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InDex Pharmaceuticals Holding AB (publ) interim report January – March 2024

InDex discontinues the development of cobitolimodPeriod January – March 2024 · Net sales amounted to SEK 10.8 (0.0) million · Operating loss amounted to SEK –5.3 (–44.3) million · Result after tax amounted to SEK –3.0 (–41.8) million, corresponding to SEK –0.01 per share (–0.08) before and after dilution · Cash flow from operating activities amounted to SEK –33.7 (–23.1) million · Cash and cash equivalents at the end of the period amounted to SEK 269.8 (319.4) million · Number of employees at the end of the period was 4 (5) · Number of shares at the end of the period

InDex Pharmaceuticals Holding AB (publ) interim report January-September 2023

InDex Pharmaceuticals discontinues cobitolimod phase III program”This surprising and disappointing news confirms the complexity of the disease and the need for further research within this field, especially as moderate to severe ulcerative colitis is an indication with high unmet medical need for new treatment options. We are incredibly grateful to all the patients, investigators and study personnel for their engagement to date. We will conduct a comprehensive analysis of all the study data before announcing next steps,” said Jenny Sundqvist, CEO of InDex Pharmaceuticals. Period July –

InDex Pharmaceuticals Holding AB (publ) interim report January – June 2023

License agreement signed with Viatris Japan”We are thrilled to start our collaborative journey with Viatris Japan and work together to significantly improve the lives of patients suffering from ulcerative colitis,” said Jenny Sundqvist, CEO of InDex Pharmaceuticals. “Viatris Japan’s solid knowledge and presence in the gastroenterology therapy area will enable us to jointly maximize the potential of cobitolimod.” Period April – June 2023 · Net sales amounted to SEK 97.5 (0.0) million · Operating loss amounted to SEK 86.9 (–21.7) million · Result after tax amounted to SEK 90.0 (–

InDex Pharmaceuticals Holding AB (publ) interim report January – March 2023

Positive results from pharmacokinetic study with cobitolimod“We are very excited that the pharmacokinetic study could confirm a low systemic uptake of the higher dose of 500 mg cobitolimod, and that it was well tolerated with no serious adverse events reported in the study,” said Jenny Sundqvist, CEO of InDex Pharmaceuticals. “One of the potential benefits of a locally acting treatment in the colon is low systemic exposure, and with these results we can add another building block to support our excellent safety profile.” Period January – March 2023 · Net sales amounted to SEK 0.0 (0.

InDex Pharmaceuticals Holding AB (publ) interim report January – September 2022

The Board has appointed Jenny Sundqvist as new CEO“It has been an eventful quarter, and we are very pleased to welcome Jenny Sundqvist as the new CEO of InDex. Patient recruitment for the phase III study CONCLUDE with cobitolimod is underway and although the study has had a slower start-up than expected, a number of clinics have been very active in enrolling patients. We look forward to an exciting winter where we continue to take measures that we believe will have a positive effect on the recruitment rate going forward”, says Johan Giléus, acting CEO of InDex Pharmaceuticals. Period

InDex Pharmaceuticals Holding AB (publ) interim report January – June 2022

PMDA supports InDex’s development plan for cobitolimod in Japan“With great interest from the clinics for our phase III study CONCLUDE and cobitolimod, our successful interactions with the Japanese regulatory authority PMDA, as well as with a strengthened patent portfolio, InDex is strongly equipped for cobitolimod’s path towards market approval”, says Johan Giléus, acting CEO of InDex Pharmaceuticals. Period April – June 2022 · Net sales amounted to SEK 0.0 (0.0) million · Operating loss amounted to SEK –21.7 (–42.6) million · Result after tax amounted to SEK –21.7 (–42.6)

InDex Pharmaceuticals Holding AB (publ) interim report January – March 2022

Full focus on the phase III study CONCLUDE with cobitolimod“With a new management team in place, I look forward to a continued exciting and important year with full focus on the phase III study CONCLUDE with cobitolimod”, says Johan Giléus, acting CEO of InDex Pharmaceuticals. Period January – March 2022 · Net sales amounted to SEK 0.0 (0.0) million · Operating loss amounted to SEK –18.9 (–9.3) million · Result after tax amounted to SEK –18.9 (–9.3) million, corresponding to SEK –0.04 per share (–0.02) before and after dilution · Cash flow from operating activities amounted

InDex Pharmaceuticals Holding AB (publ) interim report January – September 2021

Ready to initiate patient recruitment in phase III study CONCLUDE”We have now several clinics activated in the phase III study CONCLUDE and look forward to enrol the first patient in the near term”, says Peter Zerhouni, CEO of InDex Pharmaceuticals. ”It was quite dramatic in September when the FDA updated their safety warnings for JAK inhibitors as a class. It is a reminder that a product’s safety profile is very important.” Period July – September 2021 · Net sales amounted to SEK 0.0 (0.0) million · Operating loss amounted to SEK –28.2 (–7.7) million · Result after tax

InDex Pharmaceuticals Holding AB (publ) interim report January – June 2021

First regulatory approvals to start the phase III study CONCLUDE“We will initiate patient recruitment when the clinics are up and running again after the summer as the healthcare situation has started to normalise,” says Peter Zerhouni, CEO of InDex Pharmaceuticals. Period April – June 2021 · Net sales amounted to SEK 0.0 (0.0) million · Operating loss amounted to SEK –42.6 (–15.6) million · Result after tax amounted to SEK –42.6 (–15.6) million, corresponding to SEK –0.08 per share (–0.07) before and after dilution · Cash flow from operating activities amounted to SEK –53.

InDex Pharmaceuticals Holding AB (publ) interim report January – March 2021

The crucial pieces of the puzzle in place for the start of phase III“It has been an intensive beginning of 2021 for InDex, where the crucial pieces of the puzzle for the start of phase III now have fallen into place,” says Peter Zerhouni, CEO of InDex Pharmaceuticals. Period January – March 2021 · Net sales amounted to SEK 0.0 (0.0) million · Operating loss amounted to SEK –9.3 (–24.0) million · Result after tax amounted to SEK –9.3 (–24.0) million, corresponding to SEK –0.02 per share (–0.10) before and after dilution · Cash flow from operating activities amounted to SEK –

InDex Pharmaceuticals Holding AB (publ) interim report January – September 2020

Phase III plan laid out“We have now laid out our plan for the phase III program with cobitolimod, which will form the basis for market approval, and we intend to finance the important initial induction study through a fully guaranteed rights issue of approximately SEK 500 million. In collaboration with the leading experts in the field we have arrived at a design that in an efficient manner will provide the basis to be able to draw firm conclusions regarding cobitolimod’s efficacy and safety as well as solid ground for a successful future commercialisation,” says Peter Zerhouni, CEO of InDex

InDex Pharmaceuticals Holding AB (publ) interim report January – June 2020

Focus on phase III preparations“The commercial preparations have confirmed our belief in the potential of cobitolimod, where we estimate that the annual sales at a successful commercialisation can reach more than USD 1 billion,” says Peter Zerhouni, CEO of InDex Pharmaceuticals.  Period April – June 2020 · Net sales amounted to SEK 0.0 (0.0) million · Operating loss amounted to SEK –15.6 (–17.7) million · Result after tax amounted to SEK –15.6 (–17.7) million, corresponding to SEK –0.17 per share (–0.26) before and after dilution · Cash flow from operating activities

InDex Pharmaceuticals Holding AB (publ) interim report January – March 2020

FDA and EMA endorse the advancement of cobitolimod into phase III studies“The positive responses from the regulators is an important external validation of our study results and cobitolimod’s potential,” says Peter Zerhouni, CEO of InDex Pharmaceuticals. Period January – March 2020 · Net sales amounted to SEK 0.0 (0.0) million · Operating loss amounted to SEK –24.0 (–17.2) million · Result after tax amounted to SEK –24.0 (–17.2) million, corresponding to SEK –0.27 per share (–0.25) before and after dilution · Cash flow from operating activities amounted to SEK –21.9 (–18.4)

InDex Pharmaceuticals Holding AB (publ) interim report January – September 2019

Outstanding combination of efficacy and safety in the CONDUCT study“Something that really differentiates cobitolimod from its competitors is the superior safety profile. Both the approved drugs and those currently being tested in phase III are associated with serious side effects. With an outstanding combination of efficacy and safety, cobitolimod is set to take a leading position within the field,” said Peter Zerhouni, CEO of InDex Pharmaceuticals. Period July – September 2019 · Revenues amounted to SEK 0.0 (0.0) million · Operating result amounted to SEK –27.2 (–15.1) million

InDex Pharmaceuticals Holding AB (publ) interim report January – June 2019

Last patient enrolled in the CONDUCT studyPeriod April – June 2019   ·  Revenues amounted to SEK 0.0 (0.0) million ·  Operating result amounted to SEK –17.7 (–26.0) million ·  Result after tax amounted to SEK –17.7 (–26.0) million, corresponding to SEK –0.26 per share (–0.42) before and after dilution ·  Cash flow from operating activities amounted to SEK –13.9 (–19.7) million Period January – June 2019 ·  Revenues amounted to SEK 0.0 (0.1) million ·  Operating result amounted to SEK –34.9 (–44.7) million ·  Result after tax amounted to SEK –34.9 (–44.7) million,

InDex Pharmaceuticals Holding AB (publ) interim report January – March 2019

The final phase of the patient recruitment in the CONDUCT studyPeriod January – March 2019   ·  Revenues amounted to SEK 0.0 (0.1) million ·  Operating result amounted to SEK –17.2 (–18.8) million ·  Result after tax amounted to SEK –17.2 (–18.7) million, corresponding to SEK –0.25 per share (–0.30) before and after dilution ·  Cash flow from operating activities amounted to SEK –18.6 (–22.9) million ·  Cash and cash equivalents at the end of the period amounted to SEK 64.4 (102.1) million ·  Number of employees at the end of the period was 7 (7) ·  Number of shares

InDex Pharmaceuticals Holding AB (publ) interim report January – September 2018

Directed share issue strengthens the cash position ahead of the CONDUCT resultsPeriod July – September 2018   · Revenues amounted to SEK 0.0 (0.0) million · Operating result amounted to SEK –15.1 (–13.3) million · Result after tax amounted to SEK –15.1 (–13.1) million, corresponding to SEK –0.24 per share (–0.21) before and after dilution · Cash flow from operating activities amounted to SEK –16.1 (–16.6) million Period January –September 2018 · Revenues amounted to SEK 0.1 (0.1) million · Operating result amounted to SEK –59.9 (–50.7) million · Result after tax

InDex Pharmaceuticals Holding AB (publ) interim report January – June 2018

Updated timeline for the top line results from the CONDUCT studyPeriod April – June 2018   · Revenues amounted to SEK 0.0 (0.0) million · Operating result amounted to SEK –26.0 (–15.4) million · Result after tax amounted to SEK –26.0 (–15.2) million, corresponding to SEK –0.42 per share (–0.24) before and after dilution · Cash flow from operating activities amounted to SEK –19.7 (–18.4) million Period January – June 2018 · Revenues amounted to SEK 0.1 (0.1) million · Operating result amounted to SEK –44.8 (–37.5) million · Result after tax amounted to SEK –44.7 (–

InDex Pharmaceuticals Holding AB (publ) interim report January – March 2018

Novel formulation for oral administration of cobitolimodPeriod January – March 2018   · Revenues amounted to SEK 0.1 (0.0) million · Operating result amounted to SEK –18.8 (–22.1) million · Result after tax amounted to SEK –18.7 (–22.0) million, corresponding to SEK –0.30 per share (–0.35) before and after dilution · Cash flow from operating activities amounted to SEK –22.9 (–19.1) million · Cash and cash equivalents at the end of the period amounted to SEK 102.1 (174.1) million · Number of employees at the end of the period was 7 (7) · Number of shares at the end of

InDex Pharmaceuticals Holding AB (publ) year end report 2017

Deepened understanding of cobitolimod’s mechanism of actionPeriod October – December 2017 · Revenues amounted to SEK 0.0 (0.3) million · Operating result amounted to SEK –22.6 (–16.4) million · Result after tax amounted to SEK –22.4 (–16.3) million,corresponding to SEK –0.36 per share (–0.27) before and after dilution · Cash flow from operating activities amounted to SEK –14.1 (–8.3) million Period January – December 2017  · Revenues amounted to SEK 0.1 (0.4) million · Operating result amounted to SEK –73.3 (–39.5) million · Result after tax amounted to SEK –72.8

InDex Pharmaceuticals Holding AB (publ) interim report January – September 2017

Strengthened patent protection for cobitolimodPeriod July – September 2017 ·  Revenues amounted to SEK 0.0 (0.0) million ·  Operating result amounted to SEK –13.3 (–6.6) million ·  Result after tax amounted to SEK –13.1 (–7.4) million, corresponding to SEK –0.21 per share (–0.25) before and after dilution ·  Cash flow from operating activities amounted to SEK –16.6 (–7.5) million  Period January – September 2017 ·  Revenues amounted to SEK 0.1 (0.1) million ·  Operating result amounted to SEK –50.7 (–23.2) million ·  Result after tax amounted to SEK –50.4 (–24.9)

InDex Pharmaceuticals Holding AB (publ) interim report January – June 2017

First patient enrolled in the CONDUCT studyPeriod April – June 2017 ·  Revenues amounted to SEK 0.0 (0.1) million ·  Operating result amounted to SEK –15.4 (–9.6) million ·  Result after tax amounted to SEK –15.2 (–10.5) million, corresponding to SEK –0.24 per share (–0.35) before and after dilution ·  Cash flow from operating activities amounted to SEK –18.4 (–8.3) million Period January – June 2017 ·  Revenues amounted to SEK 0.1 (0.1) million ·  Operating result amounted to SEK –37.5 (–16.5) million ·  Result after tax amounted to SEK –37.2 (–17.6) million,

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