CEO COMMENTS

Kristina Torfgård comments Q1 report 2026

“During the first quarter, we advanced IRL757 into Phase Ib, secured a milestone payment of USD 3 million, progressed IRL1177 toward clinical stage, and took measures to reduce our
cost base. Supplementary market analyses confirmed the commercial potential of mesdopetam, and internationally leading experts expressed support for the continued development of pirepemat — strengthening our position in ongoing partner discussions. Following the end of the reporting period,
the Board of Directors resolved on a capital raise, subject to approval at an Extraordinary General Meeting. With subscription commitments and indications of interest covering approximately 91 percent of the offering, it can be completed without external underwriting guarantees — which, in today’s
challenging market environment, we view as a strong vote of confidence in the company. Overall, our focus on prioritization, capital efficiency, and strategic partnerships has built
a solid foundation for continued innovation and long-term value creation”

Key Milestones During the Quarter and after:

• Collaboration with Biomia initiated, utilizing the ISP platform to evaluate new CNS compounds
• Market research confirms a significant need for new treatments for LIDs- mesdopetam’s differentiated clinical profile is considered attractive
• Strong support from leading international experts for pirepemat and its development strategy
• First patient study with IRL757 initiated and milestone payment of 3 MUSD secured
• The Board of Directors resolved to carry out a rights issue of approximately SEK 68 million, with an over-allotment option of approximately SEK 34 million, subject to approval by an extraordinary general meeting. The maturity of SEK 18.5 million of the outstanding loan of SEK 23.7 million from Fenja Capital will be extended until 30 November 2027, and the remaining SEK 5.2 million will be repaid in connection with the completion of the rights issue

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