Arctic Bioscience - Annual report 2024

07 May 2025 07:30 CEST

Arctic Bioscience has today released its Annual Report 2024, including the Board
of Directors report and financial statements. The report and annual accounts
were approved by the Board of Directors after close of business on 6[th] of May
2025.

On 27 February 2025 Arctic Bioscience reported preliminary and unaudited key
results for the fourth quarter and full year 2024. Today's audited accounts
include adjustments to gross profit and gross margin due to extraordinary cost
provisions of NOK 2,34 million in relation to recall of goods sold to business
partners in Q4 2024. The recall issue arose late Q1 2025 and is undergoing
standard quality procedures.

· Gross profit is reduced from NOK 5,4 million to NOK 3,1 million in Q4 2024
· Gross margin is reduced from 34,4 % to 20 % in Q4 2024
· Gross profit is reduced from NOK 14,2 million to NOK 11,9 million for full
year 2024
· Gross margin is reduced from 32,7 % to 27,1 % for full year 2024

The report is attached to this stock notice and is available on the company's
website.

This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Act.

For more information, please contact:

Christer L. Valderhaug

CEO

Phone: +47 920 84 601

E-mail: christer@arctic-bioscience.com

Jone R. Slinning

CFO

Mobile: +47 948 75 469

E-mail: jone@arctic-bioscience.com

About Arctic Bioscience

Arctic Bioscience is a biotech company developing and commercializing
pharmaceutical and nutraceutical products based on unique bioactive marine
compounds.

The company is developing HRO350 - a novel oral drug candidate. HRO350 is being
developed for treatment of patients with mild-to-moderate psoriasis. This is a
large patient group in need of new effective medicines with beneficial safety
profile.

Nutraceuticals from Arctic Bioscience are sold globally as bulk ingredients as
well as finished goods under the ROMEGA® brand.

Arctic Bioscience is led by a highly skilled team of talents with diverse and
highly relevant background.

More information:
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645493_2024_Annual_Report_Arctic_Bioscience.pdf