Regulatory press release

Modus Therapeutics publishes year-end report for 2025

STOCKHOLM, SWEDEN – 25 February 2026: Modus Therapeutics Holding AB (“Modus Therapeutics”) hereby publishes year-end report for 2025. The report is available on the company’s website (www.modustx.com) and as an attachment to this release. Below is a summary of the interim report.

Execution, proof-of-concept initiation and a strengthened foundation define 2025
Modus Therapeutics transitioned from preparation to active clinical execution in 2025, completing Part 1 of the Phase IIa study in CKD with anemia and initiating the repeat-dose proof-of-concept phase in December. The fully underwritten rights issue, which was oversubscribed, strengthened the Company’s financial position and enabled continued execution of Part 2 during 2026. Based on the financing completed in 2025, and assuming a successful exercise of the outstanding warrants in 2026, Modus expects to have funding in place to support execution through the anticipated readout of the Phase IIa study by year-end 2026. New preclinical data from our Brescia collaboration further reinforced sevuparin’s hepcidin-lowering mechanism and its potential role in CKD with anemia. In parallel, enrolment was completed in the sponsor-led Phase Ib SEVUSMART study in severe malaria, and structured partnering efforts continued in sepsis. As we enter 2026, Modus is focused on disciplined study execution and preparing for the anticipated Phase IIa readout by year-end.

“2025 was a year of clinical delivery and strategic focus. With Part 2 of our CKD study now underway, we are executing toward proof-of-concept while building the foundation for long-term value creation.”
– John Öhd, CEO, Modus Therapeutics

The fourth quarter in figures

The loss after tax amounted to TSEK 5 320 (4 713).
The loss per share amounted to SEK 0,04 (0,13).
The cash flow from current operations was negative in the amount of TSEK 5 003 (3 619).

The full year in figures

The loss after tax amounted to TSEK 18 543 (15 545).
The loss per share amounted to SEK 0,30 (0,43).
The cash flow from current operations was negative in the amount of TSEK 18 075 (14 681).

Important events during the fourth quarter

On 24 Oct 2025, Modus appointed Bergs Securities AB as Certified Adviser; Bergs assumes the role on 27 Oct 2025, with Svensk Kapitalmarknadsgranskning AB (SKMG) continuing until then.
On 3 Nov 2025, Italian authorities approved the protocol amendment with dose selection for Part 2 of the Phase IIa CKD-anemia study; three sevuparin doses were set based on Part 1 (well tolerated), enabling repeat-dose/PoC initiation in Q4 2025 as planned.
10 Dec 2025: First patient dosed in Part 2 (PoC) of Modus’ Phase IIa study in CKD anemia; repeat dosing initiated approximately one month after approval of the protocol amendment, in line with plan. Focus on safety and clinically relevant outcomes (including hemoglobin and hepcidin); the study is being conducted at two nephrology centers in Italy in collaboration with CRO Latis S.r.l. (total planned enrollment across Parts 1–2: ~50–60 patients).

Important events after the end of the period

No significant events have occurred after the end of the period.

CEO John Öhd will provide comments on the report in an interview with Jonathan Furelid on March 2 at 11:00.
Link to Interview: https://www.youtube.com/live/829IhY4vZnI?si=Udd2VKOqJFnYyPLA

About Modus Therapeutics and sevuparin
Modus is a Swedish biotech company developing its patented polysaccharide, sevuparin, as a treatment option for several major unmet medical needs, including anemia in kidney disease and other chronic inflammatory conditions, severe malaria, sepsis, and other disorders involving severe systemic inflammation. There is a great need for new treatments that can effectively treat these conditions. Modus’ ambition is to create a paradigm shift in the care of these diseases, where sevuparin could provide therapeutic benefits. Modus Therapeutics is listed on the Nasdaq First North Growth market (“MODTX”). More information is available at www.modustx.com.

Sevuparin is a clinical stage, innovative proprietary polysaccharide drug with a multimodal mechanism of action, including immunomodulating, anti-adhesive and anti-aggregate effects. Sevuparin is a heparinoid with markedly attenuated anti-coagulation features that allows severalfold higher doses to be given, compared to regular heparinoids, without the associated risk for bleeding side-effects. Two routes of administration of sevuparin are currently being tested – an IV formulation for in-patient administration and a subcutaneous formulation that allows ambulatory and home care administration.