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Root, Switzerland – Novocure (NASDAQ: NVCR) today reported financial results for the quarter ended March 31, 2024. Novocure is a global oncology company working to extend survival in some of the most aggressive forms of cancer by developing and commercializing its innovative therapy, Tumor Treating Fields (TTFields).

“The first quarter was a period of strong execution,” said William Doyle, Novocure’s Executive Chairman. “In Q1, GBM active patients grew 11%, we announced the METIS Phase 3 clinical trial met its primary endpoint, and we met with the U.S. Food and Drug Administration (FDA) in a Day-100 meeting for the LUNAR PMA application. We have multiple milestones ahead of us in 2024, and I remain grateful for our teams’ dedication and hard work.”

•Research, development and clinical studies expenses for the quarter were $51.6 million, an decrease of 14% from the same period in 2023. This primarily reflects decreased personnel expenses and reduced direct clinical trial expenses driven by the timing of activities within the ongoing clinical trial portfolio.

•Sales and marketing expenses for the quarter were $55.2 million, an increase of 8% compared to the same period in 2023. This primarily reflects sales force expansion and increased marketing activities in anticipation of a potential launch in non-small cell lung cancer.

•In May, we entered into a new five-year senior secured credit facility agreement with affiliates of Pharmakon Advisors for up to $400 million, drawn across up to four tranches of $100 million. This non-dilutive, multi-tranche, delayed-draw debt facility strengthens our cash position and further solidifies our balance sheet while providing valuable flexibility as we invest in our future.

•1,643 prescriptions were received in the quarter, an increase of 10% compared to the same period in 2023. Prescriptions from the United States, Germany and Japan contributed 990, 206 and 91 prescriptions, respectively, with the remaining 356 prescriptions received in other active markets.

•As of March 31, 2024, there were 3,845 active patients on therapy. Active patients from the United States, Germany and Japan contributed 2,137, 540 and 379 active patients, respectively, with the remaining 789 active patients contributed by other active markets.

•In April, we met with the FDA in a Day-100 meeting for the PMA application for Optune Lua in non-small cell lung cancer (NSCLC). The meeting was productive with no indication that the PMA will be referred to an advisory panel. We continue to anticipate the PMA decision in the second half of 2024.

•In March 2024, we announced the METIS Phase 3 clinical trial met its primary endpoint, demonstrating a statistically significant extension in time to intracranial progression for patients with brain metastases from NSCLC. The METIS trial data will be presented as a late-breaking abstract at the upcoming American Society of Clinical Oncology (ASCO) scientific congress in June.

•In March, the FDA approved the Investigational New Drug (IND) application for the randomized, Phase 3 KEYNOTE D58 trial. KEYNOTE D58 will explore the use of TTFields therapy together with temozolomide and the immunotherapy pembrolizumab for the treatment of newly diagnosed glioblastoma.

•In March, an exploratory subgroup analysis of the randomized, Phase 3 INNOVATE-3 trial was selected as a Best Oral Presentation at the European Society of Gynaecological Oncology 2024 Congress. The exploratory analysis found that pegylated liposomal doxorubicin (PLD) -naïve patients randomized to receive TTFields therapy and paclitaxel exhibited median overall survival of 16.0 months compared to 11.7 months in PLD-naïve patients treated with paclitaxel alone.

Novocure will host a conference call and webcast to discuss first quarter 2024 financial results at 8:00 a.m. EDT today, Thursday, May 2, 2024. To access the conference call by phone, use the following conference call registration link and dial-in details will be provided. To access the webcast, use the following webcast registration link.

The webcast, earnings slides presented during the webcast and the corporate presentation can be accessed live from the Investor Relations page of Novocure’s website, www.novocure.com/investor-relations, and will be available for at least 14 days following the call. Novocure has used, and intends to continue to use, its investor relations website, as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

Novocure is a global oncology company working to extend survival in some of the most aggressive forms of cancer through the development and commercialization of its innovative therapy, Tumor Treating Fields. Novocure’s commercialized products are approved in certain countries for the treatment of adult patients with glioblastoma, malignant pleural mesothelioma and pleural mesothelioma. Novocure has ongoing or completed clinical trials investigating Tumor Treating Fields in brain metastases, gastric cancer, glioblastoma, liver cancer, non-small cell lung cancer, pancreatic cancer and ovarian cancer.

Headquartered in Root, Switzerland and with a growing global footprint, Novocure has regional operating centers in Portsmouth, New Hampshire and Tokyo, as well as a research center in Haifa, Israel. For additional information about the company, please visit Novocure.com and follow @Novocure on LinkedIn and Twitter.

We measure our performance based upon a non-U.S. GAAP measurement of earnings before interest, taxes, depreciation, amortization and shared-based compensation ("Adjusted EBITDA"). We believe Adjusted EBITDA is useful to investors in evaluating our operating performance because it helps investors compare the results of our operations from period to period by removing the impact of earnings attributable to our capital structure, tax rate and material non-cash items, specifically share-based compensation.

In addition to historical facts or statements of current condition, this press release may contain forward-looking statements. Forward-looking statements provide Novocure’s current expectations or forecasts of future events. These may include statements regarding anticipated scientific progress on its research programs, clinical trial progress, development of potential products, interpretation of clinical results, prospects for regulatory approval, manufacturing development and capabilities, market prospects for its products, coverage, collections from third-party payers and other statements regarding matters that are not historical facts. You may identify some of these forward-looking statements by the use of words in the statements such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe” or other words and terms of similar meaning. Novocure’s performance and financial results could differ materially from those reflected in these forward-looking statements due to general financial, economic, environmental, regulatory and political conditions and other more specific

risks and uncertainties facing Novocure such as those set forth in its Annual Report on Form 10-K filed on February 22, 2024, and subsequent filings with the U.S. Securities and Exchange Commission. Given these risks and uncertainties, any or all of these forward-looking statements may prove to be incorrect. Therefore, you should not rely on any such factors or forward-looking statements. Furthermore, Novocure does not intend to update publicly any forward-looking statement, except as required by law. Any forward-looking statements herein speak only as of the date hereof. The Private Securities Litigation Reform Act of 1995 permits this discussion.


NOVOCURE LIMITED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands (except share and per share data)
	Three months ended March 31,			Year ended December 31,
		2024		2023		2023
	Unaudited			Audited
Net revenues		$	138,503	$	122,182	$	509,338
Cost of revenues		33,689		29,614		128,280
Gross profit		104,814		92,568		381,058

Operating costs and expenses:
Research, development and clinical studies		51,598		59,704		223,062
Sales and marketing		55,206		51,169		226,809
General and administrative		39,530		41,944		164,057
Total operating costs and expenses		146,334		152,817		613,928

Operating income (loss)		(41,520)		(60,249)		(232,870)
Financial income (expenses), net		9,878		9,169		41,130

Income (loss) before income tax		(31,642)		(51,080)		(191,740)
Income tax		7,118		1,981		15,303
Net income (loss)		$	(38,760)	$	(53,061)	$	(207,043)

Basic and diluted net income (loss) per ordinary share		$	(0.36)	$	(0.50)	$	(1.95)
Weighted average number of ordinary shares used in computing basic and diluted net income (loss) per share		107,266,198		105,667,072		106,391,178


	March 31, 2024		December 31, 2023
	Unaudited		Audited
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	453,763	$	240,821
Short-term investments	416,384		669,795
Restricted cash	3,600		1,743
Trade receivables, net	65,091		61,221
Receivables and prepaid expenses	21,479		22,677
Inventories	42,391		38,152
Total current assets	1,002,708		1,034,409
LONG-TERM ASSETS:
Property and equipment, net	58,917		51,479
Field equipment, net	11,911		11,384
Right-of-use assets	32,994		34,835
Other long-term assets	14,899		14,022
Total long-term assets	118,721		111,720
TOTAL ASSETS	$	1,121,429	$	1,146,129


	March 31, 2024		December 31, 2023
	Unaudited		Audited
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Trade payables	$	84,316	$	94,391
Other payables, lease liabilities and accrued expenses	75,914		84,724
Total current liabilities	160,230		179,115
LONG-TERM LIABILITIES:
Long-term debt, net	569,652		568,822
Long-term leases	25,608		27,420
Employee benefit liabilities	6,566		8,258
Other long-term liabilities	18		18
Total long-term liabilities	601,844		604,518
TOTAL LIABILITIES	762,074		783,633
COMMITMENTS AND CONTINGENCIES

SHAREHOLDERS' EQUITY:
Share capital -
Ordinary shares no par value, unlimited shares authorized; issued and outstanding: 107,603,774 shares and 107,075,754 shares at March 31, 2024 (unaudited) and December 31, 2023, respectively	—		—
Additional paid-in capital	1,387,765		1,353,468
Accumulated other comprehensive income (loss)	(4,147)		(5,469)
Retained earnings (accumulated deficit)	(1,024,263)		(985,503)
TOTAL SHAREHOLDERS' EQUITY	359,355		362,496
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	1,121,429	$	1,146,129


	Three months ended March 31,
	2024		2023		% Change
Net income (loss)	$	(38,760)	$	(53,061)	(27)	%
Add: Income tax	7,118		1,981		259	%
Add: Financial expenses (income), net	(9,878)		(9,169)		8	%
Add: Depreciation and amortization	2,815		2,722		3	%
EBITDA	$	(38,705)	$	(57,527)	(33)	%
Add: Share-based compensation	34,084		39,084		(13)	%
Adjusted EBITDA	$	(4,621)	$	(18,443)	(75)	%