Details of the Unaudited Condensed Consolidated Interim Results

Collaboration revenues

The following table summarizes our collaboration revenues for the six months ended June 30, 2026 and 2025:

Operating costs and other operating income

Operating costs

Research and development expenditure

The following table summarizes our research and development expenditure for the six months ended June 30, 2026 and 2025:

The decrease in research and development expenses was primarily attributable to the strategic reorganization and the wind-down of the cell therapy activities in 2025. As a result, the comparative period included significant non-recurring expenses that were absent or substantially lower in the current period, principally:

• subcontracting costs related wind-down of the cell therapy and small molecule programs, including expenses associated with the early termination of collaboration agreements;
• severance costs included in personnel expenses; and
• impairment, amortization and depreciation charges relating to fixed assets associated with the discontinued small molecule programs and wind down of the cell therapy activities.

The table below summarizes our R&D expenditure for the six months ended June 30, 2026 and 2025, broken down by program.

The research and development expenses decreased in the first half of 2026 compared to the same period last year, primarily due to the strategic reorganization and the wind-down of the cell therapy activities in 2025, which resulted in a decrease of expenses for the different existing programs.

Sales and marketing expenses

The following table summarizes our sales and marketing expenses for the six months ended June 30, 2026 and 2025:

General and administrative expenses

The following table summarizes our general and administrative expenses for the six months ended June 30, 2026 and 2025:

Personnel costs decreased due to severance accruals recorded in the first half of 2025. Legal and professional fees should be considered together with other operating expenses, the total of both decreased due to one-off professional fees linked to the small molecules restructuring recorded in the first half of 2025.

Other operating income

The following table summarizes our other operating income for the six months ended June 30, 2026 and 2025:

Lower R&D incentives as a result of the strategic reorganization and wind down of the cell therapy activities explain the decrease in other operating income.

Financial income/expenses

The following table summarizes our financial income/expenses (–) for the six months ended June 30, 2026 and 2025:

Fair value adjustments and net currency differences increased due to the evolution of the USD exchange rate.

Discontinued operations

The following disclosure illustrates the result from our discontinued operations, related to the transfer of the Jyseleca^® business to Alfasigma on January 31, 2024.

1.1 Net cash inflow on disposal of the Jyseleca^® business

1.2 Result from discontinued operations

For the six months ending June 30, 2025, the R&D expenses related to the settlement of disputed expenses with Alfasigma.

Other operating income for the first six months of 2025, included a fair value adjustment of the contingent consideration receivable from Alfasigma as a consequence of an adjusted sales forecast.

Other financial income contains discounting components on the contingent consideration receivables.

1.3 Cash flow from discontinued operations

Net Asset acquisition – Ouro Medicines

On June 4, 2026, Gilead acquired all the outstanding equity of Ouro Medicines for $1,675 million and up to $500 million in contingent milestone payments. We and Gilead will equally split the upfront payment, subject to customary adjustments, and contingent milestone payments of up to $500 million.

On June 4, 2026, through our acquisition of 100% of the shares of Ouro Medicines, we have acquired substantially all of Ouro Medicines’ team including 25 FTEs and operational assets and assumed transferred liabilities in connection with Gilead’s acquisition of Ouro Medicines and we will collaborate with Gilead on the development of gamgertamig. Gamgertamig is an investigational BCMAxCD3 bispecific T-cell engager for the treatment of autoantibodies driven immune-mediated disease. Gamgertamig is in-licensed from Keymed Biosciences, which owns the rights to develop the program in Greater China.

By applying the optional concentration test as described under IFRS 3 Business Combinations, 98.0% of the fair value of the gross assets acquired is concentrated in the OM336 compound. As substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset, the acquisition of Ouro Medicines does not represent the acquisition of a business but rather the acquisition of net assets.

The cost of the acquisition (the upfront payment and $16.3 million of direct acquisition costs) is to be allocated to the individual identifiable assets and liabilities based on their relative fair values at the date of acquisition. We applied an approach whereby any identifiable asset or liability initially measured at an amount other than costs, is initially measured at the amount specified in the IFRS Accounting Standard. We deducted from the cost of the acquisition the amounts allocated to the assets and liabilities initially measured at an amount other than cost, and then allocated the residual transaction price to the remaining identifiable assets and liabilities based on their relative fair values at the date of acquisition.

This approach resulted in the following net assets recognized at acquisition date (based on the initial recognition exemption in IAS 12 Income Taxes, no deferred tax liabilities were recognized):

In the absence of any guidance in IFRS Accounting Standards regarding the accounting for variable payments for the purchase of net assets which is not part of a business combination, we developed an accounting policy whereby the variable consideration (the "Contingent Consideration”) is only recognized as a liability when the condition that triggers the obligation is met. Therefore, each of the contingent milestone payments of up to $250 million (50% of $500 million that shall be paid by us, other 50% by Gilead) will be recognized when the milestone events have been reached. As these milestone events all relate to the further development of OM336, these milestones when recognized, will be added to the cost of the OM 336 compound being recognized.

The Contingent Consideration totals up to a maximum amount of $500 million (50% to be paid from our side) consisting of clinical development milestones up to a maximum amount of $200 million (50% to be paid from our side) and regulatory milestones up to a maximum amount of $300 million (50% to be paid from our side).

Cash position

Cash and cash equivalents and financial investments totaled €2,239.5 million on June 30, 2026 (€2,998.0 million on December 31, 2025).

Cash and cash equivalents and financial investments comprised cash at banks, term deposits, and money market funds. Our cash management strategy monitors and optimizes our liquidity position. Our cash management strategy allows short-term deposits with an original maturity exceeding three months while monitoring all liquidity aspects.

All cash and cash equivalents are available upon maximum three months’ notice period and without significant penalty. Cash at banks were mainly composed of current accounts. Our credit risk is mitigated by selecting a panel of highly rated financial institutions for our deposits.

Current financial investments comprised €1,058.8 million of term deposits which all had an original maturity longer than three months and which are not available on demand within three months. Our current financial investments also comprised of money market funds. Our money market funds portfolio consists of AAA short-term money market funds with a diversified and highly rated underlying portfolio managed by established fund management companies with a proven track record.

On June 30, 2026, our cash and cash equivalents and current financial investments included $1,962.2 million held in U.S. dollars ($2,159.0 million on December 31, 2025) which could generate foreign exchange gains or losses in our financial results in accordance with the fluctuation of the EUR/U.S. dollar exchange rate as our functional currency is EUR. The foreign exchange loss (–)/gain in case of a 10% change in the EUR/U.S. dollar exchange rate amounts to €172.2 million.

Note to the cash flow statement

Provisions

The decrease in the provisions primarily reflected cash payments relating to early termination of collaboration agreements as a result of the discontinuation of the small molecules activities and as a result of the wind-down of the cell therapy activities. In addition, €7.2 million of the provision was reversed following the completion of negotiations with suppliers and the reassessment of expected costs, which resulted in lower settlement amounts than originally estimated. No significant new restructuring provisions were recognized during the period. The remaining provision is expected to be substantially utilized during the second half of 2026.

Financial risk management

The following table summarizes the categories of financial assets and liabilities held at fair value:

The increase of the fair value of the equity investments is due to the conversion of the loan to Coultreon into equity and to an exchange gain of €1.5 million; the latter is reflected in the other reserves (other comprehensive income) in the consolidated equity. The valuation of all our equity investments is based on Level 3 assumptions as it includes investments in non-quoted companies. These investments are valued initially at fair value through the established purchase price between a willing buyer and seller. Subsequent valuation is based on internal and external evidence such as information from recent financing rounds, scientific updates and other valuation techniques.

The contingent consideration receivable relates to fair value of the future earn-outs to be obtained from Alfasigma for the sale of Jyseleca^®. €7.8 million is presented on the line “Trade and other receivables” and €44.4 million is presented on the line “non-current contingent consideration receivable”. The total potential amount consists of sales-based milestone payments totaling €120 million and mid-single to mid-double-digit royalties on European sales. The valuation is based on Level 3 assumptions based on our best estimate of the expected earn-outs and sales milestones in the future, considering probability adjusted sales forecasts of Jyseleca^® discounted using an appropriate discount rate. The fair value is reviewed at each reporting date and any changes are reflected in our consolidated income statement, in the line ‘Net profit/loss (–) from discontinued operations, net of tax’. A change in expected sales by +15% would result in an increase of €14.3 million in the total contingent consideration receivable on June 30, 2026. A change in expected sales by –15% would result in a decrease of €13.9 million in the total contingent consideration receivable on June 30, 2026.

We refer to critical accounting judgements and key sources of estimation uncertainty for details about the fair value of the convertible loan.