BerGenBio Third Quarter Results 2024

13 Nov 2024 07:00 CET

Bergen, Norway, November 13, 2024 - BerGenBio ASA (OSE: BGBIO), a clinical-stage
biopharma-ceutical company developing novel, selective AXL kinase inhibitors for
severe unmet medical needs, today announced financial results for the quarter
and half year ended September 30, 2024, and provided a business update.

Highlights, including post period:

BGBC016 1L NSCLC STK11m Study

· Ph1b enrollment completed; acceptable safety and pharmacokinetics announced
in September 2024
· The Ph2a portion of the study continues to accrue patients both in the US
and in Europe

1L STK11m NSCLC: a Widely Recognized Risk Factor

· New published data from MD Anderson continues to support the need for
improved therapies in this patient population which is poorly served today

Tilvestamab

· After extensive out-reach, the Company has decided to discontinue all
tilvestamab activities including out-licensing activities

Martin Olin, Chief Executive Officer of BerGenBio stated: "BerGenBio continues
to progress its focused strategy to develop its lead AXL inhibitor bemcentinib
in first-line NSCLC patients with mutations in the STK11 gene which, we believe,
represent a significant commercial opportunity. The on-going BGBC016 study in
this population continues to progress and recently announced Ph1b data supports
the safety and adequate pharmacokinetics of bemcentinib in combination with
current standard of care therapy. The Ph2a portion of the study continues to
accrue patients both in the US and in Europe. We expect to share a first Interim
Analysis in the first part of 2025."

Third Quarter 2024 Financial Highlights

· The operating loss for the quarter was NOK 24.8 million (2023: NOK 27.9
million)
· Net cash flow was negative by NOK 27.7 million (2023: NOK 55.4 million)
· Cash and cash equivalents amounted to NOK 174.8 million by the end of
September 2024 (NOK 200.1 million by end of June 2024 and NOK 169.3 million by
end of September 2023).

Presentation and Financial Report

The Q3 2024 Financial report is attached to this stock exchange announcement and
the report and the Q3 2024 presentation are available at the Company's website
https://www.bergenbio.com/investors/financial-reports.

Webcast details

BerGenBio's senior management team will provide a business update today at 10:00
am CET. The presentation will webcast live. To participate in the webcast,
please use the following link:

https://channel.royalcast.com/landingpage/hegnarmedia/20241113_3/ (https://eur03
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qoI4ESGYj5c%3D&reserved=0)

A recording of the webcast will be available at www.bergenbio.com in the
Investors/Financial Reports section
(https://www.bergenbio.com/investors/financial-reports) shortly afterwards.

Contacts

Martin Olin CEO, BerGenBio ASA

ir@bergenbio.com

Rune Skeie, CFO, BerGenBio ASA

rune.skeie@bergenbio.com

Media Relations

Jan Lilleby

jl@lillebyfrisch.no

About BerGenBio ASA

BerGenBio is a clinical-stage biopharmaceutical company focused on developing
transformative drugs targeting AXL as a potential cornerstone of therapy for
aggressive diseases, including cancer and severe respiratory infections. The
Company is focused on its proprietary lead candidate, bemcentinib, a potentially
first-in-class selective AXL inhibitor in clinical development for STK11 mutated
NSCLC and preclinical development for severe respiratory infections.

BerGenBio is based in Bergen, Norway, with a subsidiary in Oxford, UK. The
company is listed on the Oslo Stock Exchange (ticker: BGBIO). For more
information, visit www.bergenbio.com

Forward looking statements

This announcement may contain forward-looking statements, which as such are not
historical facts, but are based upon various assumptions, many of which are
based, in turn, upon further assumptions. These assumptions are inherently
subject to significant known and unknown risks, uncertainties, and other
important factors. Such risks, uncertainties, contingencies and other important
factors could cause actual events to differ materially from the expectations
expressed or implied in this announcement by such forward-looking statements.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and subject to the disclosure requirements pursuant to
section 5-12 of the Norwegian Securities Trading Act.

More information:
Access the news on Oslo Bors NewsWeb site

632003_Q3_2024_Financial_report.pdf