The Board of Directors in SciBase resolves on an offer to repurchase outstanding warrants of series TO 2 and intends to resolve on a rights issue of shares of approximately SEK 83 million

STOCKHOLM, Nov. 7, 2025 /PRNewswire/ -- The Board of Directors in SciBase Holding AB (publ) ("SciBase" or the "Company") has today resolved to make a repurchase offer for all 498,534,835 outstanding warrants of series TO 2 in the Company (the "TO 2 Offer").In the TO 2 Offer, two (2) warrants of series TO 2 will entitle the holder to one (1) new share in the Company. Through the TO 2 Offer, a total of 249,267,417 new shares may be issued. A group of investors who holds warrants of series TO 2 have, in total, entered into irrevocable undertakings to tender a total of 368 709 753 warrants of series TO 2 in the TO 2 Offer, which corresponds to around 74 percent of the total number of outstanding warrants of series TO 2. The TO 2 Offer is conditional upon an extraordinary general meeting in the Company resolving to authorise the Board of Directors to issue new shares. An extraordinary general meeting is intended to be held on 5 December 2025 and a notice to convene the extraordinary general meeting will be announced through a separate press release. Furthermore, the Board of Directors today announces its intention to resolve on a new share issue, with preferential rights for the Company's shareholders, of approximately SEK 83 million, pursuant to the authorisation granted by the annual general meeting held on 17 June 2025 (the "Rights Issue"). The Rights Issue is covered by subscription undertakings to an aggregate amount of approximately SEK 64.3 million, corresponding to approximately 78 percent of the Rights Issue.

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Summary of the TO 2 Offer

• For two (2) warrants of series TO 2 (where one (1) warrant of series TO 2 entitles the holder to subscription of one (1) new share), one (1) new share is received.
• In the TO 2 Offer, the Company's shares have been valued at SEK 0.20 per share (which corresponds to the subscription price in the intended Rights Issue) and warrants of series TO 2 have been valued at SEK 0.10 per warrant.
• The TO 2 Offer can result in a maximum of 249,267,417 new shares being issued, representing a maximum dilution of approximately 37.6 percent (calculated on the total number of outstanding shares in the Company after the completion of the TO 2 Offer).
• The minimum possible number of warrants of series TO 2 to transfer in the TO 2 Offer is two (2) warrants of series TO 2.
• A group of investors who holds warrants of series TO 2 have, in total, entered into irrevocable undertakings to tender a total of 368 709 753 warrants of series TO 2 in the TO 2 Offer, which corresponds to approximately 74 percent of total number of outstanding warrants of series TO 2.
• The acceptance period for the TO 2 Offer is intended to commence on 8 December 2025 and run until, and including, 8 January 2026.
• Shares issued as a result of the TO 2 Offer will be registered and delivered in connection with the registration of the Rights Issue. Hence, the shares issued as a result of the TO 2 Offer will not entitle to participation in the Rights Issue.

Summary of the Rights Issue

• The Board of Directors today announces its intention to resolve on the Rights Issue of approximately SEK 83 million, before deduction of transaction costs.
• The net proceeds from the Rights Issue are predominately intended to be used to finance continued commercialisation activities with focus on the US market and are expected to finance SciBase well into 2027.
• All existing shareholders are intended to receive one (1) subscription right for each share held on the record date of 8 January 2026. One (1) subscription right is intended to entitle the holder to subscribe for one (1) new share in the Company at a subscription price of 0.20 SEK per share.
• The Rights Issue is covered by subscription undertakings to an aggregate amount of approximately SEK 64.3 million, corresponding to approximately 78 percent of the Rights Issue.
• The subscription undertakings from persons from the Board of Directors and senior management of the Company amount to approximately SEK 0.7 million, corresponding to approximately 0.9 percent of the Rights Issue.
• In addition to subscribing for their respective pro-rata share in the Rights Issue, Castle Bioscience and Hagagruppen have undertaken to subscribe for an additional SEK 24.9 million in the Rights Issue without the support of subscription rights, equivalent to approximately 30.1 percent of the Rights Issue.
• The subscription period in the Rights Issue is expected to commence on 12 January 2026 and run to, and including, 26 January 2026.
• The Board of Directors intends to resolve on the Rights Issue on or around 29 December 2025.

"SciBase is developing well with a growing and profitable operation in Germany and rapid growth in the US. In addition to our strong performance within melanoma diagnostics, we are accelerating our activities in other skin diseases together with Castle Biosciences. The upcoming Rights Issue will provide runway for continued growth that will set us on a course towards profitability. There is a strong support for the Rights Issue with pro-rata commitments totalling 48 percent of the Rights Issue. We also have a strong support from Castle Biosciences, who has committed to invest SEK 23m in addition to their pro-rata share of the Rights Issue. The capital from the Rights Issue will finance SciBase well into 2027 and enable us to continue our growth journey. Furthermore, the TO 2 Offer will significantly improve our capital structure and facilitate future capital raises" says Pia Renaudin, CEO of SciBase.

The TO 2 Offer

In April 2024, SciBase carried out a directed issue and a rights issue raising approximately SEK 48 million. In the issues, a total of 498,534,835 warrants of series TO2 were issued. One (1) warrant of series TO 2 entitles the holder to subscribe for one (1) new share in the Company at a subscription price of SEK 0.42 in April 2029. Currently, the number of outstanding warrants of series TO 2 surpasses the number of outstanding shares in the Company (498,534,835 warrants of series TO2 compared to 414,182,583 shares) and thus represents a significant potential future dilution. As the warrants of series TO 2 expire in 2029, they are not expected to contribute with capital to SciBase in the near term.

In discussions with the Company's major shareholders and external potential investors, it has emerged that there is an interest in having the opportunity to exchange warrants of series TO 2 for shares, meaning that the number of outstanding warrants of series TO 2 and potential dilution decreases significantly. Reducing dilution is also something that other investors, who currently do not own shares in the Company, have expressed could positively affect the willingness to invest in the Company's shares. Prior to the resolution on the TO 2 Offer, the Board of Directors has placed great emphasis on ensuring that the exchange ratio and valuation of the instruments should be market-based in relation to the prevailing share price and the market value of the Company's outstanding warrants of series TO 2. The price per share and the valuation of the warrants of series TO 2 in the TO 2 Offer have been determined by the Board of Directors, in consultation with the financial advisors, after arm's length negotiations with the investors, whereby the Board of Directors has considered several factors such as market conditions, the Company's financing needs and alternative cost for other financing, as well as assessed market interest for an investment in the Company. In accordance with the considerations above, the Board of Directors has resolved to carry out the TO 2 Offer  where the warrant holders have the opportunity to convert their warrants of series TO 2 into new shares in the Company.

For two (2) warrants of series TO 2 (where one (1) warrant of series TO 2 entitles the holder to subscription of one (1) new share), one (1) new share is received in the TO 2 Offer. The minimum possible number of warrants of series TO 2 to transfer in the Offer is two (2) warrants of series TO 2. In the TO 2 Offer, the Company's shares have been valued at SEK 0.20 per share (which corresponds to the subscription price in the intended Rights Issue) and warrants of series TO 2 have been valued at SEK 0.10 per warrant.

The acceptance period for the TO 2 Offer is intended to commence on 8 December 2025 and run until, and including, 8 January 2026.

Shares issued as a result of the TO 2 Offer will be registered and delivered in connection with the registration of the Rights Issue. Hence, the shares issued as a result of the TO 2 Offer will not entitle to participation in the intended Rights Issue.

A group of investors who holds warrants of series TO 2, including, amongst others, Ribbskottet, Ejendal Industri and Life Science Investment Fund 1, have, in total, entered into irrevocable undertakings to tender a total of 368 709 753 warrants of series TO 2 in the TO 2 Offer, which corresponds to approximately 74 percent of total number of outstanding warrants of series TO 2.

Subscription of shares in accordance with the TO 2 Offer will in practice be made through subscription of shares in a directed set-off issue of new shares to the holders of warrants of series TO 2 that have accepted the TO 2 Offer (the "Set-off Issue"). The Board of Directors intends to resolve on the Set-off Issue after the acceptance period for the TO 2 Offer has ended. Thus, the TO 2 Offer is conditional upon the extraordinary general meeting, intended to be held on or around 5 December 2025, resolving to authorise the Board of Directors to resolve on the Set-off Issue. A notice to convene the extraordinary general meeting will be announced through a separate press release.

If the TO 2 Offer is fully accepted, a maximum of 249,267,417 new shares can be issued, corresponding to a maximum dilution of approximately 37.6 percent (calculated on the total number of outstanding shares in the Company if the TO 2 Offer is fully accepted).

Further information regarding the TO 2 Offer and the acceptance procedure will be presented in the information document that will be published prior to the commencement of the acceptance period in the TO 2 Offer.

Indicative timeline for the TO 2 Offer

Background and reasons for the Rights Issue and use of proceeds

SciBase is a medical technology company specializing in early detection and prevention in dermatology through the commercialization of Nevisense, a patient-centric platform that combines AI and EIS technology (Electrical Impedance Spectroscopy) to increase diagnostic accuracy and thereby ensure the prevention of skin diseases.

Within melanoma diagnostics, SciBase has a well-established and increasing position in the German market with more than 400 systems installed generating recurring revenues from the sale of electrodes used for each patient. Currently, on an annual basis, the German market generates revenues of more than SEK 20 million at an operational profitability.

Since 2024, SciBase has increased its efforts in the US market resulting in a strong growth driven by an increasing number of installed systems as well as increased usage. In the first nine months 2025, revenues in the US grew by more than 200 percent. 

Based on current operations, SciBase need to reach an installed base of 800 to 1 000 systems with a utilization rate of 5-7 electrodes per week in order to reach break-even. Together with more than 200 active systems in the German market, the strong momentum in the US will, according to the Company, bring the Company towards the installed base needed for profitability.

In addition to a strong growth within melanoma diagnostics, SciBase has recently expanded its activities within diagnostics of Atopic dermatitis and other skin diseases through the collaboration with US diagnostics company Castle Bioscience that was announced in June this year. The collaboration with Castle Bioscience is developing well and as announced in a separate press release today, the parties have agreed to expand the collaboration and accelerate activities in additional indications. As part of the expanded collaboration, Castle Bioscience will provide SciBase with a long-term debt facility of SEK 20 million that will finance investments into production ramp-up to meet Castle Bioscience's need for Nevisense systems.

In order to support the Company's strategy and opportunities to achieve its future commercial and financial goals, the Board of Directors intends to resolve on the Rights Issue. The net proceeds from the Rights Issue are predominately intended to be used to finance continued commercialisation activities with focus on the US market. As a secondary focus, SciBase intends to continue to build on the success in the German market through expansion into adjacent markets including Austria, Switzerland and Italy.  

The Rights Issue

Shareholders who are registered in the share register in SciBase on the record date on 8 January 2026 will receive one (1) subscription right for each share held in the Company. One (1) subscription right entitles the holder to subscribe for one (1) new share. The subscription price is set at SEK 0.20 per share, which means that SciBase will receive gross proceeds of approximately SEK 83 million before deduction of transaction costs, provided that the Rights Issue is fully subscribed. In addition, investors are offered the opportunity to apply for subscription of shares in the Rights Issue without the support of subscription rights.

The subscription period in the Rights Issue, with or without the support of subscription rights, is expected to run from and including 12 January 2026 up to and including 26 January 2026, or such later dated resolved by the Board of Directors. The last day of trading in SciBase's shares including the right to receive subscription rights in the Rights Issue is expected on 5 January 2026. The shares are expected to be traded excluding the right to receive subscription rights in the Rights Issue as of 7 January 2026. Trading in subscription rights is expected to take place on Nasdaq First North Growth Market during the period from and including 12 January 2026 up to and including 21 January 2026 and trading in BTAs (paid subscribed share) will take place on Nasdaq First North Growth Market during the period from and including 12 January 2026 until on or around 13 February 2025 (following the registration of the Rights Issue with the Swedish Companies Registration Office).

In the event all shares in the Rights Issue are not subscribed for with the support of subscription rights, the Board of Directors shall, within the maximum amount of the Rights Issue, resolve on the allotment of shares subscribed for without the support of subscription rights in accordance with the following allotment principles:

  i.  Firstly, allocation shall be made to those who subscribed for shares with the support of subscription rights, regardless of whether the subscriber was a shareholder on the record date or not, and, in case of oversubscription, in relation to the number of subscription rights that each party has exercised for subscription of shares, and, if this is not possible, by drawing lots.

  ii.  Secondly, allocation shall be made to other subscribers who subscribed for shares without the support of subscription rights, and, in case of oversubscription, in relation to the subscribed amount, and, if this is not possible, by drawing lots.

If the Rights Issue is fully subscribed, a maximum of 414,182,583 new shares can be issued, corresponding to a maximum dilution of 50.0 percent of the total number of shares and votes in the Company (calculated on the total number of outstanding shares in the Company if the Rights Issue is fully subscribed). Shareholders have the opportunity to compensate themselves financially for this dilution effect by selling their received subscription rights.

Indicative timeline for the Rights Issue

Number of shares and share capital

If the TO 2 Offer is fully accepted, the Company's share capital increases by SEK 12,463,370.85  through the issuance of 249,267,417 new shares. If the Rights Issue is fully subscribed, the Company's share capital increases by SEK 20,709,129.15 through the issuance of 414,182,583 new shares.

Provided that the TO 2 Offer is fully accepted and the Rights Issue is fully subscribed, the total dilution effect for existing shareholders corresponds to approximately 61.6 percent (calculated on the total number of outstanding shares in the Company following a fully accepted TO 2 Offer and a fully subscribed Rights Issue).

Subscription undertakings and declaration of intent

Several existing shareholders including Ribbskottet, Castle Bioscience, Haga Gruppen, Praktikerinvest and members of the Company's Board of Directors and management have undertaken to subscribe for shares in the Rights Issue to an approximate aggregate amount of SEK 39,4 million, corresponding to approximately 47.6 percent of the Rights Issue. Furthermore, additional shareholders representing around 7.8 percent of the shares in the Company have expressed their intent to subscribe in full or to a large extent (>50 percent) in the Rights Issue.

In addition to subscribing for its pro-rata share in the Rights Issue, Castle Bioscience has undertaken to subscribe for an additional SEK 23 million in the Rights Issue without the support of subscription rights, equivalent to approximately 27.8 percent of the Rights Issue. Castle Bioscience's subscription undertaking is, however, conditional upon Castle Bioscience's ownership of the Company, following the Rights Issue and TO 2 Offer, being less than 20 percent of the total number of outstanding shares in the Company. Furthermore, in addition to subscribing for its pro-rata share in the Rights Issue, Haga Gruppen Holding has undertaken to subscribe for an additional SEK 1.9 million in the Rights Issue, equivalent to approximately 2,3 percent of the Rights Issue.

In total, the Rights Issue is covered by subscription undertakings to an approximate amount of SEK 64.3 million, corresponding to approximately 77.6 percent of the Rights Issue. No compensation is paid for the subscription undertakings. The undertakings are not secured by bank guarantees, blocked funds, pledged assets or similar arrangements.

Further information regarding the subscription undertakings in the Rights Issue will be presented in the information document that will be published prior to the commencement of the subscription period in the Rights Issue.

Information document

In connection with the TO 2 Offer and the Rights Issue, respectively, the Company is preparing information documents in accordance with Article 1(4)(db) of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market and repealing Directive 2003/71/EC (the "Prospectus Regulation"). The information documents are prepared in accordance with Annex IX to the Prospectus Regulation. One information document regarding the TO 2 Offer is expected to be published on or around 5 December 2025 and one information document regarding the Rights Issue is expected to be published on or around 9 January 2026.

Further information regarding the TO 2 Offer and the Rights Issue, respectively, and information about the Company will be provided in the information documents which are expected to be published on the Company's website on or around 5 December 2025 and on or around 9 January 2025, respectively.

Extraordinary general meeting

The TO 2 Offer is conditional upon an extraordinary general meeting in the Company resolving to authorise the Board of Directors to issue new shares. An extraordinary general meeting is intended to be held on 5 December 2025 and a notice to convene the extraordinary general meeting will be announced through a separate press release.

FDI Act

The Company considers that it conducts activities worthy of protection under the Foreign Direct Investment Review Act (2023:560) (the "FDI Act"). In accordance with the FDI Act, the Company must inform prospective investors that the Company's activities may fall within the scope of the regulation and that the investment may be notifiable. In the event that an investment is notifiable, it must be notified to the Swedish Inspectorate for Strategic Products (the "ISP") prior to its realization. An investment may be notifiable if (i) the investor, any member of its ownership structure or any person on whose behalf the investor is acting, after the investment is made, holds voting rights equal to or exceeding any of the thresholds of 10, 20, 30, 50, 65 or 90 percent of the total voting rights in the Company, (ii) the investor acquires the Company through the investment and the investor any member of its ownership structure or any person on whose behalf the investor is acting, directly or indirectly, would hold 10 percent or more of the total voting rights in the Company; and iii) the investor, any member of its ownership structure or any person on whose behalf the investor is acting, would acquire through the investment a direct or indirect influence in the management of the Company. An administrative fine may be imposed on the investor if a notifiable investment is made before the ISP has either (i) resolved to leave the notification without action or (ii) approved the investment. Each shareholder should consult an independent legal advisor regarding the possible application of the FDI Act in relation to the Rights Issue and the TO 2 Offer for the individual shareholder.

Advisors

SciBase has engaged Bergs Securities and Birchtree Advisory as financial advisors and Advokatfirman Schjødt as legal advisor in connection with the Rights Issue and the TO2 Offer.

For more information, please contact:
Jesper Høiland, Chairman of the board, phone +45 612 207 30

Michael Colérus, CFO, phone +46 70 341 34 72

This information is information that SciBase Holding AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 08.15 CET on 7 November 2025.

Certified Advisor (CA): 
DNB Carnegie Investment Bank AB (publ) Phone: +46 8 588 68 570, E-mail: certifiedadviser@carnegie.se

About SciBase:
SciBase is a global medical technology company, specializing in early detection and prevention in dermatology. SciBase develops, manufactures, and commercializes Nevisense, a unique point-of-care platform that combines AI and advanced EIS technology to elevate diagnostic accuracy, ensuring proactive skin health management.

Our commitment is to minimize patient suffering, allowing clinicians to improve and save lives through timely detection and intervention and reduce healthcare costs.

Built on more than 20 years of research at Karolinska Institute in Stockholm, Sweden, SciBase is a leader in dermatological advancements.

The company has been on the Nasdaq First North Growth Market exchange since June 2, 2015 and the company's Certified Adviser is Carnegie Investment Bank AB (publ).  Learn more at www.scibase.com. For press releases and financial reports visit: http://investors.scibase.se/en/pressreleases

Important information:

The publication, release or distribution of this press release in certain jurisdictions may be restricted by law and persons in the jurisdictions in which this press release has been published or distributed should inform themselves about and observe any such legal restrictions. The recipient of this press release is responsible for using this press release and the information contained herein in accordance with the applicable rules in each jurisdiction.

The availability of the TO 2 Offer and the Rights Issue to holders who are not resident Sweden may be affected by the laws of the relevant jurisdiction in which they are located. Holders who are not resident in Sweden should inform themselves about and observe any applicable legal and regulatory requirements.

This press release does not constitute an offer, or a solicitation of any offer, to buy or subscribe for any securities in SciBase in any jurisdiction, neither from SciBase nor from anyone else. This press release is not a prospectus within the meaning of Regulation (EU) 2017/1129 (the "Prospectus Regulation") and has not been approved by any regulatory authority in any jurisdiction. No prospectus will be prepared in connection with the Rights Issue or the TO 2 Offer. The Company will prepare and publish one information document in the form prescribed in Annex IX to the Prospectus Regulation regarding the Rights Issue and one information document in the form prescribed in Annex IX to the Prospectus Regulation regarding the TO 2 Offer. The information documents will be available on the Company's website (https://investors.scibase.se).

This press release does not identify or purport to identify any risks (direct or indirect) that may be associated with an investment in the Company. The information contained in this press release is for the purpose of describing the background to the Rights Issue and the TO 2 Offer, respectively, only and does not purport to be complete or exhaustive. No representation is made as to the accuracy or completeness of the information contained in this press release.

This press release does not constitute an offer or invitation to purchase or subscribe for securities in the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There is no intention to register any securities referred to herein in the United States or to make a public offering of such securities in the United States. The information in this press release may not be announced, published, copied, reproduced or distributed, directly or indirectly, in whole or in part, in or into the United States, Australia, Belarus, Canada, Hong Kong, Japan, New Zealand, Russia, Singapore, South Africa, South Korea or any other jurisdiction where such announcement, publication or distribution of this information would be unlawful or where such action is subject to legal restrictions or would require additional registration or other measures than those required by Swedish law. Actions in violation of this instruction may constitute a violation of applicable securities legislation.

The TO 2 Offer relates to securities in a non-US company and is subject to the disclosure requirements, rules and practices applicable to companies listed in Sweden, which differ from those of the United States in certain material respects. The TO 2 Offer is not subject to the disclosure and other procedural requirements of Regulation 14D under the US Exchange Act of 1934, as amended (the "Exchange Act"). The TO 2 Offer will be made solely to qualifying US holders in the United States in accordance with the requirements of Regulation 14E under the US Exchange Act to the extent applicable and subject to any exemptions or relief therefrom. Certain provisions of Regulation 14E under the Exchange Act are not applicable to the TO 2 Offer by virtue of the Tier II exemptions provided by Rule 14d-1(d) under the Exchange Act.

The Company considers that it conducts activities worthy of protection under the FDI Act. In accordance with the FDI Act, the Company must inform prospective investors that the Company's activities may fall within the scope of the regulation and that the investment may be notifiable. In the event that an investment is notifiable, it must be notified to the ISP prior to its realization. An investment may be notifiable if (i) the investor, any member of its ownership structure or any person on whose behalf the investor is acting, after the investment is made, holds voting rights equal to or exceeding any of the thresholds of 10, 20, 30, 50, 65 or 90 percent of the total voting rights in the Company, (ii) the investor acquires the Company through the investment and the investor any member of its ownership structure or any person on whose behalf the investor is acting, directly or indirectly, would hold 10 percent or more of the total voting rights in the Company; and iii) the investor, any member of its ownership structure or any person on whose behalf the investor is acting, would acquire through the investment a direct or indirect influence in the management of the Company. An administrative fine may be imposed on the investor if a notifiable investment is made before the ISP has either (i) resolved to leave the notification without action or (ii) approved the investment. Each shareholder should consult an independent legal advisor regarding the possible application of the FDI Act in relation to the Rights Issue and the TO 2 Offer for the individual shareholder.

Forward-looking statements

Matters discussed in this press release may contain forward-looking statements. Forward-looking statements are all statements that do not refer to historical facts and events, as well as statements that refer to the future and for example contain expressions such as "anticipates", "intends", "may', "will", "should", "estimates", "believes", "may", "plans", "continues", "potential", "estimates", "forecasts", "known" or similar expressions. In particular, these statements relate to future results of operations, financial condition, cash flows, plans and expectations of the Company's business and management, future growth and profitability and the general economic and regulatory environment and other circumstances affecting the Company, many of which are in turn based on additional assumptions, such as the absence of changes in existing political, legal, tax, market or economic conditions or in applicable laws (including, but not limited to, accounting principles, accounting methods and tax policies), which individually or in the aggregate could be material to the Company's results of operations or its ability to operate its business. Although the Company believes that these assumptions were reasonable when made, they are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors that are difficult or impossible to predict and may be beyond the Company's control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in such forward-looking statements. Accordingly, prospective investors should not place undue reliance on the forward-looking information contained herein, and prospective investors are strongly advised to read those parts of the information documents that include a more detailed description of factors that may affect the Company's business and the market in which the Company operates. The information, opinions and forward-looking statements contained in this press release is valid only as of the date of this press release and is subject to change without notice.

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