ANNUAL REPORT  
2024  
PCI BIOTECH HOLDING ASA  
 
CONTENTS  
1. Introduction  
2. Board of Directors report  
3. Responsibility statement from the Board of Directors and CEO  
4. Annual statement on corporate governance policy and  
corporate social responsibility policy and the Transparency Act  
5. Financial statements  
6. Auditors report  
7. Other information  
PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no: 991036393 VAT  
Phone: +47 67 11 54 00, www.pcibiotech.com  
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INTRODUCTION  
ABOUT PCI BIOTECH  
PCI Biotech Holding ASA (“PCI Biotech” or “the Group” or “the Company”) is a biotech company  
headquartered in Norway and listed on the Oslo Stock Exchange. The company develops new  
technologies and novel therapies through its photochemical technology platform originating from  
world-leading research at the Oslo University Hospital – the Norwegian Radium Hospital.  
OUR PLATFORM TECHNOLOGY  
The technology platform consists of two elements: a proprietary small molecule photosensitiser and a  
light source. The technology platform is under development in two different areas. (1) Photochemical  
lysis (PCL), inducing selective light-triggered cell lysis to enhance yield and purity in viral vector  
manufacturing, thereby increasing productivity in manufacturing of advanced therapies. (2)  
Photochemical internalisation (PCI), inducing light-triggered intracellular release, which may unlock the  
potential of a wide array of therapeutic modalities.  
(1) Photochemical lysis (PCL)  
Our focus lies in the PCL programme initiated in 2022 to develop a new photochemical technology for  
increasing yield and reducing impurities in viral vector manufacturing, in particular adeno-associated  
virus (AAV) gene therapy. There is a great need for novel technologies that enable more effective  
manufacturing, and PCI Biotech’s objective is to replace existing cell lysis methods. As such, the  
technology shall be applied to extract viral vectors from producer cells while reducing host-cell  
impurities, by selective disruption of producer cell membranes during the cell lysis process. This may  
in turn result in a more effective viral vector purification and higher yield addressing the manufacturing  
capacity shortage.  
(2) Photochemical internalisation (PCI)  
Several novel classes of drugs (e.g. nucleic acid therapies and certain immunotherapeutics) need  
access to the inside of their human target cells, such as tumour cells or immune cells, in order to be  
effective. Pharmaceutical companies struggle to find effective drug delivery methods, to achieve the  
full therapeutic and commercial potential of their products. The PCI technology may unlock this  
potential by modifying the intracellular trafficking in target cells, leading to enhanced biological effect of  
medicinal products. Development of PCI is focussed on dermatological and intratumoural applications.  
Further development within dermatology is limited to be pursued by collaborations, while intratumoural  
applications are pursued by an industry PhD candidate grant from the Research Council of Norway.  
BOARD OF DIRECTORS REPORT  
BIOPROCESSING - IMPORTANT PROGRESS DURING THE YEAR  
The PCL programme has since its inception generated results supporting the notion of increasing yield  
and reducing impurities in viral vector manufacturing. PCI Biotech’s 2024 development goals were to  
demonstrate scalability and manufacturing process benefits of the photochemical-based technology  
(PCL) in viral vector (AAV) manufacturing by advancing the technology into mini benchtop bioreactor,  
which is considered representative for commercial manufacturing.  
Recent mini benchtop bioreactor results indicate that PCL has the potential to release increased levels  
of viral vectors in the upstream AAV manufacturing process, accompanied by reduced impurity levels.  
This is an important milestone, and we consider PCL’s scalability as demonstrated by the encouraging  
upstream results.  
These results are in sum expected to translate into increased net manufacturing yield after  
downstream processing, a highly sought-after feature by the industry. However, more runs in mini  
PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no: 991036393 VAT  
Phone: +47 67 11 54 00, www.pcibiotech.com  
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benchtop bioreactors with a robust downstream process are needed to prove PCL’s ability to increase  
net AAV yield in an end-to-end process.  
New mini benchtop bioreactor runs to reproduce the recent positive upstream results and  
subsequently demonstrating downstream process benefits are in preparation. Successful results may  
pave the way for external late-stage field testing in 2H 2025 and potentially make the technology ready  
for the research market. A 2-year development plan to mark PCL’s readiness for the larger commercial  
market is in planning.  
BUSINESS, LOCATION, OWNERSHIPS, AND HUMAN RESOURCES  
PCI Biotech Holding ASA is a biotech company headquartered in Norway and listed on the Oslo Børs,  
with the ticker PCIB. The company develops new technologies and novel therapies through its  
photochemical technology platform.  
The PCI Biotech group comprises PCI Biotech Holding ASA, and the wholly owned Norwegian  
subsidiary PCI Biotech AS. PCI Biotech is located at Ullernchausséen 64, Oslo, Norway.  
PCI Biotech's strategy is to create value by efficient development of the business areas towards  
commercialisation. The commercialisation of products is intended primarily through agreements with  
external partners. The 10 largest shareholders ownership share was 29% per year-end 2024, versus  
27% per year-end 2023.  
The Board of Directors – The Board of Directors consist of Hans Peter Bøhn (Chair), Hilde Furberg,  
and Lars Viksmoen who were all elected for a one-year term at the annual general meeting in May  
2024.  
Employees - All operations of the Group are managed by PCI Biotech AS and the Group had 7  
employees as of 31 December 2024 (2023: 7 employees). The parent company has no employees.  
The Group utilises external service providers when internal resources or facilities are not suited for the  
planned research and development work.  
The management team consisted of Ronny Skuggedal, Chief Executive Officer (CEO) and Chief  
Financial Officer (CFO), and Anders Høgset, Chief Scientific Officer (CSO) during 2024, where the  
CSO has been working in an 80% position since February 2024. From January 2025 Anders Høgset  
further reduced his position to 20%, transitioned into a Scientific Advisor role and stepped down from  
the executive team.  
The working environment is considered good. No accidents or injuries were reported in 2024 or 2023.  
In 2024 there was one long-term sick leave. Absences due to illness totalled 243 days, approximately  
19% in 2024 (2023: 31 days, approximately 2.2%).  
PCI Biotech is a workplace with gender equality and where discrimination is not accepted. As of date  
of this report the Group has one-third female representation in the board of directors and none in the  
executive management team. 3 out of 7 employees as of year-end 2024 were women (2023: 3 out of  
7). Working time and remuneration of the Group employees are not related to gender.  
BUSINESS AREA AND OPERATIONS  
BIOPROCESSING  
Bioprocessing is the manufacturing of biological drugs, which involves complex processes that are  
bottlenecks in the endeavour to offer breakthrough therapies to new and larger patient populations.  
There is a great need for novel technologies that enable more effective bioprocessing with higher yield  
as well as increased quality.  
Gene therapy utilises viruses (viral vectors) to deliver potentially lifesaving genetic medicines to  
patients. In the manufacturing process, viral vectors are produced by so-called “producer cells” (living  
PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no: 991036393 VAT  
Phone: +47 67 11 54 00, www.pcibiotech.com  
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cells) that act as “gene therapy factories”. The combination of living cells as factories and a complex  
output (viral vectors) is what makes the manufacturing so challenging.  
Manufacturing of viral vectors includes intricate upstream and downstream processes. A critical  
manufacturing step is AAV extraction from producer cells (“cell lysis”), needed to separate the gene  
therapy material from the cells that produce them. The industry standard for cell lysis is to use  
chemicals to break open producer cells and release AAV, but these approaches are non-selective and  
release impurities that complicate the process. In the subsequent downstream process, the viral  
vectors are separated from various cell debris (host-cell impurities) in sequential purification steps.  
Improving manufacturing productivity to make AAV gene therapy more accessible  
PCI Biotech’s objective is to develop a novel photochemical technology (PCL) for increasing yield and  
reducing impurities in viral vector manufacturing, in particular manufacturing of adeno-associated viral  
vectors (AAV). PCL shall be applied in the upstream process to extract viral vectors from producer  
cells while reducing host-cell impurities. PCL improves extraction of viral vectors by a light-activated  
photochemical effect that selectively disrupts the producer cell membranes.  
The selective disruption enables the extraction of viral vectors with limited release of undesirable  
impurities from the producer cell, such as host-cell protein and DNA. This may have several important  
manufacturing benefits compared to existing technologies. Importantly, by reducing host-cell impurities  
the subsequent downstream purification process may become more efficient. This may ultimately lead  
to net increased manufacturing yield, as more viral vectors are retained through the various  
purification steps.  
The PCL patent that was filed in 2022 is pending and the international search report received in 2024  
was encouraging.  
Development status  
PCL’s value proposition was confirmed by external field testing at the beginning of the year. Upstream  
field testing results demonstrated PCL’s ability to extract AAVs (viral vectors) with reduced host-cell  
impurities (DNA and protein) in shake flasks. The field testing represented a 20-40x scale-up from PCI  
Biotech’s ultra scale-down process and was considered an important interim scalability milestone,  
warranting further development.  
For the next phase, PCI Biotech works with a renowned process development service provider in the  
advanced therapy medicine product (ATMP) sector to advance the technology into mini benchtop  
bioreactors, representing a >10x scale-up from the field testing in shake flasks. Although commercial  
manufacturing is performed in larger vessels, mini benchtop bioreactors are considered representative  
of larger-scale manufacturing. Moreover, they can produce sufficient material to perform downstream  
processing for assessment of end-to-end manufacturing benefits.  
The mini benchtop bioreactor results reported per Q1 2025 achieved matching or increased upstream  
yield compared to industry standard lysis, along with reduced impurities. We consider PCL’s scalability  
as demonstrated by the encouraging upstream results, an important milestone for PCL. Further, PCL  
is also considered compatible with standard AAV downstream processes without adding complexity.  
Matching or increased upstream yield with reduced impurities are expected to translate into increased  
net manufacturing yield after downstream processing, a highly sought-after feature by the industry.  
However, downstream processing variability is a challenge in viral vector manufacturing, and has led  
to inconclusive net yield results in the limited number of mini benchtop bioreactor test runs performed  
thus far. More test runs in mini benchtop bioreactors with a more robust downstream process are  
needed to prove PCL’s ability to increase net AAV yield in an end-to-end manufacturing process.  
PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no: 991036393 VAT  
Phone: +47 67 11 54 00, www.pcibiotech.com  
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Development plan for 2025  
Consistently demonstrating improved yield in mini benchtop bioreactor would cement PCL‘s  
robustness and strongly indicate that comparable results can be achieved at commercial scale. PCI  
Biotech will perform new mini benchtop bioreactor runs to reproduce the recent positive upstream  
results and seek to perform subsequent downstream processing in a more robust system. Successful  
results demonstrating end-to-end manufacturing benefits may pave the way for external late-stage  
field testing in 2H 2025 and potentially make the technology ready for the research market.  
An internal AAV suspension lab in shake flask scale will be established in Q1 2025. A new senior  
scientist position was established in December 2024 to accelerate this effort. The new facility will  
support scale-up activities and bring vital hands-on experience and flexibility for further advancement  
of photochemical methods for bioprocessing.  
Illumination in a commercial-scale manufacturing setting is a critical challenge for commercialisation of  
the PCL technology. We have identified a commercially available 50L bioreactor with built-in LEDs,  
suitable for AAV manufacturing, which may enable an accelerated development. We are exploring a  
development leap from mini benchtop into 50L bioreactors, with a minimum working volume of around  
12.5L. The current advancement into mini benchtop bioreactor represents a ≈500x scale-up since  
PCL’s inception, while going for a 12.5L working volume in the 50L bioreactor represents an additional  
≈50x. A best-case accelerated development plan is expected to take 2 years before the PCL  
technology is ready for the large-scale commercial market.  
Research collaborations  
Collecting performance and usability feedback from potential customers at an early stage is key to  
understanding what is required to make the technology commercially attractive. The 2024 upstream  
early-stage field testing in shake flasks with an external partner confirmed the potential benefit of  
applying PCL in viral vector manufacturing. These results were important interim scalability milestones  
warranting further development. The field testing collaboration included an option to mutually  
determine a potential future business transaction. This option lapsed and feedback underscored that  
successful advancement into mini benchtop bioreactor is a key milestone for partnering. PCI Biotech  
continues to pursue new and value-adding collaborative opportunities.  
Public funding  
In support of external field testing and further development of the PCL technology, PCI Biotech  
received a public grant of up to NOK 3.5 million from Innovation Norway for 2024.  
Market assessment  
Virus (AAV) enabled gene therapy is one of the most exciting advancements in modern medicine,  
offering potential to cure genetic diseases. The AAV manufacturing market is driven by the  
development and success of AAV therapies. These transformative treatments remain prohibitively  
expensive, often exceeding $2 M per treatment. A major challenge lies in inefficient and costly  
manufacturing processes. Up to 70% of AAV gene therapy material is lost during production,  
generating a manufacturing capacity shortage we aim to address. More than 200 clinical AAV trials  
were ongoing as of 2024, with an annual expected growth rate of 15%. Improved manufacturing  
productivity is a highly sought-after feature by the industry and a potential batch yield increase in the  
range of 10-50% creates a significant asset value potential for PCL.  
Business model  
We envision to license PCL to AAV manufacturers (CDMO/pharma/equipment providers) and gene  
therapy owners (biotech/pharma), generating revenue through access fees, milestone payments and  
R&D services. By targeting AAV manufacturers as market hubs, the model ensures strong market  
positioning and long-term value while securing flexibility towards gene therapy owners. A  
demonstration of increased net AAV yield from mini benchtop bioreactor productions, targeted for  
PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no: 991036393 VAT  
Phone: +47 67 11 54 00, www.pcibiotech.com  
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2025, would mark PCL’s readiness for the smaller R&D market and lay groundwork for entering the  
commercial manufacturing market, pending successful scale-up.  
OTHER DEVELOPMENT PROGRAMMES  
PCI Biotech has two development programmes utilising the photochemical internalisation (PCI)  
technology. These are (1) dermatology and (2) intratumoural applications. Development within  
dermatology is limited to be pursued by collaborations, while intratumoural applications are pursued by  
an industry PhD candidate grant from the Research Council of Norway. In accordance with the  
strategic decision to focus efforts on bioprocessing and dermatology the patent portfolio for other  
applications outside these areas has been trimmed down.  
Dermatology  
Nucleic acid therapeutics have the potential to improve treatment of dermatological diseases, but  
delivery to skin lesions remains an obstacle. This is a challenge PCI is uniquely positioned to solve, by  
achieving site-directed intracellular nucleic acid delivery. Further development is dependent of  
collaborations.  
Intratumoural immunotherapy  
PCI is a technology designed for local enhancement of therapeutic effects and is well suited for  
delivery of immune stimulants to tumour sites. PCI Biotech is exploring intratumoural immunotherapy  
by an industry Ph.D. candidate grant from the Research Council of Norway. The grant is up to NOK  
2.5 million for 2023-2025, aiming at identifying novel treatment combinations to overcome resistance  
to immune-checkpoint inhibitors and safety-issues associated with such treatments.  
FINANCIAL REVIEW  
(All amounts in brackets are comparative figures for 2023 unless otherwise specifically stated)  
Profit and loss  
The Group did not record revenues in 2024 or 2023. Grants received from various public sources such  
as the Research Council of Norway, the tax incentive scheme (SkatteFUNN), and Innovation Norway  
were recorded as other operating income and amounted to NOK 6.7 million in 2024 (NOK 3.0 million).  
The parent company did not record any revenue for 2024 or 2023.  
Expenditure on research activities is recognised as an expense in the period in which it was incurred.  
The Group had no development expenditure qualifying for recognition as an asset under IAS 38 in  
2024 and, as for previous years, all research expenses are charged through the profit and loss  
statement. Total operating expenses were NOK 24.7 million in 2024 (NOK 25.2 million) and expenses  
are mainly driven by the research and development (R&D) activities. R&D expenses amounted to  
NOK 16.1 million in 2024 (NOK 15.6 million). Other operating (general and administrative) expenses  
were NOK 8.6 million (NOK 9.6 million). These figures include all costs related to the listed parent  
company, totalling to NOK 4.2 million for 2024 (NOK 4.6 million). In addition, NOK 0.4 million is related  
to share-based payment accounting, without cash flow effect, and classified as general and  
administration costs (NOK 0.8 million). Operating results in 2024 ended at NOK -18.0 million (NOK -  
22.2 million) for the Group. Operating result for the parent company were NOK -4.2 million in 2024  
(NOK -4.6 million).  
Net financial result for the Group was NOK 1.5 million positive in 2024 (NOK 1.9 million). The net  
positive financial result was mainly driven by interest income for both years. The parent company’s  
financial income for 2023 consists mainly of interest on loans to the subsidiary PCI Biotech AS and  
partial reversal of previous years impairment of NOK 4.5 million of its investment in the wholly-owned  
subsidiary PCI Biotech AS. The impairment test performed as of 31 December 2024 resulted in an  
impairment of the carrying amount of NOK 31.2 million, disclosed as financial expenses for the parent  
company. The observable market value of PCI Biotech Group at Oslo Børs is assessed as a key  
indicator of the recoverable amount in the impairment testing.  
PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no: 991036393 VAT  
Phone: +47 67 11 54 00, www.pcibiotech.com  
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The Board of Directors proposes that the comprehensive loss of NOK 35.3 million in 2024 for the  
parent company, PCI Biotech Holding ASA, is covered by previous year’s retained earnings and other  
paid-in capital.  
Balance sheet  
Current receivables per end of 2024 were NOK 3.8 million (NOK 2.6 million) and mainly consist of  
recognised not received public grants. The increase compared to last year is mainly due to a new  
public grant for 2024 from Innovation Norway.  
Total assets of the Group at the end of 2024 were NOK 31.2 million (NOK 44.1 million) and the  
decrease from last year is mainly due to net loss from operational activities. Total assets in the parent  
company amounted to NOK 45.9 million per year-end 2024 compared to NOK 79.3 million at year-end  
2023, reflecting the annual result and effects of the share-based payment accounting.  
PCI Biotech does not recognise deferred tax assets in the balance sheet, due to uncertainty as to  
when the company will accrue a payable tax liability. Unrecognised deferred tax assets at the end of  
2024 were NOK 164.8 million (NOK 160.9 million).  
Equity  
Total equity for the Group were NOK 23.5 million per year-end 2024 (NOK 39.0 million). Total equity of  
the parent company amounts to NOK 44.0 million in 2024 (NOK 78.4 million) reflecting this year’s  
result and equity settled share-based payment elements for the Group’s share option scheme.  
Equity in the wholly-owned subsidiary PCI Biotech AS was NOK 24.7 million at the end of 2024 (NOK  
36.3 million).  
Prior to the annual general meeting in May 2023 less than 50% of the Company's share capital was  
retained. The board therefore assessed its duty to act in accordance with section 3-5 of the Norwegian  
Public Limited Liability Company's Act. As proposed by the board, the annual general meeting on 25th  
May 2023 decided that a write-down of the share capital was to be carried out by way of a reduction of  
the nominal value of the Company's shares in order to establish a capital structure that is sound and  
reasonable for the business PCI Biotech currently operates. Pursuant to the completion and duly  
registered share capital write-down on 16 August 2023 more than 50% of the share capital is retained.  
Cash flow  
Net cash flow from operating activities amounted to NOK -13.8 million in 2024 (NOK -15.0 million) for  
the Group and NOK -4.0 million for the parent company for 2024 (NOK -4.4 million). The Group held  
cash and cash equivalents of NOK 27.1 million at the end of 2024, compared to NOK 41.2 million per  
end of 2023, reflecting net negative changes in cash of NOK 14.1 million in 2024 (NOK 15.4 million).  
Cash flow from operations is mainly dependent on R&D activities. The Group employs a prudent cash  
management strategy for its cash and cash equivalents and assets are held as bank deposits or  
invested in low-risk short-term money market instruments. All cash and cash equivalents were held as  
bank deposits at the end of the year.  
Net change in cash and cash equivalents for the parent company was NOK -0.5 million in 2024 (NOK  
+0.4 million). The Parent’s cash and cash equivalents at the end of 2024 amounted to NOK 0.5 million  
(NOK 1.1 million).  
Please refer to the going concern section below for further information regarding cash and related  
liquidity risk.  
Employee share option scheme  
In accordance with the authorisation granted by the Annual General Meeting 24 May 2024, the Board  
of Directors of PCI Biotech Holding ASA awarded a total of 885,000 share options to key employees in  
September 2024. Each share option gives the right to subscribe for or acquire one share per option  
(after PCI Biotech Holding ASA’s choice), at a strike price of NOK 1.81, equal to the volume weighted  
average share price (VWAP) for the last 5 days of trade prior to the grant date.  
The share options are granted without consideration and are subject to service based vesting  
conditions, with a three-year vesting term and one-third vest each year, and other customary terms for  
PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no: 991036393 VAT  
Phone: +47 67 11 54 00, www.pcibiotech.com  
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share options. The share options will lapse in Q3 2029. Further details about the share option scheme  
are described in PCI Biotech's remuneration policy.  
Related parties transactions  
All material transactions between the Group and shareholders, directors, management or close  
associates of such parties are to be valuated independently by a third party. No such transactions  
exist for 2024 or 2023.  
RISK AND RISK MANAGEMENT  
Implications of the war in Ukraine and climate changes  
No material operational impact or accounting implications of the Russian invasion of Ukraine or  
climate changes that require specific IFRS disclosure have been identified for 2024 and 2023.  
Corporate governance policy, corporate social responsibility and transparency  
The annual statement of corporate governance policy, corporate social responsibility and the  
Transparency Act are integrated parts of this Board of Directors report.  
Operational Risk and Risk Management  
There are great risks in the business of developing medical drugs, new technologies, and innovative  
products, both related to regulatory affairs and market risk, and it is emphasised that there is normally  
considerable uncertainty connected to assessments of future conditions. The development may fail at  
any stage of the process, due to safety considerations, lack of results, changes in industry standards,  
any other matters affecting development, and partners’ willingness to test prototypes and innovative  
products may impede development. It is not possible to predict with certainty whether and when PCI  
Biotech or its partners will be able to receive authorisations to commercialise the products. Regulatory  
approval and specific regulatory designations may be denied, suspended or limited. Poor performance  
of PCI Biotech’s potential products and technologies on the market and new technologies and  
innovative products that are not yet launched may also limit commercial adaptation of PCI Biotech’s  
products. PCI Biotech’s business strategy is to commercialise its technology partly through  
collaborative agreements and the Company cannot give any assurance that such agreements will be  
obtained on acceptable terms. There is no certainty that PCI Biotech or its partners will achieve  
commercial success. The success, competitive position, and future revenues will depend in part on  
PCI Biotech’s ability to protect intellectual property and know-how. Patent applications filed by others  
could also limit PCI Biotech’s freedom to operate. Changes in the healthcare market could further  
preclude commercialisation. The Company is highly dependent upon having a highly qualified senior  
management and scientific team. The loss of key employees might impede the achievement of the  
scientific development and commercialisation objectives. PCI Biotech cannot be certain that it will be  
able to enter into satisfactory agreements with third-party suppliers or manufacturers.  
To handle the inherent risks in the industry, and to comply with national and international regulations,  
PCI Biotech has implemented a process to identify, analyse and manage the key risks for the Group,  
including the character of the relevant insurance policies.  
The board of directors and officers of PCI Biotech Holding ASA and its subsidiary PCI Biotech AS are  
covered under a world-wide Group Director & Officer’s Liability Insurance. The insurance covers  
personal legal liabilities including defence and legal costs. The cover also includes employees in  
managerial positions who become named in a claim or investigation. The Group does not pollute the  
external environment.  
Financial Risk and Risk Management  
The Group’s activities are exposed to certain financial risks including currency risk, interest rate risk  
and liquidity risk.  
Currency risk - The Group's expenses are incurred in multiple currencies. The Group is therefore  
exposed to fluctuations in exchange rates. The risks are assessed on a regular basis and PCI Biotech  
is currently not using any financial hedging instruments.  
PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no: 991036393 VAT  
Phone: +47 67 11 54 00, www.pcibiotech.com  
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Interest rate risk - PCI Biotech has no interest-bearing debt and interest risks are mainly related to the  
Group's holdings of cash and cash equivalents. The risk is of such character that the Group has  
chosen a prudent strategy regarding interest rate risk for its cash and cash equivalents, and assets are  
placed as bank deposits or invested in low-risk short-term money market instruments. Per year-end  
2024 and 2023 all cash and cash-equivalents were placed as bank deposits.  
Liquidity risk - The biotech industry is a resource demanding industry, and product development can  
be both labour and cash intensive. One of the main objectives of PCI Biotech's financial policy is to  
ensure that the Group has sufficient short- and long-term financial flexibility to achieve strategic and  
operational objectives. PCI Biotech's goal is to at least have sufficient funds to cover the expected  
capital need for the next 12 months, as well as a strategic reserve. The Group closely monitors cash  
flows based on short- and long-term forecasts. PCI Biotech’s financial policy goal of a strategic  
reserve beyond the next twelve months is not secured by date of this report.  
The cash burn rate depends mainly on the level of activity in the development projects. PCI Biotech  
has no external debt with financial covenants or material long-term debt.  
PCI Biotech’s most important sources of financing are future royalty and milestone payments  
associated with potential licensing agreements, government grants, and the capital market. PCI  
Biotech is a pre-commercial stage biotechnology company, meaning that the Company mainly relies  
on the ability to raise funds via the equity capital market and government grants. The capital market is  
foreseen to be used as a source of liquidity when this is appropriate and the conditions in these  
markets are competitive. No assurance can be made about PCI Biotech’s ability to raise such  
financing. Please refer to the Going Concern section below for further information.  
GOING CONCERN  
The financial statements for 2024 have been prepared under the going concern assumption in  
accordance with § 4-5 of the Norwegian Accounting Act (NAA).  
The cash position at year-end 2024 is not expected to support the planned operations for the next  
twelve months. PCI Biotech has no external debt with financial covenants or material long-term debt.  
Current operations do not involve substantial long-term commitments for the Group, allowing flexibility  
for adjusting operational activities and the corresponding cash burn rate. The company will continue to  
explore financing and strategic opportunities to secure continued operations beyond the next twelve  
months from the date of this report. The capital market is foreseen to be used as a source of liquidity  
when this is appropriate, but no assurance can be made about PCI Biotech’s ability to raise such  
financing. The uncertainty around access to financing indicates that a material uncertainty exists that  
may cast significant doubt on the Company’s and the Group’s ability to continue as a going concern.  
CORPORATE GOVERNANCE AND SUSTAINABILITY REPORTING  
The Board of Directors refers to the document on corporate governance in this annual report relating  
to corporate governance reporting in accordance with § 2-9 of the Norwegian Accounting Act (NAA).  
PCI Biotech Holding ASA and the PCI Biotech Group are according to the NAA §1-5 categorised as a  
micro-size company and therefore excepted from the sustainability reporting requirements according  
to NAA § 2-3.  
PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no: 991036393 VAT  
Phone: +47 67 11 54 00, www.pcibiotech.com  
10  
 
STATEMENT ON TRANSPARENCY ACT  
PCI Biotech strives to comply with the act relating to enterprises’ transparency and work on  
fundamental human rights and decent working conditions (Transparency Act). The Transparency Act  
applies to larger enterprises and applies to PCI Biotech being a listed company according to the  
Transparency Act § 2, despite being categorised as a micro-size company according to the Norwegian  
Accounting Act § 1-5. The Act shall promote enterprises’ respect for fundamental human rights and  
decent working conditions in connection with the production of goods and the provision of services  
and ensure the general public access to information regarding how enterprises address adverse  
impacts on fundamental human rights and decent working conditions.  
The enterprises shall carry out due diligence in accordance with the OECD (Organisation for  
Economic Co-operation and Development) Guidelines for Multinational Enterprises. Due diligence  
means, among other things, identifying and assessing actual and potential adverse impacts on  
fundamental human rights and decent working conditions that the enterprise has either caused or  
contributed toward, or that are directly linked with the enterprise’s operations, products, or services via  
the supply chain or business partners.  
Due diligence shall be carried out regularly and in proportion to the size of the enterprise, the nature of  
the enterprise, the context of its operations, and the severity and probability of adverse impacts on  
fundamental human rights and decent working conditions.  
Enterprises shall publish an account of due diligence and the account shall at least include:  
a) a general description of the enterprise's structure, area of operations, guidelines and procedures for  
handling actual and potential adverse impacts on fundamental human rights and decent working  
conditions  
b) information regarding actual adverse impacts and significant risks of adverse impacts that the  
enterprise has identified through its due diligence  
c) information regarding measures the enterprise has implemented or plans to implement to cease  
actual adverse impacts or mitigate significant risks of adverse impacts, and the results or expected  
results of these measures.  
Duty to account for due diligence:  
PCI Biotech confirms performance of due diligence in Q1 2025 in accordance with the above, and  
report the following:  
a) PCI Biotech is a biotechnology company. The nature of operations is to perform research and  
development with the aim to develop novel products and therapies through its photochemical  
technology platform. The Group is domiciled in Norway, located at Oslo Cancer Cluster Innovation  
Park, and consists of the parent company PCI Biotech Holding ASA and the wholly owned subsidiary  
PCI Biotech AS. The Group is in pre-commercial phase and has 7 employees per year-end 2024. The  
Group has no sales or supply of goods or services and a limited complexity in its operations.  
PCI Biotech’s business relationships can be categorised as service providers of standard professional  
services (legal, intellectual property, business development, contract research organisations etc.),  
academic institutions (pre-clinical research) or life-science related professionals (biotech’s, pharma,  
key opinion leaders etc.), and other suppliers of consumables. PCI Biotech’s main consumables are  
materials for in vitro and in vivo preclinical research commonly available across European and US  
based suppliers.  
The Group is concerned with human- and labour rights, social issues and sustainable development.  
Fundamental human rights and decent working conditions for employees are handled by compliance  
to standard Norwegian employment regulations, annual (minimum) individual employee meetings,  
established remuneration policy, regular workload reporting, regular management and employee  
PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no: 991036393 VAT  
Phone: +47 67 11 54 00, www.pcibiotech.com  
11  
 
assembly meetings, annual risk assessments, established EHS routines, onboarding and training  
routines, whistle-blowing routines, and ethical guidelines. For external affairs the company has  
implemented corporate social responsibility guidelines and core values follows by the ethical  
guidelines.  
b) The annual due diligence was performed in Q1 2025, following last year’s assessment performed in  
Q1 2024. The assessment approach and methodology were based on the Transparency Act, section  
4. Duty to carry out due diligence. To tailor the due diligence process to PCI Biotech’s size, nature and  
context of operations, and the severity and probability of adverse impacts on fundamental human  
rights and decent working conditions, a risk-based approach was applied. All suppliers were screened  
based upon product/service volume higher than NOK 0.1 million for the year of 2024 and expected  
future annual volumes, supplier/service provider category, and country of origin. Selected service  
providers were in 2024 and 2025 approached for relevant information regarding their policy related to  
fundamental human rights and decent working conditions.  
This risk-based due diligence did not result in identification of suppliers or business partners with  
underlying significant risks of severe adverse impacts on fundamental human rights and decent  
working conditions caused or contributed toward by PCI Biotech, or increased risk for potential  
adverse impacts during 2025. Based on this risk-based due diligence no further procedures toward  
PCI Biotech’s supply chain and business partners were performed.  
Internal affairs compliance with fundamental human rights and decent working conditions were  
secured based on review of the above-described internal control routines. The review did not identify  
any actual adverse impacts or significant risks of adverse impacts on fundamental human rights and  
decent working conditions caused by PCI Biotech’s operations during 2024, or increased risk for  
potential adverse impacts during 2025.  
c) PCI Biotech is concerned with human- and labour rights, and social issues. Beyond PCI Biotech’s  
general corporate social responsibility guidelines, core values as stated in the ethical guidelines, and  
procedures according to the Transparency Act it is not regarded as necessary to implement specific  
guidelines, procedures, or measures for handling actual and potential adverse impacts on  
fundamental human rights and decent working conditions caused by, or directly linked via, our supply  
chain or business partners. This assessment is based upon PCI Biotech’s size, nature and context of  
operations, and the outcome of the three due diligences performed in Q1 2023, Q1 2024, and Q1  
2025, all indicating low risk of severe adverse impacts on fundamental human rights and decent  
working conditions. PCI Biotech is prepared for implementation of such additional guidelines and  
procedures when deemed appropriate based upon the outcome of regular due diligence assessments  
or if there are changes to PCI Biotech’s size, nature, and context of operations that negatively impact  
the potential severity and probability of adverse impacts.  
SUBSEQUENT EVENTS  
A total of 75,000 share options were allotted to Morten Luhr connected to his promotion to Chief  
Scientific Officer and member of the executive team in January 2025. The current authorisation to the  
Board of Directors, granted by the Annual General Meeting in May 2024, for the employee share  
option program allows for a total of 2,790,000 share options, of which 2.463.334 share options have  
been granted by the Board of Directors per date of this report.  
PCI Biotech is not aware of any subsequent events since year-end 2024 which are of material  
significance to the financial statements as of 31 December 2024.  
PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no: 991036393 VAT  
Phone: +47 67 11 54 00, www.pcibiotech.com  
12  
 
OUTLOOK  
PCI Biotech’s proprietary photochemical technology platform is under development in two distinct  
programmes, with the opportunity to unlock the true potential of certain classes of innovative  
medicines and bring forward new technologies and innovative products.  
The main priorities of PCI Biotech are to further develop the promising enabling technology for viral  
vector manufacturing, and manage alliance and partnering activities across all commercially  
interesting areas for the technology platform.  
Oslo, 24 April 2025  
Board of Directors and Chief Executive Officer,  
PCI Biotech Holding ASA  
Hans Peter Bøhn  
Hilde Furberg  
Chair  
Director  
Lars Viksmoen  
Ronny Skuggedal  
Director  
CEO  
PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no: 991036393 VAT  
Phone: +47 67 11 54 00, www.pcibiotech.com  
13  
 
RESPONSIBILITY STATEMENT FROM THE BOARD OF DIRECTORS AND CEO  
We confirm that the financial statements for the period 1 January to 31 December 2024, to the best of  
our knowledge, have been prepared in accordance with IFRS and that the accounts give a true and  
fair view of the assets, liabilities, financial position and results of operations, and that the information in  
the report includes a fair review of the development, performance and position of the Company and  
the Group, together with a description of the principal risks and uncertainties PCI Biotech faces.  
Oslo, 24 April 2025  
Board of Directors and Chief Executive Officer,  
PCI Biotech Holding ASA  
Hans Peter Bøhn  
Hilde Furberg  
Chair  
Director  
Lars Viksmoen  
Ronny Skuggedal  
Director  
CEO  
PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no: 991036393 VAT  
Phone: +47 67 11 54 00, www.pcibiotech.com  
14  
 
ANNUAL  
STATEMENT  
ON  
CORPORATE  
GOVERNANCE  
POLICY  
including corporate social responsibility and sustainability  
PCI Biotech Holding ASA emphasises good corporate governance  
The Norwegian Code of Practice for corporate governance is a guideline for listed companies to help  
regulate the division of roles between shareholders, the board of directors and executive management  
more comprehensively than is required by legislation.  
PCI Biotech Holding ASA (“PCI Biotech” or “The Company”) bases its corporate governance policy on  
the Norwegian Code of Practice of 14 October 2021. Adherence to the code of practice is  
implemented on the basis of a "comply or explain principle".  
The Board of Directors and management have resolved as a main principle to follow the  
recommendations of the Norwegian Corporate Governance Code (“the Code”) to the extent not  
considered unreasonable due to the company size and stage of development. If the code is not fully  
implemented, explanations of non-conformance are provided. PCI Biotech’s compliance with the Code  
is described in this report and section numbers refer to the Code’s chapters.  
1. Implementation and reporting on corporate governance  
PCI Biotech acknowledges the division of roles between shareholders, the Board of Directors, and the  
executive management team. PCI Biotech has implemented a sound corporate governance policy.  
Guidelines on corporate governance and statement of compliance with the Code is presented in the  
Company’s annual report and website. The Company ensures that the policy is adopted by holding  
regular Board of Directors’ meetings where the executive management team attends to present  
strategic, operational, and financial matters.  
Corporate values are established with the purpose to establish a healthy corporate culture and  
preserve the Company's integrity by helping employees to comply with standards of good business  
conduct. Furthermore, the values are intended to be a tool for self-assessment and for further  
development of the Company's identity. Corporate values are important foundations for PCI Biotech's  
corporate governance. Ethical guidelines are also established and these guidelines are based on  
corporate values.  
PCI Biotech adheres to the code of practice for corporate governance. The company has to date five  
deviations from the code and the reasons for the deviations and solutions selected are further  
explained under section 6, 9 and 12.  
2. Business  
The objective and purpose of PCI Biotech’s business are clearly defined and described in the articles  
of association. “The Company’s business activities shall include cancer treatment and drug delivery  
based on the PCI technology and other related activities, including participation in other companies  
with similar activities through equity, loan or by issue of guarantees.” The Company’s articles of  
association are available at the Company’s website and the Company’s objectives and strategy are  
available in the annual report.  
PCI Biotech has defined development programmes with clear objectives, strategies, and risk profiles  
for the company’s business activities to enable PCI Biotech to create long-term value for its  
shareholders. The Board of Directors performs annual evaluations of the objectives, strategies, and  
risk profiles.  
The company has implemented guidelines for how to integrate stakeholder considerations into its  
value creation in a sustainable manner, through corporate social responsibility and ethical guidelines.  
2.1 Corporate social responsibility  
PCI Biotech is a Norwegian based company focusing on development and commercialisation of novel  
therapies and new technologies through its innovative photochemical technology platform. The PCI  
PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no: 991036393 VAT  
Phone: +47 67 11 54 00, www.pcibiotech.com  
15  
 
Biotech Group consists of 7 employees and the core competencies are possessed by these  
employees, while the group's other resources in research and development are mainly purchased  
from public and private research institutions and service providers across Europe and USA.  
As of today, the Group has no sales or supply of services and a limited complexity in operations. The  
Group has established guidelines and policies in accordance with internal control policies for  
comparable businesses of similar size, complexity, and industry to fight corruption. This means that  
the group requires its directors and employees to demonstrate high ethical standards in business and  
interpersonal relationships. Other principles followed are prevention through awareness-raising,  
limitation of opportunities, high detection risk of, and zero tolerance for corruption.  
The Group has established its own quality control system in line with authorities’ requirements within  
the activities that the Group operates, in terms of production and storage of pharmaceutical products.  
The quality control procedures are based on the relevant activities in relation to the different phases of  
operation and the development of procedures is thus a dynamic process. The Group is concerned that  
staff have appropriate training and experience in their business areas and staff are regularly updated  
within their business fields.  
The Group is concerned with animal welfare, human- and labour rights, social issues, and sustainable  
development. The Group's management conducts regular performance reviews and internal  
evaluations, and the Group adapts according to Norwegian law within the area. Preclinical research is  
subject to strict government regulation on animal welfare. The Group considers that animal welfare,  
human rights, labour rights, and social issues are well taken care of, both internally and among its  
subcontractors. Regarding sustainability, please see section 2.2.  
The Group has not identified any material issues based on the corporate social responsibility  
procedures (CSR) performed in 2024 and 2023. The implementation of further detailed specific  
objectives, strategies or action plans related to CSR, beyond the ones described above, has not yet  
been prioritised, but will be developed along with the continuous development of PCI Biotech’s  
operations.  
2.2 Sustainability  
PCI Biotech is concerned with sustainability but has not used any specific reporting standards or  
guidelines for sustainability reporting other than the Code. PCI Biotech Group is exempted from formal  
reporting requirements regarding sustainability according to the Norwegian Accounting Act, being  
categorised as a micro-size company.  
In general PCI Biotech’s strategy and operations are focused on human welfare through its vision of  
‘enabling advanced therapies. PCI Biotech focuses its development on anti-cancer immunotherapy  
and manufacturing of advanced therapy medicinal product (ATMP). This vision and focus may directly  
contribute to one of the UN’s seventeen sustainable development goals, goal #3 ‘Good health and  
well-being’, by driving innovation to improve the affordability and availability of life-saving treatments,  
supporting better health and well-being worldwide.  
All international anti-cancer development is strictly regulated regarding animal welfare. PCI Biotech  
have internal routines securing that the Group and service providers comply with all relevant standard  
in these regards.  
The Company strives to minimise our environmental footprint in daily operations. Travelling and the  
need for shipment of devices and materials for preclinical experiments are identified as the activities  
with the most environmental impact. To keep the environmental impact to a minimum, shipments are  
optimised in collaboration with our service providers and collaborators to reduce the number of  
shipments. External meetings are evaluated for use of virtual meeting tools when appropriate, to limit  
travel to what is considered necessary from an operational and business development perspective.  
PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no: 991036393 VAT  
Phone: +47 67 11 54 00, www.pcibiotech.com  
16  
 
The Group's operations are of such character that they do not significantly affect the environment  
beyond normal course of business for a small biotech company. Environmental issues are included in  
PCI Biotech’s ethical guidelines and environmental impact is assessed as described above.  
The implementation of further detailed specific objectives, strategies or action plans related to  
environmental issues, beyond the ones described above, has not yet been prioritised, but will be  
developed along with the continuous development of PCI Biotech’s operations.  
2.3 Ethical guidelines  
The ethical guidelines encompass the following elements: Core values, compliance with laws and  
regulations, working environment, interaction with different stakeholders, intragroup transactions,  
employee loyalty, conflicts of interest, confidentiality, environment, accounting, financial reporting,  
trading of Company shares, other employee activities and compliance with the ethical guidelines.  
2.4 Equality and diversity  
PCI Biotech's goal is to be a workplace with gender equality and where discrimination is not accepted.  
Respect for individuals is a cornerstone of our company values, accompanied by an including working  
environment. PCI Biotech strives to contribute to diversity and gender balance in recruitment  
processes, balanced with candidates’ expertise and capacity. During 2024, there was one recruitment  
of a female senior scientist. PCI Biotech’s total number of employees are 7, where of 3 are females  
and 4 are males. The management team consist of 2 male employees. The Board composition  
complies with minimum female representation for gender diversity, with 1 female and 2 male  
representatives.  
2.5 Transparency Act  
PCI Biotech strives to comply with the act relating to enterprises’ transparency and work on  
fundamental human rights and decent working conditions (Transparency Act). The Act shall promote  
enterprises’ respect for fundamental human rights and decent working conditions and ensure the  
general public access to information regarding how enterprises address adverse impacts on  
fundamental human rights and decent working conditions. PCI Biotech includes the Transparency Act  
in its corporate social responsibility work, and this section regarding transparency is considered an  
integrated part of the CSR reporting. To comply with the Transparency Act a statement that is to be  
published before 30th June 2025 is included under section 16 of this annual statement.  
3. Equity and dividends  
PCI Biotech’s equity as of 31 December 2024 was NOK 23.5 million. The capital structure is regularly  
assessed to the Company’s objectives, strategy, and risk profile. To tailor the capital structure to  
current operations the Group made a write-down of the share capital level during 2023 and the equity  
level is assessed as satisfactory per year-end 2024.  
To date the Company has not distributed any dividends and this dividend policy will apply as long as  
PCI Biotech is in a research and development phase. The Board of Directors has no mandate to  
approve the distribution of dividend.  
The Board of Directors has been authorised by the Company’s General Meeting in May 2024 to  
increase the share capital by share issue of up to 2,790,000 shares in connection with the Company’s  
employee incentive program and to issue shares in connection with private placements by an amount  
up to 10% of the share capital of the Company. The authorisations are valid to the next ordinary  
general meeting. Other than the above the Board of Directors has no general authorisation to issue  
shares.  
4. Equal treatment of shareholders  
PCI Biotech has only one class of shares and all shares have equal rights. Each share carries one  
vote. The Board of Directors and management are committed to treat all shareholders equally. The  
Company had no transactions in own shares during 2024.  
PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no: 991036393 VAT  
Phone: +47 67 11 54 00, www.pcibiotech.com  
17  
 
In the event of the Board of Directors resolving to issue new shares and waive the pre-emptive rights  
of existing shareholders, the Board of Directors intends to comply with the recommendation of the  
Norwegian Code of Practice for Corporate Governance that the justification for such waiver is noted in  
the Stock Exchange announcement relating to such a share issue.  
5. Shares and tradability  
The shares in PCI Biotech are freely tradable with no form of restriction. No restrictions regarding  
voting, ownership or tradability are placed on the shares in the Company’s Articles of Association.  
6. General Meetings  
The Board of Director’s facilitate that as many shareholders as possible may exercise their rights by  
participating at the General Meeting and that the General Meeting is an effective forum for both the  
views of shareholders and the Board of Director’s.  
The Chair of the Board of Director’s, the Chief Executive Officer (CEO) and the Chief Financial Officer  
(CFO) are present at the Annual General Meeting, along with the Group auditor. A representative from  
the Nomination Committee is encouraged to participate, if matters on the agenda are of relevance for  
such representation.  
Shareholders who are unable to participate themselves may vote by proxy and a person can also be  
appointed to vote for the shareholders as a proxy. The Board of Directors may decide that  
shareholders may submit their votes in writing, including by use of electronic communication, in a  
period prior to the general meeting.  
Notice of the meeting and relevant documents, including the proposal of the nomination committee,  
are made available on the company website three weeks in advance of the meeting. Notice of the  
meeting is sent to all shareholders individually, or to their depository banks, three weeks in advance of  
the meeting. The meeting notice includes information regarding shareholders’ rights, guidelines for  
registering and voting at the meeting. The company provides information on the procedure for  
representation at the meeting through proxy, nominations of a person to vote on behalf of the  
shareholders and to the extent possible prepare a form which allows separate voting instructions for  
each matter, hereunder for individual candidates for appointment to the Group’s governing bodies.  
The deadline for notice of attendance is set as close to the meeting as practically possible and in  
accordance with the provisions in the Articles of Association.  
Non-conformance with the recommendation: PCI Biotech is a small company and has encouraged  
directors to attend the General Meeting. The entire Board has not usually attended the General  
Meeting as, thus far, the items on the agenda of the General Meeting have not required all directors to  
attend. The Chair of the Board is present, and other Board members participate on an ad hoc basis.  
From the Group’s perspective, this is considered sufficient. The recommendation to implement  
routines to ensure an independent chairing of the meeting has not been applied, both for cost and  
convenience reasons based on the size of the company. From the Group’s perspective, this is  
considered sufficient. The Nomination Committee do usually not attend the General Meeting.  
7. Nomination Committee  
The requirement for a Nomination Committee and its guidelines follows from article 6 of the Articles of  
Association. The Nomination Committee's duties are to propose candidates for election to the Board of  
Directors and to propose remuneration. The Nomination Committee is required to justify its  
recommendations and encouraged to interact with shareholders, the Board of Directors and the Chief  
Executive Officer (CEO) in its work. The Nomination Committee’s members, including the chairperson,  
are elected by the General Meeting for two years at a time, unless otherwise resolved by the General  
Meeting and the General Meeting may adopt instructions for the Nomination Committee. The  
Nomination Committee shall consist of minimum two members who shall be shareholders or  
representatives for the shareholders. The remuneration to the members of the Nomination Committee  
is determined by the General Meeting.  
PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no: 991036393 VAT  
Phone: +47 67 11 54 00, www.pcibiotech.com  
18  
 
The Nomination Committee ensures that shareholders’ views are taken into account when qualified  
members are nominated to the governing bodies of PCI Biotech. Shareholders are encouraged to  
submit proposals to the Nomination Committee for candidates for election to the board of directors.  
Such proposals must be in writing and justified and be submitted minimum 2 months before the  
General Meeting if they are to be considered by the nomination committee.  
None of the Committee’s members represents PCI Biotech’s management or Board and they are all  
considered to be independent of daily management and the Board. The Nomination Committee is  
considered to have a composition that reflects the common interests of the community of  
shareholders.  
The nomination committee currently consists of the following two members: Jónas Einarsson  
(chairperson), and Erik Must. The current members have been elected by the general meeting with a  
term until the Company’s ordinary general meeting in 2025. The Nomination Committee’s contact  
details are available at PCI Biotech’s website.  
8. Board of Directors, composition and independence  
The Board of Directors is composed to ensure that the Board of Directors can operate independently,  
attend the common interest for all shareholders and the Company's need for expertise, capacity and  
diversity. The shareholders elect between three and seven members to the Board of Directors,  
including the Chair and they are elected for one-year terms by the General Meeting. The Board of  
Directors is presented on the company website. All board members are considered to be independent  
from the Company’s day-to-day management, main shareholders and material business connections.  
All board members are encouraged to be shareholders and their shareholdings are disclosed in the  
Annual Report.  
9. Work of the Board of Directors  
It is the responsibility of the Board of Directors to ensure that the Company has a well-functioning  
internal control environment in accordance with the regulations that apply to its activities and to  
supervise daily management and activities of the company in general. In addition, the Board of  
Directors is responsible for appointment of Chief Executive Officer (CEO) and convening and  
preparing for general meetings. The Board of Directors has implemented instructions for the Board  
and the executive management, with focus on allocation of internal responsibilities and duties. These  
instructions incudes handling of agreements with related parties, including whether an independent  
valuation must be obtained, and disclosure of such agreements in the annual directors’ report. The  
objectives, responsibilities and functions of the Board of Directors and the CEO are in compliance with  
rules and standards applicable for the Company.  
The Board of Directors should ensure that members of the Board and executive personnel make the  
Company aware of any material interests that they may have in items to be considered by the Board of  
Directors. The Board of Directors’ consideration of material matters in which the Chair of the Board is,  
or has been, personally involved, shall be chaired by another member of the Board.  
The Board of Directors adopts an annual plan for its work, which includes objectives, strategy and  
implementation. The CEO is responsible for keeping the Board of Directors informed about the  
company’s activities, position, and financial and operational developments. The Board of Directors  
evaluates its performance and expertise annually and the evaluation is made available to the  
Nomination Committee. The Company has not established a separate Audit Committee in accordance  
with the exemption in the Norwegian Public Limited Liability Companies Act. The Company has not  
established a separate Remuneration Committee. The Board of Directors in its entirety serves as both  
Audit and Remuneration Committee.The Board conducted eleven meetings in 2024. Board members  
had the following attendance at these meetings:  
Hans Peter Bøhn, 11/11  
Hilde Furberg, 11/11  
Lars Viksmoen,10/11  
PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no: 991036393 VAT  
Phone: +47 67 11 54 00, www.pcibiotech.com  
19  
 
Non-conformance with the recommendation: PCI Biotech has not established separate Audit and  
Remuneration Committees. The Board of Directors believes that this is most appropriate given the  
Company’s limited size and complexity. The Board of Directors will, depending on the Company's  
performance, consider appointing separate Audit and Remuneration Committees at a future date.  
10. Risk management and internal control  
It is the responsibility of the Board of Directors to ensure that the Company has sound internal controls  
and systems for risk management that are appropriate in relation to the extent and nature of the  
Company’s activities. Significant risks include strategic risks, market risks, financial risks, liquidity risks  
and operational risks including risks related to development of technologies and products. The internal  
control systems also include company values, code of ethics and corporate social responsibility. The  
Company’s significant risk areas and internal control systems are assessed on an on-going basis and  
at least once a year by the Board of Directors.  
Please also refer to The Board of Directors report, for a description of relevant risk factors.  
11. Remuneration of the Board of Directors  
The General Meeting determines the remuneration to the Board of Directors based on a proposal from  
the Nomination Committee. Remuneration reflects the Board of Directors responsibility, expertise, time  
commitment and the business complexity. The remuneration is not linked to the Company’s  
performance, and no share options are granted to Directors. Detailed information on the remuneration  
of the Board of Directors can be found in the Annual Report.  
Board members or companies to which they are connected should not undertake separate  
assignments for the Group in addition to the Board appointment. If they nevertheless do, the whole  
Board is to be informed. Fees for such assignments are to be approved by the Board. If remuneration  
has been paid above the normal Board fee, this is to be specified in the annual report.  
12. Remuneration of executive personnel  
The Board has established guidelines on the determination of salaries and other remuneration of  
executive management in accordance with § 6–16a of the Norwegian Public Companies Act. The  
remuneration guidelines shall be communicated to and is subject to advisory approval by the Annual  
General Meeting. The remuneration guidelines seek to contribute to the alignment of interests  
between the shareholders and executive management and sets out the main principles in determining  
the salary and other remuneration for the executive management. Performance-related remuneration  
is linked to long-term value creation for shareholders and is based on quantifiable factors that can be  
influenced by the executive management. A share option scheme is part of the remuneration policy,  
and the scheme is approved by the general meeting.  
Non-conformance with the recommendation: The established guidelines for other performance-based  
remuneration of executive management do not set an absolute limit in terms of potential future value  
per awarded share option. As a corrective action share options awarded in 2024, 2023 and 2022 were  
awarded with a value cap of 20 times the strike price. Great care is taken by the BoD when awarding  
share options to executive management and based on all elements of the guidelines for performance-  
based remuneration, and the value cap on share options awarded in 2024, 2024 and 2022, the current  
guidelines are considered appropriate.  
13. Information and communication  
The Company presents its financial statements in accordance with IFRS, and procedures have been  
established to ensure compliance with IFRS interim and annual reporting requirements. The  
Company's management, the Chief Executive Officer (CEO) and Chief Financial Officer (CFO) are  
responsible for preparing the financial statements, and financial reports are approved by the Board of  
Directors prior to publication. PCI Biotech reports in accordance with the rules in the Norwegian  
Securities Trading Act, as well as with the requirements specified by the Oslo Børs for companies with  
listed shares.  
PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no: 991036393 VAT  
Phone: +47 67 11 54 00, www.pcibiotech.com  
20  
 
The Group’s report on corporate social responsibility is integrated into the annual report. The Board  
has set an IR policy for PCI Biotech’s reporting of financial and other information. The Board has  
approved guidelines and procedures relating to the handling of insider information and trading in the  
company’s shares.  
The Company's guidelines for reporting of financial and other information are based on transparency  
and take into account the requirement for equal treatment of all participants in the securities market.  
The Company is committed to report financial results and other relevant information on an accurate  
and timely basis. The Company publishes a financial calendar on an annual basis, including dates for  
release of interim and annual reports and date for the Annual General Meeting. PCI Biotech considers  
it important to inform shareholders about the Group’s development and economic and financial status.  
Management are available for discussions with shareholders, other than through general meetings, to  
develop a balanced understanding of such shareholders’ situation and focus, subject however to the  
provisions in legislation and regulations. The Chair of the Board ensures that shareholders’ viewpoints  
are communicated to the entire Board.  
14. Take-overs  
The Board of Directors endorses the principles concerning equal treatment of all shareholders. In the  
event of a take-over bid, it is obliged to act in accordance with the requirements of Norwegian law and  
in accordance with the applicable principles for good corporate governance.  
The Board of Directors will not hinder or obstruct takeover bids for PCI Biotech’s activities or shares.  
The Board will ensure that shareholders are given sufficient information and time to form an opinion on  
an offer. If a takeover offer is received, the Board will issue a statement with a recommendation as to  
whether shareholders should or should not accept the offer.  
A transaction that in fact is a business disposal shall be approved by a General Meeting.  
15. Auditor  
RSM Norge AS is the appointed auditor of PCI Biotech.  
The auditor shall annually in writing confirm to the Board of Directors that he/she satisfies established  
requirements for independence and objectivity. The auditor participates at least one Board of Directors  
meeting per year, where he/she present auditors plan for the audit, the assessment of the Company’s  
internal control and participate during the approval of the annual accounts. The auditor has a minimum  
of one meeting per year with the Board of Directors without the presence of the Executive  
Management. The Board of Directors has established separate guidelines for use of non-audit  
services. Fees paid to the external auditor for audit and non-audit services are reported in the  
Company’s Annual Report, which are, in turn, approved by the Annual General Meeting. The auditor is  
requested to participate at the Annual General Meeting for consideration of the annual financial  
statement.  
PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no: 991036393 VAT  
Phone: +47 67 11 54 00, www.pcibiotech.com  
21  
 
PCI Biotech Holding ASA – financial statement  
STATEMENT OF COMPREHENSIVE INCOME  
For the year ended 31 December 2024  
(1.1 - 31.12)  
Parent  
Group  
2024  
2024  
2023 (figures in NOK 1,000)  
2023  
Note  
-
-
Other income  
6 735
2 990
5,6  
-
-
Total income  
6 735
2 990
-
-
Research and development  
16 062
15 627
8 628
9 604
7,8  
4 229 4 636 General and administrative  
7,8,9,10,14,23,24  
4 229 4 636 Total operating expenses  
24 690
25 231
-4 229 -4 636 Operating results  
-17 955
-22 241
176 5 078 Financial income  
1 633
95
2 086
160
11,15  
31 211  
7
Financial expenses  
11,15,24  
-31 034 5 071 Net financial results  
1 538
1 926
-35 263  
434 Profit/Loss before income tax  
Income tax  
-16 417
-20 315
-
-
-
-
12  
-35 263  
434 Net profit/loss for the year  
-16 417
-20 315
Other comprehensive income, net of tax  
-
-
-
-
Items that will not be reclassified to income statement  
Items that subsequently may be reclassified to income statement  
-
-
-
-
-35 263  
434 Total comprehensive income for the year  
-16 417
-20 315
-16 417
-20 315
Attributable to:  
Equity holders of the Parent  
Loss per share basic and diluted (figures in NOK)  
0.44
0.54
13  
PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no: 991036393 VAT  
Phone: +47 67 11 54 00, www.pcibiotech.com  
22  
 
PCI Biotech Holding ASA  
Statement of financial position  
for the year ended 31 December 2024  
Parent  
2024  
Group  
2024  
ASSETS  
2023  
2023  
(figures in NOK 1,000)  
Note  
Non-current assets  
-
45 277  
45 277  
-
Right-of-use assets  
310
-
310
297
-
297
24  
15  
75 660 Shares in subsidiary  
75 660 Total non-current assets  
Current assets  
-
74  
74  
2 538 Receivables from group companies  
14 Other current receivables  
2 553 Total receivables  
-
3 836
3 836
-
2 570
2 570
18  
18  
17  
540  
1 056 Cash and cash equivalents  
27 069
41 184
16,17,19  
Total current assets  
30 905
43 753
614  
3 609  
45 891  
79 269 Total assets  
31 215
44 050
PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no: 991036393 VAT  
Phone: +47 67 11 54 00, www.pcibiotech.com  
23  
 
PCI Biotech Holding ASA  
Statement of financial position  
for the year ended 31 December 2024  
Parent  
2024  
Group  
EQUITY AND  
LIABILITIES  
(figures in NOK 1,000)  
Equity  
2023  
2024  
2023  
Note  
1 119  
42 867  
-
1 119  
76 870  
434  
Share capital  
Other paid-in capital  
Retained earnings  
1 119
22 333
-
1 119
37 923
-
20  
8
43 987  
78 423 Total equity  
23 453
39 043
Liabilities  
Non-current liabilities  
-
-
Other non-current liabilities  
-
34
16  
Total non-current liabilities  
-
-
-
34
Current liabilities  
63  
933  
-
112  
796  
11  
-
-
100  
734  
Trade account payables  
Trade account payables - group  
Current lease liabilities  
Public duties payables  
Other current liabilities  
1 722
-
336
748
4 957
712
-
319
872
3 071
16  
24  
22  
Total current liabilities  
1 904  
846  
7 762
4 974
16,21  
1 904  
846 Total liabilities  
7 762
5 008
17  
45 891  
79 269 Total equity and liabilities  
31 215
44 050
Oslo, 24 April 2025  
Board of Directors and Chief Executive Officer,  
PCI Biotech Holding ASA  
Hans Peter Bøhn  
Chair  
Lars Viksmoen  
Director  
Hilde Furberg  
Director  
Ronny Skuggedal  
CEO  
PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no: 991036393 VAT  
Phone: +47 67 11 54 00, www.pcibiotech.com  
24  
 
PCI Biotech Holding ASA - GROUP  
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY  
for the year ended 31 December 2024  
(attributable to the equity holders of the parent)  
Share  
capital  
Other paid-in  
capital  
Retained  
earnings  
(figures in NOK 1,000)  
Note  
Total equity  
20  
Equity 31 December 2022  
111 979
-
-54 577
57 403
Loss for the period  
-
-20 315
-
-20 315
Other comprehensive income, net  
of tax  
-
-
-
-
Total comprehensive income for  
the period  
-
-20 315
74 915
1 955
-
35 944
-
-20 315
Capital changes  
Share based payments  
Allocation  
-110 859
-
1 955
-
-
-
8
-18 632
18 632
20  
Equity 31 December 2023  
1 119
37 923
-
39 043
Loss for the period  
Other comprehensive income, net  
of tax  
-
-16 417
-
-16 417
-
-
-
-
Total comprehensive income for  
the period  
-
-
-
-16 417
-
-
-
-16 417
Share based payments  
Allocation  
827
-
827
-
8
20  
Equity 31 December 2024  
1 119
22 333
-
23 453
PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no: 991036393 VAT  
Phone: +47 67 11 54 00, www.pcibiotech.com  
25  
 
PCI Biotech Holding ASA - PARENT  
STATEMENT OF CHANGES IN EQUITY  
for the year ended 31 December 2024  
Other paid-in  
capital  
Retained  
earnings  
(figures in NOK 1,000)  
Note  
Share capital  
Total equity  
20  
Equity 31 December 2022  
111 979  
-
-35 944  
76 034  
Profit for the period  
-
-
434  
434  
Other comprehensive income, net  
of tax  
-
-
-
-
Total comprehensive income  
for the period  
-
-
434  
434  
Capital changes  
Share based payments in  
subsidiary  
-110 859  
74 915  
35 944  
-
-
1 955  
-
1 955  
20  
Equity 31 December 2023  
1 119  
76 870  
434  
78 423  
Loss for for the period  
Other comprehensive income, net  
of tax  
-
-34 829  
-434  
-35 263  
-
-
-
-
Total comprehensive income  
for the period  
-
-34 829  
-434  
-35 263  
Share based payments in  
subsidiary  
-
827  
-
827  
8
20  
Equity 31 December 2024  
1 119  
42 867  
-
43 987  
PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no: 991036393 VAT  
Phone: +47 67 11 54 00, www.pcibiotech.com  
26  
 
PCI Biotech Holding ASA  
CASH FLOW STATEMENT  
for the year ended 31 December 2024  
Parent  
2024  
Parent  
2023  
Group Group  
2024 2023  
Note  
(figures in NOK 1,000)  
-35 263  
434 Profit/Loss before income tax  
- Depreciation and amortisation  
-16 417
-20 315
-
-
303
58
371
47
7,14  
24  
- Interest paid on leases  
31 034  
- Impairment investment in subsidiary  
-4 548 Reversal of previous impairment investment in subsidiary  
- Share-based payments  
9 Changes in accounts receivables  
5 Changes in account payables  
-296 Changes in other net operating assets and liabilities  
-
-
-
-
-
-
827
-1 266
1 010
1 727
1 955
3 593
217
-838
8
-59  
51  
250  
-3 987  
-4 396 Cash flow from operating activities  
-13 758
-14 970
3 472  
4 824 Net transactions intragroup interest-bearing loan  
-
-
3 472  
4 824 Net cash flow from investing activities  
-
-
-
- Payment principal portion of lease liability  
-357
-442
24  
19  
-
- Net cash flow from financing activities  
-357
-442
-516  
1 056  
428 Net changes in cash and cash equivalents  
628 Cash and cash equivalents 1 January  
-14 115
-15 412
41 184
56 596
540  
1 056 Cash and cash equivalents 31 December  
27 069
41 184
Additional information on operational cash flow  
1 Interest paid  
-
-
1
175  
527 Interest received  
1 596
2 045
PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no: 991036393 VAT  
Phone: +47 67 11 54 00, www.pcibiotech.com  
27  
 
PCI BIOTECH HOLDING ASA – ACCOUNTING PRINCIPLES 2024  
1. Corporate information  
The annual separate financial statement for 2024 for PCI Biotech Holding ASA (the Company) and the  
consolidated financial statement (the Group or PCI Biotech) was approved for publication by the Board  
of Directors on 24th April 2025.  
PCI Biotech Holding ASA is a public listed company domiciled in Norway. The business of the Group
is associated with research and development of pharmaceutical products and related technical  
equipment. The Company is listed on the Oslo Børs and the registered office address is  
Ullernchausséen 64, N-0379 Oslo.
2. Significant accounting policies
2.1 Basis of preparation  
The Group and the Company’s annual financial statement are prepared in accordance with IFRS  
Accounting Standards as adopted by the EU as per 31 December 2024.  
The annual accounts for the Group and the Company have been prepared on the basis of historical  
cost. The financial income statement is presented by function of expense.  
NOK (Norwegian kroner) is the functional currency for all companies within the Group. The Group’s  
consolidated financial statements are presented in NOK, which is also the parent company’s functional  
currency. In the absence of any statement to the contrary, all financial information is reported in whole  
thousands. As a result of rounding adjustments, the figures in the financial statements may not add up  
to the totals. Amounts in this report have been rounded off to the nearest thousand currency units, or  
in certain cases, the nearest currency unit.  
2.2 Basis of consolidation  
The consolidated financial statements comprise the financial statements of PCI Biotech Holding ASA  
and its wholly owned subsidiary PCI Biotech AS. The subsidiary is fully consolidated. The consolidated  
financial statements are prepared using uniform accounting policies for similar transactions and events  
under similar circumstances.  
2.3 Summary of significant accounting policies  
The accounting policies that are material to the consolidated entity are set out below.  
a) Government
grants  
Government grants are presented as other income. Government grants are recognised where there is  
reasonable assurance that the grant will be received, and all attached conditions will be complied with.  
b) Taxes  
Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if  
it is probable that future taxable amounts will be available to utilise those temporary differences and  
losses.  
c) Intangible
assets - Research and development costs, and patents and trademarks  
The Group has currently no development expenditure that qualifies for recognition as an asset under  
IAS 38 Intangible Assets. Research costs, including costs related to patents and trademarks, are  
expensed as incurred.  
PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no:
991036393 VAT  
Phone: +47 67 11 54 00, www.pcibiotech.com  
28  
 
d) Financial
instruments  
Financial assets and liabilities at amortised cost are the most relevant category for the Group. The  
Group does not have financial assets or liabilities at fair value through profit and loss.  
e) Share-based
payments  
Employees (including executive management) of the Group receive remuneration in the form of share-  
based payments, whereby employees render services as consideration for equity instruments (equity-  
settled transactions). The cost of equity-settled transactions is determined by the fair value at the date  
when the grant of share-options are made using the Black-Scholes valuation model.  
Accounting policies only relevant for the Parent separate financial statement:  
f) Investment
in subsidiaries  
Shares and investments intended for long-term ownership are reported in the Company’s statement of  
financial position as non-current assets and valued at cost. The Company determines at each  
reporting date whether there is any objective indication that the investment in the subsidiary is  
impaired. In the impairment testing, the Parent company considers the observable market  
capitalisation of the PCI Biotech Group at Oslo Børs as a key indicator of the recoverable amount for  
its investment in the wholly-owned subsidiary, PCI Biotech AS.  
2.4 Changes in accounting policies and disclosures  
The accounting policies adopted for 2024 are consistent with those of the previous financial year.  
There are amendments effective for the period beginning 1 January 2024 related to IAS 7, IFRS 7,  
IFRS 16 and IAS 1. These amendments had no effect on the financial statements.  
3. Significant accounting estimates and assumptions  
The preparation of the Group’s consolidated financial statements requires management to make  
judgments, estimates and assumptions that affect the reported amounts of other revenue, expenses,  
assets and liabilities, and the accompanying disclosures. Uncertainty about these assumptions and  
estimates could result in outcomes that require a material adjustment to the carrying amount of assets  
or liabilities affected in future periods.  
Other disclosures relating to the Group’s exposure to risks and uncertainties include:  
•
Financial risk management and policies, Note 16 Financial risk.  
In the process of applying the Group’s accounting policies, management has made the following  
estimates and assumption, which have the most significant effect on the amounts recognised in the  
consolidated financial statements:  
•
The fair value of employee options is calculated according to the Black-Scholes method. This  
method involves the use of estimates and discretionary assessments, as described in more detail  
in Note 8. The allocation of options to employees of subsidiary is made directly from the parent  
company and the financial presentation is correspondingly reported in the subsidiary.  
•
The Group has not recognised a deferred tax asset related to carry forward losses, as described  
in more detail in Note 12 Tax.  
Significant accounting estimates and assumptions only relevant for the Parent  
In the process of applying the Group’s accounting policies, management has made the following  
PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no:
991036393 VAT  
Phone: +47 67 11 54 00, www.pcibiotech.com  
29  
 
judgments, which have the most significant effect on the amounts recognised in the separate financial  
statements for the Parent:  
•
PCI Biotech Holding ASA has in its separate financial statement performed an assessment of the  
carrying amount of the subsidiary PCI Biotech AS, see Note 11 Financial income and expenses  
and Note 15 Shares in subsidiaries for further information.  
4. New Accounting Standards and Interpretations not yet mandatory or early adopted  
Accounting Standards that have recently been issued or amended but are not yet mandatory, have not  
been early adopted for the annual reporting period ended 31 December 2024.  
IFRS 18 Presentation and Disclosure in Financial Statements was issued in 2024, effective for periods  
beginning on or after 1 January 2027. IFRS 18 will replace IAS 1 Presentation of Financial Statements  
and introduce new requirements to help achieve comparability across companies. IFRS 18 will not  
change how companies recognise and measure items in the financial statements. However, most  
companies will expect changes in the presentation of the statement of profit or loss and disclosure in  
the notes. The impact of changes resulting from implementation of IFRS 18 has not yet been  
assessed for PCI Biotech.  
PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no:
991036393 VAT  
Phone: +47 67 11 54 00, www.pcibiotech.com  
30  
 
PCI BIOTECH HOLDING ASA - NOTES FINANCIAL STATEMENT 2024  
5
OTHER INCOME  
OTHER INCOME  
(figures in NOK 1,000)  
Group  
2024  
2023  
SkatteFUNN  
2 384  
2 148  
Grants from the Research Council of Norway  
851  
746  
Grants from Innovation Norway  
3 500  
-
Other  
-
96  
Total other income  
6 735  
2 990  
Government grants for R&D purposes are recognised when there is reasonable assurance that the  
grant will be received, and all attached conditions will be complied with. When the grant relates to an  
expense item, it is recognised as income on a systematic basis over the periods that the related costs,  
for which it is intended to compensate, are expensed. Grants are disclosed as other income. The  
Research Council of Norway have approved a SkatteFUNN and a PhD industry candidate grant for the  
period from 2023 through 2025, while Innovation Norway has approved a grant for 2024. Grant  
receivables as of year-end are disclosed in Note 18 Receivables.  
6
OPERATING SEGMENTS  
The Group has only one operating segment, which is research and development. The accounting  
principles applied for operating segment and financial reporting purposes, are consistent. The Group  
had no revenues for the reporting periods. All non-current assets are geographically located to  
Norway.  
7
STATEMENT OF COMPREHENSIVE INCOME ACCORDING TO CLASSIFICATION AND  
R&D EXPENSES BY CATEGORY  
Operating costs according to classification.  
(figures in NOK 1,000)  
Group  
Parent  
Note  
2024  
2023  
2024 2023  
Salary expenses  
8
10 040
10 910  
1 156
1 260  
Share option scheme, accounting effect  
8
768  
2 014  
-
-
R&D exclusive salary and other operating expenses  
9 003  
6 179  
-
-
Depreciation and amortisation  
14,24  
303  
371  
-
-
Legal, audit, accounting, patents, and other fees*  
2 446  
3 818  
1 807
2 105  
Other operating expenses  
2 130  
1 940  
1 266
1 272  
Total operating expenses  
24 690
25 231  
4 229
4 636  
*Other fees for the Parent company relates to management services performed by employees formally employed by the wholly-  
owned subsidiary, PCI Biotech AS.  
Of the salary expenses NOK 4 806 relates to R&D activities (2023: NOK 5 806).  
Research and development expenses by category:  
2024  
2023  
Pre-clinical studies  
12 303  
9 613  
CMC and equipment  
1 505  
2 172  
Patents  
2 253  
3 642  
Other expenses  
-
200  
Total  
16 062  
15 627  
PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no:
991036393 VAT  
Phone: +47 67 11 54 00, www.pcibiotech.com  
31  
 
The Group has no development expenditure that qualifies for recognition of an asset under IAS 38 and  
intangible assets and all research expenditures are charged through the income statement, in line with  
previous years. A new batch of the product under development (fimaporfin) was produced in 2019 and  
an estimated cost value of fimaporfin in stock per year-end is NOK 2.5 million (2023: NOK 2.5 million).  
8
SALARY EXPENSES AND OTHER REMUNERATION  
(figures in NOK 1,000)  
Note  
Group  
Parent  
2024  
2023  
2024  
2023  
Wages and Board of Directors remuneration  
8 041  
8 604  
1 058  
1 158  
Social security contributions  
1 202  
1 409  
99  
102  
Share-based payments, incl social security  
768  
2 014  
-
-
Pension costs  
9
697  
784  
-
-
Other expenses  
100  
112  
-
-
Total salary expenses  
10 808  
12 923  
1 156  
1 260  
No. of full-time equivalent positions  
5,2  
6.2  
0.0  
0.0  
Share option programme for employees  
Employees (including executive management) of the Group receive remuneration partly in the form of  
share-based payments, whereby employees render services as consideration for equity instruments  
(equity-settled transactions). The employees are employed in the subsidiary, PCI Biotech AS, and the  
share-based payment is thus accounted for as a P&L effect in the Group accounts and an investment  
in subsidiary in the separate parent company accounts. Each share option gives the right to subscribe  
for or acquire one share upon PCI Biotech Holding ASA's choice. The Black-Scholes method is used  
for fair value assessment of the share options at grant date. Further details about the share option  
program can be found in the Group remuneration policy. A total number of 885,000 share options  
were granted in 2024, and 700,000 in 2023. The Board of Directors has not been granted any share  
options. See note 23 Related party transactions for further information.  
Valuation method for fair value assessment of share options granted  
The Black-Scholes method is used for fair value assessment of the share options at grant date.  
Volatility is calculated based on PCI Biotech’s own stock market valuation. The exercise price is set at  
market terms, equal to the average volume weighted share price last five days of trade prior to grant  
date (5 days VWAP), and no premium for the share options are paid. The risk-free interest rate is  
based on Norwegian 3-5 years government bond yield. Each option program is assessed separately,  
and the fair value estimated at grant date is amortised over the vesting term. The share options  
granted in 2024 and 2023 are granted with a value cap of 20 times the strike price. If the value cap  
threshold is met, all share options will vest immediately and be available for exercise. The table below  
shows input values used in the fair value assessment model, and other relevant information.  
Share options granted in 2024 and 2023  
September 2024  
September 2023  
Number of share options granted  
885 000  
700 000  
Dividend yield  
0
0
Historical volatility (%)  
166 %  
109 %  
Risk free interest rate (%)  
3.18%  
3.96%  
Expected share option lifetime (years)  
5
5
Expected level of vesting  
81%  
78%  
Strike price (5 days VWAP)  
NOK 1.81  
NOK 1.66  
Fair value of all share options  
NOK 1.7 million  
NOK 0.8 million  
Vesting term  
3 years  
3 years  
Value cap  
20x strike price  
20x strike price  
PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no:
991036393 VAT  
Phone: +47 67 11 54 00, www.pcibiotech.com  
32  
 
Authorisation from the annual general meeting  
The general meeting held 24 May 2024 authorised the Board of Directors to grant the employees with  
a total of 2,790,000 share options and the authorisation applies for one year. 2,388,334 share options  
of the current authorisation have been granted by the Board of Directors at year-end 2024.  
Share option scheme income statement effect and year-end balance sheet items  
2024  
2023  
Income statement effect  
NOK -0.8 million  
NOK -2.0 million  
Other non-current liability  
-
NOK 34 thousand  
The potential social security liability for future exercises is calculated based upon share options that  
are in-the-money per reporting date and recognised as a current- or non-current liability in the balance  
sheet depending on vesting date of the underlying share options.  
For the parent company, PCI Biotech Holding ASA, a net amount of NOK 0.8 million for share-based  
payments (2023: NOK 2.0 million) is recognised as an investment in subsidiary.  
Share options outstanding at the end of the period have the following expiry date, exercise prices, and  
average remaining lifetime:  
Exercise  
price in  
NOK  
Average remaining  
Expiry date
per share  
Number of share options  
lifetime (years)  
2024  
2023  
2024  
2023  
2024 - Q3  
25.78  
-
150 000  
-
0.7  
2025 - Q3  
50.36  
130 000  
130 000  
0.7  
1.7  
2026 - Q3  
19.41  
136 667  
136 667  
1.7  
2.7  
2027 - Q3  
1.90  
556 667  
556 667  
2.7  
3.7  
2028 - Q3  
1.66  
680 000  
680 000  
3.7  
4.7  
2029 - Q3  
1.81  
885 000  
-
4.7  
Total  
2 388 334  
1 653 334  
Options granted to employees, average exercise price and transactions during the year is listed below:  
2024  
2023  
Number  
Average  
Number Average  
exercise  
exercise  
price in  
price in  
NOK per  
NOK per  
share  
share  
Outstanding at the beginning of the year
1 653 334  
9.23 1 000 000  
14.41  
Granted during the year  
885 000  
1.81  
700 000  
1.66  
Lapsed during the year  
150 000  
25.78  
46 666  
6.80  
Exercised during the year  
-
-
-
-
Expired during the year  
-
-
-
-
Outstanding at year-end  
2 388 334  
5.44 1 653 334  
9.23  
Exercisable options at year-end  
864 445  
11.89 570 000  
21.99  
PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no:
991036393 VAT  
Phone: +47 67 11 54 00, www.pcibiotech.com  
33  
 
9
PENSION EXPENSES  
(figures in NOK 1,000)  
Group  
2024  
2023  
Total pension cost from contribution schemes  
697  
784  
The contribution pension scheme is in compliance with Norwegian public requirements and a total of 6  
employees are included in the scheme at year-end 2024 (2023: 7 employees). The contributions are  
ranging from 7% to 21% of the employee’s ordinary salary up to 12 times the basic amount (G) of the  
Norwegian National Insurance scheme.  
10  
AUDITORS FEE  
AUDITOR FEES  
Group  
Parent  
(figures in NOK 1,000)  
2024  
2023  
2023  
2023  
Statutory audit  
210  
326  
134  
261  
Other assurance services  
33  
76  
-
76  
Total  
243  
403  
134  
337  
11  
FINANCIAL INCOME AND EXPENSES  
(figures in NOK 1,000)  
Group  
Parent  
2024  
2023  
2024  
2023  
Interest income  
1 597  
2 086  
32  
30  
Interest income group company  
-
-
145  
499  
Other financial income  
35  
-
-
4 548  
Total financial income  
1 633  
2 086  
176  
5 078  
Interest expense  
1
112  
-
7
Interest expense leasing  
58  
47  
-
-
Other financial expense  
37  
-
31 211  
-
Total financial expense  
95  
160  
31 211  
7
In 2024 the parent company made a partial impairment of its investment in the wholly-owned  
subsidiary PCI Biotech AS. The NOK 31.2 million impairment is disclosed as other financial expense  
for the parent company. In 2023 NOK 4.5 million of the previous year’s impairment was reversed and  
disclosed as other financial income.  
PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no:
991036393 VAT  
Phone: +47 67 11 54 00, www.pcibiotech.com  
34  
 
12  
TAX  
(figures in NOK 1,000)  
Group  
Parent  
2024 2023  
2024  
2023  
Comprehensive income before tax  
-16 417
-20 315
-35 263  
434  
Expected nominal rate of tax (2023: 22% / 2022: 22%)  
-3 612  
-4 469  
-7 758  
96  
Permanent differences charged through P&L  
-352  
-53  
6 866  
-1 001  
Deferred tax asset not recognised in the balance sheet  
3 964  
4 523  
892  
905  
Total tax expense for the year  
0
0
0
0
Specification of basis for deferred tax asset / liability  
Group  
Parent  
Temporary differences:  
2024  
2023  
2024  
2023  
Fixed assets  
-2 823  
-3 529  
-
-
Right of use asset / lease liability  
-26  
-22  
-
-
Social security liabilities share option scheme  
-
-59  
-
-
Tax loss carry forward  
-746 442
-727 662
-62 648  
-58 595  
Temporary differences and tax loss carry forward  
-749 291
-731 272
-62 648  
-58 595  
Deferred tax assets not recognised  
-164 844
-160 880
-13 783  
-12 891  
Deferred tax assets recognised  
0
0
0
0
The Group and Parent have no history of taxable profits and due to uncertainty of future utilisation,  
deferred tax assets have not been recognised in the balance sheets. The corporate tax rate in Norway  
was 22% in 2024 and 2023. The carry forward loss has no time limit according to current tax  
legislation.  
13  
EARNINGS PER SHARE  
Earnings per share for the Group (diluted earnings per share) are calculated on the basis of the  
financial result after tax for the year (financial result after tax for the year adjusted for dilutive effects)  
divided by a weighted average number of shares outstanding for the year (weighted average number  
of outstanding shares for the year adjusted for dilutive effects). Dilution effect is weighted number of  
outstanding share options which are in-the-money during the year. Accretive effects are not taken into  
consideration. Earnings per share are not affected by the dilution effect if negative results in the  
period.  
Earnings per share  
2024  
2023  
Weighted average number of shares (in '000)  
37 326  
37 326  
Net loss for the year  
-16 417  
-20 315  
Earnings per share (NOK per share)  
-0.44  
-0.54  
Dilution effect of in-the-money outstanding share options is not relevant as the result for the year is  
negative for 2024 and 2023.  
PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no:
991036393 VAT  
Phone: +47 67 11 54 00, www.pcibiotech.com  
35  
 
14  
FIXED ASSETS  
(figures in NOK 1,000)  
Group  
Office  
Device equipment
Total  
Acquisition cost per 31 December 2023  
9 609  
392 10 001  
Acquisition cost per 31 December 2024  
9 609  
392 10 001  
Accumulated depreciation per 1 January 2023  
9 609  
375 9 984  
Ordinary depreciation 2023  
-
18  
18  
Accumulated depreciation per 31 December 2023  
9 609  
392 10 001  
Ordinary depreciation 2024  
-
-
-
Accumulated depreciation per 31 December 2024  
9 609  
392 10 001  
Book value per 31 December 2023  
0
0
0
Book value per 31 December 2024  
0
0
0
The carrying amount was depreciated in full in 2023.  
15  
SHARES IN SUBSIDIARIES – only relevant for the Parent company  
Equity  
participation Carrying  
Financial  
Share capital
and share of  
amount  
(NOK  
Equity  
(NOK  
result  
(NOK  
Year of  
of company  
(NOK)  
voting  
rights  
Company  
acquisition  
thousand) thousand) thousand)  
PCI Biotech AS, Oslo -  
Norway  
2008  
Figures for 2024  
Figures for 2023  
323 260  
323 260  
100 %  
100 %  
45 277
24 723
-12 364  
75 660
36 260
-16 201  
The impairment test performed as of 31 December 2024 resulted in an impairment of the carrying  
amount of NOK 31.2 million, which was disclosed as other financial expenses for the parent company.  
The impairment test performed as of 31 December 2023 resulted in a NOK 4.5 million reversal of  
previous years impairment which was disclosed as other financial income. The observable market  
value of PCI Biotech Group at Oslo Børs is assessed as a key indicator for recoverable amount in the  
impairment testing.  
16  
FINANCIAL RISK  
This note describes the Group's various financial risks and the management of these. In addition,  
numerical tables for risk associated with financial risks are also presented.  
(I) Organisation of financial risk management  
PCI Biotech has an international business operation and is exposed to currency risk, interest risk,  
liquidity risk and credit risk. The Group has not utilised any derivatives or other financial instruments to  
reduce these risks during the accounting period. The responsibility for managing financial risk is at  
group level. The risk associated with centralised activities such as financing, interest rate and currency  
management is managed at group level. In addition, the group manages the risks associated with the  
business processes. The financial risk management is monitored by the Board of Directors.  
PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no:
991036393 VAT  
Phone: +47 67 11 54 00, www.pcibiotech.com  
36  
 
Centralised risk management  
PCI Biotech has a centralised risk management policy. The most important tasks within risk  
management are to ensure the Group's financial freedom to act both in a short- and long-term  
perspective, and to monitor and manage financial risk in cooperation with the individual units in the  
group.  
Financial risk  
This section describes the most important risk factors within each business area and the management  
of these. In this context, financial risk is understood as risk associated with financial instruments.  
These can either be hedging instruments for underlying risk or be considered themselves as a source  
of risk. Market risk is not hedged with financial instruments.  
Research and development activities  
PCI Biotech carries out research and development for new innovative medical products based on the  
company’s patented technology. The currency risk in research and development is limited to the  
purchase of services, primarily related to pre-clinical studies. The Group's expenses are incurred in  
multiple currencies. The Group is therefore exposed to fluctuations in exchange rates and the risk is  
assessed on a regular basis. PCI Biotech is currently not using any financial hedging instruments.  
(II) Classes of financial risk  
Interest rate risk  
Except for interest-bearing leasing liabilities, PCI Biotech does not have any interest-bearing debt, and  
the group’s interest rate risk is primarily associated with the Group’s cash positions and cash  
equivalents. This risk is managed at group level. The main strategy is to diversify the risk and invest in  
cash deposits with fixed or spot interest rates or money market funds with low risk, high liquidity and  
short duration. All funds are placed as cash deposits per year-end 2024 and 2023.  
Interest rate sensitivity  
Effect on financial result  
Group  
Parent  
Interest rate change  
2024  
2023  
2024  
2023  
+2%  
303  
513  
5
13  
-2%  
-303  
-513  
-5  
-13  
Bank deposits  
+5%  
758  
1 281  
12  
34  
-5%  
-758  
-1 281  
-12  
-34  
Liquidity risk  
The biotech industry is a resource demanding industry, and product development can be both labour  
and cash intensive. One of the main objectives of PCI Biotech's financial policy is to ensure that the  
Group has sufficient short- and long-term financial flexibility to achieve strategic and operational  
objectives. PCI Biotech's goal is to at least have sufficient funds to cover the expected capital need for  
the next 12 months, as well as a strategic reserve. This goal is not achieved as of year-end 2024. The  
Group closely monitors cash flows based on short- and long-term forecasts.  
The cash burn rate depends mainly on the level of activity in the development projects.
PCI Biotech  
has no external debt with financial covenants or material long-term debt. Current operations do not  
involve substantial long-term commitments for the Group, allowing flexibility for adjusting operational  
activities and the corresponding cash burn rate.  
PCI Biotech’s most important sources of financing are future royalty and milestone payments  
associated with potential licensing agreements, government grants, and the capital market. PCI  
Biotech is a pre-commercial stage biotech, meaning that the Company mainly relies on the ability to  
raise funds via the equity capital market and government grants.  
PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no:
991036393 VAT  
Phone: +47 67 11 54 00, www.pcibiotech.com  
37  
 
The capital market is foreseen to be used as a source of liquidity when this is appropriate, but no  
assurance can be made about PCI Biotech’s ability to raise such financing. For further information  
about the going concern assessment, please refer to Note 25 Going concern.  
Group (figures in NOK 1,000)  
Remaining period  
Less than
1-3 months
3-12 months
1-5 years
Total  
1 month  
31.12.2024  
Trade accounts payables  
1 722  
-
-
-
1 722  
Current lease liabilities  
-
-
336  
-
336  
Public duties payables  
522  
-
225  
-
747  
Other current liabilities  
803  
1 736  
2 418  
-
4 957  
Total liabilities  
3 047  
1 736  
2 978  
-
7 762  
31.12.2023  
Other non-current liabilities  
-
-
-
34  
34  
Trade accounts payables  
712  
-
-
-
712  
Current lease liabilities  
-
-
319  
-
319  
Public duties payables  
641  
96  
136  
-
872  
Other current liabilities  
262  
957  
1 853  
-
3 071  
Total liabilities  
1 615  
1 052  
2 307  
34 5 008  
Other non-current liabilities relate to estimated social securities for potential future share option  
exercises in the Group’s remuneration incentive program.  
Parent (figures in NOK 1,000)  
Remaining period  
Less than
1-3 months
3-12 months
1-5 years
Total  
1 month  
31.12.2024  
Trade accounts payables  
Trade accounts payables group  
Public duties payables  
Other current liabilities  
Total liabilities  
63  
-
-
-
63  
-
-
-
-
-
-
933  
112  
795  
1 840  
-
-
-
-
-
63  
933  
112  
795  
1 904  
31.12.2023  
Trade accounts payables  
Public duties payables  
Other current liabilities  
Total liabilities  
11  
-
-
-
-
-
-
-
100  
734  
835  
-
-
-
-
11  
100  
734  
846  
11  
Credit risk  
PCI Biotech has no sales or receivable balances based on sales and faces therefore no credit risk,  
and no bad debt provision has been recognised during 2024 or 2023. The majority of the Group’s  
financial assets are cash and cash equivalents and these funds are placed in cash deposits in  
different banks with satisfactory credit ratings. The credit risk for these funds is assessed to be low  
and no impairment test are performed for 2024 or 2023.  
PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no:
991036393 VAT  
Phone: +47 67 11 54 00, www.pcibiotech.com  
38  
 
Foreign currency risk  
As NOK is the Group’s functional currency, PCI Biotech is exposed to foreign currency risk associated  
with the Group’s foreign net exchange rate exposure. The Group’s expenses accrue in various  
currencies, primarily NOK and EUR. PCI Biotech is therefore exposed to fluctuations in foreign  
exchange rates. The Group evaluates whether measures should be taken to reduce the foreign  
currency risk through hedging for significant transactions and projects.  
The following table details the Group's and Parent company’s sensitivity to potential changes in the  
foreign currency exchange rate, with all other factors constant. The changes in exchange rates of  
+/10% is considered to be a reasonably possibly change. The calculation assumes an equal change in  
exchange rates against all relevant foreign currencies. The estimated effect on operating result is due  
to changes in value of monetary items in the balance sheet per year-end, with no effect on Other  
Comprehensive Income.  
Changes in exchange rates -
Effect on operating  
Euro  
result (NOK 1,000)  
Parent Group  
2024  
+/- 10 %  
+/- 0
+/- 213  
2023  
+/- 10 %  
+/- 0
+/- 49  
17  
CLASSIFICATIONS OF FINANCIAL ASSETS AND LIABILITIES  
The Group´s financial assets are mainly governmental grant receivables, and the Group’s financial  
liabilities are mainly trade accounts payables and other current liabilities. The Parent’s financial assets  
also include receivables from the wholly owned subsidiary, PCI Biotech AS. All these financial assets  
and liabilities are classified as financial instruments at amortised costs, and no financial assets or  
liabilities are classified at fair value through profit and loss.  
Financial assets and liabilities at amortised costs are measured at their nominal amount, as the  
nominal amount is assessed to be fair value due to the immaterial discounting effect for short-term  
maturities, except for lease liabilities which are measured and disclosed at amortised cost.  
18  
RECEIVABLES  
Receivables are measured by the amortised cost method, but due to the assets being current  
receivables the non-discounted contractual payments are disclosed.  
Other current receivables - specification  
(Figures in NOK 1,000)  
Group  
Parent  
2024  
2023  
2024  
2023  
Recognised not received government grants  
3 368  
2 394  
-
-
Prepaid payables  
58  
-
58  
-
VAT receivables  
410  
168  
15  
14  
Other  
-
8
-
-
Total other receivables  
3 836  
2 570  
74  
14  
PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no:
991036393 VAT  
Phone: +47 67 11 54 00, www.pcibiotech.com  
39  
 
19  
CASH AND CASH EQUIVALENTS  
(Figures in NOK 1,000)  
Group  
Parent  
2024  
2023  
2024  
2023  
Cash and cash equivalents, restricted (1)  
376  
385  
-
-
Cash and cash equivalents, non-restricted  
26 693  
40 798  
540  
1 056  
Total  
27 069  
41 184  
540  
1 056  
(1) Restricted cash and cash equivalents are security for the employees' withholding tax and bank deposits.  
The carrying amount of cash and cash equivalents is approximately equal to fair value since these  
instruments have a short term to maturity. The cash and cash equivalents are primarily placed in cash  
deposits in NOK in different banks with satisfactory credit ratings. The credit risk for these funds is  
assessed to be low and no impairment test are performed for 2024 or 2023.  
20  
SHARE CAPITAL  
Nominal value  
per share in  
No. of shares  
NOK  
Share capital in NOK  
Share capital as per 01.01.2023  
37 326 390  
3.00  
111 979 170  
Write down  
-
-2.97  
-110 859 379  
Share capital as per 31.12.2023  
37 326 390  
0.03  
1 119 792  
Transactions  
-
-
-
Share capital as per 31.12.2024  
37 326 390  
0.03  
1 119 792  
Prior to the annual general meeting in May 2023 less than 50% of the Company's share capital was  
retained. The board therefore assessed its duty to act in accordance with section 3-5 of the Norwegian  
Public Limited Liability Company's Act. As proposed by the board, the annual general meeting on 25th  
May 2023 decided that a write-down of the share capital was to be carried out by way of a reduction of  
the nominal value of the Company's shares in order to establish a capital structure that is sound and  
reasonable for the business PCI Biotech currently operates. Pursuant to the completion and duly  
registered share capital write-down on 16 August 2023 more than 50% of the share capital is retained.  
All shares have equal voting rights and otherwise have equal rights in the company and one share  
represents one voting right. Ordinary shares are classified as equity and only one class of shares  
exists. Expenses that are directly attributable to the issue of ordinary shares are disclosed as  
reduction of equity.  
The annual general meeting in May 2024 authorised the board of directors to execute share capital  
increases by issuing up to 2,790,000 shares in connection with the company’s employee share option  
program. The authorisation is valid for one year. In addition, the board of directors was authorised to  
execute share capital increases with up to NOK 12,034,000 in connection with private placements.  
The authorisation shall not be used to increase share capital by an amount in excess of 10% of the  
share capital, based on the share capital per date of the authorisation and potential share capital  
increases in relation to the employee share option program. The authorisation may be used for  
general corporate purposes and is valid for one year.  
PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no:
991036393 VAT  
Phone: +47 67 11 54 00, www.pcibiotech.com  
40  
 
Ownership structure per 31 December 2024:  
Name  
No. of shares  
Ownership  
FONDSAVANSE AS  
3 910 443  
10.5 %  
CLEARSTREAM BANKING S.A.  
1 613 241  
4.3 %  
MP PENSJON PK  
1 257 306  
3.4 %  
Nordnet Bank AB  
956 871  
2.6 %  
GRESSLIEN, Odd R.  
605 000  
1.6 %  
NORDNET LIVSFORSIKRING AS  
552 230  
1.5 %  
Jandersen Kapital AS  
500 000  
1.3 %  
UBS Switzerland AG  
479 356  
1.3 %  
KIRITEC AS  
450 000  
1.2 %  
BNP Paribas  
428 283  
1.1 %  
Total 10 largest shareholders  
10 752 730  
28.8 %  
Others (5,484 shareholders)  
26 573 660  
71.2 %  
Total  
37 326 390  
100 %  
Shares owned, directly or indirectly, by members of the board and executive management, and their  
personally related parties per 31.12.2024 and per 31.12.2023:  
Number of shares  
Name  
Position  
31.12.2024  
31.12.2023  
Hans Peter Bøhn  
Chair  
123 662  
123 662  
Lars Viksmoen  
Board member  
12 966  
12 966  
Hilde Furberg (Borkenholm AS)*  
Board member  
8 000  
8 000  
Anders Høgset  
CSO  
64 800  
64 800  
Ronny Skuggedal  
CFO  
55 000  
55 000  
Total  
264 428  
264 428  
* Hilde Furberg’s shares are owned via Borkenholm AS, which is a related party to Hilde Furberg.  
21  
FINANCING STRUCTURE  
Except for short-term interest-bearing leasing debt the Group had no external interest-bearing debt as  
of year-end 2024 or 2023.  
PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no:
991036393 VAT  
Phone: +47 67 11 54 00, www.pcibiotech.com  
41  
 
22  
OTHER CURRENT LIABILITIES BY YEAR END  
(Figures in NOK 1,000)  
Group  
Parent  
2024  
2023  
2024  
2023  
Accruals for incurred external R&D expenses  
2 466  
840  
-
-
Accruals for employee bonus, holiday payments,  
board remuneration etc.  
2 491  
2 231  
796  
734  
Total other current liabilities  
4 957  
3 071  
796  
734  
Other current liabilities are measured by the amortised cost method, but due to the liabilities being  
current liabilities the non-discounted contractual payments are disclosed.  
23  
RELATED PARTIES TRANSACTIONS  
Figures for remuneration are expensed amounts in the financial year. All board remunerations are  
accounted for in the parent company.  
Executive remuneration (NOK 1,000)  
2024  
2023  
Management team remuneration  
4 142  
4 164  
Board of Director’s remuneration  
1 058  
1 158  
The Board of Directors’ remuneration consists only of board remuneration as approved by the annual  
general meeting.  
The management team per year-end 2024 consists of a combined CEO and CFO position, and a  
CSO, totalling 2 persons. Please refer to the 2024 and 2023 Remuneration Report for more  
information.  
The senior executives participate in the Group’s pension plan, a defined contribution plan which  
entails payment of 7% to 21% of the employee's annual salary up to 12 times the basic National  
Insurance amount (G). The pension scheme also covers the event of disability.  
The CEO is entitled to six months' notice and has an agreement of additional 6 months’ salary on  
certain terms. There are no agreements beyond the statutory requirements for other senior executives.  
Senior executives have not received any remuneration or financial benefits from other companies in  
the Group other than those disclosed above. It is not given additional remuneration for special services  
outside the normal functions of a senior executive.  
There are no loans or pledges to senior executives, board of directors, employees or other persons in  
elected corporate bodies. For more details about PCI Biotech’s remuneration policy, please see the  
established guidelines on the determination of salaries and other remuneration of executive  
management in accordance with § 6–16a of the Norwegian Public Companies Act.  
Senior executive’s shareholdings in PCI Biotech Holding ASA are disclosed in note 20 Share capital.  
PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no:
991036393 VAT  
Phone: +47 67 11 54 00, www.pcibiotech.com  
42  
 
Allocation, exercise and holdings of share options in the Company for senior executives are presented  
in the table below:  
Average  
Overview share  
Total  
Total  
exercise  
options,  
holdings  
holdings  
price in  
Senior executives
31.12.2023 Allocated Lapsed
Exercised Expired
31.12.2024  
NOK  
Ronny Skuggedal,  
CEO / CFO  
660 000  
400 000  
-
-
40 000
1 020 000  
5.03  
Anders Høgset,  
CSO  
370 000  
130 000  
-
-
40 000  
460 000  
8.60  
Total  
1 030 000  
530 000  
-
-
80 000
1 480 000  
Other related parties:  
PCI Biotech AS  
The parent company, PCI Biotech Holding ASA, has no employees. The Group operations are  
managed through the wholly owned subsidiary PCI Biotech AS which has a management service  
agreement with the parent company, covering administrative costs and services for the Group. All  
transactions are performed at market terms.  
The parent company has been charged for services rendered according to the agreement of NOK 1.6  
million in 2024 (2023: NOK 1.7 million). The parent company has charged PCI Biotech AS interest  
expenses for intercompany loans of NOK 0.1 million during 2024 (2023: NOK 0.5 million). Net current  
receivables from PCI Biotech AS at year-end 2023 were NOK 2.5 million, while per year-end 2024  
there is a net current payable of NOK 0.9 million to PCI Biotech AS.  
24  
RIGHT-OF-USE USE ASSETS AND LEASE LIABILITIES  
PCI Biotech has entered into a lease agreement with Oslo Cancer Cluster Incubator, Ullernchausséen  
64 Oslo, Norway. In 2024 the lease agreement was amended to reflect reduced office space and a 6  
month rolling lease term. The lease agreement is subject to annual adjustment according to changes  
in the consumer price index. Right-of-use assets and lease liabilities are measured according to the  
amortised cost model, applying an incremental borrowing rate of 12% (2023: 12%). Nominal amounts  
of minimum lease payment for the non-cancellable operating leases are NOK 0.2 million (non-  
discounted contractual payments) per year-end 2024 (2023: NOK 0.5 million).  
Payments for the principal portion of the lease liabilities are not charged to profit and loss and will only  
have cash flow effects.  
Right-of-use asset - office lease  
Accumulated acquisition costs 01.01.2023  
3 151  
Adjustments FY2023  
-56  
Accumulated acquisition costs 31.12.2023  
3 095  
Additions FY2024  
316  
Accumulated acquisition costs 31.12.2024  
3 411  
Accumulated depreciation and impairment as of 01.01.2023  
2 447  
Depreciation FY 2023  
352  
Accumulated depreciation and impairment as of 31.12.2023  
2 799  
Depreciation FY 2024  
303  
Accumulated depreciation and impairment as of 31.12.2024  
3 103  
Total right-of-use assets – office lease as of 31.12.2023  
297  
Total right-of-use assets – office lease as of 31.12.2024  
310  
PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no:
991036393 VAT  
Phone: +47 67 11 54 00, www.pcibiotech.com  
43  
 
Lower of remaining lease term or economic life – 2023  
1.0 years  
Lower of remaining lease term or economic life - 2024  
1.0 years  
Depreciation method  
Linear  
Lease liabilities - office  
Accumulated lease liabilities 01.01.2023  
770  
De-recognition during 2023  
-56  
Payments principal portion of the lease liability FY 2023  
-442  
Interest expenses on the lease liability FY 2023  
47  
Accumulated lease liabilities 31.12.23  
319  
Recognition during 2024  
316  
Payments principal portion of the lease liability FY 2024  
-357  
Interest expenses on the lease liability FY 2024  
58  
Total lease liabilities for office as of 31.12.2024  
336  
Whereof:  
Current lease liabilities < 1 year 2024 / 2023  
336 / 319  
Non-current lease liabilities > 1 year 2024 / 2023  
0 / 0  
The Group applies the short-term lease recognition exemption for leases related to office equipment  
and parking facilities at the office in Oslo. Lease payments for this category of leases are consequently  
charged directly through profit and loss.  
Income statement effects leasing  
2024  
2023  
Depreciation of right-of-use asset  
-303  
-352  
Effect on Operating results net of tax  
-303  
-352  
Interest expenses on the lease liabilities  
-58  
-47  
Effect on Net financial result net of tax  
-58  
-47  
Comprehensive income effect net of tax  
-361  
-400  
The Group had total cash outflows related to leases of NOK 0.4 million in 2024 (2023: NOK 0.5  
million).  
25  
GOING CONCERN  
The financial statements for 2024 have been prepared under the going concern assumption in  
accordance with § 4-5 of the Norwegian Accounting Act (NAA).  
The cash position at year-end 2024 is not expected to support the planned operations for the next  
twelve months. PCI Biotech has no external debt with financial covenants or material long-term debt.  
Current operations do not involve substantial long-term commitments for the Group, allowing flexibility  
for adjusting operational activities and the corresponding cash burn rate. The company will continue to  
explore financing and strategic opportunities to secure continued operations beyond the next twelve  
months from the date of this report. The capital market is foreseen to be used as a source of liquidity  
when this is appropriate, but no assurance can be made about PCI Biotech’s ability to raise such  
financing. The uncertainty around access to financing indicates that a material uncertainty exists that  
may cast significant doubt on the Company’s and the Group’s ability to continue as a going concern.  
PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no:
991036393 VAT  
Phone: +47 67 11 54 00, www.pcibiotech.com  
44  
 
26  
SUBSEQUENT EVENTS  
A total of 75,000 share options were allotted to Morten Luhr connected to his promotion to Chief  
Scientific Officer and member of the executive team in January 2025. The current authorisation to the  
Board of Directors, granted by the Annual General Meeting in May 2024, for the employee share  
option program allows for a total of 2,790,000 share options, of which 2.463.334 share options have  
been granted by the Board of Directors per date of this report.  
PCI Biotech is not aware of any other subsequent events since year-end 2024 which are of material  
significance to the financial statements as of 31 December 2024.  
PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no:
991036393 VAT  
Phone: +47 67 11 54 00, www.pcibiotech.com  
45  
 
RSM Norge AS  
Ruseløkkveien 30, 0251 Oslo  
Pb 1312 Vika, 0112 Oslo  
Org.nr: 982 316 588 MVA  
To the General Meeting of PCI Biotech Holding ASA  
T +47 23 11 42 00  
F +47 23 11 42 01  
www.rsmnorge.no  
---  
Independent Auditor’s Report  
Report on the Audit of the Financial Statements  
Opinion  
We have audited the financial statements of PCI Biotech Holding ASA showing a loss of TNOK 35 263 in the  
financial statements of the parent company and a loss of TNOK 16 417 in the financial statements of the group.  
The financial statements comprise:  
•
the financial statements of the parent company PCI Biotech Holding ASA (the Company), which  
comprise the balance sheet as at 31 December 2024, the income statement, statement of  
comprehensive income, statement of changes in equity and statement of cash flows for the year then  
ended, and notes to the financial statements, including material accounting policy information, and  
•
the consolidated financial statements of PCI Biotech Holding ASA and its subsidiaries (the Group),  
which comprise the balance sheet as at 31 December 2024, the income statement, statement of  
comprehensive income, statement of changes in equity and statement of cash flows for the year then  
ended, and notes to the financial statements, including material accounting policy information.  
In our opinion  
•
•
the financial statements comply with applicable statutory requirements,  
the financial statements give a true and fair view of the financial position of the Company as at 31  
December 2024, and its financial performance and its cash flows for the year then ended in accordance  
with IFRS Accounting Standards as adopted by the EU, and  
•
the consolidated financial statements give a true and fair view of the financial position of the Group as at  
31 December 2024, and its financial performance and its cash flows for the year then ended in  
accordance with IFRS Accounting Standards as adopted by the EU.  
Our opinion is consistent with our additional report to the Audit Committee.  
RSM Norge AS (company number 982316588), RSM Advokatfirma AS (company number 914095573), RSM Norge  
Kompetanse AS (company number 925107492). RSM Advokatfirma AS and RSM Norge Kompetanse AS are  
affiliates of RSM Norge AS. RSM Norge AS is a member of the RSM Network and trades as RSM. RSM is the trading  
name used by the members of the RSM Network. Each member of the RSM Network is an independent assurance,  
tax and consulting firm each of which practices in its own right. The RSM network is not itself a separate legal entity  
of any description in any jurisdiction.  
 
Independent Auditor’s Report 2024 for PCI Biotech Holding ASA  
Basis for Opinion  
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities  
under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial  
Statements section of our report. We are independent of the Company and the Group as required by relevant  
laws and regulations in Norway and the International Ethics Standards Board for Accountants’ International  
Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code),  
and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that  
the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.  
To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit Regulation  
(537/2014) Article 5.1 have been provided.  
We have been the auditor of PCI Biotech Holding ASA for 2 years from the election by the general meeting of  
the shareholders on 25 May 2023 for the accounting year 2023.  
Material Uncertainty Related to Going Concern  
We draw attention to Note 25 in the financial statement, as well as in the Board of Directors’ report, which  
indicates that the Group’s cash position at year-end 2024 is not expected to support the planned operations for  
the next twelve months. Note 25 disclose uncertainty regarding access to further capital for the next twelve  
months subsequent to the period end date 31 December 2024. This indicate that a material uncertainty exists  
that may cast significant doubt on the Company’s and the Group’s ability to continue as a going concern. Our  
opinion is not modified in respect of this matter.  
Key Audit Matters  
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of  
the financial statements of the current period. These matters were addressed in the context of our audit of the  
financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion  
on these matters.  
Except for the matter described in the Material Uncertainty Related to Going Concern section, we have  
determined that there are no key audit matters to communicate in our report.  
Other Information  
The Board of Directors and the Managing Director (management) are responsible for the information in the  
Board of Directors’ report and the other information accompanying the financial statements. The other  
information comprises information in the annual report, but does not include the financial statements and our  
auditor’s report thereon. Our opinion on the financial statements does not cover the information in the Board of  
Directors’ report nor the other information accompanying the financial statements.  
In connection with our audit of the financial statements, our responsibility is to read the Board of Directors’  
report and the other information accompanying the financial statements. The purpose is to consider if there is  
material inconsistency between the Board of Directors’ report and the other information accompanying the  
financial statements and the financial statements or our knowledge obtained in the audit, or whether the Board  
of Directors’ report and the other information accompanying the financial statements otherwise appear to be  
materially misstated. We are required to report if there is a material misstatement in the Board of Directors’  
report or the other information accompanying the financial statements. We have nothing to report in this regard.  
2
 
Independent Auditor’s Report 2024 for PCI Biotech Holding ASA  
Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors’ report  
•
•
is consistent with the financial statements and  
contains the information required by applicable statutory requirements.  
Our opinion on the Board of Directors’ report applies correspondingly to the statement on Corporate  
Governance and Corporate Social Responsibility.  
Responsibilities of Management for the Financial Statements  
Management is responsible for the preparation of financial statements that give a true and fair view in  
accordance with IFRS Accounting Standards as adopted by the EU, and for such internal control as  
management determines is necessary to enable the preparation of financial statements that are free from  
material misstatement, whether due to fraud or error.  
In preparing the financial statements, management is responsible for assessing the Company’s and the Group’s  
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the  
going concern basis of accounting unless management either intends to liquidate the Group or to cease  
operations, or has no realistic alternative but to do so.  
Auditor’s Responsibilities for the Audit of the Financial Statements  
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free  
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our  
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in  
accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from  
fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to  
influence the economic decisions of users taken on the basis of these financial statements.  
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional  
scepticism throughout the audit. We also:  
•
identify and assess the risks of material misstatement of the financial statements, whether due to fraud  
or error. We design and perform audit procedures responsive to those risks, and obtain audit evidence  
that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material  
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve  
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.  
•
•
obtain an understanding of internal control relevant to the audit in order to design audit procedures that  
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the  
effectiveness of the Company's and the Group's internal control.  
evaluate the appropriateness of accounting policies used and the reasonableness of accounting  
estimates and related disclosures made by management.  
3
 
Independent Auditor’s Report 2024 for PCI Biotech Holding ASA  
•
conclude on the appropriateness of management’s use of the going concern basis of accounting and,  
based on the audit evidence obtained, whether a material uncertainty exists related to events or  
conditions that may cast significant doubt on the Company's and the Group's ability to continue as a  
going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our  
auditor’s report to the related disclosures in the financial statements or, if such disclosures are  
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the  
date of our auditor’s report. However, future events or conditions may cause the Company and the  
Group to cease to continue as a going concern.  
•
•
evaluate the overall presentation, structure and content of the financial statements, including the  
disclosures, and whether the financial statements represent the underlying transactions and events in a  
manner that achieves a true and fair view.  
obtain sufficient appropriate audit evidence regarding the financial information of the entities or business  
activities within the Group to express an opinion on the consolidated financial statements. We are  
responsible for the direction, supervision and performance of the group audit. We remain solely  
responsible for our audit opinion.  
We communicate with the Board of Directors regarding, among other matters, the planned scope and timing of  
the audit and significant audit findings, including any significant deficiencies in internal control that we identify  
during our audit.  
We also provide the Audit Committee with a statement that we have complied with relevant ethical requirements  
regarding independence, and to communicate with them all relationships and other matters that may reasonably  
be thought to bear on our independence, and where applicable, related safeguards.  
From the matters communicated with the Board of Directors, we determine those matters that were of most  
significance in the audit of the financial statements of the current period and are therefore the key audit matters.  
We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the  
matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in  
our report because the adverse consequences of doing so would reasonably be expected to outweigh the public  
interest benefits of such communication.  
Report on Other Legal and Regulatory Requirements  
Report on Compliance with Requirement on European Single Electronic Format (ESEF)  
Opinion  
As part of the audit of the financial statements of PCI Biotech Holding ASA, we have performed an assurance  
engagement to obtain reasonable assurance about whether the financial statements included in the annual  
report, with the file name pcibiotechholdingasa-2024-12-31-en, have been prepared, in all material respects, in  
compliance with with the requirements of the Commission Delegated Regulation (EU) 2019/815 on the  
European Single Electronic Format (ESEF Regulation) and regulation pursuant to Section 5-5 of the Norwegian  
Securities Trading Act, which includes requirements related to the preparation of the annual report in XHTML  
format and iXBRL tagging of the consolidated financial statements.  
In our opinion, the financial statements, included in the annual report, have been prepared, in all material  
respects, in compliance with the ESEF regulation.  
4
 
Independent Auditor’s Report 2024 for PCI Biotech Holding ASA  
Management’s Responsibilities  
Management is responsible for the preparation of the annual report in compliance with the ESEF regulation.  
This responsibility comprises an adequate process and such internal control as management determines is  
necessary.  
Auditor’s Responsibilities  
Our responsibility, based on audit evidence obtained, is to express an opinion on whether, in all material  
respects, the financial statements included in the annual report have been prepared in compliance with ESEF.  
We conduct our work in compliance with the International Standard for Assurance Engagements (ISAE) 3000 –  
“Assurance engagements other than audits or reviews of historical financial information”. The standard requires  
us to plan and perform procedures to obtain reasonable assurance about whether the financial statements  
included in the annual report have been prepared in compliance with the ESEF Regulation.  
As part of our work, we have performed procedures to obtain an understanding of the Company’s processes for  
preparing the financial statements in compliance with the ESEF Regulation. We examine whether the financial  
statements are presented in XHTML-format. We evaluate the completeness and accuracy of the iXBRL tagging  
of the consolidated financial statements and assess management’s use of judgement. Our procedures include  
reconciliation of the iXBRL tagged data with the audited financial statements in human-readable format. We  
believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.  
Oslo, 24 April 2025  
RSM Norge AS  
Marthe Lise Drolsum  
State Authorised Public Accountant  
5
 
OTHER INFORMATION  
DEFINITIONS AND GLOSSARY  
AAV:  
Adeno associate virus  
ATMP:  
CSR:  
Fimaporfin:  
IFRS:  
NAA:  
Advanced Therapy Medicine Product  
Corporate Social Responsibility  
Generic name of the photosensitiser active ingredient TPCS2a  
International Financial Report Standards  
Norwegian Accounting Act  
PCI:  
Photochemical internalisation  
PCL:  
Photochemical lysis  
PCIB:  
R&D:  
PCI Biotech’s ticker at Oslo Børs  
Research and Development  
FINANCIAL CALENDAR  
Ordinary annual general meeting  
First half 2025 interim report  
22 May 2025  
29 August 2025  
INVESTOR CONTACT  
Contact person: Ronny Skuggedal, email: rs@pcibiotech.no mob: +47 9400 5757  
Web: www.pcibiotech.com  
FORWARD LOOKING STATEMENTS  
This Report contains certain forward-looking statements relating to the business, financial  
performance and results of the Company and/or the industry in which it operates. Forward-looking  
statements concern future circumstances and results and other statements that are not historical facts,  
and are sometimes identified by the words “believes”, expects”, “predicts”, “intends”, “projects”,  
“plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets”, and similar expressions. The forward-  
looking statements contained in this Report, including assumptions, opinions and views of the  
Company or cited from third party sources, are solely opinions and forecasts which are subject to  
risks, uncertainties and other factors that may cause the actual results, performance or achievements  
of the Company to be materially different from any future results, performance or achievements that  
are expressed or implied by statements and information in the Report, including, among others, risks  
or uncertainties associated with the Company’s business, segments, development, growth  
management, financing, market acceptance and relations with customers, and, more generally,  
general economic and business conditions, changes in domestic and foreign laws and regulations,  
taxes, changes in competition and pricing environments, and fluctuations in currency exchange rates  
and interest rates. None of the Company or any of its subsidiaries or any such person’s directors,  
employees or advisors provide any assurance that the assumptions underlying forward-looking  
statements expressed in this Report are free from errors nor does any of them accept any  
responsibility for the future accuracy of such forward-looking statements.  
PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no: 991036393 VAT  
Phone: +47 67 11 54 00, www.pcibiotech.com  
51  
 
PCI BIOTECH HOLDING
ASA
Ullernchausséen 64  
N-0379 Oslo  
Norway  
Phone: +47
67 11 54 00  
email: post@pcibiotech.com  
web: www.pcibiotech.com  
PCI BIOTECH AS, subsidiary  
Ullernchausséen 64  
N-0379 Oslo  
Norway  
PCI Biotech Holding ASA, Ullernchausséen 64, 0379 Oslo, Norway, Company no:
991036393 VAT  
52