ACTIVATING THE

PATIENT'S IMMUNE SYSTEM

TO FIGHT CANCER

1H & 2Q 2022 presentation

18 August 2022

OSE:

TRVX

IMPORTANT NOTICE AND DISCLAIMER

This report contains certain forward-looking statements based on uncertainty, since they relate to events and depend on circumstances that will occur in future and which, by their nature, will have an impact on the results of operations and the financial condition of Targovax. Such forward-looking statements reflect the current views of Targovax and are based on the information currently available to the company. Targovax cannot give any assurance as to the correctness of such statements.

There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied in these forward-looking statements. These factors include, among other things, risks or uncertainties associated with the success of future clinical trials; risks relating to personal injury or death in connection with clinical trials or following commercialization of the company's products, and liability in connection therewith; risks

relating to the company's freedom to operate (competitors patents) in respect of the products it develops; risks of non- approval of patents not yet granted and the company's ability to adequately protect its intellectual property and know- how; risks relating to obtaining regulatory approval and other regulatory risks relating to the development and future commercialization of the company's products; risks that research and development will not yield new products that achieve commercial success; risks relating to the company's ability to successfully commercialize and gain market acceptance for Targovax' products; risks relating to the future development of the pricing environment and/or regulations for pharmaceutical products; risks relating to the company's ability to secure additional financing in the

future, which may not be available on favorable terms or at all; risks relating to currency fluctuations; risks associated with technological development, growth management, general economic and business conditions; risks relating to the company's ability to retain key personnel; and risks relating to the impact of competition.

2

IMPORTANT PROGRESS WAS MADE ON ALL THREE

STRATEGIC PILLARS DURING 1H 2022

✓ Secured partnership to access free supply of

ONCOS-102

checkpoint inhibitors to melanoma phase 2 trial

✓ FDA filing in time with ongoing follow-up,

phase 2 trial go-ahead expected in 3Q´22

Mutant

KRAS

✓

✓

✓

External funding and partnerships secured

Enhanced TG01 potency with QS-21 adjuvant

US IND approved for TG01 / QS-21

Circular

RNA

  • Research operations established at Karolinska Institutet in Stockholm
  • Key hires executed and growing the team
  • Compelling early data already emerging

3

2Q OPEX IN LINE WITH PREVIOUS QUARTERS

NOK m

Total revenue

R&D expenses

1

Payroll and related expenses

Other operating expenses

2

Total operating expenses

Operating loss

Net financial items

Loss before income tax

Net change in cash

Net cash EOP

2Q21

3Q21

4Q21

1Q22

2Q22

0

0

0

0

0

-

-9

-10

-10

-9

-14

-13

-11

-13

-16

-14

-3

-2

-2

-3

-3

-25

-23

-26

-29

-31

-25

-23

-26

-29

-31

-1

-1

-1

-1

2

-26

-23

-27

-30

-29

-24

-17

128

-32

-24

71

54

182

150

126

4

1 Including patent cost

2 Including depreciation

2Q FINANCIAL SNAPSHOT

Key figures

Net cash flow in 2Q

- 24

- 2.4

NOK million

USD million

Cash at end of 2Q

126

12.6

NOK million

USD million

Market cap

300

30

NOK million

USD million

Daily value traded

Average last 12 months

2.5

0.25

NOK million

USD million

Shareholder base

Estimated ownership1

Shareholder

Shares million

Ownership

HealthCap

12.4

6.6 %

Avanza Bank AB (nom.)

8.9

4.7 %

Goldman Sachs Int. (nom.)

5.2

2.8 %

Nordnet Bank AB (nom.)

4.9

2.6 %

Bækkelaget Holding AS

4.6

2.4 %

RadForsk

4.4

2.3 %

Nordea

4.0

2.1 %

Høse AS

3.1

1.6 %

Nordnet Livsforsikring

2.6

1.4 %

Andreassen, Jon-Arild

2.3

1.2 %

10 largest shareholders

52.6

27.9 %

Other shareholders (6 724)

135.9

72.1 %

Total shareholders

188.5

100.0 %

1 As per 4 August 2022

5

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Targovax ASA published this content on 18 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 August 2022 05:13:01 UTC.