Fourth quarter (October-December 2025)

Operating loss amounted to o SEK -7,129,626 (-2,911,958).

Loss for the period amounted to SEK -6,965,286 (-2,603,242).

Cash flow from operating activities totaled SEK -10,076,983 (-4,232,090).

Earnings per share before and after dilution totaled SEK -0.14 (-0.07).

Proposed dividend of SEK 0.00 per share (0.00 for the preceding year).

Period (January-December 2025)

Operating loss amounted to SEK -17,944,682 (-16,884,056).

Loss for the period amounted to SEK -17,406,665 (-16,110,327).

Cash flow from operating activities totaled SEK -21,551,216 (-23,463,165).

Earnings per share before and after dilution totaled SEK -0.38 (-0.51)

Key events during the quarter

Elicera decide to change Certified Adviser December 1, 2025, and Liquidity provider on January 22, 2026, to DNB Carnegie.

Key events during the period

Elicera a Continues Phase I/IIa CARMA Study with CAR T-Cell Therapy as Planned Following Safety Committee’s Assessment of safety data in Cohort 2.

Elicera reports: Active lymphoma eliminated in four out of six patients in the first two cohorts with the lowest doses in the CARMA study with iTANK-armed CAR T-cell therapy.

Elicera clarifies that the ongoing patent application for the company's iTANK platform in the USA is still under review by the United States Patent and Trademark Office (USPTO).

Elicera's drug candidate ELC-100 receives Orphan Drug Designation in the U.S. for the treatment of pancreatic neuroendocrine tumors.

In March 2025 subscription of new shares with TO2 were exercised at high 96.3 %. A directed issue was made to guarantors at 3.7 %. Elicera receives 22.0 MSEK before costs.

Elicera continues the Phase I/IIa CARMA study with its CAR T-cell therapy as planned following the safety commmittee’s assessment of cohort 1.

Elicera enters a Material Transfer Agreement with University Hospital Tübingen for testing of the company’s oncolytic virus candidates, ELC-100 and ELC-201.

Elicera postpones final reporting of ELC-100 study due to database transition's drug candidate LC-100 receives Orphan Drug Designation in the U.S. for the treatment of pancreatic neuroendocrine tumors.

Key events after the end of the period

Elicera announces final data from its Phase I/IIa trial demonstrating a favourable safety profile and promising efficacy signals s of oncolytic virus ELC-100 in neuroendocrine tumors.

No key events that impact earnings or the financial position occurred after the end of the period.

CEO Comments

A Year Marked by Clinical Progress

The past year has primarily been characterized by advances in our clinical studies, particularly in the CARMA study. The most recent data report from the CARMA study,

presented at the inauguration of the Karolinska ATMP Center in Flemingsberg on August 25, 2025, showed very promising preliminary results. Of the six patients treated with the two lowest dose levels, four exhibited a complete metabolic response – meaning no active cancer could be detected on PET/CT scanning. Among these is a patient who had previously stopped responding to CD19-targeted CAR T-cell therapy, which supports that the iTANK arming gives ELC-301 its unique potential, especially for this hard-to-treat patient group with metastatic or treatment-resistant B-cell lymphoma. The study has so far demonstrated a good safety profile with no reported serious adverse events. Two of the six planned patients have been treated

in the third and highest dose group to date. Next data update, including from the third dose group, is planned to be presented during the second quarter of 2026.

Chief Scientific Officer Invited to Leading Scientific Conferences in Europe

Our Chief Scientific Officer, Professor Magnus Essand, has during the year been invited to speak at several prestigious scientific conferences across Europe. This is a clear recognition that both our research work and the results generated are of high international standard and are generating interest in the global immunotherapy field.

Business Development and Strategic Collaborations

During the past year, with the preliminary CARMA data from six patients available, we have initiated targeted updates to potential licensees for ELC-301 and/or the iTANK platform. The patient dataset is still relatively limited, and we are aware that additional data – particularly from the highest dose group – will likely be required to realize a licensing agreement. However, the signals so far have been positive.

In parallel, three academic collaborations are ongoing around the iTANK platform and our oncolytic virus programs. Elicera provides the platform and drug candidates for preclinical studies, while the academic partners conduct preclinical studies in various areas of application.

This type of collaborative project is an efficient way for Elicera to validate the broad potential of iTANK, identify new application areas, and lay the groundwork for future drug candidates and possibly new patents.

Final Reporting of the Phase I/IIa Study with ELC-100 Shows Good Safety and Early Efficacy Signals

In the recently completed clinical Phase I/IIa study with ELC-100 (oncolytic virus) in 12 patients with advanced, metastatic neuroendocrine tumors, a favourable safety profile was observed with no dose-limiting toxicity. The side effects were manageable and in line with the virus's mechanism of action. Among the eight patients evaluable for efficacy signals, partial response was noted in two, providing meaningful early evidence of anti-tumor activity in a disease with a significant unmet medical need. We are grateful to the Victory NET Foundation for their generous support, which enabled the study's completion. With these positive signals, we are now evaluating various strategic options for the continued development of the ELC-100 program.

Looking Ahead: Preclinical Programs and Financing

We are actively advancing efforts to secure financing for our preclinical programs, with particular focus on ELC-401 for the treatment of glioblastoma – one of the most aggressive brain tumor forms with a very short expected median survival. ELC-401, which also builds on our iTANK platform (like ELC-301), has shown promising preclinical results by effectively activating the immune system against this difficult cancer form. The program is now in late preclinical phase, and we are actively planning for clinical studies with a possible start in 2027. During the year, we have conducted extensive work searching for various grants, and we are well aware and prepared that, similar to the grant we previously received from the European Innovation Council (EIC) Accelerator Fund for the CARMA study (ELC-301), it may require repeated applications to obtain funding.

In parallel with the financing efforts, we intend to hold an advisory meeting with the Swedish Medical Products Agency in the spring of 2026 to discuss the study's design and planning.

Regarding the ELC-201 program (our next-generation oncolytic virus candidate), it is also in the preclinical phase with strong preclinical proof-of-concept data, but without as advanced clinical planning as for ELC-401 at present. We continue to evaluate opportunities for financing and strategic partnerships to advance these programs and address the large unmet medical need in patients with hard-to-treat solid tumors.

Summary and Thanks

2025 has been a year of significant progress for Elicera: strong early clinical data from CARMA, successful completion of the ELC-100 study, increased international visibility, and forward-looking collaborations. We are entering 2026 continuing to focus on maintaining our momentum and look forward to an eventful year where we position ourselves as a leading player in cell and gene therapies for difficult cancer forms. A warm thank you to our dedicated team, the board, our academic and industrial collaboration partners, and to you shareholders for your continued trust and support. Together, we work toward the goal of developing new, effective treatment options for cancer patients with significant needs

Jamal El-Mosleh

CEO and co-founder

The interim report has been approved by the board and the CEO for publication. The information was submitted for publication distributed through the contact person below at 08;20 CET on February 13, 2026.

Elicera Therapeutics AB’s Interim report for January to December 2025 is available at the company home page : https://www.elicera.com/investors-2/financial-reports.

For further information please contact:

Jamal El-Mosleh, CEO, Elicera Therapeutics AB

Phone: +46 (0) 703 31 90 51
jamal.elmosleh@elicera.com

Certified Advisor

DNB Carnegie Investment Bank AB (publ)

About Elicera Therapeutics AB

Elicera Therapeutics AB (publ) has developed the patented gene technology platform iTANK that enables the arming of new and existing CAR T-cell therapies targeting aggressive and relapsing cancer forms. Elicera Therapeutics thereby addresses a well-defined and vast market. The company’s CAR T-cell therapies have shown a potent effect toward solid tumors which are recognized as particularly difficult to treat and constitute the majority of cancer cases. The company addresses a global multibillion market in cell therapy through its offering of non-exclusive licensing of the iTANK platform to companies in the pharmaceutical industry. Elicera Therapeutics has four internal development projects in immune therapy that separately have the potential to generate substantial value through out-licensing agreements. The company’s share is traded on Nasdaq First North Growth Market. For additional information, visit www.elicera.com.

About the iTANK platform

The iTANK technology platform has been developed for arming and enhancing CAR T-cells to meet two of the major challenges CAR T-cell therapies face in the treatment of solid tumors: a very diverse set of tumor antigen targets and a very hostile tumor microenvironment. The technology is used to incorporate a transgene into CAR T-cells encoding a neutrophil activating bacterial protein (NAP). NAP secreted from the CAR(NAP) T-cells has been shown to be able to enhance the function of CAR T-cells and importantly activating a parallel bystander immune response against the cancer via CD8+ killer T-cells. This is expected to lead to a broad attack against most antigen targets on cancer cells. The iTANK platform is used to enhance the company’s own CAR T-cells but can also be universally applied to other CAR T-cell therapies under development. Proof-of-concept data was published in Nature Biomedical Engineering in April 2022. The publication, titled “CAR T cells expressing a bacterial virulence factor triggers potent bystander antitumor responses in solid cancers” (DOI number: 10.1038/s41551-022-00875-5) can be found here: https://www.nature.com/articles/s41551-022-00875-5. More information about iTANK platform is available here: https://www.elicera.com/technology