Oslo, Norway, May 15, 2025 - Lytix Biopharma AS, a clinical-stage immuno-oncology company, today announced its results for the first quarter of 2025.

With strong clinical data, a clear path to Phase III, and new international leadership onboard, Lytix is entering a defining phase. The momentum seen in Q1 2025 reflects both scientific validation and growing strategic readiness, as the company sharpens its focus on late-stage development, partnerships, and commercial execution. With solid operational progress and financial discipline, Lytix is well-positioned to deliver on its ambition to bring novel immunotherapies to patients globally.

"Developing tomorrow's cancer treatment requires the right resources and competence over time, aligned with different needs through different phases. With fantastic phase II results for skin cancer patients in the bank, we are now ramping up our organization to enter the next phase of taking Lytix's lead drug to a final phase III study and then to the market", says Dr. Øystein Rekdal, CEO of Lytix Biopharma

Q1 2025 highlights and recent developments

-          Licensing partner Verrica Pharmaceuticals is approaching a Phase III clinical program in treatment of Basal Cell Carcinoma (BCC). Following a positive end of Phase II meeting with FDA, Verrica expects to announce a global development program update, including the design of the Phase III program in mid-2025

-          Genomic and immune response data from Verrica's Phase II study also expected in mid-2025

-          NeoLIPA study in early-stage melanoma progressing well, with eight patients treated to date. Interim readout is expected in Q3 2025

-          All patients have completed treatment in the ATLAS-IT-05 study in advanced melanoma. Positive interim data from this late-stage and hard-to-treat patient population encouraging solid effects in an early-stage neoadjuvant setting

-          Strengthening executive team and board, ramping up the organization for commercial execution and partnership discussions

-          Significantly reduced cost base improving financial position as the ATLAS-IT-05 study concludes

Strategic leadership appointments to support global expansion
In Q1 2025, Lytix strengthened its executive team with the appointments of Dr. Ahmed Bouzidi as Senior Vice President, and Brent Meadows as Chief Business Officer, underscoring the company's commitment to international growth and late-stage deal execution.

Dr. Bouzidi, based in Switzerland, brings over 25 years of global experience in immuno-oncology, translational science, and regulatory affairs, with deep insight into the European and Asian markets. Mr. Meadows, based in the U.S., is a seasoned biopharma executive with a strong track record in commercial strategy, licensing, and business development. Together, they bring critical expertise to support Lytix's global partnering efforts and advance its pipeline toward commercialization.

At the Annual General Meeting, Lytix Biopharma elected a new Board of Directors, bringing extensive experience in oncology, biotech partnerships, and international commercialization. Eric Falcand was appointed as the new Chair of the Board.

"We are very pleased to welcome both the new board members, as well as Ahmed and Brent to Lytix" commented Rekdal. "Their solid track records in drug development, strategy, and commercial execution internationally bring the right experience as Lytix moves closer to market".

Disciplined financial management 
Operating expenses declined in the quarter as expected, reflecting the near-completion of the ATLAS-IT-05 study. The company maintains a strong financial position following the capital raise in late 2024, ensuring sufficient runway and strategic flexibility.

Webcast details:

The results will be presented in a webcast with CEO Øystein Rekdal and CFO Gjest Breistein today. In addition, the newly elected Chair, Eric Falcand, will be introduced and he will share some of his views on the potential of Lytix's unique technology.

Date: Thursday, May 15th, 2025

Time: 11:15 AM CET

Questions may be submitted in advance to: post@lytixbiopharma.com

The presentation and Q&A session will be conducted in English. You can view the live event by registering here: https://channel.royalcast.com/landingpage/hegnarmedia/20250515_1/

A recording will be available after the event at: https://www.lytixbiopharma.com/financial-reports

For more information, please contact:

Gjest Breistein, CFO
+47 952 60 512
gjest.breistein@lytixbiopharma.com

About Lytix:

Based in Oslo, Norway, Lytix Biopharma is a clinical-stage biotech company with a highly novel technology based on world leading research in host-defense peptide-derived molecules. Lytix Biopharma's lead product, LTX-315, is a first-in-class oncolytic molecule representing a new principle to boost anti-cancer immunity. Lytix Biopharma has a pipeline of molecules that can work in many different cancer indications and treatment settings, both as mono- and combination therapy.