Dear Shareholders,

The progress that we have made so far this year has solidified the foundations for future growth at Nicox and we are now entering a new phase in our corporate development.  Coinciding with our half-year 2026 results, I would like to focus on the opportunities that lie ahead for Nicox and our strategy for the future.

NCX 470 is moving towards commercialization

NCX 470, our novel nitric oxide-donating bimatoprost eye drop for lowering intraocular pressure in patients with open angle glaucoma or ocular hypertension, is now under review by regulatory authorities in both the U.S. and China. The decision by the U.S. Food and Drug Administration is scheduled for 30 April 2027. If approved, a U.S. launch could take place in the second half of 2027, with approval and launch in China expected to follow. Our team has the knowledge and experience needed to support our partners, and so we are continuing to work closely with Kowa and Ocumension during the approval and launch period.

NCX 470 has already changed the risk profile of Nicox. The cash-intensive development steps have been completed, and our exclusive, global partners are now leading and funding the regulatory and commercial activities in their respective markets.

If approved and successfully launched, NCX 470 would bring potential milestone payments and start the long-term recurring revenue we intend to use to create future value in Nicox.

Proven team, funded runway and clear path to growth in ophthalmology

Nicox has taken a novel drug candidate, NCX 470, from discovery and developed it all the way into regulatory review in two major markets. This is a major achievement given the timelines, risks and success rates in pharmaceutical development.  The team that achieved this is the same team driving our future. Our strengthened cash position means that we have the people, experience, resources and time to look ahead with confidence.

We are actively evaluating ophthalmology opportunities for the future growth of Nicox. These could include acquiring or combining with another ophthalmology company, or adding a new ophthalmology asset to our pipeline, through partnering or acquisition, and using our proven team to facilitate development.

Our aim is simple: give Nicox new opportunities for growth, while benefiting from potential NCX 470 revenue over many years.

Clear information and open dialogue

We want our communication to be clear, regular and transparent.

We publish Q&A documents to explain important subjects in simple language, including the most recent one on our financial situation. We have also launched a new “Latest News” section on our website, where we provide more context on Nicox and our work.

We also encourage you to send us your questions, either via the website, the web application or directly to communications@nicox.com. We cannot always answer every question, particularly when information is confidential or market sensitive. However, we will listen, answer when we can, directly or in a future Q&A document, and use your questions to help us communicate more clearly.

Nicox is entering this next stage with confidence and optimism for the future. With a new treatment option approaching potential launches and a proven and financed team, we are in a solid position to evaluate new opportunities and potentially secure improved future shareholder value.

Thank you for your continued interest and support. I look forward to sharing our progress and hearing from you.

Yours sincerely,

Gavin Spencer
Chief Executive Officer
Nicox SA