Under the terms of the agreement, the licensee — a private biotech company incorporated in the United States with a development pipeline focused on ADC therapeutics — receives a non-exclusive worldwide license under Genovis’ patent portfolio covering the EndoS2 enzyme and its related methods of use. The license enables the licensee to research, develop, manufacture, and commercialize ADC products across all therapeutic indications and covers multiple ADC programs.

The agreement entitles Genovis to an upfront access fee and milestone payments. Reflecting the licensee’s multi-program ADC development model, the agreement uses milestone-based payments triggered at defined development and commercial thresholds rather than running royalties. Designed to encompass multiple ADC programs, the agreement enables each program that successfully reaches commercialization to generate up to approximately USD 20 million in total payments to Genovis.

“This agreement is a strong validation of the utility of our EndoS2 enzyme technology in the rapidly expanding ADC field. Site-specific conjugation technologies are increasingly recognized as a key differentiator in next-generation ADC development, and we are proud to support a dedicated ADC-focused company as they advance their pipeline,” said Fredrik Olsson, CEO at Genovis.

EndoS2 is an IgG-specific endoglycosidase that selectively cleaves N-linked glycans from the Fc region of IgG antibodies, enabling precise, site-specific conjugation of payloads to create homogeneous ADCs with well-defined DAR (Drug-to-Antibody Ratios) — a critical quality attribute influencing both the safety and efficacy of ADC therapeutics. ADCs are one of the fastest-growing drug classes in oncology, with a robust global pipeline of clinical-stage programs and multiple products already approved.

The collaboration brings together Genovis’ expertise in developing high-performance molecular tools and Single Cell Discoveries’ extensive experience in RNA sequencing and transcriptomics. Through this partnership, the two companies will enable fast, sensitive RNA-sequencing readouts for the scientific community, supporting more complete Mechanisms of Action assays and higher-throughput target discovery for drug development.

The SEQURNA® Thermostable RNase Inhibitor is designed to streamline RNA-sequencing workflows while improving library quality and minimizing batch variation. Its thermostable properties ensure robust protection of RNA integrity across demanding molecular biology applications.

“The partnership with Genovis strengthens Single Cell Discoveries’ commitment to offer the best transcriptomics tools to researchers and drug development teams worldwide. We look forward to continuing to bring superior sensitivity and scalability to our discovery services,” said Mauro Muraro, CEO at Single Cell Discoveries.

“We are proud to enter this strategic collaboration with Single Cell Discoveries. Together, we are strengthening innovation, performance, and reliability in transcriptomics workflows to better support research and drug development,” said Fredrik Olsson, CEO at Genovis.

The partnership reflects both companies’ shared commitment to advancing transcriptomics technologies and delivering high-quality, validated reagents and services that meet the evolving needs of the life science community.

ABOUT SINGLE CELL DISCOVERIES
Single Cell Discoveries (Utrecht, The Netherlands) is a Contract Research Organization (CRO) dedicated to single-cell sequencing, bulk and spatial transcriptomics. The company provides high-impact insights to biopharmaceutical companies and academic research centers globally. Founded in 2018 as a spin-off from the Hubrecht Institute, Single Cell Discoveries offers end-to-end services from experimental design to sequencing and data analysis, and is the world’s only CRO specialized in single-cell sequencing for preclinical discovery work.

For additional information, please contact:
Fredrik Olsson, CEO, Genovis AB
T: +46 (0)70 276 46 56
E: fredrik.olsson@genovis.com

This is a translation of the Swedish original. In the event of any discrepancy between this translation and the Swedish original, the Swedish version shall prevail.

October – December 2025

• Net sales totaled SEK 40,252 (27,936) thousand, representing a growth of 44%, corresponding to 58% when adjusted for currency effects. The quarter’s sales include the entire order from a global pharmaceutical company, as previously communicated, amounting to SEK 10.9 million.
• Operating profit before depreciation and amortization (EBITDA) totaled SEK 11,737 (7,771) thousand.
• As a result of the Swedish krona strengthening against both the USD and the EUR, with the largest appreciation and impact related to the USD, EBITDA was negatively affected by foreign exchange translation effects amounting to SEK -1,027 (1,644) thousand.
• Earnings per share totaled SEK 0.10 (0.07).
• Cash flow from operating activities was SEK 15,895 (18,598) thousand.

 January – December 2025

• Genovis AB acquired the remaining 75% of Sequrna AB on July 1, 2025, by exercising the purchase option that had been agreed upon in connection with the acquisition of 25% of Sequrna AB in July 2024.
• Net sales totaled SEK 128,946 (109,970)¹ thousand, representing growth of 17% excluding items affecting comparability², corresponding to 23% when adjusted for currency effects.
• Operating profit before depreciation and amortization (EBITDA) totaled SEK 33,558 (30,688)¹ thousand excluding items affecting comparability².
• As a result of the Swedish krona strengthening during the period against both the USD and the EUR, with the greatest strengthening and impact related to the USD, the operating profit was impacted by currency translation effects amounting to -5,116 (1,360) thousand SEK.
• Earnings per share totaled SEK 0.36 (0.50).
• Cash flow from operating activities was SEK 32,022 (37,116) thousand. SEK -6,873 thousand refers to the payment of tax on the profit from the divestment of the antibody business in 2024.

¹Previous year excluding the divested antibody business and excluding non-recurring license revenues. The antibody business was divested on August 19, 2024.
²Items affecting comparability for the full year relate to the divested antibody business and non-recurring license revenues in the previous year. In the previous year, including items affecting comparability, net sales amounted to SEK 130,358 thousand and EBITDA amounted to SEK 56,178 thousand, of which the gain from the divestment of the antibody business contributed SEK 14,925 thousand.

Message from the CEO
The fourth quarter marked a strong end to the year for Genovis, with a recovery in customer activity and very strong sales growth. Net sales amounted to SEK 40,252 (27,936) thousand, corresponding to growth of 44 percent compared with the same period last year, or 58 percent adjusted for currency effects.

For the full year, we also delivered strong sales development in our core business, with sales increasing by 17 percent, corresponding to 23 percent adjusted for currency effects. As the previous year included non-recurring license income as well as revenue from the divested antibody business, this year’s performance reflects solid organic growth in the underlying business and strengthened momentum in our long-term growth journey.

Growth during the quarter was partly driven by a larger order within antibody conjugation, while we also demonstrated stable growth in the underlying business adjusted for currency effects. We saw organic growth across key customer segments, including both biotech companies and larger pharmaceutical companies. Compared to the lower customer activity in the biotech segment in the third quarter, we noted strong sales growth in the final quarter of the year. We view this as an indication that demand in the segment is once again improving, particularly in the US market.

The strengthened Swedish krona continues to represent a currency headwind and had a negative impact on earnings of approximately SEK 2.6 million compared with the previous year. Despite this currency headwind, we continue to demonstrate strong profitability, healthy gross margins, and solid cash generation. EBITDA margin amounted to 29 percent during the quarter, underlining the strength of our business model and our cost discipline even in a period of negative currency effects. Cash flow from operating activities amounted to SEK 15,895 thousand, further strengthening our financial position and providing continued capacity to invest in future growth.
 
During the quarter, we also carried out an important antibody conjugation project, successfully meeting the customer’s high expectations by delivering the full order within the same quarter. The customer has confirmed that all quality parameters were fulfilled and that the material can be used in the continued development of a new drug candidate. Under significant time pressure, our team completed the project, which required substantial resources across several parts of the organization during the fourth quarter. I would like to extend my sincere thanks to all colleagues who, with great dedication and professionalism, contributed to a successful delivery.
 
We also saw an increase in personnel expenses compared with the corresponding quarter of the previous year. This is partly driven by a higher number of employees at Genovis, as well as Sequrna being fully integrated into the Group for the entire quarter.
 
In summary, we end the year with strong sales growth, stable development in the underlying business, and continued strong cash flow. With a strengthened position in both antibody conjugation and Genomics, as well as increasing customer activity in our most important markets, we are well positioned for continued growth. Although geopolitical and macroeconomic volatility remain short-term uncertainty factors, I remain confident in our long-term growth opportunities.
 
Finally, I would like to thank all colleagues at Genovis for their strong commitment and contributions during the quarter. Through your efforts, we continue to support the developers of tomorrow’s medicines with innovative technologies that enable new scientific breakthroughs.

July – September 2025

• Genovis AB acquired the remaining 75% of Sequrna AB on July 1, 2025, by exercising the purchase option that had been agreed upon in connection with the acquisition of 25% of Sequrna AB in July 2024.
• Net sales totaled SEK 27,532 (31,625)¹ thousand, representing a decrease of 13% excluding items affecting comparability², corresponding to -7% when adjusted for currency effects. Sales for the corresponding period last year included a large service order of approximately SEK 4 million within our ADC technology. This type of business is more volatile between quarters compared to the regular product business.
• Operating profit before depreciation and amortization (EBITDA) totaled SEK 6,878 (10,828)* thousand excluding items affecting comparability².
• Earnings per share totaled SEK 0.12 (0.21).
• Cash flow from operating activities was SEK 10,875 (723) thousand.

 January – September 2025

• Net sales totaled SEK 88,694 (82,034)¹ thousand, representing growth of 8% excluding items affecting comparability³, corresponding to 12% when adjusted for currency effects.
• Operating profit before depreciation and amortization (EBITDA) totaled SEK 21,820 (22,917)¹ thousand excluding items affecting comparability³.
• As a result of the Swedish krona strengthening during the period against both the USD and the EUR, with the greatest strengthening and impact related to the USD, the operating profit was impacted by currency translation effects amounting to -4,068 (-284) thousand SEK.
• Earnings per share totaled SEK 0.25 (0.43).
• Cash flow from operating activities was SEK 16,126 (18,518) thousand. SEK -6,873 thousand refers to the payment of tax on the profit from the divestment of the antibody business in 2024.

¹Previous year excluding the divested antibody business and excluding non-recurring license revenues. The antibody business was divested on August 19, 2024.
²Items affecting comparability in the third quarter relate to the divested antibody business in the previous year. In the previous year, including items affecting comparability, net sales amounted to SEK 32,895 thousand and EBITDA amounted to SEK 24,566 thousand, of which the gain from the divestment of the antibody business contributed SEK 14,925 thousand.
³Items affecting comparability for the first nine months relate to the divested antibody business and non-recurring license revenues in the previous year. In the previous year, including items affecting comparability, net sales amounted to SEK 102,422 thousand and EBITDA amounted to SEK 48,407 thousand, of which the gain from the divestment of the antibody business contributed SEK 14,925 thousand.
 
Message from the CEO
The third quarter showed lower revenue compared to the same period last year, but the decline is primarily attributable to timing effects from larger individual customer orders. In the third quarter of 2024, revenue included a project order of nearly SEK 4 million, whereas a significantly larger order of SEK 11 million was received shortly after the end of this quarter. Such quarterly variations are natural in our business and do not alter the underlying positive growth trend.
 
In addition to timing effects, a more cautious sentiment in the biotech segment, particularly in the United States, affected sales. Uncertainty surrounding FDA priorities and NIH funding levels has led several venture-backed companies to reduce their investments. In my assessment, the weakest period is now behind us. The start of the fourth quarter shows clear signs of recovery within biotech, with customer activity increasing again, especially in the U.S. market.
 
At the same time, our business with large pharmaceutical and biopharma companies continues to grow steadily, helping to broaden and strengthen our customer base. In the third quarter, organic sales in this customer segment increased by approximately 30 percent, and for the first nine months of the year the increase amounts to 19 percent, adjusted for currency effects. The strengthening of the Swedish krona against the U.S. dollar has had a negative impact on our U.S. revenues of around SEK 2 million compared with the same quarter last year.
 
Despite temporarily lower sales, we maintained solid profitability. The EBITDA margin amounted to 25 percent, including non-recurring costs of SEK 1.3 million related to the acquisition of Sequrna. Adjusted for these costs, the margin was approximately 30 percent, confirming strong cost control and operational efficiency even in a quarter with lower revenue.
 
At the same time, we continue to invest actively in future growth. The acquisition of Sequrna strengthens our position within Genomics, where sales of Sequrna’s RNAse inhibitor continue to develop well compared with the previous year. We recently expanded a supply agreement with a leading international manufacturer of research kits, meaning that Sequrna’s product is now integrated into the partner’s kits for global distribution – an important step in our strategy to increase accessibility to our technologies.
 
Through the licensing agreement with Thermo Fisher Scientific within conjugation technology, we are also broadening our offering to cover the entire chain from preclinical development to commercial manufacturing. This opens new volume opportunities in the bioprocess area as our customers move towards commercialization of their conjugated drugs. Shortly after the end of the quarter, we received an order worth approximately SEK 11 million from a global pharmaceutical company. The order covers materials and services related to one of our conjugation technology platforms and will be used in the development of a new drug candidate. The agreement represents an important milestone in the development of our conjugation technologies and confirms their growing relevance for the medicines of the future.
 
Overall, I view the third quarter as a result of normal variations in our sales between quarters rather than a change in the underlying growth trend. With a strong start to the fourth quarter, increased customer activity, and a substantial order from a global biopharma company, I remain confident in the outlook for the remainder of the year and in our long-term growth potential.
 
Finally, I would like to thank all my colleagues at Genovis for their strong commitment and efforts during the quarter. Through your work, we continue to support the developers of tomorrow’s medicines with innovative technologies that enable new scientific breakthroughs.

Genovis’ technology platform will be used as part of the manufacturing process to produce material for a novel drug candidate currently in preclinical development, and is expected to remain part of the manufacturing process if the program progresses into clinical development. Manufacturing of the reagents required to support the project will begin immediately, and delivery is expected to be completed no later than early 2026.

“We are proud to support this important program and pleased that our technology platforms continue to enable the development of innovative biopharmaceuticals,” says Fredrik Olsson, CEO of Genovis.

This order represents a significant milestone for Genovis’ bioconjugation business and highlights the growing importance of the company’s technologies in the field of next-generation therapeutics.

April – June 2025

• Net sales totaled SEK 28,871 (24,601)* thousand, with a growth rate of 17 %, 28 % when adjusted for currency effects. Net sales, including the divested Antibody Business, totaled SEK 28,871 (29,470)** thousand, with a decrease of -2 %, growth of 7 % when adjusted for currency effects.
• Operating profit before depreciation and amortization (EBITDA) totaled SEK 6,036 (3,796)* thousand. EBITDA including the divested antibody business totaled SEK 6,036 (5,272)** thousand.
• Operating profit (EBIT) totaled SEK 3,457 (1,739)* thousand. EBIT including the divested antibody business totaled SEK 3,457 (2,517)** thousand.
• As a result of the Swedish krona strengthening further against the USD during the period, the operating profit was impacted by currency translation effects amounting to -1,298 (-255) thousand SEK, the majority of which is unrealized.
• Profit/loss for the period totaled SEK 5,117 (1,790) thousand.
• Earnings per share*** totaled SEK 0.08 (0.03).
• Comprehensive income for the period totaled SEK 6,231 (2,467) thousand.
• Cash flow from operating activities was SEK -5,400 (-295) thousand. SEK -6,873 thousand refers to the payment of tax on the profit from the divestment of the antibody business in 2024.
• Cash and cash equivalents at the end of the period totaled SEK 168,989 (135,809) thousand.

January – June 2025

• Net sales totaled SEK 61,163 (50,409)* thousand, with a growth rate of 21 %, excluding license revenue, 24 % when adjusted for currency effects. Net sales, including the divested Antibody Business and license revenue, totaled SEK 61,163 (69,527)** thousand, with a decrease of -12 %, -10 % when adjusted for currency effects.
• Operating profit before depreciation and amortization (EBITDA) totaled SEK 14,943 (12,089)* thousand. EBITDA including the divested antibody business and license revenue totaled SEK 14,943 (23,841)** thousand.
• Operating profit (EBIT) totaled SEK 9,848 (8,072)* thousand. EBIT including the divested antibody business and license revenue totaled SEK 9,848 (18,350)** thousand.
• As a result of the Swedish krona strengthening during the period against both the USD and the EUR, with the greatest strengthening and impact related to the USD, the operating profit was impacted by currency translation effects amounting to -4,001 (996) thousand SEK.
• Profit/loss for the period totaled SEK 8,573 (14,532) thousand.
• Earnings per share*** totaled SEK 0.13 (0.22).
• Comprehensive income for the period totaled SEK 10,843 (16,816) thousand.
• Cash flow from operating activities was SEK 5,251 (17,795) thousand. SEK -6,873 thousand refers to the payment of tax on the profit from the divestment of the antibody business in 2024.

*Previous year excluding the divested antibody business. The antibody business was divested on August 19, 2024.
** Previous year including the divested antibody business
***Earnings per share are calculated by dividing profit by the weighted average number of shares during the year. There is no dilutive effect.

Message from the CEO
We maintained strong momentum in the second quarter, delivering 28% organic growth. Adjusted for the divested antibody business, EBIT doubled compared with the same period last year, despite currency headwinds from the strengthened Swedish krona.
 
The organic growth was strong across all our main geographic markets: North America, Europe, and Asia. Sales growth in the Chinese market continued its positive trend during the second quarter, and Europe posted strong sales growth compared with the previous year. Despite uncertainties around tariffs, government research funding, and questions related to the FDA, sales in the US showed continued robust development.
 
Growth during the quarter was primarily driven by large pharmaceutical companies, while smaller biotech companies continued to face a challenging venture capital market, which limits their activity levels.
 
During the quarter, growth was relatively evenly distributed across our product portfolio. Enzymes for analysis showed strong sales growth, and our offerings in antibody conjugation and ADCs (Antibody Drug Conjugates) remain strong drivers of our business. Our service business, which has grown strongly in recent quarters, also showed solid growth and continued healthy inflow of new projects.
 
The macroeconomic environment remains characterized by increased uncertainty, including new trade tariffs. This creates volatility in the markets and affects investment appetite broadly, including in the Life Science sector. At the same time, there are industry-specific challenges, such as cuts in NIH research funding and turbulence within the FDA. While the short-term market for us as a supplier to the research and pharmaceutical industries is more difficult to assess, we continue to see strong underlying drivers. The global need for new medicines and better health is growing, and we are well-positioned to contribute with innovation to this development.
 
Our ambitions for continued growth through a broader product portfolio, commercial sharpness, and strong customer relationships remain unchanged. We have a strong financial position with good liquidity and cash flows, which gives us room to invest in future growth – both organically and inorganically.
 
At the beginning of the third quarter, we also executed two important inorganic growth initiatives: the acquisition of SEQURNA and an expanded licensing agreement with Thermo Fisher Scientific. Through the acquisition of SEQURNA, we secure access to critical innovation and a promising product pipeline to further strengthen our position in the rapidly growing RNA analysis market. Through the licensing agreement with Thermo Fisher Scientific, we can now support our customers throughout the entire development chain for ADCs – from early research all the way to commercial manufacturing – thereby creating new value in a rapidly growing market. These steps further strengthen our strategic position and broaden our market presence. Despite a turbulent financial climate influenced by macroeconomic and geopolitical uncertainty, we continue to see opportunities to act with a long-term, value-creating approach. Our strategy remains unchanged.
 
Finally, I would like to extend a sincere thank you to all my colleagues at Genovis. In a time when the world around us is changing rapidly, you demonstrate outstanding commitment and the ability to stay focused on what matters most – our customers. With customer-focused innovation as our guiding principle, you contribute every day to developing tools that help our customers create the medicines of the future.

Since the launch of its GlyCLICK® site-specific antibody labeling technology in 2017, Genovis has continuously expanded its offering within the antibody conjugation market. This has gained broad adoption across multiple areas of research, including antibody development, preclinical imaging, and ADCs. Particularly in recent years, the ADC market has experienced rapid growth, with pharmaceutical companies actively seeking new and improved technologies to attach payloads to antibodies in the creation of next-generation ADCs.

“We are excited to deepen our collaboration with Thermo Fisher Scientific, “said Fredrik Olsson, CEO at Genovis. “Expanding the license to therapeutic applications allows our technology to support the advancement of promising ADC candidates into clinical development and, ultimately, the market.”

With this expanded collaboration, Genovis is now well-positioned to support its customers across the entire ADC development pipeline—from early discovery to therapeutic manufacturing—unlocking new value in a high-growth market.

More about GlyCLICK®
GlyCLICK is based on a technology platform in which Genovis’ unique enzyme GlycINATOR is combined with SiteClick™ technology from Thermo Fisher Scientific. GlyCLICK is a platform for labeling antibodies at the same site (site specific) each time, with high reproducibility and with a broad range of applications. GlyCLICK can be used to label antibodies with markers for microscopy, preclinical imaging or to activate the antibody for labeling in chemotherapy. Labeling antibodies with various markers is a technique used in several areas of pharmaceutical research and development. Using the GlyCLICK technology platform, the label always attaches at precisely the same site and it is possible to label with many different markers, which makes the technology both versatile and scalable. For more information about GlyCLICK (www.genovis.com/glyclick). 

In July 2024, Genovis made a strategic investment in SEQURNA and acquired 25% of SEQURNA. This investment came with a call option to purchase the remaining shares in the Company. Since then, SEQURNA has demonstrated impressive commercial progress, with clear strong sales growth, high gross margins, and a scalable business model. The Company’s strong commercial development underscores the value of its unique technology platform and the capabilities of its founding team. This performance has validated Genovis’ belief in the Company’s potential, prompting Genovis to exercise the call option at the earliest possible time permitted under the agreement.

The transaction, carried out under pre-defined terms of the original option agreement, reflects a valuation of SEQURNA of SEK 55 million for 100% of the shares on a cash- and debt-free basis, corresponding to approximately 8.6 times SEQURNA’s sales over the last 12 months. The aggregate purchase price for the remaining 75% of the shares in SEQURNA, incl. adjustments for net cash and working capital (SEK 15.0 million) amounts to SEK 52.5 million, and is paid partly in cash using cash at hand and partly by issuing 597,078 new shares (“Consideration Shares”) as authorized by the Annual General Meeting held on 21 May 2025. The subscription price for the Consideration Shares amounted to approx. SEK 25.59 per share, which corresponded to Genovis’ volume-weighted average price of Genovis’s shares on Nasdaq First North Growth Market during the 30-day period ending and including 27 June 2025. The Consideration Shares will be subscribed by SEQURNA’s co-founders and largest shareholders, Dr. Björn Reinius[1] and Dr. Joyce Noble, who have chosen to receive a portion of their consideration in Genovis shares, demonstrating strong alignment and belief in Genovis’ long-term growth strategy. Reinius stakes 40% of the transaction payment in Genovis shares (462,367 Consideration Shares), while Noble stakes 30% (134,711 Consideration Shares). Both co-founders have committed to a minimum lock-up period of 18-months for their respective holding of shares in Genovis. The aggregate 597,078 Consideration Shares corresponds to a dilution of approximately 0.91%.

SEQURNA will continue to operate as a separate business unit under Genovis, with Dr. Björn Reinius leading the unit and furthermore joining the Genovis management team. Dr. Joyce Noble will lead the R&D operations of SEQURNA’s advancing product pipeline. SEQURNA’s facility will remain based in the Karolinska Institutet Science Park in Stockholm—an environment teeming with cutting-edge innovation and scientific collaboration. While maintaining its innovation and development focus, SEQURNA’s products will be fully integrated into Genovis’ global commercial platform. Genovis will leverage its established sales and distribution network to market and sell SEQURNA’s RNase inhibitors alongside its own portfolio of advanced tools for the biopharmaceutical and research industries. Genovis is also pleased to welcome both SEQURNA founders as new shareholders, reinforcing their commitment to Genovis’ long-term growth journey.

Genovis CEO Fredrik Olsson commented:
“Our early investment gave us a front-row seat to SEQURNA’s impressive development. Their performance has confirmed the strength of their technology and team. By acquiring SEQURNA fully, and furthermore strengthening the Genovis team with two of its founders, we secure access to critical innovation and a promising pipeline to further expand our footprint in the high-growth genomics space.”

CEO and Co-founder of SEQURNA, Björn Reinius (PhD), commented:
”It has been a pleasure working closely with Genovis over the past year. While I have had full confidence in SEQURNA’s products from the beginning, the pace at which sales have taken off has exceeded expectations. I am now excited to scale the business even more ambitiously as part of the Genovis family. I am also thrilled to join the management team and help drive forward innovation in the genomics and transcriptomics space.”

SEQURNA’s proprietary RNase inhibitors meet a critical need in modern life science research, where maintaining RNA integrity is essential for accurate and reproducible results. RNA is highly prone to degradation, and even minimal RNase contamination can compromise workflows such as RT-PCR, RNA sequencing, gene expression analysis, and mRNA manufacturing. SEQURNA has developed a new class of synthetic, thermostable RNase inhibitors that overcome limitations of conventional protein-based products, offering improved stability, consistency, and compatibility with advanced RNA-detection applications. Moreover, SEQURNA has several additional products in advanced stages of development, both within the RNA protection segment and in other related areas.

The demand for reliable RNA protection is growing rapidly, driven by the global expansion of genomics and transcriptomics, including single-cell and in situ RNA sequencing, multiomics platforms, and clinical RNA-based technologies. SEQURNA’s innovative inhibitors are well-positioned to capture this growth, offering a differentiated solution to a broadening base of academic, biotech, and pharmaceutical customers seeking robust and scalable RNA workflows.

SEB Corporate Finance acted as Sole Financial Advisor on the transaction.

Important information
This press release may contain certain forward-looking statements that reflect Genovis’ current views of future events and financial and operational performance. Words such as “intends”, “anticipates”, “expects”, “may”, “plan ” or similar expressions regarding indications or predictions of future developments or trends, and are not based on historical facts, constitute forward-looking information. Forward-looking information is inherently associated with both known and unknown risks and uncertainties because it is dependent on future events and circumstances. Forward-looking statements are not guarantees regarding future results or developments and actual results may differ materially from those set forth in forward-looking information.

ABOUT SEQURNA
SEQURNA was founded in 2022 out of the Karolinska Institute, Stockholm Sweden. SEQURNA develops and markets proprietary next-generation RNase inhibitors, which makes RNA work and sequencing pipelines more accessible, affordable, and sustainable. The SEQURNA RNase inhibitor is thermostable and can be shipped and stored at room temperature without affecting its performance. SEQURNA’s inhibitor stands out as the first non-protein-based alternative on the market to match or exceed the performance of conventional recombinant RNase inhibitors in demanding single-cell transcriptomics applications, thereby advancing the RNA protection market.

[1] Through Dr. Reinius’ wholly owned company Startplattan 199962 AB (pending name change to Breinius Holding AB).

• The Balance Sheet and Income Statement as well as the Consolidated Income Statement and the Consolidated Balance Sheet were adopted.
• The Board and the Chief Executive Officer were discharged from liability.
• The Board shall consist until the next AGM of five ordinary members without deputies.
• Re-election of Board members Torben Jørgensen, Mikael Lönn, Lotta Ljungqvist, Steve Jordan and Magnus Gustafsson. Torben Jørgensen was elected Chairperson of the Board
• Remuneration will be paid to the Board of Directors in the amount of SEK 230,000 to Board members and SEK 575,000 to the Chairperson of the Board.
• Remuneration to the auditors will be paid on approved account.
• In accordance with the Nomination Committee’s proposal, the Meeting re-elected the accounting firm Öhrlings PricewaterhouseCoopers AB as auditor for the period until the close of the Annual General Meeting 2026.
• A Nomination Committee will be formed with representatives of the four largest shareholders on September 30, 2025.
• The AGM resolved on the authorization to issue shares with or without preferential rights for existing shareholders. As a result of this resolution, share capital could increase by a maximum of SEK 1,625,000 through the issuance of a maximum of 6,500,000 shares.

Minutes with all resolutions from the meeting will be made available on the company’s website: https://investor.genovis.com/en/corporate-governance/general-meeting/

January – March 2025

• Net sales totaled SEK 32,292 (25,808)* thousand, with a growth rate of 25%, excluding license revenue, 22% when adjusted for currency effects. Net sales, including the divested Antibody Business and license revenue, totaled SEK 32,292 (40,057)** thousand, with a decrease of -19%, -21% when adjusted for currency effects.
• Operating profit before depreciation and amortization (EBITDA) totaled SEK 8,906 (8,291)* thousand. EBITDA including the divested antibody business and license revenue totaled SEK 8,906 (18,568)** thousand.
• Operating profit (EBIT) totaled SEK 6,391 (6,333)* thousand. EBIT including the divested antibody business and license revenue totaled SEK 6,391 (15,833)** thousand.
• As a result of the Swedish krona strengthening during the period against both the USD and the EUR, with the greatest strengthening and impact related to the USD, the operating profit was impacted by currency translation effects amounting to -2,703 (1,251) thousand SEK, the majority of which is unrealized.
• Profit/loss for the period totaled SEK 3,456 (12,742) thousand.
• Earnings per share*** totaled SEK 0.05 (0.19).
• Comprehensive income for the period totaled SEK 4,613 (14,350) thousand.
• Cash flow from operating activities was SEK 10,652 (18,090) thousand.
• Cash and cash equivalents at the end of the period totaled SEK 175,410 (136,793) thousand.

*Previous year excluding the divested antibody business. The antibody business was divested on August 19, 2024.
** Previous year including the divested antibody business
***Earnings per share are calculated by dividing profit by the weighted average number of shares during the year. There is no dilutive effect.

Message from the CEO

We begin the year with a very strong performance in the first quarter. Sales in our core business increased by 25%, marking our best-ever quarter in the enzyme business, excluding license revenues.

I am pleased with the growth this quarter. It is particularly gratifying to see that we continue to deliver broad and balanced growth—both geographically and across our product portfolio. Our service business also continues to show positive development. Growth has been strong across all our key geographic markets, with North America contributing the most. Our service offering has demonstrated solid growth over the past twelve months, and we saw continued strong activity and expansion in this area during the first quarter, especially in antibody modification and antibody-drug conjugates (ADCs).

I am also satisfied with our operating profit, not least in the light of the significant negative currency effects resulting from the strengthened Swedish krona. Despite a direct negative exchange rate variance of -2.7 MSEK, we delivered a strong operating result, with an EBITDA margin of 28%. At the same time, we maintained a high gross margin and continued to generate solid cash flow from operating activities.

Concerns regarding a potential trade war, driven by the introduction of tariffs, affected both the end of the first quarter and the start of the second. We are well-positioned to manage tariffs based on the rates currently mentioned in public discourse. We already have an established operational presence through our U.S. subsidiary, which helps mitigate the impact of tariffs, while our facility in San Diego provides additional operational flexibility. Consequently, we assess that the direct impact of tariffs, for both our customers and our business, will be very limited.

At the same time, restructuring and reprioritization within the NIH (National Institutes of Health) are underway as result of initiatives introduced by the new U.S. administration. NIH funding is primarily directed toward academic research. Our customer base consists almost exclusively of the global biopharma and biotech industry, which together account for more than 90% of our revenue streams. Consequently, sales to academic customers in the U.S. represent only a very small portion of our business. Therefore, we currently assess that the impact of reduced NIH funding will be very limited in the short to medium term. The FDA is also undergoing changes, but we have not yet seen any negative effects on customer activity as a result.

Our ambitions for continued growth—through a broader product portfolio, commercial focus, and strong customer relationships—remain firm. We have healthy liquidity, and together with our cash flows, this provides solid conditions for continued investment in our future growth. We remain in a strong position and continue to pursue our long-term growth strategies, which also include inorganic growth initiatives for which our cash position offers strategic flexibility. While the financial markets are currently experiencing turbulence driven by macroeconomic and geopolitical dynamics, such environments also present opportunities for our long-term growth strategies.

The start of the second quarter has shown continued strong customer activity despite prevailing macroeconomic uncertainty. This supports my positive outlook on our business and our growth prospects going forward.

In closing, I would like to extend my sincere thanks to all employees at Genovis for their fantastic efforts at the start of the year – efforts that reflect our commitment to providing our customers with tools to help develop the medicines of the future.