The Board of Directors and the Chief Executive Officer of Alzinova AB hereby present the interim report for the period January - March 2026. The full report, which is attached in the press release, can also be downloaded from the company's English website, www.alzinova.com/investors/financial-reports/.
Three months, January-March 2026
- Loss after financial items amounted to SEK -6,024 thousand (-5,731).
- Cash flow for the period amounted to SEK 11,062 thousand (-11,094).
- Cash and cash equivalents at the end of the period amounted to SEK 11,381 thousand (3,592).
Amounts in brackets: Corresponding period in previous year.
Significant events during the first quarter 2026
- Alzinova participated in the J.P. Morgan Healthcare Conference held in San Francisco between January 12-15, 2026. During the week, Alzinova's management actively advanced ongoing discussions with potential partners and investors, with a clear focus on the continued development of the vaccine candidate ALZ-101.
- Alzinova entered into a collaboration with Dr. Marwan Sabbagh, an internationally recognized Alzheimer's disease expert, who will serve as Global Principal Investigator in the planned Phase 2 study of ALZ-101.
- Alzinova announced the final outcome of its rights issue of units (shares and TO4 warrants). In total, 56.4% was subscribed with unit rights, 7.6% without, and 15.9% was allocated to underwriters, resulting in an overall subscription of approximately 80%. The issue will provide Alzinova with about SEK 36.5 million before costs, after set-off of approximately SEK 3.5 million in debts.
Significant events after the end of the first quarter 2026
- Alzinova announced that the company has initiated a research collaboration with Amsterdam University Medical Center (UMC). The collaboration aims to further develop a blood-based test that measures naturally occurring antibodies against toxic amyloid-ß oligomers in healthy individuals, based on Alzinova's proprietary Aß42CC oligomer technology (the ALZ-101 antigen). The objective is to establish a robust assay format with clinically relevant sensitivity and specificity. A successful outcome would lay the foundation for a commercially attractive diagnostic test with a significantly shorter time to market compared with traditional drug development.
- Alzinova announced that the Company's scientific article based on clinical results from ALZ-101 has been accepted for publication in the highly ranked, peer-reviewed journal Alzheimer's Research & Therapy.
- Alzinova shared an interview in which Dr. Sabbagh discusses his views on the development of treatments for Alzheimer's disease and the potential of ALZ-101.
A word from CEO Tord Labuda
Our strategy continues according to plan
Dear Shareholders,
During the first quarter of the year, we continued to execute on the strategy we established during 2025. Our focus has been on advancing ALZ-101 toward Phase II, progressing partnership discussions, and simultaneously developing a new commercial opportunity within diagnostics, where developments during the quarter have been particularly encouraging.
We are entering this phase from a significantly stronger position than a year ago. The positive Phase Ib results, FDA Fast Track designation, and our collaboration with Dr. Marwan Sabbagh as Global Principal Investigator have collectively strengthened our credibility in discussions with both industrial and clinical stakeholders. In the interview with Dr. Sabbagh published in connection with this report, he highlights the potential of active immunization to enable a long-term viable treatment model, as well as the oligomer-specific mechanism. He also emphasizes the favorable combination of safety and immunogenicity of ALZ-101 as key reasons why he considers the program to be among the most interesting in the next generation of Alzheimer's treatments.
Phase II preparations, regulatory activities, and CMC
With regards to regulatory activities, we are currently focused on ensuring that the planned global Phase II study can be conducted as efficiently as possible, with the appropriate CRO structure and financing solution in place. Dialogues with regulatory authorities and our advisors continue, but we have deliberately chosen to align the initiation of our CRO collaboration with the overall financing plan for Phase II in order to avoid duplication of work and ensure that the study can be launched and executed with full momentum once we enter Phase II.
In parallel, our CMC activities are progressing according to plan, with a focus on scaling up manufacturing for a batch intended to cover the entire Phase II study. Through this process development work, we see strong potential to generate new intellectual property, which could further strengthen both our market position and partnership case over time.
Partnership discussions around ALZ-101
On the partnership side, we continued during the quarter to advance discussions both within our Saudi Arabian discussions and with other stakeholders. Although the process takes time, we are experiencing a gradual increase in the quality of discussions - evolving from general interest to more concrete dialogue regarding study design, risk sharing, and potential structures for collaboration around Phase II. Our assessment is that the clinical data we now have in place, combined with Fast Track designation and growing global interest in disease-modifying treatments, are making ALZ-101 an increasingly compelling option in the portfolio discussions of several companies.
Diagnostics as a new commercial pillar
The area where developments during the quarter exceeded our expectations is diagnostics. In April, we announced that Alzinova had initiated a research collaboration with Amsterdam UMC to further develop a blood-based test that measures naturally occurring protective antibodies against toxic amyloid-beta oligomers using our proprietary Aß42CC oligomer technology.
Interest from several leading international diagnostics companies has increased significantly, and our partnership discussions within diagnostics are currently progressing more strongly than anticipated, with a clear sense of momentum in discussions with multiple parties.
The diagnostics track is particularly attractive because it offers a substantially shorter path to commercialization compared with traditional drug development. The collaboration with Amsterdam UMC is planned to run for approximately three to four months, with initial results expected during the third quarter of 2026, and is being conducted within the framework of the existing budget.
Our assessment is that these activities, together with the data we already possess today, could lay the foundation for a dedicated diagnostics agreement in the near term and evolve into a standalone commercial pillar for Alzinova, with the potential to generate early revenues and strengthen the company's financial and strategic flexibility.
TO4 Warrants and financial flexibility
Another important factor during the second quarter is the TO4 warrant program, whose subscription period takes place during May-June. This represents a key component of our financial plan and could, with strong participation, strengthen our flexibility at a time when we aim to accelerate preparations for Phase II, continue ongoing partnership discussions, and simultaneously capitalize on the business opportunities now emerging within diagnostics.
Our focus remains on deploying capital with strict discipline and prioritizing the activities that most clearly reduce risk and create value.
Summary
In summary, the first months of the year have confirmed that Alzinova now stands on a broader and more commercially attractive platform than before. We continue to work persistently within therapeutic development, we are advancing discussions with potential partners, and we are seeing rapidly growing commercial interest within diagnostics that could become highly significant even in the shorter term.
With this combination of scientific foundation, clinical relevance, and commercial optionality, we continue to see strong opportunities to create long-term value for both patients and shareholders.
Gothenburg, March 2026
Tord Labuda, CEO of Alzinova AB
For further information, please contact:
Tord Labuda, CEO
E-mail: info@alzinova.com
This information is information that Alzinova is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-05-13 08:30 CET.
About Alzinova AB
Alzinova AB is a Swedish biopharmaceutical company in clinical development specializing in the treatment of Alzheimer's disease, where the starting point is to attack toxic amyloid-beta oligomers. The lead candidate ALZ-101 is a therapeutic vaccine against Alzheimer's disease. Alzinova's patented AßCC peptide technology makes it possible to develop disease-modifying treatments that target the toxic amyloid-beta oligomers that are central to the onset and development of the disease with great accuracy. From a global perspective, Alzheimer's disease is one of the most common and devastating neurological diseases, with around 40 million affected today. Based on the same technology, the company is also developing the antibody ALZ-201, which is currently in preclinical development, and the goal is to further expand the pipeline. The company's Certified Adviser on Nasdaq First North Growth Market is Mangold Fondkommission AB. For more information about Alzinova, please visit: www.alzinova.com
This information is information that Alzinova is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-05-13 07:30 CEST.
