Climate Change

ESRS E1 – Climate Change

E1-1 – Transition plan for climate change mitigation

Following the organizational review completed in 2025, which resulted in the termination of our small-molecule portfolio and associated research activities, our operational footprint has already been materially reduced. This reduction will be further impacted by the implementation of the wind‑down of our cell therapy activities, as described in section “A New Strategic Direction”. Together, these changes significantly alter the business activities on which previously disclosed climate targets and the prior transition plan were based. Given these significant organizational and operational changes, the climate transition plan disclosed in prior years, including the 2030 and 2040 GHG reduction targets, is not currently reflective of the undertaking’s operating circumstances. These targets were developed for a materially different operational perimeter and may no longer be considered relevant to the strategic direction of the business.

We are currently being repositioned for long‑term growth through transformational business development, and the future operating model, value chain configuration and investment priorities remain under review. In this context, we do not consider it appropriate to publish revised climate targets, decarbonization pathways or forward‑looking climate‑related commitments at this time, consistent with ESRS expectations of comparability, practicality and conditions of uncertainty (ESRS 1).

At present, no climate change mitigation transition plan is in place for the post‑wind‑down undertaking, and no decision has yet been taken on whether, and if so when, a new transition plan will be adopted. The relevance of previously set targets and decarbonization actions is currently under review, and their applicability will depend on the outcome of the strategic review once the future business model becomes clearer.

We remain not excluded from EU Paris‑aligned benchmarks, in accordance with Articles 12(1)(d)–(g) and 12(2) of Commission Delegated Regulation (EU) 2020/1818.

Material impacts, risks and opportunities and their interaction with strategy and business model (SBM-3)

Climate change mitigation was assessed as a material topic for us in 2025, based on the greenhouse gas (GHG) emissions associated with our operations and value chain during the reporting period. Climate‑related impacts were identified through our double materiality assessment process, drawing on our full Scope 1, 2 and 3 GHG inventory, which was calculated by an external consultant in accordance with the GHG Protocol, and assessed against ESRS severity and likelihood criteria. This process confirmed that the GHG emissions associated with our operations and value chain constitute a material negative impact with high scale and likelihood. Our climate‑related impacts and opportunities were considered within a broader “One Health” perspective, recognizing the interconnected wellbeing of people (including patients and employees) and the planet. Addressing environmental matters, including climate change, formed part of our wider sustainability considerations. We recognized the importance of addressing GHG emissions and the potential benefits associated with lower‑carbon operational practices, while also considering potential transitional risks, including reputational risks and stakeholder expectations.

Although climate change mitigation was considered material, our double materiality assessment did not identify material climate‑related physical or transitional risks for us. Given our reduced operational footprint and limited GHG emissions in 2025, a detailed climate‑related risk assessment, climate‑scenario analysis and resilience analysis were not performed for this reporting period. The omission of these disclosures reflects the outcome of our materiality assessment and the limited exposure of our current operating model to climate‑related physical risks. As a consequence, no statement on our resilience to climate change can be made. As the strategic review progresses, the relevance of climate‑related impacts, risks and opportunities will continue to be monitored in the context of the evolving business model.

The table below summarizes the material impacts, risks and opportunities (IROs) identified for FY25 in accordance with ESRS 2 (SBM 3 and IRO 1), reflecting the outcome of our FY25 double materiality assessment.

All material IROs identified under ESRS E1 fall within the short‑term time horizon (i.e., <3 years).

E1-2 – Policies related to climate change mitigation

In the reporting year we maintained an Environmental, Health and Safety policy, for which the Chief Operating Officer (COO) was accountable. The policy sets out our commitment to sustainable operations, focusing on minimizing our carbon footprint and reducing the consumption of natural resources across our operations and entire value chain. As the policy continued to be relevant and applicable to our business activities during 2025, it was re‑signed by the COO and CFO to reconfirm executive‑level endorsement.

Our policy includes commitments to:

• Minimize GHG emissions by implementing sustainable operational practices;

• Enhance energy efficiency through technology upgrades and resource optimization;

• Reduce pollution and waste across our value chain; and

• Optimize natural resource consumption, ensuring the use of sustainable materials where possible.

The Environmental, Health and Safety policy remained the primary framework guiding our climate‑related approach in 2025. As we enter a new strategic phase, as explained in section “A New Strategic Direction”, the policy will be reviewed and updated as needed to reflect any future changes to our organizational structure or operating model.

E1-3 – Actions and resources in relation to climate change policies

In 2025, we continued to implement actions to support our climate change mitigation policies. Our focus remained on managing operational emissions, improving energy performance across our facilities, and managing the environmental impacts associated with changes to our operational footprint.

Due to the strategic reorganisations during FY25, we did not perform an analysis that isolates the carbon‑reduction impact of individual decarbonisation actions. While the disclosed actions primarily affect our Scope 1 emissions, our overall emissions profile continues to be dominated by Scope 3 sources. Additionally, there is no current intention to make significant Opex or Capex allocation in 2026.

Key actions and resources in 2025:

• Transition to Renewable Energy: 42% of our total energy consumption was sourced from renewable energy, and is disclosed in the table presented under E1-5.

• Energy Management Activities: We continued to manage energy use across our facilities by maintaining the instruments and systems used to measure, regulate, and control building energy performance, working closely with landlords.

• Asset repurposing during site wind‑downs: Usable equipment and furniture were repurposed and donated to local schools and community organizations. This approach helped extend the lifecycle of existing assets and avoid the embodied‑carbon impacts associated with manufacturing new products.

• Fleet Electrification: During the wind‑down period, workforce reductions resulted in a smaller company fleet. We used this transition as an opportunity to reduce fleet‑related emissions by prioritizing the retention of electric vehicles (EVs) where contracts ended, as disclosed in the table under E1‑6. While the increase in the proportion of electric vehicles supported lower fleet‑related emissions, the associated GHG reduction cannot be quantified in isolation, as the change occurred alongside a broader reduction in fleet size and related activity data.

  • In January 2025, EVs accounted for 46.7% of the full 225‑vehicle fleet.

  • By December 2025, EVs represented 88% of the reduced 119‑vehicle fleet.

Our EU Taxonomy aligned CapEx related to climate change mitigation was €90,000, resulting in 0.6% of our total CapEx. None of the OpEx was aligned in 2025. Further details can be found in the EU Taxonomy 2025 statement. Other investments are an integrated part of our capital cost allocations and/or operating expenditure (such as switching to green electricity) and are therefore not reported here, but in general CapEx and OpEx.

Metrics and targets

E1-4 – Targets related to climate change mitigation and adaptation

The greenhouse gas (GHG) emission reduction targets disclosed in prior reporting periods were developed for a materially different operational perimeter and business model. These included 2030 absolute reduction targets for scopes 1, 2 and 3 and a longer‑term ambition to achieve net‑zero emissions by 2040, in alignment with the Science Based Targets initiative (SBTi).

In the context of the significant organizational changes initiated with the termination of our small‑molecule portfolio and related research activities in early 2025, followed by the subsequent strategic review that led to the wind‑down of our cell therapy activities announced in January 2026, as described in section “A New Strategic Direction”, and the ongoing strategic review, these previously communicated targets are not currently considered applicable to the post‑wind‑down undertaking.

As a result, at the reporting date, we do not have measurable climate‑change‑mitigation or adaptation targets in place. As the future operating model, value chain configuration and strategic priorities have not yet been fully defined, management does not consider it appropriate to establish revised climate mitigation or adaptation targets at this stage.

In the absence of active targets, we continue to monitor and report actual GHG emissions in accordance with ESRS E1‑6 and tracks year‑on‑year changes in emissions as the primary indicator of performance during this transitional period. Any future decision regarding the establishment of new climate‑related targets will be informed by the outcome of the strategic review and the definition of our long‑term operating footprint.

E1-5 Energy consumption and mix

2022 energy consumption and energy mix have been removed from the E1‑5 table as we no longer maintain a climate target that calls for historic trend comparison. 2024 figures continue to be presented as the prior‑year reference; however, due to data limitations, they cannot be restated to isolate the impact of the 2025 small molecule discovery program wind‑down. Accordingly, 2024 represents the full organizational energy consumption before the restructuring, while 2025 reflects the reduced energy consumption following the strategic transition.

E1-6 – Gross Scopes 1, 2, 3 and Total GHG emissions

For the calculation of our GHG emissions, we use the GHG Protocol. For the organizational boundary we apply the operational control approach. This includes our offices and labs.

Our Scope 1 contains energy/heat generation at our facilities, company vehicles, and fugitive emissions. In our Scope 2 emissions, purchased electricity and district heating is included. For scope 1 and 2 calculations, direct data was used.

Scope 3 consists of both up and downstream activities as included in the table below. The emissions for Purchased goods and services, Capital goods, and Upstream leased assets are calculated based on spend data. Commuting and Downstream transport data was estimated.

The calculations are based on activity data multiplied by emission factor. Both supplier specific emission factor, as average emission factor (average values by industry and country from several databases) were used.

We continue to work on improving the quality of our data and the consistency of our calculation methods. For the 2025 reporting year, we expanded the completeness of our Scope 3 inventory by broadening the coverage of relevant categories. This included the integration of hotel data into Category 6 (Business Travel) and the inclusion of Category 15 (Investments). Improving internal processes for GHG data collection and control remains an area for continued focus, and further development of these processes will be considered as we move forward and continue our evolution. Based on the nature of our operations, we have assessed that no other Scope 3 categories are material or relevant for reporting.

2022 GHG emissions have been removed from the E1‑6 table as we no longer maintain a climate target that calls for historic trend comparison. 2024 figures continue to be presented as the prior‑year reference; however, due to data limitations, they cannot be restated to isolate the impact of the 2025 small molecule discovery program wind‑down. Accordingly, 2024 represents the full organizational footprint before the restructuring, while 2025 reflects the reduced footprint following the strategic transition.

We report a further reduction in Scope 1, Scope 2 and Scope 3 emissions in 2025 compared to 2024 emissions. However, these reductions cannot be interpreted as progress against the previously disclosed climate targets that were set for 2030 in 2024 or transition plan. The reported decline in emissions in 2025 is primarily attributable to our strategic reorganization as explained in section “A New Strategic Direction”, and only to a smaller extent linked to our efforts to execute on decarbonization measures.