset has not been recognised in the statement of

financial position, as the Group does not consider that taxable income

in the short-term will sufficiently support the use of a deferred tax

asset.

Note 12 – Earnings per share

The basic earnings per share are calculated as the ratio of the profit

(loss) for the year divided by the weighted average number of ordinary

shares outstanding.

The issued share options have a potential dilutive effect on earnings per

share. No dilutive effect has been recognized, as potential ordinary

shares only shall be treated as dilutive if their conversion to ordinary

shares would decrease earnings per share or increase loss per share

from continuing operations. As the Group is currently loss-making, an

increase in the average number of shares would have anti-dilutive

effects. Diluted and basic (undiluted) earnings per share is therefore

the same.

The Parent company has one class of shares and all shares carry equal

voting rights.

EARNINGS PER SHARE	GROUP 2025	GROUP 2024
Profit (loss) for the year (amounts in 1 000 NOK)	(155,070)	(140,201)
Average number of outstanding shares during the year	123,924,878	24,989,403
EPS - basic and diluted per share	(1.25)	(5.61)

• Oncoinvent ASA • Annual Report 2025

8 1

Note 13 – Other receivables

PARENT 2024	PARENT 2025	OTHER RECEIVABLES	GROUP 2025	GROUP 2024
5,004	161	Government grants receivables (ref. note 4)	5,069	5,376
5,229	259	Prepayments	1,919	2,784
247	1,726	VAT refund	1,726	0
10,480	2,146	TOTAL	8,715	8,161

• Oncoinvent ASA • Annual Report 2025

8 2

Note 14 – Cash and cash equivalents

Cash and cash equivalents in the statement of financial position

comprise cash at banks and on hand and short-term

deposits with maturity of three months or less, which are subject to an

insignificant risk of changes in value.

The Group’s short-term bank deposits are on variable rate terms.

Money market funds are classified as Cash and cash equivalents as

this is short term placement held for the purpose of meeting short term

cash commitments. Risk is low and the fund is highly liquid.

PARENT 2024	PARENT 2025		GROUP 2025	GROUP 2024
437	708	Restricted employee withheld tax	4,147	2,323
0	0	Restricted cash for lease contract	2,065	2,027
61,498	27,125	Money market funds	27,125	0
72,298	136,734	Cash at bank	146,333	131,345
134,232	164,566	Cash and cash equivalents	179,670	135,695

• Oncoinvent ASA • Annual Report 2025

8 3

Note 15 – Share capital and shareholder

information

The Company has one class of shares and all shares carry equal voting rights. The parent company has changed name from BerGenBio ASA to Oncoinvent

ASA 29.10.2025 and serves as parent company for the Oncoinvent Group from the same time.

*Numbers in the tables below is as of 31 December 2025. After the period, in 2026, a reverse share split has been executed where 100 shares have been

merged to 1 share and nominal value have been adjusted accordingly.

PARENT, as of 31 December	Number of shares*	Nominal value (NOK)	Book value (NOK)
Ordinary shares 2025	447,841,125	0.50	223,920,562.50
Ordinary shares 2024	39,087,116	1.00	39,087,116.00

Changes in the outstanding number of shares PARENT

	Org number	2025*	2024*
Ordinary shares 1 January	992 219 688	39,087,116	2,688,689,214
Shared issued in the merger	992 219 688	117,554,012
Issue of new shares	992 219 688	260,000,000	1,220,022,386
Shares issued as settlement of transaction fees	992 219 688	31,199,997
Reverse share split	992 219 688		(3,869,624,484)
Ordinary shares 31 December		447,841,125	39,087,116

• Oncoinvent ASA • Annual Report 2025

8 4

GROUP, as of 31 December	Number of shares	Nominal value (NOK)	Book value (NOK)
Ordinary shares 2025	447,841,125	0.50	223,920,562.50
Ordinary shares 2024	92,243,343	0.10	9,224,334.30

Changes in the outstanding number of shares as basis for the Group share

capital

	Org number	2025	2024
Ordinary shares at 1 January		92,243,343	19,444,495
Issue of new shares - repair issue	995 764 458	5,500,000
Adjustment of shares due to triangular merger	995 764 458	(97,743,343)
Shared issued as merger	992 219 688	156,641,128
Issue of new shares	992 219 688	260,000,000	72,798,848
Shares issued as settlement of transaction fees	992 219 688	31,199,997
Ordinary shares at 31 December		447,841,125	92,243,343

The Group has as part of the merger (reverse purchase of BerGenBio) changed the parent company in 2025 at completion of the transaction 29.10.2025

from previously Oncoinvent to BerGenBio. BerGenBio changed name to Oncoinvent ASA from the same time. Development of share capital and shares as

basis for this in the Group is presented above.

• Oncoinvent ASA • Annual Report 2025

8 5

Ownership structure 31 December 2025

Shareholder		Number of shares*	Percentage share of
			total shares
SKANDINAVISKA ENSKILDA BANKEN AB	NOMINEE	69,737,711	15.6 %
MP PENSJON PK		33,571,555	7.5 %
HADEAN CAPITAL I AS		31,228,084	7.0 %
SBAKKEJORD AS		18,219,890	4.1 %
CANICA AS		16,460,907	3.7 %
SKANDINAVISKA ENSKILDA BANKEN AB	NOMINEE	13,751,243	3.1 %
GEVERAN TRADING COMPANY LTD		10,997,008	2.5 %
HADEAN GROWTH FUND I AS		10,040,511	2.2 %
NORDNET LIVSFORSIKRING AS		9,081,622	2.0 %
MYRLID AS		9,066,847	2.0 %
METEVA AS		9,011,505	2.0 %
STAVANGER FORVALTNING AS		8,224,060	1.8 %
HELENE SUNDT AS		7,597,483	1.7 %
KRISTIAN FALNES AS		7,436,410	1.7 %
MORGAN STANLEY & CO INTERNATIONAL		7,380,089	1.6 %
SCIENCONS AS		6,048,000	1.4 %
NORDA ASA		4,660,624	1.0 %
LUCELLUM AS		4,000,000	0.9 %
FALNES, OLAV KRISTIAN		3,800,000	0.8 %
MYNA AS		3,559,750	0.8 %
Top 20 shareholders		283,873,299	63.4 %
Total other shareholders		163,967,826	36.6 %
Total number of shares		447,841,125	100.0 %

• Oncoinvent ASA • Annual Report 2025

8 6

At completion of the merger the parent company in the Group was changed, from corporate number 995 764 458 to 992 219 688. Consideration shares

in the merger were issued by 992 219 688 (Oncoinvent ASA, previously BerGenBio ASA).

Shareholdings Board and CEO	Shares at 31 December 2025*	Shares at 31 December 2024*
Charles Gillies O´Bryan-Tear	2,636,938	350,000
Kari Grønås (through K og K AS)	90,201	75,000
Ingrid Akay (through Tekay Invest)	1,067,054	247,104
Olav Hellebø	200,000
Anne Cecilie Alvik	55,875	4,700
Øystein Soug - CEO (through Abakus Invest AS)	1,057,608	150,000
Total	5,107,676	826,804

*Shareholding in 2024 in the table above is in previous Oncoinvent and

shareholdings in 2025 is in current Oncoinvent ASA. Shareholdings in

2025 is before reverse share split in 2026 where 100 shares were

merged to 1 share, completed in January 2026.

Post period, an Extraordinary General Meeting 8 January 2026,

decided to:

• to issue 75 new shares (completed 15 January 2026),

• a reverse share split where 100 shares are consolidated into

1 share and nominal value was changed from NOK 0.50 to

NOK 50 pr share (completed 20 January 2026), and

• a capital reduction of 222.8 million by reduction of nominal

value of the shares from NOK 50 to NOK 0.25 per share. The

capital reduction will be transferred to other equity (will be

completed in April/May 2026).

At date of this report, following the share issue, reverse share split and

the capital reduction, the share capital of Oncoinvent ASA is NOK

1,119,603 (4,478,412 shares a nominal value NOK 0.25 per share). The

Extraordinary General Meeting 8 January 2026 also granted the

following proxies to the Board:

• a board proxy to issue shares under the Share Option program

for employees up to NOK 155,624.75, representing 10% of the

• Oncoinvent ASA • Annual Report 2025

issued share capital (following the reverse share split and the

capital reduction).

• a board proxy to issue shares under the Share Option

program/RSU for board members up to NOK 15,562.25,

representing 1% of the issued share capital (following the

reverse share split and the capital reduction).

• a board proxy to issue shares for general purpose up to NOK

606,936.50, representing 39% of the issued share capital

(following the reverse share split and the capital reduction).

• if the proxies above have been used, the Board of Directors have

been given additional proxies to issue up to 39% of the share

capital for general purpose.

• Oncoinvent ASA • Annual Report 2025

8 8

Note 16 - Other current liabilities

PARENT 2024	PARENT 2025	OTHER CURRENT LIABILITIES	GROUP 2025	GROUP 2024
824	683	Holiday pay payable	4,974	4,436
14,306	1,629	Other accrued expenses	28,893	27,553
15,130	2,312	TOTAL	33,867	31,989

Other accrued expenses represent incurred, un-invoiced research and development activity costs.

Note 17 - Financial instruments and risk

management objectives & policies

PARENT 2024		PARENT 2025		Amounts in 1 000 NOK	GROUP 2025		GROUP 2024
CARRYING	FAIR	CARRYING	FAIR		CARRYING	FAIR VALUE	CARRYING	FAIR
AMOUNT	VALUE	AMOUNT	VALUE		AMOUNT		AMOUNT	VALUE
				Financial assets:
10,480	10,480	2,146	2,146	Other short-term receivables	8,715	8,715	8,161	8,161
				Financial liabilities:
(817)	(817)			Lease liability (non-current)	(675)	(675)	(4,742)	(4,742)
(442)	(442)			Lease liability (current)	(2,875)	(2,875)	(2,711)	(2,711)
(11,445)	(11,445)	(7,388)	(7,388)	Accounts payables	(15,069)	(15,069)	(14,744)	(14,744)
(12,704)	(12,704)	(7,388)	(7,388)	TOTAL LIABILITIES	(18,619)	(18,619)	(22,197)	(22,197)

• Oncoinvent ASA • Annual Report 2025

The Group’s activities are exposed to certain financial risks including

foreign exchange risk, credit risk and liquidity risk. The risk is, however,

of such character that the Group has chosen not to put in place any

measures to mitigate the potential unpredictability of the financial

markets. The Group had NOK 179.7 million in cash and cash

equivalents at year end 2025 (NOK 135.7 million end of 2024). The main

purpose of this is to finance the Group’s activities and ongoing clinical

trials. The Group has various assets and liabilities such as receivables

and trade payables, which originate directly from its operations. All

financial assets and liabilities are carried at amortized cost except for

the money market fund which is at fair value level 1, quoted market

value. All financial assets and liabilities are short-term in nature and

their carrying value approximates fair value. The cash and cash

equivalent and account payable is in financial instruments measured at

amortized cost. The Group does currently not use financial derivatives.

Foreign currency risk

The value of non-Norwegian currency denominated revenues and costs

will be affected by changes in currency exchange rates or exchange

control regulations. The Group undertakes various transactions in

foreign currencies and is consequently exposed to fluctuations in

exchange rates. The exposure arises largely from research expenses.

The Group is mainly exposed to fluctuations in euro (EUR). The Group

has chosen not to hedge its operational performance as the Group’s

cash flow is denominated in several currencies that change depending

on where clinical trials are run. The foreign currency exposure is also

mostly linked to trade payables with short payment terms. The Group

may consider changing its current risk management of foreign

exchange rate if it deems it necessary.

Sensitivity impact from change in currency rates is regarded as

immaterial as to limited value of financial instruments in currency.

Interest rate risk

The Group holds NOK 179.7 million in cash and cash equivalents at end

of 2025. The Group’s interest rate risk is therefore in the rate of return of

its cash on hand. Bank deposits are exposed to market fluctuations in

interest rates, which affects the financial income and the return on

cash. The Group had NOK 3.4 million in interest income in 2025 (NOK

1.2 million in 2024).

Credit risk

Credit risk is the risk of a counterparty’s default in a financial asset,

liability or customer contract, giving a financial loss. The Group’s

receivables are generally limited to receivables from public authorities

by way of government grants. The credit risk generated from financial

assets in the Group is limited since it is cash deposits. The Company

only places its cash in bank deposits and a limited risk money market

fund in recognized financial institutions to limit its credit risk exposure.

The Group has not suffered any loss on receivables during 2024 or 2025

and the Group considers its credit risk as low.

Liquidity risk

Liquidity is monitored by Group management. Management considers

the Group’s liquidity situation to be satisfactory. The cash position of

the Group at year end 2025 was NOK 179.7 million compared to NOK

• Oncoinvent ASA • Annual Report 2025

135.7 million at end of 2024. The current cash is expected to fund the

clinical development program into 2027.

Capital management

The Board of Directors’ goal is to maintain a strong capital base in order

to preserve the confidence of investors, creditors and to develop

business activities

• Oncoinvent ASA • Annual Report 2025

9 1

Note 18 – Subsidiaries

The Group’s subsidiary at 31 December 2025 are set out below. The share capital consist solely of ordinary shares that are held directly by the Group,

and the proportion of ownership interests held equals the voting rights held by the Group.

Name of entity	Oncoinvent Solutions AS	BerGenBio Ltd	BerGenBio ApS
Place of business	Oslo, Norway	Oxford, U.K.	Copenhagen, DK
Ownership interest held by the Group	100 %	100 %	100 %
Principal activities	Clinical trials R&D	Clinical management services Entity under liquidation as of 31.12.2025	CMC and management services Entity under liquidation as of 31.12.2025

Investments in subsidiaries	31 12 2025	31 12 2024
Oncoinvent Solutions AS	219,442	0
BerGenBio Ltd	0	0
BerGenBio ApS	62	62
Total investment in subsidiaries	219,504	62
Historical cost shares in Oncoinvent Solutions AS	276,627
Adjustment of value 2025, write down	(57,185)
Value of shares in Oncoinvent Solutions AS end of 2025	219,442

Shares in Oncoinvent Solutions AS has been valued to market value of Oncoinvent by end of 2025.

• Oncoinvent ASA • Annual Report 2025

9 2

Note 19 – Intercompany

Intercompany balances ASA	31 12 2025	31 12 2024
Oncoinvent Solutions AS	0	0
BerGenBio Ltd	665	5,071
BerGenBio ApS	0	0
Total intercompany receivables	665	5,071
Oncoinvent Solutions AS	84,105	0
BerGenBio ApS	173	534
Total intercompany payables	84,279	534

After the merger there have not been any intercompany transaction other than investment in subsidiary.

In the parent company there have been intercompany transaction in 2025 between ASA and BerGenBio ApS and BerGenBio Ltd, including sale of services.

Note 20 – Subsequent events

Post period, an Extraordinary General Meeting 8 January 2026,

decided to:

• to issue 75 new shares (completed 15 January 2026),

• a reverse share split where 100 shares are consolidated into 1

share and nominal value was changed from NOK 0.50 to NOK

50 pr share (completed 20 January 2026), and

• a capital reduction of 222.8 million by reduction of nominal

value of the shares from NOK 50 to NOK 0.25 per share. The

capital reduction will be transferred to other equity (will be

completed in April/May 2026).

At date of this report, following the share issue, the reverse share split

and the capital reduction in 2026, the share capital in Oncoinvent ASA

is NOK 1,119,603 (4,478,412 shares at nominal value NOK 0.25 per

share).

• Oncoinvent ASA • Annual Report 2025

9 3

The Extraordinary General Meeting 8 January 2026 also granted the

following proxies to the Board:

• a board proxy to issue shares under the Share Option program

for employees up to NOK 155,624.75, representing 10% of the

issued share capital (following the reverse share split and the

capital reduction).

• a board proxy to issue shares under the Share Option

program/RSU for board members up to NOK 15,562.25,

representing 1% of the issued share capital (following the

reverse share split and the capital reduction).

• a board proxy to issue shares for general purpose up to NOK

606,936.50, representing 39% of the issued share capital

(following the reverse share split and the capital reduction).

• if the proxies above have been used, the Board of Directors have

been given additional proxies to issue up to 39% of the share

capital for general purpose.

Note 21 – Going concern

The cash position at end of 2025 of NOK 179.7 million on Group level

funds the planned R&D activities into 2027 and beyond an interim

analysis from the ongoing clinical trial in ovarian cancer, expected at

the end of 2026. Additional funding will be required to continue and

further develop the clinical program and pipeline. The management and

the Board are working to secure this in due time.

The Board stated that the annual accounts represent a true and fair

view of the Group and Company’s financial position at the turn of the

year. According to the Norwegian Accounting Act section 2-2 (8), the

Board confirmed that the financial statements have been prepared

under the going concern assumption.

Oslo, 22 April 2026

Board and CEO of Oncoinvent ASA

Gillies O’Bryan-Tear

Ingrid Teigland Akay

Kari Grønås

(Chairperson)

Hilde Steineger

Orlando Oliveira

Johan Häggblad

Olav Hellebø

Anne Cecilie Alvik

Øystein Soug

(CEO)

• Oncoinvent ASA • Annual Report 2025

Auditors Report

• Oncoinvent ASA • Annual Report 2025

Auditor’s report