BerGenBio Fourth Quarter Results 2024

26 Feb 2025 07:00 CET

Bergen, Norway, February 26, 2025 - 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
ended December 31, 2024, and provided a business update.

Highlights, including post period:

BGBC016 1L NSCLC STK11m Study

· Yesterday the company announced its decision to close its BGBC016 study of
bemcentinib in combination with standard of care therapy in first line (1L) non
-squamous Non-Small Cell Lung Cancer (NSCLC) patients with a mutation in the
STK11 gene (STK11m).

Olav Hellebø, Chief Executive Officer of BerGenBio stated, "It is, of course,
disappointing and unexpected that we are now discontinuing the study. I would
like to extend my gratitude to the patients and investigators who participated
in our study for this particularly difficult-to-treat patient group, as well as
to our team members who have worked tirelessly on this effort. We do not believe
these preliminary results are strong enough for the company to obtain additional
funding within the current cash runway to complete the study as originally
designed. The company is now entering a new phase in which strategic
alternatives will be explored, which may include a potential sale, merger, or
other strategic transaction."

Fourth Quarter and Full-Year 2024 Financial Highlights

· The operating loss for the quarter was NOK 33.5 million and NOK 151.2
million for the full year 2024 (Q4 2023: NOK 43.5 million and full year 2023 NOK
191.8 million)
· Net cash flow for the quarter was negative by NOK 32.9 million and NOK 19.9
for the full year 2024 (Q4 2023: negative by NOK 11.8 million and for the full
year 2023 positive by NOK 2.8 million)
· Cash and cash equivalents amounted to NOK 140.2 million as of 31 December
2024 (NOK 174.8 million 30 September 2024).

Presentation and Financial Report

The Q4 2024 Financial report is attached to this stock exchange announcement and
the report and the Q4 2024 presentation will be 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 10:30
am CET. The presentation will webcast live. To participate in the
webcast (https://channel.royalcast.com/landingpage/hegnarmedia/20250226_5/),
please use the following link:

https://channel.royalcast.com/landingpage/hegnarmedia/20250226_5/ (https://eur03
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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

Olav Hellebø, 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. 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, visitwww.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

639680_Q4_2024_Financial_report.pdf