Prospectus for the admission to trading on the regulated market operated by Euronext Amsterdam N.V. of 2,451,766 new ordinary bearer shares with no par value vested with full dividend rights as of 1 January 2018 from a capital increase against cash contributions as resolved by the management board with the consent of the supervisory board on 9 April 2019, registered in the Commercial Register on 10 April 2019 – each with a notional par value of EUR 1.00 per share – Vivoryon Therapeutics AG Halle (Saale) International Securities Identification Number (ISIN): DE0007921835 Ticker Symbol: VVY 26 June 2019 This document constitutes a prospectus for the purposes of the admission to trading of 2,451,766 new shares (the “Admission Shares”) on the regulated market operated by Euronext Amsterdam N.V. (the “Prospectus”). This Prospectus has been prepared in the English language in accordance with the Commission Regulation (EC) No 809/2004 of 29 April 2004 (the “Prospectus Regulation”) and conforms to the requirements of the German Securities Prospectus Act (Wertpapierprospektgesetz). Vivoryon Therapeutics AG is an SME in terms of art. 2 para. 1 f) in the Prospectus Directive (Prospektrichtlinie, “Prospectus Directive”) (No 2003/71/EC) and the level of disclosure of the Prospectus is proportionate to that type of issuer (Annex XXV of the Prospectus Regulation). This Prospectus has been approved by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) after a review for completeness of the Prospectus, including a review for coherence and comprehensibility of the presented information, according to Section 13 (1) of the German Securities Prospectus Act (Wertpapierprospektgesetz), and notified to the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten) in accordance with Section 18 (1) of the German Securities Prospectus Act (Wertpapierprospektgesetz) and the European passport mechanism set out in the Prospectus Directive. Table of Contents 1. SUMMARY OF THE PROSPECTUS ................................................................................................... 1 1.1 Section A – Introduction and Warnings...................................................................................... 1 1.2 Section B – Issuer .......................................................................................................................... 1 1.3 Section C – Securities .................................................................................................................... 8 1.4 Section D – Risks ........................................................................................................................... 9 1.5 Section E – Offering .................................................................................................................... 11 2. RISK FACTORS .................................................................................................................................... 13 2.1 Risks relating to Vivoryan’s business ........................................................................................ 13 Development risks on products and technologies ..................................................................................... 13 Financial risks ........................................................................................................................................... 14 Risks relating to the regulatory environment ............................................................................................ 16 Commercialization and market risks ......................................................................................................... 19 Risks related to Vivoryon’s dependence on third parties and key personnel ........................................... 21 Risks relating to Vivoryon’s intellectual property and know how ............................................................ 24 Operational risks ........................................................................................................................................ 28 2.2 Risks related to the shares .......................................................................................................... 30 3. GENERAL INFORMATION ............................................................................................................... 34 3.1 Responsibility for the content of the Prospectus ...................................................................... 34 3.2 Subject matter of this Prospectus .............................................................................................. 34 3.3 Forward-looking statements ....................................................................................................... 34 3.4 Information on sources of industry and market data, information derived from third parties, and scientific and technical explanations .................................................................... 34 3.5 Documents available for inspection ........................................................................................... 35 3.6 Currency and financial data....................................................................................................... 35 3.7 Figures .......................................................................................................................................... 36 3.8 Auditors ........................................................................................................................................ 36 3.9 Auditor’s report for the Audited IFRS Financial Statements 2017 ........................................ 36 3.10 Auditor’s report for the Audited IFRS Financial Statements 2018 ........................................ 39 4. THE ADMISSION ................................................................................................................................. 43 4.1 Placement of Admission Shares ................................................................................................. 43 4.2 Listing, Commencement and Schedule ..................................................................................... 43 4.3 Legal basis of the creation of securities ..................................................................................... 44 4.4 Reasons for the capital increase, use of proceeds and costs of the issue ................................. 44 4.5 General and special information on the shares ........................................................................ 44 Form, Vote and Dividend Entitlement of the New Shares ....................................................................... 44 Announcement, Paying and Depositary Agent ......................................................................................... 44 Transferability of the New Shares ............................................................................................................. 44 Admission to Trading and Lisiting of the Admission Shares ................................................................... 44 Availability of this Prospectus ................................................................................................................... 45 i Designated Sponsor ................................................................................................................................... 45 5. EARNINGS PER SHARE AND DIVIDEND POLICY...................................................................... 46 5.1 Distributable earnings ................................................................................................................ 46 5.2 Earnings per share ...................................................................................................................... 46 5.3 Dividend policy ............................................................................................................................ 46 6. CAPITALIZATION AND INDEBTEDNESS, WORKING CAPITAL ........................................... 47 6.1 Capitalization............................................................................................................................... 47 6.2 Indebtedness ................................................................................................................................ 48 6.3 Working capital statement ......................................................................................................... 49 7. DILUTION ............................................................................................................................................. 50 8. SELECTED FINANCIAL INFORMATION AND RESULTS OF BUSINESS OPERATIONS ... 51 8.1 Audit of the Audited IFRS Financial Statements ..................................................................... 51 8.2 Overview of financial data in accordance with IFRS ............................................................... 51 Statement of Comprehensive Loss ............................................................................................................. 51 Statement of Financial Position ................................................................................................................ 52 Cash Flow Statement ................................................................................................................................. 53 8.3 Overview of financial data in accordance with German GAAP ............................................