Dear shareholders,

In mid-April, the World Sepsis Congress convened leading experts from around the world, including WHO Director-General Dr. Tedros Adhanom Ghebreyesus. In his opening remarks, he highlighted the staggering scale of the problem: nearly 50 million people are affected by sepsis every year, and approximately 11 million die from it. He then added a sentence that captured the urgency of the issue with striking clarity: "Nobody should die while seeking care."

It was a powerful reminder that sepsis is often the tragic consequence of an infection spiraling beyond what the immune system can control and suddenly leading to a potentially life-threatening condition.

Another important point raised during the opening session by Dorothee Bär, the German Minister of Research, Technology and Space, was that growing antibiotic resistance is making sepsis even more dangerous. As standard anti-infective treatments become less effective, the sepsis-related risks associated with severe infections continue to rise.

Why Apta-1 Is Highly Relevant Today

These remarks underline why our work at Aptahem is so highly relevant. We are developing Apta-1 with the ambition of addressing one of the most serious unmet medical needs in acute care: effective treatment for sepsis and other severe diseases that either lead to or arise as a consequence of sepsis.

A few weeks ago, we completed our rights issue, raising approximately SEK 3.15 million. This provides us with the necessary runway to continue operating a lean organization with strict financial discipline and a clear focus on advancing our long-standing dialogues with potential partner companies in order to move Apta-1 forward through continued clinical development and toward the market.

As most of you know, we continue to evaluate opportunities related to a potential U.S. market presence, although recent volatility in the U.S. capital markets has made the financing environment for emerging biotech companies more challenging.

I would also like to sincerely thank everyone who participated in the recent rights issue despite challenging market conditions. Your continued trust and support mean everything to us.

Apta-1's Unique Mechanism of Action

For those of you who may be new to Aptahem, I would like to briefly explain, in simplified terms, what is so special about our drug candidate, Apta-1.

Shortly after administration, Apta-1 rapidly reduces harmful inflammatory processes. At the same time, the substance counteracts the excessive coagulation and microvascular clot formation that often develop within the patient's blood vessels during severe inflammatory conditions such as sepsis. This uncontrolled and rapidly spreading coagulation is one of the primary reasons sepsis becomes so dangerous and can ultimately lead to amputations, organ failure, and/or death.

Importantly, Apta-1 has demonstrated the ability to reduce harmful clot formation while simultaneously reducing - or even stopping - the damaging inflammatory processes that the body's own immune system has lost control over. At the same time, Apta-1 strengthens the immune system without significantly affecting the body's normal hemostatic function - the vital process that maintains the balance between bleeding and coagulation.

The underlying biology is naturally far more complex, but this differentiated mechanism of action is the primary reason behind Apta-1's potential. There is currently no other product on the market with these exact properties and which has also not demonstrated side effects such as increased bleeding risk or suppression of the immune system.

It is this unique mechanism of action, clarified through our clinical synopsis, that continues to drive the heightened activity we have seen in our data room from potential partner companies during the past six months.

Broad Commercial Potential

As highlighted in the Analyst Group research report (paid by Aptahem) published on April 13, the market opportunity within sepsis alone exceeds USD 5 billion, while the broader addressable market for related inflammatory and coagulation-driven conditions surpasses USD 85 billion. This illustrates the significant commercial potential beyond sepsis itself.

At the same time, it is important to emphasize that there is no quick path toward addressing such a large market opportunity. Our current strategy therefore remains focused on identifying the most cost-effective and clinically relevant path toward the market and the achievement of an initial proof-of-concept together with the right partner.

Creating a Focused Clinical Path Toward a Larger Opportunity

The first disease area we are likely to explore clinically is therefore a condition where inflammation, coagulation, and immune dysregulation together create severe consequences for patients, such as Acute-on-Chronic Liver Failure (ACLF), Acute Kidney Injury (AKI), or atypical Hemolytic Uremic Syndrome (aHUS). These diseases share characteristics that may potentially be addressed through Apta-1's mechanism of action while also exhibiting several of the pathological features found in sepsis, including microvascular clotting, inflammation, and tissue damage.

As a consequence, our focus is now increasingly directed toward securing the right partnership structure - for example with a strategic development partner - capable of supporting future clinical activities and accelerating the development of Apta-1 as a treatment for these types of severe diseases.

I strongly believe this represents the best opportunity to unlock the long-term value of Apta-1.

Closing Reflections

Let me close by returning to some of the facts I referred to from the World Sepsis Congress - namely the often underestimated scale of sepsis and related diseases:

Our goal is to provide a potential lifeline for the many millions of patients who every year face acute and life-threatening conditions where effective treatment options still do not exist.

The long-term potential for improving human lives is, quite simply, profound.

Follow us at aptahem.com or our social media, LinkedIn and Facebook.

Malmö 11 May 2026

Mikael Lindstam
CEO, Aptahem AB