Monsenso A/S : H1 Report 2022

H1/2022

Interim report

Monsenso is an innovative technology company offering a digital health solution for mental health and behavioral disorders. Our mission is to help provide better mental health to more people at lower costs.

Company reg. 35517391

CONTENT

Management review	3
Financial review	4
Key figures and ratios	6
Financial statement	7
Income statement	8
Cash flow	9
Balance sheet	10
Equity	11
Notes	12
Management statement	14
Company information	15

I like to look "at Monsenso with my patients. It helps us both in better understanding the progress toward the treatment goals and to visualize the effects of daily activities and how

they affect how the patient feels! This allows us to see patterns that you would not see, through conversations alone"

Clinician,

Denmark

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Disclaimer

This report contains forward-looking statements, which are based on the current expectations.

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.

3

Management review

Interim report 2022

Monsenso interim report - H1/2022

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FINANCIAL REVIEW

Highlights

Total revenue decreased by 28% to 2,601k (H1 2021: DKK 3,607k).

EBITDA was DKK -2,832k (H1 2021: DKK -3,208k).

Cash flow from operations DKK -4,074k (H1 2021: DKK -2,043k)

End of June 2022 we are 14 (FTE) employees. (June 2021: 23 FTE)

Business review

Monsenso signed contracts with a range of customers and partners during the first half of 2022 - also in new geographies, with a partnership agreement in Greece with Psychis Omma Mental Health Solutions and a new agreement with a global pharmaceutical in Israel.

Despite international projects starting roll-out after Covid-19, we still experienced delays in customer projects and decision-making, which impacted the revenue for the first half of 2022.

Our domestic and international research engagements progressed. Our European Horizon 2020 project, ECoWeB, was concluded alongside our Rumination Trial project in the UK, and our R-LiNk and GoGreenRoutes projects advanced. We participated in numerous conferences to communicate results from previous research projects and to identify new leads in the pharmaceutical and clinical sectors. Simultaneously, we engaged in a range of new research consortia on an international basis.

Our efforts to develop a market-leading digital health solution continued, and the development of our new web portal and our refreshed app is finalized for launch in the second half of 2022. We expect this to contribute to easier market access and quicker adoption of the solution in the future.

We passed ISO 13485 (quality management) and ISO 27001 (information security management) audits in the first half of 2022, and we prepared ourselves for DTAC certification in the UK. We are also preparing an MDR (Medical Device Regulation) certification, to which more efforts will be dedicated in the second half of 2022, ensuring that we are also compliant with future demands of the healthcare and pharmaceutical sectors in our target markets.

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FINANCIAL REVIEW

We changed the composition of our board and added two new board members during the period - both with extensive experience from our business and market segments. The new board and the leadership continue to regard the markets for digital mental health, patient-reported outcomes and real-world data collection as attractive growth markets and are currently preparing the revised strategy for growth in 2023 and beyond.

Outlook for 2022

Our revenue guidance for 2022 remains approx. DKK 7m with an expected EBITDA of approx. DKK -5m. As the revenue is still dependent on the progress of a few large projects, expectations are subject to uncertainty.

We are currently engaged in larger projects, which we expect will lead to million-kroner contract signatures in the second half of 2022. This is not expected to change the guidance for 2022 but will help establish the foundation for solid growth in 2023.

Cash-level comment

The current cash level is not regarded as sufficient to support the business throughout 2022. Hence, the board plans to raise further capital within a short period of time by using its right to issue new shares in accordance with articles of association § 5.2.

Key risks

The most significant risks associated with Monsenso's business are currently estimated to be:

Dependence on continued success with relatively few, large customers and projects.

Ability to secure capital to support the growth plan for 2023 and beyond.

Data and cyber security.

Clinical acceptance in key market segments to secure large-scaleroll-outs. Ability to attract and retain competent employees.

Events after the balance sheet date

No events materially affecting the assessment of the interim report have occurred after the balance sheet date.

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