Medigene : Quartely Statement 2024

Quarterly Statement Q1 2024

QUATERLY STATEMENT Q1 2024 1

QUARTERLY STATEMENT Q1 2024

OF MEDIGENE AG, PLANEGG/MARTINSRIED, FOR THE THREE MONTHS ENDED MARCH 31, 2024

Dear Shareholders,

2024 has started positively from a general macro-economic perspective for biotech companies.

Initial optimism among investors propelled stock markets on both sides of the Atlantic, with biotech dedicated indices rising over 50% from lows reached at the end of October 2023 to reach year highs at the end of February 2024. This was demonstrated with life sciences seeing robust deal flow evidenced by a clear rise in initial public offerings, follow-on financings, and M&A activities. However, more recently, capital markets have been cooling off slightly, reflecting the wider geopolitical tensions as well as continued "stickiness" of elevated interest rates, with estimations for the first rate cuts from central banks now moving slightly further into the early / midsummer time period. Despite this, we continue to see an increased appetite in biotech equities and an increased appetite for earlier stage assets and companies.

From a clinical and regulatory perspective, cell therapies have been emerging as promising candidates for achieving a functional cure in cancer treatment. They offer a precise mechanism to target and eliminate cancer cells, particularly in solid tumors resistant to conventional treatments. Notably, T cell receptor (TCR)-based therapies have made substantial strides towards patient accessibility. In December 2023, Adaptimmune Therapeutics plc completed a rolling biologics license application (BLA) for Afamicel, seeking FDA approval for treating synovial sarcoma. A final decision on marketing approval is anticipated in August this year. More recently, in February 2024, the FDA granted approval to Amtagvi, developed by Iovance Biotherapeutics, Inc., making it the first non-engineered, tumor- infiltrating lymphocyte (TIL) cell therapy for unresectable or metastatic melanoma.

Amidst this dynamic landscape, we have remained focused on executing our strategic plan and advancing the development of our differentiated T cell receptor engineered T cell (TCR-T) therapies for treating solid tumors. Based on our core expertise in being able to generate optimal, potential best- in-classTCRs, we have also been exploring avenues to extend and diversify their application beyond TCR-Tcell therapies. This expansion into other TCR-basedmodalities such as T Cell Engagers (TCEs) and TCR-NaturalKiller (TCR-NK)cell therapies, and with that the expansion of our End-to-EndPlatform, enables us to create multiple additional potential treatment options for patients with solid cancers and enables us to create more value for our shareholders.

During the first three months of 2024, we continued to execute on our corporate strategy by progressing our lead program MDG1015 towards the clinic, solidifying our differentiated scientific approach with data presented at several scientific conferences, progressing our collaborative partnerships and expanding our End-to-End (E2E) Platform. MDG1015, is a first-in-class 3rd generation TCR-T therapy targeting NY-ESO-1/LAGE-1a, complemented by our PD1-41BB costimulatory switch protein technology. Importantly in February 2024, we announced the initial clinical indications for our first-in-humanphase 1 clinical trial, selecting gastric cancer, ovarian cancer, myxoid/round cell liposarcoma and synovial sarcoma as the target cancers we will aim to treat. Following recent positive EU and US preliminary regulatory interactions, we remain on track for an IND/CTA approval in the

QUATERLY STATEMENT Q1 2024 2

second half of 2024. Subject to financing, we expect to initiate a Phase 1 trial for MDG1015 by the end of 2024.

During the quarter, Medigene participated in investor conferences in the US and Asia and held presentations at scientific conferences showcasing our extensive expertise and track record in the discovery and development of differentiated TCR-T therapies designed to address current unmet needs for patients with solid tumors. Notably, data presented at the American Association for Cancer Research (AACR) Annual Meeting in early April 2024, showed superior T cell functionality and tumor cell killing as well as a favorable safety profile of TCR-T cells armored and enhanced with our PD1-41BB costimulatory switch protein. The poster data further illustrated that this costimulatory switch protein- mediated costimulatory signal is TCR-gated, indicating that costimulation onlyoccurs when the TCR binds to the tumor antigen present on a tumor cell. As such, healthy cells that did not express the tumor antigen were not targeted, irrespective of their PD-L1expression and no signs of toxicity were seen in diverse healthy tissues in vitro.

From a partnering perspective, our ongoing global strategic collaboration with BioNTech continues to make good progress and we are working on a number of undisclosed targets. In January 2024, Regeneron Pharmaceuticals Inc. (Regeneron; formerly: 2seventy bio, Inc.) commenced patient enrollment in an investigator-initiated trial (IIT) in Greater China for the program utilizing Medigene's TCR targeting MAGE-A4. Upon reaching the contractually agreed milestone for the IIT, Medigene anticipates receiving an additional milestone payment. As previously announced, Medigene and Hongsheng Sciences have mutually agreed to terminate the remaining framework agreement of the partnership. Those assets previously under this agreement have been returned to Medigene for potential expansion of our pipeline. We remain very active in developing new partnership opportunities to maximize the value of our current and future assets and technologies, including our recently announced areas of TCR-based therapies and expect to provide further updates during the course of 2024.

Throughout the quarter, we have continuously worked to expand the size and breadth of our patent portfolio through the integration of new technologies and the extension of existing patents into additional jurisdictions. Consequently, we broadened our patent portfolio with the issuance of a patent by both the Japan and European Patent Office for our inducible Medigene T cell receptor (iM-TCR) technology. The iM-TCR is a proprietary armoring and enhancement tool within the E2E Platform, that serves as a control mechanism to regulate the efficacy and safety of TCR-T therapies.

Regarding our financial performance, we generated EUR 3.0 million in revenue during the first quarter of 2024, derived from our partnerships. Our R&D expenses for the quarter amounted to EUR 3.2 million, demonstrating our continued dedication to advancing our pipeline. As of the end of the first quarter, the Company holds cash and cash equivalents in the amount of EUR 4.4 million and time deposits of EUR 8.0 million.

As such, and unchanged from our previous guidance published on March 28, 2024, I can confirm that we retain our expectations for a cash runway into April 2025 based on current plans.

Despite our favorable standing, it's important to recognize that biotechnology demands substantial capital. As such, subsequent to the quarter on April 23, 2024, we announced the launch of a capital raise with subscription rights as part of our near and medium-term financing strategy. We expect gross proceeds of up to EUR 5.9 million gross with which we intend to fund operating activities and progress work for the clinical development of our lead program, MDG1015.

QUATERLY STATEMENT Q1 2024 3

Members of Medigene AG's management and Supervisory Board will subscribe for new shares as part of the rights offering and the private placement. We are pleased to report that within the framework of a backstop agreement, an investor has declared his commitment to Medigene to acquire unsubscribed new shares in an amount of up to EUR 3 million.

The parameters of the capital increase are as follows: The Company plans to increase its share capital from EUR 24,562,658.00 by up to EUR 4,912,531.00 to up to EUR 29,475,189.00 by issuing up to 4,912,531 new no-par value registered shares with a pro rata amount of the share capital of EUR 1.00 and with full dividend rights from January 1, 2023.

The new shares will be offered to all shareholders for subscription. Over-subscription is permitted. Over-subscription is permitted. Any unsubscribed new shares will be offered for purchase in a private placement to new investors within the European Union. The subscription ratio is set at 5:1, i.e. five (5) old shares entitle the subscription to one (1) new share. Organized trading of subscription rights is arranged. The subscription price for both the exercise of subscription rights and the private placement is EUR 1.20. The subscription period for the new shares commenced on April 24, 2024 and ends on May 7, 2024 at 24:00 hours (CEST). The new shares are to be admitted to trading on the Frankfurt Stock Exchange (Prime Standard) after they are issued. The capital increase will not require a prospectus. Details of the rights offering are published in the Federal Gazette also are available on the our website https://medigene.com/investors-media/stock-information/capital-measures/.

The first quarter of 2024 has been very positive for Medigene. We remain fully on track on the successful execution and expansion of our strategy and the delivery against our vision to develop differentiated, best-in-classTCR-T and, more broadly, TCR-based therapies for patients with solid tumors. We remain confident in our capacity to carry out our strategic agenda and generate further value for our shareholders and we express our appreciation for your continuous support.

Sincerely,

Selwyn Ho

CEO

QUATERLY STATEMENT Q1 2024 4

FINANCIAL GUIDANCE

The performance during the initial quarter of 2024 met the expectations set by the Executive Management Board. The Management Board therefore maintains its guidance for fiscal year 2024 as outlined in the annual report issued on March 28, 2024, in its entirety. Accordingly, the Executive Management Board expects revenue in 2024 to be between EUR 9 and 11 million and R&D expenses to range from EUR 11 to 13 million. Based on current planning, the Company is funded into April 2025.