“The fourth quarter marked an important period of execution and strategic progress for Vicore as we advanced buloxibutid as a potentially disease-modifying therapy for IPF. Building on the steady operational momentum throughout the year, we expanded the Phase 2b ASPIRE trial, strengthened our financial position, and deepened engagement across the clinical and investor communities. With excellent progress in enrollment, the ASPIRE trial remains on track to complete recruitment in the first half of this year. As we enter 2026, we do so with clarity, conviction, and a solid foundation for this important phase of buloxibutid’s development.”

Ahmed Mousa, CEO

Significant events during the fourth quarter

• Vicore announced the expansion of the Phase 2b ASPIRE trial evaluating buloxibutid in idiopathic pulmonary fibrosis (IPF) to ensure it is powered to capture the significant unmet need and commercial opportunity beyond emerging standard of care. The trial remains on track to complete enrollment in the first half of 2026.
  
• Vicore successfully executed a directed share issue of approximately USD 48 million (SEK ~455M), providing capital to fund the expanded Phase 2b ASPIRE trial, Phase 3 readiness activities, and early-stage pipeline investment, with strong support from leading global healthcare investors.
  
• Nasdaq Stockholm moved Vicore from the Small Cap to the Mid Cap segment, effective January 2, 2026.

Significant events after the period

• No significant events occurred after the fourth quarter.

Financial overview for the period

October 1 – December 31, 2025

• Revenue amounted to SEK 0.4 million and SEK 5.1 million for the three months ended December 31, 2025 and 2024, respectively.
• Operating loss amounted to SEK 133.7 million and SEK 94.1 million for the three months ended December 31, 2025 and 2024, respectively.
• Loss amounted to SEK 137.1 million and SEK 84.1 million for the three months ended December 31, 2025 and 2024, respectively.
• Loss per share, before and after dilution, amounted to SEK 0.54 and SEK 0.40 for the three months ended December 31, 2025 and 2024, respectively.
• On December 31, 2025, cash, cash equivalents, and short-term investments amounted to SEK 1,168.2 million, equivalent to USD 127.0 million (SEK 1,156.0 million as of December 31, 2024).

January 1 - December 31, 2025

• Revenue amounted to SEK 3.8 million and SEK 109.4 million for the year ended December 31, 2025 and 2024, respectively.
• Operating loss amounted to SEK 452.4 million and SEK 194.2 million for the year ended December 31, 2025 and 2024, respectively.
• Loss amounted to SEK 477.5 million and SEK 168.6 million for the year ended December 31, 2025 and 2024, respectively.
• Loss per share, before and after dilution, amounted to SEK 1.99 and SEK 1.23 for the year ended December 31, 2025 and 2024, respectively.
• The Board of Directors proposes to the Annual General Meeting that no dividend be paid for the financial year 2025..

Financial summary of the group (SEK)

Financial summary of the group (USD)

1. No dilutive effect arises for potential common shares for periods when the result is negative or when the exercise price for options or share awards exceeds the average market price.

2. Alternative performance measure (APM). Defined on page 19 in the Year-end report.

3. Corresponding USD amounts for each period are derived using FX rates from the Swedish Riksbank's website.

CEO Comments

The quarter marked an important period of execution and strategic progress for Vicore as we advanced buloxibutid as a potentially disease-modifying therapy for IPF. Building on the steady operational momentum throughout the year, we expanded the Phase 2b ASPIRE trial, strengthened our financial position, and deepened engagement across the clinical and investor communities. With excellent progress in enrollment, the ASPIRE trial remains on track to complete recruitment in the first half of this year. As we enter 2026, we do so with clarity, conviction, and a solid foundation for this important phase of buloxibutid’s development.

A central focus this quarter was the continued execution of the global, 52-week, Phase 2b ASPIRE trial evaluating buloxibutid in IPF. During the fourth quarter, we made the strategic decision to expand the trial’s planned enrollment from 270 to 360 patients. This decision was guided by recent late-stage readouts across the field, which have further clarified emerging efficacy benchmarks and highlighted the significant remaining unmet need in IPF. These data reinforce the opportunity for next-generation IPF therapies capable of delivering more meaningful lung-function preservation.

Increasing the sample size of the ASPIRE trial enhances the likelihood of a successful readout and ensures the trial remains positioned to capture the most robust 52-week treatment effect observed to date in IPF. Expanding the trial reflects our confidence in buloxibutid’s potential to redefine the standard of care in the evolving landscape and to address the profound unmet need in IPF. Operational execution remains strong, with enrollment still on track for completion in the first half of 2026.

Another major milestone this quarter was the successful completion of a directed share issue, raising approximately USD 48 million (SEK ~455M) from a broad base of high-quality global healthcare investors. The financing received significant support from both new and existing investors including HBM, HealthCap, the Fourth Swedish Pension Fund (AP4), Invus, and Sanofi, one of the world’s leading biopharmaceutical companies. Their support underscores the growing recognition of Vicore’s differentiated approach, disciplined execution, and clear strategic vision.

This financing further strengthens our institutional shareholder base and provides the capital to execute the expanded Phase 2b ASPIRE trial, fund Phase 3 readiness activities, and invest in our platform and early-stage pipeline, while maintaining ample cash runway beyond the Phase 2b readout.

Throughout the fourth quarter, Vicore’s management team participated in several global banking conferences to ensure that investors remained well-informed about the significant potential of buloxibutid in IPF and Vicore’s broader strategic ambitions. These engagements are essential to broadening awareness of buloxibutid, ensuring Vicore remains at the center of IPF dialogue, and strengthening the relationships that will support laterstage development and eventual commercialization.

As we close 2025, I am immensely proud of the disciplined focus and consistent execution demonstrated by the Vicore team and our clinical partners across more than 100 trial sites worldwide. The ASPIRE trial continues to advance on schedule, driven by the dedication of our investigators, the enthusiasm and commitment of patients and families, and the tireless efforts of our global organization. With a strengthened financial position and a clear path forward, we enter 2026 poised to execute on the most consequential phase of buloxibutid’s development.

Our mission is grounded in a simple but powerful ambition: to bring forward a therapy capable of fundamentally changing the trajectory of IPF. Each quarter brings us closer to that goal. I remain grateful to the patients participating in ASPIRE, our investigators and partners, our employees, and our shareholders for their continued trust and support.

Ahmed Mousa, CEO

Year-end report 2025; https://vicorepharma.com/investors/financial-reports/

For further information, please contact:

Megan Richards, VP of IR and Comms, +1 978 269-4372, megan.richards@vicorepharma.com
Hans Jeppsson, CFO, +46 70 553 14 65, hans.jeppsson@vicorepharma.com

About Vicore Pharma Holding AB (publ)
Vicore Pharma is a clinical-stage biopharmaceutical 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, is a first-in-class oral small molecule angiotensin II type 2 receptor agonist, which has received Orphan Drug and Fast Track designation from the United States Food and Drug Administration and is currently being investigated in the global 52-week Phase 2b ASPIRE trial in IPF.

Vicore is publicly listed on the Nasdaq Stockholm exchange with the ticker VICO. www.vicorepharma.com