Summary of the period January–March 2025

• Net turnover was SEK 596,105 (257,677)
• Cash flow from operating activities was SEK -6,046,406 (-5,908,058)
• Profit/loss after financial items was SEK -5,756,609 (-6,019,201)
• Profit/loss after tax was SEK -5,756,609 (-6,019,201)
• Earnings per share were SEK -4.21 (-0.02)

Study publication and last stage financing – a good quarter
The first quarter’s obvious high point was that the scientific article on the PM007 migraine study was published in the scientific journal Neurology. The publication confirms that the medical efficacy of the Ozilia treatment is on par with conventional drug-based alternatives for the preventive treatment of chronic migraine and is a very important piece of the puzzle in our ongoing work with the exit process.

During the first quarter, the company also completed a rights issue that overall was subscribed to approximately 79.9 percent, which we view to be an excellent result in the current financing climate. The capital contribution of approximately SEK 17.7 million before deduction of issue costs will primarily be used to support the ongoing exit process.

• Groundbreaking migraine study with Ozilia now published in prestigious Neurology journal
• Follow-up study PM010 expanded with key university clinic in Switzerland
• Rights emission subscribed in total to approximately 79.9 percent
• Narro Medical qualified as a distributor for the migraine area in Saudi Arabia

Groundbreaking migraine study with Ozilia now published in prestigious Neurology journal
The highly esteemed scientific journal Neurology published at the beginning of January the scientific article on Chordate Medical’s PM007 registration study on preventive neurostimulation treatment for chronic migraine.

The publication entails that the article and the results of the study have now been scientifically reviewed by an independent expert panel. The journal’s classification of the study’s implementation and results gave the highest rating, Class I, as proof that intranasal kinetic oscillation stimulation effectively reduces the number of headache days per month among patients with chronic migraine.

Follow-up study PM010 expanded with key university clinic in Switzerland
Chordate added at the beginning of January a 12th study clinic to the post-market surveillance study PM010 for migraine treatment after Inselspital, Universitätsklinik für Neurologie, in Bern (CH) received ethical approval to join the study.

PM010 is an ongoing open clinical post-market surveillance study to follow the long-term performance and safety of Ozilia® in patients with chronic migraine during regular clinical treatment. The study is designed to be able to recruit up to 200 patients and is being carried out at 12 clinics in four European countries with a follow-up period of 12 months. Data from the study will be reported in intervals and, in addition to meeting regulatory requirements, will also be used to fine-tune recommendations for the clinical treatment regimen.

Rights emission subscribed in total to approximately 79.9 percent
In mid-February, the rights issue announced in December 2024 was completed. Overall, the rights issue was subscribed to approximately 79.9 percent, providing the Company with approximately SEK 17.7 million before deduction of issue costs. The capital contribution will primarily be used to support the work with the ongoing exit process, and all costs that are not judged to have a direct impact on the possibility for successful business will have to wait.

The outcome of the rights issue shows once again that the company has strong support from its owners, which is crucial since we are now in the middle of the work with the final step in the long-term strategy — successful divestment of the operations to a suitable partner.

Additional distributor in Saudi Arabia
During the quarter, the qualification of Narro Trading Est., Riyadh Saudi Arabia (Narro Medical) began as a non-exclusive distributor in the migraine area. We are already working with a distributor in Saudi, but we have seen a need to increase focus and expertise in the neurology field. Narro Medical fits well into this profile and is currently in the final stages of the qualification process, which includes demonstrating effective sales activities in the field and taking over the work with prospective customers we have previously engaged.

The quarter’s sales and performance
Net sales during the quarter amounted to approximately SEK 596,000 (258,000), an increase of approximately 131 percent compared to the corresponding period in 2024. The sales were broken down into 37 percent to the EU and 63 percent to the EMEA. This is a noteworthy increase but, relatively speaking, continued to be at a low level and falls within the fluctuation associated with the phase of early commercialization, which is where the company is currently positioned.

Consolidated earnings and cash flow during the quarter were largely unchanged compared to the corresponding period in 2024. Issue costs burdened the balance sheet but affect comparability for the quarter’s cash flow in relation to the figures for the full year. We are pleased to note increasing sales to the EMEA, which is a direct result of the addition of the new distributor Narro Medical for the migraine area in Saudi Arabia.

Focus in 2025

• Pursue a successful exit process
• Increase the number of installations in the focus markets
• Implement the ongoing clinical studies according to plan

Kista, May 2025
Anders Weilandt, CEO

Summary of the period October–December 2024

• Net turnover was SEK 86,076 (481,597)
• Cash flow from operating activities was SEK -4,659,856 (-7,501,648)
• Profit/loss after financial items was SEK -8,529,829 (-9,842,912)
• Profit/loss after tax was SEK -8,529,829 (-9,842,912)
• Earnings per share were SEK -8.22 (-0.04)

Summary of the period January–December 2024

• Net turnover was SEK 664,687 (976,281)
• Cash flow from operating activities was SEK -24,407,728 (-27,263,296)
• Profit/loss after financial items was SEK -27,253,583 (-29,186,675)
• Profit/loss after tax was SEK -27,253,583 (-29,186,675)
• Earnings per share were SEK -27.96 (-0.13)

COMMENTS FROM CEO ANDERS WEILANDT

Market breakthrough and last step toward exit

In 2024, Chordate Medical Holding passed several significant milestones. We had a breakthrough in orders for our migraine treatment in both Germany and Saudi Arabia at the same time as Switzerland became a new focus market, and we also received our first order there. However, the largest event of the year was the initiation of the last step in our exit strategy through the appointment of Partner International Switzerland GmbH as an advisor to find an international buyer.

In January 2025, after the end of the period, the Company achieved yet another significant goal when the scientific article on the PM007 migraine study was published in the scientific journal Neurology*. The publication confirms that the medical efficacy of the Ozilia treatment is on par with conventional drug-based alternatives for the preventive treatment of chronic migraine. We also conducted a successful rights issue through which the Company received approximately SEK 17.7 million before costs, which will be used in continued work to achieve an exit.

Switzerland new focus market, first order received

In mid-June, Chordate added Switzerland to its focus markets for the Ozilia treatment and signed an agreement with Neurolite AG to be the Company's distributor and regulatory representative in Switzerland and Liechtenstein. At the end of June, a first order was received with a value of approximately SEK 370,000.

We have been noting considerable interest in Ozilia in Switzerland for some time, and we have been engaged in discussions with a number of interested parties. This, combined with Switzerland’s manageable decision-making processes, which entail a comparatively manageable process for realizing insurance remuneration, makes Switzerland a very suitable focus market for the Company.

Breakthrough for the migraine treatment in Saudi Arabia and Germany

At the beginning of January, Chordate trained clinic staff and assisted in the initiation of treatment for the first three patients in Germany. At the end of January, we also signed an agreement with a second clinic in Germany. The Company's ambition for the German market is to eventually also establish individual insurance compensation for the treatment. This is a key step for being able to further scale up sales.

At the end of September, we received the first order for two Ozilia systems for migraine from Saudi Arabia. Several weeks later, the Saudi Food and Drug Authority also approved our application for market authorization for the migraine indication with the product system Ozilia®Migraine.

Joint-venture agreement in Shanghai terminated

The Company’s joint-venture agreement from 2018 with a partner in Shanghai automatically ended in December 2024 since product registration in China was not successfully achieved. Chordate has only contributed information to the partner’s registration process and has not invested own funds in the joint-venture company. For Chordate, the project was an explorative attempt to create value on the market based on the Chinese patents that continue to remain in our possession.

Swiss advisor appointed to initiate exit process

In mid-October, the Company announced the Board of Director’s resolution to appoint Partner International Switzerland GmbH as an advisor to find an international buyer for the business. This marked the initiation of the final step in the Company's strategy. Partner International is a group with offices in Switzerland, Canada, USA and Australia that over 24 years has built a strong reputation as an advisor in numerous international deals in licensing, partnerships, and corporate sales, focusing on the life sciences sector.

We have made significant progress in establishing clear market validation in our focus markets, and this work will continue at the same rate in parallel to Partner International working to find the best buyer for the business.

Strengthened cash after rights issue

The rights issue conducted in February 2025 was subscribed to approximately 80 percent and raised approximately SEK 17.7 million for the Company before deduction of issue costs. With the improved cash flow, we can now both pursue the ongoing exit process toward the desired outcome and finance the activities and measures we believe are necessary to achieve this. We are very pleased that the Company has continued to receive support from its owners on the way to the exit, and I would like to thank all of our shareholders for this and for the confidence they have shown in us.

Focus in 2025

• Pursue a successful exit process
• Increase the number of installations in the focus markets
• Implement the ongoing clinical studies according to plan

Kista, March 2025
Anders Weilandt, CEO

Summary of the period July–September 2024

• Net turnover was SEK 147,993 (210,947)
• Cash flow from operating activities was SEK -5,126,552 (-4,325,051)
• Profit/loss after financial items was SEK -5,681,292 (-4,938,361)
• Profit/loss after tax was SEK -5,681,292 (-4,938,361)
• Earnings per share were SEK -5.80 (-10.62)

Summary of the period January–September 2024

• Net turnover was SEK 578,611 (494,684)
• Cash flow from operating activities was SEK -19,747,872 (-19,761,647)
• Profit/loss after financial items was SEK -18,850,105 (-19,564,732)
• Profit/loss after tax was SEK -18,850,105 (-19,564,732)
• Earnings per share were SEK -21.39 (-42.48)

Final step of the strategy

The reporting period has been impacted by three key events. Because the SFDA has now announced market authorization for the migraine indication in Saudi Arabia, the Company can immediately start the introduction of Ozilia®Migraine, which further strengthens our Proof-of-Concept. Our post-market surveillance study PM010 shows promising results in monitoring collected data—so far the objectives of the study have been confirmed. Partner International Switzerland GmbH was recently appointed as an advisor to find an international buyer for the business. Overall, these three events entail that we have now taken a large step forward in the final step of the Company’s exit strategy.

• Market authorization for the migraine indication and a first migraine order from Saudi Arabia
• Positive results from the ongoing migraine study PM010
• Swiss advisor appointed to initiate exit process
• Commencement of TO8 subscription period

Market authorization for the migraine indication and a first migraine order from Saudi Arabia

We received the first order for two Ozilia systems from Saudi Arabia at the end of September. Several weeks later, the Saudi Food and Drug Authority also approved our application for market authorization for the migraine indication with the product system Ozilia®Migraine. Following the successes with Ozilia® for chronic rhinitis in Saudi Arabia, we are pleased that we can now immediately follow up with the introduction of Ozilia® in the migraine area as well. Given the approved market authorization for the migraine indication, our distributor Janin Medical can now immediately roll out on a broad front the introduction of the migraine treatment that was prepared in the spring.

Positive results from the ongoing migraine study PM010

After having recruited approximately 25 percent of the patient population to the long-term open study PM010, the decision was made to perform a monitoring session of the data collected so far. The study is still ongoing, and recruitment of patients is not affected by this data summary.

The conclusion reported by the study statistician is that the results are promising, which was also supported by the sensitivity analyses performed for each objective.

What is important in this post-market surveillance study is how the patients’ perception of their difficulties changed during the twelve-month period that they were monitored. More data needs to be accumulated before the conclusion can be reported in its final form.

Swiss advisor appointed to initiate exit process

In mid-October, the Company announced the Board of Director’s resolution to appoint Partner International Switzerland GmbH as an advisor to find an international buyer for the business. This marks the initiation of the final step in the Company's strategy. Partner International is a group with offices in Switzerland, Canada, USA and Australia that over 24 years has built a strong reputation as an advisor in numerous international deals in licensing, partnerships, and corporate sales, focusing on the life sciences sector.

We have made significant progress in establishing clear market validation in our focus markets, and this work will continue at the same rate in parallel to Partner International initiating its work to find the best buyer for the business.

Consolidation of shares completed

At the end of August, the Company’s Board of Directors set August 30, 2024, as the record date for the previously decided consolidation of shares. Through the consolidation, the total number of shares in the Company decreased from 490,111,500 to 980,223. In conjunction with this, the Company’s shares changed ISIN code to SE0022726139.

Commencement of TO8 subscription period

The subscription period for shares with the support of warrant series TO 8 commenced on November 4, 2024, and will run until November 18, 2024. The Company will primarily use the raised capital for the ongoing exit process, continued establishment of market validation, and the ongoing studies.

Focus during the rest of 2024

• Market introduction of the migraine indication in Saudi Arabia and Switzerland
• Exit process development
• The studies PM009 and PM010

Kista, November 2024
Anders Weilandt, CEO

Summary of the period April–June 2024

• Net turnover was SEK 172,941 (163,316)
• Cash flow from operating activities was SEK -6,999,204 (-6,320,325)
• Profit/loss after financial items was SEK -7,023,261 (-7,292,267)
• Profit/loss after tax was SEK -7,023,261 (-7,292,267)
• Earnings per share were SEK -0.01 (-0.03)

Summary of the period January–June 2024

• Net turnover was SEK 430,617 (283,737)
• Cash flow from operating activities was SEK -12,907,262 (-14,800,251)
• Profit/loss after financial items was SEK -13,042,462 (-14,405,401)
• Profit/loss after tax was SEK -13,042,462 (-14,405,401)
• Earnings per share were SEK -0.03 (-0.06)

Breakthrough on new focus market and extensive international interest
The major highlight of the second quarter of the year was the first order from Switzerland after the Company decided to make the country a new focus market. Work also continued during the quarter to introduce Ozilia at different types of investor congresses throughout Europe.

Another highlight was the decision from the United States Patent and Trademark Office (USPTO) that it will grant another patent application from the Company. This means the Company can add a fourth US patent to its growing patent family.

• Switzerland new focus market, first order received
• The USPTO will approve another patent application
• Strong interest in Ozilia at international investor conferences
• Ozilia presented to national specialist associations from Germany, Switzerland & Austria

Switzerland new focus market, first order received
In mid-June, Chordate added Switzerland to its focus markets for the Ozilia treatment and signed an agreement with Neurolite AG to be the Company's distributor and regulatory representative in Switzerland and Liechtenstein. At the end of June a first order was received with a value of approximately SEK 370,000.

We have been noting considerable interest in Ozilia in Switzerland for some time, and we have been engaged in discussions with a number of interested parties. This, combined with Switzerland’s manageable decision-making processes, which have relatively short paths to remuneration codes for insurance payments, makes Switzerland a very suitable focus market for the Company.

The USPTO will approve another patent application
At the beginning of May, the USPTO issued a decision that it intends to approve our patent application US 17/942,912 from 2022. The patent application is related to treatment of headache with a focus on protecting the Company’s product Ozilia Migraine. The approved application means that a fourth US patent is added to the growing patent family the Company has been building since 2011 to target headache treatment.

The Company thus currently has 79 patents distributed between 32 countries and 9 patent families related to different aspects of the Company's treatment techniques. The intellectual property rights defense for the Company’s technology as support for continued business development is an important part of what we consider to be the Company’s core values.

Strong interest in Ozilia at international investor conferences
During the quarter, we introduced Ozilia at investor congresses in Oslo, London, Basel and Lund, where we saw strong interest in the technology and came home with a number of strong leads.

Given the order we received from Switzerland, we now have a first concrete result that can be directly traced to our marketing activities. The plan is to continue to work to introduce Ozilia in our focus markets during the rest of the year.

Ozilia presented to national specialist associations from Germany, Switzerland & Austria
In April, we also participated at the headache conference Dreiländertagung Kopfschmerz in Switzerland, which was arranged jointly by specialist associations in Germany, Switzerland and Austria. This presented us with an excellent opportunity to present Ozilia to a large number of migraine and headache specialists from three significant European markets at one location.

In addition to increasing awareness for Ozilia among potential investors and buyers of the Company, it is important that we continue to develop the profession as well. Interest in neuromodulation as a treatment technique among specialists and neurologists is growing, and in this area Ozilia is a unique alternative that an increasing number of migraine care providers are considering.

Focus during the rest of 2024

• Development of focus markets
• Generate attention in industry and investor circles
• The studies PM009 and PM010
• Ongoing product registrations

Kista, August 2024
Anders Weilandt, CEO