AB SCIENCE (AB) investor relations material

Executive summary

• H1 2026 revenue was €498k; operating loss widened to €10.4m and net loss to €9.0m, mainly reflecting a €6.5m CIR provision.

• Clinical priorities shifted to AB8939 in AML and masitinib in ALS, with trial restarts planned for 2027 after quality-system work.

• April–August private placements raised €19.7m; cash after the August raise was reported at ~€23m.

Financial highlights

• Net sales were €498k in H1 2026 versus €515k in H1 2025, entirely from veterinary Masivet.

• Operating loss was €10.4m versus €2.7m; net loss was €9.0m versus €5.2m, with the deterioration primarily reflecting the €6.5m CIR provision and higher employment-litigation provisions.

• Net financial result improved to a €1.4m gain from a €2.4m loss, including a €2.0m ROMANE advance remeasurement benefit.

• Cash and cash equivalents were €9.0m at June 30; shareholders’ equity was negative €22.5m.

Outlook and guidance

• Cash needs were estimated to be covered through FY2026 and 2027, supported by July and August equity raises, an expected €1.1m CIR payment and deferred debt maturities; trailing 12-month cash burn averaged €9m/year.

• A new quality-management system and external audit were planned by year-end 2026; AB8939 Phase 1 was targeted to resume in Q1 2027 and masitinib ALS Phase 3 in Q4 2027.

• The AP-HP-sponsored masitinib sickle-cell study was expected to begin in early 2027 and was described as unaffected by inspection-related delays.

• Strategic priorities include AB8939 in AML, masitinib in ALS, asset review, potential partnerships and veterinary sales development.