Vivoryon Therapeutics N.V.

VIVORYON THERAPEUTICS N.V.

UNAUDITED INTERIM REPORT AS OF AND FOR THE SIX-MONTH PERIOD

ENDED JUNE 30, 2026

These condensed interim financial statements are interim financial statements for Vivoryon Therapeutics N.V.

The condensed financial statements are presented in Euro (EUR). Vivoryon Therapeutics N.V. is a public company

with limited liability under Dutch law, having its statutory seat in Amsterdam, The Netherlands. Its registered office

and principal place of business is in Germany, Halle, Weinbergweg 22.

INDEX TO UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS

SIX MONTHS ENDED JUNE 30, 2026, AND 2025

Unaudited Condensed Interim Financial Statements

Unaudited Interim Management Report......................................................................................................................... 3

Unaudited Condensed Statements of Operations and Comprehensive Income and Loss for the six months ended June

30, 2026, and 2025......................................................................................................................................................... 6

Unaudited Condensed Statements of Financial Position as of June 30, 2026, and December 31, 2025 ....................... 7

Unaudited Condensed Statements of Changes in Shareholders’ Equity for the six months ended June 30, 2026, and

2025................................................................................................................................................................................ 8

Unaudited Condensed Statements of Cash Flows for the six months ended June 30, 2026, and 2025......................... 9

Notes to the Unaudited Condensed Interim Financial Statements............................................................................... 10

Vivoryon Therapeutics N.V.

Unaudited Interim Management Report

1. Organizational Structure

The Company is registered with the name Vivoryon Therapeutics N.V. in the Trade Register of the Netherlands

Chamber of Commerce under number 81075480 (Sector ‘Advisering, onderzoek en overige specialistische zakelijke

dienstverlening’, Activiteit (SBI-code) ‘72112 - Biotechnologisch speur- en ontwikkelingswerk op het gebied van

medische producten en farmaceutische processen en van voeding’). Its commercial name is Vivoryon Therapeutics

and the administrative headquarters as well as the business operations remain in Halle (Saale) and Munich,

Germany. The Company’s business address is Weinbergweg 22, 06120 Halle (Saale), Germany (contact details: +49

(0)345 555 99 00, info@vivoryon.com).

2. Business Activities

Vivoryon is a clinical stage biotechnology company focused on developing innovative small molecule-based

medicines for the treatment of inflammatory and fibrotic disorders of the kidney. Driven by its passion for ground-

breaking science and innovation, the Company strives to improve patient outcomes by changing the course of severe

diseases through modulating the activity and stability of pathologically relevant proteins. Vivoryon’s most advanced

program, varoglutamstat, a proprietary, first-in-class orally available QPCT/L inhibitor, is being evaluated to treat

diabetic kidney disease. The Company sees additional future opportunities in other inflammatory/fibrotic diseases,

including orphan diseases in which kidney function is affected. The Company strives to generate future revenues

from licensing its product candidates to biopharmaceutical companies or, in selected cases, by commercializing

products upon regulatory market approval by the relevant Competent Authorities.

Topline results from the European VIVIAD Phase 2b study of Vivoryon’s lead candidate varoglutamstat, an

oral inhibitor of glutaminyl cyclases QPCT and QPCTL (QPCT/L), in early Alzheimer’s disease (AD) reported in

March 2024, corroborated by the U.S. Phase 2 study VIVA-MIND, also in early AD, reported in December 2024,

led to a strategic shift of the Company from an initial focus on AD towards a focus on inflammatory and fibrotic

diseases. While varoglutamstat did not achieve its primary and key secondary endpoints in early AD, both studies

included prospectively defined measures of kidney function as safety and other exploratory endpoints and a

significant positive effect on kidney function was observed in subjects receiving varoglutamstat. The resulting

strategic shift to inflammatory and fibrotic diseases was announced in April 2024 following further analysis of the

prospectively specified measurement of kidney function by estimated glomerular filtration rate (eGFR).

Kidney function data from the Phase 2 VIVIAD and VIVA-MIND studies inform clinical development of

varoglutamstat in kidney disease. A meta-analysis of VIVIAD and VIVA-MIND was conducted to provide the best

overall assessment of efficacy of varoglutamstat and to statistically validate the homogeneity of outcomes in the two

studies. The meta-analysis showed consistent results of high effect size and strongly supports viability of moving

into a Phase 2b study in patients with stage 3b/4 diabetic kidney disease (DKD), based on rigorous statistical

planning.

Since April 2025, Vivoryon has an active Standby Equity Purchase Agreement (SEPA) of up to EUR 15 million

with Yorkville Advisors Global, LP, an institutional investor based in New Jersey, USA. Under the terms of the

agreement, Yorkville has committed to purchasing up to EUR 15 million of ordinary shares of Vivoryon over the

course of 36 months, from the date of signing the agreement. Vivoryon has the right, but not the obligation, to sell

these ordinary shares to Yorkville in individual tranches under exclusion of the existing shareholders’ pre-emptive

rights.

3. First Half of 2026 Updates and Varoglutamstat Clinical Program Overview

Continuously growing body of evidence for varoglutamstat’s potential to beneficially impact kidney function

based on its proposed mechanism of action

Vivoryon has actively expanded the pre-clinical data set around varoglutamstat’s MOA and studies throughout

the reporting period have further elucidated the molecular mechanisms underlying the substantial benefits reported

from the VIVIAD and VIVA-MIND studies.

The Company presented additional data validating glutaminyl cyclases (QPCT/L) as promising targets in DKD

at the 2026 World Congress of Nephrology (WCN 2026) in Yokohama, Japan, March 28, 2026. The analyses

underscored previous reports showing that the effect of varoglutamstat on eGFR observed in VIVIAD and VIVA-

MIND was greater in elderly participants with diabetes compared to elderly participants without diabetes and that

the effect size was comparable or higher in participants with diabetes and lower baseline eGFR compared to the total

population of participants with diabetes. The data presented are consistent with previously reported data for both

VIVIAD and VIVA-MIND independently as well as a meta-analysis of both studies, confirming that (i) treatment

with varoglutamstat at 600 mg twice daily significantly improved eGFR kidney function in the overall study

population, and (ii) statistically significant differences between varoglutamstat and placebo were first observed at

week 24 and were sustained until week 96.

At WCN 2026, Vivoryon also presented data showing significant improvements of inflammation,

glomerulosclerosis and kidney function in the ReninAAV UNx db/db model. These data corroborate the effect of

varoglutamstat on key kidney disease biomarkers previously reported in both the ReninAAV Unx db/db model and

the ADI/CKD model, in which the Company had previously also demonstrated a synergistic effect for the

combination treatment of dapagliflozin and varoglutamstat over a broad panel of markers.

On April 22, 2026, Vivoryon published on its website a pre-recorded webcast contextualizing these new data.

The webcast includes new data on the role of QPCT and QPCTL in inflammation and fibrosis, including revealing

their newly discovered role in collagen maturation, the disruption of which is a key factor in fibrosis, as well as new

data on the existing medical need in kidney disease and the positive effect of varoglutamstat treatment on

specialized blood-filtering kidney cells (podocytes).

Proposed clinical development plan in DKD and preclinical pipeline

Vivoryon’s key strategic priority for 2026 is to advance varoglutamstat in kidney disease and confirm the

previously reported compelling data from two independent Phase 2 studies, VIVIAD and VIVA-MIND, by

conducting a Phase 2b clinical study in patients with advanced diabetic kidney disease (DKD) stage 3b/4. Initiation

of the Phase 2b and all future studies is subject to additional funding and/or partnership, which Vivoryon continues

to actively explore.

Beyond varoglutamstat, Vivoryon has a pipeline of programs at the pre-clinical stage of development, mainly

focused on oral small molecule QPCT/QPCTL-inhibitors for treating a diverse set of indications with high unmet

medical need like inflammatory/fibrotic disorders, such as of the kidney. Vivoryon’s priorities are focused on

chronic kidney disease (CKD), more precisely initially targeting stage 3b/4 diabetic kidney disease (DKD). The

Company sees additional future opportunities in other inflammatory/fibrotic diseases, including orphan diseases in

which kidney function is affected. Nomination of products and indications selected for further research and

development is based on general preclinical tests and on strategic considerations.

4. Risk Factors

We refer to the description of risk factors in our 2025 annual report, pp. 23–36, which remains valid and

unaltered, and which is hereby incorporated by reference.

5. Related Party Transactions

We refer to the description under no. 19 of the Notes to the Unaudited Condensed Interim Financial Statements

for further information.

Transactions with key management personnel

For the six months ended June 30, 2026, the Company has recognized EUR 175 thousand of share-based

payment expense in the Statements of Operations and Comprehensive Income and Loss, relating to executive board

members:

2026

2025

in kEUR

Compensation

Frank Weber (CEO)

100

324

Julia Neugebauer (COO from May 1, 2025)

Michael Schaeffer (CBO)

—

Marcus Irsfeld (CFO from December 12, 2025)

Anne Doering (CFO until December 11, 2025)

—

210

175

619

Total

For the six months ended June 30, 2026, the Company has recognized EUR 32 thousand of share-based

payment expense in the Statements of Operations and Comprehensive Income and Loss, relating to non-executive

board members:

2026

2025

in kEUR

Compensation

Erich Platzer

Claudia Riedl

Charlotte Lohmann

Samir Shah

Total

6. Responsibility Statement on the Unaudited Condensed Interim Financial Statements

The Company has prepared the unaudited condensed interim financial statements of Vivoryon Therapeutics

N.V. for the six months ended June 30, 2026, in accordance with IAS 34 ‘Interim Financial Reporting’ as adopted

by the EU. To the best of our knowledge:

•

The unaudited condensed interim financial statements give a fair view of the assets, liabilities and financial

position as of June 30, 2026, and of the result of our operations for the six-month period ended June 30,

2026; and

•

the unaudited management report for the six-month period ended June 30, 2026, includes a fair view of the

information required pursuant to section 5:25d, paragraphs 8 and 9 of the Dutch Financial Supervision Act

(Wet op het financieel toezicht).

Vivoryon Therapeutics N.V.

Unaudited Condensed Statements of Operations and Comprehensive Income and Loss for the six months

ended June 30, 2026, and 2025

For the six months ended June 30,

2026

2025

Note

(unaudited)

(in kEUR, except for share data)

Research and development expenses

(1,659)

(2,768)

(1,732)

(2,755)

General and administrative expenses

(3,391)

(5,523)

Operating loss

Finance income

(24)

Finance expenses

Finance result

(3,388)

(5,473)

Result before income taxes

—

Income taxes

(3,388)

(5,473)

Net loss for the period

Items not to be reclassified subsequently to profit or loss

(5)

Remeasurement of the net defined benefit pension liability

(5)

Total other comprehensive profit / (loss)

(3,393)

(5,447)

Comprehensive loss

Loss per share in EUR (basic and diluted)

(0.11)

(0.21)

17.

The accompanying notes are an integral part of these unaudited condensed interim financial statements.

Vivoryon Therapeutics N.V.

Unaudited Condensed Statements of Financial Position as of June 30, 2026, and December 31, 2025

June 30,

2026

December 31,

Note

(unaudited)

2025

(in kEUR)

ASSETS

Non-current assets

Property, plant and equipment

Intangible assets

765

797

Right-of-use assets

108

14.

182

173

Other non-current assets

Total non-current assets

1,029

1,091

Current assets

Financial assets

Other current assets and prepayments

594

775

Cash and cash equivalents

2,446

5,619

10.

3,138

6,427

Total current assets

TOTAL ASSETS

4,167

7,518

Equity

Share capital

296

11.

Share premium

166,218

Other capital reserves

16,901

16,670

Accumulated other comprehensive loss

(242)

(237)

(181,608)

(178,220)

Accumulated deficit

Total equity

1,565

4,727

Non-current liabilities

Pension liability

1,211

1,232

13.

Provisions long-term

692

678

16.

Lease liability

14.

1,914

1,954

Total non-current liabilities

Current liabilities

Trade payables

388

458

Lease liabilities

14.

235

315

Other liabilities

15.

Total current liabilities

688

837

2,602

2,791

Total Liabilities

TOTAL EQUITY AND LIABILITIES

4,167

7,518

The accompanying notes are an integral part of these unaudited condensed interim financial statements.

Vivoryon Therapeutics N.V.

Unaudited Condensed Statements of Changes in Shareholders’ Equity for the six months ended June 30, 2026, and 2025

Accumulated

other

Other

comprehensive

capital

Accumulated

Total

capital

premium

reserves

loss

deficit

equity

Note

(in kEUR)

296

166,218

16,670

(237)

(178,220)

4,727

January 1, 2026

Net loss for the period

—

(3,388)

Remeasurement of the net defined

—

(5)

—

(5)

benefit pension liability

—

(5)

(3,388)

(3,393)

Comprehensive loss

—

231

—

231

Share-based payments

12(c)

296

166,218

16,901

(242)

(181,608)

1,565

June 30, 2026

261

161,477

15,777

(268)

(169,367)

7,880

January 1, 2025

Net loss for the period

—

(5,473)

Remeasurement of the net defined

—

benefit pension liability

—

(5,473)

(5,447)

Comprehensive loss

Proceeds from the issuance of

common shares

—

11.

—

747

—

747

Share-based payments

12(c)

262

161,477

16,524

(242)

(174,840)

3,181

June 30, 2025

The accompanying notes are an integral part of these unaudited condensed interim financial statements.

Vivoryon Therapeutics N.V.

Unaudited Condensed Statements of Cash Flows for the six months ended June 30, 2026, and 2025

For the six months ended

June 30,

2026

2025

Note

(unaudited)

(in kEUR)

Operating activities

Net loss for the period

(3,388)

(5,473)

Adjustments for:

Finance result

(3)

(50)

Depreciation and amortization

Share based payments

231

747

12(c)

Foreign currency gain (loss) from other items than cash

(1)

Other non-cash adjustments

—

Changing in:

Financial assets

(75)

—

Provisions long term

15.

Other current and non-current assets and prepayments

172

262

Other long-term assets

—

(27)

Pension liabilities

(47)

13.

Trade payables

(70)

Other liabilities

(79)

(96)

15.

Interest received

103

(1)

(2)

Interest paid

Cash flows used in operating activities

(3,145)

(4,496)

Investing activities

(Purchase) / sale of plant and equipment

(4)

Cash flows used in investing activities

Financing activities

Payment of lease liabilities

(32)

(30)

Proceeds from the issuance of common shares

—

(32)

(28)

Cash flows provided by financing activities

Net change in cash and cash equivalents

(3,173)

(4,528)

Cash and cash equivalents at the beginning of period

5,619

9,365

10.

Cash and cash equivalents at end of period

10.

2,446

4,837

The accompanying notes are an integral part of these unaudited condensed interim financial statements.

Vivoryon Therapeutics N.V.

Notes to the Unaudited Condensed Interim Financial Statements

1. Company information

Vivoryon Therapeutics N.V. is a Dutch public company with limited liability (‘Naamloze Vennootschap’) that

has its statutory seat in Amsterdam, the Netherlands and branch offices in Halle (Saale) and Munich, Germany. The

Company’s ordinary shares are listed under the ticker symbol ‘VVY’ with NL00150002Q7 on Euronext

Amsterdam, the Netherlands. The Company is registered with the name Vivoryon Therapeutics N.V. in the Trade

business address is Weinbergweg 22, 06120 Halle (Saale), Germany.

Vivoryon Therapeutics N.V. (hereinafter also referred to as ‘Vivoryon’ or the ‘Company’) is a clinical stage

biotechnology company focused on developing innovative small molecule-based medicines for the treatment of

inflammatory and fibrotic disorders of the kidney. The Company is determined to create novel therapeutics to treat

diseases with exceptionally high unmet medical need. The Company has established a pipeline of orally available

small molecule inhibitors for various indications, focused on novel oral small molecule-based therapeutics with a

differentiated mechanism of action for treating diseases with inflammatory and/or fibrotic components, such as

chronic diseases of the kidney. Vivoryon’s priorities are focused on chronic kidney disease (CKD), and – more

precisely – are initially targeting stage 3b/4 diabetic kidney disease (DKD). The Company sees additional future

opportunities in other inflammatory/fibrotic diseases, including orphan diseases in which kidney function is affected.

The Company strives to generate future revenues from licensing its product candidates to biopharmaceutical

companies or, in selected cases, by commercializing products upon regulatory market approval by the relevant

Competent Authorities. The activities of the Company are carried out in Germany being the primary location for its

development activities.

2. Basis of accounting

The condensed interim financial statements for the six-month reporting periods ended June 30, 2026, and 2025

have been prepared in accordance with IAS 34 Interim Financial Reporting. These condensed interim financial

statements do not include all the information and disclosures required in the annual financial statements.

Accordingly, this report is to be read in conjunction with the financial statements in our annual report for the year

ended December 31, 2025.

The condensed interim financial statements were authorized for issue by the board of directors on July 31, 2026.

The Board declares that, to the best of its knowledge, the condensed interim financial statements for the six months

ended June 30, 2026 provide a true and fair view of the assets, liabilities, financial position and profit or loss of the

Company in accordance with IFRS, and the Report provides a true and fair view of the position of the Company as

at June 30, 2026, and the development of the business during the six months period ended June 30, 2026.

These condensed interim financial statements are presented in thousand of Euro (EUR), which is also the

functional currency of Vivoryon Therapeutics N.V. All financial information presented in Euro has been rounded to

the nearest thousand (abbreviation EUR thousand) or million (abbreviated EUR million).

The accounting policies adopted are consistent with those followed in the preparation of the Company’s annual

financial statements for the year ended December 31, 2025. The Company has not early adopted any other standard,

interpretation or amendment that has been issued but is not yet effective.

3. Going Concern

The Company has evaluated whether there are certain conditions and events, considered in the aggregate, that

may cast significant doubt about the Company’s ability to continue as a going concern.

As a clinical stage biotechnology company, the Company has incurred operating losses since inception. For the

six months period ended June 30, 2026, the Company incurred a net loss of EUR 3.4 million (including an operating

loss amounting to EUR 3.4 million, resulting in an operating cash outflow of EUR 3.1 million). As of June 30, 2026,

the Company had generated an accumulated deficit of EUR 181.6 million and had an equity position amounting to

EUR 1.6 million. The Company expects it will continue to generate significant operating losses for the foreseeable

future due to, among other things, costs related to development of its product candidates and its preclinical

programs, strategic alliances and its administrative organization.

As of August 6, 2026, the issuance date of the condensed interim financial statements for the six months period

ended June 30, 2026, management expects that its existing cash resources will be sufficient to fund its planned level

of operations into the fourth quarter of 2026, assuming continuation of current operations without the

implementation of additional mitigating measures and without taking into account any funds possibly raised under

the SEPA or through other potential additional financing transactions. This cash runway guidance reflects an overall

reduction in cash utilization while prudently investing in preparing to execute on the Company’s kidney disease

strategy. The future viability of the Company beyond the current guidance is dependent on its ability to raise

additional funds to finance its operations which also depends on the success of its research and development

activities such as those focusing on exploring opportunities in kidney disease.

In April 2025, Vivoryon had entered into a Standby Equity Purchase Agreement (SEPA) of up to EUR 15

million, with Yorkville Advisors Global, LP, an institutional investor based in New Jersey, USA. Under the terms of

the agreement, Yorkville has committed to purchasing up to EUR 15 million of ordinary shares of Vivoryon over the

course of 36 months, from the date of signing the agreement. Vivoryon has the right, but not the obligation, to sell

these ordinary shares to Yorkville in individual tranches under exclusion of the existing shareholders’ pre-emptive

rights. The funds from SEPA are not included in the current cash runway guidance as the actual amount raised and

timing thereof under the SEPA are uncertain.

In October 2025, the Company issued 3,380,500 new ordinary shares at an offering price of EUR 1.50 per

share, amounting to gross proceeds of EUR 5.1 million. The new shares issued represent 12.9 % of Vivoryon’s

existing issued share capital and were issued by the Company’s authorized capital under exclusion of the existing

shareholders’ pre-emptive rights. The private placement was supported by existing and new shareholders.

To date the Company has largely financed its operations through equity raises, licensing proceeds and

government grants. In the event the Company does not complete private equity financing transactions, the Company

expects to seek additional funding through government or private-party grants, debt financing or other capital

sources or through collaborations with other companies or other strategic transactions, including partnering deals for

one or more of its product candidates. The Company is currently exploring various financing alternatives to meet its

future cash requirements, seeking additional investors, pursuing industrial partnerships, or obtaining further funding

from existing investors through additional funding rounds. Amongst others, depending on the success of the above-

described research and development activities, the Company may not be able to obtain financing on acceptable

terms, or at all, and the Company may not be able to enter into collaborations or other arrangements. The terms of

any financing may adversely affect the holdings or rights of the Company’s shareholders.

If the Company is unable to raise capital on acceptable terms or at all, the Company would be forced to

terminate its product development or future commercialization efforts of one or more of its product-candidates or

may be forced to terminate its operations. Although management continues to pursue these plans, there is no

assurance that the Company will be successful in obtaining sufficient funding on terms acceptable to the Company

to fund continuing operations, if at all.

Management has considered the ability of the Company to continue as a going concern. Based on the

Company’s recurring losses from operations incurred since inception, expectation of continuing operating losses for

the foreseeable future, and the need to raise additional capital to finance its future operations together with the

aforementioned uncertainties for realizing it, as of August 6, 2026, the issuance date of the condensed interim

financial statements for the six months period ended June 30, 2026, the Company has concluded that a material

uncertainty exists that may cast significant doubt about its ability to continue as a going concern.

The accompanying condensed interim financial statements do not include any adjustments relating to the

recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might

result from the outcome of this uncertainty. Accordingly, the accompanying condensed interim financial statements

have been prepared on the basis that the Company will continue as a going concern, which contemplates the

realization of assets and the satisfaction of liabilities and commitments in the normal course of business.

4. Change in accounting policy

The Company has consistently applied the accounting policies to all periods presented in these company

financial statements.

With an effective date of January 1, 2026, the following amended standards and interpretations were required to

be applied for the first time. The new standards and amendments do not have a material effect on the financial

statements.

Standards / Amendments

Impending change

Effective date*

Actual effects

Amendments to IFRS 9

The amendments clarify that financial

January 1, 2026 No material effects

and IFRS 7: Classification liability is derecognized on the

on the financial

and Measurement of

‘settlement date’ and introduce an

statements are

Financial Instruments

accounting policy choice to

expected.

derecognize financial liabilities settled

using an electronic payment system

before the settlement date.

Other clarifications include the

classification of financial assets with

ESG linked features via additional

guidance on the assessment of

contingent features. Clarifications have

been made to non-recourse loans and

contractually linked instruments.

Additional disclosures are introduced

for financial instruments with

contingent features and equity

instruments classified at fair value

through OCI.

Amendments published as Amendments to

January 1, 2026 No material effects

part of the ‘Annual

– IFRS 1 First-time Adoption of

on the financial

Improvements to IFRS

International Financial Reporting

statements are

Accounting

Standards (Hedge Accounting by a

expected.

Standards – Volume 11’

First-Time Adopter)

– IFRS 7 Financial Instruments:

Disclosures (Gain or Loss on

Derecognition) & Guidance on

Implementing IFRS 7

– IFRS 9 Financial Instruments

(Derecognition of Lease Liabilities /

Transaction Price)

– IFRS 10 Consolidated Financial

Statements (Determination of a ‘De

Facto Agent’)

– IAS 7 Statement of Cash Flows (Cost

Method)

Amendment to IFRS 9 and The amendments to IFRS 9 and IFRS 7 January 1, 2026 No material effects

IFRS 7: Contracts

contracts referencing nature-dependent

on the financial

Referencing Nature-

electricity, sometimes referred to as

statements are

dependent Electricity

renewable power purchase agreements

expected.

(PPAs), include guidance on:

– the ‘own-use’ exemption for

purchasers of electricity under such

PPAs; and

– hedge accounting requirements for

companies that hedge their purchases

or sales of electricity using PPAs.

Also new disclosure requirements for

certain PPAs were added.

The following amendments will be adopted effective January 1, 2027, or later:

Standards / Amendments

Impending change

Effective date*

Anticipated effects

New Standard IFRS 18:

IFRS 18 will replace IAS 1

January 1, 2027 Vivoryon is currently

Presentation and

Presentation of Financial Statements

assessing the impact

Disclosure in Financial

and will significantly update the

of adopting IFRS 18.

Statements

requirements for presentations and

disclosures in the financial statements,

with a particular focus on improving

the reporting of financial performance.

Amendments to IAS 28:

The amendments to IAS 28 clarify

January 1, 2027 No material effects

Investments in Associates

which investments in associates and

on the financial

and Joint Ventures

joint ventures (JVs) qualify for the fair

statements are

value option. On initial application of

expected.

IFRS 18, eligible entities may elect to

change the measurement for

investments in associates or joint

ventures from the equity method to fair

value through profit or loss in

accordance with IFRS 9 Financial

Instruments. The changes provide

clarity before IFRS 18 takes effect.

New Standard IFRS 19:

IFRS 19 allows eligible entities to elect January 1, 2027 No material effects

Subsidiaries without

to apply IFRS 19’s reduced disclosure

on the financial

Public Accountability:

requirements while still applying the

statements are

Disclosures; and

recognition, measurement and

expected.

amendments to IFRS 19

presentation requirements in other

IFRS accounting standards.

The amendments to IFRS 19 reduce

disclosure requirements for new and

amended IFRS accounting standards

issued between February 2021 and

May 2024, which had previously been

included in full in IFRS 19.

Amendments to IAS 21:

The amendments to IAS 21 “The

January 1, 2027 No material effects

Translation to a

Effects of Changes in Foreign

on the financial

Hyperinflationary

Exchange Rates” require translation

statements are

Presentation Currency

from a non-hyperinflationary

expected.

functional currency into a

hyperinflationary presentation currency

at the closing rate.

New Standard IFRS 20:

IFRS 20 aims to improve financial

January 1, 2029 No material effects

Regulatory Assets and

performance reporting for entities

on the financial

Regulatory Liabilities

subject to rate regulation, such as

statements are

utilities and transport and sets out the

expected.

requirements for the recognition,

measurement, presentation and

disclosure of regulatory assets,

regulatory liabilities, regulatory income

and regulatory expense.

* The date of first-time adoption scheduled by the IASB is assumed for the time being as the likely date of first-

time adoption for the entity.

5. Critical judgments and accounting estimates

Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material

adjustment to the carrying amounts of assets and liabilities within the period ending June 30, 2026 is included in the

following notes. The estimates may differ from the actual amounts recognized in subsequent periods. Changes in

assumptions or estimates to be made are recognized in the statement of profit or loss and other comprehensive

income at the time they become known. The circumstances in existence at the time of preparation of the financial

statements are considered as well as the future development in the industry-related environment concerning the

expected future business development of Vivoryon.

Recognition of research and development expenses

As part of the process of preparing the financial statements, Vivoryon is required to estimate its accrued ex-

penses. This process involves reviewing quotations and contracts, identifying services that have been performed on

its behalf, estimating the level of service performed and the associated cost incurred for the service when Vivoryon

has not yet been invoiced or otherwise notified of the actual cost, see note 6.14 of our Annual Report 2025.

Recognition of transaction costs of a probable future equity transaction

VVY recognized transaction costs relating to a planned equity transaction (SEPA) as a prepayment (asset) in

accordance with IAS 32.37, see note “9. Other non-financial assets”. In applying this accounting treatment,

management exercises judgement in assessing at each reporting date whether the planned equity transaction (SEPA)

is expected to be completed. This assessment considers the status of negotiations with investors, see note “3. Going

Concern”. Should the transaction no longer be expected to be completed, the capitalized transaction costs would be

recognized immediately in profit or loss.

Defined benefit plan (pension benefits)

The cost of the defined benefit pension plan and the present value of the pension obligation are determined

using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual

developments in the future. These include the determination of the discount rate and mortality rates (see note 6.11,

8.12 of our Annual Report 2025). Due to the complexities involved in the valuation and its long-term nature, a

defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each

reporting date. The parameter most subject to change is the discount rate. In determining the appropriate discount

rate, management considers the interest rates of corporate bonds in currencies consistent with the currencies of the

post-employment benefit obligation with at least an ‘AA’ rating or above, as set by an internationally acknowledged

rating agency, and extrapolated as needed along the yield curve to correspond with the expected term of the defined

benefit obligation. The mortality rate is based on publicly available mortality tables for Germany (see note 6.11,

8.12 of our Annual Report 2025). Those mortality tables tend to change only at intervals in response to demographic

changes. Future pension increases are based on the fixed increases as per contractual agreement (increase is 1 %

p.a.). Further details about pension obligations are provided in note 6.11, 8.12 of our Annual Report 2025.

Accounting for share-based payments (compensation)

Estimating fair value for share-based payment transactions requires determination of the most appropriate

valuation model, which depends on the terms and conditions of the grant. This estimate also requires determination

of the most appropriate inputs to the valuation model including the expected life of the share option, volatility of the

share price and dividend yield and making assumptions about them (see note 6.10, 8.11 of our Annual Report 2025).

The Company initially measures the fair value of equity-settled transactions with employees at the grant date, using

binomial simulation model. When determining the grant date fair value of share-based payment awards, assumptions

must be made regarding the key parameters of the grant (see note 6.10, 8.11 of our Annual Report 2025).

Additionally, the Company must estimate the number of equity instruments which will vest in future periods as

awards may be forfeited prior to vesting due to non-achievement of service conditions (e.g. employment

termination), or performance conditions. An assumption of the forfeiture rate must be made based on historical

information and adjusted to reflect future expectations. At each reporting date, the Company revises the estimate if

necessary. Revisions to the forfeiture rate could result in a cumulative effect of the change in estimate for current

and prior periods to be recognized in the period of change. The assumptions and models used for estimating fair

value for share-based payment transactions are disclosed in note 6.10, 8.11 of our Annual Report 2025 and in note

12. (a) to these unaudited condensed interim financial statements.

Income Taxes

Uncertainties exist with respect to the interpretation of complex tax regulations, changes in tax laws, and the

amount and timing of future taxable income. Given the differences arising between the actual results and the as-

sumptions made, or future changes to such assumptions, could necessitate future adjustments to tax entries already

recorded. Deferred tax assets are recognized for unused tax losses to the extent, that deferred tax liabilities exceed

deferred tax assets, while the provisions of the German Tax Act on the utilization of loss carryforwards was also

considered ('minimum taxation'/’Mindestbesteuerung’). Significant management judgement is required to determine

the amount of deferred tax assets that can be recognized, based upon the likely timing of deferred tax liabilities that

are compensated by deferred tax assets from loss carryforwards under the constraints of German tax law. Due to our

history of loss-making over the last several years as well as our plans for the foreseeable future, we have not

recognized any further deferred tax assets on tax losses carried forward.

Legal provisions

VVY provides for anticipated legal settlement costs when there is a probable outflow of resources that can be

reliably estimated. Where no reliable estimate can be made, no provision is recorded, and contingent liabilities are

disclosed when material. The status of significant legal cases is disclosed in note 8.15 of our Annual Report 2025.

These estimates consider the specific circumstances of each legal case, relevant legal advice and are inherently

uncertain due to the highly complex nature of legal cases. The estimates could change substantially over time as new

facts emerge and each legal case progresses.

6. Finance result

For the six months ended

June 30,

2026

2025

in kEUR

Finance income

Interest income

—

Foreign exchange income

Total

Finance expenses

Foreign exchange expense

(2)

(1)

(22)

(23)

Interest expenses

(24)

Total

Finance result

Finance income for the six months ended June 30, 2026, as well as for 2025 predominantly results from interest

income from the Company`s term deposits in Euro.

Interest expenses for the six months ended June 30, 2026, as well as for 2025 include interest expense from

pensions and leasing.

7. Financial assets and financial liabilities

Set out below is an overview of financial assets and liabilities, other than cash and cash equivalents, held by the

Company as of June 30, 2026, and December 31, 2025:

As of

As of June 30,

December 31,

2026

2025

in kEUR

Financial assets, current

Other current financial assets

As of June 30, the fair value of current financial assets is estimated with the carrying amount.

As of

As of June 30,

December 31,

2026

2025

in kEUR

Financial liabilities, current

Trade Payables

388

458

—

Other financial liabilities

388

471

Trade payables decreased to EUR 388 thousand as of June 30, 2026, from EUR 458 thousand as of December

31, 2025, mainly due to the lower volume of services at the cut-off date.

8. Contract balances

As of June 30, 2026, and December 31, 2025, no receivables, contract assets and contract liabilities from

contracts with customers are recognized.

9. Other non-financial assets

in kEUR

As of June 30,

As of December

2026

31, 2025

Other assets, non-current

Withholding tax receivable on term deposits

182

173

182

173

Total

Other current assets and prepayments

Prepayments

271

382

Government grants

263

Value-added tax receivables

111

Other tax reclaims

Total

594

775

As of June 30, 2026, and December 2025, other non-current assets consist of tax refunds claims against German

tax authority of Vivoryon that typically take more than one year.

As of June 30, 2026, the prepayments include advance payments for other research and development projects in

the amount of EUR 14 thousand (2025: EUR 88 thousand) and for general administration costs in the amount of

EUR 157 thousand (2025: EUR 194 thousand). Furthermore, the amount of EUR 100 thousand is included as

commitment fees as prepayment in connection with the Standby Equity Purchase Agreement (SEPA) for probable

future equity issuance transaction. In the absence of sufficient private funding, SEPA would be used as a temporary

bridging solution.

The government grant is related to an initiative by the German Federal Ministry of Education

(Bundesministerium für Bildung und Forschung, or the BMBF) to support research and development activities in

Germany.

Current VAT tax assets as of June 30, 2026, and December 31, 2025, include regular tax reclaims from

incoming invoices. The other taxes are mainly based on capital-gains tax from time deposits.

10. Cash and cash equivalents

As of June 30,

As of December

2026

31, 2025

in kEUR

Cash Equivalents

Term deposits in Euro with a maturity below three months

1,000

4,000

1,000

4,000

Total

Cash at banks

Cash held in U.S. Dollars

Cash held in Euro

1,445

1,618

1,446

1,619

Total

Total cash and cash equivalents

2,446

5,619

All banks (Deutsche Bank, Landesbank Baden Württemberg and Commerzbank) are investment graded (BBB

or better; S&P).

11. Equity

As of June 30, 2026, Vivoryon’s issued capital comprised 29,614,327 common shares (as of December 31,

2025: 29,614,327). The nominal amount per share is EUR 0.01. All shares are fully paid up. The authorized share

capital (maatschappelijk kapitaal) amounts to EUR 600,000, divided into 60,000,000 common shares, each with a

nominal value of EUR 0.01, numbered 1 through 60,000,000. The number of ordinary shares of the Company in

issue (including 10 re-purchased shares held in treasury) consists of 29,614,337 ordinary shares.

2026

2025

Shares outstanding on January 1

29,614,327

26,066,809

Issuance of common shares

—

3,547,528

Purchase of own shares

—

-10

29,614,327

Shares outstanding on June 30

Since April 2025, Vivoryon has had an active Standby Equity Purchase Agreement (SEPA) of up to EUR 15

million with Yorkville Advisors Global, LP, an institutional investor based in New Jersey, USA. Under the terms of

the agreement, Yorkville has committed to purchasing up to EUR 15 million of ordinary shares of Vivoryon over the

course of 36 months, from the date of signing the agreement. Vivoryon has the right, but not the obligation, to sell

these ordinary shares to Yorkville in individual tranches under exclusion of the existing shareholders’ pre-emptive

rights.

As of October 6, 2025, the Company issued 3,380,500 new ordinary shares at an offering price of EUR 1.50 per

share, amounting to gross proceeds of EUR 5.1 million. The corresponding transaction costs for this private

placement amounted to EUR 296 thousand. The new shares issued represent 12.9 % of Vivoryon’s existing issued

share capital and were issued by the Company’s authorized capital under exclusion of the existing shareholders’ pre-

emptive rights. As a consequence, the Company’s number of shares outstanding increased to 29,614,337. The

Company’s share capital increased from EUR 262,338.37 by EUR 33,805.00 to EUR 296,143.37 on completion of

the Offering.

12. Share-based payments

Equity settled share-based payment arrangements

Under the 2014 Share Option Program (“2014 Plan”) the Company granted rights to purchase common shares

of Probiodrug AG (“Probiodrug”), the Company`s former name, to certain members of the management board (as

was installed at that time) and employees of Probiodrug. Under this share option program options were issued in the

years 2014 to 2017. Since December 31, 2017, no new grants could be issued under the 2014 Plan. As of December

31, 2025, all share options granted under the 2014 Plan have expired; no more share options are outstanding, and

none are exercisable under the 2014 Plan.

Number of share options

2026

2025

8,000

Outstanding as of January 1,

Granted during the six months ended June 30

—

Exercised during the six months ended June 30

—

Forfeited during the six months ended June 30

8,000

Outstanding as of June 30,*

thereof exercisable**

8,000

* The contractual life of the options is 8 years from the date of grant, not exercisable before lapse of 4 years.

** Vesting over 3-year period (33,3% each after first, second and third year).

The Company further established a new share option program on September 13, 2019 (amended on December

4, 2020) (“2020 Plan”), with the purpose of promoting the long-term loyalty of the beneficiaries to the Company.

The 2020 Plan governed issuances of share options to employees and members of the board. The maximum number

of common shares available for issuance under option awards granted pursuant to the 2020 Plan equaled 615,000

options. Since July 1, 2022, no new grants could be issued under the 2020 Plan.

Number of share options

2026

2025

615,000

Outstanding as of January 1,

Granted during the six months ended June 30

—

Exercised during the six months ended June 30

—

Forfeited during the six months ended June 30

615,000

Outstanding as of June 30,*

thereof exercisable**

473,550

* The contractual life of the options is 8 years from the date of grant, not exercisable before lapse of 4 years.

** Vesting over 3-year period (33,3% each after first, second and third year).

The Company established an omnibus equity incentive plan on June 28, 2021 (the “2021 Plan”) governing the

issuance of equity incentive awards to enhance our ability to attract, retain and motivate key employees. The initial

maximum number of common shares available for issuance under equity incentive awards granted pursuant to the

2021 Plan equals 2,000,000 common shares. On January 1, 2024 and on January 1 of each calendar year thereafter,

an additional number of common shares equal to 3 % of the total outstanding amount of common shares on

December 31 of the immediately preceding year (or any lower number of common shares as determined by the

board of directors) will become available for issuance under equity incentive awards granted pursuant to the 2021

Plan. The plan is administered by the Board which determines designated participants, number of shares to be

covered as well as the terms and conditions of any award.

Number of share options

2026

2025

2,927,712

2,471,712

Outstanding as of January 1,

Granted during the six months ended June 30

510,000

700,000

Exercised during the six months ended June 30

—

Forfeited during the six months ended June 30

3,437,712

3,171,712

Outstanding as of June 30,*

thereof exercisable**

2,158,672

1,636,758

* The contractual life of the options is 10 years from the date of grant, exercisable after vesting.

** Vesting over 2-3-year period (typically approximately one third after first year, the remainder in equal

monthly tranches over two years).

The number of share options granted during the six months ended June 30, 2026 under the 2021 Plan was as

follows:

fair value per

share price at grant

expected volatility of

Share options

number

option at grant date**

date / exercise price

Company`s share*

risk-free rate

granted in 2026

150,000

EUR 0.56

EUR 1.35

75%

3.11%

April 17

75,000

EUR 0.60 – 0.80

EUR 1.35

75%

3.11%

75,000

EUR 0.56

EUR 1.35

75%

3.11%

April 17

75,000

EUR 0.60 – 0.80

EUR 1.35

75%

3.11%

April 17

75,000

EUR 0.56

EUR 1.35

75%

3.11%

April 17

30,000

EUR 0.60 – 0.80

EUR 1.35

75%

3.11%

April 17

30,000

EUR 0.56

EUR 1.35

75%

3.11%

April 17

510,000

Expected volatility is based on the trimmed historical volatility of the Company`s shares at the Amsterdam

marketplace in the 10-years prior to the valuation date, rounded to the nearest 5%. In order to limit the effects

of individual days, swings of the daily logarithmical return of more than +/-50% are limited to +/-50%.

** Lifetime of the options was estimated with an early exercise when the share reaches a value of 150% of the

exercise price.

In total, 510,000 options were granted to management in six months ended June 30, 2026.

Share options exercised

In the six months ended June 30, 2026, no share option was issued upon the exercise of share options under the

2021 Plan nor in the six months ending June 30, 2025.

Share-based payment expense recognized

For the six months ended June 30, 2026, the Company has recognized EUR 231 thousand of share-based

payment expense (June 30, 2025: EUR 747 thousand) in the Statements of Operations and Comprehensive Income

and Loss. None of the share-based payments awards were dilutive in determining earnings per share due to the

Company’s loss position.

13. Pension liability

As of

As of June 30,

December 31,

2026

2025

in kEUR

Pension liability

Defined benefit obligation

1,099

1,114

112

118

Obligations for granted and vested pension commitment

Total pension liability

1,211

1,232

Vivoryon has defined benefit pension plan commitments to two former members of the management board. The

pension commitments include entitlements to disability, retirement and survivor benefits in amounts specifically

determined by the individual. The amount of the defined benefit obligation (actuarial present value of the accrued

pension entitlements) is determined based on actuarial methodologies which require the use of estimates.

•

Mortality rates were calculated according to the current 2018 G mortality tables published by Heubeck.

•

The measurement of the pension liability was calculated with a discount rate of 3.56% p.a. as of June 30,

2026 (December 31, 2025: 3.75 % p.a.).

•

In addition, an increase in the pension of 1.0% was assumed.

As of

December 31,

June 30, 2026

2025

Defined benefit obligation

1,114

1,189

As of January 1,

Interest

Benefit payments

(41)

(81)

Actuarial gains (-)/ losses (+)

Changes in financial assumptions

(43)

Experience adjustments

(4)

1,099

1,114

As of June 30 / December 31

In the reporting period, interest expenses in the amount of EUR 20 thousand (total year 2025: EUR 38

thousand) associated with defined benefit obligations were recognized in the statement of profit and loss.

The weighted average duration of the pension commitments was 9.32 years as of June 30, 2026, respectively

9.2 years as of December 31, 2025.

14. Leases

Lease contracts consist of non-cancellable lease agreements mainly relating to the Company`s leases of office

space in Mꢀnchen (Germany). Set out below, are the carrying amounts of the Company`s right of use assets, lease

liabilities and recognized expenses in connection with leases:

For the six

For the twelve

months ended

June 30,

December 31,

2026

2025

in kEUR

Right of use assets

108

100

Balance at January 1

Additions

—

(32)

(62)

Depreciation

108

Balance at June 30 / December 31

For the six

For the twelve

months ended

June 30,

December 31,

2026

2025

in kEUR

Lease Liabilities

108

102

Balance at January 1

Additions

—

Repayments

(33)

(64)

Interest

108

Balance at June 30 / December 31

thereof short-term lease liabilities

For the six months ended

June 30,

2026

2025

in kEUR

Expenses in connection with leases

Depreciation of RoU assets

(32)

(30)

Interest expenses on lease liabilities

(1)

(2)

Lease expenses of low-value assets

—

Total

(33)

(32)

15. Other liabilities

in kEUR

As of June 30,

As of December

2026

31, 2025

Other current liabilities

Liabilities from employee benefits

173

259

Social charges, wage tax

Other financial liabilities

—

235

315

Total other liabilities

16. Non-current Provisions

in kEUR

As of June 30,

As of December

2026

31, 2025

Non-current provisions

”Spruchverfahren”

680

666

Other

Total non-current provision

692

678

The provision consists in the amount of EUR 680 thousand for potential costs from the “Spruchverfahren”.

Considering the current state of proceedings, the company has accrued in the year 2024 a provision for

compensation payment. By order of the Regional Court of Halle dated April 1, 2026, another written expert report

was commissioned to determine the appropriate cash compensation per share. The outcome depends on the further

course of the court proceedings.

17. Loss per share

As of June 30, 2026, Vivoryon’s outstanding capital consisted of 29,614,327 common shares (29,614,327 on

December 31, 2025). All common shares are registered with no par value common shares. The calculated nominal

amount per share is EUR 0.01. The net loss for the period amounted to EUR 3,388 thousand in the six months ended

June 30, 2026 (June 30, 2025: net loss of EUR 5,473 thousand). The loss per share was calculated as follows:

For the six months ended

June 30,

2026

2025

Loss per share calculation

Weighted average number of common shares outstanding

29,614,327

26,129,554

(3,388)

(5,473)

Loss for the period (in kEUR)

(0.11)

(0.21)

Loss per share (basic/diluted) in Euro

As of June 30, 2026 and 2025, no items had a dilutive effect. The Company is loss making and therefore any

dilutive additional shares, e.g., share options, were excluded from the diluted weighted average of common shares

calculation because their effect would have been anti-dilutive.

18. Contractual Obligations and Commitments

The Company enters contracts in the normal course of business with CROs and clinical sites for the conduct of

clinical trials, professional consultants for expert advice and other vendors for clinical supply manufacturing or other

services.

As of the date of these unaudited condensed interim financial statements, we do not have any, and during the

periods presented we did not have any, contractual obligations and commitments other than as described under

“9.2 Contingencies and other financial commitments” and “1.7 Legal proceedings” in the Annual Report 2025.

19. Related party relationships

The following individuals and entities were considered related parties of Vivoryon during the reporting period:

•

Executive members of the board of directors of the Company or shareholder of the Company

•

Non-executive members of the board of directors

20. Significant events after the reporting date

This section captures the events occurring after the reporting date of June 30, 2026, until the publication of half

year results on August 6, 2026.

There were no events of particular significance subsequent to the balance sheet date.