Photocure fundamentale forhold (PHO)

[TekBot]

Photocure ASA - Share option grant

Oslo, Norway, 22 September 2025 - Photocure ASA (the “Company”) (OSE: PHO) has
granted share options to employees.

…

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A total of 348,000 share options, equal to approx. 1.28% of total shares issued
in the Company, were granted to employees at an exercise price at NOK 67.39. The
exercise price is equal to the weighted average share price 30 trading days
before the day of grant with an additional premium of 10% on top of the
calculated average price.

The options are granted in accordance with Photocure’s long term incentive
program and the Company’s guidelines for remuneration of senior executives, as
approved by Photocure’s annual general meeting held on 5 May 2025. The share
option program and properties of the options are further described in the
guidelines.

Of the total grant the following was granted to primary insiders:

· Dan Schneider, President and Chief Executive Officer, 60,000
options.

· Erik Dahl, Chief Financial Officer, 35,000 options.

· Geoffrey Coy, Vice President and General Manager North America,
35,000 options.

· Anja Gossens-von der Heidt, Head of Global Human Resources, 11,250
options.

In connection with the grant, Photocure cancels 30,000 outstanding options that
expire in the near term. The cancelled options are replaced with options that
are subject to a reset three-year vesting period, fully resetting the vesting
period.

Primary insider notifications pursuant to the market abuse regulation article 19
are attached.

For further information, please contact:

Erik Dahl
Chief Financial Officer
Tel: +47 450 55 000
Email: ed@photocure.com

About Photocure ASA

Photocure: The Bladder Cancer Company delivers transformative solutions to
improve the lives of bladder cancer patients. Our unique technology, making
cancer cells glow bright pink, has led to better health outcomes for patients
worldwide. Photocure is headquartered in Oslo, Norway, and listed on the Oslo
Stock Exchange (OSE: PHO). For more information, please visit us at
www.photocure.com or www.cysview.com

All trademarks mentioned in this release are protected by law and are registered
trademarks of Photocure ASA.

This information is subject to the disclosure requirements pursuant to the
market abuse regulation article 19 and 5-12 of the Norwegian Securities Trading
Act.

Kilde

[kreinh]

Photocure Partner Asieris publishes Phase III Results from the APRICITY Study for Cevira (APL-1702) in Med journal

Asieris Pharmaceuticals (Stock Code: 688176.SH), announced today that the international multicenter phase III clinical study data of its non-surgical treatment candidate for cervical High-Grade Squamous Intraepithelial Lesion (HSIL) product APL-1702 (Cevira®) have been published online in Med, a flagship medical journal from Cell Press.
Cevira is currently undergoing regulatory review in China.

Read Asieris’ full media release here: https://asieris.com/asieris-publishes-findings-from-the-apricity-study-a-multicenter-phase-iii-global-clinical-trial-of-apl-1702-in-cell-press-journal-med/

About Cevira® (APL-1702) and Asieris

Based on the principles of photodynamic therapy, Cevira® (APL-1702) is undergoing clinical development for use as a photosensitizer in combination with light activation for the non-surgical treatment of high-grade squamous intraepithelial lesions (HSIL) in patients aged 18 years and above, excluding carcinoma in situ. Photocure developed Cevira through Phase I and Phase II clinical trials, and in July 2019, Asieris Meditech Co., Ltd licensed from Photocure the worldwide rights to develop and commercialize this drug-device combination product candidate. In November 2020, Asieris initiated a Phase III clinical trial for APL-1702 (Cevira) which achieved its primary endpoint in September 2023 (Clinical trial number: NCT04484415). The new drug application for Cevira was accepted by the National Medical Products Administration (NMPA) in May 2024, and is currently undergoing regulatory review in China.

Asieris Pharmaceuticals(688176.SH) is a global biopharmaceutical company specializing in the discovery, development, and commercialization of innovative drugs for genitourinary tumors and related diseases.
Questions about clinical development, regulatory application, or commercial strategy for APL-1702 (Cevira) should be directed to Asieris. Investors - Asieris Pharmaceuticals

[kreinh]

Norsk:

Photocure-partner Asieris publiserer fase III-resultater fra APRICITY-studien for Cevira (APL-1702) i Med journal

Asieris Pharmaceuticals (aksjekode: 688176.SH) kunngjorde i dag at data fra den internasjonale multisenter kliniske fase III-studien av selskapets ikke-kirurgiske behandlingskandidat for cervikal høygradig plateepitelial lesjon (HSIL) APL-1702 (Cevira®) har blitt publisert på nett i Med, et flaggskipmedisinsk tidsskrift fra Cell Press.

Cevira gjennomgår for tiden regulatorisk vurdering i Kina.

Les hele pressemeldingen til Asieris her: https://asieris.com/asieris-publishes-findings-from-the-apricity-study-a-multicenter-phase-iii-global-clinical-trial-of-apl-1702-in-cell-press-journal-med/

Om Cevira® (APL-1702) og Asieris

Basert på prinsippene for fotodynamisk terapi, er Cevira® (APL-1702) under klinisk utvikling for bruk som fotosensibilisator i kombinasjon med lysaktivering for ikke-kirurgisk behandling av høygradige plateepiteliale intraepiteliale lesjoner (HSIL) hos pasienter i alderen 18 år og eldre, unntatt karsinom in situ. Photocure utviklet Cevira gjennom kliniske studier i fase I og fase II, og i juli 2019 lisensierte Asieris Meditech Co., Ltd fra Photocure de globale rettighetene til å utvikle og kommersialisere denne kombinasjonskandidaten for legemiddel og enhet. I november 2020 startet Asieris en klinisk fase III-studie for APL-1702 (Cevira), som oppnådde sitt primære endepunkt i september 2023 (klinisk studienummer: NCT04484415). Søknaden om det nye legemidlet for Cevira ble godkjent av National Medical Products Administration (NMPA) i mai 2024, og er for tiden under regulatorisk vurdering i Kina.

Asieris Pharmaceuticals (688176.SH) er et globalt biofarmasøytisk selskap som spesialiserer seg på oppdagelse, utvikling og kommersialisering av innovative legemidler for svulster i kjønnsorganer og relaterte sykdommer.

Spørsmål om klinisk utvikling, regulatorisk søknad eller kommersiell strategi for APL-1702 (Cevira) bør rettes til Asieris. Investorer - Asieris Pharmaceuticals

[Jubel]

PHOTOCURE GOES AI

Exploration of Novel AI-enabled BlueLight Enhanced Cystoscopy (ENAiBLE)

Study Overview

Brief Summary

Blue light cystoscopy (BLC) is a diagnostic procedure in bladder cancer where the inside of the bladder is observed with a camera to detect bladder lesions. Unlike regular white lightcystoscopy, blue light cystoscopy takes use of a drug that induces fluorescence under bluelight preferentially in neoplastic and malignant cells that helps visualize bladder lesions during the cystoscopic procedure. Blue lightcystoscopy has shown to improve detection of bladder cancer. The purpose of the study is to collect images, video and associated pathology results from blue light cystoscopy procedures to explore potential of and develop an AI decision support tool. The decision support tool is hypothesized to further improve the diagnostic accuracy of the blue light procedure.

https://clinicaltrials.gov/study/NCT07144319?term=blue%20light%20cystoscopy&rank=3

Official Title

Exploration of Novel AI-enabled Blue LightEnhanced Cystoscopy

Conditions

Data Collection for AI Development

Other Study ID Numbers

• PCAIX01/25

Study Start (Estimated)

2025-09

Primary Completion (Estimated)

2026-12

[h3nk1]

Blue light cystoscopy (BLC) is a diagnostic procedure in bladder cancer where the inside of the bladder is observed with a camera to detect bladder lesions. Unlike regular white light cystoscopy, blue light cystoscopy takes use of a drug that induces fluorescence under blue light preferentially in neoplastic and malignant cells that helps visualize bladder lesions during the cystoscopic procedure. Blue light cystoscopy has shown to improve detection of bladder cancer. The purpose of the study is to collect images, video and associated pathology results from blue light cystoscopy procedures to explore potential of and develop an AI decision support tool. The decision support tool is hypothesized to further improve the diagnostic accuracy of the blue light procedure.

Skal kjøres på 500 pasienter.

[Helt1]

Dette innlegget ble rapportert og er midlertidig skjult.

[h3nk1]

Jeg er trolig mest blasert av AI-hypen av alle her inne, men her er det dels tvingende nødvendig at de tar eierskap for hva AI kan (eller mest sannsynlig: ikke kan) gjøre for denne typen billeddiagnostikk.

[Stovnerjonny]

Dette er jo for å møte konkurransen fra hvitt lys kombinert med AI og som leverer bedre resultater enn hvitt lys uten AI. Om hvitt lys med AI nærmer seg BLC uten AI kan det bli vanskelig å selge inn BLC som jo har en tyngre prosedyre enn hvitt lys. Dette ble diskutert på tråden for ett til to år siden, så det er ikke noe nytt.

AI er jo faktisk veldig bra på bildediagnostikk, noe som er etablert standard innen flere områder. For eksempel har man på enkelte sykehus i Norden erstattet den ene av de to radiologene som gransker bildene med AI siden kliniske forsøk viser at resultatene blir bedre (og man frigjør ressurser/øker kapasiteten).

Det er også gjort forsøk på AI med hvitt lys som viser gode resultater.

Nøkkelen er å ha ett kontrollert datasett av tilstrekkelig størrelse å øve AIen på. Det burde PHO ha, eller skaffe seg fra sine kunder.

[TekBot]

Photocure and Intelligent Scopes Corporation partner on development of AI for blue light cystoscopy

Press Release - Oslo, Norway, October 15, 2025: Photocure ASA (OSE: PHO), the
Bladder Cancer Company, announces that it has entered into a partnership with
Intelligent Scopes Corporation (ISC) to develop Artificial Intelligence (AI)
…

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software with blue light cystoscopy (BLC[®]). Initial testing shows promising
performance results.

Photocure and ISC have signed a development agreement on AI software and BLC for
the detection of bladder tumors. Photocure is a pioneer in the bladder cancer
diagnostics market with its Hexvix[®]/Cysview[®] products, supported by robust
clinical evidence and treatment guidelines. ISC, based in the U.S., is a
subsidiary of Claritas HealthTech Limited, based in the UK. Claritas and its
affiliates, together with ISC, develop leading endoscopy solutions that ISC
commercializes.

In the current development phase, Photocure and ISC are collaborating to develop
an AI software which can support the physician in real-time during blue light
cystoscopy, improving early-stage bladder cancer detection, diagnosis, and
resection completeness. The initial testing results were based on approximately
200 blue light procedures with more than 80,000 images. These results support
the benefits of AI enabled blue light cystoscopy by detecting high risk
cancerous lesions earlier in the patient pathway and more accurately.

Photocure will support the development collaboration through an initial clinical
study, with the aim to collect blue light videos and images from bladder cancer
patients, at multiple sites in the U.S. and Europe, to train the blue light AI
software. Details of the study (ENAiBLE) can be found on clinicaltrials.gov
(https://clinicaltrials.gov/study/NCT07144319).

Upon completion of the development, Photocure and ISC intend to pursue FDA
clearance for the AI software compatible with any blue light cystoscope system.
Regulatory clearances will be pursued in parallel across Europe and other
markets. The next milestone would be the beta-version of the new Blue light AI
detection software within 12-18 months, ahead of regulatory review.

Based on the terms of the agreement, Photocure will have exclusive, perpetual
rights to commercialize the new solution via its direct sales force,
distributors or partners, as well as license to device manufacturers in any
given country upon regulatory clearance.

“Our partnership with ISC is part of Photocure’s strategic focus on advancing
precision diagnostics in uro-oncology. Building on its strong track record and
established credibility in bladder cancer diagnostics, Photocure aims to
leverage leading innovative technologies to grow a portfolio of complementary
diagnostic solutions to address the evolving needs of patients, physicians, and
the broader healthcare community. This initiative underscores Photocure’s
commitment to drive the progress towards more personalized and data-driven
management in uro-oncology, enabling better clinical outcomes. Recent
publications indicate that the global AI cancer diagnostic market is
experiencing significant growth due to the rising prevalence of cancer,
increasing demand for precision diagnostics to increase accuracy, and a growing
awareness for the importance of early and more precise diagnosis. BLC has become
the reference point for next-generation cystoscopy technologies - it is not just
enhancing what we see, but also redefining what is possible in detecting
previously easy to miss but aggressive disease. We envision that ISC’s AI
technology will support transforming diagnostic approaches using BLC and will
create a strategic shift towards integrated precision medicine,” said Dan
Schneider, President and CEO of Photocure.

Dr. Rajesh Nair, Urological Surgeon at Guy’s and St. Thomas’, UK, and Chief
Medical Officer at ISC, commented, “As a practicing bladder cancer surgeon,
where I regularly face the challenge of accurate detection and complete
resection of tumors, I am excited about the prospect of a new solution that
combines ISC’s proven track record in state-of-the-art AI solutions for
cystoscopy with the detection capabilities of blue light cystoscopy that
Photocure provides. With the evidenced improvement in accuracy achieved with
ISC’s existing AI technology for bladder tumor detection, the application of its
cutting-edge technology together with the enhanced detection capability of blue
light cystoscopy from Photocure marks a significant leap forward in bladder
cancer diagnostics with the potential to transform bladder cancer management,
significantly enhancing patient care and outcomes.”

“The integration of AI will ensure BLC continues to out-perform white light
cystoscopy, as initial performance data indicate blue light AI has the potential
to detect more tumors, especially high-grade flat carcinoma in situ (CIS)
lesions, than white light AI. However, assisting urologists in the detection of
tumors with AI-enhanced blue light cystoscopy is just a first development step.
We also intend to explore the blue light AI software to assist with real-time
tumor characterization and mapping of CIS lesions for enhancing risk
stratification and precision monitoring. Such additional aims expand the utility
of our technology to further help urologists achieve their bladder cancer
management goals with BLC. These next iterations could drive practice-changing
applications that blue light cystoscopy can uniquely deliver,” said Anders
Neijber, Chief Medical Officer of Photocure.

Note to editors:

All trademarks mentioned in this release are protected by law and are registered
trademarks of Photocure ASA.This press release may contain product details and
information which are not valid, or a product is not accessible, in your
country. Please be aware that Photocure does not take any responsibility for
accessing such information which may not comply with any legal process,
regulation, registration or usage in the country of your origin.

About Bladder Cancer
Bladder cancer ranks as the 8[th] most common cancer worldwide - the 5[th] most
common in men - with 1 949 000 prevalent cases (5-year prevalence rate)[1a],
614 000 new cases and more than 220 000 deaths in 2022.[1b]
Approx. 75% of all bladder cancer cases occur in men.[1] It has a high
recurrence rate with up to 61% in year one and up to 78% over five years.[2]
Bladder cancer has the highest lifetime treatment costs per patient of all
cancers.[3]
Bladder cancer is a costly, potentially progressive disease for which patients
have to undergo multiple cystoscopies due to the high risk of recurrence. There
is an urgent need to improve both the diagnosis and the management of bladder
cancer for the benefit of patients and healthcare systems alike.
Bladder cancer is classified into two types, non-muscle invasive bladder cancer
(NMIBC) and muscle-invasive bladder cancer (MIBC), depending on the depth of
invasion in the bladder wall. NMIBC remains in the inner layer of cells lining
the bladder. These cancers are the most common (75%) of all BC cases and include
the subtypes Ta, carcinoma in situ (CIS) and T1 lesions. In MIBC the cancer has
grown into deeper layers of the bladder wall. These cancers, including subtypes
T2, T3 and T4, are more likely to spread and are harder to treat.[4]

[1 ]Globocan. a) 5-year prevalence / b) incidence/mortality by population.
Available at: https://gco.iarc.fr/today, accessed [February 2024].
[2 ]Babjuk M, et al. Eur Urol. 2019; 76(5): 639-657
[3 ]Sievert KD et al. World J Urol 2009;27:295-300
[4 ]Bladder Cancer. American Cancer Society.
https://www.cancer.org/cancer/bladder-cancer.html

About Hexvix[®]/Cysview[®] (hexaminolevulinate HCl)
Hexvix/Cysview is a drug that preferentially accumulates in cancer cells in the
bladder, making them glow bright pink during Blue Light Cystoscopy (BLC[®]). BLC
with Hexvix/Cysview, compared to standard white light cystoscopy alone, improves
the detection of tumors and leads to more complete resection, fewer residual
tumors, and better management decisions.
Cysview is the tradename in the U.S. and Canada, Hexvix is the tradename in all
other markets. Photocure is commercializing Cysview/Hexvix directly in the U.S.
and Europe and has strategic partnerships for the commercialization of
Hexvix/Cysview in China, Chile, Australia, New Zealand and Israel. Please refer
to Our partners for further information on our
commercial partners.
The following safety information is solely included to comply with U.S.
regulatory requirements: Important Risk & Safety Information for Cysview[®]
(hexaminolevulinate HCl) (https://packageinsert.s3.us-east
-2.amazonaws.com/Cysview+PI+2020.pdf)

About Photocure ASA
Photocure: The Bladder Cancer Company delivers transformative solutions to
improve the lives of bladder cancer patients. Our unique technology, making
cancer cells glow bright pink, has led to better health outcomes for patients
worldwide. Photocure is headquartered in Oslo, Norway and listed on the Oslo
Stock Exchange (OSE: PHO). For more information, please visit us at
w (http://www.photocure.com/news)ww.photocure.com/news (http://www.photocure.com/
news).

About Intelligent Scopes Corporation
Intelligent Scopes Corp provides state-of-the-art image processing and
enhancement software medical devices and AI diagnostic tools for the fields of
urology and gastroenterology. The company focuses on the strategic R&D of image
processing, image enhancement, AI diagnostic tools, and robotic guidance systems
for endoscopy procedures to improve detection rates, reduce unnecessary biopsies
and enhance patient outcomes. For more information, please
visit: www.intelligentscopes.com (https://www.globenewswire.com/Tracker?data=-
-hcG4yELYcYewvrcUuxGXcaovuAFGlEFAhCpHPruCc6dpjqPab_Nc8XtiLhZ4_bT5lhXFFH__b6GZumdm
HjdPo7oLcLpshjTcYbicIoGR1-LkdIx4qZ8fNwlX4O4q_A).

About Claritas HealthTech Limited
Claritas conducts research and development in the fields of image enhancement,
machine vision and artificial intelligence (“AI”) with a focus on medical image
processing and AI-assisted interpretation and diagnostics. Claritas aims to
transform the diagnostics industry with powerful and effective software products
created using image enhancement and AI technology, to enable and assist doctors
in medical diagnostics. For more information, please
visit www.claritashealthtech.com (https://www.globenewswire.com/Tracker?data=-
-hcG4yELYcYewvrcUuxGdD5UG9afP_FXPMyAjukXMDlkRgqI4gX4K-xhfgimvw5IWQXxDcBKB
-S_3g3n7morWk8YeoMzs1QG5SOGVcUxEOmpLbvvZ1htt1A4v5qLjSr).

For further information, please contact:

Dan Schneider
President and CEO
Photocure ASA
Email: ds@photocure.com

Erik Dahl
CFO
Photocure ASA
Tel: +4745055000
Email: ed@photocure.com

Priyam Shah
Vice President Investor Relations
Tel: +17176815072
Email: priyam.shah@photocure.com

Media and IR enquiries:

Geir Bjørlo
Corporate Communications (Norway)
Tel: +47 91540000
Email: geir.bjorlo@corpcom.no

Kilde

[TekBot]

Photocure ASA: Invitation to presentation of third quarter 2025 financial results

Oslo, Norway, 23 October 2024: Photocure ASA (Photocure, PHO: OSE) will announce
the third quarter 2025 financial results on Wednesday 29 October 2025 at 07:00
CET and will present a live webcast at 14:00 CET the same day.
…

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The quarterly report and presentation will be published at 07:00 CET and will be
publicly available at www.photocure.com.

The investor presentation will be streamed live and hosted by Dan Schneider, CEO
and Erik Dahl, CFO. The presentation will be held in English and questions can
be submitted throughout the event. The presentation is scheduled to conclude at
14:45 CET.

The streaming event is available through

https://channel.royalcast.com/landingpage/hegnarmedia/20251029_2/ (https://eur01.
safelinks.protection.outlook.com/?url=https%3A%2F%2Fchannel.royalcast.com%2Flandi
ngpage%2Fhegnarmedia%2F20251029_2%2F&data=05%7C02%7CTH%40photocure.no%7Cea80d9268
60246f055f908ddfa217496%7C0986794f1d6f488980bd853c0715d3c1%7C0%7C0%7C638941743798
309045%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOi
JXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=psg%2F5Daz6%2FAI8e6
yPKy8HBHCIyiUyxzZIeZ8V93idw8%3D&reserved=0)

For further information, please contact:

Photocure
Erik Dahl
CFO
Tel: +47 45055000
Email: ed@photocure.com

Media and IR enquiries:
Geir Bjørlo
Corporate Communications (Norway) Tel: +47 91540000
Email: geir.bjorlo@corpcom.no

About Photocure
Photocure: The Bladder Cancer Company delivers transformative solutions to
improve the lives of bladder cancer patients. Our unique technology, making
cancer cells glow bright pink, has led to better health outcomes for patients
worldwide. Photocure is headquartered in Oslo, Norway and listed on the Oslo
Stock Exchange (OSE: PHO). For more information, please visit us at
www.photocure.com, www.cysview.com

This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.

Kilde

[TekBot]

Photocure ASA: Results for the third quarter of 2025

Oslo, Norway, 29 October 2025 - Photocure ASA (OSE:PHO) today reported
Hexvix®/Cysview® revenues of NOK 134.1 million in the third quarter of 2025 (Q3
2024: NOK 120.1 million), and an EBITDA of NOK 10.2 million (Q3 2024: NOK 5.0
…

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million) for the company. Looking ahead, Photocure expects product revenue
growth in the range of 8% to 10% on a constant currency basis (compared to 7 to
11% previously) and an EBITDA improvement in 2025. While the company is not
providing a specific EBITDA guidance range, Photocure expects continued
operating leverage flow-through in its core commercial business and significant
potential growth in milestones this year.

“Photocure delivered another strong quarter, extending our track record of
double-digit topline revenue growth with positive EBITDA. We continued to
execute with discipline this quarter while in parallel advancing new growth
initiatives that further amplify our central role in precision diagnostics for
bladder cancer,” said Dan Schneider, President & Chief Executive Officer of
Photocure.

The company continued to execute on its plan to expand blue light cystoscopy
(BLC®) use in Q3 2025 with the installation of 14 new Saphira towers in the U.S.

• 7 new accounts and 7 blue light tower upgrades. In addition, due to increasing
  demand, ForTec has acquired and deployed 6 additional BLC towers, bringing the
  total number of mobile BLC towers to 24. With the increasing momentum provided
  by ForTec’s mobile solution, Photocure had 373 active accounts in the U.S. at
  the end of the quarter, an increase of 23% versus the second quarter of 2024.
  Across Europe, a total of 49 Olympus Visera Elite III blue light cystoscopy
  (BLC) capable systems were installed since the launch in Q1 2025.

Total revenues ended at NOK 135.0 million in the third quarter of 2025, up from
NOK 120.2 million, with an EBIT of NOK 2.9 million (-2.2). Cash and cash
equivalents were NOK 247.8 million at the end of the period.

After the closing of the quarter, Photocure announced a partnership with
Intelligent Scopes Corporation (ISC), a U.S. subsidiary of Claritas HealthTech,
to develop AI software to support physicians in real-time during BLC, improving
early-stage bladder cancer detection, diagnosis and resection completeness.

“Together, Photocure and ISC intend to pursue FDA clearance for the AI software
compatible with any BLC system. Based on the terms of the agreement, Photocure
will have exclusive, perpetual rights to commercialize the new solution via its
direct sales force, distributors or partners, as well as license the software to
device manufacturers in any given country upon regulatory clearance. Our
partnership with ISC, along with other strategic initiatives underway,
represents a step toward expanding clinical adoption, driving operating
leverage, and building long-term intrinsic value for shareholders,” Schneider
added.

Photocure believes that the benefits of BLC with Hexvix/Cysview offer superior
detection and management of bladder cancer…

“Looking ahead, we anticipate sustained revenue growth, fueled by rigid kit
adoption, expansion of mobile BLC, and HD upgrades that enhance utilization and
sales. The tailwinds from a wave of recently approved NMIBC therapeutics are
raising awareness around early detection and personalized disease management,
validating Photocure’s position at the center of this rapidly evolving
ecosystem. In addition to our commercial progress, we are encouraged by
potential catalysts that could further strengthen our growth trajectory. These
include CMS reimbursement developments, reintroduction of flexible BLC solutions
to the market, entrance of additional equipment manufacturers and a potential
FDA reclassification in favor of BLC from a citizen’s petition - each
representing an opportunity to broaden patient access and accelerate adoption.
Lastly, our license agreement with Asieris for Cevira has potential to trigger a
significant milestone payment when it receives regulatory approval in China,”
Schneider concluded.

Please find the full financial report and presentation enclosed.

EBITDA* and other alternative performance measures (APMs) are defined and
reconciled to the IFRS financial statements as a part of the APM section of the
third quarter 2025 financial report on page 25.

The quarterly report and presentation will be published at 07:00 CEST and will
be publicly available at www.photocure.com. Dan Schneider, CEO and Erik Dahl,
CFO, will host a live webcast at 14:00 CEST.

The presentation will be held in English and questions can be submitted
throughout the event. The streaming event is available through:
https://channel.royalcast.com/landingpage/hegnarmedia/20251029_2/

The presentation is scheduled to conclude at 14:45 CEST.

For further information, please contact:

Dan Schneider
President and CEO

Photocure ASA

Email: ds@photocure.com

Erik Dahl

Chief Financial Officer

Tel: +47 450 55 000

Email: ed@photocure.no

Priyam Shah

Vice President Investor Relations

Tel: +1 7176815072

Email: priyam.shah@photocure.com

Geir Bjørlo

Corporate Communications (Norway)
Tel: +47 91540000

Email: geir.bjorlo@corpcom.no (geir.bjorlo@corpcom.no
)

About Photocure ASA

Photocure: The Bladder Cancer Company delivers transformative solutions to
improve the lives of bladder cancer patients. Our unique technology, making
cancer cells glow bright pink, has led to better health outcomes for patients
worldwide. Photocure is headquartered in Oslo, Norway and listed on the Oslo
Stock Exchange (OSE: PHO). For more information, please visit us at
www.photocure.com/news

All trademarks mentioned in this release are protected by law and are registered
trademarks of Photocure ASA.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to section 5-12 of the Norwegian Securities Trading Act. This stock exchange
announcement was published by Tolv Hillestad, Photocure ASA, on 29 October 2025
at 07:00 CEST.

Kilde

[kreinh]

Link nederst:
The presentation will be held in English and questions can be submitted throughout the event. The streaming event is available through: https://channel.royalcast.com/landingpage/hegnarmedia/20251029_2/

[Savepig]

Core business på Cysview vokser, men den vokser veldig sakte.

Her er 4 kvartals glidende snitt, og sum 4 siste kvartaler. Cysview revenue trenger å stige fortere, og opex trenger å holde seg mer eller mindre flatt:

Dette var en svak G+ rapport for Q3, ikke i nærheten av noen M.

Håper de snart bruker nye 50 millioner på tilbakekjøp, ser ingen grunn til at de trenger å sitte på hundrevis av millioner.

[Jubel]

Norne

Photocure delivered yet another solid quarter, with 3Q figures broadly exceeding our estimates. The company continued to post double-digit YoY growth on the top line while maintaining well-contained opex. Reported EPS came in above our expectations, and the cash position remains solid. We believe this robust financial performance further underpins our investment case on the stock going forward.

[InVivo]

@Savepig

Core business på Cysview vokser, men den vokser veldig sakte.

Hypen startet vel i 2018 hvis jeg husker rett. Siden har det gått rimelig trått

[Merlin]

Det kan være et tidsgap mellom økt skop-portefølje og hva som resulterer i løpende salg. Med en stigning på 24% forrige Q og 23% i dette i utplasserte skop, noe som er svært positivt, mens det er en salgsøkning på 14 % på ett år bør det ligge an til en implisitt salgsøkning av Cysview fremover. Avgjørende er frekvensen i bruken. Det blir vel litt tilbakeskuende i din vurdering. Det positive nå er at Pho hele tiden bedre sine salgsbase.

ForTec has acquired and deployed 6 additional BLC towers, bringing the total number of mobile BLC towers to 24. With the increasing momentum provided by ForTec’s mobile solution, Photocure had 373 active accounts in the U.S. at the end of the quarter, an increase of 23% versus the second quarter of 2024.

[Savepig]

Ser du på plottet egentlig? Var jo en periode rett før corona veksten var eksplosiv, så flatet det helt ut igjen. Er sånn trend de trenger igjen, uten at kostnadene stiger særlig.

[Merlin]

Det kan være grunn til å legge vekt på de senere NMIBC-rapportene og at selskapet mener det vil gi vedvarende inntektsvekst.

DS skriver: Looking ahead, we anticipate sustained revenue growth, fueled by rigid kit adoption, expansion of mobile BLC, and HD upgrades that enhance utilization and sales. The tailwinds from a wave of recently approved NMIBC therapeutics are raising awareness around early detection and personalized disease management, validating Photocure’s position at the center of this rapidly evolving ecosystem.

[TekBot]

Photocure ASA: Notification of primary insider transaction

Oslo, Norway, 31 October 2025: Board member Neal Shore has acquired 13,500
shares at a price per share of NOK 55,21. Primary insider notification pursuant
to the market abuse regulation article 19 is attached.
…

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For further information, please contact:

Photocure

CFO Erik Dahl
Tel: +47 450 55 000
Email: ed@photocure.com

About Photocure ASA

Photocure: The Bladder Cancer Company delivers transformative solutions to
improve the lives of bladder cancer patients. Our unique technology, making
cancer cells glow bright pink, has led to better health outcomes for patients
worldwide. Photocure is headquartered in Oslo, Norway and listed on the Oslo
Stock Exchange (OSE: PHO). For more information, please visit us at
www.photocure.com/news

All trademarks mentioned in this release are protected by law and are registered
trademarks of Photocure ASA.

This information is subject to the disclosure requirements pursuant to the
market abuse regulation article 19 and 5-12 of the Norwegian Securities Trading
Act.

Kilde

[TekBot]

New budget impact model study in 4 European countries concludes that BLC use offers a clinically meaningful and economically rational approach to NMIBC management

Press Release - Oslo, Norway, November 19, 2025: Photocure ASA (OSE: PHO), the
Bladder Cancer Company, announces the publication of the study
"Hexaminolevulinate-enhanced photodynamic diagnosis in the management of non
…

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-muscle-invasive bladder cancer (NMIBC): The influence of differing European
health care payment systems on the potential financial impact of adoption." in
the Journal of Medical Economics this week. The research objective was to
compare the economic implications of blue light cystoscopy (BLC[®]) adoption in
line with national guideline recommendations in four European markets. The
analysis further explores the impact of the different health care payment
systems on the budgetary impact of BLC adoption by a hospital.

Methods: A previously published budget impact
model (404: Not found
-concludes-there-is-insignificant-cost-difference-between-white-light-and-blue
-light-cystoscopy-use-when-applying-ccafu-guidelines-4644457) was adapted to
allow for the exploration of costs across four different payment environments:
Denmark, France, Italy and Finland. Using the same set of clinical assumptions
around disease risk profiles, recurrence rates and usage of PDD, but applying
local treatment guidelines and country-specific costs per country, the net
budget impact per patient with NMIBC was estimated for each over a 3-year time
horizon. The analysis was carried out from the perspective of a hospital with a
protocol-driven strategy for BLC adoption.

Results: In Denmark, with a differential tariff system between BLC and white
light cystoscopy (WLC), the additional cost of the technology was fully offset
by the tariff, with a net surplus of Euro 170 per patient. In France and Italy, both
of which have a flat-rate tariff for BLC and WLC, there was a net cost of Euro 108
and Euro 120 per patient respectively. In Finland, with a block contract system, the
net cost per patient was Euro 206.

Conclusions: Diagnostic technologies like BLC often present unique challenges
for economic evaluation, requiring linkage between improved detection and
downstream clinical and economic outcomes. In this study, incorporating
predicted clinical outcomes and subsequently modelling the costs based on risk
stratification, guideline recommendations and funding mechanisms, provides a
useful tool to predicting overall cost for patient populations per country.
Future studies for such technologies should integrate economic endpoints at the
trial design stage, enabling better-informed decisions and faster time-to
-adoption for patients.

The authors conclude that BLC offers a clinically meaningful and economically
rational approach to NMIBC management across diverse European healthcare
environments. Through flexible, locally tailored BIMs, stakeholders are better
equipped to assess where and how BLC can be integrated into care pathways -
supporting both improved patient outcomes and sustainable healthcare resource
allocation.

“This multi-country budget impact analyses of blue light cystoscopy using
hexaminolevulinate, otherwise known as Photodynamic Diagnosis, in the management
of non-muscle-invasive bladder cancer, demonstrates the consistent clinical and
economic value of enhanced diagnostic accuracy in reducing recurrence risk.
Despite important structural differences across European healthcare
systems-ranging from various tariff-based reimbursement models in Denmark,
France and Italy to block contract systems in Finland-the reduction in the
requirement for early repeat TURBT is an important clinical benefit. This
clinical benefit inevitably carries both capacity and cost offset implications
for hospitals, regardless of whether this gain is reflected in the local
healthcare payment system,” said Dr. Jonathan Belsey, Health Economics expert
and one of the study authors.

“The growing number of approved treatment options and advances in technology and
AI are accelerating the growth of precision diagnostics in bladder cancer. The
pharmaceutical advancements, with emerging immune and gene therapies, are
transforming care. This requires a more precise diagnosis to better select
patients, predict and monitor treatment response and thus ensure the right
treatment for the individual patient. Photocure’s expertise in bladder cancer
diagnostics, extensive data and knowledge, strong relationships with key
stakeholders and deep understanding of their needs make us uniquely positioned
to driving progress in uro-oncology precision diagnostics,” said Anders Neijber,
Photocure’s Chief Medical Officer.

Read the full publication here: https://doi.org/10.1080/13696998.2025.2588728

Note to editors:

All trademarks mentioned in this release are protected by law and are registered
trademarks of Photocure ASA.
This press release may contain product details and information which are not
valid, or a product is not accessible, in your country. Please be aware that
Photocure does not take any responsibility for accessing such information which
may not comply with any legal process, regulation, registration or usage in the
country of your origin.

About Bladder Cancer
Bladder cancer ranks as the 8[th] most common cancer worldwide - the 5[th] most
common in men - with 1 949 000 prevalent cases (5-year prevalence rate)[1a],
614 000 new cases and more than 220 000 deaths in 2022.[1b]
Approx. 75% of all bladder cancer cases occur in men.[1] It has a high
recurrence rate with up to 61% in year one and up to 78% over five years.[2]
Bladder cancer has the highest lifetime treatment costs per patient of all
cancers.[3]
Bladder cancer is a costly, potentially progressive disease for which patients
have to undergo multiple cystoscopies due to the high risk of recurrence. There
is an urgent need to improve both the diagnosis and the management of bladder
cancer for the benefit of patients and healthcare systems alike.
Bladder cancer is classified into two types, non-muscle invasive bladder cancer
(NMIBC) and muscle-invasive bladder cancer (MIBC), depending on the depth of
invasion in the bladder wall. NMIBC remains in the inner layer of cells lining
the bladder. These cancers are the most common (75%) of all BC cases and include
the subtypes Ta, carcinoma in situ (CIS) and T1 lesions. In MIBC the cancer has
grown into deeper layers of the bladder wall. These cancers, including subtypes
T2, T3 and T4, are more likely to spread and are harder to treat.[4]

[1 ]Globocan. a) 5-year prevalence / b) incidence/mortality by population.
Available at: https://gco.iarc.fr/today, accessed [February 2024].
[2 ]Babjuk M, et al. Eur Urol. 2019; 76(5): 639-657
[3 ]Sievert KD et al. World J Urol 2009;27:295-300
[4 ]Bladder Cancer. American Cancer Society.
https://www.cancer.org/cancer/bladder-cancer.html

About Hexvix[®]/Cysview[®] (hexaminolevulinate HCl)
Hexvix/Cysview is a drug that preferentially accumulates in cancer cells in the
bladder, making them glow bright pink during Blue Light Cystoscopy (BLC[®]). BLC
with Hexvix/Cysview, compared to standard white light cystoscopy alone, improves
the detection of tumors and leads to more complete resection, fewer residual
tumors, and better management decisions.
Cysview is the tradename in the U.S. and Canada, Hexvix is the tradename in all
other markets. Photocure is commercializing Cysview/Hexvix directly in the U.S.
and Europe and has strategic partnerships for the commercialization of
Hexvix/Cysview in China, Chile, Australia, New Zealand and Israel. Please refer
to Our partners for further information on our
commercial partners.
The following safety information is solely included to comply with U.S.
regulatory requirements: Important Risk & Safety Information for Cysview[®]
(hexaminolevulinate HCl) (https://packageinsert.s3.us-east
-2.amazonaws.com/Cysview+PI+2020.pdf)

About Photocure ASA
Photocure: The Bladder Cancer Company delivers transformative solutions to
improve the lives of bladder cancer patients. Our unique technology, making
cancer cells glow bright pink, has led to better health outcomes for patients
worldwide. Photocure is headquartered in Oslo, Norway and listed on the Oslo
Stock Exchange (OSE: PHO). For more information, please visit us at
www.photocure.com/news.

For more information, please contact:

Dan Schneider
President and CEO
Photocure ASA
Email: ds@photocure.com

Erik Dahl
CFO
Photocure ASA
Tel: +47 45055000
Email: ed@photocure.com

Priyam Shah
Vice President Investor Relations
Tel: +17176815072
Email: priyam.shah@photocure.com

Media and IR enquiries:

Geir Bjørlo
Corporate Communications (Norway)
Tel: +47 91540000
Email: geir.bjorlo@corpcom.no

Kilde