Vicore Pharma Holding AB

1 | Annual report 2024 Vicore Pharma Holding AB (publ)

Vicore Pharma Holding AB (publ)

vicorepharma.com

Annual report 2024

Table of

contents

Vicore in brief .................................................3

Year in brief ....................................................4

CEO comments .............................................6

Q&A with Chief Medical Officer .....................8

Sustainability report .......................................11

Intellectual property ....................................... 19

Shareholder information ................................20

Formal annual report 2024

Administration report .....................................22

Multi-year overview ........................................ 29

Financial reports, group................................. 30

Financial reports, parent company................32

Notes, group....................................................35

Notes, parent company.................................. 52

Signatures....................................................... 56

Auditor's report........................................ .......57

Corporate governance report.........................60

Board and management.......................... ...... 67

Auditor's report on the

Corporate Governance report ........................72

Glossary..................................................... .....73

Contact information..................................... ..75

ESEF (European Single Electronic Format) is the official version of the annual report. All other versions are copies.

3 | Annual report 2024 Vicore Pharma Holding AB (publ)

Vicore in

brief

Vicore is a clinical-stage pharmaceutical company unlocking the

potential of a new class of drugs with disease-modifying potential

in respiratory and fibrotic diseases, including idiopathic pulmonary

fibrosis (IPF).

The company’s lead program, buloxibutid (C21), is a first-in-class

oral small molecule angiotensin II type 2 receptor agonist (ATRAG),

which has received Orphan Drug and Fast Track designation from

the United States Food and Drug Administration (FDA) and is

currently being investigated in the global 52-week Phase 2b ASPIRE

trial in IPF.

Using its unique expertise in ATRAG chemistry and biology, Vicore

is fueling its pipeline with several new drug candidates across

additional indications.

The company is publicly listed on the Nasdaq Stockholm

exchange (VICO).

IPF - Strong market growth despite Standard of Care

(SoC) shortcomings

Growth driven by increased diagnosis and treatment rate

Limitations of current SoC - slows disease progression, but significant

side effects and does not improve quality of life.

1,2

Population in US and Europe

~250,000

Average duration of treatment

10 months

Only ~26% of U.S patients initiate treatment

74% 26%

Compound Indication Preclinical Phase 1 Phase 2 Phase 3 Comments Partnerships

Buloxibutid

(C21)

IPF

Phase 2b ongoing (NCT06588686)

Globalex-Japan rights

Japan:

New

ATRAGs*

Multiple

indications

Preclinical studies Fully-owned

Compound Indication Preclinical Phase 1 Phase 2 Phase 3 Comments Partnerships

Almee

DTx

PF Anxiety

Pivotal study (NCT05330312) completed Fully-owned

Evaluate Pharma. Note: Combined sales of marketed drugs Ofev and Esbriet

where Ofev sales since 2019 includes the indication SSc-ILD

Pulmonary Fibrosis Foundation, Resp Res.21, Articleno:48(2020)

Dempsey et al. Ann Am Thorac Soc 2021

Vicore pipeline

Molecular Therapies

Digital Therapies

2017

2024 2030e*

$2.0Bn

$3.8Bn

$6.2Bn+

Global IPF market

*ATRAG - Angiotensin II type 2 receptor agonists

4 | Annual report 2024 Vicore Pharma Holding AB (publ)

Positive final results from

the Phase 2a AIR trial

demonstrating buloxibutid

improves lung function

over 36 weeks in patients

with IPF

In May, Vicore announced positive

final results from the Phase 2a AIR

trial evaluating buloxibutid in patients

with IPF. Over a 36-week treatment

period, patients experienced an average

increase in forced vital capacity (FVC) of

over 200 mL from baseline, indicating a

significant improvement in lung function.

The therapy was well tolerated, with no

treatment-related serious adverse events

reported.

Biomarker analyses revealed an

increase in plasma MMP-13 levels and a

trend toward decreased plasma TGFβ1,

aligning with buloxibutid's mechanism

of action. These findings suggest that

buloxibutid has disease-modifying poten-

tial in IPF. Based on these promising

results, Vicore advanced buloxibutid

into the Phase 2b ASPIRE trial to further

evaluate its efficacy and safety in a larger

patient population.

Initiation of the 52-week,

global, randomized Phase

2b ASPIRE trial evaluating

the disease-modifying

potential of buloxibutid

in IPF

In September, Vicore initiated the global,

52-week Phase 2b ASPIRE trial to

further evaluate the disease-modifying

potential of buloxibutid in patients with

IPF. This randomized study aims to enroll

270 participants across 14 countries,

including the United States, and will

assess changes in FVC from baseline

over a 52-week period, the established

regulatory endpoint. Notably, the trial

design permits enrollment of both

patients not currently receiving therapy

and those receiving standard of care

nintedanib therapy.

The progression of buloxibutid into

this late-stage trial is underpinned by

compelling preclinical and translational

data, as well as the positive outcome of

the Phase 2a AIR trial, which demon-

strated that buloxibutid improved lung

function over a 36-week treatment

period. By collaborating closely with

leading clinical experts and patient

advocacy organizations, Vicore aims to

ensure a patient-centric approach in the

ASPIRE trial, enhancing both the quality

and relevance of the study.

Strengthened financial

position following

successful financial

transactions

In October, Vicore announced they had

successfully raised over SEK 880 million

(USD ~85 million) in financing trans-

actions, bringing their cash balance to

SEK 1,156 million (USD 105 million) at

the end of 2024. There was significant

support from both new and existing

Year in

brief

The Company’s focus remains firmly on the development of buloxibutid for IPF.

2024 was a monumental year for Vicore, marked by the positive readout of the

Phase 2a AIR trial, the launch of the global 52-week Phase 2b ASPIRE trial, the ex-

clusive license agreement with Nippon Shinyaku, and the successful completion of

financing transactions totaling SEK 882 million (USD 85 million).

Financial calendar

May 6, 2025 Interim report, Q1

May 6, 2025 Annual General Meeting

August 22, 2025 Semi-annual report

November 5, 2025 Interim report, Q3

February 27, 2026 Year-end report 2025

Financial reports are available on the company’s website

www.vicorepharma.com from the day of publication.

Financial overview for 2024

Net revenues amounted to SEK 109.4 million and SEK 0.0 million

for the year ended December 31, 2024 and 2023, respectively.

Operating loss amounted to SEK 194.2 million and SEK 321.5 mil-

lion for the year ended December 31, 2024 and 2023, respectively.

Loss amounted to SEK 168.8 million and SEK 310.9 million for the

year ended December 31, 2024 and 2023, respectively and the

corresponding loss per share before and after dilution amounted to

SEK 1.23 and SEK 3.18, respectively.

Cash, cash equivalents and short-term investments as of

December 31, 2024 amounted to SEK 1,156.0 million equivalent to

USD 105.1 million (SEK 482.7 million as of December 31, 2023).

5 | Annual report 2024 Vicore Pharma Holding AB (publ)

investors, including HBM, the Fourth

Swedish Pension Fund (AP4), Invus,

HealthCap, Capital Group, and Sanofi,

one of the world’s leading biopharma-

ceutical companies.

This new funding strengthens the

company’s institutional shareholder

base and underscores the belief that

leading funds and corporates have in

Vicore. The proceeds from this ambi-

tious financing put Vicore in a strong

position to execute on the ongoing

Phase 2b ASPIRE trial, meaningfully

extend the company’s cash runway fol-

lowing the conclusion of the study, fund

critical Phase 3 readiness activities, and

expand and accelerate the development

of our ATRAG platform. This will further

establish Vicore’s position in IPF, as well

as in other attractive indications with

high unmet need.

Vicore and Nippon Shinyaku

entered into an exclusive

license agreement for

the development and

commercialization of

buloxibutid in Japan

In February, Vicore announced that

it entered into an exclusive license

agreement with Nippon Shinyaku, a

leading Japanese pharmaceutical

company, to develop and commercialize

buloxibutid in Japan. Under the terms

of the agreement, Vicore received an

initial payment of USD 10 million and is

entitled to potential development and

commercial milestone payments up to

a total of USD 275 million. Vicore is also

eligible to receive incremental royalties

ranging up to the low 20s based on

annual net sales of buloxibutid in Japan.

Nippon Shinyaku receives the exclusive

right to develop and commercialize

buloxibutid in Japan, with an initial

focus on the treatment of IPF. They are

operationally and financially responsible

for the development of buloxibutid in

Japan and will at its expense contribute

Japanese patients and clinicians to

the global late-stage development of

buloxibutid. Vicore retains all rights to

buloxibutid in the rest of the world.

The United States FDA

granted Fast Track

designation to buloxibutid

for the treatment of IPF

In January 2025, Vicore announced that

the U.S. Food and Drug Administration

(FDA) has granted Fast Track designa-

tion to its lead candidate, buloxibutid, for

the treatment of IPF. This designation is

designed to expedite the development

and review process of drugs that

address unmet medical needs in

serious or life-threatening diseases. This

designation underscores the potential

of buloxibutid to offer a significant

improvement over existing treatments.

Positive final results from

the pivotal COMPANION

study of digital therapy,

Almee™, demonstrating

significantly reduced

anxiety in patients with

pulmonary fibrosis

In January, Vicore announced that

the COMPANION pivotal study met its

primary endpoint, change in GAD-7

anxiety scale from baseline, with a

statistically significant improvement in

anxiety symptoms of 2.7 points in the

group treated with Almee™ compared

to the control group. The GAD-7 scale

is used in clinical practice as a tool

for assessing anxiety symptoms and

ranges from 0 to 21 with four levels

spanning from minimal anxiety (0 to

4) to severe (15 to 21). The observed

improvement of 2.7 points reflects a

promising and clinically meaningful

effect in anxiety reduction.

The COMPANION study included

108 participants from across the United

States in a randomized, controlled,

parallel-group study and evaluated the

effect of Almee™ on the psychological

symptom burden in adults diagnosed

with pulmonary fibrosis. The purpose of

Almee™ is to provide personalized and

accessible psychological support to

these patients.

In March, the FDA granted Break-

through Device designation for Almee™.

Expanded and strengthened

Board of Directors

In May, Vicore announced the election

of Hans Schikan, as the new Chair of

its Board of Directors. Schikan, a board

member since 2018, brings extensive

experience in rare disease drug

development, having previously served

as CEO of Prosensa and co-founder of

Pharvaris. Additionally, Vicore wel-

comed two new board members: Ann

Barbier, MD, PhD, and Yasir Al-Wakeel,

BM, BCh. Dr. Barbier, with over 20 years

of experience in drug development, has

held leadership roles at companies like

Translate Bio and Agios Pharmaceuti-

cals. Dr. Al-Wakeel, currently operating

partner at SROne, , has a background in

healthcare investment banking and has

served as CFO of Kronos Bio and Neon

Therapeutics. These appointments aim

to strengthen Vicore's strategic direction

and expertise in advancing treatments

for severe respiratory and fibrotic

diseases.

6 | Annual report 2024 Vicore Pharma Holding AB (publ)

CEO-

comments

The Vicore team presented positive

results from the Phase 2a AIR trial at the

American Thoracic Society (ATS) con-

ference in May, highlighting buloxibutid’s

strong safety and tolerability profile

and unprecedented efficacy. Over the

36-week treatment period, buloxibutid

improved lung function measured by

FVC with a significant effect over the

expected decline in untreated patients.

Ultimately, buloxibutid showcased its

potential to halt disease progression,

restore lung function and improve

outcomes for IPF patients in a way

that is safe and well-tolerated. This

effect is consistent with buloxibutid’s

mechanism of action, which activates

an upstream endogenous system

locally in the lung to promote alveolar

repair and integrity and resolve fibrosis

and inflammation. This is in contrast

to many of the other mechanisms

approved and in development for IPF,

which focus on systemically blocking

downstream components of the

aberrant wound healing process.

With this strong Phase 2a data, we

confidently advanced buloxibutid

into late-stage clinical development,

securing regulatory clearance from the

FDA to initiate the Phase 2b ASPIRE

trial in September. The global, 52-week

ASPIRE trial will enroll 270 patients

across 14 countries, including the

United States, and will allow patients

to remain on background nintedanib

standard of care therapy. The study

aims to further evaluate the efficacy

and safety of buloxibutid in IPF, with

the primary endpoint of change from

baseline in FVC. The trial design was

developed in collaboration with leading

pulmonologists, patient advocacy

groups, and an advisory panel of IPF

patients and caregivers. The ASPIRE

trial is progressing as planned, actively

enrolling and dosing patients, thanks to

successful interactions with regulators

and enthusiasm and dedication from

clinical sites.

Further validating the potential of

buloxibutid, we entered into an exclusive

license agreement with Nippon

Shinyaku, a leading Japanese pharma-

2024 was a critically important year for Vicore Pharma, as we made important

strides towards our ultimate goal of bringing a potentially disease-modifying drug

to patients suffering from IPF. During the past year, we advanced buloxibutid into a

global Phase 2b trial on the heels of unprecedented clinical data from the Phase 2a

AIR trial. Combining our clinical success with a capital raise of over SEK 880 million

(USD 85 million) puts Vicore in a strong position to bring buloxibutid through this

next stage of development.

7 | Annual report 2024 Vicore Pharma Holding AB (publ)

of the study, and fund critical Phase 3

readiness activities. We will also be able

to accelerate the development of our

angiotensin II type 2 receptor agonists

in development, further establishing

Vicore’s position in underserved

respiratory indications and beyond.

Reflecting on our significant achieve-

ments in 2024, Vicore was able to pro-

gress buloxibutid into late-stage clinical

development and raise the necessary

funds to reach the next major inflection

point and beyond, obtaining important

strategic partnerships and attracting

key specialist investors in the process.

The Phase 2b ASPIRE trial represents

a critical step forward in advancing the

development of buloxibutid and offering

a transformative treatment option for

IPF patients worldwide.

The progress we’ve made this year,

from advancing buloxibutid into

late-stage clinical development, to

securing strategic partnerships, to

successfully completing an ambitious

financing round, is a testament to the

dedication and expertise of the Vicore

team. As we look ahead, I am excited

about the opportunities that lie before

us. 2025 will be another important

year for Vicore, as we remain focused

ceutical company, for the development

and commercialization of buloxibutid in

Japan. This partnership both enhances

our financial position and underscores

Vicore’s commitment to broadening the

global reach of buloxibutid and bringing

novel and potentially transformative

treatments to patients around the world.

In October we were very pleased to

announce the completion of a series

of successful financing transactions,

raising a total of over SEK 880 million

(USD ~85 million). We were grateful

to have strong support from new and

existing shareholders such as HBM, the

Fourth Swedish Pension Fund (AP4),

Invus, HealthCap, Capital Group and

many others. We were also delighted

to welcome Sanofi, one of the world’s

leading biopharmaceutical companies,

as an investor in Vicore.

This new funding strengthened the

company’s institutional shareholder

base and demonstrated the trust that

leading funds and strategics have in

Vicore and our strategy. The proceeds

from this ambitious financing put

us in a strong position to execute on

the ongoing Phase 2b ASPIRE trial,

meaningfully extend the company’s

cash runway following the conclusion

on the execution of the global Phase

2b ASPIRE trial. Already this year, we

achieved an important milestone as the

FDA granted Fast Track designation to

buloxibutid, underscoring its potential

as a disease-modifying and paradigm

shifting therapy for IPF.

I want to extend my deepest gratitude

to our employees, partners, and share-

holders for their ongoing support and

trust. Most importantly, I want to convey

my heartfelt appreciation to the patients

who have and continue to participate

in our trials, whose involvement is

essential in helping us bring potentially

life-changing therapies to those who

need them most.

I look forward to sharing our continued

progress with you throughout 2025.

Ahmed Mousa

8 | Annual report 2024 Vicore Pharma Holding AB (publ)

Q&A with

CMO Bertil Lindmark

Vicore is running the global

Phase 2b ASPIRE trial

investigating buloxibutid

in patients with IPF. What

is the clinical and scientific

rationale for investigating

buloxibutid in this patient

group?

IPF is an underserved disease with a life

expectancy worse than many cancers,

despite the availability of approved

therapies. To date, no therapy has

been shown to halt the progressively

declining lung function associated with

the disease, and currently available

treatments are poorly tolerated, high-

lighting the clear need for more effective

and better tolerated options.

Vicore’s buloxibutid is a first-in-class

angiotensin II type 2 (AT2) receptor

agonist that activates an upstream

mechanism to drive alveolar repair,

resolve fibrosis, and promote vascular

function in the lungs. In contrast to most

IPF mechanisms in development, AT2

receptor agonism drives an endogenous

system that is constitutively expressed

in the lung and further upregulated

in the IPF disease state. In addition

to the resolution of alveolar damage

and fibrosis, buloxibutid has also

shown beneficial effects in pulmonary

hypertension models, which may have a

compounded benefit in IPF.

In addition to our compelling

preclinical and translational data,

buloxibutid also has 36-weeks of clinical

data from the recently completed Phase

2a AIR trial. In this trial, buloxibutid

demonstrated an unprecedented

improvement in lung function over 36

weeks as well as an excellent safety

and tolerability profile. Notably, this data

demonstrated buloxibutid’s potential

to halt and reverse the progression of

IPF, whereas currently approved and

experimental therapies have only been

able to demonstrate an ability to slow

the decline in lung function.

Based on these promising results, we

have initiated the global 52-week Phase

2b ASPIRE trial, which will enroll 270

patients with IPF from 14 countries,

including the United States. We look

forward to further advancing this

potentially disease-modifying approach.

9 | Annual report 2024 Vicore Pharma Holding AB (publ)

The initiation of the ASPIRE trial is

a key step in the buloxibutid clinical

program. How is the trial designed

to maximize success?

The ASPIRE trial adopts a well-established design

for late-stage and pivotal IPF trials, using repeated

spirometry measurements of FVC over 52 weeks,

the regulatory endpoint for IPF drug approval. The

study was thoughtfully designed with input from a

patient and caregiver panel to insure a patient-cen-

tric design, given the challenges IPF patients face

in attending clinic visits.

In addition to spirometry data, we are collecting

high-resolution computerized tomography (HRCT)

scans to further characterize fibrotic build up and

Clinical trials always involve some

risk. What are the potential risks

in the ASPIRE trial and what is the

mitigation plan?

The IPF field has faced numerous late-stage

trial failures over the past decade. As an orphan

disease with many competing clinical trials, there

is intense competition for trial participants. To

ensure the trial will recruit patients at a reasonable

rate, it’s essential to open a large number of clinical

sites. To ensure the ASPIRE trial enrolls patients

as quickly as possible, we have planned nearly

100 sites in the US, EU, LATAM and SEA countries,

among others, selecting sites and countries that

are known to recruit well and to provide high quality

changes to the vasculature. We are also evaluating

well-characterized biomarkers for fibrosis and

collagen breakdown, which will be included as

secondary endpoints in the study.

Finally, the study is powered, aiming to detect

stabilization of lung function at 52 weeks, despite

seeing a significant improvement in lung function

in the Phase 2a AIR study after 36 weeks of

treatment. The study has also been powered

with a conservative placebo arm assumption to

maximize the opportunity for success. Finally, we

are evaluating two doses of buloxibutid to ensure

we select the optimal dose for Phase 3.

data. We also leveraged our patient and caregiver

panel to design a study that would be attractive for

patients to enroll in, limiting clinic visits while still

maintaining rigorous spirometry requirements.

The ASPIRE trial’s robust design includes two

doses of buloxibutid (100 mg and 50 mg twice

daily) in addition to a placebo arm to enable dose

selection for the Phase 3. Taken together with the

aforementioned conservative powering that hope-

fully will detect effects ranging from lung function

stabilization to improvement, we are confident

that this study can serve as a solid foundation for a

confirmatory Phase 3 trial.

Week 1 4 12 24 36 52

IPF patients

with centrally

HRCT*-confirmed

diagonis, either

not currently on

treatment or receiv-

ing nintedanib SOC

Change in FVC from baseline

at 52 weeks

Proportion of patients with an absolute FVCpp decrease from baseline of

≥ 10 %; a respiratory-related hospitalization, or death, up to week 52

Clinic visits with FVC* measurements

Primary Endpoint

Patient Population

Secondary Endpoint

Screening period

(Up to 6 weeks)

Follow up period

(2–4 weeks)

Buloxibutid 50 mg twice daily

Placebo

Buloxibutid 100 mg twice daily

52-week treatment period

* FVC - Forced Vital Capacity, HRCT - High-Resolution Computed Tomography, FVCpp - Forced Vital Capacity percent predicted

10 | Annual report 2024 Vicore Pharma Holding AB (publ)

How does this trial fit into Vicore's

broader development and

commercialization

strategy for buloxibutid?

The Phase 2b ASPIRE trial has been designed to be

similar to pivotal Phase 3 IPF trials, with the added

benefit of evaluating multiple doses of buloxibutid.

The need for effective and well-tolerated therapies

in IPF is immense, and we are collaborating with

global regulatory authorities to accelerate the

evolution of the development program as more

data becomes available. We are optimistic that

the ASPIRE trial will yield positive results, which

would generate strong interest from regulators

Finally, what are the milestones to

look ahead for in the buloxibutid

clinical program?

The Vicore team is now very focused on the

execution of the ASPIRE trial, with site initiation and

activation underway globally. While it is still early,

patient screening and enrollment is underway and

the trial remains on track, thanks to successful

engagements with regulators, enthusiasm from

trial sites, and the patient-centric nature of our trial.

We are confident in our selection of both the num-

ber and quality of sites to ensure effective patient

enrollment and high-quality data generation. With a

52-week endpoint, we have designed this trial to be

long and robust to mimic the output from a Phase

and physicians to bring this therapy to patients

as quickly as possible and could potentially make

buloxibutid the first approved disease-modifying

therapy for IPF.

Based on extensive academic literature and

the preclinical and traslational data generated by

Vicore, AT2 receptor agonism could also play an

important role in a wide range of fibrotic diseases,

such as the broader set of interstitial lung diseases

(ILDs), chronic kidney disease, and various cardi-

ovascular diseases, among others. A successful

readout of the Phase 2b ASPIRE trial in IPF could

signal the broader potential of this endogenous

repair mechanism.

3 trial in IPF. In the meantime, we will undertake

critical Phase 3 readiness activities, including CMC

preparations and clinical pharmacology studies.

This robust Phase 2b design – randomized,

placebo-controlled, dose-finding, 52-weeks, high

quality FVC measurements, HRCT, and biomarker

analysis – will provide a strong readout to support

future discussions with global regulators.

The ASPIRE trial has a global footprint

across a broad range of geographies

~100 sites across 14 countries,

including the United States

11 | Annual report 2024 Vicore Pharma Holding AB (publ)

ESG principles are integral to Vicore’s

business approach. In a rapidly

changing world, we recognize that

addressing global challenges such

as climate change, health equity, and

workforce diversity requires collective

action. We view these challenges as

opportunities to lead by example and

make a meaningful impact.

Social responsibility is at the core of

our purpose. At Vicore, we are focused

on developing transformative therapies,

and thus contributing to a healthier

population, and fostering a diverse,

inclusive, and equitable culture where

Sustainability Report

2024

Vicore’s mission to develop life-changing therapies for severe fibrotic diseases

is grounded in a commitment to sustainability, social responsibility, and ethical

leadership. As we continue to expand our clinical programs and advance our

pipeline, we remain committed to operate in a way that benefits all of our stake-

holders, including patients, employees, and communities.

our employees can thrive. A workforce

rich in diverse perspectives drives

innovation, strengthens collaboration,

and ultimately helps us deliver better

patient outcomes. Additionally, we are

committed to support and work closely

with patient advocacy groups.

Our dedication to the environment

begins with minimizing our ecological

footprint. As a biopharmaceutical com-

pany, we prioritize sustainable practices

across our operations, from reducing

energy consumption to responsible

procurements.

Our governance framework ensures

that we uphold the highest standards of

integrity and transparency and conduct

our operations in a responsible way.

From rigorous compliance programs to

robust cybersecurity measures, we are

dedicated to protecting the privacy of

our stakeholders and maintaining trust.

We are truly motivated by the oppor-

tunity to contribute to a healthier, more

equitable, and sustainable world.

12 | Annual report 2024 Vicore Pharma Holding AB (publ)

Stakeholders and material

sustainability topics

Vicore’s deep commitment to our

patients, stakeholders, and employees

is at our core. Through our dialogues

with both internal and external

stakeholders as well as through our

own desktop research and analyses,

we have identified several sustainability

topics that we consider material for

Vicore. These topics include Vicore’s

impact on people and the planet, along

with ESG-related financial risks and

opportunities for the company. This

sustainability report highlights the

initiatives we consider critical to Vicore’s

long-term impact on people and the

planet as well as to our overall success.

Our materiality assessment shall be

viewed as an initial high-level analysis,

providing valuable guidance for our

ongoing sustainability efforts.

Sustainability management

Our Board of Directors and leadership

team are responsible for our sustainabil-

ity efforts and are deeply committed to

embedding ESG considerations into our

decision-making processes, reflecting

our belief that sound governance is

fundamental to achieving long-term

success.

By aligning our business goals with

ESG principles, we aim to create lasting

value for our stakeholders.

Steps forward related to sustainability

in 2024

In March 2024 Vicore was accepted

as a participant of UN Global

Compact, the world's largest private

sector sustainability network.

This is a commitment to conduct

our business in line with universal

principles on human rights, labor,

environment and anti-corruption,

expressed in Global Compacts

ten principles. We will submit our

Communication on Progress (CoP)

to UN Global Compact on an annual

basis

As a small biotech company, Vicore

is dependent on outsourcing vari-

ous activities, including the manu-

facture of our products and the con-

duct of preclinical and clinical trials,

with much of our impact occurring

across the value chain. In 2024, we

introduced ESG screening criteria in

our procurement processes related

to supply and manufacturing.

Relevant sustainability topics and focus areas for Vicore

Environment Social Governance

Focus

areas

Caring for the

environment

Product Quality

and Safety

Our

People

Responsible

Business Conduct

Initiatives Long-term ambition to lower

carbon emissions

Contribute to a

healthy population

Attractive working

environment

Ethical business practices

Responsible procurements Product Quality/

patient outcome

Recruitment and retention Responsible procurements

Patient and animal safety

in research studies

Equity, inclusion and diversity Cybersecurity and privacy

Policies Travel Policy Code of conduct,

Operating procedures to

ensure quality and safety

Code of conduct

HR policy

Code of conduct

IT security policy

Data Privacy Policy

Stakeholder dialogue

Stakeholder Channels for dialogue Material issues

Employees Employee meetings and conferences and

employee surveys

Good working conditions, health, research

ethics, and diversity and gender equality

Shareholders and investors

Annual General Meeting, individual meetings

and group meetings with shareholders,

investors and the banks' analysts, including

ESG-analysts

Information disclosure, governance, ethical

conduct, operational, and financial perfor-

mance

Patients and clinical trial participants Dialogues with patient advocacy groups

in preparation of clinical trials

Safety for patients, integrity and validity

of data and clinical trial outcome, product

safety, and quality

Partners, vendors and suppliers Procurements and meetings related to

procurements and continuous dialogue

Operational and financial performance,

ethical conduct

Authorities Inspections, decisions, information Regulatory compliance

Scientific community/academia Scientific conferences, company webinars Community engagement, R&D

13 | Annual report 2024 Vicore Pharma Holding AB (publ)

Environment

Caring for the environment

Vicore is committed to protecting the

environment and mitigating negative

impact from our operations. Our long-

term ambition is to improve resource

use efficiency while simultaneously

reducing carbon emissions and waste.

Since Vicore does not own or operate

its own research or production facilities,

our primary focus is to collaborate stra-

tegically with partners and third-party

vendors to achieve our shared ambition

of reducing emissions and waste. We

carefully select subcontractors and aim

to prioritize subcontractors that provide

environmentally responsible and

sustainable services over the long-term.

Climate change

Climate change mitigation

Vicore will over time strive to measure

emissions based on the Greenhouse

Gas Protocol (GHP), with the long term

ambition to reduce the CO

footprint.

Our preliminary assessment suggests

that Vicore’s most significant emissions

are within Scope 3, primarily from out-

sourced manufacturing of products and

conducting clinical trials, raw materials,

and supply chain activities. Scope 1

emissions are expected to be near zero

or very limited, while Scope 2 emissions

are related to purchased electricity and

heating for our offices.

The company’s headquarters is

centrally located in Stockholm and is

easily accessible by local commuting,

biking, and walking. Hybrid working

enables a reduction of office space

and in turn reduces Scope 2 emissions

from energy consumption and, also, the

environmental impact of commuting. As

part of the company travel policy, train

is the preferred choice when traveling

within the Nordic countries.

Energy

As Vicore does not own or operate our

own research or production facilities,

our operations are limited to offices.

Circular economy and resources -

sustainability in our day-to-day work

Vicore strives to minimize our footprint

in our day-to-day work as much as

possible. We prioritize resource

efficiency to minimize waste and

conserve natural resources. We avoid

disposable materials in our offices,

and where possible, meetings are held

virtually to avoid unnecessary environ-

mental impact. We strive to operate

as paperless as possible, for example

by using software that enables digital

signing and electronic storage/archiving

of documents.

14 | Annual report 2024 Vicore Pharma Holding AB (publ)

Social

Product Quality and Safety

Vicore is dedicated to creating

life-changing treatments for patients,

underpinned by a steadfast commit-

ment to ensuring the quality and safety

of our products. We employ rigorously

quality-assured processes and

materials, from chemical manufacturing

to ensuring the quality of the drug

products used in preclinical and clinical

studies. We have a strong history of

collaboration with the scientific com-

munity, which has yielded a robust body

of preclinical data and an expanding

portfolio of clinical data. These data

are continually evaluated to ensure our

products' highest standards of quality

and safety.

We will always adhere to our

internal policies and standard operating

procedures established to protect

patient safety and ensure the quality

of our products. Vicore is committed

to ensuring that every stage of the

manufacture and supply of pharmaceu-

tical products is conducted according to

applicable quality requirements and that

the products are fit for their intended

use.

Vicore outsources the manufacture

of our products and the conduct of our

clinical trials. We select and qualify our

vendors carefully and apply the same

rigorous quality requirements to their

systems, policies, and procedures.

Quality Management System

Vicore’s operations and products are

subject to strict regulations and quality

standards. Our Quality Management

System (QMS) is designed to enhance

the compliance of our operational

activities to ensure the quality of our

products, the safety of the animals and

patients participating in our pre-clinical

and clinical studies, and the integrity and

validity of the data we generate.

The QMS consists of details and

standard operational procedures

needed to control and oversee the

security, consistency, and compliance

aspects of the regulated activities.

Management oversees the QMS devel-

opment, and continuous improvement

activities are being undertaken.

Employee and consultant training in

applicable regulations and guidelines

and internal procedures is an integral

part of the QMS.

Clinical Trials

We design our clinical trials to support

comprehensive scientific evaluations

and avoid exposing our participants to

unnecessary risks. Our processes and

clinical trial protocols are designed to

protect all participants' safety, well-be-

ing, and rights and ensure adherence

to the highest ethical standards. We

involve patient advocacy groups and

other relevant stakeholders, such as

trial site coordinators, in designing our

trials to ensure the operational trial

procedures and visit schedules are

acceptable to the target population.

Clinical trial protocols are approved

by national and/or regional regulatory

authorities, ethics committees, and

institutional review boards before the

trials commence. Clinical trial sites are

selected carefully and trained in trial

procedures before recruitment begins,

and participants are provided with all

relevant information about the trial

before they consent to participation

in writing. Participants can withdraw

from the trial at any time without further

explanation.

Patient safety is Vicore's highest

priority. In our operations, we comply

with all applicable laws and regulations

and adhere to our internal standard

operating procedures, which were

established to protect the safety of our

clinical trial participants and ensure the

quality of our products.

During the trials, we actively monitor

and oversee the safety of the partici-

pants, the integrity of the data collected,

and the operational activities to ensure

the risk/benefit ratio of trial participation

remains positive, and the data collected

are trustworthy and valid.

We conduct our clinical trials

transparently, register trial details and

results in public databases, and publish

the results regardless of the outcome.

Performance indicators

ICH GCP training completed by

employees and consultants involved

in clinical trial planning and conduct

Clinical trials registered in public

database prior to commencement

Studies based on guidelines,

ethical principles and laws

All studies are ethically and scientifically reviewed and

approved, and conducted and reported in compliance with:

The International Conference on Harmonisation (ICH)

Guideline for Good Clinical Practice (GCP)

The Ethical Principles for Medical Research Involving Human

Subjects (the Declaration of Helsinki)

Applicable laws and regulations

100 %

15 | Annual report 2024 Vicore Pharma Holding AB (publ)

Our people

At Vicore, we believe that our team is

at the heart of our success and a key

driver of our competitive edge. We take

pride in building a workforce of talented,

diverse, and dedicated individuals who

work relentlessly to achieve the goals

we set. We focus on creating a positive

employee experience and a thriving

organizational culture, ensuring we

remain an employer of choice.

Our employees' commitment and

accountability are among our greatest

strengths. Recruitment, engagement,

and retention are essential to our growth

and long-term success as a small

organization. These practices shape our

culture, boost productivity, and help us

achieve success.

We are committed to equity in all

aspects of our business, whether in

hiring, talent development, or compen-

sation practices. An inclusive workplace

values and respects every employee's

unique contribution and nurtures them.

Working conditions

Recruitment

Recruitment forms the foundation of a

strong workforce, directly influencing

our growth and ability to meet objec-

tives. Our recruitment practices are

designed to attract candidates with the

necessary skills and align with Vicore’s

values and culture. We use diverse

channels such as social media, recruit-

ers with access to diverse candidates,

and employee referrals to reach a wide

pool of applicants. Structured interviews

and streamlined processes ensure we

secure talent efficiently.

Retention

Retaining talent and expertise is

essential to maintaining a stable

and knowledgeable workforce while

preventing costly turnover. We employ

retention practices, including:

Competitive compensation: sala-

ries, bonuses, and benefits.

Work-life balance: Flexible

schedules, hybrid work and well-

ness initiatives.

Employee recognition: Regularly

celebrating team and individual

achievements.

Feedback and improvement: Acting

on employee feedback to address

concerns.

Engagement and transparency:

Fostering open communication and

involvement in company activities.

Compensation and Benefits

Vicore’s compensation programs,

overseen by the Board of Directors, are

designed to attract, retain, and reward

talent. Market benchmarking ensures

our packages remain competitive within

the life-science industry. Our benefits,

designed to support the well-being of

our employees, include (local variations

may apply); healthcare, wellness,

pension, incentive plans and bonus.

Health and Safety

Vicore complies with local occupational

health and safety regulations and

other relevant employment standards,

ensuring a healthy and supportive work

environment for all employees.

Professional and Individual

Development

At Vicore, we prioritize continuous

professional and personal development

through performance reviews and

individual and professional goal setting.

Employees have access to resources

and opportunities to expand their skills,

ensuring they remain motivated, and

equipped to thrive.

Employee Engagement and

Satisfaction

We are dedicated to ensuring our

employees feel heard, recognized,

supported, and empowered. Key

engagement activities include:

Bi-weekly virtual team meetings to

share updates, learn from peers and

strengthen team connections.

Company-wide gatherings to foster

interaction and team energy.

Individual goals set during annual

performance reviews.

Internal promotions and recruit-

ment to grow talent internally.

Annual Employee Surveys providing

confidential feedback to shape our

priorities, create action plans and

enhancing our workplace.

In 2024, Vicore achieved an Employee

Net Promoter Score (eNPS) of approxi-

mately 40, significantly above the 2023

industry average of 23. Our goal is to

maintain our high performance.

Equity, Inclusion and Diversity

All employees, regardless of race, color,

sex, gender identity, social or ethnic

origin, religion, age, ability, sexual orien-

tation, nationality, political opinion, or

trade union affiliation have equal rights,

responsibilities, and opportunities in

employment, working conditions, train-

ing, and development. This commitment

is essential for building and sustaining

a culture of trust, transparency, and

inclusion while attracting a diverse

workforce and securing the best talent

in the industry.

Vicore is committed to equal pay

and creating opportunities for career

advancement and professional growth.

We ensure that our compensation

programs are fair and equitable for

all employees. To support this,

compensation decisions are reviewed

by a dedicated group of executives to

eliminate implicit bias. This process

ensures equitable treatment across the

organization, particularly regarding base

salaries, annual bonuses, promotions,

and long-term incentive awards.

Vicore maintains a zero-tolerance

policy for harassment and discrimi-

nation and is committed to cultivating

a diverse, inclusive workplace that

respects and values individual

differences.

16 | Annual report 2024 Vicore Pharma Holding AB (publ)

Other work-related rights

Vicore respects the principles and

standards on human rights, including

child labor, forced labor, freedom of

association, and minimum wages as

outlined in the UN Declaration of Human

Rights as well as by the International

Labor Organization. This commitment

applies not only to our own workforce

but across our entire value chain.

Performance indicators

Employees

Leadership team

Nationalities (employees)

2024 2024

Injuries reported

Incidents of

discrimination

or harassment

Board of directors

2023 2023

2024 2023

Company

Goal

eNPS*

40 n/a Above or

on par

with

market

Employee

turnover

10.9%

8.5% Below or

on par with

market

*Employee Net Promoter Score

Sweden

Spain

Denmark

United States

United Kingdom

Fatalities

reported

17 | Annual report 2024 Vicore Pharma Holding AB (publ)

Governance

Responsible Business conduct

Vicore’s governance framework is

designed to ensure accountability,

transparency, regulatory compliance,

and ethical business conduct across all

aspects of the business. The Board of

Directors is vital in overseeing the gov-

ernance framework and has adopted

corporate policies (e.g. IT security

policy, Code of conduct, information

and insider policies, authorization

framework) to direct the governance

practices.

Ethical Business Conduct and

Corporate Culture

We believe all our activities must be

performed according to the highest

ethical standards. This commitment is

fundamental to our everyday practice,

guiding our actions to uphold the high-

est ethical standards throughout the

organization, conducting our business

activities, and interacting with external

stakeholders.

Vicore is committed to compliance

with laws, relevant regulations, the

governance framework, and the Code of

Conduct. These standards underscore

our dedication to ethical practices in our

interactions with employees, patients,

and external stakeholders and ensure

the ethical and responsible use of

animals in biomedical research.

Since 2024 Vicore is a participant of

the UN Global Compact and committed

to making its ten principles on human

rights, labor, environment and anti-cor-

ruption part of the strategy, culture and

day-to-day operations of our company.

Vicore’s commitment to ethical

business practices are anchored in the

Code of Conduct.

Code of Conduct

Vicore’s Code of Conduct is established

by the Board of Directors. It describes

the general ethical principles in Vicore’s

business and the behavior Vicore

expects of directors, officers, employ-

ees, consultants, temporary personnel

of Vicore or its subsidiaries.

The Code of Conduct covers

everything from compliance with laws,

product safety, quality and information,

research and development, relation-

ships with healthcare professionals,

environmental, employment conditions

and human rights to conflict of interests,

anti-corruption and anti-bribery and

competition and anti-trust.

The Code is reviewed yearly to

ensure that the guidelines and rules are

appropriate and remain relevant to our

business and a changing world. Training

in the Code of Conduct is provided to all

employees and temporary personnel.

Whistleblowing is included as training

element. All new employees shall

sign the Code as part of signing the

employment agreement. Managers are

responsible for monitoring compliance.

Violations of the policy may result in

disciplinary action, subject to applicable

laws and regulations.

Compliance and compliance programs

Compliance with regulatory require-

ments is fundamental to Vicore’s

business operations. Vicore continues

to adhere to rigorous ethical and

scientific standards in our product

manufacture, pre-clinical work, and

clinical trials, including the Declaration

of Helsinki and ICH guidelines.

Compliance programs, including

regular monitoring and audits, are

implemented to ensure compliance

with regulations and procedures. The

program includes Vicore and Vicore

vendors with potential impacts on

product quality, participant safety, and/

or data integrity.

Protection of whistleblowers

Vicore’s whistleblowing hotline

allows employees to report unethical

practices anonymously. To ensure

comfort and confidentiality

in reporting misconduct, Vicore

has implemented an externally man-

aged whistleblowing service through

www.visslan.se, offering a secure

platform for employees to report con-

cerns. We take suspected misconduct

very seriously and any matters reported

are thoroughly investigated and any

necessary remedial action is taken.

18 | Annual report 2024 Vicore Pharma Holding AB (publ)

Animal welfare

Vicore is committed to compliance

with laws, relevant regulations, the

governance framework, and the Code of

Conduct. These standards underscore

our dedication to ethical practices and

responsible use of animals in biomedi-

cal research.

Supplier management

ESG criteria are, since 2024, integrated

as a key component in our vendor

selection process related to supply and

manufacturing. Introducing a new sup-

plier requires satisfactory completion of

our ESG questionnaire and agreement

to the terms before onboarding. The

ESG questionnaire includes questions

on carbon footprint and GHG-reporting,

whether the company has a sustaina-

bility policy, any sustainability certifica-

tions, and made commitments or goals

related to ESG.

Corruption and bribery

Vicore follows regulations and

guidelines againg anti-corruption and

anti-bribery measures, which includes

our commitment to complying with

all applicable laws, regulations, and

industry codes in interactions with

healthcare professionals.

Data Security and Privacy

Vicore’s business operations heavily rely

on the security and integrity of our data.

Vicore has implemented comprehen-

sive IT security measures to protect our

organization from unauthorized access

to our data and the increasing cyberse-

curity threats. The work is anchored in

our IT policy.

This includes but is not limited to

a combination of strict password

policies and access control, multifactor

authentication, endpoint monitoring,

vulnerability scans, and regular

penetration tests, as well as securing

the integrity of our data by applying safe

repositories. Employee cybersecurity

training is included in the ongoing

training curriculum, and regular phishing

simulations are implemented to raise

general security awareness.

IT security is included in our organi-

zational risk management evaluations,

and we recently added the EU NIS2

Directive (Directive (EU) 2022/2555)

requirements to our cybersecurity

program. We maintain a continuous

process improvement approach

to enhance further and mature our

cybersecurity program.

We have implemented business

continuity and disaster recovery plans

to ensure that the procedures and

guidance necessary to manage realized

business risks are in place.

As a biotech company, Vicore is

committed to protecting the privacy of

patients, employees, healthcare provid-

ers, and all others who trust us with their

personal data/personally identifiable

information. Due to the nature of clinical

trials, we process not only personal data

and personally identifiable information

such as name, contact details, etc.

but also sensitive personal data/

protected health information such as

health-related data from the clinical trial

participants. We only collect personal

information for legitimate business

purposes and by lawful means. We will

not disclose or use personal information

for purposes other than a legitimate

business purpose or as required by law.

Robust IT security measures are

essential for safeguarding data privacy.

In addition, Vicore has implemented

policies, procedures, and training for

employees and consultants to ensure

compliance with data privacy laws and

regulations.

We have appointed a Data Protection

Officer to ensure that data privacy

laws and regulations such as General

Data Protection Regulation (GDPR) are

implemented accurately and that data

privacy is part of our ongoing security

activities.

Performance indicators

Proportion of employees trained in our

Code of Conduct = 100%

Proportion of employees trained in

IT Security = 100%

Incidents related to violation of

Code of Conduct = 0

Reported incidents through our

whistleblowing hotline = 0

Buloxibutid (C21) is protected by

different types of patents, including

those directed to new formulations

and methods of use. Moreover, Vicore

has obtained orphan drug designation

in the EU and the US for buloxibutid in

IPF. Orphan drug designation provides

for up to ten-year protection in Europe

and an up to seven-year protection

in the United States from the time of

registration of an approved drug. If

Vicore subsequently receives marketing

approval, the sale of buloxibutid for the

treatment of IPF will also be protected

by regulatory data/ market exclusivity

(up to 11 years in Europe and five years

in the US). Overall, Vicore believes

that the company has strong product

protection for buloxibutid based on the

development plan being followed.

Vicore also develops new improved

AT2 receptor agonists (ATRAGs).

Intellectual

property

Table A – Substance patents related to new ATRAGs

Project Country Application date (priority) Status Expiry year (planned)

ATRAG National 20.09.2019 Granted in Eurasia 2040

ATRAG National 19.03.2020 Pending 2041

ATRAG National 20.03.2020 Granted in Europe 2041

ATRAG National 01.09.2020 Pending 2041

ATRAG National 23.03.2021 Pending 2042

ATRAG National 09.07.2021 Pending 2042

ATRAG International 09.01.2023 Pending 2044

Table B – Other patents related to buloxibutid

Project Country Application date (priority) Status Expiry year (planned)

C21 National 23.03.2020 Granted in US, EP 2040/41

C21 National 24.04.2020 Pending 2041

C21 National 24.04.2020

Granted in EU, Japan & US

2041

C21 National 24.04.2020 Granted in EU, Japan & US 2041

C21 National 14.05.2020 Pending 2041

C21 National 10.02.2022 Granted in US 2042/43

19 | Annual report 2024 Vicore Pharma Holding AB (publ)

20 | Annual report 2024 Vicore Pharma Holding AB (publ)

The share

Vicore’s shares are listed on Nasdaq Stockholm

with the ticker VICO and ISIN SE0007577895.

As of December 31, 2024, the total number of

shares amounted to 234,579,119 and the market

capitalization was SEK 1,982 million. The number

of shareholders amounted to 9,014. The compa-

ny’s shares are issued in one class and each share

carries one vote.

Capital supply

On September 10, 2024, Vicore announced a rights

issue of approximately SEK 782 million. On October

10, 2024, Vicore announced the outcome of the

rights issue, which was oversubscribed by ~33%

and raising in total SEK 782 million before issue

costs. Existing specialist investors, including HBM,

HealthCap and Invus, as well as new investors,

including Sanofi, participated in the rights issue.

The funds will ensure that the company is fully

funded through the ASPIRE study and for a period

thereafter. On October 10, 2024, Vicore also carried

out a directed new issue of approximately SEK 100

million at an issue price of SEK 9.00 per new share,

which corresponds to a premium of approximately

18.3 percent compared to the closing price before

the announcement of the directed new issue. In

addition to the existing shareholder Invus, Capital

Group, a new investor in Vicore, also participated in

the directed share issue.

Shareholder

information

Share price development

At the end of 2024, the share price was 8.45 SEK.

The highest price for the share during the year was

23.30 SEK on June 4 and the lowest price was 7.00

SEK on September 23.

Analyst coverage

The following analysts cover Vicore and continu-

ously analyze the company's development:

ABG Sundal Collier, Alexander Krämer

Bryan Garnier, Oscar Haffen-Lamm

Carnegie, Arvid Necander and Erik Hultgård

DNB Bank, Patrik Ling

Nordea, Viktor Sundberg

Pareto, Dan Akschuti

Van Lanschot Kempen, Sushila Hernandez

Largest shareholders

* As of April 24, 2024

Source: Monitor by Modular Finance as of December 31, 2024

Largest shareholders in Vicore as of December 31, 2024:

Development of the share

Shareholder

Number of

shares %

HealthCap VII L.P. 26,308,369 11.2%

Fourth Swedish National Pension Fund 21,172,411 9.0%

HBM Healthcare Investments (Cayman) Ltd. 21,170,704 9.0%

Sanofi 14,571,428 6.2%

Capital Group 11,759,420 5.0%

Unionen 8,800,000 3.8%

Avanza Pension 6,979,581 3.0%

C WorldWide Asset Management 6,700,000 2.9%

Jesper Lyckeus 6,000,000 2.6%

Handelsbanken Funds 4,636,850 2.0%

Protem 4,220,680 1.8%

Third Swedish National Pension Fund 3,902,100 1.7%

Invus* 3,673,166 1.6%

Orbimed* 3,200,000 1.4%

Karl Perlhagen 2,747,722 1.2%

Max Mitteregger 2,600,000 1.1%

Nordnet Pension 2,189,269 0.9%

Swedbank Robur Funds 1,707,163 0.7%

Kjell Stenberg 1,694,303 0.7%

Other 80,545,953 34.3%

Total number of shares 234,579,119 100.0%

21 | Annual report 2024 Vicore Pharma Holding AB (publ)

Size categories Number of known shareholders Number of shares % of capital

1 - 10,000 4,947 1,688,053 0.72%

10,001 - 50,000 90 2,295,972 0.98%

50,001 - 100,000 20 1,436,283 0.61%

100,001 - 500,000 26 6,451,474 2.75%

500,001 - 1,000,000 13 9,399,440 4.01%

1,000,001 - 5,000,000 15 37,019,870 15.78%

5,000,001 - 9 123,461,913 52.63%

Anonymous holdings 3,894 52,826,114 22.52%

Total 9,014 234,579,119 100.00%

Ownership distribution by holding

Ownership distribution in Vicore as of December 31, 2024

Country Number of shares % of capital

Sweden

131,422,006 56.02%

USA

18,981,260 8.09%

Switzerland

21,915,704 9.34%

Other

35,709,274 15.22%

Unknown

26,550,875 11.32%

Total

234,579,119 100.00%

Shareholder types Number,of,shares % of capital

Swedish institutional shareholders

63,470,607 27.06%

International institutional shareholders

50,593,380 21.57%

Swedish retail investors

17,393,238 7.41%

Other

76,768,629 32.73%

Anonymous holdings

26,353,265 11.23%

Total

234,579,119 100.00%

Shareholder categories

Shareholder categories in Vicore as of December 31, 2024:

Year Event

Quota

value

Increase in

number of

Increase in

share capital

Total number

of shares

Total share

capital

2024 Share issue 0.5 11,111,111 555,555 234,579,119 117,289,558

2024 Share issue 0.5 111,734,004 55,867,001 223,468,008 111,734,003

2024 Share issue 0.5 11,025 5,512 111,734,004 55,867,001

2023 Share issue 0.5 29,875,000 14,937,500 111,722,979 55,861,489

2022 Share issue 0.5 10,000,000 5,000,000 81,847,979 40,923,989

2022 Share issue 0.5 87,686 43,843 71,847,979 35,923,990

2021 Share issue 0.5 11,200,000 5,600,000 71,760,293 35,880,147

2021 Issue in kind 0.5 142,054 71,027 60,560,293 30,280,146

2020 Share issue 0.5 10,000,000 5,000,000 60,418,239 30,209,119

2020 Share issue 0.5 243,525 121,763 50,418,239 25,209,119

2019 Share issue 0.5 7,800,000 3,900,000 50,174,714 25,087,357

2019 Share issue 0.5 9,414,706 4,707,353 42,374,714 21,187,357

2018 Share issue 0.5 8,240,002 4,120,001 32,960,008 16,480,004

2018 Issue in kind 0.5 8,851,502 4,425,751 24,720,006 12,360,003

2017 Share issue 0.5 1,500,000 750,000 15,868,504 7,934,252

2017 Share issue 0.5 2,000,000 1,000,000 14,368,504 7,184,252

2015 Share issue/Listing 0.5 3,248,144 1,624,072 12,368,504 5,684,252

2015 Reverse split,1:10 0.5 -73,083,239 - 8,120,360 4,060,180

2015 Share issue 0.05 12,639,073 631,954 81,203,599 4,060,180

2013 Share issue 0.05 34,282,263 1,714,113 68,564,526 3,428,226

2012 Offset issue 0.05 474,498 23,725 34,282,263 1,714,113

2011 Share issue 0.05 10,402,389 520,120 33,807,765 1,690,388

2010 Offset issue 0.05 1,000,000 50,000 23,405,376 1,170,269

2010 Share issue 0.05 5,601,344 280,067 22,405,376 1,120,269

2010 Share issue 0.05 5,601,344 280,067 16,804,032 840,202

2008 Share issue 0.05 688 34 11,202,688 560,134

2008 Split 1:2000 0.05 11,196,399 - 11,202,000 560,100

2008 Bonus issue 100 4,601 460,100 5,601 560,100

2005 Formation 100 1,000 100,000 1,000 100,000

Share capital development

22 | Annual report 2024 Vicore Pharma Holding AB (publ)

Annual report 2024

Administration report

The Board of Directors and the CEO of Vicore Pharma Holding AB (publ.), Corp. Reg. No. 556680-3804, hereby submit

the annual report, corporate governance report and consolidated financial statements for the 2024 fiscal year.

Vicore’s operations

Vicore is a clinical-stage pharmaceutical

company unlocking the potential of a

new class of drugs with disease-mod-

ifying potential in respiratory and

fibrotic diseases, including idiopathic

pulmonary fibrosis (IPF). The company’s

lead program, buloxibutid (C21), is a

first-in-class oral small molecule angi-

otensin II type 2 (AT2) receptor agonist,

which has received Orphan Drug and

Fast Track designation from the United

States Food and Drug Administration

(FDA) and is currently being investigated

in the global 52-week Phase 2b ASPIRE

trial in IPF.

The company is publicly listed on

the Nasdaq Stockholm exchange

(VICO). www.vicorepharma.com.

Important events during

2024

In January, Vicore announced

discontinuation of the preclinical

IMiD program to focus resources on

advancing buloxibutid for patients

with IPF.

In January, Vicore reported positive

results in the pivotal study of

Almee

, a digital therapeutic for the

treatment of anxiety in pulmonary

fibrosis.

In February, Vicore announced

an exclusive license agreement

with Nippon Shinyaku to develop

and commercialize buloxibutid in

Japan. Vicore will receive an upfront

payment of USD 10 million and is

entitled to up to USD 275 million

in milestones in addition to tiered

royalty payments into the low 20s.

In March, Vicore announced FDA

Breakthrough Device Designation

for Almee

In March, Vicore announced an

oral late-breaking presentation of

the final results from the Phase 2a

AIR trial of buloxibutid in IPF, to be

presented at the 2024 American

Thoracic Society International

Conference in May.

In May, Vicore strengthened and

expanded its Board of Directors by

electing Hans Schikan, PharmD, as

the new Chair of the Board of Direc-

tors, and electing two new Board

members, Ann Barbier, MD, PhD, and

Yasir Al-Wakeel, BM, BCh.

In May, Vicore presented final data

from the Phase 2a AIR trial as a

late-breaking abstract at the 2024

American Thoracic Society (ATS)

International Conference, which

showed that buloxibutid improved

lung function over 36 weeks in

patients with IPF.

In May, also at the ATS Internation-

al Conference, Vicore presented

additional preclinical and transla-

tional data reflecting the potency of

buloxibutid’s upstream mechanism

of action as well as the design of the

upcoming Phase 2b ASPIRE trial.

In September at the 2024 European

Respiratory Society Congress, Vi-

core delivered an oral presentation

showcasing additional data from

the Phase 2a AIR trial evaluat-

ing buloxibutid in IPF and three

poster presentations, including new

preclinical data providing further

evidence supporting buloxibutid’s

tissue repair mechanism.

In September, Vicore initiated

the global, randomized Phase

2b ASPIRE trial evaluating the

disease-modifying potential of bu-

loxibutid in IPF following clearance

by the US Food and Drug Adminis-

tration (FDA) and other regulatory

authorities.

In September, Vicore announced

its intent to carry out a rights issue

of approximately SEK 782 million

(USD 75 million) to primarily finance

the expanded Phase 2b ASPIRE

trial, as well as Phase 3 preparatory

activities. The rights issue was

supported by current shareholders

and new investors, including the

global biopharmaceutical company

Sanofi.

In October, Vicore announced the

completion and outcome of the

rights issue financing. The transac-

tion was heavily oversubscribed (by

over 30%) and raised approximately

SEK 782 million (USD ~76 million)

before transaction costs. The

financing was supported by current

specialist investors, including

HBM, HealthCap, and Invus, among

others, as well as new investors

including Sanofi, and was designed

to ensure that the company will

be funded through the next major

inflection point with additional cash

runway.

In October, in addition to the rights

issue financing, Vicore carried

out a directed share issue to raise

approximately SEK 100 million (USD

~10 million) at SEK 9.00 per share, a

premium of over 18% to the closing

price prior to the announcement.

In addition to existing shareholder

Invus, Capital Group, a new investor

in Vicore, participated in the trans-

action.

Important events after the

year-end

In January, the United States Food

and Drug Administration (FDA)

granted Fast Track designation

(FTD) to buloxibutid, recognizing its

disease-modifying potential for the

treatment of IPF.

In March, it was decided that INIM

Pharma will merge with its parent

company, Vicore Pharma Holding

AB.

23 | Annual report 2024 Vicore Pharma Holding AB (publ)

programs related to staff within

marketing and distribution amounted

to SEK 0.0 million and SEK 0.4 million,

respectively.

Research and development expenses

amounted to SEK 249.3 million and

SEK 276.3 million for the year ended

December 31, 2024 and 2023, respec-

tively. Adjusted for the impairment of

intangible assets attributable to the

IMiD program (SEK 50.5 million) and

to the drug candidate C106 (SEK 12.0

million) recorded in 2023, research

and development expenses increased

by SEK 35.5 million, primarily driven

by the ongoing Phase 2b ASPIRE trial.

For the year ended December 31, 2024

and 2023, the costs for share-based

incentive programs related to research

and development staff amounted to

SEK 2.1 million and SEK 2.9 million,

respectively.

Other operating income/(expenses),

net amounted to (SEK 3.8 million) and

(SEK 0.6 million) for the year ended

December 31, 2024 and 2023, respec-

tively.

The total costs for the share-based

incentive programs amounted to SEK

7.5 million and SEK 6.7 million for the

year ended December 31, 2024 and

2023, respectively. These costs have

had no cash flow impact.

Result

The operating loss amounted to SEK

194.2 million and SEK 321.5 million for

the year ended December 31, 2024 and

2023, respectively. For the year ended

December 31, 2024 and 2023, the net

financial income/(expenses) amounted

to SEK 25.3 million and SEK 10.2 million,

respectively. Tax credit amounted to

SEK 0.3 million and SEK 0.4 million for

the year ended December 31, 2024 and

before transaction costs. On October 7,

2024, Vicore also carried out a directed

share issue of 11,111,111 shares at a

subscription price of SEK 9.00 per share,

raising an additional SEK 100.0 million

before transaction costs. The directed

share issue was subscribed for by the

existing investor Invus and the new

investor Capital Group.

As of December 31, 2024, cash and

cash equivalents amounted to SEK

1,156.0 million (SEK 333.6 million as

of December 31, 2023) and short-

term investments amounted to SEK

0.0 million (SEK 149.1 million as of

December 31, 2023). Accordingly, cash,

cash equivalents, and short-term invest-

ments amounted in total to SEK 1,156.0

million equivalent to USD 105.1 million

(SEK 482.8 million as of December 31,

2023). The company’s equity ratio as of

December 31, 2024 and 2023, was 93.9

percent and 91.8 percent, respectively.

Equity as of December 31, 2024 and

2023, amounted to SEK 1,129.3 million

and SEK 455.4 million, respectively.

For the year ended December 31, 2024

and 2023, total equity and liabilities

amounted to SEK 1,203.1 million and

SEK 497.8 million, respectively.

Parent company

The group ("Vicore") consists of the

parent company, Vicore Pharma

Holding AB (publ) and the subsidiaries

Vicore Pharma AB, Vicore Pharma US

Inc and INIM Pharma AB. The parent

company’s operations mainly consist of

providing business support services for

the group’s operating companies. The

research and development operations

are conducted in the wholly owned

subsidiary Vicore Pharma AB. In Vicore

Pharma US Inc, intra-group services

are conducted within research and

2023, respectively. Tax credit is mainly

related to a change in deferred tax lia-

bility attributable to acquired intangible

assets. The group’s accumulated tax

loss carryforwards as of December 31,

2023, amounted to SEK 1,512.1 million.

The group’s tax loss carryforwards have

not been valued and are not recognized

as a deferred tax asset. These tax loss

carryforwards will be accounted for only

when the group has established a level

of earnings that management estimates

with confidence will lead to taxable

profits. Loss amounted to SEK 168.6

million and SEK 310.9 million for the year

ended December 31, 2024 and 2023,

respectively and the corresponding

loss per share before and after dilution

amounted to SEK 1.23 and SEK 3.18,

respectively.

Cash flow, investments and

financial position

Cash flow from/(used in) operating

activities amounted to (SEK 165.0

million) and (SEK 249.6 million) for the

year ended December 31, 2024 and

2023, respectively.

For the year ended December 31,

2024 and 2023, cash flow from/(used

in) investing activities amounted to

SEK 149.0 million and (SEK 144.5

million), respectively. The difference

compared with the previous year is

mainly attributable to the acquisition

and sale of short-term interest-bearing

investments.

Cash flow from/(used in) financing

activities amounted to SEK 834.1 million

and SEK 470.9 million for the year

ended December 31, 2024 and 2023,

respectively. On October 7, 2024, Vicore

conducted a rights issue of 111,734,004

shares at a subscription price of SEK

7.00 per share, raising SEK 782.1 million

Revenue

Net revenues amounted to SEK 109.4

million and SEK 0.0 million for the year

ended December 31, 2024 and 2023,

respectively. Net revenues are attributa-

ble to the non-recurring payment of USD

10 million that Vicore received when the

company entered into the license

agreement with Nippon Shinyaku for the

development and commercialization of

buloxibutid in Japan, as well as to cost

reimbursements for manufacturing

expenses of USD 0.5 million under the

same license agreement.

Operating expenses

For the year ended December 31,

2024 and 2023, operating expenses

amounted to SEK 305.0 million and

SEK 323.7 million, respectively. The

decrease compared to the previous year

is mainly attributable to the impairment

of intangible assets amounting to SEK

62.5 million recorded in 2023, which

had no impact on cash flow. Adjusted

for this impairment, operating expenses

increased by SEK 43.8 million in 2024,

primarily driven by the ongoing Phase

2b ASPIRE trial.

Administrative expenses amounted

to SEK 50.4 million and SEK 36.9

million for the year ended December

31, 2024 and 2023, respectively. For

the year ended December 31, 2024 and

2023, costs for share-based incentive

programs related to administrative staff

amounted to SEK 5.4 million and SEK

3.6 million, respectively.

Marketing and distribution expenses

amounted to SEK 0.0 million and SEK

7.7 million for the year ended December

31, 2024 and 2023, respectively. For

the year ended December 31, 2024 and

2023, costs for share-based incentive

development, and business support

Net revenues for the parent company

amounted to SEK 74.5 million and SEK

55.7 million for the year ended Decem-

ber 31, 2024 and 2023, respectively. Net

revenues mainly consists of business

support fees from group companies.

For the year ended December 31, 2024

and 2023, administrative expenses

amounted to SEK 39.9 million and SEK

35.5 million, respectively. The operating

profit/(loss) amounted to SEK 32.6

million and SEK 16.6 million for the year

ended December 31, 2024 and 2023,

respectively. Profit/(loss) from participa-

tion in group companies amounted to

SEK 0.0 million and (SEK 115.1 million)

for the year ended December 31, 2024

and 2023, respectively. Profit/(loss)

from participation in group companies

is fully attributable to the impairment of

shares in the subsidiary INIM Pharma

AB, recognized in 2023 following the

discontinuation of the IMiD program.

For the year ended December 31, 2024

and 2023, the profit/(loss) amounted to

SEK 48.1 million and (SEK 85.7 million),

respectively.

Personnel

As of December 31, 2024, the group

had 29 employees, of whom 19 were

women and 10 men. Of the employees,

21 are active within R&D. The group also

engages consultants for specialist tasks

and assignments on a frequent basis.

24 | Annual report 2024 Vicore Pharma Holding AB (publ)

Shareholders and the share

As of December 31, 2024, Vicore had

9,014 shareholders and the total num-

ber of shares amounted to 234,579,119

with a quotient value of SEK 0.5 each.

There is only one class of shares. The

company's shares are issued in one

class and each share carries one vote at

the Annual General Meeting.

As of December 31, 2024, Health-

Cap VII L.P. was the single largest

shareholder in Vicore, with a total of

26,308,369 shares, corresponding to

11.2 percent of the votes and capital. No

shareholder other than HealthCap VII

L.P. has a direct or indirect shareholding

that represents one tenth, or more,

of the voting rights for all shares in

the company. Further information on

shareholders and Vicore's share is

presented on pages 20-21 in the 2024

annual report.

Share-based incentive

programs

The purpose of share-based incentive

programs is to promote the company’s

long-term interests by motivating

and rewarding the company’s senior

management and other co-workers in

line with the interests of the sharehold-

ers. Vicore has four active programs

that include the management team,

employees and board members.

At the Extraordinary General Meeting

on August 13, 2018, it was resolved to

implement a new incentive program:

a maximum of 2,000,000 employee

stock options to senior leaders and key

persons (”Co-worker LTIP 2018”). During

the third quarter of 2024, the Co-worker

LTIP 2018 expired. The program is now

terminated.

At the Annual General Meeting

on May 11, 2021, it was resolved to

implement two new incentive programs:

a maximum of 3,000,000 employee

stock options to senior leaders and key

persons (”Co-worker LTIP 2021”), and

a maximum of 73,000 share awards to

certain board members (”Board LTIP

2021”). During the second quarter of

2024, the Board LTIP 2021 expired.

Since the share price increased by less

than 40 percent during the measure-

ment period, no share awards are

vested. The program is now terminated.

At the Annual General Meeting

on May 11, 2023, it was resolved to

implement two new incentive programs:

a maximum of 5,000,000 employee

stock options to senior leaders and key

persons (”Co-worker LTIP 2023”), and a

maximum of 120,000 share awards to

the board members (”Board LTIP 2023”).

The Annual General Meeting in Vicore

Pharma Holding AB held on May 7,

2024, resolved to and to implement a

long-term incentive program for the

board members in the company (“Board

LTIP 2024”). A maximum of 297,000

share awards may be allotted to

participants in the program.

For further information about these

programs, see Note 9 "Share-based

payments" and the company’s website,

www.vicorepharma.com.

Guidelines for executive

remuneration 2024

The Board of Directors, the CEO,

and other members of the executive

management fall within the provisions

of these guidelines. These guidelines

are forward-looking, i.e., they are

applicable to remuneration agreed, and

amendments to remuneration already

agreed, after adoption of the guidelines

by the Annual General Meeting 2024.

These guidelines do not apply to any

remuneration already decided or

approved by the general meeting.

The guidelines’ promotion of the

company’s business strategy, long-

term interests and sustainability

Vicore is a clinical-stage pharmaceu-

tical company focused on developing

innovative medicines in severe lung

diseases and other indications where

the angiotensin II type 2 receptor (AT2R)

plays an important role.

For more information about the

company, please see Vicore Pharma’s

corporate presentation at: https://

vicorepharma.com/investors/

events-presentations/.

A prerequisite for the successful

implementation of the company’s

business strategy and safeguarding of

its long-term interests, including its sus-

tainability, is that the company is able

to recruit and retain qualified personnel.

To this end, it is necessary that the com-

pany offers a competitive remuneration

applicable to the countries and regions

where the company operates.

These guidelines enable the company

to offer the executive management a

competitive total remuneration.

Variable cash remuneration covered

by these guidelines shall aim at promot-

ing the company’s business strategy

and long-term interests, including its

sustainability.

The company also has long-term

share-related incentive plans in place.

The plans have been resolved by the

general meeting and aim to align

the interests of the board members

and key employees with those of the

shareholders.

Types of remuneration

The remuneration shall be on market

terms and may consist of the following

components: fixed cash salary, variable

cash remuneration, pension, and other

benefits. Furthermore, additional varia-

ble cash remuneration may be awarded

in extraordinary circumstances.

Additionally, the general meeting

may – irrespective of these guidelines

– resolve on, among other things,

share-related or share price-related

incentive programs. The satisfaction

of criteria for awarding variable cash

remuneration shall be measured over a

period of one to several years. The vari-

able remuneration payable in cash may

amount to a maximum of 40 percent of

the annual fixed cash salary for the CEO

and a maximum of 30 percent of the

annual fixed cash salary to other senior

executives under the measurement

period for such criteria. Further variable

cash remuneration may be awarded in

extraordinary circumstances, provided

that such extraordinary arrangements

are limited in time and only made on an

individual basis, either for the purpose

of recruiting or retaining executives,

or as remuneration for extraordinary

performance beyond the individual’s

ordinary tasks. Such remuneration may

not exceed an amount corresponding

to 50 per cent of the fixed annual cash

salary and may not be paid more than

once per year for each individual. Any

resolution on such remuneration shall

be made by the Board of Directors

based on a proposal from the Remuner-

ation Committee.

For the CEO, pension benefits, includ-

ing long/short term disability insurance

(Sw: sjukförsäkring), shall be premium

defined. Variable cash remuneration

shall not qualify for pension benefits.

The pension premiums for premium

defined pension shall amount to not

more than 30 per cent of the fixed

annual cash salary. For other executives,

pension benefits, including health insur-

ance, shall be premium defined unless

otherwise required by for example

collective agreements. The pension

premiums for premium defined pension

shall amount to not more than 30 per

cent of the fixed annual cash salary.

Other benefits may include, for

example, life insurance and medical

insurance (Sw: sjukvårdsförsäkring).

Such benefits may not amount to more

than 15 per cent of the fixed annual cash

salary.

For employments governed by rules

other than those of Sweden, pension

benefits and other benefits may be

duly adjusted for compliance with

mandatory rules or established local

practice, taking into account, to the

extent possible, the overall purpose of

these guidelines.

Termination of employment

For all executives (including the CEO),

the notice period may be up to six

months if notice of termination of

employment is made by the company.

For the CEO, fixed cash salary during the

notice period and severance pay may,

in total, not exceed twelve months’ fixed

salary, and for other executives, such

remuneration may not correspond to

an amount which exceeds six months’

fixed salary. The period of notice may

be up to six months without any right

25 | Annual report 2024 Vicore Pharma Holding AB (publ)

to severance pay when termination is

made by the executive.

Additionally, remuneration may be

paid for non-compete undertakings.

Such remuneration shall compensate

for loss of income and shall only be paid

in so far as the previously employed

executive is not entitled to severance

pay. The remuneration shall amount

to not more than 60 per cent of the

monthly income at the time of termina-

tion of employment and be paid during

the time the non-compete undertaking

applies, however not for more than

12 months following termination of

employment.

Criteria for awarding variable cash

remuneration

The variable cash remuneration shall be

linked to predetermined and measurable

criteria. These criteria can be measur-

able advancements in the company’s

preclinical and clinical programs and

other associated activities. The criteria

can be financial or non-financial. They

may also be individualized, quantitative

or qualitative objectives. The criteria

shall be designed so as to contribute

to the company’s business strategy

and long-term interests, including its

sustainability, by for example being

clearly linked to the business strategy or

the executive’s long-term development.

The Board of Directors shall have the

possibility, subject to the restrictions

that may apply under law or contract,

to in whole or in part reclaim variable

remuneration paid on incorrect grounds

(claw-back).

The extent to which criteria for

awarding variable cash remuneration

have been satisfied shall be determined

when the measurement period has

ended. The Remuneration Committee

is responsible for the evaluation so far

as it concerns variable remuneration

to the CEO. For variable cash remuner-

ation to other executives, the CEO is

responsible for the evaluation, subject

to approval by the Board of Directors

for those executives who report directly

to the CEO. For financial objectives, the

evaluation shall be based on the latest

financial information made public by the

company.

Salary and employment conditions for

employees

In the preparation of the Board

of Directors’ proposal for these

remuneration guidelines, salary and

employment conditions for employees

of the company have been taken into

account by including information

on the employees’ total income, the

components of the remuneration and

increase and growth rate over time, in

the Remuneration Committee’s and the

Board of Directors’ basis of decision

when evaluating whether the guidelines

and the limitations set out herein are

reasonable

The decision-making process to

determine, review and implement the

guidelines

The Board of Directors has established

a Remuneration Committee. The

committee’s tasks include preparing the

Board of Directors’ decision to propose

guidelines for executive remuneration.

The Board of Directors shall prepare

a proposal for new guidelines at least

every fourth year and submit it to the

general meeting. The guidelines shall

be in force until new guidelines are

adopted by the general meeting. The

Remuneration Committee shall also

monitor and evaluate programs for

variable remuneration for the executive

management, the application of the

guidelines for executive remuneration

as well as the current remuneration

structures and compensation levels

in the company. The members of the

Remuneration Committee are independ-

ent of the company and its executive

management. The CEO and other

members of the executive management

do not participate in the Board of

Directors’ processing of and resolutions

regarding remuneration-related matters

in so far as they are affected by such

matters.

Derogation from the guidelines

The Board of Directors may temporarily

resolve to derogate from the guidelines,

in whole or in part, if in a specific case

there is special cause for the derogation

and a derogation is necessary to serve

the company’s long-term interests,

including its sustainability, or to ensure

the company’s financial viability. As

set out above, the Remuneration

Committee’s tasks include preparing

the Board of Directors’ resolutions in

remuneration-related matters. This

includes any resolutions to derogate

from the guidelines.

Description of significant changes

to the guidelines and how the

shareholders' views have been taken

into account

The Board of Directors has reviewed the

description of the company's business

in the remuneration guidelines and

made a minor editorial change. No

significant changes have been made to

these proposed guidelines compared

to previously adopted guidelines.

No shareholders have provided any

comments.

Description of significant

changes to the proposed

guidelines for 2025 and

how shareholders' views

have been taken into

account

The proposed guidelines for 2025

includes increased levels for variable

cash remuneration and increased

transparency on criterias for variable

cash remuneration. In addition some

minor changes compared to previously

adopted guidelines have been imple-

mented. No shareholders have provided

any comments.

Guidelines for executive

remuneration 2025

The board of directors, the CEO, and

other members of executive leadership

team fall within the provisions of

these guidelines. These guidelines are

forward-looking, i.e., they are applicable

to remuneration agreed, and amend-

ments to remuneration already agreed,

after adoption of the guidelines by the

annual general meeting 2025. These

guidelines do not apply to any remuner-

ation already decided or approved by the

general meeting.

The guidelines’ promotion of the

company’s business strategy, long-term

interests, and sustainability

Vicore is a clinical-stage pharmaceu-

tical company focused on developing

innovative medicines in severe lung

diseases and other indications where

the angiotensin II type 2 receptor (AT2R)

plays an important role.

For more information about the

company, please see Vicore Pharma’s

corporate presentation at: https://

vicorepharma.com/investors/

events-presentations/.

A prerequisite for the successful

implementation of the company’s

business strategy and safeguarding

of its long-term interests, including its

sustainability, is that the company can

recruit and retain qualified personnel.

To this end, it is necessary that the com-

pany offer competitive remuneration

applicable to the countries and regions

where the company operates.

These guidelines enable the company

to offer executive leadership team a

competitive total remuneration.

Variable cash remuneration covered

by these guidelines shall aim at promot-

ing the company’s business strategy

and long-term interests, including its

sustainability.

The company also has long-term

share-related incentive plans in place.

The plans have been approved by

the shareholders and aim to align

the interests of the board members

and key employees with those of the

shareholders.

Types of remuneration

Remuneration shall be set in view of

market practice and may consist of

the following components: fixed cash

salary, variable cash remuneration,

pension, and other benefits. Additional

variable cash remuneration may be

awarded in extraordinary circum-

stances. If local conditions justify

variation in the remuneration principles,

such variation may occur.

The satisfaction of criteria for

awarding variable cash remuneration

shall be measured over a period of least

one year. Variable cash remuneration

may amount to a maximum of 50%

26 | Annual report 2024 Vicore Pharma Holding AB (publ)

of the annual fixed cash salary for the

CEO and a maximum 40% of the annual

fixed cash salary for other members

of the executive leadership team.

Further variable cash remuneration

may be awarded in extraordinary

circumstances, provided that such

arrangements are limited in time

and made on an individual basis,

either for the purpose of recruiting or

retaining executives, or for extraordinary

performance. Such remuneration may

not exceed an amount corresponding to

50% of the individual’s fixed annual cash

salary and may not be paid more than

once per year for each individual. Any

resolution on such remuneration shall

be made by the board of directors based

on a proposal from the remuneration

committee.

For the CEO, pension benefits, includ-

ing long/short term disability insurance

(Sw: sjukförsäkring), shall be premium

defined. Variable cash remuneration

shall not qualify for pension benefits.

The pension premiums for premium

defined pension shall amount to not

more than 30% of the fixed annual cash

salary. For other executives, pension

benefits, including health insurance,

shall be premium defined unless

otherwise required (for example, due to

collective agreements). Pension premi-

ums for premium defined pension shall

amount to not more than 30% of fixed

annual cash salary. Notwithstanding the

above, the board of directors may set

other solutions which, in terms of cost,

are equivalent to the above.

Other benefits may include life

insurance and medical insurance (Sw:

sjukvårdsförsäkring). Such benefits may

not amount to more than 15% of fixed

annual cash salary. Members of the

executive management who relocate

for the purposes of the work, or who

work in other multiple countries, may

also receive reasonable remuneration

and benefits in view of the special

circumstances associated with such

arrangements. The overall purpose of

these guidelines and alignment with the

general policies and practices within

the company applicable to cross border

work should in such case be taken into

account.

For employees governed by rules

other than those of Sweden, benefits

may be adjusted for compliance with

mandatory rules or established local

practice, taking into account the overall

purpose of these guidelines.

Termination of employment

For all executives (including the CEO),

the notice period may be up to six

months if notice of termination of

employment is made by the company.

For the CEO, fixed cash salary during the

notice period and severance pay may

not exceed twelve months’ fixed salary,

and for other executives, such remuner-

ation may not exceed six months’ fixed

salary. Notice may be up to six months

without any right to severance pay when

termination is made by the executive.

Additionally, remuneration may be

paid for non-compete undertakings.

Such remuneration shall compensate

for loss of income and shall only be paid

in so far as the previously employed

executive is not entitled to severance

pay. The remuneration shall amount

to not more than 60% of the monthly

income at the time of termination of

employment and be paid during the time

the non-compete undertaking applies,

however, not for more than 12 months

following termination of employment.

Criteria for awarding variable cash

remuneration

Variable cash remuneration of the exec-

utive leadership team shall be linked

to corporate goal achievement. The

corporate goals shall be predetermined

and measurable. Corporate goals shall

be related to measurable advancements

in the company’s development pro-

grams, corporate development efforts,

capital markets strategy, employee

engagement, and other associated

activities. The corporate goals may be

financial or non-financial. They may also

be quantitative or qualitative objectives.

The criteria shall be designed so as to

contribute to the company’s business

strategy and long-term interests,

including its sustainability. The board

of directors shall have the possibility,

subject to the restrictions that may

apply under law or contract, to in whole

or in part reclaim variable remuneration

paid on incorrect grounds (claw-back).

The extent to which criteria for

awarding variable cash remuneration

have been satisfied shall be determined

when the measurement period has

ended. The remuneration committee is

responsible for the evaluation so far as

it concerns variable cash remuneration

to the CEO. For variable cash remuner-

ation to other executives, the CEO is

responsible for the evaluation, subject

to approval by the board of directors for

those executives who report directly to

the CEO. For financial objectives, the

evaluation shall be based on the latest

financial information made public by the

company.

Salary and employment conditions for

employees

In the preparation of the board

of directors’ proposal for these

remuneration guidelines, salary and

employment conditions for employees

of the company have been taken into

account by including information

on the employees’ total income, the

components of the remuneration and

increase and growth rate over time, in

the remuneration committee’s and the

board of directors’ basis of decision

when evaluating whether the guidelines

and the limitations set out herein are

reasonable.

The decision-making process to

determine, review and implement the

guidelines

The board of directors has established

a remuneration committee. The

committee’s tasks include preparing the

board of directors’ decision to propose

guidelines for executive remuneration.

The board of directors shall prepare

a proposal for new guidelines at least

every fourth year and submit it to the

general meeting. The guidelines shall

be in force until new guidelines are

adopted by the general meeting. The

remuneration committee shall also

monitor and evaluate programs for

variable remuneration for the executive

management, the application of the

guidelines for executive remuneration

as well as the current remuneration

structures and compensation levels

in the company. The members of the

remuneration committee are independ-

ent of the company and its executive

management. The CEO and other

members of the executive management

do not participate in the board of

directors’ processing of and resolutions

regarding remuneration-related matters

in so far as they are affected by such

matters.

Derogation from the guidelines

The board of directors may temporarily

resolve to derogate from the guidelines,

in whole or in part, if in a specific case

there is special cause for the derogation

and a derogation is necessary to serve

the company’s long-term interests,

including its sustainability, or to ensure

the company’s financial viability.

As set out above, the remuneration

committee’s tasks include preparing

the board of directors’ resolutions in

remuneration-related matters. This

includes any resolutions to derogate

from the guidelines.

Description of significant changes

to the guidelines and how the

shareholders' views have been taken

into account

No shareholders have provided any

comments.

Nomination Committee for

the 2025 Annual General

Meeting

Vicore’s Nomination Committee for the

2025 Annual General Meeting consists

of Staffan Lindstrand, appointed

by HealthCap VII L.P., Jan Särlvik,

appointed by Fourth Swedish National

Fund AB, Ivo Staijen, appointed by HBM

Healthcare Investments (Cayman) and

Hans Schikan Chairman of the Board of

Directors of Vicore.

27 | Annual report 2024 Vicore Pharma Holding AB (publ)

Risk factors

Vicore’s business is influenced by a

number of factors, the effects of which

on the company’s earnings and financial

position, in certain respects, cannot be

controlled by the company at all or in

part. In an assessment of the compa-

ny’s future development, it is important,

alongside the possibilities for growth, to

also consider these risks.

Set forth below is a description,

without any internal order of priority, of

the risks which are considered to have

greatest significance for the company’s

future development. Risk factors related

to Vicore’s operations, industry and

markets, and further include operational

risks, regulatory risks and financial risks.

Research and development and the

dependency of three programs

Vicore's business consists mainly

of three programs (buloxibutid, new

ATRAGs and Almee

). The company's

main value may be attributable to the

potential of the company's respective

programs. The programs are in

preclinical or clinical phase. There is a

risk that Vicore's various programs will

not develop as planned, which could

have a material adverse effect on the

company's value and future potential.

This is especially true if any of the above

would occur in the more advanced

program buloxibutid, which is currently

of the greatest value to the company.

For example, there is a risk that Vicore,

any collaborating partners, institutional

review bodies and / or regulatory

authorities will discontinue clinical

studies if the results of such studies do

not demonstrate the intended treatment

effect, fail to achieve an acceptable

safety profile, or due to results from

unwanted side effects. If a program or

study is interrupted, in addition to a sig-

nificant decline in the company's share

price as a result of a reduced value of

the company's program portfolio and a

significantly impaired revenue potential

for the specific program, it may cause

an impairment of fixed assets.

Clinical trials and regulatory approvals

Before conducting certain clinical trials,

approval must be obtained from the

relevant regulatory authority and an

ethics committee. The main markets

for the company's future products are

the United States and the EU, and the

relevant regulators are the US Food and

Drug Administration ("FDA") and / or the

European Medicines Agency ("EMA").

There is a risk that the regulatory

authority and / or the ethics committee

will not grant the necessary approvals

for the company's ongoing or future

programs. There is also a risk that

program approvals or opinions will be

delayed or withdrawn. If the necessary

approvals are not obtained, delayed or

withdrawn, this could delay the relevant

program or mean that it needs to be

cancelled. The aforementioned risks

could have a material adverse effect

on the company's operations, financial

position and results.

Delays in clinical studies

There is a risk that the company's

clinical studies, for example buloxibutid

in IPF, will be delayed. Delays can occur

for a variety of reasons, including

difficulties in reaching agreements

with clinics about participation under

acceptable conditions, problems in

identifying patients for studies, patients

not completing a study, or not returning

for follow-up. Significant external events

could negatively affect the availability

and recruitment of potential trial

participants as well as their possibility

of carrying out non-essential hospital

visits. Difficulties in adding new clinics

or if a clinic withdraws from a study

also entail a risk of delays. Furthermore,

there may be delays as a result of

problems in the supplier route, where

a delay in the delivery of an ordered

substance may cause a delay in the

studies. A delay in a program usually

means that the program will be more

expensive, since the research and

development costs will run for a longer

time than planned. This may result in

the company having to raise additional

capital to complete the program.

Development of further candidate

drugs

In addition to the programs, buloxibutid,

and Almee

, work is being performed to

identify and develop new selective AT2

receptor agonist molecules (ATRAGs)

for treatment of diseases within or

outside the orphan disease area. This

development work is performed in

collaboration with external researchers.

There is a risk that Vicore’s available

financial resources will prove insuffi-

cient to conduct such development and

that the company, as a result thereof,

may be forced to discontinue develop-

ment or find other sources of financing.

Continuing the further development of

new molecules could create a need to

expand the company’s organisational

resources, which could incur further

costs for the company. There is thus a

risk that the company’s work on further

drug candidates will have a negative

impact on its operations, financial

position and results.

Intellectual property

The value of Vicore is largely dependent

on its ability to obtain and defend

patents and its ability to protect specific

knowhow. Patent protection for pharma-

ceutical companies may be uncertain

and involve complicated legal and

technical questions. There is a risk that

a patent sought will not be granted for

an invention, that the patent granted will

not provide sufficient protection, or that

the patent granted will be circumvented

or revoked.

Vicore holds several granted patents

for buloxibutid. There is a risk that these

patents do not constitute adequate

protection. If intellectual property

protection is not satisfactory, other

parties can exploit this by circumventing

the company's protection and conduct

competing drug development. Such

drug development could show higher

efficacy. This may force Vicore to

terminate a particular drug program

for commercial reasons, or that the

company's future product will not

generate any revenue.

Vicore has several pending patent

applications within the programs bulox-

ibutid, Almee

and new ATRAGs. There

is a risk that these patent applications

or future patent applications by the

company are not granted. If a patent

application is not granted, it can lead

to insufficient commercial protection

which may result in termination of

relevant programs due to lack of market

prospects. Both insufficient commercial

protection and a decision to terminate

programs would have a material

adverse effect on the company's

progra

m p

ortfolio and outlook.

Orphan drug designation

In addition to the company's patents,

Vicore has received orphan drug

designation for buloxibutid for the

treatment of IPF in the USA and EU,

which becomes particularly relevant

if Vicore succeeds in developing and

launching a drug. This means that

Vicore will depend on other protection

than patents, such as, alternative

commercial protections in the form of

orphan drug status or data exclusivity.

There is a risk that these protections

are not adequate for Vicore's purposes,

or that the market exclusivity or the

orphan drug status is revoked. If

Vicore’s commercial and / or intellectual

property protection is not adequate,

other actors can take advantage of this,

bypassing the company's protection,

and conduct competing drug develop-

ment, or launching competing products

on the market. If other players develop

and / or launch competing products that

show higher efficiency or are sold at a

lower price than Vicore's, the company

could lose significant revenue.

Market and competition

The development and commercializa-

tion of new pharmaceutical products

constitutes a competitive market.

Vicore's competitors are mainly large

pharmaceutical companies, biotech

companies and academic institutions.

It is possible that competitors, such as

large pharmaceutical companies, have

greater opportunities in terms of, for

example, research and development,

contacts with regulatory authorities,

payers, patient recruitment and market-

ing than Vicore. Therefore, there is a risk

that competitors, who in many cases

have greater resources than Vicore,

28 | Annual report 2024 Vicore Pharma Holding AB (publ)

may develop competing products more

quickly and / or more efficiently, achieve

broader market acceptance or succeed

in obtaining market exclusivity earlier or

in parallel with Vicore. This may lead to a

significant weakening of the company's

ability to generate revenues and the

company may be forced to terminate

parts of the business for commercial

reasons. Furthermore, this could mean

that the value of the company's program

portfolio is significantly reduced.

Manufacturing

Since Vicore has no proprietary produc-

tion facilities, the company is dependent

on sub-suppliers for the production of

pharmaceuticals. The manufacturing

process for Vicore’s drugs is made in

collaboration with contract manufac-

turers in Europe. Vicore is dependent

on the quality of the manufacturing

processes as well as the availability

and maintenance of the production

facilities. Regulatory authorities require

that all manufacturing processes and

methods, as well as all equipment

comply with current requirements of

Good Manufacturing Practice (GMP

requirements) and consequences for

the company in the event of deficiencies

in GMP requirements may lead to delays

in clinical trials or to market products.

None of the company's current

manufacturers are significant in the

sense that they are not replaceable, but

the company is dependent on them,

since changing manufacturers can be

both costly and time-consuming. There

is a risk that the company will not find

suitable manufacturers that offer the

same quality and quantity on terms

acceptable to the company.

Reliance on key individuals and

employees

Vicore is highly dependent on retaining

and recruiting both qualified employees

and consultants as well as board

members. The company's future perfor-

mance is affected by its ability to attract

and retain qualified key personnel. In

the event that one or more key persons

leave and the company fails to replace

him or her, this could have a negative

effect on the company's operations,

financial position and earnings.

In order for the company to have

sufficient capacity to further develop

its drug candidates and conduct Phase

3 studies, several persons must be

recruited. If the recruitment is not

successful, or if Vicore fails to retain

key personnel, there is a risk that the

company's drug development programs

cannot be developed according to plan,

which would have significant negative

consequences for the company's

operations and program portfolio. Such

a lack of competence or resources may,

in the long run, lead to delays in the

company's programs, which would be

associated with significant research and

development costs.

Financing and capital requirements

The company currently has no approved

drugs and does not generate any

revenue from drug sales. It may take a

several years before the company's drug

candidates will be sold commercially

and generate recurring cash flows.

The company's ongoing and planned

clinical trials entail significant costs. The

company is therefore still dependent on

raising capital or borrowing money to

finance clinical studies. Both the extent

and timing of Vicore's future capital

needs will depend on a number of

factors, including results from and costs

for future studies. The access to, and

the conditions for, additional financing,

for example through new share issues,

licenses or partnership agreements

or loans are affected by a number of

factors such as Vicore's clinical study

results, market conditions, general

access to capital and Vicore's credit

rating and credit capacity. Disruptions

and uncertainty in the credit and

capital markets can also limit access to

additional capital. If Vicore fails to raise

sufficient capital on favorable terms, or

at all, it would mean that the company

may have to accept a more expensive

financing solution, share issues with

significant discount and large dilution,

or cause the company to limit its

development or cease operations. For

further description of the company's

financial risks, see Note 19.

The Board of Directors and the CEO

continuously assess the group’s liquidity

and financial resources in both the

short- and long-term. The annual report

has been prepared with the assumption

that the company has the ability to

continue operations for the next 12

months, in line with the going concern

principle.

Currency risk

Assets, liabilities, income and expenses

in foreign currency give rise to currency

exposures. A weakening of the Swedish

krona (SEK) against other currencies

increases the reported amounts of

Vicore’s assets, liabilities, income and

earnings while a strengthening of the

SEK against other currencies decreases

these items. The company is exposed to

such changes, as parts of the compa-

ny’s costs are paid in EUR and other

international currencies and because

a part of the company’s future sales

revenue may be received in international

currencies. A material change in such

exchange rates could have a negative

impact on the company’s financial

statements, which in turn could have

negative effects on Vicore’s financial

position and results. For further

description of the company's currency

risks, see Note 19.

IT security

The company's ability to efficiently

and securely manage its operations is

dependent on the security, reliability,

functionality, maintenance and

operation of IT systems. Interruptions

or disruptions in IT systems, including

sabotage, computer viruses, operator

errors or software errors, can have a

negative impact on the business in the

form of disruptions in the business and

increased costs.

Tax loss carryforwards

As a result of the business having gen-

erated significant loss, Vicore has large

accumulated tax loss carryforwards. As

of December 31, 2024, the group's tax

loss carryforwards amounted to SEK

1,512.1 million. Changes in ownership

resulting in a change of controlling

influence over Vicore, may impose

restrictions, in whole or in part, on the

possibility of utilizing such losses in the

future. There is also a risk that Vicore

will not be able to generate enough

profits to exploit such tax losses. The

possibility of utilizing the losses in the

future may also be adversely affected

by future changes in the applicable

legislation.

Proposed appropriation of the

company’s profits or loss for the 2023

financial year

The following profit/loss stated in SEK

is at the disposal of the Annual General

Meeting:

Share premium reserve 2,417,625,129

Profit/(loss) brought

forward

(108,163,490)

Profit/(loss) for the year 48,080,486

2,357,542,125

The Board of Directors proposes that

SEK 2,357,542,125 are to be carried

forward.

Dividend policy and

proposed dividend

Vicore will continue to focus on

further developing and expanding the

company’s project portfolio. Available

financial resources and recognized

profit will therefore be reinvested in the

operations to finance the company’s

long-term business. Any future divi-

dends will be determined based on the

company’s long-term growth, earnings

performance, and capital requirements.

Insofar as dividends are proposed, they

will be considered with respect to the

company’s objectives, scope, and risk.

Consequently, the Board of Directors

does not intend to propose any dividend

to shareholders until such time as

the company generates sustainable

profitability.

The Board of Directors proposes that

the Annual General Meeting resolves

that no dividend shall be paid for the

financial year.

Corporate governance

report

The corporate governance report for

2024 is available on pages 60-66.

29 | Annual report 2024 Vicore Pharma Holding AB (publ)

(SEK in thousands or as otherwise indicated) 2024 2023 2022 2021 2020

Net revenues 109,346 0 0 0 0

Profit/(loss) before tax (168,890) (311,326) (288,806) (296,735) (147,315)

Total assets 1,203,108 497,838 338,007 451,168 406,515

Equity ratio (%) 93.9 91.8 85.5 85.0 87.2

Average number of employees

25 21 16 13

(SEK in thousands or as otherwise indicated) 2024 2023 2022 2021 2020

Net revenues 74,516 55,675 30,402 38,730 3,672

Profit/(loss) before tax 48,081 (85,652) 1,325 17,709 (21,826)

Total assets 2,496,651 1,593,384 1,203,141 1,075,894 669,514

Equity ratio (%) 99.1 99.4 99.1 92.6 97.7

Average number of employees

5 5 4 4

Multi-year

overview

Multi-year overview, group

Multi-year overview, parent company

30 | Annual report 2024 Vicore Pharma Holding AB (publ)

Consolidated statement of financial position

(SEK in thousands) Note 2024-12-31 2023-12-31

ASSETS

Fixed assets

Patents, licenses and similar rights 16 0 2,218

Equipment 17 0 25

Total fixed assets 0 2,243

Current Assets

Other receivables 14,385 3,130

Prepaid expenses and accrued income 20 32,722 9,699

Short-term investments 21 0 149,146

Cash and cash equivalents 22 1,156,001 333,620

Total current assets 1,203,108 495,595

TOTAL ASSETS

1,203,108 497,838

EQUITY AND LIABILITIES

EQUITY 24

Share capital 117,290 55,861

Other contributed capital 2,454,493 1,673,790

Retained earnings (including profit/(loss) for the period) (1,442,454) (1,274,262)

Total equity attributable to the parent company's shareholders 1,129,329 455,389

LIABILITIES

Non-current liabilities

Other provisions 25 556 898

Deferred tax liability 14 315 593

Total non-current liabilities 871 1,491

Current liabilities

Trade payables 18,19 29,966 17,916

Current tax liability 1,932 1,132

Other liabilities 17,714 5,088

Other provisions 25 328 2,177

Accrued expenses and deferred income 26 22,968 14,645

Total current liabilities 72,908 40,958

TOTAL LIABILITIES 73,779 42,449

TOTAL EQUITY AND LIABILITIES

1,203,108 497,838

Financial reports

Group

Consolidated statement of comprehensive income

(SEK in thousands, except per share amount or as

oterwise indicated) Note

2024-01-01

-2024-12-31

2023-01-01

-2023-12-31

Net revenues 4 109,346 0

Gross profit 109,346 0

Administrative expenses 5, 6 50,443 36,923

Marketing and distribution expenses 5 0 7,672

Research and development expenses 5 249,263 276,294

Other operating income/(expenses), net 5, 10, 11 (3,829) (617)

Operating profit/(loss) (194,189) (321,506)

Financial income 12 25,307 10,538

Financial expenses 13 8 358

Net financial income/(expenses) 25,299 10,180

Profit/(loss) before tax (168,890) (311,326)

Tax credit 14 256 384

Profit/(loss) for the year attributable

to the parent company´s shareholders

(168,634) (310,942)

Other comprehensive income

Other comprehensive income/expenses) 442 (668)

Other comprehensive income/(loss) for the year, net of tax 442 (668)

Total comprehensive income/(loss) attributable

to the parent company´s shareholders

(168,192) (311,610)

Profit/(loss) per share, before and after dilution (SEK) 15 (1.23) (3.18)

31 | Annual report 2024 Vicore Pharma Holding AB (publ)

Consolidated statement of cash flow

(SEK in thousands) Note

2024-01-01

-2024-12-31

2023-01-01

-2023-12-31

Operating activities

Operating profit/(loss) (194,189) (321,506)

Adjustment for items not included in the cash flow 27 10,167 72,140

Interest received 20,920 10,431

Interest paid (7) (2)

Cash flow from operating activities before changes in working capital (163,109) (238,937)

Cash flow from changes in working capital

Change in operating receivables (35,602) (4,284)

Change in operating payables (33,765) (6,362)

Cash flow from operating activities

(164,946) (249,583)

Investing activities

Acquisition of financial assets 21 (64,810) (199,039)

Sale of financial assets 21 213,848 54,584

Cash flow from investing activities

149,038 (144,455)

Financing activities

Amortization contract liability 0 (63)

Issue of new shares 882,143 500,406

Issue costs (48,080) (29,488)

Cash flow from financing activities

834,063 470,855

Cash flow for the year

818,155 76,817

Cash and cash equivalents at the beginning of the year

333,620 256,803

Foreign exchange difference in cash and cash equivalents

12,13 4,226 0

Cash and cash equivalents at year-end

22 1,156,001 333,620

Consolidated statement of changes in shareholders´ equity

Shareholders' equity attributable to the parent company

(SEK in thousands)

capital

Other

contributed

capital

Retained earnings

including profit

(loss) for the

period Total

Equity Jan 1, 2023

40,924 1,210,811 (962,652) 289,083

Profit/(loss) for the year 0 0 (310,942) (310,942)

Other comprehensive income for the year 0 0 (668) (668)

Total comprehensive income for the year 0 0 (311,610) (311,610)

Transactions with owners:

Issue of new shares and issue in kind 14,937 485,469 0 500,406

Issue costs 0 (29,488) 0 (29,488)

Long-term incentive program 0 6,998 0 6,998

Total transactions with owners 14,937 462,979 0 477,916

Equity Dec 31, 2023

55,861 1,673,790 (1,274,262) 455,389

Equity Jan 1, 2024

55,861 1,673,790 (1,274,262) 455,389

Profit/(loss) for the year 0 0 (168,634) (168,634)

Other comprehensive income for the year 0 0 442 442

Total comprehensive income for the year 0 0 (168,192) (168,192)

Transactions with owners:

Issue of new shares and issue in kind 61,429 820,714 0 882,143

Issue costs 0 (48,080) 0 (48,080)

Long-term incentive program 0 8,069 0 8,069

Total transactions with owners 61,429 780,703 0 842,132

Equity Dec 31, 2024

117,290 2,454,493 (1,442,454) 1,129,329

32 | Annual report 2024 Vicore Pharma Holding AB (publ)

Parent company’s income statement

(SEK in thousands) Note

2024-01-01

-2024-12-31

2023-01-01

-2023-12-31

Net revenues 2 74,516 55,675

Gross profit 74,516 55,675

Administrative expenses 3, 4, 5, 6 39,923 35,484

Research and development expenses 3 1,956 3,470

Other operating income/(expenses), net 3 (77) (150)

Operating profit/(loss) 32,560 16,571

Profit/(loss) from participation in group companies 7 0 (115,140)

Interest income and similar profit items 8 15,522 12,917

Interest expenses and similar loss items 9 (1) 0

Net financial income/(expenses) 15,521 (102,223)

Profit/(loss) before tax 48,081 (85,652)

Tax 10 0 0

Profit/(loss) for the year 48,081 (85,652)

Other comprehensive income

Other comprehensive income/(loss) 0 0

Other comprehensive income/(loss) for the year, net of tax 0 0

Total comprehensive income/(loss) for the year

48,081 (85,652)

Financial reports

Parent company

33 | Annual report 2024 Vicore Pharma Holding AB (publ)

(SEK in thousands) Note 2024-12-31 2023-12-31

ASSETS

Financial assets

Participations in group companies 11 1,400,242 1,197,625

Total financial assets 1,400,242 1,197,625

Total fixed assets 1,400,242 1,197,625

Current assets

Receivables

Receivables from group companies 67,449 38,175

Other receivables 508 444

Prepaid expenses and accrued income

581 822

68,538 39,441

Short-term investments

0 149,146

Cash and cash equivalents

1,027,871 207,172

Total current assets 1,096,409 395,759

TOTAL ASSETS

2,496,651 1,593,384

Parent company’s balance sheet Parent company’s balance sheet

(SEK in thousands) Note 2024-12-31 2023-12-31

EQUITY AND LIABILITIES

EQUITY

Restricted equity

Share capital 117,290 55,861

Total restricted equity 117,290 55,861

Non-restricted equity

Share premium reserve 2,417,625 1,644,990

Retained earnings (108,164) (30,581)

Profit/(loss) for the year 48,081 (85,652)

Total non-restricted equity 2,357,542 1,528,757

TOTAL EQUITY 2,474,832 1,584,618

LIABILITIES

Provisions

Other provisions

604 2,263

Deferred tax liability 10 315 337

Total provisions 919 2,600

Current liabilities

Trade payables 1,649 895

Liabilities to group companies

678 0

Current tax liability 763 215

Other liabilities 15,166 2,577

Accrued expenses and deferred income

2,644 2,479

Total current liabilities 20,900 6,166

TOTAL LIABILITIES 21,819 8,766

TOTAL EQUITY AND LIABILITIES

2,496,651 1,593,384

34 | Annual report 2024 Vicore Pharma Holding AB (publ)

(SEK in thousands)

capital

premium

reserve

Loss

brought

forward

Profit/

(loss) for

the year Total

Equity Jan 1, 2023

35,880 1,003,762 (60,379) 17,578 996,841

Transfer of previous year’s loss 0 0 17,578 (17,578) 0

Loss for the year 0 0 0 1,325 1,325

Other comprehensive income for

the year

0 0 0 0 0

Total comprehensive income for

the year

0 0 17,578 (16,253) 1,325

Transactions with owners:

Issue of new shares 5,044 197,956 0 0 203,000

Issue costs 0 (12,708) 0 0 (12,708)

Incentive programs 0 0 3,897 0 3,897

Total transaction with owners 5,044 185,248 3,897 0 194,189

Equity Dec 31, 2023

40,924 1,189,010 (38,904) 1,325 1,192,355

Equity Jan 1, 2024

40,924 1,189,010 (38,904) 1,325 1,192,355

Transfer of previous year’s loss 0 0 1,325 (1,325) 0

Loss for the year 0 0 0 (85,652) (85,652)

Other comprehensive income for

the year

0 0 0 0 0

Total comprehensive income for

the year

0 0 1,325 (86,977) (85,652)

Transactions with owners:

Issue of new shares 14,937 485,468 0 0 500,405

Issue costs 0 (29,488) 0 0 (29,488)

Incentive programs 0 0 6,998 0 6,998

Total transaction with owners 14,937 455,980 6,998 0 477,915

Equity Dec 31, 2024

55,861 1,644,990 (30,581) (85,652) 1,584,618

The parent company’s report of changes in equity The parent company’s cash flow statement

(SEK in thousands) Note

2024-01-01

-2024-12-31

2023-01-01

-2023-12-31

Operating activities

Operating profit/(loss) 16,571 654

Adjustments for items not included in the cash flow

5,258 1,170

Interest received 7,510 957

Interest paid 0 (5)

Cash flow from operating activities before changes in working

capital

29,339 2,776

Cash flow from changes in working capital

Change in operating receivables (24,890) 18,712

Change in operating payables (3,612) (65,584)

Cash flow from operating activities

837 (44,096)

Investing activities

Shareholder contributions to group companies (260,000) (250,000)

Acquisition of financial assets

(199,149) 0

Sale of financial assets

55,975 77,000

Cash flow from investing activities

(403,174) (173,000)

Financing activities

Issue of new shares 500,405 200,000

Issue costs (29,488) (12,708)

Cash flow from financing activities

470,917 187,292

The cash flow for the year

68,580 (29,804)

Cash and cash equivalents at the beginning of the year

138,592 168,396

Cash and cash equivalents at the end of the year

207,172 138,592

35 | Annual report 2024 Vicore Pharma Holding AB (publ)

Notes

Group

Note 1 Accounting principles

This Annual Report and the consolidated financial

statements comprise the Swedish parent company

Vicore Pharma Holding AB (publ), corporate regis-

tration number 556680-3804, and its subsidiaries

Vicore Pharma AB, Vicore Pharma US Inc and

INIM Pharma AB. The parent company is a limited

liability company with its registered office in

Stockholm, Sweden. The address of the main office

is Kornhamnstorg 53, 111 27 Stockholm, Sweden.

The main operation of the group is research and

development of pharmaceutical products.

On March 25, 2025, the Board of Directors

approved this Annual Report and the consolidated

financial statements, which will be presented for

approval at the Annual General Meeting on May 6,

2025.

Applied regulations

Vicore’s consolidated accounts have been

prepared in accordance with the IFRS Accounting

Standards issued by the International Accounting

Standards Board (IASB) as well as the interpre-

tations from the IFRS Interpretation Committee

(IFRS IC) as adopted by the European Union (EU).

Furthermore, the group also applies the Annual

Accounts Act (1995: 1554) and the Swedish

Financial Reporting Board’s recommendation RFR

1 ”Supplementary Accounting Rules for Groups”.

New and amended standards and interpretations

of existing standards

New and amended accounting standards and

interpretations that have come into effect in 2024

have not had any material impact on the Group's

financial reports.

New accounting policies from 2025 onwards

New and amended accounting standards and inter-

pretations that have been published and will take

effect in 2025 or later have not been applied in the

preparation of this financial report. IFRS 18 Pres-

entation and Disclosure in Financial Statements,

published by the IASB in April 2024, replaces IAS

1 Presentation of Financial Statements and will

impact the presentation and disclosures in the

Group’s financial reports. IFRS 18 introduces new

categories in the income statement—operating

activities, investing, and financing—as well as a

new subtotal for operating profit. The standard

also includes enhanced disclosure requirements,

particularly regarding Management Performance

Measures (MPM). The Group is currently assessing

the effects of IFRS 18.

Currency

Functional currency and reporting currency

Functional currency is the currency in the primary

economic environments in which the companies

operate. The parent company’s functional currency

is the Swedish kronor, which is also the reporting

currency for the parent company and the group.

Unless otherwise stated, all amounts are rounded

to the nearest thousand (KSEK).

Foreign currency transactions

Exchange rate differences that arise are recognized

in the profit/loss for the year. Exchange rate gains

and exchange rate losses on operating receivables

and operating liabilities are reported in operating

results, while exchange rate gains and exchange

rate losses on financial receivables and liabilities

are reported as financial items. Exchange rate

gains and exchange rate losses attributable to

the conversion of Vicore Pharma US Inc's assets,

equity, and liabilities to the group's reporting

currency are recognized in other comprehensive

income

Operating segments

Vicore does not divide its business into different

segments, instead it sees the entire business of the

group as one segment. This follows the company’s

internal organization and reporting structures.

Revenue from contracts with

customers

The group’s revenue primarily consists of revenue

from licensing and collaboration agreements,

with the revenue streams mainly deriving from

milestone payments, royalties, and remuneration

from collaboration agreements regarding cost

coverage for the group’s research and development

operations.

Licensing and collaboration

agreements

Revenue from licensing and collaboration agree-

ments comprises remuneration from research

agreements, milestone payments, non-recurring

and licensing remuneration and royalties. In

addition, Vicore may have contractual rights to

remuneration for costs incurred.

The transaction price is determined based on the

expected amount the group anticipates receiving

from each agreement in exchange for the transfer

of the goods or services agreed upon. The revenue

is recognized either at a given point in time or over

time when (or if) the group fulfills its performance

obligations by transferring the promised goods or

services to the collaboration partner.

The group recognizes a contract liability upon

receipt of payment for its unfulfilled performance

obligations and recognizes these amounts as

deferred income in the balance sheet. In the same

way, if the group fulfills a performance obligation

before compensation is received, it recognizes

either accrued income or a receivable in the

balance sheet, depending on if any aspect other

than time determines when remuneration falls due.

Research collaborations (remuneration from

research agreements)

Revenue recognition reflects earnings under the

specific terms of the agreement and is applied indi-

vidually to each transaction. Revenue is recognized

over time based on fulfillment of the performance

obligations. The group measures the course of

events toward complete fulfillment by continually

evaluating the degree of completion based on

costs incurred in the research collaborations.

Milestone payments

The performance obligations for milestones

achieved are recognized as revenue at a given point

in time. Revenue for milestone payments consists

of a transaction price agreed upon in advance.

Non-recurring and licensing

remuneration

Non-recurring remuneration upon signing of an

agreement is normally without a repayment obli-

gation and is recognized at a given point in time. It

normally pertains to the right to develop, register,

market, and sell Vicore’s patented products within

a given geographical area and within a given

indication. Non-recurring remuneration can also

consist of remuneration for technology or transfer

of knowledge to the partner, or consist of remuner-

ation for the right to acquire a license in the future.

Upon issuing licenses, the group evaluates

whether the license constitutes a “right to use” or

a “right to access” in accordance with IFRS 15. If

the license is classified as a “right to use”, revenue

is recognized at a given point in time. Conversely,

if the license is classified as a “right to access”,

revenue is recognized over time in accordance

with the fulfillment of the performance obligation.

The group measures progress towards complete

fulfillment by continuously assessing the degree of

completion based on the costs incurred.

Royalty income

Royalty income is based on a pre-agreed

transaction price and normally arises continually

when distributors recognize sales. Recognition

of this income aligns with the period in which the

corresponding sales are recognized.

Government grants

Government grants are reported in the statement

of financial position and the statement of

comprehensive income when there is reasonable

36 | Annual report 2024 Vicore Pharma Holding AB (publ)

Income taxes

Income taxes consist of current tax and deferred

tax. Income taxes are recognized in profit or loss

for the year, except when the underlying transac-

tion is recognized in other comprehensive income

or equity, in which case the tax effect is recognized

in other comprehensive income or equity.

Deferred tax asset/tax liability

The group’s deferred tax liability is mainly related to

the depreciation of acquired intangible assets.

Earnings per share

Earnings per share before dilution are calculated

as profit or loss attributable to the parent company

shareholders divided by the weighted average

number of ordinary shares outstanding during the

period.

Earnings per share after dilution are calculated

as profit or loss attributable to the parent company

shareholders divided, in some cases adjusted,

by the sum of the weighted average number of

ordinary shares and potential ordinary shares that

may give rise to dilution effects. A dilution effect

of potential ordinary shares is recognized only if

a translation into ordinary shares would lead to a

reduction of earnings per share after dilution.

Intangible assets

Acquired intangible assets

Acquired intangible assets held by the group

consist of patents, licenses and similar rights.

Depreciation principles

Depreciation begins when the asset can be used,

i.e. when it is in the place and in the condition

required to be able to use it in the way management

intends.

The estimated useful life for intangible fixed

assets with a finite useful life is 5 years. Depre-

ciation is made on a straight-line basis over the

estimated useful life of the asset, which coincides

with the remaining patent period for the product.

Tangible fixed assets

Depreciation principles

The depreciable amount shall be allocated on a

systematic basis over the asset’s estimated useful

life. Used depreciation methods, residual values

and useful lives are reviewed at the end of each

year.

The estimated useful lives are:

Equipment ...............................5 years

Impairment of non-financial assets

The group’s reported assets are assessed in cases

where there are indications of a decline in value of

tangible or intangible assets, i.e. whenever events

or changes in circumstances indicate that the fair

value is not recoverable. Furthermore, the group’s

development projects are reviewed annually for

impairment requirements until they are available

for use. This is done regardless of whether there

are indications of a decline in value or not. Judge-

ments and accounting estimates are presented in

Note 2, while impairments of non-financial assets

are specified in Note 16 and 17.

Climate-related considerations

Vicore has analyzed potential climate-related risks

to its operations. No short-term financial effects

or accounting changes have been identified. In

the long term, regulatory changes, supply chain

disruptions, and extreme weather events may

impact the company.

Note 2 Judgements and accounting

estimates

The preparation of the financial statements in

accordance with IFRS requires company man-

agement to make judgements and accounting

estimates that affect the application of the

accounting policies and the carrying amounts of

assets, liabilities, revenue and expenses. The actual

outcome could deviate from these estimates.

The accounting estimates and assumptions are

evaluated continously. Changes to the accounting

estimates are recognized in the period in which the

assurance that the entity will comply with the

conditions attached to them and the grants will

be received. The grant is recognised as income

over the period necessary to match them with

the related costs, for which they are intended to

compensate, on a systematic basis.

Leasing agreement

The group has exclusively entered into leasing

agreements with lease terms shorter than

12 months, primarily consisting of leases for

premises.

Leasing agreements are reported as contract

assets with a corresponding lease liability on the

day that the leased asset is available for use by the

group. Leasing payments have been discounted

with the group's marginal loan interest rate.

Leasing agreements with lease terms shorter than

12 months and leasing agreements where the

underlying asset has a lower value are excluded.

Employee benefits

Short-term remuneration

Short-term remuneration to employees, such as

salary, social security contributions, holiday pay

and bonus, is expensed when the employees

perform the services.

Pension obligations

The group only has defined contribution pension

plans. In defined contribution plans, the group pays

fixed contributions to a separate entity and has

no legal or constructive obligation to pay further

contributions if this entity does not have sufficient

assets to pay all the remuneration to employees

connected with the employees’ service during

the current or prior periods. Therefore, the group

has no additional risk. For the group’s obligations

regarding contributions for defined contribution

plans, these are reported as an expense in the

consolidated profit/loss as the benefits are earned.

Incentive programs

There are two types of share-based incentive

programs in the group: an option programs for

employees, and a share awards programs for

board members. The option and share awards

have been granted free of charge and are settled

with equity instruments.

The fair value of share-based payments is

accounted for as personnel costs. The fair value

of the employee stock options is determined at

grant date with the Black-Scholes model for pricing

of options. For the share awards, the fair value is

determined at the time of allocation using a Monte

Carlo simulation of future stock price development.

The cost is reported, along with a corresponding

increase in equity, during the period in which the

vesting conditions are fulfilled, up to and including

the date when the persons concerned are fully

entitled to the compensation.

The accumulated cost included in each reporting

period shows to what extent the vesting period has

been recognised with an estimate of the number

of share-related instruments that eventually will be

vested.

Social security contributions attributable to

share-related instruments to employees as

compensation for purchased services is expensed

over the periods during which the services are

performed. This cost is calculated using the same

valuation model that was used when the options

were issued. The provision made is reassessed at

each reporting date based on a calculation of the

amount social charges that may be payable when

the instruments are settled.

Financial income and expenses

Financial income

Financial income consists of capital gains on and

dividend incomes from financial fixed assets.

Dividend income is recognized when the right to

receive a dividend has been established.

Exchange rate gains and losses are reported net.

Financial costs

Financial costs consist mainly of interest expenses

on loans. Exchange rate gains and losses are

reported net.

37 | Annual report 2024 Vicore Pharma Holding AB (publ)

change is made if the change only has affected the period, or in the period in which the change is made

and future periods if the change affects both the current period and future periods.

Sources of uncertainty in the accounting estimates

The sources of uncertainty in the accounting estimates, entailing a significant risk that the value of assets

or liabilities might need to be adjusted to a material extent during the forthcoming fiscal year, include

impairment testing of financial assets.

Impairment testing of intangible assets

When impairment testing intangible assets, a number of significant assumptions and judgements must

be taken into account in order to calculate a recoverable amount. These assumptions and judgements

relate to, among others, future expected selling price for the company’s products buloxibutid, expected

market penetration, expected development-, marketing and distribution costs and expected likelihood that

the products will pass the remaining stages of development. The assumptions are based on industry- and

market-specific data and are produced by the management and reviewed by the Board of Directors. For

more information about impairment testing, see Note 16 "Patent, licenses and similar rights".

Other judgments and accounting estimates

Capitalization of intangible assets

Development expenditures are capitalized when they fulfill the criteria set out in IAS 38 and are expected

to represent material amounts for the development initiative as a whole. Development expenditures are

otherwise expensed as normal operating costs. The most important criteria for capitalization are that

the end product of the development work has a demonstrable future earning capacity or cost savings

and cash flow, and that there are technical and financial preconditions to finish the development work

when it begins. The group only has acquired intangible assets. Since regulatory approval has not yet been

obtained, no costs have been capitalized.

Research and development expenses

The company conducts research and development with external collaboration partners, such as

clinical research organizations (CROs). The company estimate the timing of the costs when the project

commences. This cost is then used as a basis for settlement with the external collaboration partner. An

evaluation and update of the calculation is performed monthly and forms the basis for booking accrued

and prepaid costs attributable to research and development.

Incentive programs

The group has four active share-based long-term incentive programs. The applicable accounting policies

are described in Note 1 "Accounting principles". The cost for the remuneration that is recognized in a

period is dependent on the original valuation that was made on the contract date of with the holder of the

option/share award, the number of months of service required by the participant for becoming entitled

to options (accruals are made over this period), the number of options that are expected to be vested

by the participant under the terms of the programs and a continuous reassessment of the value of the

tax benefits for the participants in the incentive programs (for determining provisions for social security

contributions). Those estimates which affect the cost in a period and the corresponding increase in equity

mainly refer to inputs for the valuation of the options. The models used for this purpose are the Black &

Scholes model and a Monte Carlo simulation. Significant assumptions in these valuations are described in

Note 9 "Share-based payments".

Tax loss carryforwards

The group’s tax loss carryforwards have not been measured and are not recognized as a deferred tax

asset. These tax loss carryforwards will be recorded when the group has established a level of earnings

which management with confidence estimate will lead to taxable profits.

Climate-related factors

Vicore has considered climate-related factors in the valuation of intangible assets and investments

in research and development. No material financial effects have been identified, but these factors are

continuously monitored as part of the company's long-term strategy

Note 3 Operating segments

Vicore does not divide its business into different operating segments. Instead the group’s entire business

is treated as one operating segment. This reflects the company’s internal organisation and reporting sys-

tem. Vicore’s chief operating decision maker is the CEO. Currently, Vicore is operating mainly in Sweden,

where the group’s tangible and intangible fixed assets are attributed.

Note 4 Net revenues

Net revenues are attributable to the non-recurring payment that Vicore received when the company

entered into the license agreement with Nippon Shinyaku for the development and commercialization

of buloxibutid in Japan, as well as to cost reimbursements for manufacturing expenses under the same

license agreement.

Note 5 Operating expenses by nature of expense

The total expenses classified by function are distributed in the following cost categories:

2024 2023Other external expenses 208,036 176,600Personnel expenses 89,428 78,313Depreciation and amortization 2,242 3,421Impairments 0 62,555Other operating expenses 5,303 2,774Total 305,009 323,663

38 | Annual report 2024 Vicore Pharma Holding AB (publ)

Note 6 Audit fees

Ernst & Young AB 2024 2023Audit fees* 647 599Other audit related services 30 6Tax consultancy services 0 0Other services 0 17Total 677 622

* Audit engagement refers to fees for the statutory audit, i.e. work that has been necessary to produce the auditor’s report as well as audit

advisory services provided in connection with the audit engagement.

Note 7 Leases

The following amounts related to leasing contracts are reported 2024 2023in the consolidated statement of comprehensive income:Leasing fees, short-term 1,737 1,598DepreciationPremises 0 63Interest 0 0Total 1,737 1,661

The total cash flow related to leasing agreements SEK 0 thousand and SEK 63 thousand for the year

ended December 31, 2024 and 2023, respectively. For information on the maturity of leases, see Note 19

"Financial risks".

Note 8 Employees and personnel costs

Average number of 2024 2023employeesNo. of of which men/ No. of of which men/ employeeswomenemployeeswomenParent company7 71%/29%5 62%/38%Subsidiaries20 24%/76%19 12%/88%Group total27 36%/64%24 23%/77%

Personnel costs for the Board of Directors, senior executives and other employees 2024 2023GroupThe Board and other senior executivesSalaries and other remuneration 43,412 37,898Social security contributions 7,148 6,089Pension costs 4,428 5,03654,988 49,023GroupOther employeesSalaries and other remuneration 26,609 21,066Social security contributions 1,502 1,767Pension costs 4,044 3,08232,155 25,915GroupOther personnel costs 2,285 3,3752,285 3,375Total personnel costs 89,428 78,313Parent companyThe Board and other senior executivesSalaries and other remuneration18,72116,422Social security contributions3,2863,095Pension costs2,2122,42424,21921,941Parent companyOther employeesSalaries and other remuneration1,3331,655Social security contributions549409Pension costs2253752,1072,439Parent companyOther personnel costs1,1641,7081,1641,708Total personnel costs27,49026,088

Senior executives include members of the Board of Directors, the CEO and other senior executives.

39 | Annual report 2024 Vicore Pharma Holding AB (publ)

Salaries and other remuneration

Costs related to the long-term incentive programs amounted to SEK 8,069 thousand and SEK 6,998

thousand for the year ended December 31, 2024 and 2023, respectively. For a decomposition of the total

cost of the incentive programs, see Note 9 "Share-based incentive programs".

Pensions

All pension plans in the group are defined contribution plans. The group’s total cost for defined contribu-

tion plans amounted to SEK 8,472 thousand and SEK 8,118 thousand for the year ended December 31,

2024 and 2023, respectively.

Gender breakdown among senior executives 2024-12-31 2023-12-31GroupProportion of women on the Board 43% 33%Proportion of men on the Board 57% 67%Proportion of women among other senior executives 53% 58%Proportion of men among other senior executives 47% 42%Parent companyProportion of women among other senior executives 20% 25%Proportion of men among other senior executives 80% 75%

Information regarding remuneration to the Board of Directors and other senior executives

Basic Variable Share-Other salary, Pension remunera-based remunera-2024board fee*coststionpaymentstion TotalChairman of the BoardHans Schikan330 0 0 653 55 1,038Members of the BoardJacob Gunterberg110 0 0 383 82 575Ann Barbier110 0 0 184 28 322Elisabeth Björk110 0 0 272 55 437Heidi Hunter110 0 0 272 138 520Michael Buschle 110 0 0 272 27 409Yasir Al-Wakeel220 0 0 122 55 397Senior executivesCEO Ahmed Mousa 4,523 166 1,091 2,567 0 8,347Other senior executives** 23,851 4,262 4,9902,2830 35,970Total29,474 4,428 6,081 7,008 440 47,431

* Board fees as resolved at the AGM, excluding optional remuneration in share awards instead of cash compensation,social security

contributions and remuneration of board committee work for the May 2024 to May 2025 financial year. Other remuneration include

remuneration for board committee work.

** For more information, see ""Remuneration for senior executives"" below.

The board fees for the operational/board year May 2024 – May 2025 amount to SEK 1,100 thousand,

compared to SEK 1,450 thousand in the previous year. The decrease is primarily due to several of the

board members opting, in accordance with the decision from the Annual General Meeting 2024, to receive

50 percent of their fees in share awards instead of cash compensation, thereby reducing the reported

expense. For further details on the incentive programs, see Note 9, “Share-based payments”.

Variable Share-Other Basic salary, Pension remunera-based remunera-2023board fee*coststionpaymentstion TotalChairman of the BoardJacob Gunterberg 450 0 0 236 200 886Members of the BoardHans Schikan 200 0 0 150 100 450Maarten Kraan 200 0 0 150 100 450Elisabeth Björk 200 0 0 105 100 405Heidi Hunter 200 0 0 219 100 519Michael Buschle 200 0 0 105 100 405Senior executivesCEO Ahmed Mousa** 1,491 83 721 743 0 3,038Former CEO Carl-Johan 2,316 852 749 651 0 4,568Dalsgaard***Other senior executives**** 19,834 4,101 4,875 2,867 0 31,677Total 25,091 5,036 6,345 5,226 700 42,398

* Board fees as resolved at the AGM, excluding social security contributions and remuneration of board committee work for the May 2023

to May 2024 financial year. Other remuneration include remuneration for board committee work. ** For the period September 9, 2023, to

December 31, 2023. *** For the period January 1, 2023, to September 8, 2023.**** For more information, see ""Remuneration for senior

executives"" below.

Share-based payments

Share-based payments refer to share awards and options granted to independent directors, the CEO,

other senior executives, and other employees. Each vested share award entitles the holder to receive one

share in the company, provided that the holder is still a member of the Board of Directors of the company

at the relevant time of vesting. Each option entitles the holder to acquire one share in the company for

a predetermined exercise price. The options are subject to vesting over a three year period whereby all

options shall be vested on the third anniversary of the granting date, provided that the holder, with some

customary exceptions is still employed by the company. The participants in the programs have received

the share awards / options free of charge. For further information about the incentive programs, see Note

9 "Share-based payments".

40 | Annual report 2024 Vicore Pharma Holding AB (publ)

Other remuneration

Other remuneration include remuneration for

board committee work. For the fiscal year 2024,

other remuneration also includes the additional

board fee decided by the general meeting, which

was conditional on the acquisition of shares in the

company.

Remuneration for senior executives

Remuneration of the CEO and other senior execu-

tives consists of, in accordance with the guidelines

for remuneration decided by the shareholder's

meeting, basic salary, pension benefits, bonus and

share-based incentives adopted by the share-

holders’ meeting (e.g. employee stock options).

Other senior executives refer to the individuals

who, together with the CEO, constitute the group

management. As of January 1, 2024, other senior

executives refer to the Chief Financial Officer, Chief

Medical Officer, Chief Scientific Officer, Program

Director, early development, VP Operations and

Corporate Strategy, Chief Administrative Officer,

Chief Engagement and Commercial Officer, VP

Business Development, VP och Head of CMC,

Director of Digital Health. During 2024, the group of

other senior executives was expanded as follows:

VP Investor Relations, Communications and

Portfolio Strategy (May 2, 2024) och VP och Head

of CMC (June 10, 2024).

The CEO has a period of notice of six months in

the event the termination is made by the group or

if the CEO resigns. Other senior executives have a

period of notice of three to six months, in the event

rights issue, this would correspond to maximum

dilution of 1.5 percent. Considering non-granted

employee stock options and warrants that may be

used as hedge for social security contributions, the

maximum dilution level as of December 31, 2024,

amounts to 3.2 percent. For further information,

see below.

Long-term incentive program 2018

The Extra General Meeting in Vicore held on August

13, 2018, resolved, in accordance with the Board of

Directors’ proposal, to adopt a long-term incentive

program for certain of the company’s senior

management and key persons (“Co-worker LTIP

2018”). A maximum of 2,000,000 options may be

allotted to participants under the program. During

the third quarter of 2024, the Co-worker LTIP 2018

expired. The program is now terminated.

Long-term incentive programs 2021

The Annual General Meeting in Vicore Pharma

Holding AB held on May 11, 2021, resolved to

implement a long-term incentive program for

senior management and key persons in the

company (“Co-worker LTIP 2021”) and to imple-

ment a long-term performance-based incentive

program for independent board members in the

company who were not participants in Board LTIP

2020 (“Board LTIP 2021”). A maximum of 3,000,000

options (Co-worker LTIP 2021) and 61,773 share

awards (Board LTIP 2021) may be allotted to

participants in the programs. During the second

quarter of 2024, the Board LTIP 2021 expired. Since

the share price increased by less than 40 percent

during the measurement period, no share awards

are vested. The program is now terminated.

the termination is made by the group or if the senior

executive resigns.

In addition to salary during the termination

period, the CEO is entitled to a termination benefit

corresponding of six months’ salary in the event of

termination by the company on a basis other than a

breach of contract.

Note 9 Share-based payments

The purpose of share-based incentive programs is

to promote the company’s long-term interests by

motivating and rewarding the company’s senior

management and other co-workers in line with the

interests of the shareholders. As of December 31,

2024, Vicore has four active incentive programs

that include the management team, other

employees, and the board members.

On September 10, 2024, Vicore's Board of

Directors decided to increase the company's share

capital through a new issue of shares with prefer-

ential rights for Vicore's existing shareholders. The

rights issue was completed on October 7, 2024.

Therefore, the number of instruments, the exercise

price and the number of shares each option or

warrant in the company's incentive program

entitles to have been recalculated. Initially, and

according to the decision of the relevant Annual

General Meeting, each vested instrument entitled

the participant to one (1) share in Vicore. After the

recalculation, each vested instrument will entitle

the participant to 1.04 shares in Vicore.

Assuming full utilization of all granted employee

stock options and share awards as of December

31, 2024, and taking into account the recalculation

of the number of shares that each instrument

gives the right to subscribe for as a result of the

Co-worker LTIP 2021

Co-worker LTIP 2021 is an incentive program

intended for members of senior management

and key persons in the company. According to

the program participants will be granted, free of

charge, options subject to three-year vesting that

entitle to acquire shares in the company in total.

The Board of Directors of the company believes

that Co-worker LTIP 2021 will create a strong

alignment of the interests of the participants and

the interests of the shareholders. Co-worker LTIP

2021 is adapted to the current position and needs

of the company. The Board of Directors is of the

opinion that Co-worker LTIP 2021 will increase

and strengthen the participants’ dedication to the

company’s operations, improve company loyalty

and that Co-worker LTIP 2021 will be beneficial to

both the shareholders and the company.

Co-worker LTIP 2021 is a program under which the

participants will be granted, free of charge, options.

The Board of Directors shall annually resolve upon

the allocation of options no later than the day falling

three years after the Annual General Meeting 2021

(with each respective date of granting being a “grant

date”). Each Option entitles the holder to acquire one

share in the company for a pre-determined exercise

price. The exercise price shall correspond to 125

percent of the volume-weighted average price of the

company’s share on Nasdaq Stockholm for the five

trading days preceding the grant date. The options

shall vest over a three-year period, with one-third

each year on the anniversary of the grant day,

whereby all options shall vest on the third anniver-

sary of the grant date, provided that the holder, with

some customary exceptions, still is employed by the

company. The latest point at which vested options

may be exercised shall be the fifth anniversary of the

grant date.

41 | Annual report 2024 Vicore Pharma Holding AB (publ)

The options are valued according to the so-called Black & Scholes model, which means that the value of

the options depends, among other things, on the value of the underlying share, the options’s issue price

and life, risk-free interest rate and volatility. The volatility has been based on the expected volatility of the

Vicore share and other listed companies with similar operations. The risk-free interest rate was equated

with the interest rate for Swedish government bonds. The fair value of the options at the time of allocation

during 2023 amounts to SEK 6.08 per option. The following inputs have been used in the model:

2023Underlying share price15.30 SEKExcercise price19.53 SEKExpected volatility50.00 %Option life5 yearsExpected dividends0 SEKRisk-free interest rate3.09 %

Long-term incentive programs 2023

The Annual General Meeting in Vicore Pharma Holding AB held on May 11, 2023, resolved to implement

a long-term incentive program for senior management and key persons in the company (“Co-worker LTIP

2023”) and to implement a long-term incentive program for the board members in the company (“Board

LTIP 2023”). A maximum of 3,000,000 options (Co-worker LTIP 2023) and 79,931 share awards (Board

LTIP 2023) may be allotted to participants in the programs.

Board LTIP 2023

Board LTIP 2023 is a program under which the participants will be granted, free of charge, share awards

subject to vesting that entitle to shares in the company.

The Nomination Committee believes an equity-based incentive program is central to a competitive

remuneration package to attract, retain, and motivate internationally competent members to the Board

of Directors. The Committee believes that Board LTIP 2023 will increase and strengthen the participants’

dedication to the company’s operations, improve company loyalty, and benefit both the shareholders and

the company.

The share awards shall vest over approximately one year corresponding to up to the date of, whichever is

earliest, (i) the Annual General Meeting 2024 or (ii) June 1, 2024 (”Vesting Date”). Thus, the vesting period

is shorter than three years. The Nomination Committee considers a vesting period of approximately one

year more appropriate than a longer vesting period since the Board of Directors’ term is at the longest from

an Annual General Meeting to the next Annual General Meeting.

The earliest time vested share awards may be exercised shall be the day falling immediately after the

Vesting Date. The latest time at which vested share awards can be exercised shall be the earlier of (i) 90

days after the last day of service as a member of the Board of Directors or (ii) June 1, 2029. The Nomina-

tion Committee desires that each board member holds these share awards or shares received (net after

tax) as a result of the share awards as long as he or she remains a board member.

Co-worker LTIP 2023

Co-worker LTIP 2023 is an incentive program intended for members of senior management and key

persons in the company. According to the program, participants will be granted, free of charge, options

subject to three-year vesting that entitle to acquire shares in the company in total.

The Board of Directors of the company believes that Co-worker LTIP 2023 will create a strong alignment

of the interests of the participants and the interests of the shareholders. Co-worker LTIP 2023 is adapted

to the current position and needs of the company. The Board of Directors is of the opinion that Co-worker

LTIP 2023 will increase and strengthen the participants’ dedication to the company’s operations, improve

company loyalty and that Co-worker LTIP 2023 will be beneficial to both the shareholders and the

company.

The options shall be granted free of charge to the participants. The Board of Directors may, on one or

several occasions, annually resolve upon the allocation of options no later than the day falling three years

after the Annual General Meeting 2023 (with each respective date of granting being a “Grant Date”). Each

option entitles the holder to acquire one share in the company for a pre-determined exercise price. The

exercise price shall correspond to 125 percent of the volume-weighted average price of the company’s

share on Nasdaq Stockholm for the five trading days preceding the Grant Date. The options shall vest over

a three-year period, with one-third each year on the anniversary of the Grant Day, whereby all options shall

vest on the third anniversary of the Grant Date, provided that the holder, with some customary exceptions

(including retirement and permanent incapacity to work due to illness or accident), still is employed by the

company. The latest point in time at which vested options may be exercised shall be the fifth anniversary

of the Grant Date.

The options are valued according to the so-called Black & Scholes model, which means that the value of

the options depends, among other things, on the value of the underlying share, the options’s issue price

and life, risk-free interest rate and volatility. The volatility has been based on the expected volatility of the

Vicore share and other listed companies with similar operations. The risk-free interest rate was equated

with the interest rate for Swedish government bonds. The fair value of the options at the time of allocation

during 2023 amounts to SEK 6.08 per option and to SEK 5.62 per option for allocations during 2024. The

following inputs have been used in the model:

2024 2023Underlying share price 14.98 SEK 15.30 SEKExcercise price 19.94 SEK 19.53 SEKExpected volatility 50.00 % 50.00 %Option life 5 years 5 yearsExpected dividends 0 SEK 0 SEKRisk-free interest rate 2.35 % 3.09 %

Long-term incentive program 2024

The Annual General Meeting of Vicore Pharma Holding AB, held on May 7, 2024, resolved, in accordance

with the proposal from the Nomination Committee, to implement a long-term incentive program for the

company's board members (“Board LTIP 2024”). A maximum of 297,000 share awards may be allotted to

program participants.

Board LTIP 2024

Board LTIP 2024 is a program under which the participants will be granted, free of charge, share awards

42 | Annual report 2024 Vicore Pharma Holding AB (publ)

subject to vesting that entitle to shares in the company. In addition, the program allows participants to

receive 50 percent of their gross board fee, excluding committee fees, in share awards instead of cash

compensation.

The Nomination Committee believes an equity-based incentive program is central to a competitive

remuneration package to attract, retain, and motivate internationally competent members to the Board

of Directors. The Committee believes that Board LTIP 2024 will increase and strengthen the participants’

dedication to the company’s operations, improve company loyalty, and benefit both the shareholders and

the company.

The share awards shall vest over approximately one year corresponding to up to the date of, whichever is

earliest, (i) the Annual General Meeting 2025 or (ii) June 1, 2025 (”Vesting Date”). Thus, the vesting period

is shorter than three years. The Nomination Committee considers a vesting period of approximately one

year more appropriate than a longer vesting period since the Board of Directors’ term is at the longest from

an Annual General Meeting to the next Annual General Meeting.

The earliest time vested share awards may be exercised shall be the day falling immediately after the

Vesting Date. The latest time at which vested share awards can be exercised shall be the earlier of (i) 90

days after the last day of service as a member of the Board of Directors or (ii) June 1, 2024. The Nomina-

tion Committee desires that each board member holds these share awards or shares received (net after

tax) as a result of the share awards as long as he or she remains a board member.

Summary of issued share awards and options

2024 2023Average exercise Number Average exercise Number Issued share awards price per of share price per of share (Board LTIP 2021)share awardawardsshare awardawardsAt January 1 054,909061,773Forfeited/expired during the year 0(54,909)0(6,864)At December 31 0 0 054,909

2024 2023Average exercise Number Average exercise Number Issued share awards price per of share price per of share (Board LTIP 2023)share awardawardsshare awardawardsAt January 1 079,9310 0Granted/exercised during the year 0 (11,025) 079,931At December 31 0 68,906 079,931

2024Average exercise Number Issued share awards price per of share (Board LTIP 2024)share awardawardsAt January 1 0 0Granted during the year 0159,882At December 31 0159,882

20242023Average Average Issued options exercise price Number exercise price Number (Co-worker LTIP 2018)per optionof optionsper optionof optionsAt January 128.10 531,667 26.90939,600Forfeited/expired during the year28.10 (531,667) 24.41 (407,933)At December 31 0 028.10 531,667

2024 2023Average Average Issued options exercise price Number exercise price Number (Co-worker LTIP 2021)per optionof optionsper optionof optionsAt January 123.51 2,597,950 26.60 1,753,783Granted during the year0018.80 1,155,000Forfeited/expired during the year 24.22(248,333) 23.75 (310,833)At December 31 23.442,349,617 23.51 2,597,950

20242023Average Average Issued options exercise price Number exercise price Number (Co-worker LTIP 2023)per optionof optionsper optionof optionsAt January 118.80 612,667 0 0Granted during the year19.20 244,479 18.80 718,084Forfeited during the year 18.80 (29,167)18.80 (105,417)At December 31 18.92 827,97918.80 612,667

43 | Annual report 2024 Vicore Pharma Holding AB (publ)

Outstanding share awards and options at year-end

Dec 31, 2024 Dec 31, 2023Share Share Date of Exercise awards / awards / Program per yearexpirationpriceoptions Vested (%)options Vested (%)Program share awards Annual General 0 - -54,90995%(Board LTIP 2021)Meeting 2024Program share awards June 1, 2029 0 68,906 100%79,93154%(Board LTIP 2023)Program share awards June 1, 2034 0159,88252% - -(Board LTIP 2024)Program 2021 options September 16, 25.50688,617100%738,61792%(Co-worker LTIP 2021)2026Program 2022 options September 27, 27.60 714,333 93%829,33368%(Co-worker LTIP 2021)2027Program 2023 options September 29, 18.80946,66769%1,030,00015%(Co-worker LTIP 2021)2028Program 2023 options September 29, 18.80583,50068%612,66715%(Co-worker LTIP 2023)2028Program 2024 options March 26, 19.20244,47968% - -(Co-worker LTIP 2023)2029

On September 10, 2024, Vicore's Board of Directors decided to increase the company's share capital

through a new issue of shares with preferential rights for Vicore's existing shareholders. The rights

issue was completed on October 7, 2024. Therefore, the number of instruments, the exercise price and

the number of shares each option or warrant in the company's incentive program entitles to have been

recalculated.

The costs for social security contributions related to share-based incentive programs varies from

quarter to quarter due to the change in the underlying share price. Related provisions are reported as

non-current liabilities. Total IFRS 2-classified payroll expenses for the incentive programs for the entire

duration of the programs amount to SEK 23,911 thousand (SEK 26,001 thousand). The total costs for the

share-based incentive programs for each year is presented below. These costs have had no cash impact.

Summary of the total cost of the incentive programs

2024 2023IFRS 2-classified payroll expenses 8,069 6,998Provisions for social security contributions (604) (240)Total7,465 6,758

Summary of allotted options and share awards

2024 2023Program 2021 Number Number Number Number share awards outstanding outstanding outstanding outstanding (Board LTIP at Jan 1, Granted/at Dec 31, at Jan 1, Granted/at Dec 31, 2021)2024forfeited20242023forfeited2023Member of the 20,591 (20,591)020,591020,591Board Hans SchikanFormer member of the Board Maarten 20,591 (20,591)020,591020,591KraanFormer member of the Board Sara 13,727 (13,727)020,591 (6,864) 13,727MalcusTotal54,909 (54,909)061,773 (6,864) 54,909

2024 2023Program 2023 Number Number Number Number share awards outstanding Granted/outstanding outstanding outstanding (Board LTIP at Jan 1, forfeited/at Dec 31, at Jan 1, Granted/at Dec 31, 2023)2024exercised20242023forfeited2023Chairman of the Board Jacob 24,806024,806024,806 24,806GunterbergMember of the 11,025011,025011,025 11,025Board Heidi HunterMember of the 11,025011,025011,025 11,025Board Hans SchikanMember of the Board Elisabeth 11,025011,025011,025 11,025BjörkMember of the Board Michael 11,025011,025011,025 11,025BuschleFormer member of the Board Maarten 11,025 (11,025)0 011,025 11,025KraanTotal79,931 (11,025) 68,906079,931 79,931

44 | Annual report 2024 Vicore Pharma Holding AB (publ)

2024Number Number Program 2024 share awards outstanding at outstanding at (Board LTIP 2024)Jan 1, 2024 Granted/forfeitedDec 31, 2024Chairman of the Board Hans Schikan 055,344 55,344Member of the Board Heidi Hunter 018,448 18,448Member of the Board Jacob Gunterberg 018,448 18,448Member of the Board Elisabeth Björk 018,448 18,448Member of the Board Michael Buschle 018,448 18,448Member of the Board Ann Barbier 018,448 18,448Member of the Board Yasir Al-Wakeel 012,298 12,298Total 0159,882 159,882

2024 2023Program 2018, 2019 and Number Number Number Number 2020 options outstanding outstanding outstanding outstanding (Co-worker LTIP at Jan 1, Granted/at Dec 31, at Jan 1, Granted/at Dec 31, 2018)2024forfeited20242023forfeited2023Former CEO Carl- 100,000 (100,000)0200,000 (100,000) 100,000Johan DalsgaardOther senior 295,000 (295,000)0553,750 (258,750) 295,000executivesOther employees136,667 (136,667)0185,850 (49,183) 136,667Total531,667 (531,667)0939,600 (407,933) 531,667

2024 2023Program 2021, 2022 and Number Number Number Number 2023 options outstanding outstanding outstanding outstanding (Co-worker LTIP at Jan 1, Granted/at Dec 31, at Jan 1, Granted/at Dec 31, 2021)2024forfeited20242023forfeited2023CEO Ahmed Mousa 400,000 0 400,000 0 400,000 400,000Former CEO Carl- 200,000(100,000) 100,000200,000 0 200,000Johan DalsgaardOther senior 1,209,334(100,000) 1,109,334916,000 293,334 1,209,334executivesOther employees788,616(48,333) 740,283637,783 150,833 788,616Total2,597,950 (248,333) 2,349,617 1,753,783 844,167 2,597,950

2024 2023Program 2023 Number Number Number Number and 2024 options outstanding outstanding outstanding outstanding (Co-worker LTIP at Jan 1, Granted/at Dec 31, at Jan 1, Granted/at Dec 31, 2023)2024forfeited20242023forfeited2023CEO Ahmed Mousa400,0000400,0000400,000 400,000Other senior 0195,000 195,0000 0 0executivesOther employees212,667 49,479 262,1460212,667 212,667Total612,667 244,479 857,1460612,667 612,667

For information about other senior executives, see Note 8 "Employees and personnel costs".

Note 10 Other operating income

2024 2023Exchange rate gains 1,474 2,157Total other operating income 1,474 2,157

Note 11 Other operating expenses

2024 2023Exchange rate losses 5,303 2,774Total other operating expenses 5,303 2,774

Note 12 Financial income

2024 2023Financial assets measured at fair value through profit and lossExchange rate gains currency accounts 4,226 0Total 4,226 0Financial assets measured at amortized costInterest income short-term investments 21,081 10,538Total interest income calculated using the effective interest method 21,081 10,538Total disclosed in net financial income/expenses 25,307 10,538

45 | Annual report 2024 Vicore Pharma Holding AB (publ)

Note 13 Financial expenses

2024 2023

Financial assets measured at fair value through profit and loss

Loss on sale of securities 0 -356

Total 0 -356

Financial liabilities measured at amortized cost

Interest expenses other financial liabilities (8) (2)

Total interest expenses calculated using the effective interest method (8) (2)

Total disclosed in net financial income/expenses (8) (358)

Note 14 Tax

2024 2023Current tax 0 0Change in deferred tax regarding temporary differences256384Recognized tax256384Reconciliation of effective tax rates 2024 2023Loss before tax(168,890)(311,326)Tax according to applicable tax rate for parent company 20.6% (20.6%)34,79164,133Tax effect non-deductable expenses(1,382)(26,430)Tax effect non-taxable income179504Tax effect unrecognized tax assets(33,332)(37,823)Change in deferred tax256384Recognized tax256384Effective tax rate 0% 0%The group has no tax items that are recognized in other comprehensive income, but there are issue costs

booked directly against shareholder’s equity.

Information about deferred tax liabilities

In the table below, the tax effect of the temporary differences is specified:

Deferred tax liability 2024-12-31 2023-12-31Intangible assets 0 256Tax provision for pension premium 315 337Carrying amount 315 593

Tax loss carryforwards

Tax loss carryforwards for which deferred tax assets have not been recognized in the balance sheet

amounted to SEK 1,512,096 thousand and SEK 1,299,969 thousand for the year ended December 31,

2024 and 2023, respectively. These carryforwards have no time limit. Deferred tax assets have not been

recognized for these items, as it is unlikely that the group in a foreseeable future will utilize them to offset

future taxable profits. For further information about tax loss carryforwards, see Note 2 "Judgements and

accounting estimates".

Note 15 Earnings per share

Earnings per share before and after dilution 2024 2023Profit/(loss) for the year attributable to shareholders of the parent company(168,633,663)(310,941,059)Average number of ordinary shares136,844,50696,558,831Earnings per share before and after dilution (1.23) (3.18)

The average number of outstanding shares has been adjusted for bonus shares in new stock issued

targeted towards existing shareholders for both the current financial year and the prior financial year.

Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares

outstanding for the dilution effect from all potential ordinary shares. These potential ordinary shares are

attributable to the options and share awards allocated to senior executives, other employees and board

members. For further information, see Note 9 "Share-based payments". If there is a loss for the year, the

options are not treated as dilutive. Neither are the options considered dilutive if the exercise rate, including

the addition of the value of remaining future services to be recognized during the vesting period, exceeds

the average trading price for the period. There is no dilution effect for potential ordinary shares as there

was a loss for the year, as demonstrated above.

For more information about the changes of the number of outstanding shares, see Note 24 "Sharehold-

ers’ equity".

46 | Annual report 2024 Vicore Pharma Holding AB (publ)

Note 16 Patents, licenses and similar rights

2024-12-31 2023-12-31Opening cost 79,192 79,192Closing accumulated cost 79,192 79,192Opening amortizations (14,419) (11,092)Amortizations for the year (2,218) (3,327)Closing accumulated amortizations (16,637) (14,419)Opening impairments (62,555) 0Impairments for the year 0 (62,555)Closing accumulated impairments (62,555) (62,555)Closing carrying amount 0 2,218

Amortizations

Amortization refers to previously acquired intangible assets. This consists of a patent portfolio related to

buloxibutid (C21), whose main patent expires in the United States in September 2024. Amortization began

in September 2019 and is amortized over its estimated useful life, which is the remaining patent period.

Impairments/disposals

During 2023, there has been an impairment assessment of the intangible assets attributable to the IMiD

program (amounting to SEK 50.6 million) and the drug candidate C106 (amounting to SEK 12.0 million).

This has had an impact on research and development costs during 2023, but has had no impact on cash

flow.

Impairment testing

To test the value of acquired intangible assets, Vicore uses a probability-adjusted discounted cash flow

model based on fair value. The value in use for buloxibutid is determined by calculating the present

value of the estimated future cash flows and adjusting these in order to take the development risk into

account. The valuation considers the cash flows over the projects’ estimated remaining useful life, but

does not involve calculation of any residual value thereafter. The methodology used is an accepted one for

impairment testing within the biopharmaceutical industry. The measurement is attributed to Level 3 in the

fair value hierarchy and comprises the material assumptions specified below:

Revenue- and cost forecasts for buloxibutid stretches over 12 years for the US and 15 years for the EU

and Japan. In the US, buloxibutid is protected by orphan drug protection for a period of 7 years after

launch. In the EU and Japan, buloxibutid is protected by orphan drug protection over 10 years after

launch.

Revenue is calculated using estimations based on available data of different types considered indica-

tors, e.g. forecasts of total market size, growth, anticipated market share of the product, competition

from rival products and assessed price level. Market, growth, anticipated market share of the product

and assessed price level is derived from secondary sources, accepted industry assumptions and

assumptions made by Vicore.

Costs comprise development expenditures as well as direct and indirect project costs based on

Vicore’s business plan. Operating margins are derived from secondary sources, accepted industry

assumptions and assumptions made by Vicore.

The present value of the cash flows is calculated and adjusted to reflect the probability of success

for the project. This probability is based on accepted assumptions regarding the possibility for a

corresponding product to go to market from the current development stage derived from secondary

sources.

The weighted average pre-tax cost of capital has been estimated at 13% (14%).

The most critical assumptions mainly consist of assumptions made about market size, market share

and price level. As with many pharmaceutical development projects, the results of the development work

may be binary in the sense that the project can either be developed according to plan or must be cancelled

altogether. Where appropriate, the valuation has been calibrated against completed share issues with

external investors.

Note 17 Equipment

2024-12-31 2023-12-31Opening cost 147 147Closing accumulated cost 147 147Opening depreciations (122) (93)Depreciations for the year (25) (29)Closing accumulated depreciations (147) (122)Closing carrying amount 0 25

47 | Annual report 2024 Vicore Pharma Holding AB (publ)

Note 18 Financial assets and liabilities

Financial assets and liabilities at December 31, 2024

Financial assets/ liabilities Financial assets/ Total measured at fair value liabilities measured carrying through profit and lossat amortized costamountFinancial assetsOther current receivables 0 930 930Accrued income 0 5,370 5,370Cash and cash equivalents 0 1,156,001 1,156,001Total 0 1,162,301 1,162,301Financial liablilitiesTrade payables 0 29,966 29,966Other current liabilities 0 708 708Accrued expenses 0 16,522 16,522Total 0 47,196 47,196The maximum credit risk of the financial assets consists of the net amounts of the reported values in the

table above The group has not received any pledged assets for the financial net assets.

Financial assets and liabilities at December 31, 2023

Financial assets/ liabilities Financial assets/ Total measured at fair value liabilities measured carrying through profit and lossat amortized costamountFinancial assetsOther current receivables 0 2,054 2,054Short-term investments 0 149,146 149,146Cash and cash equivalents 0 333,620 333,620Total 0 484,820 484,820Financial liablilitiesTrade payables 0 17,916 17,916Other current liabilities 0 7 7Accrued expenses 0 8,520 8,520Total 0 26,443 26,443

The maximum credit risk of the financial assets consists of the net amounts of the reported values in the

table above The group has not received any pledged assets for the financial net assets.

Fair value measurement

IFRS 13, Fair Value Measurement contains a valuation hierarchy regarding inputs to the measurements.

This measurement hierarchy is divided into three levels, which comprise:

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities

Level 2 - Inputs other than quoted prices included within level 1 that are observable for the asset or

liability, either directly (that is, as price quotations) or indirectly (that is, derived from price quotations)

Level 3 - Inputs for the asset or liability that are not based on observable market data (that is, non-observ-

able inputs)

Long-term investments

Investments in financial fixed assets are measured at fair value with changes in value in profit and loss.

Investments in listed shares are measured at fair value according to Level 1 in the valuation hierarchy.

Listed investments are measured on the basis of their share price on the closing day.

Other financial assets and liabilities

For other current receivables and liabilities, short-term investments, cash and cash equivalents, trade

payables, and accrued expenses and income with a short maturity, the carrying amount is considered a

reasonable estimate of the fair value.

Note 19 Financial risks

Through its operations, Vicore is exposed to various types of financial risk; credit risks, market risks

(foreign exchange risk, interest rate risk and other price risks) and liquidity risks (including refinancing

risk). The group’s overall risk management objective focuses on the unpredictability of financial markets

and strives to minimize potentially unfavorable consequences for the group’s financial position and

performance.

The Board of Directors has overall responsibility for managing financial risks and internal controls

related to financial transactions. Financial risks and transactions are managed centrally by the parent

company through the group’s CFO and CEO. The overall objective in terms of financial risks is: to provide

cost-effective financing and cash management, to ensure that all payment commitments are processed

at the right time, to ensure that all financial transactions are organized in a way that supports the group

in achieving the financial key ratios and ensure that risk exposures relating to credit risk, market risks and

liquidity risk are reduced to an acceptable level.

The Board of Directors establishes written principles both for the overall risk management and for spe-

cific areas such as credit risks, foreign exchange risks, interest rate risks, refinancing risks, liquidity risks

and the use of derivative instruments and the handling of excess liquidity. The group does not currently

use derivatives, but allows hedging of currency in certain situations.

Credit risk

Credit risk is the risk that the group’s counterparty of a financial instrument cannot fulfill its obligation and

thereby causes a financial loss for the group. Given the nature of the group’s business, with no foreseen

revenues, credit risk is not a material issue at this stage of the company’s development. However, some

credit risk exists in the group’s cash management, which is managed through Vicore’s treasury policy.

48 | Annual report 2024 Vicore Pharma Holding AB (publ)

Financial credit risk

The financial assets that are covered by provi-

sions for expected credit losses according to

the general method consist of cash and cash

equivalents. Vicore applies a rating-based method

in combination with other known information and

forward-looking factors for assessing expected

credit losses. The group has defined default as

when payment of the claim is 90 days overdue or

more, or if other factors indicate a suspension of

payments. Significant increase in credit risk has

not been considered to exist for any receivable or

asset on the reporting date. Such assessment is

based on whether payment is 30 days overdue or

more, or if significant deterioration of the rating

occurs, entailing a rating below investment grade.

In cases where the amounts are not deemed to be

insignificant, a provision for expected credit losses

is also recognized for these financial instruments.

The assessment has been made that there has

been no significant increase in credit risk for any of

the group’s financial assets. There counterparties

do not have credit ratings, except for cash and cash

equivalents where the counterparties have credit

risk ratings of AA-, A+ and A.

Market risks

Market risk is the risk that the fair value or future

cash flows of a financial instrument will fluctuate

due to changes in market prices. Market risks are

according to IFRS divided into three types: foreign

exchange risk, interest rate risk and other price

risks. Foreign exchange risk is the market risk with

the greatest impact on the group as the financing

received shall cover for research and develop-

ment costs mainly in foreign currencies.

The group does not currently have any loans

that expose it to interest rate risks. Interest risk

may occur in short term cash management, and

is regulated by maximum maturities.

Foreign exchange risk

Foreign exchange risk is the risk that the fair value

of or future cash flow from a financial instrument

may vary due to changes in foreign exchange

rates. Foreign exchange risk relates to the risk that

fluctuations in exchange rates will have a negative

impact on the group’s P&L, balance sheet or cash

flow.

Transaction currency risk

The main exposure derives from the group’s

expenses in foreign currencies. This exposure

is referred to as transaction exposure. The com-

pany's development costs are to a large extent

paid in USD and EUR. As a result, the company

is subject to exchange rate risks in relation to

payment flows within Sweden and the eurozone,

such as fluctuations where the exchange rate

changes from the time an agreement is entered

into until its payment is to be made in accordance

with the agreement. Foreign exchange hedging is

decided by the Board of Directors based on cash

flow forecasts. In accordance with the company's

policy for financial risk, the company exchanges

USD and EUR at a level of 60-100% of expected

flows. See the table below for the level of exposure

in each currency.

Foreign exchange Operating Operating exposure 2024 (%)incomeexpensesGBP - 6%EUR - 17%DKK - 4%USD100%37%SEK - 36%Foreign exchange Operating Operating exposure 2023 (%)incomeexpensesGBP - 15%EUR - 32%DKK - 6%USD - 13%SEK - 34%Operating expenses in the table above are excluded

from payroll costs.

As indicated in the table above, the group’s main

transaction exposure consists of USD (EUR in

2023). A 10% stronger USD against SEK would

have a negative impact on the profit after tax and

shareholders’ equity by approximately SEK 1,405

thousand and SEK 2,429 thousand for the year

ended December 31, 2024 and 2023, respectively.

Refinancing risk

Refinancing risk refers to the risk that cash and

cash equivalents are unavailable and that financing

can only be obtained partially, not at all or at an

elevated cost. Currently, the group is financed by

shareholders’ equity and is therefore not exposed

to risks related to external loan financing. The main

risks therefore entail the inability to obtain further

equity investments from Vicore’s shareholders.

Liquidity risk

Liquidity risk is the risk that the group will encoun-

ter difficulties in fulfilling its obligations related

to financial liabilities. The Board of Directors and

executive management manage liquidity risk by

continuously following up and also by anticipating

future cash flow to reduce liquidity risk and ensure

the solvency of the group.

Vicore uses rolling forecasts to ensure that the

company has sufficient cash assets to meet its

operational requirements. This monitoring takes the

form of reporting to the Board of Directors, whereby

outcomes and forecasts are compared with the

budget that is produced and approved by the Board

each year.

Surplus liquidity in Vicore, in excess of what is

required to manage working capital requirements,

is invested in interest-bearing current accounts.

At the balance sheet date, Vicore had short-term

investments of SEK 0 thousand and SEK 149,146

thousand for the year ended December 31, 2024

and 2023, respectively. In addition to this, Vicore

had bank deposits of SEK 1,156,001 thousand and

SEK 333,620 thousand as of December 31, 2024

and 2023, respectively.

49 | Annual report 2024 Vicore Pharma Holding AB (publ)

The group’s contractual and undiscounted interest payments and financial liability repayments are

shown in the table below. Amounts in foreign currencies have been translated into SEK at the closing

rate on the reporting date. Financial instruments with a variable interest rate have been calculated using

the interest rate at the reporting date. Liabilities have been included in the earliest period during which

repayment may be required.

2024-12-31Maturity analysis <1 month 1-3 months >3 monthsTrade payables 18,756 11,210 0Other current liabilities 708 0 0Accrued expenses 7,085 8,850 1,333Total 26,549 20,060 1,333

2023-12-31Maturity analysis <1 month 1-3 months >3 monthsTrade payables 17,859 57 0Other current liabilities 7 0 0Accrued expenses 621 2,050 5,849Total 18,487 2,107 5,849

Capital management

The group’s goals regarding the capital structure are to ensure financing of the company’s development

and business plan. Equity or financing related to equity is expected to be the most realistic and possible

alternative in the near future.

No change occurred in the group’s capital management during the year. None of the group companies

are subject to external capital requirements.

Note 20 Prepaid expenses and accrued income

2024-12-31 2023-12-31Accrued income 5,103 0Accrued interest income 267 0Prepaid rental charges 87 87Prepaid insurances 904 809Prepaid research and development expenses 25,129 7,911Other prepaid expenses 1,232 892Total 32,722 9,699

Note 21 Short-term investments

2024-12-31 2023-12-31Accrued interest income 0 107Interest-bearing investments 0 149,039Total 0 149,146

Note 22 Cash and cash equivalents

Available balances 2024-12-31 2023-12-31SEK 1,116,644 324,938USD 21,707 8,678EUR 17,650 4Total 1,156,001 333,620

Note 23 Group companies

Share of equity and voting rightsCompany Principal activity 2024-12-31 2023-12-31Vicore Pharma Holding AB Own and manage shares in subsidiaries Parent companyResearch and development of pharmaceutical Vicore Pharma AB100% 100%productsResearch and development of pharmaceutical INIM Pharma AB100% 100%productsIntra-group services in research and develop-Vicore US Inc100% 100%ment, management and administration

50 | Annual report 2024 Vicore Pharma Holding AB (publ)

Note 24 Shareholders’ equity

Share capital and other contributed capital

Other Number of contributed SEKordinary shares Share capitalcapitalAt January 1, 2023 81,847,979 40,923,989 1,210,811,196New share issue, June 9, 2023, registered June 9, 2023 9,200,000 4,600,000 140,418,985New share issue, June 9, 2023, registered July 10, 2023 20,675,000 10,337,500 315,562,082Share-based payments 0 0 6,997,962At December 31, 2023 111,722,979 55,861,489 1,673,790,225At January 1, 2024 111,722,979 55,861,489 1,673,790,225New share issue, May 29, 2024, registered May 29, 2024 11,025 5,512 0New share issue, Sep 10, 2024, registered Oct 11, 2024 111,734,004 55,867,001 678,190,553New share issue, Oct 7, 2024, registered Oct 16, 2024 11,111,111 5,555,555 94,443,000Share-based payments 0 0 8,069,120At December 31, 2024 234,579,119 117,289,557 2,454,492,898

Share capital

At December 31, 2024, the registered share capital encompassed 234,579,119 ordinary shares. All shares

have been fully paid and no shares are reserved for transfer. Each share carries one vote. The quotient

value is SEK 0.50 (0.50). No shares are held by the company itself or its subsidiaries.

Other contributed capital

Other contributed capital comprises capital contributed by the owners of the company, for example share

premiums when subscribing for shares.

Share-based payments

As of December 31, 2024, Vicore has four active incentive programs that include the management team,

other employees and board members. For more information, see Note 9 "Share-based payments".

Dividend

At the Annual General Meeting in May 2025, no dividend will be proposed for the financial year 2024.

Note 25 Other provisions

2024-12-31 2023-12-31Social security contributions related to share-based incentive programsOpening amount 1,487 1,727Provisions for the year (603) (240)Severance payOpening amount 1,588 0Provisions for the year (1,588) 1,588Total 884 3,075

For more information about incentive programs, see Note 9 "Share-based payments".

Note 26 Accrued expenses and deferred income

2024-12-31 2023-12-31Accrued personnel-related expenses 5,700 5,671Accrued expenses, research and development 16,104 8,425Accrued expenses, other 1,164 549Total 22,968 14,645

Note 27 Supplementary information to the cash flow statement

Adjustment for items not included in the cash flow 2024-12-31 2023-12-31Depreciations 2,243 3,423Impairments 0 62,554Incentive programs, payroll expenses 8,068 6,998Incentive programs, social security contributions (605) (240)Provision for payroll tax, pension premium 17 73Other 444 (668)Total 10,167 72,140

51 | Annual report 2024 Vicore Pharma Holding AB (publ)

Note 28 Related-party transactions

Related parties are defined as individuals with

holdings of more than ten percent, members of the

group’s senior management, meaning the Board

of Directors and senior executives, as well as their

immediate family members.

For information about remuneration to senior

executives and the Board of Directors, see Note 8

"Employees and personnel costs".

Note 29 Pledged assets and

contingent liabilities

Below a summary of material agreements which

the company has entered into during the most

recent years:

Agreement with Emeriti Bio AB and HaLaCore

Pharma AB

Vicore Pharma AB ("Vicore Pharma") entered into

a cooperation and development agreement with

Emeriti Bio AB on August 24, 2016, which was

expanded on November 1, 2017. The main purpose

of the agreement is to develop new follow-on mol-

ecules based on buloxibutid (C21) and other drug

substances targeting the AT2 receptor (AT2R).

On November 2, 2020, the parties expanded their

cooperation and development agreement in

connection with the acquisition of a number of new

intellectual proporty rights as part of the devel-

opment of new AT2R agonists from HaLaCore

Pharma AB, where HaLaCore Pharma AB became a

new party to the agreement. The agreement is valid

until there is no longer any obligation to pay Emeriti

Bio AB and HaLaCore Pharma AB. For Emeriti Bio

AB’s and HaLaCore Pharma AB's development

work, Vicore Pharma pays consultancy fees, pos-

sible milestone compensation subject to achieve-

ment of predefined development goals. Vicore

Pharma owns all results. The total maximum

payments in the form of milestone compensation

under the agreement is limited to SEK 49.5 million.

In 2020, a milestone payment of SEK 1 million

was paid to Emeriti Bio AB in connection with the

filing of a patent application by Vicore Pharma. As

compensation for the acquisition of intellectual

property rights, HaLaCore received a one-time

payment of SEK 6 million in 2020, divided between

SEK 3 million in cash and 142,054 newly issued

shares in Vicore, corresponding to approximately

SEK 3 million. In June 2022, a milestone payment

of approximately SEK 6 million was paid to Emeriti

Bio AB and HaLaCore Pharma AB in connection

with the first subject being dosed in the Phase 1

study with C106. Maximum remaining exposure

amounts to SEK 36.5 million.

Agreement with Alex Therapeutics AB

Vicore Pharma AB ("Vicore Pharma") entered into

a collaboration and development agreement with

Alex Therapeutics on April 23, 2021. The main

purpose of the agreement is to develop a digital

app in interstitial lung diseases, such as IPF. Within

the scope of the collaboration and development

agreement, Vicore Pharma pays certain milestone

payments if the collaboration leads to predeter-

mined development goals as well as royalties on

sales. At the entering of the agreement, Vicore paid

a one-time payment amounting to 0.8 MEUR.

Note 30 Events after the balance

sheet date

In January, the United States Food and Drug

Administration (FDA) granted Fast Track desig-

nation (FTD) to buloxibutid, recognizing its

disease-modifying potential for the treatment

of idiopathic pulmonary fibrosis (IPF).

In March, it was decided that INIM Pharma will

merge with its parent company, Vicore Pharma

Holding AB.

52 | Annual report 2024 Vicore Pharma Holding AB (publ)

Notes

Parent company

Note 1 Accounting principles

The parent company's accounting principles

The parent company has prepared its financial reports in accordance with the Annual Accounts Act

and the Swedish Financial Reporting Board recommendation RFR 2 “Accounting for Legal Entities”. The

differences between the group’s and the parent company’s accounting principles are described below. The

accounting policies set out below for the parent company have been consistently applied for all periods as

presented in the parent company’s financial statements, unless otherwise stated.

Classification and format

The parent company’s income statement and balance sheets are prepared in accordance with the Annual

Accounts Act’s scheme, while the statement of comprehensive income, statement of changes in equity

and the statement of cash flow are based on IAS 1 "Presentation of Financial Statements" and IAS 7

"Statement of Cash Flow". The differences concerning the group’s statements, which are relevant to the

parent company’s income statement and balance sheet consist mostly of the presentation of equity.

Subsidiary and associated companies

Participations in subsidiaries and associated companies are recognized in the parent company according

to the cost method less any write-downs. This means that transaction costs are included in the carrying

amount of the subsidiaries. When there is an indication that the value of shares in subsidiary companies

has decreased, a calculation of the recoverable amount is performed. If this amount is lower than the

carrying value, an impairment is recognized. Impairments of shares in subsidiary companies are reported

under the line item Profit/(loss) from participation in group companies.

Financial assets and liabilities

Due to the relation between accounting and tax, the rules pertaining to the financial instruments in IFRS9

are not applied in the parent company as a legal entity. Instead the parent company applies accounting

at cost in accordance with the Annual Accounting Act. In the parent company, therefore, financial

non-current assets are valued at cost and financial current assets according to the lowest value principle,

with the application of impairments for expected credit losses according to IFRS 9 for assets that are debt

instruments. For other financial assets, impairments are based on market values.

Leasing

The parent company does not apply IFRS 16 Leases. The parent company as lessee recognizes leasing

fees as a linear cost over the lease period, in accordance with the exception provided in RFR 2, unless

another systematic way better reflects the user's economic benefit over time. The parent company only

recognizes leasing fees from leasing contracts as a linear cost over the leasing period under administra-

tive expenses. Thus, the contract asset and the contract liability are not recognized in the balance sheet.

Group contributions and shareholder contributions

Both received and paid group contributions are recognized as appropriations in accordance with the alter-

native method. Shareholder contributions are recognized directly in the receiver’s equity and capitalised in

shares and participations of the parent company, to the extent that impairment is not required.

Note 2 Net revenues

Net revenues mainly consists of business support fees to group companies.

Note 3 Operating expenses by nature of expense

The total expenses classified by function are distributed in the following cost categories:

2024 2023

Other external expenses 14,389 12,866

Personnel expenses 27,490 26,088

Other operating expenses 120 179

Total 41,999 39,133

Note 4 Audit fees

Ernst & Young AB 2024 2023

Audit fees 481 474

Other audit related services 30 102

Tax consultancy services 0 0

Other services 0 23

Total 511 599

For further information on audit fees, see Note 6 "Audit fees" for the group.

Note 5 Leases

Operating leasing costs concerning operating leases mainly comprise rent for premises and office

equipment and amounts to SEK 0 thousand and SEK 783 thousand for the year ended December 31, 2024

and 2023, respectively.

Note 6 Employees and personnel costs

For salaries and remuneration to employees and senior executives as well as information on the number

of employees, see Note 8 "Employees and personnel costs" for the group. For information on employee

stock options, see Note 9 "Share-based payments" for the group.

53 | Annual report 2024 Vicore Pharma Holding AB (publ)

Not 7 Profit/(loss) from participation in group companies

2024 2023

Impairment of the value of shares in subsidiaries 0 (115,140)

Total 0 (115,140)

Profit/(loss) from participation in group companies is fully attributable to the impairment of the value of

shares in the subsidiary INIM Pharma AB following discontinuation of the IMiD program.

Note 8 Interest income and similar profit items

2024 2023

Financial assets measured at amortized cost

Profit from sale of short-term investment 108 4,019

Interest income from other financial assets 15,414 8,898

Total interest income according to the effective interest method 15,522 12,917

Total in profit or loss from financial items 15,522 12,917

Note 9 Interest expenses and similar loss items

2024 2023

Financial liabilities measured at amortized cost

Interest expenses other financial liabilities (1) 0

Total interest expenses calculated using the effective interest method (1) 0

Total in profit or loss from financial items (1) 0

Note 10 Tax on profit for the year

2024 2023

Current tax 0 0

Change in deferred tax assets 0 0

Recognized tax 0 0

Reconciliation of effective tax rates 2024 2023

Loss before tax

48,081

(85,652)

Tax according to applicable tax rate for parent company 20.6% (20.6%)

(9,905)

17,644

Tax effect non-deductible expenses

(754)

(24,290)

Tax effect non-deductible income

414

Tax effect unrecognized deferred tax assets

10,601

6,232

Recognized tax 0 0

Effective tax rate 0% 0%

The parent company has no tax items that are recognized in other comprehensive income or directly in

equity.

Information about deferred tax liabilities

In the table below, the tax effect of the temporary differences is specified:

Deferred tax liability 2024-12-31 2023-12-31

Tax provision for pension premium 315 337

Carrying amount 315 337

Tax loss carryforwards

Tax loss carryforwards for which deferred tax assets have not been recognized in the balance sheet

amounted to SEK 113,517 thousand and SEK 116,769 thousand as of December 31, 2024 and 2023,

respectively. These carryforwards have no time limit. Deferred tax assets have not been recognized for these

items, as it is unlikely that the group in a foreseeable future will utilize them to offset future taxable profits.

Note 11 Participations in group companies

Carrying amount

Company No. of shares

Proportion

of equity

Share of voting

power 2024-12-31 2023-12-31

Vicore Pharma AB 10,000 100% 100% 1,374,570 1,171,953

INIM Pharma AB 50,000 100% 100% 15,672 15,672

Vicore Pharma US Inc 1,000 100% 100% 10,000 10,000

1,400,242 1,197,625

Corp. Reg. No. Domicile of the entity Equity

Profit/(loss) for

the year

Vicore Pharma AB 556607-0743 Stockholm 29,866 (216,503)

INIM Pharma AB 559156-8471 Stockholm 15,306 (365)

Vicore Pharma US Inc EIN 93-2558456 State of Delaware 9,567 774

54 | Annual report 2024 Vicore Pharma Holding AB (publ)

2024-12-31 2023-12-31

Opening cost 1,312,765 1,049,433

Acquisitions for the year 202,617 263,332

Closing accumulated cost 1,515,382 1,312,765

Opening impairments (115,140) 0

Impairments for the year 0 (115,140)

Closing accumulated impairments (115,140) (115,140)

Closing carrying amount 1,400,242 1,197,625

Note 12 Financial assets and liabilities

Financial assets and liabilities at

December 31, 2024

Financial assets/liabilities

measured at fair value

through profit and loss

Financial assets/

liabilities measured at

amortized cost

Total

carrying

amount

Financial assets

Receivables from group companies 0 67,449 67,449

Other current receivables 0 29 29

Cash and cash equivalents 0 1,027,871 1,027,871

Total 0 1,095,349 1,095,349

Financial liablilities

Liabilities to group companies 0 678 678

Trade payables 0 1,649 1,649

Other current liabilities 0 708 708

Accrued expenses 0 672 672

Total 0 3,707 3,707

The maximum credit risk of the financial assets consists of the net amounts of the reported values in the

table above. The parent company has not received any pledged assets for the financial net assets.

Financial assets and liabilities at

December 31, 2023

Financial assets/liabilities

measured at fair value

through profit and loss

Financial assets/

liabilities measured at

amortized cost

Total

carrying

amount

Financial assets

Receivables from group companies 0 38,175 38,175

Other current receivables 0 22 22

Short-term investments 0 149,146 149,146

Cash and cash equivalents 0 207,172 207,172

Total 0 394,515 394,515

Financial liablilities

Trade payables 0 895 895

Accrued expenses 0 45 45

Total 0 940 940

The maximum credit risk of the financial assets consists of the net amounts of the reported values in the

table above. The parent company has not received any pledged assets for the financial net assets.

For fair value measurement of long-term investments see Note 18 "Financial assets and liabilities" for

the group.

For other current receivables and liabilities, short-term investments, cash and cash equivalents, trade

payables, and accrued expenses and income with a short maturity, the carrying amount is considered a

reasonable estimate of the fair value.

Based on the parent company’s assessment, taking into account other known information and

forward-looking factors, expected credit losses for any of the parent company’s financial assets are

deemed to be non-significant and no provision has therefore been recognized. The counterparties do not

have credit ratings, except for cash and cash equivalents where counterparties have credit risk ratings of

AA-, A+ and A. For a description of the expected credit loss for the cash and cash equivalents according to

the general method, see Note 19 "Financial risks" for the group.

Note 13 Prepaid expenses and accrued income

2024-12-31 2023-12-31

Prepaid insurances 300 317

Other prepaid expenses 281 505

Total 581 822

Note 14 Short-term investments

2024-12-31 2023-12-31

Interest-bearing investments 0 149,146

Total 0 149,146

55 | Annual report 2024 Vicore Pharma Holding AB (publ)

Note 15 Cash and cash equivalents

2024-12-31 2023-12-31

Available balances 1,027,871 207,172

Total 1,027,871 207,172

Note 16 Shareholders’ equity

As of December 31, 2024, the registered share capital comprised 234,579,119 ordinary shares. All shares

are fully paid and no shares are reserved for transfer. Each share carries one vote. The quota value

amounts to 0.5 SEK (0.5 SEK). No shares are held by the company itself or its subsidiaries.

The share premium reserve refers to capital from new share issues that have been issued at a price that

exceeds the quotient value and includes deductions of expenditures for new share issues.

Note 17 Other provisions

2024-12-31 2023-12-31

Social security contributions related to share-based incentive programs

Opening amount 744 744

Provisions for the year (140) (68)

Severance pay

Opening amount 1,587 0

Provisions for the year (1,587) 1,587

Total 604 2,263

For more information about incentive programs, see Note 9 "Share-based payments" for the group.

Note 18 Non-current liabilities to group companies

Current liabilities 2024-12-31 2023-12-31

Opening cost 0 0

Increases 678 0

Closing carrying amount 678 0

Note 19 Accrued expenses and deferred income

2024-12-31 2023-12-31

Accrued personnel-related expenses 1,971 2,115

Accrued consulting fees 597 45

Other 76 319

Total 2,644 2,479

Note 20 Supplementary information to the cash flow statement

Adjustment for items not included in the cash flow 2024-12-31 2023-12-31

Incentive programs, salary costs 5,452 3,666

Incentive programs, social security contributions* (73) (68)

Provision payroll tax, pension premium (21) 73

Other (1,587) 1,587

Total 3,771 5,258

Note 21 Pledged assets and contingent liabilities

For information about pledged assets and contingent liabilities in the parent company, see Note 29

"Pledged assets and contingent liabilities" for the group.

Note 22 Related-party transactions

Sales of goods

or services

Purchase of

goods or services Other

Receivables on

closing day

Payables on

closing day

Transactions with

subsidiaries

2024 74,517 678 0 67,449 678

2023 55,026 0 649 38,175 0

Sales of goods or services relate mainly to management fee. Other in the table above relates to reinvoiced

costs.

For information about salaries and remuneration to employees and senior executives, see Note 8

"Employees and personnel costs" for the group.

For further information on related-party transactions, see Note 28 "Related-party transactions" for the

group.

56 | Annual report 2024 Vicore Pharma Holding AB (publ)

Signatures

Elisabeth Björk

Board member

Yasir Al-Wakeel

Board member

Hans Schikan

Chairman

Jacob Gunterberg

Board member

Ann Barbier

Board member

The undersigned give their assurance that the annual accounts have been prepared in accordance with generally accepted accounting standards in Sweden and

that the consolidated financial statements have been prepared in accordance with international accounting standards, IFRS, as adopted by the EU. The annual

accounts and the consolidated financial statements each provide a fair and accurate impression of the parent company’s and the group’s position and earnings.

The Administration Report for the parent company and the group provides a fair and accurate overview of the parent company’s and the group’s operations,

position and earnings, and describes material risks and uncertainties faced by the parent company and the companies included in the group.

Stockholm, March 25, 2025

Our audit report was submitted on March 25, 2025

Ernst & Young AB

Linda Sallander

Authorized Public Accountant

Heidi Hunter

Board member

Michael Buschle

Board member

Ahmed Mousa

CEO

57 | Annual report 2024 Vicore Pharma Holding AB (publ)

Auditors-

report

To the general meeting of the shareholders of

Vicore Pharma Holding AB, corporate identity

number 556680-3804

Report on the annual accounts and

consolidated accounts

Opinions

We have audited the annual accounts and

consolidated accounts of Vicore Pharma Holding

AB (publ) for the year 2024. The annual accounts

and consolidated accounts of the company are

included on pages 22-56 in this document.

In our opinion, the annual accounts have been

prepared in accordance with the Annual Accounts

Act and present fairly, in all material respects, the

financial position of the parent company as of 31

December 2024 and its financial performance and

cash flow for the year then ended in accordance

with the Annual Accounts Act. The consolidated

accounts have been prepared in accordance with

the Annual Accounts Act and present fairly, in all

material respects, the financial position of the

group as of 31 December 2024 and their financial

performance and cash flow for the year then ended

in accordance with International Financial Report-

ing Standards (IFRS Reporting Standards), as

adopted by the EU, and the Annual Accounts Act.

The statutory administration report is consistent

with the other parts of the annual accounts and

consolidated accounts.

We therefore recommend that the general meet-

ing of shareholders adopts the income statement

and balance sheet for the parent company and the

group.

Our opinions in this report on the annual accounts

and consolidated accounts are consistent with

the content of the additional report that has

been submitted to the parent company's audit

committee in accordance with the Audit Regulation

(537/2014) Article 11.

Basis for Opinions

We conducted our audit in accordance with Inter-

national Standards on Auditing (ISA) and generally

accepted auditing standards in Sweden. Our

responsibilities under those standards are further

described in the Auditor’s Responsibilities section.

We are independent of the parent company and the

group in accordance with professional ethics for

accountants in Sweden and have otherwise fulfilled

our ethical responsibilities in accordance with

these requirements. This includes that, based on

the best of our knowledge and belief, no prohibited

services referred to in the Audit Regulation

(537/2014) Article 5.1 have been provided to the

audited company or, where applicable, its parent

company or its controlled companies within the EU.

We believe that the audit evidence we have

obtained is sufficient and appropriate to provide a

basis for our opinions.

Key Audit Matters

Key audit matters of the audit are those matters

that, in our professional judgment, were of most

significance in our audit of the annual accounts

and consolidated accounts of the current period.

These matters were addressed in the context of

our audit of, and in forming our opinion thereon, the

annual accounts and consolidated accounts as a

whole, but we do not provide a separate opinion

on these matters. For each matter below, our

description of how our audit addressed the matter

is provided in that context.

We have fulfilled the responsibilities described

in the Auditor’s responsibilities for the audit of

Description How our audit addressed this key audit matter

The costs for the group's operations in research and devel-

opment amounted to a total of SEK 249.3 million during the

financial year 2024, which corresponds to 81.7% of Vicore

Pharma Holding AB's total operating expenses. Most of

these costs relate to the product candidate C21 and primarily

consist of expenses for the clinical studies conducted in

collaboration with external partners. For further information,

please refer to the group's accounting principles in note 1,

judgments and estimates in note 2, and operating expenses

by cost type in note 4.

In our audit, we have focused on this area as the expenses

represent a significant amount, and there are clear elements

of judgment involved in determining which performance

commitments have been realized from the group's external

partners and therefore should be expensed in the current

financial year.

Our review of the costs for research and development

has included, but is not limited to, the following

actions:

• Evaluation of the company's procedures and internal

control over financial reporting.

• Review and verification of internal controls for the

approval and payment of invoices.

• Examination of the company's process for accruing

project costs.

• Detailed testing of project costs against invoice

documentation, contracts, and other year-end

documentation.

• Analysis of costs based on our knowledge of the

business and follow-up against internal project

reports.

• Assessment of the disclosures provided by the

group in the annual report.

• Follow-up of the company's assessments against

actual outcomes.

the financial statements section of our report,

including in relation to these matters. Accordingly,

our audit included the performance of procedures

designed to respond to our assessment of the

risks of material misstatement of the financial

statements. The results of our audit procedures,

including the procedures performed to address

the matters below, provide the basis for our audit

opinion on the accompanying financial statements.

Other Information than the annual accounts and

consolidated accounts

This document also contains other information

than the annual accounts and consolidated

accounts and is found on pages 1-21 and 60-75

The other information also includes the remuner-

ation report and were obtained before the date of

this auditor’s report. The Board of Directors and the

Managing Director are responsible for this other

information.

Our opinion on the annual accounts and

consolidated accounts does not cover this other

information and we do not express any form

of assurance conclusion regarding this other

information.

In connection with our audit of the annual

accounts and consolidated accounts, our

responsibility is to read the information identified

above and consider whether the information is

materially inconsistent with the annual accounts

and consolidated accounts. In this procedure we

also take into account our knowledge otherwise

obtained in the audit and assess whether the

information otherwise appears to be materially

misstated.

If we, based on the work performed concerning

this information, conclude that there is a material

58 | Annual report 2024 Vicore Pharma Holding AB (publ)

misstatement of this other information, we are

required to report that fact. We have nothing to

report in this regard.

Responsibilities of the Board of Directors and the

Managing Director

The Board of Directors and the Managing Director

are responsible for the preparation of the annual

accounts and consolidated accounts and that

they give a fair presentation in accordance with

the Annual Accounts Act and, concerning the

consolidated accounts, in accordance with IFRS as

adopted by the EU. The Board of Directors and the

Managing Director are also responsible for such

internal control as they determine is necessary

to enable the preparation of annual accounts and

consolidated accounts that are free from material

misstatement, whether due to fraud or error.

In preparing the annual accounts and consoli-

dated accounts, The Board of Directors and the

Managing Director are responsible for the assess-

ment of the company’s and the group’s ability to

continue as a going concern. They disclose, as

applicable, matters related to going concern and

using the going concern basis of accounting. The

going concern basis of accounting is however not

applied if the Board of Directors and the Managing

Director intends to liquidate the company, to cease

operations, or has no realistic alternative but to do

so.

The Audit Committee shall, without prejudice to

the Board of Director’s responsibilities and tasks in

general, among other things oversee the compa-

ny’s financial reporting process.

Auditor’s responsibility

Our objectives are to obtain reasonable assur-

ance about whether the annual accounts and

consolidated accounts as a whole are free from

material misstatement, whether due to fraud or

error, and to issue an auditor’s report that includes

our opinions. Reasonable assurance is a high level

of assurance, but is not a guarantee that an audit

conducted in accordance with ISAs and generally

accepted auditing standards in Sweden will always

detect a material misstatement when it exists.

we are required to draw attention in our audi-

tor’s report to the related disclosures in the

annual accounts and consolidated accounts

or, if such disclosures are inadequate,

to modify our opinion about the annual

accounts and consolidated accounts. Our

conclusions are based on the audit evidence

obtained up to the date of our auditor’s

report. However, future events or conditions

may cause a company and a group to cease

to continue as a going concern.

• Evaluate the overall presentation, structure

and content of the annual accounts and

consolidated accounts, including the dis-

closures, and whether the annual accounts

and consolidated accounts represent the

underlying transactions and events in a

manner that achieves fair presentation.

• Obtain sufficient and appropriate audit

evidence regarding the financial information

of the entities or business activities within

the group to express an opinion on the

consolidated accounts. We are responsible

for the direction, supervision and perfor-

mance of the group audit. We remain solely

responsible for our opinions.

We must inform the Board of Directors of, among

other matters, the planned scope and timing of

the audit. We must also inform of significant audit

findings during our audit, including any significant

deficiencies in internal control that we identified.

We must also provide the Board of Directors with

a statement that we have complied with relevant

ethical requirements regarding independence, and

to communicate with them all relationships and

other matters that may reasonably be thought to

bear on our independence, and where applicable,

actions taken to eliminate threats or related

safeguards applied.

From the matters communicated with the

Board of Directors, we determine those matters

that were of most significance in the audit of the

annual accounts and consolidated accounts,

including the most important assessed risks for

material misstatement, and are therefore the key

audit matters. We describe these matters in the

auditor’s report unless law or regulation precludes

disclosure about the matter.

Report on other legal and

regulatory requirements

Report on the audit of the administration and the

proposed appropriations of the company’s profit

or loss

Opinions

In addition to our audit of the annual accounts

and consolidated accounts, we have also audited

the administration of the Board of Directors and

the Managing Director of Vicore Pharma Holding

AB (publ) for the year 2024 and the proposed

appropriations of the company’s profit or loss.

We recommend to the general meeting of

shareholders that the profit be appropriated in

accordance with the proposal in the statutory

administration report and that the members of the

Board of Directors and the Managing Director be

discharged from liability for the financial year.

Basis for opinions

We conducted the audit in accordance with gen-

erally accepted auditing standards in Sweden. Our

responsibilities under those standards are further

described in the Auditor’s Responsibilities section.

We are independent of the parent company and

the group in accordance with professional ethics

for accountants in Sweden and have otherwise

fulfilled our ethical responsibilities in accordance

with these requirements.

We believe that the audit evidence we have

obtained is sufficient and appropriate to provide a

basis for our opinions.

Responsibilities of the Board of Directors and the

Managing Director

The Board of Directors is responsible for the

proposal for appropriations of the company’s

profit or loss. At the proposal of a dividend, this

includes an assessment of whether the dividend is

justifiable considering the requirements which the

company's and the group’s type of operations, size

and risks place on the size of the parent company's

and the group’s equity, consolidation requirements,

liquidity and position in general.

The Board of Directors is responsible for the

Misstatements can arise from fraud or error and

are considered material if, individually or in the

aggregate, they could reasonably be expected to

influence the economic decisions of users taken on

the basis of these annual accounts and consoli-

dated accounts.

As part of an audit in accordance with ISAs, we

exercise professional judgment and maintain

professional skepticism throughout the audit. We

also:

• Identify and assess the risks of material

misstatement of the annual accounts and

consolidated accounts, whether due to

fraud or error, design and perform audit

procedures responsive to those risks, and

obtain audit evidence that is sufficient

and appropriate to provide a basis for our

opinions. The risk of not detecting a material

misstatement resulting from fraud is higher

than for one resulting from error, as fraud

may involve collusion, forgery, intentional

omissions, misrepresentations, or the

override of internal control.

• Obtain an understanding of the company’s

internal control relevant to our audit in

order to design audit procedures that are

appropriate in the circumstances, but not

for the purpose of expressing an opinion on

the effectiveness of the company’s internal

control.

• Evaluate the appropriateness of accounting

policies used and the reasonableness of

accounting estimates and related disclo-

sures made by the Board of Directors and

the Managing Director.

• Conclude on the appropriateness of the

Board of Directors’ and the Managing

Director’s use of the going concern basis

of accounting in preparing the annual

accounts and consolidated accounts.

We also draw a conclusion, based on the

audit evidence obtained, as to whether any

material uncertainty exists related to events

or conditions that may cast significant

doubt on the company’s and the group’s

ability to continue as a going concern. If we

conclude that a material uncertainty exists,

59 | Annual report 2024 Vicore Pharma Holding AB (publ)

company’s organization and the administration of

the company’s affairs. This includes among other

things continuous assessment of the company’s

and the group’s financial situation and ensuring

that the company's organization is designed so

that the accounting, management of assets and

the company’s financial affairs otherwise are

controlled in a reassuring manner. The Managing

Director shall manage the ongoing administration

according to the Board of Directors’ guidelines

and instructions and among other matters take

measures that are necessary to fulfill the compa-

ny’s accounting in accordance with law and handle

the management of assets in a reassuring manner.

Auditor’s responsibility

Our objective concerning the audit of the admin-

istration, and thereby our opinion about discharge

from liability, is to obtain audit evidence to assess

with a reasonable degree of assurance whether

any member of the Board of Directors or the

Managing Director in any material respect:

• has undertaken any action or been guilty of

any omission which can give rise to liability to

the company, or

• in any other way has acted in contravention of

the Companies Act, the Annual Accounts Act

or the Articles of Association.

Our objective concerning the audit of the

proposed appropriations of the company’s profit

or loss, and thereby our opinion about this, is to

assess with reasonable degree of assurance

whether the proposal is in accordance with the

Companies Act.

Reasonable assurance is a high level of

assurance, but is not a guarantee that an audit

conducted in accordance with generally accepted

auditing standards in Sweden will always detect

actions or omissions that can give rise to liability to

the company, or that the proposed appropriations

of the company’s profit or loss are not in accord-

ance with the Companies Act.

As part of an audit in accordance with generally

accepted auditing standards in Sweden, we

exercise professional judgment and maintain

professional skepticism throughout the audit.

The examination of the administration and the

proposed appropriations of the company’s profit or

loss is based primarily on the audit of the accounts.

Additional audit procedures performed are based

on our professional judgment with starting point

in risk and materiality. This means that we focus

the examination on such actions, areas and

relationships that are material for the operations

and where deviations and violations would have

particular importance for the company’s situation.

We examine and test decisions undertaken,

support for decisions, actions taken and other

circumstances that are relevant to our opinion

concerning discharge from liability. As a basis for

our opinion on the Board of Directors’ proposed

appropriations of the company’s profit or loss we

examined whether the proposal is in accordance

with the Companies Act.

The auditor’s examination of the ESEF report

Opinion

In addition to our audit of the annual accounts and

consolidated accounts, we have also examined

that the Board of Directors and the Managing

Director have prepared the annual accounts and

consolidated accounts in a format that enables

uniform electronic reporting (the Esef report)

pursuant to Chapter 16, Section 4(a) of the

Swedish Securities Market Act (2007:528) for

Vicore Phamra Holding AB (publ) for the financial

year 2024

Our examination and our opinion relate only to the

statutory requirements.

In our opinion, the Esef report has been prepared

in a format that, in all material respects, enables

uniform electronic reporting.

Basis for opinion

We have performed the examination in accordance

with FAR’s recommendation RevR 18 Examination

of the ESEF report. Our responsibility under this

recommendation is described in more detail

in the Auditors’ responsibility section. We are

independent of Vicore Pharma Holding AB (publ) in

accordance with professional ethics for account-

ants in Sweden and have otherwise fulfilled our

ethical responsibilities in accordance with these

requirements.

We believe that the evidence we have obtained is

sufficient and appropriate to provide a basis for our

opinion.

Responsibilities of the Board of Directors and the

Managing Director

The Board of Directors and the Managing Director

are responsible for the preparation of the Esef

report in accordance with Chapter 16, Section 4(a)

of the Swedish Securities Market Act (2007:528),

and for such internal control that the Board of

Directors and the Managing Director determine

is necessary to prepare the Esef report without

material misstatements, whether due to fraud or

error.

Auditor’s responsibility

Our responsibility is to obtain reasonable

assurance whether the Esef report is in all material

respects prepared in a format that meets the

requirements of Chapter 16, Section 4(a) of the

Swedish Securities Market Act (2007:528), based

on the procedures performed.

RevR 18 requires us to plan and execute

procedures to achieve reasonable assurance that

the Esef report is prepared in a format that meets

these requirements.

Reasonable assurance is a high level of assur-

ance, but it is not a guarantee that an engagement

carried out according to RevR 18 and generally

accepted auditing standards in Sweden will always

detect a material misstatement when it exists.

Misstatements can arise from fraud or error

and are considered material if, individually or in

aggregate, they could reasonably be expected to

influence the economic decisions of users taken on

the basis of the Esef report.

The audit firm applies ISQM 1 Quality Manage-

ment for Firms that Perform Audits and Reviews

of Financial Statements, and other Assurance and

Related Services Engagements and accordingly

maintains a comprehensive system of quality con-

trol, including documented policies and procedures

regarding compliance with professional ethical

requirements, professional standards and legal

and regulatory requirements.

The examination involves obtaining evidence,

through various procedures, that the Esef report

has been prepared in a format that enables uniform

electronic reporting of the annual and consolidated

accounts. The procedures selected depend on the

auditor’s judgment, including the assessment of

the risks of material misstatement in the report,

whether due to fraud or error. In carrying out this

risk assessment, and in order to design audit

procedures that are appropriate in the circum-

stances, the auditor considers those elements of

internal control that are relevant to the preparation

of the Esef report by the Board of Directors and

the Managing Director, but not for the purpose

of expressing an opinion on the effectiveness

of those internal controls. The examination also

includes an evaluation of the appropriateness

and reasonableness of assumptions made by the

Board of Directors and the Managing Director.

The procedures mainly include a validation that

the Esef report has been prepared in a valid XHTML

format and a reconciliation of the Esef report with

the audited annual accounts and consolidated

accounts.

Furthermore, the procedures also include an

assessment of whether the consolidated state-

ment of financial performance, financial position,

changes in equity, cash flow and disclosures in

the Esef report have been marked with iXBRL

in accordance with what follows from the Esef

regulation.

Ernst & Young AB with Linda Sallander as auditor

in charge, Box 7850, 103 99 Stockholm, was

appointed auditor of Vicore Pharma Holding AB

(publ) by the general meeting of the shareholders

on the 7 May 2024. Vicore Pharma Holding AB

(publ) has been a Public Interest Entity since the

the 27st september 2019.

Gothenburg the 25th of March 2025

Ernst & Young AB

Linda Sallander

Authorized Public Accountant

60 | Annual report 2024 Vicore Pharma Holding AB (publ)

Corporate Governance

Report 2024

Introduction

The Board of Directors of Vicore Pharma

Holding AB (publ), company reg. no.

556680-3804 (“Vicore” or the “company”)

hereby submits the 2024 corporate

governance report. This report on has

been prepared in accordance with

the provisions of the Swedish Code

of Corporate Governance ("the Code")

and ch. 6. Sections 6–9 of the Annual

Accounts Act and ch. 9 Section 31 of the

Companies Act and refers to the financial

year 2024.

The company's shares have been listed

on Nasdaq Stockholm since September

27, 2019. The company's shares were

previously listed on the Nasdaq First

North Growth Market since December

2015. Vicore's corporate governance is

mainly regulated by the provisions of the

company’s articles of association, the

Swedish Companies Act (2005:551) (Sw.

aktiebolagslagen) and other Swedish

legislation, the Nasdaq Nordic Main

Market Rulebook for Issuers of Shares

and the Code.

This report has been reviewed by the

company’s auditors in accordance with

the Swedish Annual Accounts Act. It

does not constitute a part of the formal

annual report documents.

The group comprises the parent

company Vicore Pharma Holding AB

("Vicore") and its subsidiaries Vicore

Pharma AB ("Vicore Pharma"), Vicore

Pharma US Inc ("Vicore Pharma US

Inc") and INIM Pharma AB ("INIM

Pharma"). The company's research and

development operations are conducted

in Vicore Pharma.

The company reports the following

deviation from point 1.3 (the require-

ment for the board's physical presence

at the AGM to be considered quorate) of

the Code in 2024: Three out of six of the

board members, including the chairman

of the board, attended the AGM in 2024.

No infringements of Nasdaq

Stockholm’s rules and no breach of

good practice on the securities market

was reported by the stock exchange’s

disciplinary committee or the Swedish

Securities Council during the financial

year.

Corporate governance within Vicore

The purpose of Vicore’s corporate gov-

ernance is to create a clear allocation

of roles and responsibilities among the

shareholders, the Board of Directors,

CEO and management team. Corporate

governance, management and control

of Vicore are allotted among the general

meeting, the Board of Directors, its

elected committees and the CEO.

Important external and internal

regulations and policies that affect

corporate governance:

Signficant external regulations:

Swedish Companies Act

Swedish Accounting Act

Swedish Annual Accounts Act

International standards for audits

and financial reporting (IFRS)

Nasdaq Nordic Main Market Rule-

book for Issuers of Shares

Swedish Code of Corporate Govern-

ance

Other applicable rules and recom-

mendations

Significant internal regulations and

policies:

Articles of association

Rules of procedure for the Board of

Directors

Instruction for the CEO, including

the financial reporting instruction

Finance policy

Financial handbook

Internal control policy

Risk management policy

Information policy

Insider policy

IT policy

Authorization framework

Shareholders and the share

At the end of 2024, Vicore had 9,014

shareholders and the number of shares

was 234,579,119 with a quotient value

of SEK 0.5 each. There is only one class

of shares and each share carries one

vote at the AGM.

On December 31, 2024, HealthCap VII

L.P. was the single largest shareholder in

Vicore, with a total of 26,308,369 shares,

corresponding to 11.2 percent of the

votes and capital. No shareholder other

than HealthCap VII L.P. has a direct or

indirect shareholding that represents

one tenth or more of the voting rights for

all shares in the company. Further infor-

mation on shareholders and Vicore's

share is presented on pages 20-21.

General meetings of shareholders

According to the Companies Act

(2005: 551), the General Meetings of

shareholders is the company's highest

decision-making body. At General

Meetings, shareholders exercise their

voting rights in the company. The

Annual General Meeting shall be held

within six (6) months from the end of

the financial year. At the Annual General

Meeting, the shareholders decide,

among other things, on the Board

of Directors and, where applicable,

auditors, how the Nomination Commit-

tee is to be appointed and on discharge

from liability for the Board of Directors

and the CEO for the past year. Decisions

are also made on the adoption of Annual

Report, the appropriation of profit or

loss, fees for the Board of Directors and

auditors, guidelines for remuneration to

the CEO and other senior executives as

well as the remuneration report.

Shareholders who wish to attend

General Meetings, in person or through

Nomination

Committee

Remuneration

Committee

Board of

Directors

Audit

Committee

Scientific

Committee

CEO and

Management

team

Shareholders

Annual General

Meeting

External

Auditors

61 | Annual report 2024 Vicore Pharma Holding AB (publ)

a representative, must be included in the

share book kept by Euroclear Sweden

AB six (6) banking days before the

General Meeting and make a notification

to the company in accordance with the

notice. Notice of General Meetings is

made through advertising and via the

company website (www.vicorepharma.

com).

2024 AGM

The Annual General Meeting 2024

was held on May 7, 2024. At the AGM,

approximately 50 percent of the

total votes were represented. Jacob

Gunterberg was elected chairman of the

meeting.

At the AGM the following principal

resolutions were passed:

Jacob Gunterberg, Hans Schikan,

Heidi Hunter, Michael Buschle and

Elisabeth Björk were re-elected as

board members. Ann Barbier and

Yasir Al-Wakeel were elected as new

board members. Hans Schikan was

elected Chairman of the Board.

Ernst & Young AB with principal au-

ditor Linda Sallander was re-elected

as auditor.

Remuneration to the Chairman of

the Board and the Board's mem-

bers, elected by the Annual General

Meeting and the auditor were estab-

lished.

Authorization to issue new shares

corresponding to not more than 20

percent of the number of outstand-

ing shares and votes at the time of

the AGM.

Decision to implement a share-

based incentive program for mem-

bers of the Board of Directors of the

company. A maximum of 297,000

warrants to be issued.

Resolution on adoption of remuner-

ation report 2023.

Resolution on adoption of updated

guidelines for executive remunera-

tion.

Resolution on adoption of balance

sheet and income statement.

No dividend to be paid for year

and the company's earnings to be

carried forward.

Discharge from liability of the Board

of Directors and CEO for the finan-

cial year 2023.

AGM 2025

The 2025 Annual General Meeting will

be held on May 6, 2025, in Stockholm.

Information on the decisions made

at the Annual General Meeting will be

published on May 6, 2025, as soon

as the outcome of the voting is finally

compiled. For the right to participate

and more information, see Vicore's

website (www.vicorepharma.com). The

minutes of the Annual General Meeting

will be available on Vicore's website

(www.vicorepharma.com).

Nomination Committee

The Nomination Committee for

the AGM 2025 consists of Staffan

Lindstrand appointed by HealthCap

VII L.P., Jan Särlmark appointed by

Fourth Swedish National Pension Fund

and Ivo Staijen appointed by HBM

Healthcare Investments (Cayman) Ltd.

Staffan Lindstrand is Chairman of the

Nomination Committee. The Committee

also includes the Chairman of the Board,

Hans Schikan, as convenor.

The task of the Nomination Commit-

tee is to prepare and present proposals

for the number of board members to

be elected by the AGM, the election of

a Chairman and other members of the

Board of Directors, board fees and, if

any, remuneration for committee work,

election of a Chairman to the Annual

General Meeting, election of auditors (if

applicable) and auditors' fees (if appli-

cable) ,and proposals for rules for the

appointment of a Nomination Commit-

tee for the next Annual General Meeting.

The proposals will be published at the

latest in conjunction with the notice of

the AGM 2025.

External auditors

The external audit of the accounts of

the parent company and the group,

as well as of the management by the

Board of Directors and the CEO, is

carried out in accordance with generally

accepted accounting standards in

Sweden. The auditor participates in at

least one board meeting per year, going

through the accounts for the year and

leading a discussion with the Board of

Directors without the CEO or any other

senior executive present. In addition,

the auditor has participated in all

Audit Committee meetings which also

includes the presence of the CEO and

other senior executives.

Pursuant to the articles of association,

Vicore must have an authorized public

accountant or a registered accounting

firm as its external auditor. Since the

AGM 2010, the accounting firm Ernst

& Young AB has been auditor of the

company. As of the 2022 AGM, certified

public accountant Linda Sallander is

the auditor in charge. Linda Sallander

is member of the Swedish Institute of

Authorized Public Accountants. For

information regarding fees paid to the

auditors, please refer to Note 6 of the

2024 Annual Report.

62 | Annual report 2024 Vicore Pharma Holding AB (publ)

The Board of Directors

The Board of Directors is the company's

highest decision-making body after the

Annual General Meeting. According to

the Companies Act, the Board of Direc-

tors is responsible for the company's

management and organization, which

means that the Board of Directors is

responsible for, among other things,

setting goals and strategies, ensuring

routines and systems for evaluating

established goals, continuously evaluat-

ing the company's results and financial

position and evaluating the operational

management. The Board of Directors is

also responsible for ensuring that the

annual accounts and interim reports are

prepared in a timely manner. In addition,

the Board of Directors appoints the

company's CEO. Board members are

normally elected by the AGM for the

period until the end of the next AGM.

According to the Code, the Chairman of

the Board must be elected by the Annual

General Meeting and have a special

responsibility for the management

of the Board of Directors' work and

for the Board of Directors' work being

well organized and implemented in an

efficient manner. The Board of Directors

adheres to written rules of procedure that

are reviewed annually and are deter-

mined at the statutory board meeting

each year. The rules of procedure govern,

among other things, the practices

and tasks of the Board of Directors,

decision-making within the company,

the Board of Directors' meeting agenda,

the Chairman’s duties and the allocation

of responsibilities between the Board of

Directors and the CEO. Instructions for

financial reporting and instructions for

the CEO are also determined in connec-

tion with the statutory board meeting.

The Board of Directors meets in

accordance with a yearly schedule and

essentially follows an annual cycle

determined by the Board of Directors,

which is decided at the statutory board

meeting in conjunction with the Annual

General Meeting. If necessary, special

decisions are made such as acquisi-

tions or divestments, other investment

decisions, financing decisions and

decisions on structural or organizational

issues. The CEO and Management team

have attended the board meetings when

needed.

Board of Directors

According to the Articles of Association,

Vicore's Board of Directors shall consist

of a minimum of three and a maximum

of nine members. The Company's Board

of directors currently consists of seven

people without deputies. The assign-

ment for all members runs until the end

of the upcoming AGM.

On page 67-68 is a presentation of

the Board of Directors with information

on year of birth, year of inclusion in the

Board, education, work experience,

assignments in the company, other

significant assignments and their

respective direct and indirect holdings in

the company as of December 31, 2024.

Ownership in the company includes

personal and / or related parties'

holdings.

Board of Directors’ work 2024

During 2024, the Board of Directors

held 15 board meetings, including the

inaugural meeting, of which ten through

digital channels. In addition, the Board of

Directors has made decisions per capsu-

lam on four occasions during 2024. The

issues that the Board of Directors dealt

with in 2024 are mainly: decision to carry

out a new share issue, preclinical, clinical

studies and organizational issues.

At the board meetings held during the

financial year 2024, the members have

been present as shown below.

Evaluation of the Board of Directors’

work

Pursuant to the Code, the Board of

Directors is to evaluate its work annu-

ally, using a systematic and structured

process, with the aim of developing the

Board of Directors' working methods

and efficiency. The work of the Board of

Directors has been evaluated by having

the board members anonymously

answer a number of questions about the

Board of Directors' activities. The results

of the evaluation have been compiled

and reported orally to the members of

the Board of Directors and the Nomina-

tion Committee.

Independent in relation to Remuneration, KSEK

Attendance

Board member Function Elected

The company and

its management

Major

shareholders

Board

fees

Remuneration

Committee

Audit

Committee

Scientific

Committee Total

Board of

Directors

Remuneration

Committee

Audit

Committee

Scientific

Committee

Hans Schikan Chairman 2018 Yes Yes 660 55 - - 715 15/15 5/5 3/6

Heidi Hunter Board member 2020 Yes Yes 220 27.5 110 - 357.5 15/15 5/5 6/6 2/5

Jacob Gunterberg Board member 2018 Yes Yes 220 27.5 50 - 297,5 15/15 4/5

6/6 -

Elisabeth Björk Board member 2023 Yes Yes 220 - - 55 275 14/15 - - 5/5

Michael Buschle Board member 2023 Yes Yes 220 - - 27.5 247.5 15/15 - - 5/5

Ann Barbier

Board member 2024 Yes Yes 220 - - 27.5 247.5 10/15

7 -

- 3/5

Yasir Al-Wakeel

Board member 2024 Yes Yes 220 - 50 - 270 11/15

- 3/6

Maarten Kraan

Board member 2018 Yes Yes - - - - - 4/15

1/5

- 2/5

Reporting period January 1 – December 31, 2024

1) Fee set by the AGM, excluding social security contributions, for the May 2024 to May 2025 financial year

2) Figures in table show the total number of meetings attended/total number of meetings

3) Excluding per capsulam meetings

4) Exited the Audit Committee in May 2024

5) Exited the Scientific Committee in May 2024

6) Elected to the Remuneration Committee in May 2024

7) Elected to the Board of Directors in May 2024

8) Elected to the Science Committee in May 2024

9) Elected to the Audit Committee in May 2024

10) Exited to the Board of Directors and Committees in May 2024

63 | Annual report 2024 Vicore Pharma Holding AB (publ)

Board Committees

Remuneration Committee

The Remuneration Committee is

appointed by the company's Board

of Directors and consists of three

members: Hans Schikan (Chairman),

Heidi Hunter and Jacob Gunterberg.

The Remuneration Committee shall

fulfill the tasks specified in the Code.

The Remuneration Committee shall

keep minutes at its meetings and make

the minutes available to the Board of

Directors.

The Remuneration Committee's main

tasks are as follows:

Prepare decisions for the Board of

Directors regarding remuneration

principles, remuneration and other

employment terms and conditions

for senior management.

Monitor and evaluate any programs

pending or adopted during the year

for variable compensation for senior

management.

Monitor and evaluate the applica-

tion of the guidelines for remunera-

tion adopted by the Annual General

Meeting, as well as applicable remu-

neration structures and levels for

the company.

In 2024, the Remuneration Committee

held five meetings.

Audit Committee

The Audit Committee is appointed by

the Board of Directors and consists of

Heidi Hunter (Chair), Jacob Gunterberg

and Yasir Al-Wakeel.

Primary duties of the Audit Committee:

The Audit Committee shall, without

impact on the responsibilities and

duties of the Board of Directors in

other respects, among other things,

monitor the company’s financial

reporting, monitor the effectiveness

of the company’s internal control,

internal audit and risk management,

keep informed of the audit of the

annual accounts and the consolidat-

ed accounts, review and monitor the

auditor’s impartiality and independ-

ence and in this case pay special

attention to whether the auditor

provides the company with services

other than audit services, and assist

in the preparation of proposals for

the general meeting’s election of

auditor.

In 2024, the Audit Committee held six

meetings.

Scientific Committee

The Scientific Committee shall consist

of at least three non-employed board

members with a broad scientific and

medical understanding and experience

in the field concerned. The Board of

Directors shall appoint the members of

the Scientific Committee, including the

Chairman. Vicore's Scientific Committee

consists of Elisabeth Björk (Chairman),

Ann Barbier and Michael Buschle.

The main tasks and responsibilities of

the Committee are:

Reviewing and discussing the

company's preclinical and clinical

product portfolio, including its com-

mercial attractiveness and ranking.

Reviewing and discussing the com-

pany's R&D strategy and reviewing

scientific and technological trends

that the company considers are of

great importance.

Providing strategic advice and rec-

ommendations for the company's

ongoing R&D program.

To review the (quality of) R&D

capacity of the company and its

organization, including the product

development process.

To review and discuss the compa-

ny's intellectual property strategies.

In 2024, the Scientific Committee held

five meetings.

Remuneration

Remuneration to the Board of Directors

At the Annual General Meeting on May 7,

2024, it was resolved that the remuner-

ation to the members of the Board of

Directors for the period up to the end

of the 2025 Annual General Meeting

shall be paid with 660,000 SEK to the

Chairman of the Board and 220,000 SEK

to each of the other board members.

As remuneration for committee work,

it was decided that the Chairman of

the Audit Committee should receive

110,000 SEK and the other members

of the Audit Committee 55,000 SEK

each. Furthermore, it was decided that

the Chairman of the Remuneration

Committee should receive 55,000 SEK

and the other members of the Remuner-

ation Committee 27,500 SEK each. The

Chairman of the Scientific Committee

shall receive 55,000 SEK and the other

members of the Scientific Committee

27,500 SEK each. The table on page

62, shows the fees paid to members

elected by the AGM in 2024.

Remuneration to management

Remuneration issues for senior

executives are dealt with by the Board

of Directors Remuneration Committee.

The Board of Directors decides on the

CEO's remuneration on a proposal from

the Remuneration Committee. Remu-

neration and terms for senior executives

are based on market conditions and

consist of a balanced mix of fixed salary,

variable remuneration, pension benefits

and terms of notice. Salaries and other

remuneration for the 2024 financial

year were paid to the CEO and other

senior executives in accordance with

what is stated in note 8 "Employees and

Personnel costs" in the Annual Report

2024.

Guidelines on remuneration to senior

executives and Board of Directors

2024

This is a summary of the guidelines for

executive remuneration. The complete

guidelines are available in the Annual

Report 2024 and on the company

website.

Until the 2024 AGM, the 2022 guide-

lines applied. At the 2024 AGM, new

guidelines were adopted that are valid

up to the 2028 AGM as follows. Vicore

shall offer remuneration in accordance

with market practice which enables the

recruitment and retention of interna-

tionally qualified senior executives.

Remunerations within Vicore shall be

based on principles of performance,

competitiveness and fairness.

Senior executives refer to the CEO

and the other members of the executive

management. The guidelines shall apply

to employment agreements concluded

after the Annual General Meeting’s

resolution to adopt these guidelines,

as well as when changes are made to

existing agreements thereafter. The

remuneration to senior executives

consists of fixed remuneration, variable

remuneration, share and share-price

related incentive programs, pension and

other benefits.

The Board of Directors is entitled to

deviate from the guidelines if the Board

of Directors, in a certain case, deems that

there are good reasons for the deviation.

Fixed salary

The fixed remuneration shall take into

account the individual's responsibilities,

experience and performance. The fixed

salary should be reviewed annually.

Variable salary

Variable remuneration paid in cash may

amount to a maximum of 40 percent

of the annual fixed remuneration of the

CEO and a maximum of 30 percent of

the annual fixed remuneration to other

senior executives. Further variable

cash remuneration may be awarded

in extraordinary circumstances. Such

remuneration may not exceed an

amount corresponding to 50 percent of

the fixed annual cash salary and may

not be paid more than once per year for

each individual. Variable remuneration

must be linked to predetermined

and measurable criteria, designed to

promote the company's long-term

value creation.

Share- and share price-based

remuneration

Share- and share price-based incentive

programs shall, if applicable, be decided

by the AGM. Already decided incentive

programs are described on page 64.

64 | Annual report 2024 Vicore Pharma Holding AB (publ)

Pension

Pension should, where possible, be

premium-based. For the CEO and other

senior executives, the premium, in

cases where a premium-based pension

is applicable, can amount to up to 30

percent of the fixed salary. The Board of

Directors has the right, without prejudice

to the above, to offer other solutions

that are equivalent in cost to the above.

Severance etc.

A notice period of up to six months

between the company and the CEO shall

apply if notice is given by the company.

If notice is given by the company, the

Board of Directors may decide that the

CEO shall be entitled to severance pay

of up to twelve months' salary. In the

event of termination by the CEO, a notice

period of up to six months shall apply.

Other senior executives shall have a

notice period of up to six months. During

the notice period, normal salary shall

be paid.

Other benefits

Senior executives may be awarded

customary other benefits such as

occupational health care, etc. Such

other benefits shall not constitute a sig-

nificant part of the total remuneration.

Vetting and decision processes

The CEO's remuneration shall be vetted

by the Remuneration Committee and

decided by the Board of Directors. The

remuneration of other senior executives

shall be vetted by the CEO and the

Remuneration Committee, which shall

submit a proposal for approval to

the Board of Directors. The Board of

Directors has the right to deviate from

the above guidelines if there are special

reasons that justify it in an individual

case.

Incentive programs

At the end of 2024, Vicore has four

active programs that include the

company's management and staff, and

board members.

Assuming full utilization of all granted

employee stock options and share

awards as of December 31, 2024, this

would correspond to a maximum dilution

of 1.5 percent. Considering non-granted

employee stock options and warrants

that may be used as hedge for social

security contributions, the maximum

dilution level as of December 31, 2024,

amounts to 3.2 percent.

Two programs, Co-worker LTIP 2018

and Board LTIP 2021, were terminated

in 2024. For information about these

two programs, see Note 9 in the Annual

Report 2023.

Below is a description of the various

programs. For other information about

the incentive programs, see Note 9 in

the Annual Report 2024.

Long-term incentive program 2021

The Annual General Meeting in Vicore

Pharma Holding AB held on May 11,

2021, resolved to implement a long-term

incentive program for senior manage-

ment and key persons in the company

(“Co-worker LTIP 2021”). A maximum

of 3,000,000 options (Co-worker LTIP

2021) may be allotted to participants in

the program.

Co-worker LTIP 2021

Co-worker LTIP 2021 is an incentive

program intended for members of

senior management and key persons

in the company. According to the

program, participants will be granted,

free of charge, options subject to

three-year vesting that entitle to acquire

a maximum of 3,000,000 shares in the

company in total. The exercise price per

share shall correspond to 125 percent

of the volume weighted average price of

the company’s share for the five trading

days preceding the granting date. The

latest point in time at which vested

options may be exercised shall be the

fifth anniversary of the granting date.

The Board of Directors of the

company believes that an equity-based

incentive program is a central part of an

attractive and competitive remuneration

package in order to attract, retain and

motivate competent members of senior

management and key persons in the

company, and to focus the participants

on delivering exceptional performance

which contributes to value creation for

all shareholders.

Long-term incentive programs 2023

The Annual General Meeting in Vicore

Pharma Holding AB held on May

11, 2023, resolved to implement a

long-term incentive program for senior

management and key persons in the

company (“Co-worker LTIP 2023”) and

to implement a long-term incentive

program for the board members in the

company (“Board LTIP 2023”). A maxi-

mum of 3,000,000 options (Co-worker

LTIP 2023) and 79,931 share awards

(Board LTIP 2023) may be allotted to

participants in the programs.

Board LTIP 2023

Board LTIP 2023 is a program under

which the participants will be granted,

free of charge, share awards subject to

vesting that entitle to 79,931 shares in

the company. The share awards shall

vest over approximately one year. The

Nomination Committee believes that

an equity-based incentive program is a

central part of a competitive remuner-

ation package in order to attract, retain

and motivate internationally competent

members to the Board of Directors. The

Nomination Committee is of the opinion

that Board LTIP 2023 will increase and

strengthen the particapants’ dedication

to the company’s operations, improve

company loyalty and that Board LTIP

2023 will be beneficial to both the

shareholders and the company.

Co-worker LTIP 2023

Co-worker LTIP 2023 is an incentive

program intended for members of

senior management and key persons

in the company. According to the

program, participants will be granted,

free of charge, options subject to

three-year vesting that entitle to acquire

a maximum of 5,000,000 shares in the

company in total. The exercise price per

share shall correspond to 125 percent

of the volume weighted average price of

the company’s share for the five trading

days preceding the granting date. The

latest point in time at which vested

options may be exercised shall be the

fifth anniversary of the granting date.

The Board of Directors of the company

believes that Co-worker LTIP 2023

will create a strong alignment of the

interests of the participants and the

interests of the shareholders. Co-worker

LTIP 2023 is adapted to the current

position and needs of the company. The

Board of Directors is of the opinion that

Co-worker LTIP 2023 will increase and

strengthen the participants’ dedication

to the company’s operations, improve

company loyalty and that Co-worker

LTIP 2023 will be beneficial to both the

shareholders and the company.

Long-term incentive program 2024

The Annual General Meeting in Vicore

Pharma Holding AB held on May 7,

2024, resolved to ito implement a long-

term incentive program for the board

members in the company (“Board LTIP

2024”). A maximum of 297,000 share

awards may be allotted to participants

in the program.

Board LTIP 2024

Board LTIP 2024 is a program under

which the participants will be granted,

free of charge, share awards subject

to vesting that entitle to a maximum of

297,000 shares in the company. The

share awards shall vest over approxi-

mately one year.

The Nomination Committee believes

that an equity-based incentive program

is a central part of a competitive

remuneration package in order to

attract, retain and motivate internation-

ally competent members to the Board of

Directors. The Nomination Committee is

of the opinion that Board LTIP 2024 will

increase and strengthen the partica-

pants’ dedication to the company’s oper-

ations, improve company loyalty and

that Board LTIP 2024 will be beneficial to

both the shareholders and the company.

Internal control and risk

management regarding the

financial reporting

Introduction

According to the Companies Act and

the Annual Accounts Act, the Board

of Directors is responsible for internal

control.

The purpose of internal control

is to achieve efficient and effective

65 | Annual report 2024 Vicore Pharma Holding AB (publ)

operations, to ensure reliable financial

reporting and information about the

business, and to comply with applicable

laws, regulations, policies and guide-

lines.

Vicore's internal control is based on

principles developed by the Committee

of Sponsoring Organizations of the

Treadway Commission (COSO) which

consists of five consecutive compo-

nents:

1. Control environment

2. Risk assessment

3. Control activities

4. Information and communication

5. Monitoring including monitoring and

evaluation

Internal control of financial reporting

Internal control over financial reporting

aims to provide reasonable reliability

and security in financial reporting and to

ensure that financial external reporting

is conducted in accordance with appli-

cable laws and accounting standards.

The Board of Directors is ultimately

responsible for internal control and

continuously evaluates, via the Audit

Committee, Vicore's risk management

and internal control.

Vicore ensures internal control of

financial reporting through a qualitative

and quantitative analysis of the balance

sheet and income statement for the

group. The purpose of the quantitative

analysis is to identify risks linked to

significant and transaction-intensive

items. The qualitative analysis aims to

identify risks linked to complexity and

irregularities. Based on the results of the

analysis, significant financial processes

and risks have been identified.

Vicore has designed procedures

and activities to follow up on financial

reporting and to ensure that any errors

are detected and corrected. Key controls

have been designed and followed up

as part of the effort to maintain good

internal control.

Internal audit

The Board of Directors has evaluated

the need for an internal audit function

and concluded that it is not justified in

Vicore in view of the scope of the busi-

ness and that the Board's follow-up of

internal control is deemed sufficient to

ensure that internal control is effective.

The Board of Directors reexamines the

need, when changes occur that can lead

to re-examination and at least once a

year.

Control environment and risk

assessment

The control environment within Vicore is

part of the framework for the orientation

and culture that the Company's

Board of Directors and management

communicate to the organization.

In order to ensure appropriate risk

management and good internal control,

the Company has adopted a series of

internal guidelines, work processes

and routines, in addition to governing

documents such as the Board's rules of

procedure, instructions for the CEO with

associated instructions for delegation

and attestation.

The Board of Directors has also

established an Audit Committee whose

main task is to monitor the Company's

financial position, the effectiveness

of the Company's internal control,

internal audit and risk management

to be informed of the audit of the

annual accounts and the consolidated

accounts, and to review and monitor

the auditor's impartiality and independ-

ence. Responsibility for ongoing work

regarding the internal control of the

financial reporting has been delegated

to the Company's CEO and CFO.

In addition to the abovementioned

controls, the company has standardized

procedures that govern the control and

quality of drug development.

Vicore's group management shall

annually conduct a risk assessment

of strategic, operational, legal and

financial risks with the aim of identifying

potential problem areas and assessing

the risk exposure in the company. The

risk assessment includes identifying

risks that may arise that may prevent

the company from achieving its vision

and goals, for example if the basic

requirements for financial reporting in

the company are not met. Within the

scope of each risk area, the responsible

person identifies risks and their potential

consequences and probabilities, and pro-

poses measures. The Audit Committee is

responsible for continuously evaluating

the company's risk situation and shall

assist the Board of Directors with

proposals regarding the management

of the company's financial risk exposure

and risk management.

Control activities

To identify and manage the risks

associated with the company's

operations, the Board of Directors has

adopted a risk management policy.

Risk management is a high priority

within Vicore. Ultimately, it is the Board

of Directors that is responsible for risk

management. The company's risk

situation must be evaluated annually,

after which an action plan will be drawn

up. Vicore bases its control environment

on the risks identified during the risk

assessment process. The company has

also appointed process owners who are

responsible for individual processes. The

CEO and other senior executives are all

involved in the ongoing work to manage

the risks associated with the business.

Vicore has designed procedures

and activities to follow up on financial

reporting and to ensure that any errors

are detected and corrected. These

activities include, among other things,

follow-up and comparison of earnings

performance or items, account reconcil-

iations and balance sheet specifications,

as well as approval of bank transactions

and cooperation agreements, proxy

and authorization instructions, and

accounting and valuation principles.

The company's CFO has a key role in

analyzing and following up the com-

pany's financial reporting and results.

Authorizations to IT systems are limited

according to powers, responsibilities and

roles.

Information and communication

The company also has internal control

functions for information and commu-

nication that aim to ensure that correct

financial and other company informa-

tion is communicated to employees and

other stakeholders.

The company's internal instructions

and policies are available to all

employees and provide detailed

information on current routines in all

parts of the company and describe

the control functions and how they are

implemented.

Monitoring including follow-up and

evaluation

Compliance and effectiveness regarding

internal controls are regularly monitored.

The CEO ensures that the Board of

Directors receives regular reports on

the development of the company's

operations, including the development

of the company's earnings and financial

position and information on important

events, such as research results and

important agreements and contracts.

The CEO reports on these issues at

each board meeting. The company's

compliance with applicable policies

and governance documents and the

effectiveness of internal control are

subject to annual evaluation. The results

of these evaluations are compiled by

the company's CEO and reported to the

66 | Annual report 2024 Vicore Pharma Holding AB (publ)

Board of Directors annually. The Board of

Directors handles all interim reports and

annual reports before they are published

and follows up the audit of the internal

control via the Audit Committee. The

Audit Committee supports the Board of

Directors by preparing questions and

provides the Board of Directors with

support in its work to fulfill its responsi-

bilities in the areas of internal control and

accounting and to assure the quality of

Vicore's financial reporting.

Management

The Board of Directors appoints the CEO

to lead the company. The management

team as of December 31, 2024,

consisted of twelve people:

CEO

Chief Financial Officer

Chief Medical Officer

Chief Scientific Officer

VP Investor Relations , Communica-

tions and Portfolio Strategy

Program Director, early develop-

ment

VP Operations and Corporate

Strategy

Chief Administrative Officer

Chief Engagement and Commercial

Officer

VP Business Development

VP and Head of CMC

Director of Digital Health

The management team holds monthly

meetings to discuss the group's results

and financial position, follow-up of

budgets and forecasts, status in

research and development projects,

administration, HR and organization, IR

and strategy.

The CEO's responsibility

The CEO is subordinate to the Board

of Directors and is responsible for the

company's day-to-day management and

operations of the company. The division

of duties between the Board of Directors

and CEO is specified in the rules of pro-

cedure for the Board of Directors and the

CEO's instructions. The CEO shall ensure

that the company's accounting is in order

and that the business is conducted in

accordance with relevant regulations,

including Nasdaq Stockholm’s Rule Book

for Issuers.

The CEO shall keep the Board of

Directors continuously informed of

the development of the company's

operations, the company's earnings and

financial position, liquidity and credit

situation, important business events

and any other event, circumstances

or conditions that may be of material

importance to the company's share-

holders.

The CEO is also responsible for

producing reports and necessary

documentation to facilitate decisions

for board meetings and is the main

presenter of the material at board

meetings.

Management team

Vicore's management team as of

December 31, 2024, consisted of twelve

individuals; CEO Ahmed Mousa, CFO

Hans Jeppsson, CMO Bertil Lindmark,

CSO Johan Raud, VP Investor Relations ,

Communications and Portfolio Strategy

Megan Richards, Program Director,

early development Johanna Gräns,

VP Operations and Corporate Strategy

Mikael Nygård, Chief Administrative

Officer Nina Carlén, Chief Engagement

and Commercial Officer Åsa Magnus-

son, VP Business Development Jimmie

Hofman, VP and Head of CMC Helen

Barker and Director of Digital Health

Jessica Shull.

For further information about

Vicore's management team, including

name, position, year of employment,

education, work experience, significant

assignments outside the company and

holdings (own and / or related parties)

in Vicore on December 31, 2024, see

pages 69-71.

67 | Annual report 2024 Vicore Pharma Holding AB (publ)

Board of Directors and

management

Board of Directors

Hans Schikan

Chairman since 2024. Board member since 2018

Hans is former CEO of Prosensa (acquired by BioMarin).

His previous assignments include leadership roles at

Genzyme and Organon. He served on the boards of Hansa

Biopharma, Wilson Therapeutics (acquired by Alexion),

Sobi, Asceneuron, InteRNA, Therachon (acquired by Pfizer)

and VectivBio (acquired by Ironwood).

Born: 1958

Education: PharmD from the University of Utrecht.

Other assignments: Chairman of Microbiotica Ltd, Vice

chairman of Pharvaris NV, supervisory board member of

Organon NV. TopTeam member of the Dutch Top Sector

Life Sciences & Health. Advisor to various organisations in

Life Sciences & Health.

Previous assignments for the past five years: Chairman

of InteRNA and Complix, Board member of Sobi, Thera-

chon and VectivBio.

Holdings in the company: 66,369 share awards in the

framework of the company's incentive program and 8,355

shares.

Hans is chair of Vicore's Remuneration Committee.

Independent of the company and its senior management

and independent of major shareholders of the company.

Jacob Gunterberg

Board member since 2018

Jacob is a former partner at HealthCap and has extensive

experience in venture capital investments and investment

banking related to the life sciences sector. Jacob Gunter-

berg has long experience as board member in both private

and publicly traded companies.

Born: 1967

Education: M.Sc. in Business Administration and Econom-

ics from Lund University.

Other assignments: Board member and CFO in Purpose

Pharma AB, Board member in Aurelia Invest AB, Disruptive

Pharma Holding AB, EllAug AB, Tova Skrenen Stockholm

AB and Twiceme Technology Sweden AB.

Previous assignments for the past five years: Partner

at HealthCap. Board member in MIPS AB, Trimb Holding

AB, Trimb Healthcare AB, HealthCap Holdings GP AB,

HealthCap Annex Fund I-II Bis GP AB and HealthCap Aero

Holdings GP AB (which were merged in 2016 ), Carisma

Therapeutics Inc and Synox Therapeutics Ltd.

Holdings in the company: 43,254 share awards in the

framework of the company's incentive program and 6,400

shares.

Jacob is a member of Vicore's Audit Committee and a

member of Vicore's Remuneration Committee.

Independent of the company and its senior management,

and independent of major shareholders of the company.

Heidi Hunter

Board member since 2020

Heidi has more than 25 years of experience from leading

positions in different roles within pharmaceutical

development and commercialization. She has worked

strategically and operationally from clinical and com-

mercial development to launch execution. Her leadership

experience spans alliance management, investment risk

mitigation, global clinical and commercial management,

new business strategy development, product launch, and

business sustainability.

Born: 1958

Education: M.B.A., Marketing and International Business,

The University of Chicago. B.A., Economics and German,

Magna cum laude, The University of Michigan.

Other assignments: Board member Bavarian Nordic, IO

Biotech and Sutro Biopharma.

Previous assignments for the past five years: President,

Cardinal Health Specialty Solutions. SVP, Global immunol-

ogy business unit at UCB, Belgium.

Holdings in the company: 29,473 share awards in the

framework of the company's incentive program and 5,000

shares.

Heidi is chair of Vicore's Audit Committee and a member of

Vicore's Remuneration Committee.

Independent of the company and its senior management

and independent of major shareholders of the company.

Ann Barbier

Board member since 2024

Ann has more than 20 years of drug discovery and

development experience in the pharmaceutical and

biotech worlds. She has contributed to several approved

drugs and has worked in the rare disease, neuropsychiatry

and pulmonology fields.

Born: 1964

Education: MD, PhD.

Other assignments: None.

Previous assignments for the past five years: Board

member of Pieris Pharmaceuticals.

Holdings in the company: 18,448 share awards in the

framework of the company's incentive program and

42,500 shares.

Ann is a member of Vicore’s Scientific Committee.

Independent of the company and its senior management

and independent of major shareholders of the company.

68 | Annual report 2024 Vicore Pharma Holding AB (publ)

Elisabeth Björk

Board member since 2023

Elisabeth is an endocrinologist by training and an associ-

ate professor of medicine at Uppsala University, Sweden.

Elisabeth Björk has been the Senior Vice President, Late-

stage Development, Cardiovascular, Renal and Metabo-

lism (CVRM), BioPharmaceuticals R&D at AstraZeneca

leading the global development of medicines within this

area since 2012. Throughout her career at AstraZeneca,

she has gained broad drug development experience

covering clinical development phase I-IV, large outcomes

programs, major global filings and health authority

interactions (FDA, EMA, Japan) and commercial strategy/

implementation.

Born: 1961

Education: MD, Karolinska Institute and Ph.D. in Endocri-

nology, Uppsala University.

Other assignments: Board member of Pharvaris N.V., Agi-

ana Pharma AS, Rocket Pharmaceuticals, Inc., Chalmers

University of Technology and Betula Consulting AB.

Previous assignments for the past five years: Served on

the Swedish Government’s strategic innovation partner-

ship program for life science. Board member of Chalmers

Ventures AB 2018-2023

Holdings in the company: 29,473 share awards in the

framework of the company's incentive program.

Elisabeth is the chair of Vicore's Scientific Committee. In-

dependent of the company and its senior management and

independent of major shareholders of the company.

Michael Buschle

Board member since 2023

Michael has more than 25 years’ experience in basic

research as well as from biotech and pharma R&D. Dr

Buschle has held C-level positions at mid-size Pharma

and biotech companies. Among others, Dr Buschle was a

co-founder of vaccine company Intercell AG (merged with

Vivalis to create Valneva in 2012) and President Biologics

and Chief Scientific Officer at Glenmark Pharmaceuticals.

Born: 1960

Education: Ph.D. from the University of London.

Other assignments: Managing director and board mem-

ber of BM2 Biotechnology SA

Previous assignments for the past five years: Board

member of Y-mAbs Therapeutics, Inc.

Holdings in the company: 29,473 share awards in the

framework of the company's incentive program.

Michael is a member of Vicore's Scientific Committee.

Independent of the company and its senior management

and independent of major shareholders of the company.

Yasir Al-Wakeel

Board member since 2024

Yasir is a seasoned executive, board member, and

strategic advisor to biotech companies. He is currently

the operating partner at SROne. Yasir has had operational

experience running finance and business development

functions at both public and private biotech companies,

and prior to that had senior roles in investment banking

both as an equity analyst and in corporate finance.

Born: 1981

Education: BM BCh.

Other assignments: Board member of Maxcyte.

Previous assignments for the past five years: CEO

Addition Therapeutics.

Holdings in the company: 12,298 share awards in the

framework of the company's incentive program.

Yasir is a member of Vicore's Audit Committee.

Independent of the company and its senior management

and independent of major shareholders of the company.

69 | Annual report 2024 Vicore Pharma Holding AB (publ)

Management

Ahmed Mousa

Chief Executive Officer since 2023

Ahmed has an extensive background in business and cor-

porate development, portfolio strategy, and entrepreneurial

experience in the life sciences industry. Prior to joining

Vicore, Ahmed was the Chief Business Officer & General

Counsel of Pieris Pharmaceuticals where he played a

key role in development of the company’s pipeline and

execution of strategic collaborations with a range of phar-

maceutical companies. Ahmed previously was an attorney

representing biopharmaceutical companies in a range of

matters at Covington & Burling and Kirkland & Ellis.

Born: 1984

Education: Undergraduate degrees in molecular biology

and government from Cornell University and a master’s

degree in biotechnology from Johns Hopkins University.

Juris Doctor from Georgetown Law with honors.

Other assignments: Board member and CEO of INIM

Pharma AB and Vicore Pharma AB.

Holdings in the company: 95,000 shares and 800,000

options within the framework of the company's incentive

program.

Hans Jeppsson

Chief Financial Officer since 2017

Hans has a cross-disciplinary background in finance and

biomedicine. He has previously worked as a biotechnology

analyst at Danske Bank as well as within preclinical

research at AstraZeneca R&D.

Education: Ph.D. in Business Administration from the

University of Gothenburg and post-doc experience from

Haas School of Business at the UC Berkeley. He also has

a background in chemical engineering with a focus on

biotechnology from Chalmers University of Technology.

Other assignments: Deputy board member of Vicore

Pharma AB and INIM Pharma AB.

Holdings in the company: 10,444 shares and 190,000

options within the framework of the company's incentive

program.

Johanna Gräns

Program Director, early development since 2015

Johanna has a Ph.D and expertise in pharmaceutical

metabolism. She has extensive experience in preclinical

interpretation and is responsible for drug development

projects.

Education: Ph.D. in biology with a focus on toxicology from

the University of Gothenburg.

Other assignments: None.

Holdings in the company: 14,008 shares and 150,000

options within the framework of the company's incentive

program.

Helen Barker

VP and Head of CMC since 2024

Helen is a pharmaceutical scientist and business leader,

with over 25 years of experience delivering the technical

and strategic development of novel compounds, devices

and companies

Education: B.Sc. in Chemical and Pharmaceutical Science,

University of Sunderland.

Other assignments: None.

Holdings in the company: 16,263 shares.

70 | Annual report 2024 Vicore Pharma Holding AB (publ)

Nina Carlén

Chief Administrative Officer since 2009

Nina has more than 20 years of experience working with

HR, marketing and communication in the pharmaceutical

industry.

Education: Completed training in project management,

PR, communication and graphic design at, among others,

Bergh's School of Communication.

Other assignments: Deputy board member of North River

AB and North River Maintenance AB.

Holdings in the company: 31,983 shares and 150,000

options within the framework of the company's incentive

program.

Bertil Lindmark

Chief Medical Officer since 2024

Bertil has a long career within the pharmaceutical industry

with expertise within respiratory and inflammatory diseas-

es. Bertil has held global roles within AstraZeneca, leading

the development of global brands like Pulmicort and Sym-

bicort. He was the Head of Research and Development at

Almirall, leading the development of the second to market

inhaled long acting antimuscarinic, aclidinium bromide.

Bertil also held CMO roles in biotech companies, among

others Galecto where his leadership played a crucial role in

driving innovation and advancing IPF directed therapies.

Education: MD PhD from Lund University, Sweden.

Other assignments: Chairman of the Scientific Committee

of ALK and Chairman of the Board at Aqilion.

Holdings in the company: 30,000 shares and 125,000

options within the framework of the company's incentive

program.

Johan Raud

Chief Scientific Officer since 2018

Johan has more than 20 years of experience of medical

science, pharmaceutical R&D and patenting from his work

as physician, different roles within big and small pharma,

co-founding and managing startup companies, as well as

venture capital investment.

Education: MD Ph.D. from the Karolinska Institute and

Vanderbilt university, USA.

Other assignments: None.

Holdings in the company: 234,706 shares and 145,000

options within the framework of the company's incentive

program.

Åsa Magnusson

Chief Engagement and Commercial Officer

since 2021

Åsa has more than 20 years of experience as a com-

mercial executive in the pharmaceutical industry with

focus on securing market access and launching rare

disease medicines. Her previous roles include leading

cross-functional teams as General Manager at Arvelle and

in different senior commercial roles at Alexion, expanding

innovative antibody products and heading the commercial

launch of Actelion’s pulmonary arterial hypertension (PAH)

pharmaceuticals.

Education: BBA and B2B marketing from Lund University.

Other assignments: Board member of Think Brand

Direction.

Holdings in the company: 12,000 shares and 150,000

options within the framework of the company's incentive

program.

71 | Annual report 2024 Vicore Pharma Holding AB (publ)

Jessica Shull

Head of Digital Health since 2021

Jessica has more than 20 years’ experience in the field of

digital technologies for healthcare including development

of virtual surgical devices. She is considered an authority

in HTA requirements for patient-facing software and

innovation adoption in Europe and internationally. In

previous roles she worked on digital health best practices

for the WHO and with the Digital Therapeutics Alliance

she focused on digital therapeutic product integration,

regulation, and policy.

Education: MA, M.Sc., Ph.D. in Biomedicine.

Other assignments: None.

Holdings in the company: 142 shares and 150,000

options within the framework of the company's incentive

program.

Mikael Nygård

VP Operations and Corporate Strategy since 2021

Mikael has extensive experience from Business Devel-

opment in the healthcare industry. He has led M&A and

Corporate Development at the care provider Humana AB

and has also worked in the global healthcare team at the

strategy consulting firm Boston Consulting Group.

Education: M.Sc. Pharmacy, Uppsala University. Ph.D.

Neurobiology, Karolinska Institutet.

Other assignments: None.

Holdings in the company: 9,862 shares and 161,000

options within the framework of the company's incentive

program.

Jimmie Hofman

VP Business Development since 2024

Jimmie is an experienced deal maker in the life science

industry, with extensive experience in business develop-

ment, corporate strategy, and financial modeling. Prior

to joining Vicore, Jimmie was Senior Director, Business

Development at Pieris Pharmaceuticals, where he was

responsible for business development activities, and part

of establishing strategic partnerships with multiple phar-

maceutical companies, including AstraZeneca, Roche/

Genentech, Seagen, Servier, and Boston Pharmaceuticals.

Education: B.Sc. Bioengineering, M.Sc. Entrepreneurship

& Business Design, Intellectual Capital Management from

Chalmers University of Technology.

Other assignments: None.

Holdings in the company: 12,407 shares and 50,000

options within the framework of the company's incentive

program.

Megan Richards

VP Investor Relations, Communications and

Portfolio Strategy since 2024

Megan brings extensive experience in formulating and

executing early commercial and new product strategies,

as well as developing corporate strategy and strategic

messaging. Prior to joining Vicore, she served as Senior

Director of Commercial and Strategy at Pieris Pharmaceu-

ticals, where she led cross-functional teams to optimize

clinical and commercial plans and developed compelling

messaging for their respiratory and oncology portfolios.

Megan’s background also includes her role as Vice

President of Strategy and Innovation at Artisan Healthcare.

There, she was responsible for advising global pharma-

ceutical and clinical-stage biotechnology companies on

commercial and new product strategy, including franchise

and brand planning, portfolio prioritization, new product

positioning, and strategic communication.

Education: BA in Cellular Neuroscience from Colgate

University.

Other assignments: Board member of the non-profit

association Boston cares.

Holdings in the company: None.

72 | Annual report 2024 Vicore Pharma Holding AB (publ)

To the Annual General Meeting of Vicore Pharma

Holding AB, reg. no. No. 556680-3804

Assignment and division of responsibilities

A Corporate Governance Report has been prepared

and is included on the pages 60-71 in the Annual

report. The Board of Directors is responsible for the

Corporate Governance Report for 2024 and that it

has been prepared in accordance with the Annual

Accounts Act.

Focus and scope of the audit

Our review has been conducted in accordance with

FAR's statement RevU 16 Auditor's review of the

Corporate Governance Report. This means that our

review of the Corporate Governance Report has a

different focus and a significantly narrower scope

compared to the focus and scope of an audit in

accordance with International Standards on Audit-

ing and generally accepted auditing standards in

Sweden. We believe that this examination provides

us with a sufficient basis for our statements.

Auditor's report on the

Corporate Governance Report

Statement

A corporate governance report has been prepared.

Disclosures in accordance with Chapter 6. Section

6, second paragraph, points 2–6 of the Annual

Accounts Act and Chapter 7. The second para-

graph of Section 31 of the same Act is consistent

with the annual accounts and consolidated

accounts and is in accordance with the Annual

Accounts Act.

Gothenburg, March 25, 2025

Ernst & Young AB

Linda Sallander

Authorized Public Accountant

73 | Annual report 2024 Vicore Pharma Holding AB (publ)

Glossary

Agonist

A drug that has affinity for, and stimu-

lates physiological activity, via cellular

receptors that are normally stimulated

by naturally occurring substances.

Antagonist

A substance that tends to nullify the

action of another; in pharmaceutical

terms, a drug that binds to a receptor

without eliciting a biological response.

Angiotensin

Peptides and hormonal substances

within the Renin-Angiotensin system.

The most potent form known as

Angiotensin II, which may bind to two

different receptors; the AT1 receptor

and the AT2 receptor.

AT1 receptor

Stimulation of the AT1 receptor via Angi-

otensin II provides, among other things,

a contraction of the blood vessels and

raised blood pressure.

AT2 receptor

The Angiotensin II type 2 receptor or AT2

receptor is regarded as the “protective”

receptor of the Renin-Angiotensin

system. In contrast to the ubiquitous AT1

receptor, the AT2 receptor is predom-

inantly expressed during embryonic

development. In adults, however, it is

mainly expressed after injury and in

different disease states.

Clinical studies

Phase 1 is the first time that the drug is

tested on humans. This is usually done

on a small group (10-30) of healthy volun-

teers with normal weight who are men.

This is because women’s reproductive

capacity is more sensitive if it should

prove that the substance is toxic. In the

phase I study the safety of the drug is

investigated, how it is broken down in the

body and its effects. In the phase I study

the subject is only given a small fraction

of the amount that is given to experimen-

tal animals, because the effect on people

is completely unknown.

Phase 2 is carried out on a larger group

of patients suffering from a disease (20-

3,000) to study how effective the drug

is to treat the disease. During phase II,

dose studies are also usually conducted

to arrive at the right dose to be given to

patients in the future. This dose is used

later in the phase III studies. Phase II

studies can be divided into early phase

(IIa) and late phase (IIb).

Phase 3 is carried out in a large

population (300-30,000) to conclusively

define how suitable the drug is to treat

the disease. This patient group should

as far as possible mimic the population

of which the finished product is to be

used on, e.g. weight, age, gender, etc.

Comparisons are made to the current

standard treatment or placebo (sugar

pill) if there is no standard treatment for

the disease. Phase III may also be divided

into two subgroups phase IIIa and phase

IIIb. In phase IIIa, the drug has not come

out in the market yet and during phase

IIIb the drug is on the market, but new

areas of use for it are tested.

Phase 4 comes after the drug has

started to be sold in the market, when

new unusual side effects can be

discovered. Phase IV can be seen as

a monitoring of what is happening.

74 | Annual report 2024 Vicore Pharma Holding AB (publ)

Digital Therapeutics (DTx)

Digital therapeutics (DTx) deliver

medical interventions directly to

patients using evidence-based, clinically

evaluated software to treat, manage,

and prevent a broad spectrum of

diseases and disorders.

Forced Vital Capacity (FVC)

FVC is the total amount of air exhaled

during the forced expiratory volume

(FEV) test. FEV and FVC are lung

function tests that are measured during

spirometry.

Interstitial lung disease

(ILD)

Term used for a group of lung diseases.

Idiopathic pulmonary

fibrosis (IPF) and

pulmonary fibrosis (PF)

IPF is a chronic and ultimately fatal

disease characterized by a progressive

decline in lung function. The term

pulmonary fibrosis means scarring

of lung tissue and is the cause of

worsening dyspnoea (shortness of

breath). Fibrosis is usually associated

with a poor prognosis. When the cause

of the disease is not known, the fibrosis

may be termed "idiopathic" . IPF usually

occurs in adult individuals of between

50 and 70 years of age, and affects

more men than women.

Preclinical research

Preclinical research is a stage of

research that begins before clinical

trials (testing in humans) can begin,

and during which important feasibility,

iterative testing and drug safety data are

collected. The main goals of pre-clinical

studies are to determine the safe dose

for first-in-man study and assess a

product’s safety profile.

RAS or Renin-Angiotensin

System

The Renin-Angiotensin System (RAS)

or the Renin-Angiotensin-Aldosterone

System (RAAS) is a hormone system

that regulates blood pressure and water

(fluid) balance. Drugs that block the

ras, e.g. ACE inhibitors and Angiotensin

receptor blockers, have been widely used

clinically to treat high blood pressure, and

for reducing mortality of patients with

myocardial infarction and heart failure

patients. With these drugs, the negative

effects of Angiotensin II are blocked,

which occurs when AT1r stimulated.

Receptor

A specific molecule on the surface

or within the cytoplasm of a cell that

recognizes and binds with other specific

molecules, such as the cell molecules

that bind with hormone or neurotrans-

mitter molecules and react with other

molecules that respond in a specific way.

Regulatory

Summary term for the work done to

meet the authorities’ formal require-

ments regarding, for example, pharma-

ceutical registration.

Orphan drugs

The regulatory authorities can grant a

drug candidate Orphan Drug Desig-

nation (ODD). Orphan drug status is

a way of encouraging research and

development of drugs for the treatment

of rare diseases. The market for orphan

drugs is growing faster than other

pharmaceuticals market.

In the US and Europe, about 60 million

people are estimated to suffer from one

of the 7,000 identified rare diseases. In

total, some 350 million people around

the world are estimated to suffer from

one of the rare diseases identified.

The definition of rare disease for

different markets:

USA: <200,000 patients per indication

Japan: <50,000 patients per indication

Europe: <5 per 10,000 inhabitants

(approximately 250,000 patients per

indication).

75 | Annual report 2024 Vicore Pharma Holding AB (publ)

Address

Vicore Pharma Holding AB

Kornhamnstorg 53

SE-111 27 Stockholm, Sweden

Contact

information

Contacts

Ahmed Mousa, CEO

Tel: +1 (607) 437-0235

[email protected]

Hans Jeppsson, CFO

Tel: +46 70 553 14 65

[email protected]

Megan Richards, Investor Relations

Tel: +1 (978) 269-4372

[email protected]

Tel: +46 31 788 05 60

Org.no.: 556680-3804

www.vicorepharma.com

76 | Annual report 2024 Vicore Pharma Holding AB (publ)