Targovax ASA: Annual Report 2022

13 Apr 2023 23:36 CEST

On 13 April 2023, the Board of Directors of Targovax ASA approved the Company's
Annual Report, including the financial statements for 2022, which will be
processed at the Company's annual general meeting on 22 May 2023. Targovax ASA
also publishes today its annual financial statements in the European Single
Electronic Format (ESEF), which is available as an attachment to this release.

The documents are also available at the Company's website,
www.targovax.com (https://www.targovax.com/en/financial-reports/).

Changes from Q4 2022 Interim Financial Report to Annual Accounts

After publishing the Q4 2022 report, Targovax has made some changes to the YTD
2022 figures initially reported in the Q4 interim report.

The adjustments mainly relate to impairment done for accounting purposes as the
company has made the decision to only proceed with the phase 2 program of ONCOS
-102 once an additional partner or additional source of financing has been
secured.

Subsequent to this decision, the recognized intangible asset of NOK 391 million,
related to the acquisition of Oncos Therapeutics OY in 2015, was therefore fully
impaired as of 31 December 2022. Hence, the remaining fair value adjustments of
the Business Finland loans of NOK 1 million and the recognized deferred tax
liability as per 31 December 2022 of NOK 60 million, also related to the
acquisition of Oncos Therapeutics OY in 2015, was derecognized.

This has resulted in decreased assets of NOK 391 million, decreased equity of
330 million, decreased liabilities of NOK 61 million and increased loss after
taxes of NOK 330 million for the period being reported in the annual financial
statements compared to what was reported in the Q4 2022 Interim financial
report.

For further information, please contact:
Erik Digman Wiklund, CEO
Phone: +47 413 33 536
Email: erik.wiklund@targovax.com

Renate Birkeli, Investor Relations
Phone: +47 922 61 624
Email: renate.birkeli@targovax.com

Media enquires:
Andreas Tinglum - Corporate Communications (Norway)
Phone: +47 9300 1773
Email: andreas.tinglum@corpcom.no

More information:
Access the news on Oslo Bors NewsWeb site

587589_TRVX_Annual_report_2022.pdf
587589_Targovax_Annual_Report_2022_12_31_en.zip