Annual report 2024

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This is Thor Medical

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Highlights

Message from the CEO

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Corporate governance report

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Environment

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Consolidated financial statements

Parent company financial statements

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Thor Medical’s vision is to

become a world-leading supplier

of alpha emitters for cancer

therapy, enabling next-generation

precision cancer therapy.

Thor Medical has developed a proprietary technology for the manufacturing of radionuclides,

primarily alpha- emitting radioisotopes from naturally occurring thorium. The high energy

deposition and short range of these alpha particles make it possible to eradicate cancer cells

while minimizing damage to nearby healthy cells. This addresses a significant unmet medical

need and presents a substantial commercial opportunity.

Industry analysts expect the radiotherapeutics market to grow significantly reaching USD 27bn by

2032, which will require the development of well-functioning value chains for large-scale supplies

of radioisotopes such as alpha emitters.

Thor Medical’s proprietary production technology offers the world’s purest radionuclides and

provides reliable and efficient production of alpha-emitters independent of nuclear reactors and

accelerators.

Thor Medical • Annual report 2024

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Highlights

In 2024, Thor Medical focused on developing its position as a global

leader in alpha-emitter production by prioritizing operational and

commercial readiness, organizational growth, and strengthening the

company’s financial position.

• Receives DSA authorization for the production of alpha-emitters at Herøya pilot facilities

• Completes Herøya pilot facilities and initiates commissioning, on time and budget

• Ships first product sample to customer from Herøya pilot facilities; performance of samples have

been confirmed

• Thor Medical and ARTBIO sign strategic long-term supply agreement for Thorium-228

• Thor Medical signs agreement for supply of Lead-212 for pre-clinical use with globally leading

pharmaceutical company

• Thor Medical and AdvanCell sign strategic supply agreement for Thorium-228

• Receives NOK 6 million Innovation Norway grant for lab and pilot facilities at Herøya

• Completed private placement and retail offering in December 2024 raising gross proceeds

of NOK 173 million

Subsequent events

• Received NOK 90 million loan facility commitment from Innovation Norway

• Completed subsequent offering bringing total gross proceeds from equity raise in December

2024 and January 2025 to NOK ~200 million

• In March 2025, the Board of Directors approved the Final Investment Decision (FID) to proceed

with the construction of the AlphaOne plant

Key figures

(figures in NOKm) 2024 2023

Revenues - -

EBITDA (41.6) (6.8)

EBIT (43.9) (7.2)

Profit / (loss) before taxes (42.9) (5.6)

Profit / (loss) after tax from discontinued operations - (21.0)

Cash flow from operating activities (24.0) (64.1)

Cash flow from investment activities 1.4 6.3

Cash flow from financing activities 104.0 (0.4)

Effects of exchange rate changes on cash and cash equivalents - 1.2

Net cash flow  81.5 (56.9)

Available cash  123.4 41.8

Net Interest-bearing liabilities  - -

Total assets 414.4 330.7

Equity 337.1 272.0

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Message from the CEO

The future is alpha

Thor Medical‘s vision is to become the world’s leading supplier of alpha-emitters for next-generation

precision cancer therapy. Cancer is a leading cause of death globally, accounting for around 10 million

deaths annually, and together with our customers we are addressing a critical need for better cancer

treatments. Radiotherapy represents one of the fastest growing cancer treatment options, with new

cancer radiotherapeutics reaching sales in hundreds of millions of dollars. Targeted therapies are picking

up momentum, with the products already on the market mainly relying on beta-emitting radionuclides.

We believe the future lies with alpha-emitters, as alpha-particles

yield significantly better therapeutic performance with fewer side

effects. At Thor Medical we are on a mission to enable the use of

alpha-emitting lead-212 isotopes in clinical practice.

Lead-212 (Pb-212) is an ideal isotope in terms of both efficacy and

safety, and we see an extensive and growing number of clinical

development programs based on lead-212 derived from natural

thorium.

A single successful drug candidate addressing prevalent cancers can

create a serviceable market worth several hundred million dollars,

and as an early mover we see potential future annual revenues of

USD 1 billion as the market for targeted alpha therapies expands.

Stable supplies of high-quality lead-212 isotopes will be a critical

enabler for radiopharmaceutical companies developing the end

products. Our innovative production process is efficient, cost-ef-

fective, and environmentally friendly, uniquely positioning us to

produce advanced medical isotopes for targeted alpha therapies.

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This has enabled us to secure firm offtake agreements with

ARTBIO, AdvanCell, and a third, undisclosed customer, as well as

LOIs with several other leading radiopharmaceutical companies in

this field.

We are now working as fast as we can to get going with commer-

cial-scale production. Our pilot plant was completed on time and

within budget and ceremonially opened by the Norwegian Minister of

Trade Cecilie Myrseth in early October. Product deliveries during the

final quarter of the year were successfully validated by our customers

in pre-clinical settings, and we progressed rapidly with concept selec-

tion and engineering work for a commercial scale plant.

During December 2024 and January 2025, we raised NOK 200

million of new equity to fund AlphaOne - our first commercial-scale

plant. With loans from Innovation Norway and working capital

arrangements completing a financing package ensures that the

plant is fully funded through construction and production ramp-up

in 2026.

Our Board of Directors resolved the final investment decision for

AlphaOne in March 2025, marking the beginning of what holds the

promise to become another technological, medical and commercial

breakthrough in Norwegian radiopharmaceutical cancer therapies.

We have many challenging tasks ahead of us, and Thor Medical’s

team is our greatest asset in ensuring this endeavour becomes a

success.

Joining the company as CEO in August 2024 – and taking over the

reins from a distinguished industry profile like Alf Bjørseth – it was

reassuring to meet an exceptional group of scientists, analysts, and

industry professionals committed to deliver on our goals and driving

us toward our mission. I am deeply proud to serve alongside this

team and witness their passion, resilience, and creativity every day.

I am sure they all join me in thanking our investors, our Board of

Directors, the Norwegian cancer community, and other stakeholders

for their support and confidence in the future of Thor Medical.

Jasper Kurth, CEO

“A single successful drug

candidate addressing

prevalent cancers can

create a serviceable

market worth several

hundred million dollars”.

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Share information

Per 31 December 2024, the company

had 280 492 395 issued shares, divided

between 14 060 shareholders.

The closing price for the company’s

share was NOK 2.63 per share as of

31 December, which corresponds to a

market capitalization of NOK 737.7 million.

Overview largest shareholders

# Shareholder Number of shares Percentage of total shares

1 Scatec Innovation AS 59 152 376 21.09%

2 Roth Invest AS 11 794 640 4.20%

3 Brennebu AS 10 532 657 3.76%

4 North Energy ASA 8 000 000 2.85%

5 Thorium Foundation  6 849 880 2.44%

6 Bergfald Holding AS 6 200 000 2.21%

7 Nordnet Bank AB 4 781 223 1.70%

8 Jon Magne Asmyr 4 300 000 1.53%

9 DNB Bank ASA 4 257 792 1.52%

10 Nordnet Livsforsikring AS 3 753 278 1.34%

Total shares for top 10 shareholders 118 037 432 42.64%

Total shares  280 492 395 100.00%

Scatec Innovation AS holding controls Thor Medical shares through Scatec Invest IV AS. More information is available on page 54.

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The team

Jasper Kurth

Chief Executive Officer (CEO)

Mr. Kurth brings over 15 years of leadership experience in the pharma-

ceutical and med-tech industries, with a proven track record of driving

strategic growth and transforming businesses sustainably. Before

joining Thor Medical, he served at Bayer Pharmaceuticals as General

Manager Radiology Nordics, overseeing multiple markets and leading

high-performing teams in sales, marketing and equipment services.

Mr. Kurth holds a master’s equivalent degree in Business Information

Management. Mr. Kurth is granted 3 600 000 share options and

currently holds 400 000 shares in the Company.

Brede Ellingsæter

Chief Financial and

Operating Officer (CFOO)

Mr. Ellingsæter has 10 years of industrial experience from advanced

material manufacturing. Before joining Thor Medical, Mr. Ellingsæter

served as the CFO of Scatec Innovation and before that as CFO of

the Elkem Carbon Solutions division in Elkem ASA. In Elkem, Mr.

Ellingsæter held several management positions during his 8 years with

the company, including management positions abroad. Mr. Ellingsæter

holds a Master of Business and Economics from the Norwegian

School of Economics (NHH). Mr. Ellingsæter is granted 3 100 000

share options. He currently controls 400 000 shares directly and shares

indirectly through a 19 per cent ownership in Scatec Invest IV AS.

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The team

Dr. Sindre Hassfjell

Chief Technology Officer (CTO)

Dr. Sindre Hassfjell has over three decades of expertise in nuclear

and radiochemistry scientific research. He possesses comprehensive

experience across all radioactivity levels (A, B, C-lab), encompassing a

diverse array of alpha- and beta-emitters. His proficiency spans from

radionuclide production to the advancement of radiopharmaceuticals

and conducting preclinical testing with precision and efficacy. Dr.

Hassfjell served as a scientist and project leader at IFE, as well as

Director of generator development for ARTBIO, before assuming his

role at Thor Medical. His career also encompasses positions such as

Postdoctoral Researcher at UiO, NIH, and the University of Chicago,

where he focused on developing production methods for alpha emit-

ters and pioneering microdosimetric methodology. Dr. Hassfjell holds a

M.Sc. and D.Sc. in nuclear chemistry from the University of Oslo. He is

granted 2 700 000 share options and currently holds 80 000 shares in

the company.

Astrid Liland

EVP HSEQ

Ms. Liland has 25 years of experience in radiation research, environ-

mental radioactivity, radioactive contamination and consequences

for man and the environment. Before joining Thor Medical, she was

Director of nuclear emergency and response at the Norwegian radi-

ation and Nuclear Safety Authority (DSA). Ms. Liland has been active

in the nuclear scientific research community through many national,

Nordic, European and international research projects. Liland holds a

Master of Science in nuclear chemistry from the University of Oslo

(UiO). She is granted 2 100 000 options and does not own shares in the

company.

Dr. Alf Bjørseth

EVP Business Development

Dr. Alf Bjørseth has a long track record of establishing new companies

based on proprietary developed technologies, primarily within the areas

of renewable energy and advanced materials. His efforts have resulted

in a number of new businesses like REC, NorSun, Scatec Solar ASA,

Norsk Titanium and REEtec AS. He also founded ScanWafer in 1994,

followed by other companies within the solar industry, all merged into

Renewable Energy Corporation in 2000 where he served as President

and CEO until the fall of 2005. He started his career as a researcher

and was Corporate Director of Research at Norsk Hydro and Director

of Technology for Elkem. Alf Bjørseth holds a Doctor Phil. in physical

chemistry from the University of Oslo. He holds 447 855 shares in the

company.

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Board of Directors

Ludvik Sandnes

Chairman of the Board

Mr. Sandnes brings over 45 years of extensive experience in executive

leadership roles and as an international corporate finance advisor,

collaborating with prominent corporations and leading investment

banks. Throughout his career, Mr. Sandnes has held pivotal roles as a

board chairman and member in over 20 companies. Notably, he served

on the Board of Nordic Nanovector from 2013 to 2019, assuming

the position of Chairman for the final five years. Sandnes is granted

401 938 restricted share units (RSUs) and currently holds 926 489

shares in the company. Member of the Board of Thor Medical since

28 June 2023.

John Andersen Jr.

Director of the Board

Mr. Andersen is the CEO of Scatec Innovation AS. Previously, he was

the Chief Operating Officer of the REC Group, where he held several

top management positions during his 12 years with the company. Prior

to REC, he worked in Borregaard Industrier. Mr. Andersen is the Chair

of Norsk Titanium AS, REEtec AS, NorSun Holding AS and TEGma AS,

as well as Chair and Board member of a number of other companies.

Mr. Andersen holds a Master of Business and Economics from BI

Norwegian Business School. Mr. Andersen controls 62 318 296 shares

in Thor Medical through Scatec Innovation AS and Scatec Invest IV AS.

Mr. Andersen is granted 344 518 RSUs.

Mimi Berdal

Director of the Board

Ms. Berdal has been a self-employed corporate adviser, lecturer, and

investor since 2005. She is the Chair of the Board of Directors of

Goodtech ASA and Connect Bus AS, and she sits on the Boards of

Electromagnetic Geoservices ASA, Energima AS, KLP Eiendom AS,

Norsk Titanium AS and Cavendish Hydrogen ASA. She also serves as

the chair of the Nomination Committee of Borregaard ASA. She was

previously a partner at the law firm Arntzen de Besche in Oslo and has

served as in-house legal adviser to TOTAL Norge AS. Ms. Berdal holds

a Master of Law from the University of Oslo. Berdal is granted 344 518

RSUs and holds 416 990 shares.

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Thor Medical ASA (“Thor Medical” or “the Company”) is an emerging supplier of radionuclides to the

radiopharmaceutical industry, derived from naturally occurring thorium. Its proprietary production

process requires no irradiation or use of nuclear reactors, and provides reliable, environmentally

friendly, cost-efficient supply of alpha-emitters enabling radiopharmaceutical companies to eradicate

cancer cells while minimizing damage to nearby healthy cells. The Company is headquartered in Oslo,

Norway and listed on the Oslo Stock Exchange under the ticker symbol “TRMED”.

Strategy and development

Thor Medical entered 2024 with a strategy to build a position as

a global leader in alpha-emitter production for next-generation

radiotherapeutics over the years to come. To this end, the Board

of Directors in 2024 prioritized the establishment of a pilot plant

to prove product and process, acceleration of operational and

commercial readiness, organizational development and govern-

ance, and a strengthening of the company’s financial capacity.

Operational development

In December 2023, the Board of Directors decided to build pilot

facilities and a lab (collectively, the “pilot facilities”) at Herøya

Industrial Park in Telemark, as a key milestone towards industri-

al-scale production of alpha emitters.

The pilot facilities were established in an existing building at Herøya

and consist of a cutting-edge lab and process equipment for

producing Thorium-228 and its daughter isotope Radium-224 from

naturally occurring thorium. In March 2024, the Company secured a

NOK 6 million grant from Innovation Norway supporting the funding

of the NOK 10 million capital expenditure for the pilot facilities.

The pilot facilities were commissioned on schedule and within

budget, with the required authorization from the Norwegian

Radiation and Nuclear Safety Authorization (DSA) in place in

September. The facilities were officially opened by the Norwegian

Minister of Trade Cecilie Myrseth in October, and the first product

sample shipments of Thorium-228 alpha-emitters were delivered to

customers for successful quality assessments in November. This

marked a significant operational milestone derisking the project

and paved the way for entry into the first firm commercial offtake

agreements.

Building on the successful commissioning of its pilot plant and the

delivery of product samples, Thor Medical concluded a concept

study for its first planned commercial-scale facility, AlphaOne,

toward the end of the year. This milestone set the stage for the

next steps of preparations for a Final Investment Decision (FID)

for AlphaOne, including planning and procurement efforts. In late

March 2025, the Board of Directors decided to proceed with the

construction of the plant, marking another important milestone en

route to commercial operations.

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With the AlphaOne plant, Thor Medical will establish initial commer-

cial production to meet early market demand, as the first of three

steps in the company’s industrialization plan to grow with the

market:

• AlphaOne: AlphaOne will be established in the same building

as the pilot facilities at Herøya Industrial Park. The existing

building will be renovated and fitted for Thor Medical’s industrial

purposes. The concept study estimates AlphaOne’s capital

requirement to NOK 330 million including commissioning and

ramp-up, financed through a combination of equity, debt and

working capital arrangements. NOK 200 million is estimated for

capital expenditures related to the construction of AlphaOne,

while the remainder will be allocated to working capital, over-

head, and contingency. The facility will gradually scale up to full

production capacity of 25 000 patient doses after 5 years. During

the winter of 2024/25, Thor Medical executed a pre-project for

AlphaOne, and following the final investment decision the next

steps will be procurement of long-lead items, detailed engi-

neering, and civil construction and equipment installation before

the mechanical completion and commissioning expected by the

third quarter 2026.

• AlphaTwo: The second phase aims to expand the production

capacity of AlphaOne tenfold to accommodate expected growing

demand from the radiopharmaceutical industry. This involves

developing a larger facility with scalable industrial production,

and will require a capital outlay currently estimated at approxi-

mately USD 100 million. The scope of AlphaTwo will also include

expansion into North America to ensure market proximity.

• AlphaGlobal: The third long-term growth phase will focus on

securing a global supply chain for alpha-emitters. With a currently

estimated capital investment of around USD 100 million, this

stage will involve worldwide expansion to address international

demand and establish a local presence in key markets, and to

position Thor Medical as a global leader in alpha-emitting radio-

nuclide production.

Commercial development

The Company entered into three commercial supply agreements

in 2024, with combined expected revenues of approximately

NOK 300 million over the coming five years, with a potential upside

to approximately NOK 500 million conditional on specific metrics

including production ramp-up and specifications. The following

agreements were finalized during the fall 2024:

• In October, Thor Medical signed a strategic master supply agree-

ment for the supply of Thorium-228 with ARTBIO, a clinical-stage

radiopharmaceutical company, to be produced at the Company’s

first commercial-scale plant AlphaOne.

• In November, Thor Medical signed a three-year agreement with

a globally leading pharmaceutical company to supply Lead-212

alpha emitters for use in pre-clinical studies.

• In December, Thor Medical signed a five-year strategic supply

agreement with AdvanCell for Thorium-228 deliveries from

AlphaOne. The agreement follows successful deliveries and

confirmation of the performance of Thorium-228 product

samples delivered from the Herøya pilot facilities to AdvanCell

earlier in 2024, confirming that isotopes produced using Thor

Medical technology met customer requirements.

The current contracts with ARTBIO, AdvanCell and the undisclosed

customer currently fill around 75 per cent of AlphaOne’s production

capacity for the first 4-5 years of production. The bulk of revenue

under the agreements will naturally come towards the end of the

contract periods, allowing time for plant construction and gradual

ramp-up of production. Thor Medical is actively pursuing opportu-

nities to further scale capacity and meet the high demand without

significant additional investments.

Supplier and technology development

Thorium-232, Thor Medical’s main input factor, occurs naturally

in the Earth’s crust, with significant deposits identified in several

countries including India, the United States, South Africa, Australia,

France, and Norway. In Norway, the Fensfeltet area, located in

Nome municipality in Telemark, is one example known for its

substantial thorium reserves, although extraction plans for these

resources are still at an early stage.

Thor Medical aims to develop long-term strategic supply agree-

ments for raw materials as part of its diversified supply chain

strategies. The Company has established supply of Thorium-232

from a main supplier based in Europe that will deliver material

for the pilot facilities and the planned AlphaOne plant in the same

location at Herøya.

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Financing and capital requirements

In December 2024, the Company completed a private placement

and retail offering raising NOK ~173 million in gross proceeds,

with a subsequent repair offering in January 2025 adding gross

proceeds of an additional NOK 26.5 million. The net proceeds will

be used to finance the AlphaOne commercial-scale plant as well as

supporting working capital needs and other corporate purposes.

In January, the Company received a commitment for a loan facility

of NOK 90 million from Innovation Norway, which in combination

with the equity rasie and working capital financing will secure that

the AlphaOne plant will be fully funded through commissioning

and production ramp-up which on an isolated basis will secure the

Company cash positive operations.

Thor Medical’s long-term financing strategy is expected to evolve

alongside its phased industrial expansion plan towards the

long-term objective for annual production of >1 million patient

doses by 2035. The capital strategy is to combine equity, debt,

and grant funding to support its capital requirements. As Thor

Medical progresses toward larger-scale facilities like AlphaTwo and

AlphaGlobal, it should hence be anticipated that additional financing

rounds will be required to meet growing capital requirements.

Long-term vision

Thor Medical’s long-term vision for 2035 is to transform cancer

care through next-generation precision treatments, by:

• Scaling production to exceed 1 million patient doses annually to

meet the high and growing demand for innovative radiopharma-

ceuticals.

• Capturing a market-driven revenue potential expected to exceed

USD 1 billion annually, through monetization of Thor Medical’s

proprietary production capabilities and established partnerships

through the radiotherapeutics value chain.

• Achieving a high-margin operational model with EBITDA margins

surpassing 50 per cent upon industrial-scale ramp-up, driven by

the efficiency of proprietary technology and high-value nature of

its products.

Products and technology

Thor Medical and its customers address a large unmet medical

need and a large commercial opportunity for innovative cancer

treatments using radiotherapeutics.

Radiotherapeutics based on alpha particle emitters show the poten-

tial to yield better therapeutic performance with fewer side effects

compared to conventional cancer therapeutics. Compared to beta

particles, alpha particles offer greater therapeutic efficacy, direct

cell death through DNA destruction, less off-target toxicity that

damages healthy cells in surrounding tissue, and typically a shorter

half-life meaning that that there is no long-lived radioactivity left in

the patient.

Thor Medical’s proprietary process

Thor Medical has developed proprietary and verified technology

and processes for production of alpha-emitting radionuclides.

The Company processes natural Thorium-232 into the world’s

purest Thorium-228, and by further decay and processing derives

Lead-212 or Radium-224. These highly potent radioisotopes enable

radiopharmaceutical companies to develop end-user drug candi-

dates for next-generation precision cancer treatment.

Thor Medical’s AlphaCycle™ process represents a groundbreaking

advancement in the scalability of radiopharmaceutical produc-

tion. Thor Medical’s reliable and efficient separation process

enables continuous production with consistently high purity in an

automated closed-loop process, with reuse of materials and no

radioactive contaminants. The technology effectively generates no

waste and enables scaling-up to large-scale production.

The AlphaCycle™ process is rooted in fundamental nuclear physics:

Thorium-232 decays into Radium-228, which further decays into

Thorium-228, Radium-224, and eventually Lead-212. Based on

the proprietary AlphaCycle™ process, Thor Medical is separating

and isolating each specific isotope through the decay chain from

natural Thorium-232.

Thor Medical’s processing of Thorium-232 involves isolating and

optimizing the radioactive elements for use in medical applications,

particularly targeted radiation therapy. The process enables effi-

cient and scalable generation of isotopes with minimal need for

additional raw materials or external energy input.

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As more Thorium-232 parent isotopes decay, the production of

Thorium-228 and Radium-224 isotopes increases, enabling a self-

scaling effect. Essentially, the more Thorium-232 that is available

at the start, the greater the eventual output as the decay chain

progresses.

The AlphaOne plant exemplifies this process, scaling production

capacity from 15 000 patient doses after three years, to 25 000

patient doses after five years and 40 000 doses annually within a

decade. As the market matures, the process becomes self-sus-

taining, reusing Thorium-232 feedstock to maintain production

capacity indefinitely.

Alternative production routes exist for Thorium-228, Radium-224

and Lead-212, such as nuclear reactors and accelerators using

irradiation of a target material, which typically require centralized

facilities with high capital expenditure, longer time-to-market, and

lower efficiency. These approaches are also generally less suitable

for short-lived isotopes due to logistical delays in delivery.

Organizational development

Thor Medical is committed to driving organizational growth to

support the Company’s business plan and needs. Securing and

retaining critical talent is imperative for achieving Thor Medical’s

strategic priorities during the scaling phase.

Governance and ambition

Thor Medical has an ambition to be an attractive employer and a

safe workplace offering a good working environment.

The Company maintains a structured framework for governance

and strategic oversight, ensuring alignment with its mission

and objectives. The annual general meeting (AGM) on 28 June

2023 appointed Ludvik Sandnes as Chair of the Board and John

Andersen, Jr., and Mimi Kristine Berdal as members of the Board

of Directors. The Board of Directors is elected until the ordinary

general meeting in 2025, scheduled on 24 April. Ludvik Sandnes

has informed the nomination committee that he has decided not to

seek re-election at the general meeting.

The nomination committee consists of Didrik Leikvang (chairman),

Jørn Åge Johansen (member) and Jon Magne Asmyr (member),

elected at the annual general meeting on April 11 2024. The

members are elected until the annual general meeting in 2026.

The Company has a Directors & Officers (D&O) Liability insurance

for its Board of Directors and Officers.

There have not been reports of injuries or accidents at the company

in 2024.

2024 initiatives

The Board of Directors strengthened the Company’s organiza-

tional capacity and recruited key personnel in 2024. This included

the appointment of Jasper Kurth as CEO of Thor Medical. Kurth

assumed the role on August 1, replacing Alf Bjørseth who continues

as EVP Business Development.

Kurth joined Thor Medical from Bayer Pharmaceuticals, where

he held several positions relevant to the Company’s strategy and

execution roadmap. Most recently, he served as General Manager

of Radiology Nordics in Stockholm. Before that, he was Head of

Business Operations & Strategy EMEA, Acting Head of Sub-Region

Western Europe, and ran Business Operations for small emerging

markets in Latin America and South-East Asia.

Brede Ellingsæter was appointed permanent CFO on March 8, after

serving as CFO under a service agreement with the company’s

largest shareholder Scatec Innovation AS since July 2023.

Ellingsæter’s role was expanded to Chief Finance and Operating

Officer (CFOO) in January 2025. In this capacity, he will oversee

the development and operation of the Company’s first commercial

production plant, AlphaOne.

At the end of 2024, Thor Medical had a total of 9 employees and

1 contractor, of which 2 were women. The strengthening of the

organization and recruitment of relevant competence will continue

in 2025.

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2025 priorities

The organizational development strategy for Thor Medical in the

short to medium term focuses on enhancing production, R&D, and

key support functions to drive growth and innovation over the years

to come.

Following the investment decision for AlphaOne by the end of the

first quarter 2025, the Company aims to build a comprehensive

local production organization at Herøya, At the same time, the

company will continue to strengthen its R&D capabilities, while

securing the required competence within HR, IT, accounting and

procurement, regulatory and compliance, and communication and

investor relations, through a combination of internal and external

resources.

The development of the medical function will rely on strengthened

partnerships, with no immediate internal expansion planned.

Market development

The radiotherapeutics market focuses on using radioactive

isotopes to target and destroy cancer cells with minimal damage

to surrounding healthy tissue, and demonstrated continue strong

growth in 2024. According to the MEDraysintell Nuclear Medicine

Report, the global radiopharmaceutical market is expected to

grow from USD 7 billion in 2022 to USD 39 billion by 2032, with

radiotherapeutics expected to grow from USD 1 billion to USD 27

billion. This represents a compound annual growth rate (CAGR)

of approximately 40 per cent for radiotherapeutics, outpacing the

overall radiopharmaceutical market growth.

Key growth drivers include technological advancements in

next-generation oncology treatments. The number of oncology trial

starts reached an all-time high in 2024, and over 20 companies are

working to advance late-stage drug candidates.

Cancer is one of the main causes of death globally and given the

high unmet medical need the development of new and innovative

treatments are being welcomed by the regulatory authorities.

Faster approval processes are supporting new product launches

and strategic partnerships are expected to accelerate market

adoption because of their ability to combine expertise, streamline

development processes, facilitate regulatory compliance, and drive

innovation through collaborative efforts.

The enthusiasm is also reflected in the financial markets. The

number of deals in the radiopharmaceutical industry nearly doubled

in 2024 to USD ~10 billion compared to USD ~5.5 billion in 2023,

and radiopharmaceutical financing round totaled approximately

USD 1.4 billion last year, up from USD 1.2 billion in 2023. Major

companies including Sanofi, Novartis and Eli Lilly have now made

significant investments in radiotherapeutics, underscoring the

sector’s potential.

Secure access to powerful and efficient isotopes will play a crucial

role in realizing this market opportunity of radiotherapeutics based

on alpha-emitting radioisotopes.

While the radiopharmaceuticals that have already reached the

market for cancer treatments are based on beta-emitting radioiso-

topes, an increasing number of drug development programs are

focusing on alpha-emitters.

Lead-212 is rapidly emerging as a preferred alpha-emitting isotope,

offering advantages in safety, efficacy, and waste handling due to

its short half-life. The number of clinical programs using Thorium-

228 derived Lead-212 has quadrupled since 2019, with its emerging

value chain and scalability expected to enable continued growth.

Thor Medical is aware of more than 15 cancer therapy candidates

utilizing Lead-212 or Radium-224 in preclinical and clinical devel-

opment, with several already in Phase 2 trials and one expected to

start Phase 3 in 2025. A single successful Lead-212 product can

create a market worth several hundred million USD, indicating that

this pipeline potential may generate a very large demand for the

alpha-emitting isotopes that Thor Medical produces.

Thor Medical expects the projected production capacity of 15 000

patient doses after three years of operation at its planned AlphaOne

plant to represent an annual revenue potential of around NOK 250

million, increasing to NOK 400 million for 25 000 doses after 5

years. However, the potential demand significantly exceeds the

existing or planned commercially available capacity of Lead-212,

which generates a commercially attractive opportunity allowing for

significantly increased long-term capacity.

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Sustainability

In 2024, Thor Medical made significant advancements in its indus-

trialization efforts, reinforcing its position as a responsible player in

the radiopharmaceutical sector.

Environmental responsibility: Thor Medical operates a proprie-

tary AlphaCycle™ process, minimizing environmental impact by

eliminating radioactive waste and reducing energy consumption.

With the commissioning of its Herøya pilot facilities, the company

adheres to strict regulatory requirements set by the Norwegian

Radiation and Nuclear Safety Authority (DSA), ensuring the safe

handling of radioactive materials. Thor Medical also integrates

energy-efficient production methods and optimized logistics to

reduce greenhouse gas emissions.

Health, safety and compliance: Workplace safety remains a top

priority, with comprehensive radiation protection measures in place,

including dosimeter monitoring, strict entry and exit protocols,

and mandatory safety training at its pilot facilities. The company

reported zero workplace injuries in 2024. Additionally, Thor Medical

maintains and develops a low-risk, ethically sourced supply chain,

diversifying its suppliers to enhance sustainability and operational

resilience.

Social and organizational growth: The organization upholds a

strong Code of Conduct, ensuring a fair and inclusive work envi-

ronment while enforcing anti-corruption policies and whistleblower

protections.

Governance and ethics: The Board of Directors actively oversees

corporate governance, risk management, and compliance with

international standards, including the UN Global Compact Principles

and ISO 14001. The company upholds transparency, integrity,

and ethical business practices, ensuring responsible research and

development in radiotherapeutics.

Thor Medical remains committed to sustainable growth, envi-

ronmental stewardship, and ethical operations as it scales up

production to meet the rising demand for alpha-emitting radionu-

clides in cancer treatment.

More information can be found in Thor Medical’s sustainability

report.

Corporate governance

Thor Medical will comply with all regulations and continuing obli-

gations as set out for companies listed on Oslo Børs. Concerning

corporate governance Thor Medical is hence subject to corporate

reporting requirements under section 3-3b of the Norwegian

Accounting Act and adheres to the Norwegian Code of Practice for

Corporate Governance as described in Section 7 of the continuing

obligations of stock exchange-listed companies. More information

can be found in the company’s Corporate Governance report.

The Board of Directors is responsible for ensuring that Thor

Medical has sound internal control and systematic risk manage-

ment that is appropriate to the nature of the Company’s activities.

On an annual basis, a detailed review of the Company’s most

important areas of risk exposure is carried out to proactively

mitigate the potential impact on the Company’s business plans,

financial results, financial standing, and operational performance.

An evaluation of climate-related risks, including potential new regu-

lations, is a part of the annual risk mapping.

Although the risk is managed and mitigated systematically, the

Company is operating in a global market that is influenced by

external factors beyond the Company’s control, including changes

in governmental regulations, customer preferences and new tech-

nologies.

Thor Medical’s CFOO is responsible for the day-to-day organization,

management and controlling of Thor Medical’s financial activities.

Thor Medical is in an industrial scale-up phase with limited indus-

trial production and few active supplier relationships. The main

suppliers in this phase is equipment suppliers, engineering partners,

and raw material suppliers. Beyond this, the primary suppliers are

consulting and IT service providers, as well as insurance services

and office space leasing. The suppliers are mainly Norwegian

companies, in industries with low inherent risk.

More information about Thor Medical’s risk management and

mitigating actions is found in the sustainability report.

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Risk factors and risk management

Thor Medical employs a systematic approach to mitigate risks

through policies, procedures, and continuous improvements,

ensuring sustainable growth and operational excellence.

Health, safety and security risk: The construction, maintenance

services, and operation of the planned AlphaOne industrial plant

will expose Thor Medical employees, suppliers, and partners to

potential health, safety, and security risks, including those asso-

ciated with handling radioactive materials. Thor Medical works

systematically to identify, assess, and respond appropriately to all

occupational health, safety, and security risks.

Project development risk: Thor Medical’s growth relies on

successful project development which is impacted by a number of

factors including availability of grid capacity and securing intercon-

nection, component prices, interest rate level, government approval

process, permits and access to competitive financing. Thor Medical

employs a methodical approach to industrialization, with the forth-

coming launch of its pilot facility serving as the groundwork for the

establishment of a full-scale industrial plant.

Technology risk: Scaling and commercializing complex, early-stage

technology presents a significant challenge and risk. Thor Medical

addresses this through the establishment of its pilot facility,

designed to validate both technology and production processes

before further scaling. The phased scale-up approach is meticu-

lously overseen by an expert team, ensuring readiness for industrial

deployment.

Commercial risk: Market demand uncertainty and an emerging

thorium supply chain and industry pose challenges to long-term

stability. To mitigate these risks, Thor Medical has established

multiple offtake agreements and targets a diversified supply chain

strategy. These measures are designed to create resilience and

ensure reliable sourcing and delivery.

Regulatory risk: Operating across multiple jurisdictions entails navi-

gating potentially complex and immature regulatory frameworks.

Thor Medical has implemented a strong compliance framework,

supported by robust monitoring systems and experienced key

personnel, to ensure adherence to all relevant regulations.

Financing risk: To mitigate financial risk, Thor Medical’s phased

investment approach aligns funding needs with milestone achieve-

ments, including securing offtake agreements and expanding its

customer base. The company is also exploring diversified funding

sources to ensure flexibility, reduce reliance on any single funding

mechanism, and sustain growth through market uncertainties.

Organizational risk: Thor Medical employs highly educated and

competent specialists within their fields, which will be crucial

for succeeding with the Company’s ambitions. Key employees

leaving or challenges in attracting and retaining critical expertise

could negatively impact Thor Medical’s development. To mitigate

this risk, the Company prioritizes a supportive work environment,

competitive compensation packages, and targeted recruitment

strategies to secure and retain top talent.

Financial review

Thor Medical’s consolidated financial statements as of and for the

period 01.01.2024 to 31.12.2024 have been prepared in accordance

with EU-adopted International Financial Reporting Standards (IFRS)

and Interpretations issued by the International Accounting Standards

Board (IASB) and disclosure requirements in accordance with the

Norwegian Accounting Act. Unless otherwise specified, financial

information is provided in Norwegian Kroner (NOK).

The Company is in a pre-commercial phase and currently generates

no revenue. As a result of the acquisition of Thor Medical AS by former

Nordic Nanovector ASA and the subsequent strategic repositioning,

the financial statements for 2024 are not easily comparable or even

relatable to earlier financial statements.

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Profit and loss 2024

(Figures in brackets = same period 2023 unless stated otherwise)

Thor Medical had no operating income in the second half of 2023

related to continuing business.

(figures in NOKm) FY 2024 FY 2023

Total operating income - -

EBITDA (41.6) (6.8)

Operating profit (EBIT) (43.9) (7.2)

Net financials 1.3 1.6

Profit/loss for the period after tax (42.2) (5.6)

Profit / (loss) after tax from discontinued operations - (21.0)

For 2024, the company had total operating expenses of NOK 43.9

million, of which payroll and related expenses were NOK 14.9

million and depreciation amounted to NOK 2.4 million. Other

expenses amounted to NOK 26.6 million during 2024, net of grants

of NOK 4.8 million from Innovation Norway and NOK 3.7 million

from The Research Council of Norway.

The pilot facilities installations and corporate overheads were the

main drivers of other expenses in 2024. The increased 2024 cost

levels reflect Thor Medical’s ramp-up plan to become a leading

supplier of alpha-emitters to cancer therapies.

The loss after tax for the period amounted to NOK 42.2 million in

2024, compared to a loss after tax of NOK 5.6 million in 2023.

The after-tax loss of NOK 21 million from discontinued operations

in 2023 relates to the former Nordic Nanovector pipeline of patent

development stage candidates known as the Nanovector Patents.

Financial position

Total assets on 31 December 2024 were NOK 414.4 million

(NOK 330.8 million). The Company held NOK 123.4 million

(NOK 41.8 million) in cash and cash equivalents, NOK 6.5 million

(NOK 3.6 million) in other current receivables, and NOK 0.6 million

(NOK 1.0 million) in property, plant & equipment (PPE). The

remaining NOK 283.0 million (NOK 284.5) in other intangible assets

reflects the allocation of surplus value in connection with the

acquisition of Thor Medical AS, more specifically R&D and goodwill

assets.

Equity amounted to NOK 337.1 million (NOK 271.9) at the end

of 2024. Non-current liabilities amounted to NOK 54.3 million

(NOK 54.4) at the end of 2024, which reflected deferred tax liabil-

ities of NOK 54.0 million and NOK 0.3 million in non-current lease

liabilities.

Current liabilities amounted to NOK 22.9 million (NOK 4.4) at the

end of 2024, including trade payables of NOK 15.2 million, social

security and other taxes at NOK 1.1 million, current lease liabilities

of NOK 0.4 million and other current liabilities of NOK 6.1 million.

Cash flow

Net cash generated from operations ended at negative NOK 24.0

(NOK -64.1), with the bulk of negative cash flow from operations

reflecting the net loss of NOK 42.6 million, adjusted for NOK 2.4

million in depreciation, net interest of negative NOK 1.6, share

based payment expenses of NOK 2.8 million, changes in trade

payables of NOK 13.1 million, and changes in other working capital.

Net cash flow from investing activities ended at NOK 1.6 million

(NOK 6.3) and reflects interest received of NOK 1.7 million adjusted

for payments for fixed assets and other capitalizations of negative

NOK 0.1 million.

The net cash flow from financing activities closed at NOK 104.0

million (NOK -0.3), reflecting NOK 114.3 million in proceeds from

the issue of equity, adjusted for share issue costs of NOK -9.7

million, interest paid of NOK -0.1 million and repayment of principle

lease liabilities of NOK -0.5.

Overall, the net change in cash and cash equivalents was NOK 81.7

million (NOK -56.9) for the full year 2024. Cash and cash equiva-

lents at the end of the period was NOK 123.4 million (NOK 41.8).

Cash flow summary

(figures in NOKm) 2024 2023

Net cash flow from operating activities (24.0) (64.1)

Net cash flow from investment activities 1.6 6.3

Net cash flow from financing activities 104.0 (0.4)

Net change in cash and cash equivalents 81.6 (56.9)

Cash and cash equivalents at start of period 41.8 98.7

Cash and cash equivalents at end of period 123.4 41.8

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Allocation of net loss and dividends

Thor Medical ASA had a net loss of NOK 42.6 million from January

1 to December 31, 2024. The Company is in a growth phase and is

not in position to pay dividends.

The Board of Directors proposes that the net loss is allocated to

accumulated losses.

Going concern

Thor Medical is in a pre-commercial early phase but sees a very

promising market outlook for next-generation radiotherapeutic

cancer treatments and for production of the radioisotopes needed

to support this market development. The consolidated financial

statements have been prepared under the Norwegian Accounting

Act under a going concern assumption, and based on the compa-

ny’s financial position the Board of Directors confirms that this

assumption is realistic.

Events after the balance sheet date

7 January 2025: Thor Medical received a NOK 90 million loan

facility commitment from Innovation Norway, which combined with

capital raises and working capital arrangements will ensure that

the Company’s first commercial-scale plant AlphaOne will be fully

funded through construction and ramp-up. The final investment

decision for AlphaOne is scheduled by the end of the first quarter

2025.

24 January 2025: Thor Medical completed a subsequent offering

with a total subscription of 10 519 746 shares at a subscription

price of NOK 2.50, raising a total of NOK 26.3 million in gross

proceeds and NOK ~200 million in total proceeds from equity

raises in late 2024/early 2025.

25 March 2025: Thor Medical’s Board of Directors approved the

Final Investment Decision (FID) to proceed with the construction of

AlphaOne

Forward-looking statements

This report contains statements regarding the future in connection

with the Company’s growth initiatives, profit figures, outlook, strate-

gies and objectives. All statements regarding the future are subject

to inherent risks and uncertainties, and many factors can lead to

actual results and developments deviating substantially from what

has been expressed or implied in such statements.

Oslo 27 March 2024

The Board of Directors of Thor Medical

Ludvik Sandnes

Chairman of the Board

John Andersen Jr.

Mimi Berdal

Jasper C. Kurth

Chief Executive Officer (CEO)

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Corporate governance report

Thor Medical ASA (The “Company”) is committed to healthy corporate governance practices,

strengthening and maintaining confidence in the company, and contributing to long-term value

creation for shareholders and other stakeholders. Strong and sustainable corporate governance

practices include ethical business practices, reliable financial reporting, and compliance with

legislation and regulations. The objective of corporate governance is to regulate the division of

roles between shareholders, the board and executive management more comprehensively than

is required by legislation.

Thor Medical’s principles for corporate governance are based on

the following key elements:

• All shareholders are treated equally.

• Thor Medical will provide open, reliable and relevant communica-

tion to shareholders, governmental bodies and the public about

the company’s activities and its corporate governance commit-

ment.

• Thor Medical’s board is fully independent of the company’s exec-

utive management.

• The majority of the members of the board of Thor Medical are

independent of major shareholders.

• Thor Medical pays particular attention to ensuring that there

are no conflicts between the interests of its shareholders, the

members of its board, and its executive management.

• Thor Medical will ensure a clear division of responsibility between

the board and the executive management.

Corporate governance framework and reporting

Thor Medical ASA’s board actively adheres to good corporate

governance standards, in line with Norwegian laws and regulations,

as well as international best practice standards. Thor Medical’s

corporate governance policy is in all material aspects based on the

Norwegian Code of Practice for Corporate Governance (the Code),

to which the board has resolved that the company shall adhere.

Thor Medical ASA is a Norwegian-registered public limited liability

company with its shares listed on the Oslo Stock Exchange. The

Norwegian Accounting Act Section 3-3b, which the company is

subject to, sets out certain corporate governance related infor-

mation, which is to be disclosed and reported on through the

issuance of an annual reporting document. This report meets the

requirements provided by the Accounting Act. The Accounting Act

is available on www.lovdata.no.

Further, the continuing obligations of stock exchange listed compa-

nies issued by the Oslo Stock Exchange requires listed companies

to publish an annual statement of their practice related to their

policy on corporate governance (cf. Oslo Rule Book II, section 4.4).

In addition to setting out certain minimum requirements for such

reporting (equivalent to those under the Accounting Act), the contin-

uing obligations require that the company reports on its compliance

with the recommendations of the Code. Both the continuing obli-

gations and the Code require that an explanation is provided where

a company has chosen an alternative approach to specific recom-

mendations in the Code (i.e., the “comply or explain” principle). Thor

Medical complies with the current Code, most recently revised on

14 October 2021. The company provides a report on its principles

for corporate governance in its annual report and on its website.

The continuing obligations are available on www.oslobors.no and

the Code is available on www.nues.no.

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The board of Thor Medical has, in close cooperation with the

company’s executive management, adopted several corporate

governance guidelines:

• Code of conduct and corporate social responsibility

• Rules of procedure for the board

• Instructions for the audit committee

• Instructions for the compensation committee

• Instructions for the nomination committee

• Internal routines for handling takeover bids

• Instruction for handling inside information

• Insider policy for primary insiders and employees that are not

primary insiders

• Anti-corruption manual

• Whistle blowing policy

The governance documents set out principles for how business

should be conducted, and these also apply to Thor Medical’s

subsidiaries. The Code covers 15 topics, and this statement covers

each of these topics and states Thor Medical’s adherence to the

Code on each topic.

Business

Thor Medical’s business is clearly defined in Section 3 in the

company’s articles of association as adopted on the annual general

meeting 28 June 2023 as follows: “The objective of the company is

to supply alpha emitters to suppliers and developers of innovative

drugs targeting indications of high unmet medical need, including

any medical products and equipment, and to run business related

thereto or associated therewith.”

The board is responsible for defining the company’s strategies,

primary objectives and risk profiles and to support the company’s

value creation to shareholders in a sustainable manner. These take

into account financial, social, and environmental considerations, are

evaluated annually and described in the annual report.

Equity and dividends

Equity and capital structure

The board shall ensure that the company has a capital structure

that is suitable for its objectives, strategy, and risk profile. In

December 2024, the company successfully completed a private

placement to increase its share capital by NOK 13 805 860, of

which NOK 9 126 584 was issued under the authorization given to

the Board of Directors by the Annual General Meeting as further

described in section below, while the remaining NOK 4 679 276

was issued in January 2025 following approval from the

Extraordinary General Meeting (EGM). Total issued share capital

as of 31 December 2024 amounted to NOK 56 098 479, divided

into 280 492 395 shares, each with a par value of NOK 0.20. In

January 2025, the company also carried out a so-called repair

issue, which further increased the total issued share capital to

NOK 62 881 704.20, divided into 314 408 521 shares. These capital

increase have been carried out under the authorizations given to

the Board of Directors from the General Assembly as described

below.

Dividend policy

Thor Medical expects to create long-term value for its shareholders

through the establishment and commercialization of industri-

al-scale plants for production of alpha-emitting radioisotopes

for cancer therapy. This will require significant investments, and

although the company aims to reward its investors with competi-

tive returns on invested capital it does not expect to be in a position

to distribute dividends at least until the first plant is fully up and

running and generating profits. Correspondingly, the company has

not proposed to pay any dividends for 2024.

The mandate to the board to increase Thor Medical’s share capital

is tied to defined purposes and limited in time no later than the date

of the next AGM.

Board authorizations

The AGM held on 11 April 2024 granted several authorizations to

the Board of Directors to manage the company’s strategic and

operational needs effectively.

1. Incentive program: The Board was authorized to increase the

share capital by up to NOK 2 802 468 through one or more issu-

ances. This authorization is specifically tied to the issuance of

shares under the Company’s incentive program, such as the exer-

cise of stock options or subscription rights. The authorization is

valid until the AGM in 2025, but no later than 30 June 2025. As of

31 December 2024, the Board had granted stock options to the

company’s executive management that could increase the share

capital up to NOK 2 300 000 if fully exercised.

2. Restricted Stock Units (RSUs): The AGM authorized the Board to

increase the share capital by up to NOK 750 000 to issue shares

to the Company’s Board members who exercise awarded RSUs.

This authorization also remains valid until the AGM in 2025, but

no later than 30 June 2025. It allows for the deviation of share-

holders’ preferential rights and permits capital increases through

cash contributions or by offsetting claims related to board remu-

neration.

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General purposes and strategic initiatives: A further authorization

was granted to increase the share capital by up to NOK 9 341 560,

representing up to 20 per cent of the Company’s share capital. This

authorization enables the issuance of shares to strengthen equity,

finance acquisitions, and support general corporate purposes,

including issuing consideration shares for acquisitions. This author-

ization was exhausted in connection with the private placement

completed in December 2024. In January 2025, the Board was

granted a new authorization from the EGM to increase the share

capital by up to NOK 12 576 340.80, representing up to 20 per cent

of the Company’s share capital. These authorizations reflect Thor

Medical’s commitment to aligning governance practices with stra-

tegic growth and value-creation objectives. The resolutions allow

for operational flexibility while maintaining a robust framework for

shareholder value and transparency.

Equal treatment of shareholders

It is the company’s policy to treat all shareholders equally. Thor

Medical has only one class of shares. Each share in the company

carries one vote and all shares carry equal rights, including the right

to participate in general meetings. The nominal value of each share

is NOK 0.20.

If the board resolves to carry out a share issue without pre-emption

rights for existing shareholders, then the justification shall be

publicly disclosed in a stock exchange announcement issued in

connection with the share issue.

Freely negotiable shares

There are no restrictions related to owning, trading or voting for

shares in Thor Medical.

General meetings

The board ensures that the company’s shareholders can participate

in the company’s general meetings, and that the general meetings

are an effective forum for the views of shareholders and the board.

Participation and execution

The chair of the board, the CEO and CFO are present at the AGMs,

along with the chair of the nomination committee and the company

auditor.

The board ensures that:

• Resolutions and supporting information distributed are

sufficiently detailed, comprehensive and specific to allow share-

holders to form a view on all matters to be considered at the

meeting

• Any deadline for shareholders to give notice of their intention to

attend the meeting is set as close to the date of the meeting as

possible

• The general meeting is able to elect an independent chair for the

general meeting

• Shareholders who are unable to participate themselves may cast

a vote on each agenda item electronically or vote by proxy.

Notification

The notice of the general meeting includes information regarding

shareholders’ rights and guidelines for registering and voting at the

general meeting. The company provides information on the proce-

dure for representation at the general meeting through proxy, and

a proxy form which allows separate voting instructions for each

individual matter, including on each individual candidate nominated

for election, is attached to the notice.

Nomination committee

The nomination committee is laid down in the company’s articles of

association and the general meeting has stipulated guidelines for

the duties of the nomination committee.

The nomination committee consists of three members. The general

meeting elects the members of the nomination committee, its chair

and determines the committee’s remuneration. The majority of

the members shall be independent of the board and the manage-

ment. The nomination committee shall not include any executive

personnel or any member of the company’s board of directors.

All shareholders are invited to propose candidates for the board

and the nomination committee.

The AGM held 11 April, 2024, elected Didrik Leirvang (chair), Jørn

Aage Johansen, and Jon Magne Asmyr as members of the nomina-

tion committee for a period until the AGM in 2026.

The nomination committee’s duties include proposing candidates

for election to the board and the nomination committee and

proposing fees to be paid to such members.

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Board of directors – composition and independence

Article 5 of Thor Medical’s articles of association states that the

company’s board shall consist of three to nine members and that

the members shall serve for a term of up to two years.

The composition of the board shall ensure that it can act inde-

pendently of any special interests. The board consists of; Ludvik

Sandnes (chair), John Andersen, Jr., and Mimi Berdal. Ludvik

Sandnes has informed the nomination committee that he has

decided not to seek re-election at the general meeting.

Ludvik Sandnes (chair) and Mimi Berdal are independent of the

company’s executive personnel, material business contacts

and the company’s major shareholder(s). John Andersen, Jr., is

independent of the company’s executive personnel and material

business contacts.

The company’s board of directors meets the requirements for

gender representation, with no more than 2 out of 3 members

representing one of the genders.

The biographies of the board members are presented on the

company’s website and the board members’ shareholding in Thor

Medical ASA is disclosed in note 6.3 to the annual accounts. An

overview of the board members’ attendance at board meetings is

included in their respective biographies in the annual report.

The work of the Board of Directors

Rules of procedure for the Board of Directors

The Board of Directors is responsible for the overall management

of the company and shall supervise the company’s day-to-day

management and the company’s activities in general.

The Norwegian Public Limited Liability Companies Act regulates

the duties and procedures of the Board of Directors. In addition, the

Board of Directors has adopted supplementary rules of procedures,

which provide further regulation on inter alia the duties of the Board

of Directors and the chief executive officer (CEO), the division of

work between the Board of Directors and the CEO, the annual plan

for the Board of Directors, notices of Board proceedings, admin-

istrative procedures, minutes, Board committees, transactions

between the company and the shareholders and confidentiality.

Transactions with close associates

The Board of Directors aims to ensure that any not immaterial

future transactions between the company and shareholders, a

shareholder’s parent company, members of the Board of Directors,

executive personnel or close associates of any such parties are

entered on arms-length terms. For any such transactions which

do not require approval by the General Meeting pursuant to the

Norwegian Public Limited Liability Companies Act, the Board of

Directors will on a case-by-case basis assess whether a fairness

opinion from an independent third party should be obtained.

The Board of Directors meets at least six times per year. The CEO

informs the Board about the company’s activities, position and

financial development. In 2024, the Board held 6 ordinary meetings

and 4 additional meetings.

Guidelines for directors and executive management

The Board of Directors has adopted rules of procedures for the

Board of Directors which inter alia include guidelines for notification

by members of the Board of Directors and executive management

if they have any material direct or indirect interest in any transaction

entered by the company.

The Board of Directors’ consideration of material matters in which

the chairman of the Board is, or has been, personally involved, shall

be chaired by some other member of the Board. There were no

such cases in 2024.

The audit committee

The company’s audit committee is governed by the Norwegian

Public Limited Liability Companies Act and a separate instruction

adopted by the Board of Directors. The members of the audit

committee are appointed by and among the members of the Board

of Directors. A majority of the members shall be independent of the

company’s executive management, and at least one member shall

have qualifications within accounting or auditing. Board members

who are also members of the executive management cannot be

members of the audit committee. On 31 December 2024, the Board

of Directors constitute the audit committee, all considered inde-

pendent of the company.

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The main tasks of the audit committee is to:

• Prepare the Board of Directors’ supervision of the company’s

financial reporting process and advise the Board regarding the

integrity of the financial reporting

• Prepare the board’s quality assurance of sustainability reporting

and information on climate-related matters

• Monitor the systems for internal control and risk management

• Have contact with the company’s auditor regarding the audit of

the annual accounts and inform the Board of Directors of the

result of the audit

• Review and monitor the independence of the company’s auditor,

including in particular the extent to which services other than

auditing provided by the auditor or the audit firm rep

The audit committee reports and makes recommendations to the

Board of Directors, but the Board of Directors retains responsibility

for implementing such recommendations.

Other board committees

On 31 December 2024, the complete Board of Directors constitute

the compensation committee. The primary purpose of the compen-

sation committee is to assist and facilitate the decision-making

of the Board of Directors in matters related to the remuneration

of the executive management of the company, review recruitment

policies, career planning and management development plans,

and prepare matters relating to other material employment issues

with respect to the executive management. The remuneration

committee reports and makes recommendations to the Board

of Directors, but the Board of Directors retains responsibility

for implementing such recommendations. There were no other

committees established by the board.

The Board’s evaluation of its own work

The Board of Directors conducts an annual assessment of its

performance and expertise, which is presented to the nomination

committee.

Risk management and internal control

The Board of Directors ensures that the company maintains robust

internal controls and risk management systems tailored to the

scale and scope of its operations. This includes conducting an

annual risk assessment and reviewing quarterly financial state-

ments presented by management, which provide insights into

current business performance and associated risks. The board

evaluates significant risks such as strategic, financial, liquidity, and

operational risks, including those related to product development,

on an ongoing basis and at least once a year. The finance function

is accountable for preparing financial statements in compliance

with applicable laws and regulations, including IFRS as adopted by

the EU, while the audit committee scrutinizes these statements,

focusing on transaction types with significant impacts on the finan-

cials. Management controls are executed at a senior level within

the company.

Moreover, the Board of Directors conducts continual risk assess-

ments to identify potential risks and address any incidents,

engaging external expertise if necessary. This thorough evalua-

tion, conducted annually alongside the review of the company’s

financial statements, ensures a comprehensive understanding of

the company’s situation. Bi-annual financial statements are also

reviewed to keep the board and shareholders informed about

current business performance and associated risks. Policies

and procedures are established to manage risks specific to

Thor Medical’s operations, integrating considerations related to

stakeholder involvement in value creation. Additionally, the board

ensures the company upholds corporate values, ethical guidelines,

and sustainability practices through effective internal controls and

reporting mechanisms, which are detailed in the annual report.

Remuneration of the Board of Directors

The remuneration of the board is proposed by the nomination

committee and decided by the shareholders at the AGM of the

company. The level of remuneration of the board reflects the

responsibility of the board, its expertise and the level of activity

in both the board and any board committees. The company has

not granted share options to board members. The company has,

however, granted restricted stock units (RSUs) to board members

who have elected to receive all or part of their remuneration

determined by the AGM in advance in the form of restricted stock

units. The number of restricted stock units allocated to the board

members is determined based on a subscription price equal to

0.87 per share, which is equal to the volume-weighted average

share price of the 10 trading days prior to the grant date less the

nominal value of the share. The remuneration of the board is thus

not linked to the company’s performance.

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Salary and other remuneration for senior executives

The board has established guidelines on the salary and other

remuneration for executive personnel that are clear and easily

understandable, and contribute to the company’s commercial

strategy, long-term interests and financial viability. The perfor-

mance-related remuneration of the executive personnel, such

as equity incentives and bonus programmes, are linked to value

creation for shareholders. Any bonus agreement with the Chief

Executive Officer of the Company shall be limited to up to 35 per

cent of base salary, while bonus agreements for other members of

the Senior Executives team may provide for bonuses up to 25 per

cent of their base salary.

More information is available in Thor Medical’s Guidelines for remu-

neration of senior executives and board of directors.

Information and communication

Thor Medical is committed to treat all shareholders equally and will

provide timely and precise information about the company and its

operations to its shareholders, the Oslo Stock Exchange and the

financial markets in general through the Oslo Stock Exchange’s

information system. Such information will be given in the form of

annual reports, quarterly reports, press releases, notices to the

stock exchange, capital market days and investor presentations.

The board has established several guidelines related to the compa-

ny’s disclosure of information to the financial markets and for the

contact with shareholders, as mentioned in “Corporate Governance

in Thor Medical ASA” above.

The company publishes a financial calendar with an overview of

the dates for important events, such as the AGMs and release of

interim reports.

Take-overs

In the event of a takeover offer, the Board of Directors adheres to

established guiding principles aimed at maintaining impartiality

and equitable treatment of shareholders. The board refrains

from obstructing or complicating bids for the acquisition of the

company’s operations or shares and ensures shareholders receive

equal treatment. If a takeover offer is received, the board engages

an independent expert to conduct a valuation and provides a

recommendation regarding shareholder acceptance. Additionally,

the board guarantees uninterrupted company activities, ensures

shareholders have adequate information and time to evaluate the

offer, and considers relevant recommendations from the Code of

Practice, assessing their applicability to the specific circumstances.

Auditor

The company’s external auditor is EY. The auditor is appointed

in the AGM and is independent of Thor Medical ASA. The board

ensures that the company’s auditor on an annual basis presents

to the audit committee the main features of the plan for the perfor-

mance of the audit work. The auditor participates in meetings with

the board that deals with the annual financial statements and, at

least once a year, carries out a review of the company’s procedures

for internal control in collaboration with the audit committee.

In addition, the external auditor meets with the board, without

management being present, at least once per year.

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Sustainability

Thor Medical ASA (“Thor Medical” or “the Company”) is a

pioneering supplier of radionuclides, primarily alpha particle

emitters, derived from naturally occurring thorium. Leveraging

its proprietary production technology, Thor Medical provides

reliable, environmentally friendly, and cost-efficient alpha

emitters to the radiopharmaceutical industry. Headquartered in

Oslo, Norway, and listed on the Oslo Stock Exchange under the

ticker symbol “TRMED,” Thor Medical is transforming cancer care

through innovative solutions.

This report outlines Thor Medical’s sustainability approach and initiatives, underscoring the

Company’s commitment to environmental, social, and governance (ESG) excellence through

the industrialization phase.

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Business model

Thor Medical’s strategy is to supply alpha-emitters for novel

cancer therapies, utilizing its proprietary AlphaCycle™ process to

separate thorium isotopes with unmatched purity and scalability.

The Company sources natural thorium (Thorium-232) from mining

operations, processes it into Thorium-228, and subsequently

supplies Radium-224 and Lead-212 to radiopharmaceutical

customers.

This model enables Thor Medical to address a growing demand

for next-generation cancer treatments with minimal environmental

impact.

Unlike traditional isotope production methods that rely on irradi-

ation or nuclear reactors, Thor Medical’s approach requires little

energy input, generates no radioactive waste, and operates within

a closed-loop system, making it scalable and environmentally

sustainable.

More details about the business model can be found in the Board

of Directors report in the Annual Report.

Turning waste into next-generation cancer therapies

Proprietary process

for separation of

Th-232 into the

world’s purest

Th-228

Thorium-232

– a naturally

occurring

isotope

Generating Ra-224/

Pb-212 and linking to

targeting molecule

to create radiothera-

peutic

Distribution to

hospitals and cancer

clinics for patient

treatment

Thor Medical

Thor Medical plant

Th-228 half-life:

1.9 years

Sourcing from

mining operations

Th-232 half-life:

14 billion years

Generators and

radiotherapeutic production

Ra-224 half-life: 3.6 days

Pb-212 half-life: 10.6 hours

Hospitals and

treatment centres

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Development timeline and sustainability plans

Thor Medical has made significant progress and

reached key milestones across operations, commercial

partnerships, and financing in 2024.

The company has successfully advanced its pilot

production capabilities, secured strategic supply agree-

ments, and strengthened its financial foundation to

support future expansion. Looking ahead, Thor Medical

is on track to scale up production, with plans to estab-

lish a global supply chain for alpha-emitter production.

The key sustainability risks that Thor Medical will be

facing are outlined below, along with the corresponding

mitigation efforts:

• Environmental risks: Management of radioactive

materials and waste is a top priority. Compliance with

Norwegian Radiation and Nuclear Safety Authority

(DSA) standards ensures safety.

• Health and safety risks: Robust safety protocols,

employee training, and continuous monitoring

minimize risks associated with handling radioactive

materials.

• Supply chain risks: Diversified sourcing agreements

to ensure reliability.

The key risks are expected to develop over time as Thor

Medical executes its strategic roadmap, as highlighted

in the table below:

Company

milestones

Risk

mitigation

initiatives

Key

sustainability

risk

Laying the

foundation

2024

Scaling for

commercial production

2025

Operational

readiness

2026

Global

expansion

Beyond 2026

• DSA authorization for pilot production

• Herøya pilot facilities commissioned, first

product sample shipment

• Strategic supply agreements (ARTBIO,

AdvanCell and undisclosed customer)

• NOK 173 million private placement,

NOK 6 million Innovation Norway grant

• AlphaOne Final

Investment Decision (FID)

– Launch of commercial-

scale production planning

• NOK 90m Innovation

Norway loan secured

• NOK 26.3 million raised in

subsequent offering

• AlphaOne facility

commissioning – initial

production for key clients

• Scaling towards 25 000

patient doses annually

• AlphaTwo expansion –

10x production capacity

increase

• Entry into North America

for localized supply

• AlphaGlobal –

establishing a global

supply chain

• Radioactive material management and

waste disposal

• Health and safety in pilot operations

• Develop supply chain stability

• Transition from pilot to

full-scale operations

• Ensuring regulatory

approvals for expansion

• Sustainable waste

management at scale

• Maintaining production

efficiency and reliability

• Logistics and global

regulatory compliance

• Long-term resource

availability

• Regulatory compliance with DSA standards

• Robust safety protocols and employer

training

• Developing diversified supplier agreements

• Strengthening governance

and compliance

• Early-stage supplier

engagement for scaling

• Enhanced process

monitoring and waste

control

• Continous safety

assessments and training

• Developing a sustainable

global supply network

• Strategic partnerships

for long-term material

sourcing

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Thor Medical policies and standards

Code of Conduct

Thor Medical’s Code of Conduct embodies the company’s core

principles of ethical business conduct, emphasizing integrity,

compliance with laws, and sustainability across all operations.

The Code outlines commitments to human rights, environmental

responsibility, fair competition, anti-corruption, and workplace

safety, setting clear expectations for employees, managers, and

business partners. It integrates global regulatory standards while

also maintaining rigorous internal accountability mechanisms,

including a zero-tolerance policy for bribery and corruption,

responsible resource management, and proactive risk mitigation

strategies.

Sustainability is embedded into all business functions, ensuring

long-term operational resilience and ethical governance.

For more information, including Thor Medical standards, please

visit the Code of Conduct on the Company’s webpage (include

hyperlink).

International principles

Thor Medical adheres to international frameworks, including:

• UN Global Compact Principles – 10 principles covering human

rights, labor standards, environmental responsibility, and

anti-corruption. These principles ensure that businesses operate

ethically, responsibly, and sustainably, which is crucial as Thor

Medical scales its industrial operations. By adhering to these

principles, Thor Medical demonstrates a commitment to fair

labor practices, reducing environmental impact, and maintaining

transparency – critical factors in securing partnerships, regula-

tory approvals, and investor confidence.

• ISO 14001 for environmental management – the standard for

environmental management systems (EMS). It helps companies

like Thor Medical minimize environmental risks, ensure regulatory

compliance, and continuously improve sustainability perfor-

mance. As Thor Medical scales production, this certification is

vital for managing radioactive materials, reducing emissions, and

optimizing resource efficiency, all while reinforcing the compa-

ny’s commitment to sustainable industrial growth.

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With the start of pilot facilities in the second half of 2024, Thor

Medical has implemented strict environmental and safety

measures to ensure compliance with Norwegian regulations and

international standards.

Safe handling of radioactive materials

Thorium-232 is currently supplied by a vendor and delivered

in barrels, which are stored in a designated radioactive area at

Herøya Industrial Park. This restricted-access area follows safety

protocols, ensuring compliance with national radiation protection

standards. Once fed into the production process, the material is at

all times kept in a closed-loop system, allowing safe operations for

personnel.

Personnel safety measures:

• All staff and visitors must wear dosimeters for continuous radia-

tion exposure tracking.

• Regular monitoring ensures safe exposure levels.

• Strict entry and exit protocols prevent contamination risks.

• Protective gear that may be contaminated is safely managed and

disposed of by Norwegian regulations.

Commitment to sustainability

Thor Medical is dedicated to integrating sustainability into its indus-

trial operations, ensuring responsible waste management, energy

efficiency, and emission reductions.

Through proprietary technology, the company minimizes radioac-

tive waste, eliminating long-lived contaminants and ensuring safe

disposal in compliance with Norwegian regulations.

As part of its broader sustainability approach, Thor Medical is

transitioning to low-energy production processes and optimizing

logistics to reduce greenhouse gas emissions. .

Thor Medical upholds its commitment to safe, responsible, and

environmentally conscious operations through a minimal-waste

process that prioritizes sustainability.

Environmental

Thor Medical is committed to

minimizing its environmental

impact, reducing waste, and

handling materials safely and

responsibly.

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The management team has a particular responsibility to lead

by example in this regard. A whistleblower policy is in place to

encourage reporting of concerns without fear of retaliation.

Organizational growth and development

By year-end, Thor Medical had 9 employees and employed one

contractor, with further recruitment planned for AlphaOne’s produc-

tion team in 2025.

Health and safety

Thor Medical prioritizes workplace safety and had no reported

injuries in 2024. Employees undergo radiation protection and

emergency training, and strict entry and exit protocols are enforced

at production facilities. Compliance with Norwegian Radiation and

Nuclear Safety Authority (DSA) regulations remains a top priority.

Supply chain responsibility

Thor Medical maintains a low-risk supply chain, ensuring safe and

ethical sourcing of materials, and the Code of Conduct describes

fundamental principles that apply in terms of engaging with stake-

holders including suppliers. The Company continues to diversify

suppliers to enhance stability and sustainability.

Social

Attracting, developing, and retaining

top talent is key to Thor Medical’s

success. The Company is committed

to ensuring all employees are

treated fairly and with respect in an

inclusive work environment free from

discrimination or harassment.

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Governance structure

The Board of Directors oversees governance and risk management.

Anti-corruption

Strict adherence to anti-corruption laws and transparent business

practices ensures accountability. All employees and partners are

required to comply with the anti-corruption policies outlined in the

Code of Conduct.

Governance

R&D ethics

Thor Medical complies with rigorous

ethical standards for radiotherapeutics

R&D, ensuring patient safety and

environmental responsibility.

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Financial

statements

Consolidated financial statements

Parent company financial statements

Responsibility statement

Auditor’s report

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Consolidated financial statements

Consolidated statement of income

Consolidated statement of comprehensive income

Consolidated statement of financial position

Consolidated statement of changes in equity

Consolidated statement of cash flow

Notes to the Consolidated financial statements

Section 1 - Background

Section 2 - General accounting policies

2.1 Basis for preparation of the annual accounts

2.2 Consolidation principles

2.3 Functional currency and presentation currency

2.4 Significant accounting judgements, estimates and

assumptions

2.5 Other accounting policies

Section 3 - Operating activities

3.1 Other operating expenses

3.2 Payroll and related expenses

3.3 Government grants

3.4 Other current receivables and prepayments

3.5 Other current liabilities

3.6 Auditors fee

3.7 Discontinued operations

Section 4 - Asset base

4.1 Property, plant and equipment

4.2 Intangible assets

Section 5 - Risk management, financial instruments,

capital structure and equity

5.1 Risk factors and risk management

5.2 Cash and cash equivalents

5.3 Current liabilities

5.4 Share capital and shareholder information

5.5 Finance income and finance expenses

5.6 Earnings per share (EPS)

Section 6 - Remuneration

6.1 Remuneration to management

6.2 Share-based payments and incentive program

6.3 Remuneration to the board

Section 7 - Tax

7.1 Income tax

Section 8 - Group structure

8.1 Information about subsidiaries

8.2 Transactions with related parties

8.3 Business combinations

Section 9 - Other disclosures

9.1 Events after the reporting date

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Consolidated statement of income

For the period 1 January to 31 December

(Amounts in NOK 1 000)	Note	2024	2023
Continuing operations
Payroll and related expenses	3.2, 6.1	14 916	3 342
Depreciation and amortization	4.1, 4.2	2 381	331
Other operating expenses	3.1, 3.3, 3.6	26 634	3 487
Total operationg expenses		43 931	7 160
Operating profit (loss)		(43 931)	(7 160)
Finance income and finance expenses
Finance income	5.5	1 700	2 019
Finance expenses	5.5	407	169
Net currency gains (loss)	5.5	-	(250)
Net finance income (expenses)		1 293	1 600
Net profit before income tax from continuing operations		(42 638)	(5 560)
Tax expense	7.1	(430)	-
Loss for the year from continuing operations		(42 208)	(5 560)
Discontinued operations
Loss after tax from discontinued operations	3.7	-	(21 000)
Loss for the year		(42 208)	(26 561)

The accompanying notes are an integral part of these financial statements.

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Consolidated statement of comprehensive income

For the period 1 January to 31 December

(Amounts in NOK 1 000)	Note	2024	2023
Loss for the year		(42 208)	(26 561)
Other comprehensive income (loss), net of income tax that may be reclassified to profit and loss in subsequent periods
Translation effects		-	(932)
Other comprehensive income (loss), net of income tax not to be reclassified to profit and loss in subsequent periods
Remeasurement gains (losses) on defined benefit plans		-	(1 578)
Total comprehensive income (loss) for the year		(42 208)	(29 071)
Loss for the year attributable to owners of the parent		(42 208)	(29 071)
Total comprehensive income (loss) for the year attributable to owners of the parent		(42 208)	(29 071)
Earnings (loss) per share (continuing operations)
Basic and diluted earnings (loss) per share	5.6	(0.18)	(0.15)

The accompanying notes are an integral part of these financial statements.

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Consolidated statement of financial position

For the year ended 31 December

(Amounts in NOK 1 000)	Note	2024	2023
ASSETS
Non-current assets
Property, plant and equipment	4.1	615	1 008
Right-of-use-assets		813	-
Intangible assets	4.2	283 039	284 481
Total non-current assets		284 467	285 489
Current assets
Other current receivables and prepayment	3.4	6 523	3 579
Cash and cash equivalents	5.2	123 389	41 767
Total current assets		129 911	45 346
TOTAL ASSETS		414 378	330 835

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(Amounts in NOK 1 000)	Note	2024	2023
EQUITY AND LIABILITIES
Equity
Share capital	5.4	56 098	46 708
Share premium		156 778	61 549
Other paid in capital		187 328	184 520
Retained earnings		(63 060)	(20 852)
Total equity		337 144	271 925
Liabilities
Non-current liabilities
Deffered tax liabilities		54 034	54 464
Lease liabilities - long term		300	-
Total non-current liabilities		54 334	54 464
Current liabilities
Trade payable	5.3	15 230	2 103
Tax payable	5.3	-	-
Social security and other taxes	5.3	1 114	-
Lease liability	5.3	437	-
Other current liabilities	3.5, 5.3	6 120	2 343
Total current liabilities		22 900	4 446
Total liabilites		77 235	58 910
TOTAL EQUITY AND LIABILITIES		414 378	330 835

The accompanying notes are an integral part of these financial statements.

Oslo 27 March 2024

The Board of Directors of Thor Medical

Ludvik Sandnes John Andersen Jr. Mimi Berdal

Chairman of the Board

Jasper C. Kurth

Chief Executive Officer (CEO)

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Consolidated statement of changes in equity

For the year ended 31 December

				Other paid in	Accumulated	Translation	Remeasurement
(Amounts in NOK 1 000)	Note	Share capital	Share premium	capital	losses	effects	gains (losses)	Total equity
Balance at 1.1.2023		23 207	695	65 855	(28 425)	932	1 578	63 842
Loss for the year					(26 561)			(26 561)
Other comprehensive income (loss) for the year, net of income tax						(932)	(1 578)	(2 510)
Total comprehensive income for the year					(26 561)	(932)	(1 578)	(29 071)
Reclassification				(34 133)	34 133			-
Recognition of share based payments - RSUs	3.2, 6.2			2 100				2 100
Issue of ordinary shares	5.4	23 354	61 173	150 698				235 225
Issue of ordinary shares under share options and RSUs	5.4	147						147
Transaction costs			(319)					(319)
Balance at 31.12.2023		46 708	61 549	184 520	(20 852)	-	-	271 925
Loss for the year					(42 208)			(42 208)
Recognition of share based payments - RSUs	3.2, 6.2			2 807				2 807
Issue of ordinary shares	5.4	9 391	104 956					114 346
Transaction costs			(9 726)					(9 726)
Balance at 31.12.2024		56 098	156 778	187 328	(63 060)	-	-	337 144

The accompanying notes are an integral part of these financial statements.

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Consolidated statement of cash flow

For the year ended 31 December

(Amounts in NOK 1 000)	Note	2024	2023
Cash flows from operating activities
Loss before income tax from continuing operations		(42 638)	(5 560)
Loss before income tax from discontinued operations	3.7	-	(21 000)
Loss before income tax		(42 638)	(26 561)
Adjustments for:
Interest paid		98	-
Interest received		(1 700)	(2 019)
Finance income from discontinued operations		-	(3 969)
Share based payment expenses		2 807	2 100
Taxes paid		-	(759)
Depreciation and amortization		2 381	717
Currency (gains) losses not related to operating activities (unrealised)		-	(1 196)
Changes in trade payables	5.3	13 127	-
Changes in net working capital		1 947	(32 403)
Net cash flows from operating activities		(23 978)	(64 090)

(Amounts in NOK 1 000)	Note	2024	2023
Cash flows from investment activities
Payments for fixed assets		(140)	-
Cash acquired through business combination		-	4 257
Interest received		1 700	2 019
Net cash flow from investment activities		1 561	6 276
Cash flows from financing activities
Gross proceeds from equity issue	5.4	114 346	147
Transaction costs		(9 726)	(319)
Payment of principle portion of lease liabilities		(483)	(159)
Interest paid		(98)	-
Net cash flow from investment activities		104 040	(332)
Effects of exchange rate changes on cash and cash equivalents		-	1 196
Net change in cash and cash equivalents		81 622	(56 949)
Cash and cash equivalents at the beginning of the period		41 767	98 716
Cash and cash equivalents at the end of the period		123 389	41 767

The accompanying notes are an integral part of these financial statements.

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Notes to the Consolidated financial statements

Section 1 - Background

Thor Medical ASA (the group) consists of Thor Medical ASA and its subsidiaries. Thor Medical ASA (“the

company”) is a public limited liability company incorporated and based in Oslo, Norway. The address of the

registered office is Drammensveien 167, 0277 Oslo.

These financial statements were approved for issue by the board of directors on 27 March 2025.

Section 2 - General accounting policies

The principal accounting policies applied in the preparation of these ﬁnancial statements are set out below.

These policies have been consistently applied throughout all periods presented. Amounts are in Norwegian

kroner (NOK) unless stated otherwise. The functional currency of Thor Medical ASA is NOK.

2.1 Basis for preparation of the annual accounts

The consolidated ﬁnancial statements for the group and the parent company have been prepared in

accordance with EU-adopted International IFRS® Accounting Standards and Interpretations issued by

the International Accounting Standards Board (IASB) and disclosure requirements in accordance with the

Norwegian Accounting Act. Only standards that are effective for the ﬁscal year ending 31 December 2024 have

been applied.

The ﬁnancial statements have been prepared on the historical cost basis. The preparation of ﬁnancial

statements in conformity with IFRS requires the use of certain critical accounting estimates and requires

management to exercise its judgments in applying the group’s accounting policies.

Areas involving significant judgment or complexity, and areas where assumptions and estimates are signiﬁ-

cant to the ﬁnancial statements are disclosed in note 2.4. The consolidated ﬁnancial statements have been

prepared on the basis of uniform accounting principles for similar transactions and events under otherwise

similar circumstances.

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Going concern

The company works continuously to ensure short and long-term ﬁnancial ﬂexibility to achieve its strategic and

operational objectives. To date, the company has ﬁnanced its operations through private placements, grants,

repair offerings and the initial public offering in connection with the listing of the company’s shares on Oslo

Børs in 2015.

Several measures have been implemented to reduce the burn rate and the company’s current net cash is,

under the current operating model, expected to ﬁnance its ongoing operations into 2026.

The board of directors has conﬁrmed that the conditions for assuming that the group is a going concern are

present, and that the ﬁnancial statements have been prepared based on this assumption.

2.2 Consolidation principles

The group’s consolidated ﬁnancial statements include the parent company and its subsidiaries as of

31 December 2024. The group controls an entity if, and only if, the group has power over the entity, is exposed

to, or has rights to, variable returns from its involvement with the entity and can affect those returns through its

power over the entity. Subsidiaries are fully consolidated from the date on which the group obtains control and

are deconsolidated from the date that control ceases.

2.3 Functional currency and presentation currency

Functional currency

The functional currency is determined in each entity in the group based on the currency within the entity’s

primary economic environment. Foreign currency transactions are translated to functional currency using

the exchange rate at the date of the transaction. At the end of each reporting period foreign currency mone-

tary items are translated using the closing rate. Currency gains or losses are classiﬁed as ﬁnancial items.

Non-monetary items that are measured in terms of historical cost are translated using the exchange rate at

the date of the transaction, and non-monetary items that are measured at fair value in a foreign currency are

translated using the exchange rates at the date when the fair value was measured. Changes in the exchange

rate are recognized continuously in the accounting period.

Presentation currency

The group’s presentation currency is NOK, which is also the parent company’s functional currency.

The statement of ﬁnancial position ﬁgures of entities with a different functional currency are translated at the

exchange rate prevailing at the end of the reporting period for balance sheet items, and the exchange rate

at the date of the transaction for proﬁt and loss items. The monthly average exchange rates are used as an

approximation of the transaction exchange rate. Exchange differences are recognized in other comprehensive

income (OCI).

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2.4 Significant accounting judgements, estimates and assumptions

The management makes judgements, estimates and assumptions that affect the reported amounts of assets,

liabilities, incomes, expenses and information on potential liabilities. Future events may lead to these estimates

being changed. Estimates and their underlying assumptions are reviewed on a regular basis and are based on

best estimates and historical experience. Changes in accounting estimates are recognized during the period

when the changes take place. If the changes also apply to future periods, the effect is divided among the

present and future periods.

Deferred tax

The company considers that a deferred tax asset related to accumulated tax losses cannot be recognized

in the statement of ﬁnancial position until the product under development has been approved for marketing

by the relevant authorities. However, this assumption is continually assessed, and changes could lead to

signiﬁcant deferred tax asset being recognized in the future. This assumption requires signiﬁcant management

judgment. See note 7.1.

Development costs

Research and development costs are recognized in the income statement as incurred. Internal development

costs related to the group’s development of products are recognized in the income statement in the year in

which it is incurred, unless it meets the recognition criteria of IAS 38 intangible assets. Uncertainties related to

the regulatory approval process and other factors generally means that the criteria are not met until the time

when the marketing authorization is obtained with the regulatory authorities. This assessment requires signiﬁ-

cant management judgement.

Impairment assessment

In accordance with the principles set out in IAS 36, Management has conducted a review of the carrying values

of Thor Medical’s assets for the reporting period. The goodwill on the balance sheet is entirely created by

deferred tax arising from fair value adjustments in the 2023 business combination with Nordic Nanovector ASA

and offset by deferred tax recognized on intangible assets identified in the purchase price allocation. Goodwill

has been tested for impairment using the fair value less costs of disposal approach based on observable

prices in the latest capital increases. No need for impairment has been identified. The net goodwill balance

subject to impairment testing is immaterial as of year-end 2024. Furthermore, the research and development

asset is available for intended use and a definite useful life with corresponding amortization has been estab-

lished. Therefore, an annual impairment test is not required for this asset.

As part of the review, the business case has been assessed for any impairment indications related to market

dynamics, the technology development progress, changes in regulations, changes in market interest rates,

development in Thor Medical’s share price, and the market value of Thor Medical relative to net assets (Price/

Book). Management did not identify any adverse changes to these factors that could be indicative of an impair-

ment of Thor Medical’s assets.

Share-based payments

Equity-settled share-based payments are measured at the fair value of the equity instruments on the grant

date. Calculation of fair value involves estimates and assumptions. Measurement inputs include share price on

measurement date, exercise price of the instrument, expected volatility, weighted average expected life of the

instruments, expected dividends, and the risk-free interest rate. At the end of each reporting period, the group

revises its estimates of the number of equity instruments that are expected to vest. It recognizes the impact of

the revision to original estimates, if any, in proﬁt or loss, with a corresponding adjustment to equity. Changes in

these estimates may signiﬁcantly inﬂuence the expense recognized during a period.

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2.5 Other accounting policies

Leases

At the inception of a contract, the group assesses whether the contract is, or contains, a lease. A contract is, or

contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in

exchange for consideration.

At the lease commencement date, the group recognizes a lease liability and corresponding right-of-use asset

for all lease agreements in which it is the lessee, except short-term leases (defined as 12 months or less) and

low value assets. For these leases, the group recognizes the lease payments as other operating expenses in

the statement of profit or loss when they incur.

The lease liability is recognized at the commencement date of the lease. The group measures the lease liability

at the present value of the lease payments for the right to use the underlying asset during the lease term that

are not paid at the commencement date. The lease term represents the non-cancellable period of the lease,

together with periods covered by an option either to extend or to terminate the lease when the group is reason-

ably certain to exercise this option.

The lease liability is measured by increasing the carrying amount to reflect interest on the lease liability,

reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to

reflect any reassessment or lease modifications, or to reflect adjustments in lease payments due to an adjust-

ment in an index or rate.

The group does not include variable lease payments in the lease liability. Instead, the group recognizes these

variable lease expenses in profit or loss. Lease liabilities is presented as separate line items in the statement of

financial position.

The right-of use asset is measures at cost, less any accumulated depreciation and impairment losses, adjusted

for any remeasurement of lease liabilities. The depreciation requirements in IAS 16 Property, Plant and

Equipment is applied in depreciating the right-of-use asset, except that the right-of-use asset is depreciated

from the commencement date to the earlier of the lease term and the remaining useful life of the right-of-use

asset.

Discontinued operations

In the consolidated statements of income and comprehensive income, information is presented for continuing

operations on each line item, while figures for discontinued operations are presented on a separate line.

Consequently, the notes to the consolidated financial statements present information for continuing opera-

tions, while figures for discontinued operations refer to the comparative periods.

Cash flow

The cash flow statement is presented using the indirect method. Cash and cash equivalents includes cash

bank deposits and other short term, highly liquid investments with maturities of three months or less .

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Section 3 - Operating activities

3.1 Other operating expenses

Accounting Policy

Other operating expenses are recognised in the statement of profit and loss in the period which the related

costs are incurred or services are provided.

Overview

Costs related to the pilot facilitates at Herøya have been expensed as incurred because they will not generate

revenue in the future, and therefore do not meet the requirements for capitalization as an intangible asset. .

(Amounts in NOK 1 000)	Note	2024	2023
Reasearch and development costs		3 309	945
Government grants	3.3	(7 156)	(41)
Transactions with related parties		1 411	1 013
Other administrative costs		29 071	1 571
Total other operating expenses		26 634	3 487

3.2 Payroll and related expenses

Accounting Policy

Payroll and related expenses are recognised in the statement of profit and loss in the period which the related

costs are incurred or services are provided. For additional information on calculation of costs related to share

based payments see note 6.2 .

(Amounts in NOK 1 000)	Note	2024	2023
Salaries and bonus	6.2	9 862	1 527
Social Security tax		1 630	207
Pension expense	6.1	591	116
Share-based payment employees	6.2	2 807	1 212
Accrued employer's social security on share based payment		910	121
Other		736	299
Government grants	3.3	(1 620)	(138)
Total payroll and related expenses		14 916	3 342
Average number of full-time equivalent employees		8.5	1.5

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3.3 Government grants

Accounting Policy

Government grants are recognised where there is reasonable assurance that the grant will be received and all

attached conditions will be complied with. The grant is recognised in the income statement in the same period

as the related costs, which are presented net.

Government grants are normally related to either reimbursements of employee costs and classified as a reduc-

tion of payroll and related expenses or related to other operating activities and thus classified as a reduction of

other operating expenses .

(Amounts in NOK 1 000)	Note	2024	2023
Government grants have been recognised in the income
statement as a reduction for the related expenses with the following amounts:
Payroll and related expenses		1 620	138
Other operating expenses	3.1	7 156	41
Total		8 777	179
Grants receivable are detailed as follows:
Grants from SkatteFUNN	3.4	3 631	179
Grants from The Research Council of Norway		345	-
Grants from Innovation Norway		4 800	-
Total 31.12.		8 777	179

3.4 Other current receivables and prepayments

Accounting Policy

In determining the recoverability of other receivable, the company performs a risk analysis considering the type

and the age of the outstanding receivable and the creditworthiness of the counterparties .

(Amounts in NOK 1 000)	Note	2024	2023
Government grants	3.3	3 656	179
Refundable VAT		1 686	488
Prepaid expenses		577	426
Rental deposits		70	70
Other receivables		533	2 417
Other current receivables and prepayments 31.12		6 523	3 579

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3.5 Other current liabilities

Accounting Policy

Other liabilities are classified as current liabilities if payment is due within one year or less (or in the normal

operating cycle of the business if longer). If not, they are presented as non-current liabilities. Accounts payable

and other financial liabilities are recognised initially at fair value and subsequently measured at amortised cost

using the effective interest method.

(Amounts in NOK 1 000)	2024	2023
Unpaid duties and charges	-	1 131
Unpaid vacation pay	967	358
Accrued social security related to outstanding non exercised
options, PSUs and RSUs	173	121
Other accrued costs	4 980	734
Other current liabilities 31.12	6 120	2 343

Social security contributions on share options

The provision for social security contributions on RSUs are calculated based on the number of RSUs

outstanding at the reporting date that are expected to be exercised. The provision is based on market price of

the shares at the reporting date 31 December 2024 of NOK 2.63 per share (2023: 1.29 per share), which is the

best estimate of the market price at the date of exercise.

Other accrued costs

Other accrued costs for period ended 31 December 2024 are mainly related to professional services incurred .

3.6 Auditors fee

Accounting Policy

Auditors fee is expensed and recognised in the statement of profit and loss in the period which the related

costs are incurred or services are provided. Amounts are presented exclusive of VAT .

Fees to auditors for the year ended 31 December:
(Amounts in NOK 1 000)	2024	2023
Audit fee	545	660
Attestation services	185	116
Non-audit services	-	-
Auditors fee 31.12	730	776

Audit fee is the agreed audit fee for the accounting year and does not necessarily correspond to actual

expensed audit fee for the period as some of the services performed incurred after year-end. Attestations

services is reported according to invoices received during the year.

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3.7 Discontinued operations

On 30 November 2023, the Board of Directors entered into an agreement to transfer the former Nordic

Nanovector’s pipeline of patented development stage candidates known as the “Nanovector Patents” to

company NucliThera AS. Subject to the terms of the agreement, NucliThera AS assumed full ownership, title,

interest and liabilities to the Nanovector Patents as of 1 December 2023, after which all business related to the

Nanovector Patents are considered discontinued operations in Thor Medical. All other activities related to the

former Nordic Nanovector’s operations have been discontinued in the second half of 2023. In 2024, all cash

flows and result are generated from continued operations.

Cash flows generated from discontinued operations are as follows:
(Amounts in NOK 1 000)	2024	2023
Net cash flows from operating activities	-	(24 131)
Net cash flows from investing activities	-	-
Net cash flows from financing activities	-	(159)
Cash flows from discontinued operations	-	(24 290)

The result of the discontinued operation for the year are presented below:
For the year ended 31 December
(Amounts in NOK 1 000)	2024	2023
Revenues	-	4 108
Cash flows from discontinued operations	-	4 108
Payroll and related expenses	-	10 490
Depreciation and impairment	-	386
Other operating expenses	-	19 752
Total operating expenses	-	30 628
Operating profit (loss)	-	(26 520)
Finance income and finance expenses
Finance income	-	3 969
Finance expenses	-	-
Net currency gains (loss)	-	1 550
Net finance income (expenses)	-	5 520
Loss before income tax	-	(21 000)
Income tax	-	-
Loss for the year from dicontinued operations	-	(21 000)
Earnings (loss) per share (discontinued operations)
Basic and diluted earnings (loss) per share	-	(0.12)

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Section 4 - Asset base

4.1 Property, plant and equipment

Accounting Policy

Property, plant and equipment are carried at cost less accumulated

depreciation and accumulated impairment losses. Acquisition cost

includes expenditures that are directly attributable to the acquisition

of the individual item. Property, plant and equipment are depreciated

on a straight-line basis over the expected useful life of the asset.

Depreciation commences when the assets are ready for their intended

use.

The estimated useful life of fixed assets related to the laboratory

equipment, is based on the company’s assessment of operational risk.

Due to scientific and regulatory reasons there is a risk of termination of

the projects. This has been taken into account when determining the

estimated useful life of the individual assets .

	Laboratory	Office	Permanent	Furniture and
(Amounts in NOK 1 000)	equipment	equipment	building fixtures	fittings	Total
Cost of 01.01.2023	3 975	1 445	4 027	1 408	10 855
Additions in the year	1 118	69			1 187
Disposals in the year	(334)	(1 340)	(4 027)	(1 408)	(7 109)
Cost at 31.12.2023	4 759	174	-	-	4 933
Additions in the year
Disposals in the year
Cost at 31.12.2024	4 759	174	-	-	4 933
Accumulated depreciations 01.01.2023	3 737	1 303	4 027	1 408	10 475
Depreciations in the year	186	145			331
Impairment in the year					-
Disposals in the year	(139)	(1 306)	(4 027)	(1 408)	(6 881)
Accumulated depreciation at 31.12.2023	3 784	142	-	-	3 925
Depreciations in the year	373	21			393
Disposals in the year					-
Accumulated depreciation at 31.12.2024	373	21	-	-	393
Net carrying amount at 31.12.2023	975	32	-	-	1 008
Net carrying amount at 31.12.2024	603	11	-	-	614
Estimated useful life	3–5 years	2–3 years	2–5 years	3–5 years
Depreciation method	straight-line	straight-line	straight-line	straight-line

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4.2 Intangible assets

Accounting policy

Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets

acquired in a business combination is their fair value at the date of acquisition. Following initial recognition,

intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses.

Research and development costs

Research costs are expensed as incurred. Development expenditures on an individual project are recognized

as an intangible asset when the group can demonstrate:

• The technical feasibility of completing the intangible asset so that

the asset will be available for use or sale • Its intention to complete

and its ability and intention to use or sell the asset

• How the asset will generate future economic benefits

• The availability of resources to complete the asset

• The ability to measure reliably the expenditure during development

The technology was aquired through business comination in 2023 and was ready for its intended use in

December 2024, and is consequently amortized as of this period. Costs related to the pilot facilitates at Herøya

have been expensed as incurred as these do not meet the requirements mentioned above.

		Patents,
		licenses,
(Amounts in NOK 1 000)	Technology	domains, etc.	Goodwill	Total
Cost of 01.01.2023	-	-	-	-
Acquired through business combinations	247 265	-	37 216	284 481
Disposals in the year	-	-	-	-
Cost at 31.12.2023	247 265	-	37 216	284 481
Additions in the year	-	140	-	-
Disposals in the year	-	-	-	-
Cost at 31.12.2024	247 265	140	37 216	284 481
Accumulated depreciations 01.01.2023	-	-	-	-
Depreciations in the year	-	-	-	-
Impairment in the year	-	-	-	-
Disposals in the year	-	-	-	-
Accumulated depreciation at 31.12.2023	-	-	-	-
Depreciations in the year	1 580	1	-	1 581
Impairment in the year	-	-	-	-
Disposals in the year	-	-	-	-
Accumulated depreciation at 31.12.2024	1 580	1	-	1 581
Net carrying amount at 31.12.2023	247 265	-	37 216	284 481
Net carrying amount at 31.12.2024	245 685	138	37 216	283 039

Estimated useful life 15 years 15 years

Depreciation method straight-line straight-line

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Section 5 - Risk management, financial instruments, capital structure and equity

5.1 Risk factors and risk management

Risk management is an integrated part of Thor Medical’s operating system. The Company is continuously

developing and systemising its approach to risk management to prepare for its commercial phase through

policies and procedures, which are followed up by the management team and relevant functions. The main risk

management policies are reviewed and approved by the Board of Directors regularly.

Regulatory risk

Policies, regulatory framework conditions and sanctions have become increasingly important over the past

years. Thor Medical intends to develop a commercial business involving several countries, from raw material

sourcing, through production and delivery to customers. Trade tensions, sanctions and other changes in regu-

latory framework conditions could negatively influence the Company’s access to raw materials sourcing, as

well as access to attractive end-markets.

Business risk

The main business risks that impact the Company’s future commercial operations relate to sales prices and

sales volumes for alpha emitters and the cost of natural thorium as a key raw material. As the Company and

the industry are in an early phase, there are risks associated with expected sales prices that can be achieved in

the short and long term. In addition, the supply chain linked to industrial volumes of natural thorium is imma-

ture, which could create challenges in terms of procurement, reliability and price.

Organizational risk

Thor Medical employs highly educated and competent specialists within their fields, which will be crucial for

succeeding with the Company’s ambitions. Key employees leaving or challenges in attracting and retaining

critical expertise could negatively impact Thor Medical’s development.

Project development risk

Thor Medica’s growth relies on successful project development which is impacted by a number of factors

including availability grid capacity and securing interconnection, component prices, interest rate level, govern-

ment approval process, permits and access to competitive financing. Thor Medical employs a methodical

approach to industrialization, with the forthcoming launch of its pilot facility serving as the groundwork for the

establishment of a full-scale industrial plant. Additionally, the Company will evaluate expansion for a potential

second plant to scale alongside market demands post-2030. To support these ambitions, Thor Medical is

committed to continuously enhancing its project development expertise through a well-organized development

strategy.

Health, safety and security risk

Tens of workers will be involved in the eventual construction, maintenance services and operation of a future

large-scale industrial plant, exposing Thor Medical employees, suppliers and partners to potential health, safety

and security risk. Thor Medical work systematically to identify, assess and respond appropriately to all occupa-

tional health, safety and security risks.

Interest rate risk

Thor Medical currently has little exposure to changes in interest rates, given the scope and scale of operations.

However, Thor Medical operates in a capital-intensive industry. As part of the preparations for the final invest-

ment decision for a large-scale plant in 2025, the Company will investigate relevant financing sources and raise

the capital needed to support its industrialisation roadmap. Uptake of corporate debt or other liabilities will be

subject to interest rate fluctuations. Thor Medical plans to further develop financial management best prac-

tices to adequately protect the Company through economic ups and downturns.

Currency risk

Currency fluctuations pose an acute and inherent risk in global operations and financing strategy. Thor

Medical intends to develop strategies and procedures to mitigate currency risk as the Company progresses

toward industrial-scale production to ensure financial stability amidst foreign exchange volatility. In 2023, Thor

Medical’s exposure to foreign currency was limited.

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Credit risk

Assessing counterparty credit risk is standard procedure when developing new partnerships or customer

relationships. Thor Medical also deliberately selects robust financial institutions as partners to ensure financial

stability and minimize credit risk. The company currently has negligible credit risk.

Liquidity risk

Liquidity risk relates to the Company’s ability to meet financial obligations. Thor Medical made efforts to

reduce its cash burn and preserve cash in 2023, and the cash position of NOK 41.8 million at the end of 2023 is

considered satisfactory for the liquidity requirements going forward. Reference is made to note 5.3 for a matu-

rity analysis of the group’s financial liabilities, including both the remaining contractual maturities of financial

liabilities and the undiscounted cash flows associated with those maturities, in acordance with IFRS 7.39.

Cyber risk

Thor Medical recognises the critical nature of cybersecurity in safeguarding its proprietary technology and

sensitive data. In response to the evolving landscape of cyber threats, the Company has implemented and

will continue to implement robust security measures, site and office access control and employee training

programs to mitigate the risk of data breaches and cyber attacks

Climate risk

The most serious climate-related risks involve the physical impact of extreme weather events, including

droughts and floods. Extreme weather can cause physical damage to Thor Medical’s pilot or future industri-

al-scale plants and directly affect both safe and healthy, and operations including deliveries to customers. The

risk is mitigated through engineering in the design phase, regular inspections and emergency plans.

5.2 Cash and cash equivalents

(Amounts in NOK 1 000)	2024	2023
Employee withholding tax, restricted	569	482
Variable interest rate bank accounts	122 819	41 284
Cash and cash equivalents 31.12	123 389	41 767

Of the total balance of cash and cash equivalents, NOK 0.6 million (2023: NOK 0.5 million) relates to restricted

funds for employee withholding taxes. The remainder of the cash is deposited in various banks on variable

interests rate terms.

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5.3 Current liabilities

Accounting policy

The group’s financial liabilities consist of accounts payable and other

current liabilities and are classified as “current liabilities”. Accounts

payable are obligations to pay for goods or services that have been

acquired in the ordinary course of business from suppliers . Accounts

payable are classified as current liabilities if payment is due within one

year or less (or in the normal operating cycle of the business if longer).

If not, they are presented as non-current liabilities. Accounts payable

and other financial liabilities are recognised initially at fair value and

subsequently measured at amortised cost using the effective interest

method .

The table below summarises the maturity profile of the group’s financial liabilities based on contractual undiscounted payments:

As per 31 December 2024

		Less than 3	3 to 12
(Amounts in NOK 1 000)	On demand	months	months	Total
Accounts payable		15 230		15 230
Unpaid duties and charges		949	165	1 114
Unpaid vacation pay			967	967
Accrued social security related to outstanding non exercised options, PSUs and RSUs 1			1 031	1 031
Lease liabilities		113	323	437
Other accrued costs	139	2 348	1 635	4 122
Current liabilities 31.12	139	18 640	4 121	22 900

As per 31 December 2023

		Less than 3	3 to 12
(Amounts in NOK 1 000)	On demand	months	months	Total
Accounts payable		2 146	(43)	2 103
Unpaid duties and charges		768		768
Unpaid vacation pay			358	358
Accrued social security related to outstanding non exercised options, PSUs and RSUs 1		121		121
Lease liabilities				-
Other accrued costs		1 097		1 097
Current liabilities 31.12	-	4 131	315	4 446

Social security is payable when the equity instruments are exercised .

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5.4 Share capital and shareholder information

As at 31 December 2024 the company’s share capital is NOK 56 098 479 (31 December 2023:

NOK 46 707 801), being divided into 280 492 395 ordinary shares, each with a nominal value of NOK 0.20. All

shares carry equal voting rights. Following the completion of the share issues subsequent to this report, the

total number of issued shares in the company is 314 408 521.

	Note	2024	2023
Ordinary shares at beginning of the period		233 539 006	116 035 298
Issue of ordinary shares 1		45 632 920	116 769 503
Issue of ordinary shares under RSUs	6.2	1 320 469	734 205
Ordinary shares at the end of the period		280 492 395	233 539 006

On 11 December 2024 Thor Medical successfully completed a private placement allocating 63 000 000 shares along with a retail offer through

PrimaryBid of 6 029 300 shares. A total of 45 632 920 was issued under existing board of directors’ authorization to increase the share capital up to

20% granted on the AGM 11 April 2024. The remainder 23 396 380 allocated shares and a subsequent offering of 10 519 746 were issued subse-

quent to this report after approval at the company’s EGM on 6 January 2025, increasing the total outstanding shares in the company to 314 408 .

		Number	Percentage of
	Shareholder	of shares	total shares
1	SCATEC INNOVATION AS	59 152 376	21.09%
2	ROHT INVEST AS	11 794 640	4.20%
3	BRENNEBU AS	10 532 567	3.76%
4	NORTH ENERGY ASA	8 000 000	2.85%
5	THORIUM FOUNDATION	6 849 880	2.44%
6	BERGFALD HOLDING AS	6 200 000	2.21%
7	Nordnet Bank AB	4 781 223	1.70%
8	ASMYR	4 300 000	1.53%
9	DNB Markets Aksjehandel/-analyse	4 257 792	1.52%
10	NORDNET LIVSFORSIKRING AS	3 753 278	1.34%
11	SCATEC INVEST IV AS	3 165 920	1.13%
12	OLILI AS	2 900 000	1.03%
13	Danske Bank A/S	2 119 544	0.76%
14	SCIENCONS AS	2 000 000	0.71%
15	SKY HIGH RISK AS	1 815 781	0.65%
16	BÆKKELAGET HOLDING AS	1 538 543	0.55%
17	OPEDAL	1 485 880	0.53%
18	ARNE HELLESTØ AS	1 416 021	0.50%
19	MIDDELBOE AS	1 405 758	0.50%
20	Saxo Bank A/S	1 179 523	0.42%
Total shares for top 20 shareholders		138 648 726	49.43%
Total shares for other 14 040 shareholders		141 843 669	50.57%
Total shares for 14 060 shareholders		280 492 395	100.00%

The shares of Thor Medical ASA have been traded on the Oslo Stock Exchange since 23 March 2015. The

shareholder base has increased from 10 950 shareholders as of 31 December 2023 to 14 060 shareholders as

of 31 December 2024.

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5.5 Finance income and finance expenses

Accounting policy

The group and parent company’s finance income largely relates to interest received on bank deposits. Net

currency gain or loss related to operating items includes gain or losses on accounts payable and accounts

receivable .

The financial statements for 2024, we have adjusted the comparative figures from 2023 to align with the note

for group. This has been done to ensure consistency and comparability between the years. The changes have

been done to reflect accurate information in accordance with the presented financial statements.

(Amounts in NOK 1 000)	Note	2024	2023
Finance income
Interest income on tax repaid		54	-
Interest incom on bank deposit	5.2	1 395	2 019
Other finans income		9	-
Currency gains		242	104
Total finance income		1 700	2 123
Finance expenses
Interest expense leasing		98	-
Other fees, charges		3	169
Currency loss		306	354
Total finance expense		407	523
Net finance income (expenses)		1 293	1 600

5.6 Earnings per share (EPS)

Accounting policy

Earnings per share are calculated by dividing the attributable to ordinary shareholders of the company by the

weighted average number of ordinary shares outstanding during the period. Diluted earnings per share are

calcu-lated as profit or loss attributable to ordinary shareholders of the company, adjusted for the effects of

all dilutive potential options. Issued share options, performance share units and restricted stock units have a

potential dilutive effect on earnings per share (see note 6.3 for details on share based payments). No dilutive

effect has been recognised as potential ordinary shares only shall be treated as dilutive if their conversion to

ordinary shares would decrease earnings per share, or increase loss per share from continuing operations. As

the company is currently loss-making an increase in the average number of shares would have anti-dilutive

effect.

The calculation of basic and diluted earnings per share attributable to the ordinary shareholders of the parent is

based on the following data:

(Amounts in NOK 1 000, except number of shares)	Note	2024	2023
Loss for the period (NOKm)		(42.2)	(29.0)
Average number of outstanding shares during (in mill)		235 793 352	174 787 152
Earnings (loss) per share in NOK - basic and diluted		(0.18)	(0.15)

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Section 6 - Remuneration

6.1 Remuneration to management

Compensation of key management

(Amounts in NOK 1 000)	2024	2023
Short term employment benefits	6 716	3 227
Post-employment pension	412	116
Termination benefits	-	-
Total compensation of key management personnel of the group in cash	7 127	3 343
Imputed share based payment expense	2 407	-
Total compensation of key management personnel of the group expense	9 535	3 343

In 2023 the company’s CFO Brede Ellingsæter was contracted from related parties Scatec Innovation AS. In

June 2024, he assumed the position permanently.

Shares in the company are held by the members of the management group 31 December 2024

		Employed with
	Current position	the Company	Number of	Number of
Name	within the Company	since	shares 2024	shares 2023
Current management
Jasper Kurth	Chief Executive Officer	01.08.2024	400 000	-
Brede Ellingsæter	Chief Financial and Operating Ofifcer	01.06.2024	400 000	-
	Executive Vice President Business
Alf Bjørseth	Development	01.07.2023	447 855	47 855
Sindre Hassfjell	Cheif Technology Officer	01.07.2023	80 000	-
Astrid Liland	Executive Vice President HSEQ	01.01.2024	-	-
Total compensation of key management personnel of the group expense			1 327 855	47 855

Share options held by members of the management on 31 December 2024

Management have been allocated 11 500 000 share options of which 3 800 000 options had vested as per

31 December 2024. See note 6.2 for more information on the share based payment programs.

For additional information, reference is made to a separate report on management remuneration .

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6.2 Share-based payments and incentive program

Allocation of restricted stock units (RSUs) to the board of directors

Accounting Policy

The fair value of the granted RSU without market condition is meas-

ured using the share price at grant date.

Overview

At the AGM in 2024 the company resolved to issue restricted stock

units (RSUs) to board directors who elected to receive all or parts of

their remuneration, in the form of RSUs. Each board member must

make such election immediately following the AGM resolution i.e.at the

beginning of the board period. The RSUs are non-transferable and each

RSU gives the right and obligation to acquire one share in the company

at a price of NOK 0.20 per share (corresponding to the nominal value of

the shares) subject to satisfaction of the applicable vesting conditions

stated in the RSU agreement. RSUs vest on the first anniversary of the

AGM that they were granted.

The board directors who elect to receive RSUs, must elect to either (i)

receive 100 per cent of the compensation in RSUs, (ii) receive 1/3 of the

compensation in cash and 2/3 in RSUs, or (iii) receive 2/3 of the compen-

sation in cash and 1/3 in RSUs. The number of RSUs to be granted to the

board is calculated as the NOK amount of the RSU opted portion of total

compensation to the board director, divided by the market price for the

Thor Medical share. The market price is calculated as volume weighted

average share price the 10 trading days prior to the grant date.

Following the AGM in 2024, 1 090 974 RSUs were allocated. At

31 December 2024 there are 1 090 974 RSUs remaining.

Share based payment expenses related to RSUs are recognised in the

income statement and disclosed in note 3.1.

As per 31 December 2024

	Total number of	Remuneration			Number of			Total number of
	RSUs outstanding	for the period	Allocation	Remuneration for	RSUs granted	Market price	Number of RSUs	RSUs outstanding
	31 December	2024–2025	between	the period 2024-	for the period	on grant date	exercised or	31 December
Name	2023	in NOK	cash and RSUs	2025 in cash	2024–2025	in NOK	settled in 2024	2024
Ludvik Sandnes 1	486 489	350 000	100% RSU	-	401 938	0.87	(486 489)	401 938
John Andersen 2	416 990	300 000	100% RSU	-	344 518	0.87	(416 990)	344 518
Mimi Berdal 3	416 990	300 000	100% RSU	-	344 518	0.87	(416 990)	344 518
Total	1 320 469	950 000		-	1 090 974		(1 320 469)	1 090 974

NOK 350 000 as chairman of the board.

NOK 300 000 as board member.

		2024			2023
		Weighted average	Weighted average		Weighted average	Weighted average
	Numbers	exercise price	fair value	Numbers	exercise price	fair value
RSUs outstanding	of RSUs	in NOK	in NOK	of RSUs	in NOK	in NOK
Balance at 01.01	1 320 469	0.20	0.72	72 315	0.20	21.59
Granted during the year	1 090 974	0.20	0.87	2 054 673	0.20	0.79
Exercised or settled during the year	(1 320 469)	0.20	0.72	(797 252)	0.20	2.76
Forfeited	-			(9 267)	0.20	14.28
Balance at 31.12.	1 090 974	0.20	0.87	1 320 469	0.20	0.72
Hereof vested RSUs	-	0.20	0.87	-	0.20	0.72

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Share options

Accounting Policy

The fair value of the granted option is measured using the volume-weighted share price over the last ten trad-

ingdays prior to grant date.

Overview

The company has in 2024 granted a total of 11 500 000 share options to senior management. Each option

provides a right to acquire one share at the exercise price, equal to the volume-weighted share price over the

last ten tradingdays prior to grant. 3 800 000 of the share options will vest 12 months after the grant day, while

the remaining share options will vest over the next 24 months with 1/36 of the granted options on the last day

of each month following the initial vesting. The share options need to be exercised no later than five years after

the initial award. The total gross benefit for exercised share options under this grant shall be limited to the

grantee’s total base salary of the three-year period.

As per 31 December 2024

				Total number
				of options
	Number of	Weighted average	Number of	outstanding
	options granted	exercise price	options exercised	31 December
Name	in 2024	in NOK	or settled in 2024	2024
Jasper Kurth	3 600 000	1.118	-	3 600 000
Brede Ellingsæter	3 100 000	1.002	-	3 100 000
Alf Bjørseth
Sindre Hassfjell	2 700 000	1.082	-	2 700 000
Astrid Liland	2 100 000	1.082	-	2 100 000
Total	11 500 000	1.07	-	11 500 000

		2024
		Weighted average
	Numbers of	exercise price
RSUs outstanding	options	in NOK
Balance at 01.01.	-	-
Granted during the year	11 500 000	1.07
Forfeited	-
Balance at 31.12.	11 500 000	1.07

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6.3 Remuneration to the board

The AGM held on 11 April 2024 resolved remuneration to the board and the nomination committee for the

periode from the 2024 AGM until the AGM in 2025 as shown in the table below. The Board of Directors consti-

tute collectively the Audti Committee.

	Boards of	Audit	Nomination
(Amounts in NOK 1 000, exclusive of social security)	directors	committee	committee
Chair	350		30
Member	300		25

Board of directors and their roles after the 2024 AGM

	Boards of	Audit	Nomination
(Amounts in NOK 1 000, exclusive of social security)	directors	committee	committee
Ludvik Sandnes	Chair	Chair
John Andersen	Member	Member
Mimi Berdal	Member	Member
Didrik Leikvang			Chair
Jørn Aage Johansen			Member
Jon Magne Asmyr			Member

The board members‘ election of RSUs as part of their remuneration is disclosed in note 6.2.

			Remuneration to the board of directors for the 12 month period			Shares held by the board
			from AGM to AGM the following year			of directors at year end
			Board fee and fees for			Number of shares as
(Amounts in NOK 1 000,		Served since/		committee work		of 31.12
except number of shares)		period on the board	2023	2024	2024	2023
Current board
Ludvik Sandnes		June 2023	350	350	486 489	100 000
John Andersen 1		June 2023	300	300	62 318 296	61 908 494
Mimi Berdal		June 2023	300	300	416 990	-
Former members of the board
Jon Magne Asmyr		January 2023–June 2023	500		4 300 000	4 300 000
Tina Bønsdorff		January 2023–June 2023	165		234 781	-
Total			1 615	950	67 756 556	66 308 494
1	Close associates of John Andersen, Scatec Innovation AS and Scatec Invest IV AS, controls in total 62 318 296 shares as per 31.12.2024.

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Section 7 - Tax

7.1 Income tax

Accounting policy

Income tax expense represents the sum of taxes currently payable and deferred tax. Deferred taxes are recog-

nised based on temporary differences between the carrying amounts of assets and liabilities in the financial

statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities

are recognised for taxable temporary differences, and deferred tax assets arising from deductible temporary

differences are recognised to the extent that it is probable that taxable profits will be available against which

deductible temporary differences can be utilised. Deferred tax liabilities and assets are measured at the tax

rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax

rates that have been enacted or substantively enacted by the end of the reporting period.

The company is in the research phase of its product development and has incurred significant tax losses

related to its operations. The deferred tax asset has not been recognised in the statement of financial position,

as the company does not consider that taxable income in the short-term will sufficiently support the use of a

deferred tax asset.

Basis for tax calculation

(Amounts in NOK 1 000)	2024	2023
Net profit before income tax from continuing operations	(42 638)	(5 560)
Net profit before income tax from discontinued operations	-	(21 000)
Net profit before income tax	(42 638)	(26 561)
Non-deductible expenses	2 873	234
Non-taxable income	(3 710)	(2 354)
Share issue costs	(9 726)	(319)
Effect of tax loss carried forward not recognised	52 942	47 641
Change in temporary differences	2 212	(18 641)
Basis for tax calculation	1 953	-
Income tax expense	(430)	-

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Reconciliation of tax expense and the accounting profit (loss)

(Amounts in NOK 1 000)	2024	2023
Expected tax expense	(9 380)	(5 843)
Non-deductible expenses	632	52
Non-taxable income	(816)	(518)
Share issue costs	(2 140)	(70)
Change in deferred tax assets not recognised	11 274	6 380
Income tax expense	(430) -

The corporate tax rate in Norway was 22 per cent in 2024 and 2023.

Tax effects of temporary differences

(Amounts in NOK 1 000)	2024	2023
Tax losses carried forward	666 500	655 346
Property, plant and equipment	168	224
Liabilities	265	65
Intangible assets	(54 051)	(54 398)
Deferred tax assets, net	612 882	601 237
Reconsiliation to statement of financial position
Deferred tax assets, net	612 882	601 237
Deferred tax assets, not recognised in statement of financial position	(666 916)	(655 701)
Deferred tax assets (liability) - recognised in statement of financial position	(54 034)	(54 464)

Deferred tax assets as of 31 December 2024 and 2023 have been calculated using a tax rate of 22 per cent.

The group is in the research phase of its product development and has incurred significant tax losses related

to its operations. The tax losses can be carried forward indefinitely.

The group has not recognised a deferred tax asset in the statement of financial position, as it does not

consider that taxable income in the near term will sufficiently support the utilization of a deferred tax asset. No

current or deferred tax charge or liability has been recognised for 2024 or 2023.

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Section 8 - Group structure

8.1 Information about subsidiaries

Accounting policy

Shares and investments intended for long-term ownership are reported in the parent company’s statement of

financial position as long-term investments 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. If this is the

case, the amount of impairment is calculated as the difference between the recoverable amount of the subsid-

iary and its carrying value and recognises the amount in the income statement. Any realised and unrealised

losses and any write-downs relating to these investments will be included in the parent’s statement of compre-

hensive income as financial items.

The consolidated financial statements of the group include

		Book value	% Equity interest
Name	Country of incorporation	(in NOK 1000)	2024	2023
TM Technologies AS	Norway	234 707	100%	100%

Thor Medical ASA is a public limited liability company incorporated and domiciled in Norway and is the

parent company of the group. In 2024 the parent company acquired 100 per cent of the shares in TM

Technologies AS.

8.2 Transactions with related parties

Accounting policy

The sales to and purchases from related parties are made on terms equivalent to those that prevail in arm’s

length transactions. Outstanding balances at the year-end are unsecured and interest free and settlement

occurs in cash. There have been no guarantees provided or received for any related party receivables or paya-

bles. Transactions and balances between companies, which are a member of the group, have been eliminated

in the consolidated accounts for the group. Note 8.1 provides information about the group’s structure.

The following table provides the total amount of transactions that have been

entered into with related parties for the relevant financial year:

		Purchases
		(included in other operating expenses)
(Amounts in NOK 1 000)	Note	2024	2023
Subsidiary - TM Technologies AS		-	-
Purchase of professional services from Scatec Innovation AS		1 411	1 013

In 2024, the group has used the professional services from majority shareholder Scatec Innovation related

tofinance, accounting, IT, and legal. In addition, CFO of Thor Medical ASA Brede Ellingsæter was contracted

from Scatec Innovation AS until 31 May 2024.

The following table provides overview of amounts owed to and by related

parties at year-end for the relevant financial year:

		Purchases
			(included in other operating expenses)
(Amounts in NOK 1 000)	Note	2024	2023
Subsidiary - TM Technologies AS		-	-

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8.3 Business combinations

Acquisition of Thor Medical AS

On 6 June 2023, the company entered into an agreement to acquire 100 per cent of the shares in Thor Medical

AS. Settlement was done in the form of issuance of shares in the company, and the transaction was closed

on 3 July 2023. Following the transaction, the company changed its name to Thor Medical ASA (from Nordic

Nanovector ASA). The balance sheet of the acquired company as of 30 June 2023 was selected and adjusted

for any material changes in the period up until 3 July 2023. No material changes in the period up until 3 July

2023 were identified.

In relation the acquisition of Thor Medical AS, management has made estimates and judgement as to whether

the company a acquired an asset or a business, and determined that Thor Medical AS has sufficient inputs and

processes to be defined as a business in accordance with IFRS 3. Management has also concluded that Thor

Medical ASA (previously Nordic Nanovector ASA) was the acquiring entity as defined in IFRS 3.6 based on an

IFRS 10 assessment and performed a Purchase Price Allocation (PPA).

Post transaction, the Group will develop the proprietary technology of the acquired company for the manu-

facturing of radionuclides, primarily alpha emitters, for sale to radiopharmaceutical companies developing

oncological therapies. The environmentally friendly, cost-efficient non-reactor-based production technology

offers the Group a compelling way of creating value in the rapidly growing radiotherapeutic market.

As part of the purchase price allocation, intangible assets (technology) and property, plant and equipment have

been revalued to their fair values. After an overall assessment of the transaction, the Group concludes that the

entire purchase premium relates to the separation technology and PP&E.

Costs associated with the acquisition were NOK 8.3 million.

Assets acquired and liabilities assumed

The fair values of the identifiable assets and liabilities of Thor Mecical AS as at the date of acquisition were:

	Book value at		Post acquisition
	30 June 2023	Adjustments	balance
Assets
Property, plant and equipment	30	1 118	1 148
Research and development	821	246 444	247 265
Goodwill	-	37 216	37 216
Other current assets	680	-	680
Cash and cash equivalents	4 257	-	4 257
Total assets	5 788	284 778	290 566
Equity and liabilities
Share capital	152	-	152
Share premium reserve	6 457	-	6 457
Other equity	(2 216)	230 314	228 098
Deferred tax liabilities	-	54 464	54 464
Trade payables	160	-	160
Other current liabilities	1 235	-	1 235
Total aquity and liabilities	5 788	284 778	290 566

According to the Share Exchange Agreement (dated June 6, 2023) between NANOV and TM, the purchase

price of the acquired company’s shares is NOK 130.10 per share. The sellers would receive consideration in the

form of newly issued shares (Consideration Shares) with a nominal value of NOK 0.20 per share and a price of

NOK 0.72. The total amount of Consideration Shares issued to the sellers was 116 769 503. At the acquisition

date, NANOV’s share price was NOK 2.01 per share. Consequently, the fair value of the consideration paid for

the shares in TM is NOK 234 706 701.

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Section 9 - Other disclosures

9.1 Events after the reporting date

On 6 January 2025, the Extraordinary General Meeting approved the issuance of 23 396 380 shares as part of

tranche 2 of the private placement completed on 11 December 2024, and up to 11 000 000 shares in a subse-

quent offering. Both transactions were completed in January 2025 with a total issuance of 33 916 126 new

shares at a subscription price of NOK 2.50 per share, raising a total amount of NOK 84.8m of equity.

On 7 January 2025, Thor Medical announced it had secured a NOK 90m loan commitment from Innovation

Norway for financing capex elements of the company’s planned first commercial scale plant, AlphaOne.

On March 25 2025, the Board of Directors approved the Final Investment Decision (FID) to proceed with the

construction of the AlphaOne plant.

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Parent company financial statements

Parent company statement of income

Parent company statement of financial position

Parent company statement of changes in equity

Parent company statement of cash flows

Notes to the Parent company financial statements

Section 1 - General information

Section 2 - Accounting principles

2.1 Foreign currency translation

2.2 Income tax

2.3 Balance sheet classification

2.4 Research and development

2.5 Property, plant and equipment

2.6 Subsidiaries and investment

2.7 Accounts receivable and other receivables

2.8 Cash flow statement

2.9 Discontinued operations

Section 3 - Operating activities

3.1 Other operating expenses

3.2 Payroll and related expenses

3.3 Other current receivables and prepayments

3.4 Other current liabilities

3.5 Auditors fee

3.6 Discontinued operations

Section 4 - Asset base

4.1 Property, plant and equipment

Section 5 - Risk management, financial instruments,

capital structure and equity

5.1 Cash and cash equivalents

5.2 Current liabilities

5.3 Share capital and shareholder information

5.4 Finance income and finance expenses

Section 6 - Remuneration

6.1 Remuneration to management

6.2 Share-based payments and incentive program

6.3 Remuneration to the board

Section 7 - Tax

7.1 Income tax

Section 8 - Group structure

8.1 Information about subsidiaries

8.2 Transactions with related parties

Section 9 - Other disclosures

9.1 Events after the reporting date

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Parent company statement of income

For the year ended 31 December

(Amounts in NOK 1 000) Note 2024 2023

Continuing operations

Payroll and related expenses

3.2, 6.1 14 862 2 286

Depreciation

4.1 21 131

Other operating expenses

3.1, 3.5 27 063 1 939

Total operationg expenses 41 946 4 356

Operating profit (loss) (41 946) (4 356)

(Amounts in NOK 1 000) Note 2024 2023

Finance income and finance expenses

Finance income

5.4 1 662 1 919

Finance expenses

5.4 309 168

Net currency gains (loss)

5.4 - (250)

Net finance income (expenses) 1 353 1 501

Net profit before income tax from continuing operations (40 594) (2 855)

Tax expense

7.1 - -

Loss for the year from continuing operations (40 594) (2 855)

Discontinued operations

Loss from discontinued operations

3.6 - (12 890)

Loss for the year (40 594) (15 745)

Attributable to

Accumulated losses 40 594 15 745

Loss for the year (40 594) (15 745)

The accompanying notes are an integral part of these financial statements.

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Parent company statement of financial position

For the year ended 31 December

(Amounts in NOK 1 000) Note 2024 2023

ASSETS

Non-current assets

Property, plant & equipment

4.1 - 21

Intangible assets

4.2 140 -

Shares in subsidaries 234 707 234 707

Total non-current assets 234 846 234 728

Current assets

Other current receivables and prepayment

3.3 6 524 3 260

Cash and cash equivalents

5.1 122 555 40 418

Total current assets 129 079 43 678

TOTAL ASSETS 363 925 278 406

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(Amounts in NOK 1 000) Note 2024 2023

EQUITY AND LIABILITIES

Equity

Share capital

5.3 56 098 46 708

Share premium 156 778 61 549

Other paid in capital 187 328 184 520

Retained earnings (58 741) (18 147)

Total equity 341 463 274 629

Liabilities

Non-current liabilities

Deffered tax liabilities - -

Total non-current liabilities - -

Current liabilities

Trade payable

5.2 15 229 2 071

Tax payable

5.2 - -

Social security and other taxes

5.2 1 114 -

Other current liabilities

3.4, 5.2 6 119 1 706

Total current liabilities 22 462 3 777

Total liabilites 22 462 3 777

TOTAL EQUITY AND LIABILITIES 363 925 278 406

The accompanying notes are an integral part of these financial statements.

Oslo 27 March 2024

The Board of Directors of Thor Medical

Ludvik Sandnes John Andersen Jr. Mimi Berdal

Chairman of the Board

Jasper C. Kurth

Chief Executive Officer (CEO)

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Parent company statement of changes in equity

For the year ended 31 December

(Amounts in NOK 1 000) Note Share capital Share premium Other paid in capital Accumulated losses Total equity

Balance at 1.1.2023 23 207 695 31 722 (2 403) 53 222

Loss for the year (15 745) (15 745)

Recognition of share based payments - RSUs

3.2, 6.2 2 100 2 100

Issue of ordinary shares

5.3 23 353 61 173 150 698 235 224

Issue of ordinary shares under share options and RSUs

5.3 147 147

Share issue costs (319) (319)

Balance at 31.12.2023 46 707 61 549 184 520 (18 147) 274 629

Loss for the year (40 594) (40 594)

Recognition of share based payments - RSUs

3.2, 6.2 2 807 2 807

Issue of ordinary shares

5.3 9 391 104 956 114 346

Share issue costs (9 726)

Balance at 31.12.2024 56 098 156 778 187 328 (58 741) 341 463

The accompanying notes are an integral part of these financial statements.

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Parent company statement of cash flows

For the year ended 31 December

(Amounts in NOK 1 000) Note 2024 2023

Cash flows from operating activities

Loss before income tax from continuing operations (40 594) (2 855)

Loss before income tax from discontinued operations

3.7 - (12 890)

Loss before income tax (40 594) (15 745)

Adjustments for:

Interest received (1 410) (1 919)

Finance income from discontinued operations - (90)

Received dividend from discontinued operations - (12 930)

Recognised dividend from discontinued operations - 12 930

Share based payment expenses 2 807 2 100

Taxes paid - 22

Depreciation and impairment 21 517

Currency (gains) losses not related to operating activities (unrealised) - (360)

Changes in trade payables

5.2 13 158 -

Changes in net working capital 2 264 (30 996)

Net cash flows from operating activities (23 754) (46 471)

Net cash flows from operating activities (46 471) (408 005)

(Amounts in NOK 1 000) Note 2024 2023

Cash flows from investment activities

Payments for fixed assets (140) -

Interest received 1 410 1 919

Net cash flow from investment activities 1 271 1 919

Cash flows from financing activities

Gross proceeds from equity issue

5.3 114 346 147

Transaction costs (9 726) (319)

Payment of principle portion of lease liabilities - (159)

Net cash flow from investment activities 104 620 (331)

Effects of exchange rate changes on cash and cash equivalents - 360

Net change in cash and cash equivalents 82 137 (44 523)

Cash and cash equivalents at the beginning of the period 40 418 84 941

Cash and cash equivalents at the end of the period 122 555 40 418

Cash and equivalents at end of year

5.1 40 418 84 941

The accompanying notes are an integral part of these financial statements.

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Notes to the Parent company financial statements

Section 1 - General information

Thor Medical ASA (the group) consists of Thor Medical ASA and its subsidiaries. Thor Medical ASA (“the

company”) is a public limited liability company incorporated and based in Oslo, Norway. The address of the

registered office is Drammensveien 167, 0277 Oslo.

These financial statements were approved for issue by the board of directors on 27 March 2025.

Section 2 - Accounting principles

The principal accounting policies applied in the preparation of these financial statements are set out below.

The financial statements have been prepared in accordance with the Norwegian Accounting Act and generally

accepted accounting principles (NGAAP) in Norway. In 2023, the company has changed accounting principles

from IFRS to NGAAP to align reporting with bookkeeping principles. The change has had no effects. Amounts

are in Norwegian kroner (NOK) unless stated otherwise. The functional currency of Thor Medical ASA is NOK.

2.1 Foreign currency translation

Transactions in foreign currency are translated at the rate applicable on the transaction date. Monetary items

in a foreign currency are translated into NOK using the exchange rate applicable on the balance sheet date.

Non-monetary items that are measured at their historical price expressed in a foreign currency are translated

into NOK using the exchange rate applicable on the transaction date. Non-monetary items that are measured

at their fair value expressed in a foreign currency are translated at the exchange rate applicable on the balance

sheet date. Changes to exchange rates are recognized in the income statement as they occur during the

accounting period.

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2.2 Income tax

The tax expense consists of the tax payable and changes to deferred tax. Deferred tax/tax assets are calcu-

lated on all differences between the book value and tax value of assets and liabilities. Deferred tax is calculated

as 22 percent of temporary differences and the tax effect of tax losses carried forward. Deferred tax assets are

recorded in the balance sheet when it is more likely than not that the tax assets will be utilized. Taxes payable

and deferred taxes are recognized directly in equity to the extent that they relate to equity transactions.

2.3 Balance sheet classification

Current assets and short-term liabilities consist of receivables and payables due within one year, and items

related to the inventory cycle. Other balance sheet items are classified as fixed assets/long term liabilities.

Current assets are valued at the lower of cost and fair value. Short term liabilities are recognized at nominal

value.

Fixed assets are valued at cost, less depreciation and impairment losses. Long term liabilities are recognized at

nominal value.

2.4 Research and development

Development costs are capitalized providing that a future economic benefit associated with development of

the intangible asset can be established and costs can be measured reliably. Otherwise, the costs are expensed

as incurred. Capitalized development costs are amortized on a straight-line basis over its useful life. If the

economic useful life of the capitalized development costs cannot be reliably estimated, the capitalized develop-

ment costs must be amortized over a maximum period of ten years. Research costs are expensed as incurred.

2.5 Property, plant and equipment

Property, plant and equipment is capitalized and depreciated linearly over the estimated useful life. Costs for

maintenance are expensed as incurred, whereas costs for improving and upgrading property plant and equip-

ment are added to the acquisition cost and depreciated with the related asset. If carrying value of a non-current

asset exceeds the estimated recoverable amount, the asset is written down to the recoverable amount. The

recoverable amount is the greater of the net realizable value and value in use. In assessing value in use, the

discounted estimated future cash flows from the asset are discounted are used.

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2.6 Subsidiaries and investment

Subsidiaries and investments in associates are valued at cost in the company accounts. The investment is

valued as cost of the shares in the subsidiary, less any impairment losses. An impairment loss is recognized

if the impairment is not considered temporary, in accordance with generally accepted accounting principles.

Impairment losses are reversed if the reason for the impairment loss disappears in a lather period.

Dividends, group contributions and other distributions from subsidiaries are recognized in the same year as

they are recognized in the financial statement of the provider. If dividends/group contribution exceed withheld

profits after the acquisition date, the excess amount represents repayment of invested capital, and the distribu-

tion will be deducted from the recorded value of the acquisition in the balance sheet for the parent company.

2.7 Accounts receivable and other receivables

Accounts receivable and other current receivables are recorded in the balance sheet at nominal value less

provisions for doubtful accounts. Provisions for doubtful accounts are based on an individual assessment of

the different receivables. For the remaining receivables, a general provision is estimated based on expected

loss.

Gains or losses that arise in connection with settlement or significant curtailment of defined benefit plans are

recognized in the income statement at the settlement or curtailment. Current service cost, interest expense

and expected return for the remaining part of the accounting period are determined based on assumptions at

the time of the curtailment.

2.8 Cash flow statement

The cash flow statement is presented using the indirect method. Cash and cash equivalents includes cash,

bank deposits and other short term, highly liquid investments with maturities of three months or less.

2.9 Discontinued operations

In the statement of income, information is presented for continuing operations on each line item, while figures

for discontinued operations are presented on a separate line. Consequently, the notes to the financial state-

ments are presenting information for continuing operations. Reference is made to NRS 12.8 Discontinued

operations.

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Section 3 - Operating activities

3.1 Other operating expenses

Accounting Policy

Other operating expenses are recognised in the statement of profit and loss in the period which the related

costs are incurred or services are provided.

(Amounts in NOK 1 000) 2024 2023

Reasearch and development costs 3 309 -

Government grants

3.3 (7 156) -

Transactions with related parties 1 411 14

Other administrative costs 29 500 1 926

Total other operating expenses 27 063 1 939

3.2 Payroll and related expenses

Accounting Policy

Payroll and related expenses are recognised in the statement of profit and loss in the period which the related

costs are incurred or services are provided. For additional information on calculation of costs related to share

based payments see note 6.2.

(Amounts in NOK 1 000) Note 2024 2023

Salaries and bonus 6.2 9 862 712

Social Security tax 1 630 46

Pension expense

6.1 555 159

Share-based payment employees

6.2 2 807 1 212

Accrued employer's social security on share based payment 910 121

Other 719 36

Government grants

3.3 (1 620) -

Total payroll and related expenses 14 862 2 286

Average number of full-time equivalent employees 8.5 0.5

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3.3 Other current receivables and prepayments

(Amounts in NOK 1 000) 2024 2023

Government grants 3.3 3 656 2 354

Refundable VAT 1 686 392

Prepaid expenses 579 382

Rental deposits 70 70

Other receivables 533 62

Other current receivables and prepayments 31.12 6 524 3 260

3.4 Other current liabilities

Accounting Policy

Other liabilities are classified as current liabilities if payment is due within one year or less (or in the normal

operating cycle of the business if longer). If not, they are presented as non-current liabilities. Accounts payable

and other financial liabilities are recognised initially at fair value and subsequently measured at amortised cost

using the effective interest method.

Restructuring provisions are recognised only when the group has a constructive obligation, which is when

there is a detailed formal plan that identifies the business or part of the business concerned, the location

and number of employees affected, the detailed estimate of the associated costs, and the timeline; and the

employees affected have been notified of the plan’s main features..

(Amounts in NOK 1 000) 2024 2023

Unpaid duties and charges - 414

Unpaid vacation pay 967 246

Accrued social security related to outstanding non exercised

options, PSUs and RSUs 173 35

Other accrued costs 4 979 1 011

Other current liabilities 31.12 6 119 1 706

Social security contributions on share options

The provision for social security contributions on RSUs are calculated based on the number of RSUs

outstanding at the reporting date that are expected to be exercised. The provision is based on market price of

the shares at the reporting date 31 December 2024 of NOK 2.63 per share (2023: 1.29 per share), which is the

best estimate of the market price at the date of exercise.

Other accrued costs

Other accrued costs for period ended 31 December 2024 are mainly related to professional services incurred.

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3.5 Auditors fee

Accounting Policy

Auditors fee is expensed and recognised in the statement of profit and loss in the period which the related

costs are incurred or services are provided. Amounts are presented exclusive of VAT.

(Amounts in NOK 1 000) 2024 2023

Audit fee 510 630

Attestation service 142 116

Non-audit services - -

Auditors fee 31.12 652 746

Audit fee for 2024 in the table above is the actual booked audit fee for the accounting year. Some of the cost is

related to audit of the accounting year ended 31 December 2023.

Audit fee for 2023 is the agreed audit fee for the accounting year and does not necessarily correspond to

actual expensed audit fee for the period as some of the services performed incurred after year-end.

3.6 Discontinued operations

On 30 November 2023, the Board of Directors entered into an agreement to transfer the former Nordic

Nanovector’s pipeline of patented development stage candidates known as the “Nanovector Patents” to

company NucliThera AS. Subject to the terms of the agreement, NucliThera AS assumed full ownership, title,

interest and liabilities to the Nanovector Patents as of 1 December 2023, after which all business related to the

Nanovector Patents are considered discontinued operations in Thor Medical. All other activities related to the

former Nordic Nanovector’s operations have been discontinued in the second half of 2023. In 2024, all cash

flows and result are generated from continued operations.

Statement of income, For the year ended 31 December

(Amounts in NOK 1 000) 2024 2023

Revenues - 4 108

Cash flows from discontinued operations - 4 108

Payroll and related expenses - 10 490

Depreciation and impairment - 386

Other operating expenses - 19 752

Total operating expenses - 30 628

Operating profit (loss) - (26 520)

Finance income and finance expenses

Finance income - 13 019

Finance expenses - -

Net currency gains (loss) - 610

Net finance income (expenses) - 13 630

Loss before income tax - (12 890)

Income tax - -

Loss for the year from dicontinued operations - (12 890)

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Section 4 - Asset base

4.1 Property, plant and equipment

Accounting Policy

Property, plant and equipment are carried at cost less accumulated

depreciation and accumulated impairment losses. Acquisition cost

includes expenditures that are directly attributable to the acquisition

of the individual item. Property, plant and equipment are depreciated

on a straight-line basis over the expected useful life of the asset.

Depreciation commences when the assets are ready for their intended

use.

The estimated useful life of fixed assets related to the laboratory

equipment, is based on the company’s assessment of operational risk.

Due to scientific and regulatory reasons there is a risk of termination of

the projects. This has been taken into account when determining the

estimated useful life of the individual assets.

(Amounts in NOK 1 000)

Laboratory

equipment Office equipment

Permanent

building fixtures

Furniture and

fittings Total

Cost of 01.01.2023 3 975 1 445 4 027 1 408 10 856

Additions in the year -

Disposals in the year (334) (1 340) (4 027) (1 408) (7 109)

Cost at 31.12.2023 3 641 105 - - 3 747

Additions in the year

Disposals in the year

Cost at 31.12.2024 3 641 105 - - 3 747

Accumulated depreciations 01.01.2023 3 737 1 303 4 027 1 408 10 475

Depreciations in the year from continuing operations 131 131

Depreciations in the year from discontinuing operations 238 148 386

Impairment in the year -

Disposals in the year (334) (1 498) (4 027) (1 408) (7 267)

Accumulated depreciation at 31.12.2023 3 641 84 - - 3 725

Depreciations in the year 21 21

Disposals in the year -

Accumulated depreciation at 31.12.2024 - 21 - - 21

Net carrying amount at 31.12.2023 - 21 - - 21

Net carrying amount at 31.12.2024 - - - - -

Estimated useful life 3–5 years 2–3 years 2–5 years 3–5 years

Depreciation method straight-line straight-line straight-line straight-line

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Section 5 - Risk management, financial instruments, capital structure and equity

5.1 Cash and cash equivalents

(Amounts in NOK 1 000) 2024 2023

Employee withholding tax, restricted 569 393

Variable interest rate bank accounts 121 986 40 025

Cash and cash equivalents 31.12 122 555 40 418

Of the total balance of cash and cash equivalents, NOK 0.6 million (2023: NOK 0.5 million) relates to restricted

funds for employee withholding taxes. The remainder of the cash is deposited in various banks on variable

interests rate terms.

5.2 Current liabilities

Accounting policy

The parent’s financial liabilities consist of accounts payable and other current liabilities and are classified as

“current liabilities”. Accounts payable are obligations to pay for goods or services that have been acquired in

the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment

is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are

presented as non-current liabilities. Accounts payable and other financial liabilities are recognised initially at fair

value and subsequently measured at amortised cost using the effective interest method.

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The table below summarises the maturity profile of the parent’s financial liabilities based on contractual undis-

counted payments.

As per 31 December 2024

(Amounts in NOK 1 000) On demand

Less than 3

months

3 to 12

months Total

Accounts payable 15 229 15 229

Unpaid duties and charges 949 165 1 114

Unpaid vacation pay 967 967

Accrued social security related to outstanding non

exercised options, PSUs and RSUs

1 031 1 031

Other accrued costs 139 2 348 1 635 4 122

Current liabilities 31.12 139 18 525 3 797 22 462

As per 31 December 2023

(Amounts in NOK 1 000) On demand

Less than 3

months

3 to 12

months Total

Accounts payable 2 071 2 071

Accrued social security related to outstanding non

exercised options, PSUs and RSUs

35 35

Other accrued costs 1 136 535 1 671

Current liabilities 31.12 - 3 242 535 3 777

Social security is payable when the equity instruments are exercised. .

5.3 Share capital and shareholder information

As at 31 December 2024 the company’s share capital is NOK 56 098 479 (31 December 2023: NOK 46 707

801), being divided into 280 492 395 ordinary shares, each with a nominal value of NOK 0.20. All shares carry

equal voting rights. Following the completion of the share issues subsequent to this report, the total number of

issued shares in the company is 314 408 521.

The change in number of shares during the period:

31.12.2024 31.12.2023

Ordinary shares at beginning of the period 233 539 006 116 035 298

Issue of ordinary shares 45 632 920 116 769 503

Issue of ordinary shares under RSUs 1 320 469 734 205

Ordinary shares at the end of the period 280 492 395 233 539 006

On 11 December 2024 Thor Medical successfully completed a private placement allocating 63 000 000 shares along with a retail offer through

PrimaryBid of 6 029 300 shares. A total of 45 632 920 was issued under existing board of directors’ authorization to increase the share capital up to

20% granted on the AGM 11 April 2024. The remainder 23 396 380 allocated shares and a subsequent offering of 10 519 746 were issued subse-

quent to this report after approval at the company’s EGM on 6 January 2025, increasing the total outstanding shares in the company to 314 408 521.

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Thor Medical ASA had 10 950 shareholders as at 31 December 2023

Shareholders Number of shares

Percentage of

total shares

1 SCATEC INNOVATION AS 59 152 376 21.09%

2 ROHT INVEST AS 11 794 640 4.20%

3 BRENNEBU AS 10 532 567 3.76%

4 NORTH ENERGY ASA 8 000 000 2.85%

5 THORIUM FOUNDATION 6 849 880 2.44%

6 BERGFALD HOLDING AS 6 200 000 2.21%

7 Nordnet Bank AB 4 781 223 1.70%

8 ASMYR 4 300 000 1.53%

9 DNB Markets Aksjehandel/-analyse 4 257 792 1.52%

10 NORDNET LIVSFORSIKRING AS 3 753 278 1.34%

11 SCATEC INVEST IV AS 3 165 920 1.13%

12 OLILI AS 2 900 000 1.03%

13 Danske Bank A/S 2 119 544 0.76%

14 SCIENCONS AS 2 000 000 0.71%

15 SKY HIGH RISK AS 1 815 781 0.65%

16 BÆKKELAGET HOLDING AS 1 538 543 0.55%

17 OPEDAL 1 485 880 0.53%

18 ARNE HELLESTØ AS 1 416 021 0.50%

19 MIDDELBOE AS 1 405 758 0.50%

20 Saxo Bank A/S 1 179 523 0.42%

Total shares for top 20 shareholders 138 648 726 49.43%

Total shares for other 14 040 shareholders 141 843 669 50.57%

Total shares for 14 060 shareholders 280 492 395 100.00%

The shares of Thor Medical ASA have been traded on the Oslo Stock Exchange since 23 March 2015. The

shareholder base has increased from 10 950 shareholders as of 31 December 2023 to 14 060 shareholders as

of 31 December 2024.

5.4 Finance income and finance expenses

Accounting policy

The group and parent company’s finance income largely relates to interest received on bank deposits. Net

currency gain or loss related to operating items includes gain or losses on accounts payable and accounts

receivable.

In preparing the financial statements for 2024, we have adjusted the comparative figures from 2023 to align

with the note for group. This has been done to ensure consistency and comparability between the years. The

changes have been done to reflect accurate information in accordance with the presented financial state-

ments.

(Amounts in NOK 1 000) Note 2024 2023

Finance income

Interest income on tax repaid 50 -

Interest incom on bank deposit

5.1 1 360 1 919

Other finans income 9 -

Currency gains 242

Total finance income 1 662 1 919

Finance expenses

Other fees, charges 3 168

Currency loss 306 250

Total finance expense 309 418

Net finance income (expenses) 1 353 1 501

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Section 6 - Remuneration

6.1 Remuneration to management

Compensation of key management

(Amounts in NOK 1 000) 2024 2023

Short term employment benefits 6 716 3 227

Post-employment pension 412 116

Termination benefits - -

Total compensation of key management personnel of the group in cash 7 127 3 343

Imputed share based payment expense 2 407 -

Total compensation of key management personnel of the group expense 9 535 3 343

In 2023 the company’s CFO Brede Ellingsæter was contracted from related parties Scatec Innovation AS. In

June 2024, he assumed the position permanently.

Shares in the company are held by the members of the management group 31 December 2024

Name Current position within the Company

Employed with

the Company

since

Number of

2024

Number of

2023

Current management

Jasper Kurth Chief Executive Officer 01.08.2024 400 000 -

Brede Ellingsæter Chief Financial and Operating Ofifcer 01.06.2024 400 000 -

Alf Bjørseth

Executive Vice President Business

Development 01.07.2023 447 855 47 855

Sindre Hassfjell Cheif Technology Officer 01.07.2023 80 000 -

Astrid Liland Executive Vice President HSEQ 01.01.2024 - -

Total compensation of key management personnel of the group expense 1 327 855 47 855

Share options held by members of the management on 31 December 2024

Management have been allocated 11 500 000 share options of which 3 800 000 options had vested as per

31 December 2024. See note 6.2 for more information on the share based payment programs.

For additional information, reference is made to a separate report on management remuneration.

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6.2 Share-based payments and incentive program

Accounting Policy

The fair value of the granted RSU without market condition is meas-

ured using the share price at grant date.

Overview

At the AGM in 2023, the company resolved to issue restricted stock