Half Year 2026 ViroGates AS Earnings Call

August 21, 2026

Operator: Welcome to this H1 2026 presentation hosted by ViroGates. With us today, we have the CEO and the CFO. First, the company will give a presentation, followed by a Q&A session where they will address questions submitted live as well as those sent in beforehand. I will now hand over the word to ViroGates, so please go ahead.

Speaker #1: Welcome to this H1 2026 presentation hosted by ViroGates. With us today, we have the CEO and the CFO. First, the company will give a presentation, followed by a Q&A session where they will address questions submitted live, as well as those sent in beforehand.

Speaker #1: I will now hand over the word to ViroGates, so please go ahead.

Speaker #2: Thank you very much. Yosefine and I are happy to take this opportunity to walk you through our half-year report for the first half of 2026.

Jakob Knudsen: Thank you very much, Anas. Josefine and I are happy to take this opportunity to walk you through our half-year report for the first half of 2026. We have had some encouraging news, and we are happy to give you a little bit more insight into what it is we have been doing over the first six months of 2026. We have a few newcomers. That means we will also cover some of the basics, but we will try to take you through in about half an hour, and then we also will allow for some questions. First, a forward-looking statement that is not particularly interesting, but we have to say that it is the report that is prevailing and not what is presented here in case there are any discrepancies. In terms of our corporate setup, ViroGates is a company that was founded back in 2001.

Speaker #2: We've had some encouraging news, and we are happy to give you a little bit more insight into what we've been doing over the first six months of 2026.

Speaker #2: We have a few newcomers. That means we will also cover some of the basics, but we'll try to take you through in about half an hour, and then we will also allow for some questions.

Speaker #2: First, a forward-looking statement that is not particularly interesting, but we have to say that it's the report that is prevailing, and not what is presented here, in case there are any discrepancies.

Speaker #2: So, in terms of our corporate setup, ViroGates is a company that was founded back in 2001. It is headquartered here in Denmark, in Birkerød.

Jakob Knudsen: It is headquartered here in Denmark in Birkerød. We IPO'd on the Nasdaq First North Growth Market Copenhagen in 2018, and we are currently nine employees here in Birkerød. We operate by a semi-virtual model in the sense that we source our products from externally, and we also deploy a lot of our development externally. Then we manage our IP, our marketing, our sales, our governance, and so on, so forth here from Birkerød. The issue we address here at ViroGates is one of the global crisis facing our healthcare system, and it is basically this global issue that we see an increase in age on a global scale, meaning that we get more of these age-related diseases, chronic inflammation-driven, typically.

Speaker #2: We IPOed on the Copenhagen NASDAQ First North Growth Market in 2018, and we are currently nine employees here in Birkerød. We operate by a semi-virtual model in the sense that we source our products externally, and we also deploy a lot of our development externally. Then we manage our IP, our marketing, our sales, our governance, and so on and so forth.

Speaker #2: Here from Birkerød. What it is the issue we address here at ViroGates is one of the global crises facing our healthcare system and it's basically this global issue that we see an increase in age on a global scale meaning that we get more of these age-related diseases, chronic inflammation-driven typically we see a larger share of in demographic sense a larger share of the population being elderly and less able to take care of the individuals being affected by disease and we also see a pressure on the payment system.

Jakob Knudsen: We see a larger share of, in a demographic sense, the larger share of the population being elderly and less able to take care of the individuals being affected by disease. We also see a pressure on the payment system. Those are some of the things that we are addressing, and we do so by providing a product that can help guide proactively the lifestyle of individuals so that we hopefully can lead much better lives for potentially also a longer time. But certainly while enjoying life while we are here. We have mission and vision statements. Those are also covered in the report, so let us skip that for now. Our products and our offerings are generally rooted in solid science. We have more than 1,100 publications that have been driven internationally by research communities predominantly.

Speaker #2: So, those are some of the things that we're addressing, and we do so by providing a product that can help proactively guide the lifestyle of individuals.

Speaker #2: So that we hopefully can lead much better lives for potentially also a longer time, but certainly while enjoying life while we are here. And we have mission and vision statements; those are also covered in the report, so let's skip that for now.

Speaker #2: Our products and our offerings are generally rooted in solid science. We have more than 1,100 publications that have been driven internationally by research communities.

Speaker #2: Predominantly, some of it we've funded ourselves and driven ourselves, but the majority is actually done by research groups that have a growing interest in the ability of SUPA to predict outcomes and diseases.

Jakob Knudsen: Some of it we have funded ourselves and driven ourselves, but the majority is actually done by research groups that have a growing interest in the ability of suPAR to predict outcomes and diseases. One of the illustrations is shown here on the right-hand side, where a study shows the ability of suPAR to predict survival in a cohort. This was one of the early publications that basically showed that the higher the suPAR level, the higher the risk of mortality. That goes for cancer developments, type 2 diabetes, cardiovascular disease, and all of these diseases that have an inflammatory component. That actually goes for quite a few of the diseases that we know of. We have been published in some of the really high and credited journals like Nature Medicine and the New England Journal of Medicine and so on and so forth.

Speaker #2: One of the illustrations is shown here on the right-hand side, where a study shows the ability of SUPA to predict survival in a cohort.

Speaker #2: So this was one of the early publications that basically showed that the higher the suPAR level, the higher the risk of mortality. And that goes for all cancer developments, type 2 diabetes, cardiovascular disease, and all of these diseases that have an inflammatory component. And that actually goes for quite a few of the diseases that we know of.

Speaker #2: So, we've been published in some of the really highly accredited journals like Nature Medicine and the New England Journal of Medicine, and so on and so forth.

Jakob Knudsen: suPAR is a risk status marker, as we label it. It reflects the chronic inflammation of an individual. Chronic inflammation, we have seen this is a buzzword, if you like, but we have seen that chronic inflammation drives a host of other pathologies, a host of other diseases, all these lifestyle-related diseases such as type 2 diabetes, cardiovascular disease, and cancers, to name a few. The beauty of suPAR is that it is an actionable parameter. It is basically something that we can affect by changing our lifestyle and/or by treating an individual better for that underlying pathology. It goes both as a lifestyle indicator that basically can track whether you are on the right path to leading a more healthy life, or you need some sort of intervention, whether that be in lifestyle or in the medications that are taken.

Speaker #2: SUPA is a risk status marker, as we label it. It reflects the chronic inflammation of an individual, and chronic inflammation—we've seen, this is a buzzword if you like—but we've seen that chronic inflammation drives a host of other pathologies, a host of other diseases, all these lifestyle-related diseases such as type 2 diabetes, cardiovascular disease, and cancers, to name a few.

Speaker #2: And the beauty of SUPA is that it's an actionable parameter. It is basically something that we can affect by changing our lifestyle and/or by treating an individual better for that underlying pathology.

Speaker #2: So it goes both as a lifestyle indicator that basically can track whether you're on the right path to leading a more healthy life, or you need some sort of intervention, whether that be in lifestyle or in the medications that are taken.

Speaker #2: And we basically measure the level of SUPA, which I typically label as the sum of all, if you will, because the higher the SUPA, the more chronic inflammation we have ongoing in the body. Then we need to sort out where that stems from and how we reverse that inflammation.

Jakob Knudsen: We basically measure the level of suPAR, which I typically label as the sum of evil, because the higher the suPAR, the more chronic inflammation we have ongoing in the body. Then we need to sort out where does that stem from, and how do we reverse that inflammation. We address large markets. I do not think we should dwell too much into it, but there are a lot of accredited consultancy set of developed reports over the global wellness market, the clinical lab services, and inflammation markets. As you can see, all huge USD numbers. We obviously also see it, I am sure that you, as I do, get bombarded with longevity and health management product offerings and suggestions. It is a booming trend that with increasing wealth in this society, we want to take more active care of ourselves and lead better lives.

Speaker #2: We address large markets—we've sort of, I don't think we should dwell too much on it, but there are a lot of accredited consultancies that have developed reports on the global wellness market, the clinical lab services, and inflammation markers. As you can see, all are huge US dollar numbers. And we obviously also see it. I'm sure that you, as I do, get bombarded with longevity and health management product offerings and suggestions, and it is a booming trend that, with increasing wealth in society, we want to take more active care of ourselves and lead better lives. That leads to the growth in these market segments that we address, and obviously, we believe that we play a role in the far right in terms of inflammation markers.

Jakob Knudsen: That leads to the growth in these market segments that we address. Obviously, we believe that we play a role on the bar, right, in terms of inflammation markets. Also some of these DNA markets that you see that we complement nicely. For you, Sofine.

Speaker #2: And also, some of these DNA markers that you see, we complement nicely. So, for Josefine?

Speaker #1: Yeah, thank you. I'll start on the product side. As Jacob mentioned, many of you might have heard this before, but we also have some new people on the webinar, so we'll go through them.

Josephine Baum Jørgensen: Yeah. Thank you. I will start on the product side. As Jakob mentioned, many of you might have heard it before, but we also have some new people on the webinar, so we will go through them. Our product line called suPARnostic encompasses several products. The first that was launched was the ELISA, that is the one to the far left. It was launched in 2009. It is this larger plate that you use typically in research, but also in longevity labs or laboratory servicing thorough clinics. It has many wells in it, so it is efficiently used when you have multiple blood tests or blood analysis to do at once. Then, followed the QT or the suPARnostic Quick Triage, in 2015. They all measure the same, they still measure suPAR, but instead of the ELISA plate, it is a near patient lateral flow test.

Speaker #1: Our product line, called SUPAnostic, encompasses several products. The first that was launched was the ELISA—that's the one to the far left—it was launched in 2009.

Speaker #1: It's this larger plate that you use typically in research, but also in longevity labs or laboratory services servicing several clinics. It has many wells in it, so it's efficiently used when you have multiple blood tests or blood analyses to do at once.

Speaker #1: Then followed the QT, or the quick triage, in 2015. They all measure the same. It still measures SUPA, but instead of the ELISA plate, it's a near-patient lateral flow test.

Speaker #1: So it's a product that's able to be in a situation or a lab that's closer to the patient. Then, in 2018, we launched Turbidatex.

Josephine Baum Jørgensen: It is a product that is able to be in a situation or a lab that is closer to the patient. Then in 2018, we launched suPARnostic TurbiLatex. This is our automated clinical use product. It is validated on several of the larger platforms that you have in hospitals or larger universities. It is validated on Roche and Siemens, Abbott and Beckman Coulter, and made for this high volume or high throughput use, and suPAR measurement. Lastly, we have the suPARnostic POC+. This is our finger prick Point of Care product. It is like the QT in the way that it is a near patient test, but instead of measuring suPAR in plasma, as the QT does, it measures suPAR in finger prick blood. However, the suPARnostic POC+, it is currently not up for commercial sale yet. It is being validated to fit this new longevity sphere or longevity field that we are targeting with our device strategy.

Speaker #1: This is our automated clinical-use product. It's validated on several of the larger platforms that you have in hospitals or larger universities. It's validated on Roche, Siemens, Abbott, and Beckman Coulter, and made for this high-volume or high-throughput use and suPAR measurement.

Speaker #1: Lastly, we have the Puck Plus. This is our finger prick, point-of-care product. It's like the QT in the way that it's a near-patient test, but instead of measuring SUPA in plasma as the QT does, it measures SUPA in fingerprick blood.

Josephine Baum Jørgensen: Lastly, we have the suPARnostic POC+. This is our finger prick Point of Care product. It is like the QT in the way that it is a near patient test, but instead of measuring suPAR in plasma, as the QT does, it measures suPAR in finger prick blood. However, the suPARnostic POC+, it is currently not up for commercial sale yet. It is being validated to fit this new longevity sphere or longevity field that we are targeting with our device strategy.

Speaker #1: However, the Puck Plus is currently not up for commercial sale yet. It's being validated to fit this new longevity sphere, or longevity field, that we're targeting with our device strategy.

Speaker #1: We have commercial presence covering most of the world, I would say, both through direct sales representatives placed here at our headquarters, but also through established distributors in the network of approximately 15 to 20 distributors that we have in Europe. We sell our products under CE-IVD; they are accredited under CE-IVD, going IVDR, and this is something Jacob will touch upon later. In the US and in the rest of the world, we sell through research use only, both directly here from our headquarters but also via our channel partners.

Josephine Baum Jørgensen: We have commercial presence, covering most of the world, I would say, both through direct sales representatives placed here at our headquarter, but also through established distributors in a network of approximately, 15 to 20 distributors that we have. In Europe, we sell our products under CE-IVD. They are accredited under CE-IVD, going IVDR, and this is something Jakob will touch upon later. In the US and in the rest of the world, we sell through research use only, both directly here from our headquarters, but also via our channel partners. This is our management and board. As you see to the left is our management team, and I think Jakob will also touch upon changes that we recently announced in our commercial organization later. To the right, you see our executive board, non-executive board members. Yeah.

Speaker #1: And this is our management and board. As you see, to the left is our management team, and I think Jacob will also touch upon changes that we recently announced in our commercial organization later.

Speaker #1: And to the right, you see our executive board and non-executive board members. Yeah. And then on to what today is really about—the half-year report.

Josephine Baum Jørgensen: Then on to what today is really about, the half year report. We had an increase in revenue of 173%, which is a pretty marked increase from the same period last year. We ended up at DKK 5.1 million, whereas the H1 of 2025 was DKK 1.9 million. Again, which is also both announced in the company announcements, for the report and in the report itself, the increase in revenue is largely due to our American or US partner taking delivery of a minimum order that was agreed under the distribution agreement back in 2024. So what they have done now, essentially, is that they have taken home these large orders and large amounts of products and what awaits and are ongoing is the distribution of these products to end user testing in the US, which we are of course looking very much forward to.

Speaker #1: We had an increase in revenue of 173%, which is a pretty marked increase from the same period last year. We ended up at 5.1 million kroner, whereas the first half of '25 was 1.9 million.

Speaker #1: Again, which is also both announced in the company announcements for the report and in the report itself, the increase in revenue is largely due to our American, or US, partner taking delivery of a minimum order that was agreed under the distribution agreement back in 2024.

Speaker #1: So what they've done now, essentially, is that they've taken home these large orders and large amounts of products, and what awaits—and that is ongoing—is the distribution of these products to end-user testing in the US, which we're of course looking very much forward to.

Speaker #1: Our operating loss improved by 33%, ending at 3.9. And our cash balance ended at 17.6, compared to 11.9 last year. If we dive a little bit deeper into our financial highlights, we have here the revenue by product, showing the development from the first half of '25 to the first half of '26.

Josephine Baum Jørgensen: Our operating loss improved by 33%, ending at 3.5, and our cash balance ended at 17.6, compared to 11.9 last year. If we dive a little bit deeper into our financial highlights, we have here the revenue by product, showing the development from H1 2025 to H1 2026. As you see, which I think is no surprise, ELISA has gained even more space. It is a development that has been for quite some years now, and especially with our US partner who has distribution on ELISA and has taken home these large orders. That is of course reflected in the performance of the H1. Though in absolute terms, in fact, TurbiLatex has also increased, but it is definitely ELISA that takes the prize of being the majority of our revenue. The same picture, I would say, goes if you look for revenue by geographic area.

Speaker #1: As you see, which I think is no surprise, ELISA has gained even more space. It's a development that has been ongoing for quite some years now.

Speaker #1: And especially with our US partner, who has distribution on ELISA and has taken home these large orders, that's of course reflected in the performance of the first half year.

Speaker #1: Though in absolute terms, in fact, Turbidatex has also increased, but it's definitely ELISA that takes the prize of being the majority of our revenue.

Speaker #1: The same picture, I would say, goes if you look for revenue by geographic area. You see to the right that for the first half of '26, North America—and more specifically, the US, covered by this category—has taken up more space compared to the first half of '25.

Josephine Baum Jørgensen: You see to the right that for H1 2026, North America, and more specifically the US, covered by this category, has taken up space compared to H1 2025. This is our recurring customers by segment. As you see, by the end of H1 2025, we reported 19 recurring customers, and after this H1 2026, we report 20 recurring customers. That is a pretty flat development. Recurring customers is, for those of you that have not heard this before, a measure that we introduced some years ago, where a recurring customer is a customer that has placed at least two orders with ViroGates with an accumulated value of €10,000 within the past 12 months. Yes, and over to you, Jakob.

Speaker #1: And this is our recurring customers by segment. As you see in the first half or by the end of the first half of 25 we reported 19 recurring customers and after this first half of 26 we report 20 recurring customers.

Speaker #1: So that's a pretty flat development. And recurring customers, for those of you that haven't heard this before, is a measure that we introduced some years ago, where a recurring customer is a customer that has placed at least two orders with ViroGates with an accumulated value of €10,000 within the past 12 months.

Speaker #1: Yes, I know what to do, Jacob.

Speaker #2: Yeah, so I think on to the more exciting and more sort of forward-looking aspects. To some extent, we have been on a trajectory for a period of time, actually trying to migrate from a traditional sales-led model into a more business development-oriented model.

Jakob Knudsen: Well, I think onto the more exciting and more sort of forward-looking to some extent, we have been on a trajectory for a period of time, actually, trying to migrate from a traditional sales-led model into a more business development-oriented model. Thomas Krarup, that Josefine mentioned, has been leading some of these efforts. Thomas will be leaving us shortly. He has given notice that he wanted to leave, and we have taken on a new VP of Business Development, but more of that later. The business development model is basically trying to scale the sales channel so that we can reach more end customers by handling one partner. Up until now, and also partly as a reminiscence from our previous acute care sales, we were to a large extent trying to attract the attention of individual clinics, to some degree, also labs.

Speaker #2: And Thomas Karl, that you mentioned, has been leading some of these efforts. Thomas will be leaving us shortly; he's given notice that he wants to leave, and we've taken on a new VP of Business Development—but more on that later.

Speaker #2: The business development model is basically trying to scale the sales channel so that we can reach more end customers by handling one partner. Up until now, and also partly as a remnant from our previous acute care sales, we were to a large extent trying to attract the attention of individual clinics, and to some degree also labs.

Speaker #2: We wanted to get into the labs because they cover a broader span with more clinics. But we would rather see that taking even one more step into a more channel-oriented sales model, where we use sales channels that can potentially sell into these larger labs—one point, if you like.

Jakob Knudsen: We wanted to get into the labs because they cover a broader span with more clinics. We would rather see that taking even one more step into a more channel-oriented sales model, where we use sales channels that can potentially sell into these larger labs at one point, if you like. We are defining that transition with Alex. Obviously, we have laid the foundational steps, and we have also seen some examples to them already that I will get back to here. As I mentioned, Alexandre Delatour, or Alex in short, has joined us as VP of Business Development as of 1 August. We are very happy to have Alex. Alex does not come from the diagnostics industry that many of us have had many years with, but actually comes to us with a fresh pair of eyes, I would say, to this channel strategy.

Speaker #2: And we're defining that transition with Alex, obviously. We laid the foundational steps, and we've also seen some examples of them already that I'll get back to here.

Speaker #2: As I mentioned, Alexander Delatour, or Alex for short, has joined us as VP of Business Development as of the first of August. And we're very happy to have Alex.

Speaker #2: Alex doesn't come from the diagnostics industry that many of us have had many years with, but actually comes to us with a fresh pair of eyes, I would say, to this channel strategy. He has a background in more web-based businesses.

Jakob Knudsen: He has a background in more web-based businesses. He has recently been with a supplements company that also operated on a sales channel model that we would like to some extent replicate here. We look very much forward to working with Alex here, taking us even more into the future. One of the examples that I would mention as an example of this channel strategy is the partnership that we agreed back in 2024 with suPARbio in the US. suPARbio was set up as a new organization that wanted to introduce suPARnostic for longevity and health management into the US, and they focus very much on this amplification of the sales by ways of targeting sales channels.

Speaker #2: He has recently been with a supplements company that also operated on a sales channel model that we would like to, to some extent, replicate here.

Speaker #2: So we look very much forward to working with Alex, taking us even more into the future. One of the examples that I would mention as an example of this channel strategy is the partnership that we agreed back in 2024 with SuperBio in the US. SuperBio was set up as a new organization that wanted to introduce suPARnostic for longevity and health management into the US, and they focus very much on this amplification of the sales by ways of targeting sales channels.

Speaker #2: The US has a much more broadly developed, much more refined—I would say, in terms of at least longevity—channel strategy, where providers, that could be either insurance companies or that could potentially be led by the employers or individuals signing up.

Jakob Knudsen: The US has a much more broadly developed, much more refined, I would say, in terms of at least longevity, channel strategy, where providers that sell the other insurance companies or that could potentially be led by the employers or individuals signing up. They have access to various services, and we would like to get into those channels because it is a much more efficient way of driving sales than what we have seen with selling into one clinic at a time, because it is simply too time-demanding to get to sizable revenues. On the right-hand side, you see a simplification of that. If you look at it right now, we have a couple of those channel partners in place, both the US and also Poland recently. But back in the day, we worked more like a bottom up, if you like.

Speaker #2: They have access to various services, and we would like to get into those channels because it's a much more efficient way of driving sales than what we've seen with selling into one clinic at a time, because it's simply too time demanding to get to size or revenues.

Speaker #2: So, on the right-hand side, you see a simplification of that. If you look at it right now, we have a couple of those channel partners in place, both in the US and also in Poland recently.

Speaker #2: But back in the day, we worked more like bottom-up, if you like, and that's also necessary to affect the clinics, because there needs to be a certain level of pull before we can introduce the push.

Jakob Knudsen: That is also necessary to affect the clinics, because there needs to be a certain level of pull before we can introduce the push. So it is still a push-pull effect, but we are ready now to take this into the next step and introduce this challenge strategy. Focus points for the H2 2026 that we look very much forward to continuing our work with is supporting this US rollout. The US is by far the biggest single longevity market, health management market on the planet. It is not homogeneous, but there are some structures in place with respect to blood sampling and with respect to supporting efforts like this in hospitals, in the healthcare system that has been set up from a private initiative initially, as opposed to the more state-owned systems here in Europe.

Speaker #2: So it is still a push-pull effect, but we are ready now to take this into the next step and introduce this channel strategy.

Speaker #2: So, focus points for the second half of 2026 that we look very much forward to continuing our work with are supporting this US rollout. The US is by far the biggest single longevity market, health management market, on the planet.

Speaker #2: It is not homogeneous, but there are some structures in place with respect to blood sampling and with respect to supporting efforts like this in hospitals—well, in the healthcare system—that have been set up from a private initiative initially, as opposed to the more state-owned systems here in Europe.

Speaker #2: So, we are a step behind in terms of this, and therefore we also do whatever we can to support that US rollout, both in terms of product knowledge, software solutions, and marketing contributions, by the way.

Jakob Knudsen: We are a step behind in terms of this, and therefore we also do whatever we can to support that US rollout, both in terms of product knowledge, software solutions, and marketing contributions by the way. What was also mentioned, we filed a De Novo application with FDA. This is a reminiscence of some of our corona work, but it is still important also driving this into the future because we had the ability to work with a Swedish pharmaceutical company, Sobi, to develop an application for the US FDA to review. The US is also quite favorable and the biggest diagnostics market on the hospital side. So we would definitely pursue this to try and get an FDA clearance for our suPARnostic TurbiLatex product for hospital application. This would be a huge blue stamping of our product suite if the FDA nodded to this.

Speaker #2: Then what was also mentioned was that we filed a de novo application with the FDA. This is a reminiscence of some of our corona work, but it's still important, also driving this into the future, because we had the ability to work with the Swedish pharmaceutical company Sobi to develop an application for the US FDA to review.

Speaker #2: And the US is also quite favorable and the biggest diagnostics market on the hospital side, so we would definitely pursue this to try and get an FDA clearance for our suPARnostic triple latex product for hospital application. This would be a huge boost and ramping of our product suite if the FDA nodded. There are questions from them and we are addressing them as we go along, and we have recent communications also with the FDA and we also have an upcoming consultation with them.

Jakob Knudsen: We have had some questions from them, and we are addressing them as we go along. We have recent communications also with the FDA, and we also have an upcoming consultation with them. This is also something that is time-consuming but also very exciting for the company if we can get an FDA clearance. We are progressing our POC test that Josefine mentioned. We had to do further development on the product in order for this to be precise enough in the lower range. This is what we have seen some encouraging data from, but we are not quite there yet. That product also from a regulatory point needs to go through a more excessive scrutiny here in Europe before we can launch it. It will be some time, but there is work that we are doing with our partner, GENSPEED Biotech in Austria.

Speaker #2: So, this is also something that is time-consuming, but also very exciting for the company if we can get FDA clearance. Then we are progressing our forecast. As Josephine mentioned, we had to do further development on the product in order for this to be precise enough in the lower range, and this is where we've seen some encouraging data from, but we're not quite there yet. That product, also from a regulatory point, needs to go through more extensive scrutiny here in Europe before we can launch it.

Speaker #2: So, it'll be some time, but there is work that we're doing with our partner GenSpeed Biotech in Austria. It's basically progressing with our new commercial model, which we are still developing, also with the contribution recently of Alex.

Jakob Knudsen: It is basically progressing with our new commercial model that we are still developing also with the contribution recently of Alex. This is something that we are refining. As mentioned, we have been paving some of the way as we went along with the initial partnerships. We look very much forward to doing more of that revamping over the next H2. This completes our presentation. Anders, I think we are ready for any questions that might have been posed.

Speaker #2: So this is something that we are refining, but as mentioned, we have been sort of paving some of the way as we went along with the initial partnerships.

Speaker #2: We look very much forward to doing more of that revamping over the next half year. And this completes our presentation. So, Anas, I think we are ready for any questions that might have been posed.

Speaker #1: Perfect. Let's jump into the first question. The 173% revenue jump was driven by Super Bio taking delivery of its minimum binding order, which now sits as stock at the partner rather than proceeding to end-user testing.

Operator: Perfect. Let us jump into the first question. The 173% revenue jump was driven by suPARbio taking delivery of its minimum binding order, which now sits as stock at the partner rather than end user testing. What visibility do you have on when that inventory converts into actual testing and reorders? Should we expect a softer H2 top line before pull-through begins?

Speaker #1: What visibility do you have on when that inventory converts into actual testing and reorders, and should we expect a softer H2 top line before pull-through begins?

Speaker #3: Yeah.

Josephine Baum Jørgensen: Yeah.

Speaker #2: Yeah.

Operator: Yeah.

Speaker #3: I can at least start by answering that. To the first part of the question, the analysis is correct. A large part of the increase in revenues stems from a big order from a SuperBio in the US.

Josephine Baum Jørgensen: I can at least start by answering that. To the first part of the question, the analysis is correct. A large part of the increase in revenue has been from a big order from suPARbio in the US. As to transparency and us following along, of course, we are checking in regularly with our partners in suPARbio, and we are supporting them, as Jakob also mentioned, operationally regarding the products, the marketing and so forth. We are also supporting them through a software where we can also see the use, the end tests you might see, say, in numbers. In fact, we are able to quite well follow along on how this is progressing in the US. Of course, this is the really interesting part for the next period, and especially also the next H2, to see them convert this stock into actual end user tests.

Speaker #3: As to transparency and us following along, of course we are checking in regularly with our partners and SuperBio. We're supporting them, as Jacob also mentioned, operationally regarding the products and marketing and so forth.

Speaker #3: But we're also supporting them through a software where we can also see the use—the end tests. You might see, say, in numbers. So in fact, we are able to quite well follow along on how this is progressing in the US, and of course, this is the really interesting part for the next period, and especially also the next half year, to see them convert this stock into actual end user tests.

Speaker #3: And I think that also leads well on to the next part of the question regarding what we expect of the H2. I would refer back to us recently revising our guidance on revenue to expecting between 6.5 to 8 million Danish kroner in revenue for the full year, and continued EBIT as previously guided.

Josephine Baum Jørgensen: I think that also leads well onto the next part of the question regarding what we expect of H2. I would revert back to us recently revising our guidance on revenue to expecting between DKK 6.5 to DKK 8 million in revenue for the full year, and continued EBIT as previously guided. The reason why we have chosen to revise our guidance in that way is, of course, to allow for the potential that definitely lies in the US rollout. Of course, also the risk in timing, but also us changing our commercial organization here. So it is to allow for the possibility of a higher performance, but probably not at the level of what we have seen in H1.

Speaker #3: The reason why we've chosen to revise our guidance in that way is, of course, to allow for the potential that definitely lies in the US rollout.

Speaker #3: But of course, there is also the risk in timing, and also us changing our commercial organization here. So it's to allow for the possibility of higher performance, but probably not at the level of what we've seen in H1.

Speaker #1: And the next question. You ended the period with €17.6 million in cash and say you expect the FDA to request additional data, which you describe as a significant commitment for the year ahead.

Operator: The next question. You ended the period with DKK 17.6 million in cash and say you expect the FDA to request additional data, which you describe as a significant commitment for the year ahead. Roughly, what does that data package cost?

Speaker #1: Roughly, what does that data package cost?

Jakob Knudsen: Well, that is a good question because we have, as I mentioned, these consultations with the FDA, known as Q-Submission, where you basically consult with the FDA to check on the work that you intend to do to substantiate the application. This is not finalized as we speak, so we can hypothesize, but we do not expect it to affect our cash balance very significantly, I would say. We do need to run some more data in the laboratory, we know that. We need to conduct further analysis into a clinical dataset that we have also been using from the US, and this is owned by a couple of university hospitals in the US. So we work with them to generate that data, and obviously, we need to pay for them. Sobi has paid part of that as part of our collaboration with them in our joint development agreement.

Speaker #2: Yeah, that's a good question because we have, as I mentioned, these consultations with the FDA known as Q-submissions, where you basically consult with the FDA to check on the work that you intend to do to substantiate the application.

Speaker #2: And this is not finalized as we speak, so we can hypothesize, but we don't expect it to affect our cash balance very significantly, I would say.

Speaker #2: We do need to run some more data in the laboratory—we know that. And we need to conduct further analysis into a clinical data set that we've also been using from the US, and this is owned by a couple of university hospitals in the US.

Speaker #2: So we work with them to generate that data, and obviously we need to pay for them. So we have paid part of that as part of our collaboration with them in our joint development agreement.

Speaker #2: But we have now delivered what we needed to under the work packages. I can't put a finite number to it, but we're not talking substantial amounts, cash-wise.

Jakob Knudsen: We have now delivered what we needed to under the work packages. I cannot put a finite number to it, but we are not talking substantial amounts cash-wise. We do need to spend quite a bit of time on it.

Speaker #2: But we do need to spend quite a bit of time on it.

Speaker #1: And the third question: you are pivoting to a partnership-led business development model at the same moment your VP of Sales and Marketing departs in September, and the newly hired VP of Business Development is still ramping.

Operator: And the third question. You are pivoting to a partnership-led business development model at the same moment your VP Sales and Marketing departs end of September, and the newly hired VP of Business Development is still ramping. How many partnership discussions are genuinely in the pipeline, and when do you expect the first new agreement beyond suPARbio to sign and contribute revenue?

Speaker #1: How many partnership discussions are generally in the pipeline, and when do you expect the first new agreement beyond Super Bio to be signed and to contribute revenue?

Speaker #2: Yeah, that's correct. Thomas has been with us for about eight years and has decided to retire. Thomas has done a great job and, obviously, started out with the acute care and has greatly transitioned into the initial steps of this longevity and healthcare management strategy.

Jakob Knudsen: Yeah. That is correct. Thomas has been with us for about eight years and decided to retire. So Thomas has done a great job and obviously started out with the acute care and has greatly transitioned into the initial steps of this longevity and healthcare management strategy. But we now look forward to continuing on to that work with Alex. As Josefine mentioned, it always imposes a certain level of uncertainty with respect to the speed of rollout. So I cannot commit to when we will close partnerships agreement, nor can I commit to whether we can disclose it, at least with names and so on, because that will be depending on the contractual negotiations. However, what I can say is that, as I mentioned, the first example was actually suPARbio, and the second one was this Polish agreement that we did.

Speaker #2: But we now look forward to continuing on to that work with Alex, and as Josefina mentioned, it always imposes a certain level of uncertainty with respect to the speed of rollout.

Speaker #2: So I cannot commit to when we will close partnership agreements. Nor can I commit to whether we can disclose it, at least with names and so on, because that will depend on the contractual negotiations.

Speaker #2: However, what I can say is that, as I mentioned, the first example was actually Super Bio, and the second one was this Polish agreement that we did.

Speaker #2: So as I also mentioned it's not something that we are just looking to do. But we will with Alex define where does it make the most sense where's the highest likelihood of success in the markets especially in Europe I would say the markets are quite diverse in terms of their ability to take on a product like Super and if we look for instance to Denmark because I guess many of the owners will be from Denmark we don't have an expanded network of providers of tests in Denmark if you think of how you got your last blood sample drawn it was probably at your general practitioner who basically referred you to a hospital or an external site to get your blood drawn.

Jakob Knudsen: As I also mentioned, it is not something that we are just looking to do. But we will, with Alex, define where does it make the most sense, where is the highest likelihood of success in the markets. Especially in Europe, I would say the markets are quite diverse in terms of their ability to take on a product like suPAR. If we look, for instance, to Denmark, because I guess many of the audiences will be from Denmark, we do not have an expanded network of providers of tests in Denmark. If you think of how you got your last blood sample drawn, it was probably at your general practitioner who basically referred you to a hospital or an external site to get your blood drawn. But you do not really have an influence as to what it is you are measuring.

Speaker #2: But you don't really have an influence as to what it is you're measuring. We see the first steps from players that want to break out of this and into self-pay tests. There's been a lot of interest from the hormonal side, like testosterone replacement therapy and so on, where people actually request private tests.

Jakob Knudsen: We see the first steps on players that want to break out of this and into self-paid tests. There has been a lot of interest from the hormonal side, like testosterone replacement therapy and so on, where people actually request private tests. So it is definitely something that is coming, but we are not near to where the US is with respect to infrastructure. Some of the other markets have better structures, and one of them is Poland, where they have a much more centralized approach to the lab side, and then they have local blood drawing labs that are basically servicing. So there is an opportunity to upsell. So we will be laying those bricks as we go along with Alex to target the next markets. Then as soon as we can report anything tangible, we will be sure to do so.

Speaker #2: So, it's definitely something that is coming, but we are not near where the US is with respect to infrastructure. Some of the other markets have better structures, and one of them is Poland, where they have a much more centralized approach to the lab side, and then they have local blood-drawing labs that are basically servicing.

Speaker #2: So there's an opportunity to upsell. We will be laying those bricks as we go along with Alex to target the next markets. As soon as we can report anything tangible, we'll be sure to do so.

Speaker #1: And then we have a live question from Paul, so let's take that now. The question is: Since, for example, Novo is highly focused on kidney-related research, shouldn't suPAR be something of a must-have in their research and studies, given that suPAR has such a strong connection to the kidneys, perhaps even a causal one?

Operator: We have a live question from Paul, so let's take that now. The question is, since, for example, Novo Nordisk is highly focused on kidney-related research, shouldn't suPAR be something of a must-have in their research and studies, given that suPAR has such a strong connection to the kidneys, perhaps even a causal one?

Speaker #2: Yeah. I am also very happy that Paul asked that question because I couldn't agree more. And I can't really comment on what we are doing or not doing with Novo, but as we also know, there has been quite a bit of change and so on and so forth.

Jakob Knudsen: Yeah. I am also very happy that Paul asked that question because I couldn't agree more. I can't really comment on what we are doing and/or start doing with Novo Nordisk. As you also know, there have been quite a bit of change and so on and so forth. From a pathology point, from a disease area point, yes, Novo Nordisk has been quite engaged in inflammatory disease originating with type 2 diabetes and transitioning into this obesity. Lately, we also saw a study on a drug that actually was measured based on chronic inflammation and sadly not by way of suPAR, unfortunately. I'm sure they know our number if we can do something. I do agree that it's an area that should command more interest, and we would be happy to help in any way, shape, or form.

Speaker #2: But from a pathology point, from a disease area point, yes, Novo has been quite engaged in inflammatory disease, originating with type 2 diabetes and transitioning into this obesity area. And lately we're also studying a drug that actually was measured based on chronic inflammation, and sadly not by ways of suPAR unfortunately.

Speaker #2: But I'm sure they know our number if we can do something, but I do agree that it's an area that should command more interest, and we would be happy to help in any way, shape, or form.

Speaker #2: And I can also mention that there is actually an initiative—I'm pretty sure that Paul, well, Paul knows this, I'm sure because I know Paul—the US initiative of Warden Biosciences developing an anti-super drug.

Jakob Knudsen: I can also mention that there is actually an initiative, I'm pretty sure that Paul knows this, I'm sure, because I know Paul, the US initiative of Walden Biosciences developing an anti-suPAR drug. This is sort of the opposite of what we do. It's an antibody that is assigned to take out suPAR from patients' blood. This is actually targeted at chronic kidney disease. So this is one of the primary targets for the therapeutic interest of suPAR. There are many, and I will also say that stratification of patients that would have lower inflammation from treatment of obesity would also be a natural point. So we would, and maybe we are even knocking on those, but we need to find the right point in time to do something like that.

Speaker #2: This is sort of the opposite of what we do, and, well, it's an antibody that is designed to take out SUPERO from patients' blood.

Speaker #2: And this is actually targeted at chronic kidney disease, so this is one of the primary targets for the therapeutic interest of Super. But there are many, and I would also say that stratification of patients that would have lower inflammation from treatment of obesity would also be a natural point.

Speaker #2: So we would, and maybe we are even knocking on doors, but we need to find the right point in time to do something like that.

Speaker #1: And then we have arrived at the final question for now. The question is: recurrent customers were essentially flat despite the revenue surge, and in North America, effectively one partner drove the majority of H1 revenue.

Operator: We have arrived at the final question for now. The question is, recurring customers were essentially flat despite the revenue surge, and North America effectively one partner drove the majority of H1 revenue. How concentrated is the business today, and does the new model broaden the recurring base, or does near-term growth deepen reliance on a small number of large orders?

Speaker #1: How concentrated is the business today, and does the new model broaden the recurring base, or does near-term growth deepen reliance on a small number of large orders?

Speaker #3: Yeah. Well, I can answer that, and I think first it would make sense to elaborate just a little bit on how we also constructed this measure and why we report it in the way that we did.

Josephine Baum Jørgensen: Well, I can answer to that, and I think first it would make sense to elaborate just a little bit on how we also constructed this measure and why we reported in the way that we did. As mentioned before, we have both direct sales, where we of course, have clear visibility of who is the customer and how many orders do they place, and what is the accumulated value of those orders. Then we of course also have our partners or distributors. It is currently structured this measure in a way where we of course ourselves account for our direct customers and the partners every quarter report how many of their customers are living up to our measure of recurring customers.

Speaker #3: As mentioned before, we have both direct sales, where we of course have clear visibility of who the customer is, how many orders they place, and what the accumulated value of those orders is.

Speaker #3: But then we, of course, also have our partners or distributors. And it's currently structured, this measure, in a way where we, of course, ourselves account for our direct customers, and the partners every quarter report how many of these, or of their customers, are living up to our measure of recurring customers.

Speaker #3: So, in theory, getting more distribution partners and focusing more on partners instead of direct sales shouldn't affect the concentration, since distributors are, through the reporting, obliged to tell us or to disclose how many of these recurring customers that they have.

Josephine Baum Jørgensen: In theory, getting more distribution partners, focusing more on partners instead of direct sales shouldn't affect the concentration since distributors are through the reporting obliged to tell us or to disclose how many of these recurring customers that they have. I think it is an interesting question, and it is also something that we are of course thinking of now that we are transitioning and shifting our go-to-market strategy to be more partner-led. Is this the right measure that corresponds adequately to the development in revenue? This would probably be something we would look into editing at some point as we know more.

Speaker #3: But I think it's an interesting question, and it's also something that we're, of course, thinking about now that we're transitioning and shifting our go-to-market strategy to be more partner-led.

Speaker #3: Is this the right measure that corresponds adequately to the development in revenue? So this would probably be something we would look into editing at some point as we know more.

Speaker #1: And that was all the questions that we have received for now, so that finalizes the Q&A. But before we end the webcast, I will just hand over the word to you for your final remarks.

Operator: That was all the questions that we have received for now, so that finalizes the Q&A. Before we end the webcast, I will just hand over the word to you for your final remarks.

Speaker #2: Yeah, so thank you, everybody, for listening in, for posing questions, and for having an interest in our company. We know that there have been tough times, but I think we are looking forward with much ambition now.

Jakob Knudsen: Yeah. Thank you everybody for listening in, for posing questions, and having an interest in our company. We know that there have been tough times, but I think we are looking forward with much ambition now. We were really happy that we could get that revenue onto our top line and deliver the product in due time, and so on and so forth. We are following up very closely with our American partner to ensure that we will have a successful journey ahead. We really look forward to seeing the first commercial results, and we will definitely, to the extent that we can, report on this progression. Needless to say, also on the other three points that I mentioned, but I think this getting traction into the sales, into longevity and health management is something that the shareholders and investors have been looking forward to.

Speaker #2: We were really happy that we could get that revenue onto our topline and deliver the products in due time, and so on and so forth.

Speaker #2: And we are following up very closely with our American partner to ensure that we will have a successful journey ahead, and we really look forward to seeing the first commercial results. We will definitely, to the extent that we can, report on this progression—and, needless to say, also on the other three points that I mentioned. But I think this getting traction into the sales, into longevity and health management, is something that the shareholders and investors have been looking forward to.

Speaker #2: So this is something that we worked really hard to attain, and I think this is also a token that Alex joined us from a, I would say, lucrative position and career. He also believed that this would constitute one of the next key elements of longevity and health management.

Jakob Knudsen: This is something that we worked really hard to attain. I think this is also a token that Alex joined us from, I would say, a lucrative position and career, that he also believed that this would constitute one of the next key elements of longevity and health management. We look forward to being back, and if not before then likely after our Q3 report. Thank you.

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