February 21, 2024

Naturally, the quarter was overshadowed by the news of the negative futility analysis in our phase III study at the end of November. It was certainly an unexpected result. After the initial shock subsided, the team has been fully focused and committed to closing down the phase III program according to regulations and good practice. Data from the study has been collected with the goal of analyzing it to further understand the lack of efficacy and see if there is any notable difference across any subgroups. We expect to be able to communicate the result of this analysis at the end of February.

Only the critical team members necessary to close down, and report, the study according to regulatory requirements will stay with InDex during the first half of 2024. We expect all our commitments related to the phase III program to have been fulfilled before summer. As announced on January 19, 2024, our expected remaining cash balance at the end of Q1, SEK 180-190 million, includes all closing costs for the study, even those that will occur after March 31.

Simultaneously, we have been evaluating possible paths forward for InDex. Various alternatives are being considered, for example liquidation, reverse merger, and public bids. The clear goal of the process is to, if possible, find options which could generate more value to our shareholders than a company liquidation.

I would like to thank all InDex team members who have already left the company for the valuable work they have contributed over the past years. I would also like to thank the individuals remaining for their loyalty and commitment in doing the work ahead of us that is not necessarily easy nor inspirational.

Jenny Sundqvist, CEO