<a id="bm-comp-f813df2d-6d66-4edb-9fef-cd48eb5ee074" name="bm-comp-f813df2d-6d66-4edb-9fef-cd48eb5ee074" class="BMCustomAnchor"></a><table><tr><td bm-component-id="f813df2d-6d66-4edb-9fef-cd48eb5ee074" style="vertical-align: top; width:100.000000%;"><ul><li><font color="#000000">Additional clinical data and product documentation requested</font></li><li><font color="#000000">Urgent FDA meeting to discuss next steps</font></li><li><font color="#000000">Very low visibility: Valuation suspended until more clarity</font></li></ul></td></tr></table><a id="bm-comp-4ce92958-33e7-4f06-b454-af5e6f7982dd" name="bm-comp-4ce92958-33e7-4f06-b454-af5e6f7982dd" class="BMCustomAnchor"></a><table><tr><td bm-component-id="4ce92958-33e7-4f06-b454-af5e6f7982dd" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Additional clinical data and product documentation requested</h3><p><font color="#000000">Ascelia Pharma announced today that it has received a Complete Response Letter (CRL) from the FDA regarding the NDA for Orviglance. The FDA has stated that it cannot approve the application in its present form and has requested additional clinical data and product documentation. It remains unclear at this stage whether the FDA's request amounts to a relatively modest data addition, which could potentially result in a delay of only around six months, or whether a new pivotal clinical trial will be required. The latter would represent a significantly longer and more costly development path and raises serious questions about its financial and operational feasibility. The company has confirmed a cash runway into 2027 and will assess potential cost-saving initiatives.</font></p><h3 class="bm-h3">Urgent FDA meeting to discuss next steps</h3><p><font color="#000000">Ascelia intends to request a Type A meeting with the FDA as soon as possible to clarify the requirements and discuss a path forward. Given the urgency associated with Type A meetings, the FDA aims to respond to such requests within 14 days and, if granted, schedule the meeting within 30 days. The FDA's negative response came as a surprise given that the pivotal Phase 3 trial successfully met its primary endpoint, demonstrating that the <font color="#000000">company's MRI contrast agent Orviglance significantly (p &lt; 0.001) improved the visualisation of metastatic liver lesions compared with un-enhanced MRI, with the secondary endpoints further supporting these results. Reflecting this surprise,</font> the stock is down ~75%.</font></p><h3 class="bm-h3">Very low visibility: Valuation suspended until more clarity</h3><p><font color="#000000">Given the wide range of possible outcomes, from a limited data request to a full new trial, and no disclosure yet on the specific deficiencies cited by the FDA, visibility on the path forward is too low to assess. Our valuation is therefore suspended until there is more clarity.</font></p></td></tr></table>