DNB // Back Bay Partnership for Healthcare Disclosure

Version: November 24, 2025

The marketing communication (the “Material”) is provided for informational and educational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor should it be construed as investment advice. The DNB // Back Bay Partnership (“DNB // Back Bay”) is a marketing term referring to a strategic agreement between Back Bay Life Science Advisors LLC, a healthcare advisory and investment banking firm (‘Back Bay’) and the DNB Group through the Business Area DNB Carnegie.

The Business Area DNB Carnegie is comprising:

1) the investment services division of DNB Bank ASA, organized in Norway and regulated by the Norwegian Financial Supervisory Authority;

2) DNB Carnegie Investment Bank AB, a wholly owned subsidiary of DNB Bank ASA, organized in Sweden and regulated by the Swedish Financial Supervisory Authority, and

3) DNB Carnegie, Inc., incorporated in New York and regulated by FINRA and the Securities and Exchange Commission. “DNB Carnegie” should be read as meaning these three entities throughout the disclaimer text.

DNB // Back Bay should be read as Back Bay and DNB Carnegie throughout this disclaimer, unless otherwise expressively stated.

The Material has been jointly prepared by the DNB // Back Bay Partnership where the responsible author(s) are employed, please see the responsible author’s name and DNB // Back Bay company on the front page under the author’s name to determine in which DNB // Back Bay the Material is produced.

The Material is distributed in the U.S. by DNB Carnegie, Inc. and Back Bay; in Norway, Singapore, Canada and Australia by the investment services division of DNB Bank ASA; in Sweden, Finland and Denmark by DNB Carnegie Investment Bank AB; and in the UK by the investment services division of DNB Bank ASA and DNB Carnegie Investment Bank AB, respectively.

Each entity operates independently and provides services within its respective regulatory framework. Any securities-related activities in the U.S. are conducted solely by DNB Carnegie, Inc. for institutional clients.

Securities services offered in the U.S. are offered and sold through DNB Carnegie, Inc. (SEC#8-66024 / CRD# 127605). Additional information for U.S. institutions can be provided by contacting DNB Carnegie, Inc. 30 Hudson Yards, 81st Floor, New York, NY 10001, telephone number +1 212-551-9800.

Property rights

The Material is for clients only, and not intended for re-publication, and has been prepared for information purposes by DNB // Back Bay.

Back Bay Life Science Advisors LLC is a Massachusetts limited liability company.  Back Bay Life Science Advisory, LLC, a Massachusetts limited liability company, is a wholly owned subsidiary of Back Bay Life Science Advisors LLC.

The Material is the property of DNB // Back Bay. DNB // Back Bay retains all intellectual property rights (including, but not limited to, copyright) relating to the Material. Sell-side investment firms are not allowed any commercial use (including, but not limited to, reproduction and redistribution) of the Material contents, either partially or in full, without DNB // Back Bay’s explicit and prior written consent. Use by buy-side investment firms is dependent on the firms citing DNB // Back Bay as the source.

The Material does not constitute investment advice

The Material is made for information purposes only and does not constitute and should not in any way be considered as an offer to buy or sell any securities or other financial instruments or to participate in any investment strategy. The Material has been prepared as general information and is therefore not intended as a personal recommendation of particular financial instruments or strategies and does not constitute investment advice. Investors should therefore make their own assessments of whether any of the trading ideas described herein are a suitable investment based on the investor’s knowledge and experience, financial situation, and investment objectives.

Risk warning

The risk of investing in financial instruments is generally high. Past performance is not a reliable indicator of future performance, and estimates of future performance are based on assumptions that may not be realized. When investing in financial instruments, the value of the investment may increase or decrease, and the investor may lose all or part of their investment. Careful consideration of possible financial distress should be made before investing in any financial instrument.

Author certification

The author(s) responsible for the content of the Material certify that:

1) the views expressed in the Material accurately reflect that author’s personal views about the company and the securities that are the subject of the Material; and

2) no part of the author’s compensation was, is, or will be, directly or indirectly, related to any views expressed by that author in the Material. DNB // Back Bay employees, including authors, may receive compensation that is generated by overall firm profitability.

Potential conflicts of interest

DNB // Back Bay may from time to time perform investment banking or other services for, or solicit investment banking or other business from, any company mentioned in this Material. Readers should assume that any company mentioned in this Material may have an active client relationship with DNB // Back Bay which is not disclosed due to client confidentiality.

DNB Bank ASA, its affiliates and subsidiaries are engaged in commercial banking activities and may for example be a lender to any company mentioned in the Material. This means that certain parts of these entities might have access to whatever rights and information regarding addressed companies as are available to a creditor under applicable law and the applicable loan and credit agreements.

Back Bay, DNB Carnegie and the rest of DNB Group have implemented a set of rules handling conflicts of interest. This includes confidentiality rules restricting the exchange of information between various parts of Back Bay, DNB Carnegie and the rest of DNB group. In order to restrict flows of sensitive information, appropriate information barriers have been established between the Investment Banking Division and other business departments in DNB Carnegie, between DNB Carnegie and other business areas in the DNB Group, and between the DNB Group and Back Bay. People outside an information barrier may gain access to sensitive information only after having observed applicable wall-crossing procedures. This means that employees of DNB Carnegie who are preparing the Material are prevented from using or being aware of information available in other parts of Back Bay, DNB Carnegie or DNB Group that may be relevant to the recipients’ decisions.

Confidential and non-public information regarding Back Bay, DNB Carnegie and the rest of DNB Group and its clients, business activities and other circumstances that could affect the market value of a security ("sensitive information") is kept strictly confidential and may never be used in an undue manner. Internal guidelines are implemented to ensure the integrity and independence of research authors. In accordance with the guidelines, the research department is separated from the Investment Banking department and there are no reporting lines between the research department and Investment Banking. The guidelines also include rules regarding, but not limited to, the following issues: contacts with covered companies, prohibition against offering favorable recommendations, personal involvement in covered companies, participation in investment banking activities, supervision and review of research reports, author reporting lines, and author remuneration.

DNB // Back Bay and any of its officers or directors may have a position, or otherwise be interested in, transactions in securities that are directly or indirectly the subject of the Material.

Additional information for clients in Australia

The Material has been prepared and issued outside Australia.

DNB Bank ASA ARBN 675 447 702 is exempt from the requirement to hold an Australian financial services licence under the Corporations Act 2001 (Cth) (“Corporations Act”) in respect of financial services it provides to “wholesale clients” within the meaning of the Corporations Act (“Wholesale Clients”). DNB Bank ASA accordingly does not hold an Australian financial services licence. DNB Bank ASA is regulated by Finanstilsynet (the Financial Supervisory Authority of Norway) under the laws of Norway, which differ from Australian laws.

The Material is provided only to authorized recipients who are both Wholesale Clients and “professional investors” within the meaning of the Corporations Act. In no circumstances may the Material be provided to any other person.

No member of the DNB Group, including DNB Bank ASA and DNB Carnegie Investment Bank AB, or Back Bay is an authorized deposit-taking institution (“ADI”) under the Banking Act 1959 (Cth). Accordingly, neither Back Bay, DNB Bank ASA nor DNB Carnegie Investment Bank AB is supervised by the Australian Prudential Regulation Authority as an ADI.

DNB Bank ASA is a limited liability company incorporated in Norway.

Nothing in the Material excludes, restricts or modifies a statutory warranty or liability to the extent such an exclusion, restriction or modification would be prohibited under Australian law.

Additional information for clients In Canada

The Material included herein is marketing material and is not general investment advice. This information is not tailored to the needs of any recipient and, accordingly, is distributed to Canadian residents in reliance on section 8.25 of the Canadian Securities Administrators’ National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations.

Additional information for clients in Singapore

The Material is distributed by the Singapore Branch of DNB Bank ASA. It is intended for general circulation and does not take into account the specific investment objectives, financial situation or particular needs of any particular person. Please seek advice from a financial adviser regarding the suitability of any product referred to in the Material, taking into account your specific financial objectives, financial situation or particular needs before making a commitment to purchase any such product or security. You have received a copy of the Material because you have been classified as an accredited investor, an expert investor, or as an institutional investor, as these terms have been defined under Singapore's Financial Advisers Act (Cap. 110) ("FAA") and/or the Financial Advisers Regulations ("FAR"). The Singapore Branch of DNB Bank ASA is a financial adviser exempt from licensing under the FAA but is otherwise subject to the legal requirements of the FAA and of the FAR. By virtue of your status as an accredited investor, institutional investor or as an expert investor, the Singapore Branch of DNB Bank ASA is, with respect to certain of its dealings with you or services rendered to you, exempt from having to comply with certain regulatory requirements of the FAA and FAR, including without limitation, sections 34, 36 and 45 of the FAA. Section 34 of the FAA requires a financial adviser to disclose material information concerning designated investment products that are recommended by the financial adviser to you as the client. Section 36 of the FAA requires a financial adviser to have a reasonable basis for making investment recommendations to you as the client. Section 45 of the FAA requires a financial adviser to include, within any circular or written communications in which they make recommendations concerning securities, a statement of the nature of any interest which the financial adviser (and any person connected or associated with the financial adviser) might have in the securities. Please contact the Singapore branch of DNB Bank ASA at +65 6260 0111 with respect to any matters arising from, or in connection with, the Material. The Material is intended for and is to be circulated only to people who are classified as an accredited investor, an expert investor, or an institutional investor. If you are not an accredited investor, an expert investor or an institutional investor, please contact the Singapore Branch of DNB Bank ASA at +65 6260 0111. DNB Bank ASA, its affiliates and subsidiaries, our associates, officers and/or employees may have interests in any products referred to in the Material by acting in various roles including as distributor, holder of principal positions, adviser or lender. DNB Bank ASA, its affiliates, subsidiaries, our associates, officers and/or employees may receive fees, brokerage or commissions for acting in those capacities. In addition, DNB Bank ASA, its affiliates and subsidiaries, our associates, officers and/or employees may buy or sell products as principal or agent and may effect transactions that are not consistent with the information set out in the Material.

Additional information for clients in the United States of America

Each person named on the front page of the Material, or at the beginning of any subsection hereof, hereby certifies that (i) the views expressed in this Material accurately reflect that person’s personal views; and (ii) no part of the person’s compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in the Material.

This Material is being furnished solely to Major U.S. Institutional Investors within the meaning of Rule 15a-6 under the U.S. Securities Exchange Act of 1934 and to such other U.S. Institutional Investors as DNB Carnegie, Inc. may determine. Distribution to non-Major U.S. Institutional Investors will be made only by DNB Carnegie, Inc., a U.S. broker-dealer and member of the Financial Industry Regulatory Authority (“FINRA”) and the Securities Investor Protection Corporation (“SIPC”).

Any U.S. recipient of this report seeking to obtain additional information should contact DNB Carnegie, Inc., 30 Hudson Yards, 81st Floor, New York, NY 10001, telephone number +1 212-551-9800.