New Risk • May 11
New major risk - Revenue and earnings growth Earnings have declined by 8.2% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr45m free cash flow). Share price has been highly volatile over the past 3 months (18% average weekly change). Earnings have declined by 8.2% per year over the past 5 years. Minor Risks Currently unprofitable and not forecast to become profitable next year (kr24m net loss next year). Revenue is less than US$5m (kr43m revenue, or US$4.6m). Market cap is less than US$100m (€8.56m market cap, or US$10.1m). Reported Earnings • May 11
Full year 2025 earnings released: kr1.52 loss per share (vs kr1.89 loss in FY 2024) Full year 2025 results: kr1.52 loss per share (improved from kr1.89 loss in FY 2024). Revenue: kr42.6m (down 4.0% from FY 2024). Net loss: kr41.0m (loss narrowed 14% from FY 2024). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 31% per year, which means it is performing significantly worse than earnings. New Risk • May 04
New major risk - Revenue and earnings growth Earnings have declined by 10% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 10% per year over the past 5 years. Market cap is less than US$10m (€8.18m market cap, or US$9.59m). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Revenue is less than US$5m (kr46m revenue, or US$4.9m). Announcement • Mar 20
Arctic Bioscience Announces New Peer-Reviewed Study on Herring Roe Phospholipids Stimulating Anti-Inflammatory Pathways Arctic Bioscience announces that new research on herring roe oil (HRO) and phospholipid esters from herring roe (PEHeRo) has been accepted for publication in the Journal of Lipid Research, an internationally recognized scientific journal in the field of lipid biology. The study shows that HRO and its phospholipids (PEHeRo) activates the body's own inflammation-resolving mechanisms by increasing the production of specialized pro-resolving mediators (SPMs) in human immune cells and in a skin cell model relevant for psoriasis. SPMs are naturally occurring molecules derived from omega-3 fatty acids that help the body calm and resolve inflammation. The study demonstrates that treatment with herring roe phospholipids leads to a clear increase in several lipid mediator families, including mediators known to support resolution of inflammation and tissue repair. The results were consistent across both immune cells and skin cells involved in psoriatic disease processes. HRO350 is currently in development as a potential new oral treatment option for mild-to-moderate psoriasis, a large patient population in need of therapies with favourable safety and tolerability profiles. The research was carried out in collaboration with William Harvey Research Institute (UK), Nofima (Norway), and Møreforsking (Norway), and was partly supported by a grant from the Norwegian Research Council (project no. 327953). New Risk • Mar 15
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr59m free cash flow). Share price has been highly volatile over the past 3 months (18% average weekly change). Market cap is less than US$10m (€8.22m market cap, or US$9.38m). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Currently unprofitable and not forecast to become profitable next year (kr20m net loss next year). Revenue is less than US$5m (kr46m revenue, or US$4.7m). Announcement • Feb 23
Arctic Bioscience AS to Report Q4, 2025 Final Results on Feb 26, 2026 Arctic Bioscience AS announced that they will report Q4, 2025 final results at 7:00 AM, Central European Standard Time on Feb 26, 2026 Announcement • Dec 19
Arctic Bioscience AS, Annual General Meeting, May 27, 2026 Arctic Bioscience AS, Annual General Meeting, May 27, 2026. Announcement • Nov 07
Arctic Bioscience AS to Report Q3, 2025 Results on Nov 10, 2025 Arctic Bioscience AS announced that they will report Q3, 2025 results at 7:00 AM, Central European Standard Time on Nov 10, 2025 New Risk • Aug 29
New major risk - Revenue and earnings growth Earnings have declined by 13% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Earnings have declined by 13% per year over the past 5 years. Minor Risks Currently unprofitable and not forecast to become profitable next year (kr12m net loss next year). Revenue is less than US$5m (kr44m revenue, or US$4.4m). Market cap is less than US$100m (€8.77m market cap, or US$10.3m). Announcement • Aug 18
Arctic Bioscience Achieves Significant Vision Improvement in Clinical Glaucoma Study Arctic Bioscience announced that a clinical study published in International Ophthalmology demonstrated that daily supplementation with ROMEGA herring caviar oil resulted in a statistically significant improvement in the visual field measure Mean Deviation (MD) in patients with primary open-angle glaucoma (POAG) and controlled intraocular pressure (IOP). No adverse events were observed, and the treatment was well tolerated. The three-month study included 50 patients. The intervention group received one ROMEGA capsule (500mg) daily. Results showed a clear improvement in MD values in the intervention group (p = 0.01) compared to baseline, while no similar improvement was observed in the control group. Best-corrected visual acuity and retinal nerve fiber layer thickness remained stable, and intraocular pressure was maintained. Announcement • Aug 13
Arctic Bioscience Launches New Skin Care Product - Romega Skin Refine Arctic Bioscience launched Romega®? Skin Refine, a dietary supplement that builds on the company's solid experience with advanced healthcare products, based on herring roe. The new launch marks its entry into a large, global and growing market segment within "Beauty and Skincare", with an estimated market size of 550-700 billion USD and growing with an estimated 7-8 % annually. The product is already available on Romega.no, and during the third quarter of 2025 it will be launched in China, in collaboration with partner Kotler Marketing Group China. The product will also be launched in Sweden this autumn and will mark the start of subscription-based direct-to-consumer (B2C) expansion with a rollout in several European countries through 2026. Romega®? Skin refine contains a unique combination of natural ingredients that support the skin's beauty and vitality from within, with important nourishment for the skin. Announcement • Jul 02
Arctic Bioscience Reports 12-Month Data Confirm Potential for HRO350 in Mild-To-Moderate Psoriasis Arctic Bioscience announced 12-month readout of the HeROPA phase 2b clinical trial shows potential through key secondary endpoint PGA 0/1, where the per protocol population approaches significance (p = 0.07) after one year of treatment. Relevant subgroups show statistical significance (p < 0.05). Importantly, HRO350 was well tolerated throughout the study, with no safety concerns or drug-related serious adverse events reported. While the primary endpoint (PASI50 at 26 weeks) in the 52-week placebo-controlled study was not met due to an unexpectedly high placebo response, the overall data support the potential of HRO350. Arctic Bioscience strongly believe there is a major market potential for HRO350 in mild-to-moderate psoriasis and will seek partnerships for further development. Announcement • May 26
Arctic Bioscience AS Elects Olav Sindre Kriken as Board Member Arctic Bioscience AS at its ordinary general meeting held on 26 May 2025, The following is elected as new board member: Olav Sindre Kriken. Thus, the Company's Board of Directors will consist of the following persons: Harald Nordal (chairperson); Jan Endre Vartdal; Tore A. F. Tønseth; Marita Holstad; Olav Sindre Kriken. Announcement • May 16
Arctic Bioscience AS Provides Sales Guidance for 2025 Arctic Bioscience AS provided sales guidance for 2025. The company is aiming for solid sales growth both in 2025 and in the coming years. Reported Earnings • May 09
Full year 2024 earnings released: kr1.89 loss per share (vs kr1.79 loss in FY 2023) Full year 2024 results: kr1.89 loss per share (further deteriorated from kr1.79 loss in FY 2023). Revenue: kr44.4m (up 32% from FY 2023). Net loss: kr47.9m (loss widened 5.3% from FY 2023). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 50% per year, which means it is performing significantly worse than earnings. Announcement • Apr 24
Arctic Bioscience Announces Encouraging Top-Line Results from the HeROPA Clinical Study Arctic Bioscience AS announced that the HeROPA phase 2b study in mild-to-moderate psoriasis show encouraging results on key secondary endpoint with increasing durable efficacy up to week 52. Data analyses are ongoing for the full Clinical Study Report. The company will hold a presentation with the full set of data from the study when the Clinical Study Report is ready in June, including statistical significance levels for all datapoints and relevant sub-analyses. Among patients who completed 52 weeks of treatment: More patients treated with HRO350 achieved "clear" or "almost clear" skin (PGA 0/1) indicating minimal or no skin symptoms in both active groups compared to placebo; In the full population (PASI 3-10 at inclusion), 46 % of patients treated with high dose achieved a PGA 0/1 versus 36 % in the placebo group; In the group of patients with PASI 6-10 at inclusion, 45 % of patients in the high dose group achieved a PGA0/1 versus 29 % in the placebo group; 50 % reduction in the Psoriasis Area and Severity index (PASI50): As was observed for the 6-month readout of this endpoint, the placebo rate is high which obscures differences between the groups; HRO350 was well tolerated throughout the study duration with no new safety concerns and no unexpected serious adverse events. PASI 0/1 is commonly used as a primary endpoint in studies, is a treatment- goal for psoriasis and is a harder endpoint to reach than a 50 % reduction in PASI (PASI50). The Company is funded to expected cash flow positive nutra operations in 2026. Further development of the HRO350 in mild-to-moderate Psoriasis, beyond the current phase 2b, will be funded separately through partnerships or specific project funding. Announcement • Apr 03
Arctic Bioscience Announces Heropa 1-Year Read-Out: Top-Line Results Expected Within 2-3 Weeks Arctic Bioscience announced that all patients have completed 1 year of treatment and the HeROPA phase 2b clinical trial on HRO350 in mild-to-moderate psoriasis is completed. Top-line results were planned to be announced by end of First Quarter 2025, however cleaning of the comprehensive dataset from more than 500 patients for 1 year of treatment is taking more time than anticipated. The top-line data are currently being cleaned and quality controlled. Top-line results are expected to be published within 2-3 weeks. Analyses on all endpoints will then be presented in the full clinical study report in May this year. New Risk • Mar 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (26% average weekly change). Earnings are forecast to decline by an average of 13% per year for the foreseeable future. Market cap is less than US$10m (€8.72m market cap, or US$9.49m). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Currently unprofitable and not forecast to become profitable next year (kr56m net loss next year). Revenue is less than US$5m (kr32m revenue, or US$3.0m). Announcement • Feb 20
Arctic Bioscience AS to Report Q4, 2024 Results on Feb 27, 2025 Arctic Bioscience AS announced that they will report Q4, 2024 results at 8:00 AM, Central European Standard Time on Feb 27, 2025 Announcement • Oct 29
Arctic Bioscience AS Provides Revenue Guidance for the Year 2024 Arctic Bioscience AS provided revenue guidance for the year 2024. The company will increase the focus on the nutraceutical business, where it see significant growth potential in several geographic regions. The results through 2024 have been positive, and it is aiming for a total year-over-year revenue growth in 2024 of 25% to 30%. New Risk • Oct 15
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €6.23m (US$6.79m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr60m free cash flow). Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings are forecast to decline by an average of 7.5% per year for the foreseeable future. Market cap is less than US$10m (€6.23m market cap, or US$6.79m). Minor Risks Currently unprofitable and not forecast to become profitable next year (kr52m net loss next year). Revenue is less than US$5m (kr32m revenue, or US$2.9m). Announcement • Oct 15
Arctic Bioscience Announces Top-Line Results from Phase 2b HeROPA Study Arctic Bioscience announced all patients have passed 6 months of treatment in the HeROPA phase 2b clinical study, which compared HRO350 to placebo. While the high dose active treatment arm showed an effect close to the assumed effect level, the placebo rate was unexpectedly high, preventing the achievement of the primary end-point. The HeROPA study is still ongoing and placebo controlled for 52 weeks. Arctic Bioscience will continue investigating the data in collaboration with its Contract Research Organization (Smerud Medical Research International) to identify the reasons behind the unexpectedly high placebo rate. Mild-to-moderate psoriasis is a fluctuating disease where patients can experience spontaneous improvements, and the disease is often less severe during the summer, due to sunlight exposure. Thus, endpoints analyzed after 52 weeks of treatment may elucidate how disease fluctuation over a full year may have impacted the 26-week primary endpoint. Of note, there have been no safety concerns, and no unexpected serious events related to the study medication have been reported to date. PASI50 (50% improvement in PASI score) was chosen as primary endpoint to align with regulatory guidelines on clinical studies in psoriasis. The study is still ongoing, thus numeric data are not disclosed at this time. Arctic Bioscience will continue the global market expansion of its nutraceutical pipeline where the company see a significant growth potential. The company will also perform a full strategic and organizational assessment to secure a sustainable financial platform. Cash preservation initiatives will be put in place to ensure that available financial resources enable the company to complete the 12-month study and continue product development, regardless of the strategic direction taken. CEO Christer Valderhaug and Medical Director Runhild Gammelsæter, will present the findings of the study and the next steps during a webcast on October 16, 2024, at 12:00 CET. New Risk • Sep 06
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -kr60m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr60m free cash flow). Earnings are forecast to decline by an average of 7.6% per year for the foreseeable future. Minor Risks Currently unprofitable and not forecast to become profitable next year (kr52m net loss next year). Share price has been volatile over the past 3 months (9.1% average weekly change). Revenue is less than US$5m (kr32m revenue, or US$3.0m). Market cap is less than US$100m (€29.1m market cap, or US$32.2m). Announcement • Jun 26
Arctic Bioscience Announces New Positive Data Showing Anti-Inflammatory Effects of Phospholipid Esters from Herring Roe in Immune Cells Arctic Bioscience are presenting a new data on anti-inflammatory cellular functions of herring roe oil at the 9th European Workshop on Lipid Mediators in Edinburgh, UK. The HeROPA clinical trial on HRO350 with the active substance Phospholipid Esters from Herring Roe (PeHeRo) is ongoing in mild-to-moderate psoriasis, with planned read-out fall 2024. These new data on human primary immune cells show that Phospholipid Esters from Herring Roe promotes biosynthesis of specialized pro-resolving mediators (SPMs) that are involved in anti-inflammatory activities. This mode of action can be a promising treatment modality in inflammatory conditions, including psoriasis, and supports an anti-inflammatory action of the investigational medicinal product HRO350. These data support previously published effects on inflammatory markers in psoriasis (Petrovic 2023). The study was conducted in collaboration with Møreforsking and was supported with a grant from the Norwegian Research Council (project nr. 327953, Properties of phospholipids from Herring Roe in Psoriasis). Reported Earnings • Apr 15
Full year 2023 earnings released: kr1.79 loss per share (vs kr1.39 loss in FY 2022) Full year 2023 results: kr1.79 loss per share (further deteriorated from kr1.39 loss in FY 2022). Revenue: kr33.8m (down 2.1% from FY 2022). Net loss: kr45.5m (loss widened 34% from FY 2022). Revenue is forecast to grow 40% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Biotechs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 30% per year, which means it is performing significantly worse than earnings. Reported Earnings • Mar 05
Full year 2023 earnings released Full year 2023 results: Revenue: kr33.8m (down 2.1% from FY 2022). Net loss: kr45.5m (loss widened 34% from FY 2022). Revenue is forecast to grow 40% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Biotechs industry in Germany. Announcement • Feb 23
Arctic Bioscience AS to Report Q4, 2023 Results on Mar 01, 2024 Arctic Bioscience AS announced that they will report Q4, 2023 results at 8:00 AM, Central European Standard Time on Mar 01, 2024 New Risk • Feb 01
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 5.9% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings are forecast to decline by an average of 5.9% per year for the foreseeable future. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr40m net loss in 2 years). Shareholders have been diluted in the past year (4.1% increase in shares outstanding). Revenue is less than US$5m (kr39m revenue, or US$3.7m). Market cap is less than US$100m (€22.9m market cap, or US$24.7m). Announcement • Jan 17
Arctic Bioscience Announces Recruitment Completed in the Phase IIb HeROPA Clinical Trial Arctic Bioscience reported that the company have now fully recruited this phase IIb clinical trial in mild-to-moderate psoriasis with the planned 519 patients. The HeROPA trial is randomized, double blind and placebo controlled, investigating the efficacy and safety of the novel, oral drug candidate HRO350 for the treatment of mild-to-moderate Psoriasis. The HeROPA trial are ongoing in 5 countries in Europe; UK, Germany, Poland, Finland and Norway. The HeROPA trial has had competitive recruitment at over 60 sites in the 5 countries to recruit the 519 patients. Fully recruiting this very large study is a result of impressive efforts from over 60 sites across five countries. The final recruited patients will be dosed in the next few weeks, and first data-readout will be when all patients have been treated for 6 months, mid 2024. Announcement • Dec 01
Arctic Bioscience Announces More Than 75% Recruitment in the Phase IIb HeROPA Clinical Trial Arctic Bioscience AS reported that the company has now recruited more than 75% of the patients required for the trial. The HeROPA phase IIb clinical trial of HRO350 - a novel, oral drug candidate for the treatment of mild-to-moderate psoriasis - is ongoing in 5 countries in Europe; UK, Germany, Poland, Finland and Norway. As planned, recruitment speed has increased throughout fall as new clinics have been activated. Recruitment is going particularly well in Germany and Poland. A total of 519 patients are to be included in the trial. To date, more than 75% of the needed patients have been recruited. Announcement • Nov 03
Arctic Bioscience AS Provides Revenue Guidance for the Year 2023 Arctic Bioscience AS provided revenue guidance for the year 2023. Overall, for the Company they are reducing the expected revenue growth for the full year from 30% to 35% to 15% to 20%. New Risk • Oct 15
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (17% average weekly change). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Currently unprofitable and not forecast to become profitable over next 3 years (kr1.4m net loss in 3 years). Shareholders have been diluted in the past year (4.1% increase in shares outstanding). Revenue is less than US$5m (kr34m revenue, or US$3.2m). Market cap is less than US$100m (€19.8m market cap, or US$20.8m). Announcement • Aug 29
Arctic Bioscience AS Provides Earnings Guidance for the Year 2023 Arctic Bioscience AS provided earnings guidance for the year 2023. Based on received order intake for the second half of 2023 and general order outlook with new sales prospects Arctic Bioscience aims for a total year over year revenue growth in 2023 of 30-35 %. Announcement • May 08
Arctic Bioscience as Announces Operational Update - Heropa Clinical Trial Approved in All 5 Countries and Ongoing Arctic Bioscience AS announced that the phase IIb HeROPA clinical trial approved in all the five European countries where the trial will be conducted more than two-thirds of the planned clinical trial sites (clinics) in the five countries activated Future opportunities in the microalgae segment through the acquisition of Arctic Algae AS. Approval of the HeROPA clinical trial by Medicines Authorities in five European countries demonstrates international endorsement and the high quality of drug development plan. This has considerably reduced the implementation risk for pharmaceutical development program. Update on the HeROPA clinical trial - a phase IIb clinical trial for mild-to-moderate psoriasis: Until now, forty clinics are active in the five countries participating in the HeROPA clinical trial. The first patient was included end of January 2023 in UK. Recruitment is competitive between clinics and will be complete when 519 patients are included. More clinics are being activated on an ongoing basis. Clinical Trial Application (CTA) processes and some aspects of global logistical operations have taken longer than expected. Arctic Bioscience have implemented additional measures to ensure timely recruitment of patients. More clinics have shown interest in joining the trial, and these are being enlisted for participation. The clinics are using their patient lists for recruitment, and the larger sites in central European countries have thousands of patients with psoriasis who may be eligible for inclusion. Recruitment is expected to proceed at speed throughout summer and into the fall. Update on sustainable marine nutraceutical supplement business: The nutraceutical business had a positive development in sales volume in the quarter compared to the first quarter of last year. Several new B2B customers with strong brands in their respective markets have launched products with ROMEGA®? in USA and Europe. Reported Earnings • Mar 30
Full year 2022 earnings released Full year 2022 results: Revenue: kr34.5m (up 60% from FY 2021). Net loss: kr34.0m (loss narrowed 20% from FY 2021). Revenue is forecast to grow 43% p.a. on average during the next 2 years, compared to a 22% growth forecast for the Biotechs industry in Germany. Recent Insider Transactions • Mar 01
Global Medical Director recently bought €15k worth of stock On the 23rd of February, Runhild Gammelsæter bought around 12k shares on-market at roughly €1.27 per share. This transaction amounted to 87% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth €28k. Insiders have collectively bought €130k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Feb 20
Chief Executive Officer recently bought €28k worth of stock On the 13th of February, Christer Valderhaug bought around 28k shares on-market at roughly €1.00 per share. This transaction increased Christer's direct individual holding by 1x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Christer has been a buyer over the last 12 months, purchasing a net total of €62k worth in shares. Announcement • Feb 14
Arctic Bioscience AS (OB:ABS) acquired Arctic Algae As from Ronja Capital II AS for enterprise value NOK 16.3 million. Arctic Bioscience AS (OB:ABS) acquired Arctic Algae As from Ronja Capital II AS for enterprise value NOK 16.3 million on February 13, 2023. Net cash position of NOK 5.5 million. The transaction will be fully paid by shares. A third party fairness opinion has been conducted by Converto AS.
Arctic Bioscience AS (OB:ABS) completed the acquisition of Arctic Algae As from Ronja Capital II AS on February 13, 2023. Announcement • Feb 02
Arctic Bioscience Announces First Patient Included in HRO350 Phase IIb Clinical Trial in the UK Arctic Bioscience AS announced that with reference is being made to the stock exchange release from January 12, 2023 where Arctic Bioscience announced that the Clinical Trial Application (CTA) for a Phase IIb clinical trial in mild-to-moderate psoriasis with the investigational medicinal product (IMP) HRO350 was approved in the United Kingdom (UK). Arctic Bioscience has met a key milestone in the drug development program for HRO350. The first patient has been included in the clinical trial "A phase IIb, multicenter, randomized, double-blind, placebo-controlled, dose-finding, efficacy and safety study of HRO350 in patients with mild-to-moderate psoriasis" (the 'HeROPA' study) in the UK. This is the start of the clinical study. The international study is planned to be conducted in five countries, with a total of 519 patients. A six-month inclusion period is expected, with first data readout six months after last patient is included. This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. Announcement • Jan 13
Arctic Bioscience Announces Clinical Trial Application for HRO350 Phase IIb Approves in UK Arctic Bioscience announced that the CTA has been approved in the UK. On January 12, 2023, the Health Research Authority (HRA) gave its approval for clinical trial start in the UK "A Phase IIb, multicenter, randomized, double-blind, placebo-controlled, dose-finding, efficacy and safety study of HRO350 in patients with mild-to-moderate psoriasis" (the 'HeROPA' study). The CTA was simultaneously also approved by The United Kingdom (UK) Medicines & Healthcare products Regulatory Agency (MHRA), the UK Research Ethics Committee (REC). This is a major regulatory milestone in the drug development program for HRO350. Arctic Bioscience is currently in the process of activating the clinical trial sites in the UK, and first patient inclusion is expected later this month. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 7 non-independent directors. Independent Board Member Jostein Dalland was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Nov 01
Arctic Bioscience as Maintains Earnings Guidance for the Year 2022 Arctic Bioscience AS maintained earnings guidance for the year 2022. The Company maintains the earlier communicated financial outlook of a y/y revenue growth in 2022 of 60-70 %. Announcement • Oct 11
Arctic Bioscience Submits Clinical Trial Application for Hro350 Phase IIb Arctic Bioscience gave a status update related to the submission of the Clinical Trial Application (CTA) for a Phase IIb clinical trial in mild-to-moderate psoriasis with the investigational medicinal product (IMP) HRO350. Arctic Bioscience announce that the CTA has been submitted.Approval of CTA by authorities will allow for the first patient to be enrolled in the Phase IIb clinical trial as planned in Fourth Quarter 2022. Sites for the clinical trial with access to sufficient number of patients to conduct the studies are localized in five European countries. Announcement • Oct 04
Arctic Bioscience AS Announces Update on Clinical Trial Application for HRO350 Phase IIb Arctic Bioscience announced that Clinical Trial Application (CTA) for a Phase IIb clinical trial in mild-to-moderate psoriasis with the investigational medicinal product (IMP) HRO350 was expected to be submitted in Third Quarter 2022. Arctic Bioscience is planning to send the CTA within 2 weeks. Approval of CTA by authorities will allow for the first patient to be enrolled in the Phase IIb clinical trial as planned in Fourth Quarter 2022. As previously communicated, sites for the clinical trial with access to sufficient number of patients to conduct the study are localized in five European countries. The Clinical Trial Application contains key information about the IMP HRO350 and the planned clinical trial activities. Announcement • Aug 26
Arctic Bioscience as Provides Revenue Guidance for the Year 2022 Arctic Bioscience AS provided revenue guidance for the year 2022. For the year, the company expects a positive development in revenues during the second half of 2022, forecasting a 60% to 70 % year on year revenue growth in 2022. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 8 non-independent directors. Independent Board Member Jostein Dalland was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 08
Full year 2021 earnings released Full year 2021 results: Net loss: kr42.6m (loss widened 89% from FY 2020). Over the next year, revenue is forecast to grow 86%, compared to a 64% growth forecast for the pharmaceuticals industry in Germany. Announcement • Feb 19
Arctic Bioscience Provides Earnings Guidance for the Fiscal Year 2022 Arctic Bioscience AS provided earnings guidance for the fiscal year 2022. For the period, the company expects revenue to be in the range of NOK 30 million – NOK 40 million. Announcement • Feb 01
Arctic Bioscience Announces Termination Danielle Glenn as CFO Arctic Bioscience announced that CFO Danielle Glenn has terminated her consulting agreement and accepted a position with another company. Glenn has been with the company since September 2020. The search for a new permanent CFO has been initiated. Danielle Glenn will continue as CFO through April 2022. Announcement • Aug 26
Arctic Bioscience AS Provides Earnings Guidance for the Year 2021 Arctic Bioscience AS provided earnings guidance for the year 2021. For the year, the company aims for full year 2021 revenue growth of 40%. Announcement • Jun 17
Arctic Bioscience Receives Grant from the Research Council of Norway for Its Pharmaceutical Development Arctic Bioscience announced a grant of NOK 4.8 million for the company's pharmaceutical development activities under the IPN-program (Innovasjonsprosjekter i Næringslivet) from The Research Council of Norway, the Norwegian Government`s research policy advisor working to promote innovation research-based innovation and knowledge-building. The Innovation project grant was awarded to elucidate the mechanism of action for HRO350; the investigational medicinal product aimed for mild-to-moderate psoriasis, currently under development by Arctic Bioscience. The drug development of HRO350 has an innovative approach, manufactured from sustainably sourced herring roe according to cGMP using proprietary technology. The herring roe used is a residual side stream from herring fillet production. Mild-to-moderate psoriasis constitutes a large patient population where there is substantial need for effective, convenient, and cost-effective new treatments with beneficial safety profiles. Psoriasis prevalence rates range from 2% to 6% of the population in western countries, and approximately 90% suffer from mild-to-moderate forms of the disease. This corresponds to around 21 million psoriasis patients based in the USA and the EU-5 alone and an annual revenue opportunity of more than $1 billion. A large, randomized Phase IIb study is scheduled to start in 2022. The company plans to manufacture HRO350 at the company's new facility in Ørsta. The consortium for the Innovation project consists of Arctic Bioscience, local research institute Møreforskning and NOFIMA a leading institute for applied research within the fields of fisheries, aquaculture and food research. Announcement • May 31
Arctic Bioscience Provides Financial Guidance for the Fiscal Year 2021 Arctic Bioscience provided financial guidance for the fiscal year 2021. Arctic Bioscience will continue to pursue commercialization of its pharmaceutical business as well as revenue growth and profitability within its nutraceutical business. The company maintains its annual revenue growth target of 40%+, with the majority of revenue in the second half of the year as expected. Announcement • Mar 04
Arctic Bioscience Signs 3-Year Agreement Worth 75 Million NOK with Smerud Medical Research International to Conduct Clinical Study on Psoriasis Arctic Bioscience Signs 3-year Agreement Worth 75 Million NOK with Smerud Medical Research International to Conduct Clinical Study on Psoriasis. The agreement signed on Wednesday 3 March relates to the start of a phase IIb study for the treatment of mild to moderate psoriasis with the company's drug candidate, HRO350, developed from herring roe oil. The purpose of the clinical study is to investigate the efficacy and safety of HRO350 and to establish the optimal dose. The study will include more than 500 patients and is planned to be conducted in seven countries, including Norway. Recruitment of patients will start in First Quarter 2022. Arctic Bioscience recently raised NOK 300 million and was listed on Euronext Growth in Oslo on 24 February. The agreement with Smerud Medical Research International ensures that the clinical study on HRO350 is on track and in line with the pharmaceutical development plan. Smerud Medical Research International has significant experience with clinical studies in psoriasis and will this week start by identifying centers for the study. 
