46% growth with strong momentum in the USA and for Pharma Services

Q3 (Nov 2025–Jan 2026) (comparison figures are for the same period 2024/2025)

• Net sales amounted to SEK 3,294 (2,261), corresponding to an increase of 46%.
  In local currency, net sales increased by approximately 60%.
• Cash flow from operating activities amounted to SEK -11,517 (- 17,445) thousand.
• At the end of the quarter, cash and cash equivalents amounted to SEK 88,223 thousand (SEK 100,664 thousand previous quarter).

Q1–Q3 (May 2025–Jan2026) (comparison figures are for the same period 2024/2025)

• Net sales amounted to SEK 8,565 (6,287), corresponding to an increase of 36%.
  In local currency, net sales increased by approximately 50%.
• Cash flow from operating activities during the period amounted to SEK -46,823 ( -67,541) thousand.

Significant events during Q3 (Nov 2025–Jan 2026)

• Two new studies with DiviTum TKa presented at SABCS 2025
• New commercial agreement signed with NCI Center in the USA.
• Biovica withdrew the previously communicated financial targets and will wait to set new targets until the commercial launch in the USA has progressed further.
• More focus on the USA – Distribution agreement for the Nordic Region canceled.
• Positive data from the Ciclib trial at Roswell Park Comprehensive Cancer Center published.
  

Significant events after the end of the quarter

• Data confirm strong prognostic correlations for DiviTum TKa in metastatic breast cancer.
• Biovica’s CEO, Anders Rylander, announced that he will step down as CEO during 2026 as part of a structured succession process.

Biovica in brief – Treatment decisions with greater certainty

• Biovica develops and commercializes the blood-based biomarker assay, DiviTum® TKa, which enables early-stage evaluation of treatment effectiveness. The initial focus is on breast cancer.
• DiviTum TKa has obtained FDA 510(k) clearance in the USA and has CE marking in the EU.
• Biovica’s shares are traded on the Nasdaq First North Premier Growth Market (BIOVIC B).

CEO’s comments

We took several important steps during the quarter to strengthen our positions in both clinical use and Pharma Services in the USA. Our strategic direction remains the same – to grow the body of clinical evidence, accelerate the commercial penetration, and work closely with leading clinics, payers and pharmaceutical companies.

Although the quarter as a whole fell short of our expectations, performance markedly improved toward the end of the period and continued on that trajectory into the fourth quarter. Several clinics have increased their use of DiviTum TKa. Although establishing sales in the United States has taken longer than we initially anticipated, we are now seeing signs that adoption of our product is accelerating.

We are continuing our collaboration with Tempus, which is a key part of our strategy. During the period, Tempus conducted a large survey of oncologists to gather feedback and support a successful market introduction. The results indicate meaningful interest in DiviTum TKa, which is encouraging as we prepare to initiate the project together in Q2, with a planned launch after this fall.

Demand in Pharma Services continues to be strong, particularly for immunotherapy and next-generation CDK inhibitors. Several of our Tier 1 customers have expanded their orders and we are preparing for a heavy inflow of samples during the spring. Pharma Services is thus becoming an increasingly important growth engine.
Data from two important trials were published during the quarter – the PDM-MBC study (published in Breast Cancer Research and Treatment) and the Ciclib trial (published in JCO Precision Oncology). This further strengthens the evidence base for DiviTum TKa and confirms its clinical relevance.

As previously communicated, I have informed the Board of my intention to step down as CEO during 2026 as part of a structured succession process. After 15 years in this role, I feel it is a natural time to hand over, with the company now entering the next stage of its development.

When I started as CEO, Biovica was valued at approximately SEK 12 million. Since that time, we have achieved regulatory approvals, established operations in the USA and moved into commercialization. I am convinced that the company is now at the start of a much larger journey.

My personal goal is for Biovica, over the next 5–7 years, to grow into a company whose products help more than 500,000 patients and that achieves a USD-billion market value, comparable to valuations of sector peers in the United States. Although ambitious, the goal is supported by our strong clinical position, our growing evidence base, and the structural growth in precision oncology.

I intend to contribute to that journey as a long-term supporting shareholder and, subject to shareholder approval, also as a Board member. My confidence in Biovica’s potential is stronger than ever.

We head into the fourth quarter with strong momentum. We have a solid platform for continued growth, supported by the improving commercial momentum in the USA, our evolving partnership with Tempus, growing clinical engagement and progress in Pharma Services. We now have the commercial and clinical pillars in place for the next phase of the company’s development and creating value for patients, society and our shareholders.

Anders Rylander, CEO