Genetic Analysis AS: Publication of Annual Report 2023

Oslo, Norway, April 18, 2024 - Genetic Analysis AS (the "Company", Ticker: GEAN) hereby publishes the Annual Report for the financial year of 2023. The Annual Report is available as an attached file to this release and on the Company's website (www.genetic-analysis.com).

The company's auditor has stated in his auditor’s report on page 1 that there is material uncertainty related to going concern. The wording is reproduced below in full:

Material Uncertainty Related to Going Concern
“We draw attention to Note 25 in the financial statements, which indicates that the Company projects that they will run out of cash in the third quarter of 2024 unless they are able to secure additional financing. As stated in Note 25, these events, or conditions, along with other matters as set forth in Note 25, indicate that a material uncertainty exists that may cast significant doubt on the Company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.”

Comment from the Board
We are well aware that GA needs additional capital injection before a cash flow positive position is projected to be reached late 2025. The Board of Directors and management are working proactively to ensure the company's financing needs. We believe that the availability of possible financing alternatives is good and thus management accounts are prepared on the basis of a going concern basis.