Pharming Group N.V. is aware that the US Department of the Treasury, the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation (“FDIC”) issued a joint statement on March 12, 2023 stating that actions have been approved enabling the FDIC to complete its resolution of Silicon Valley Bank (“SVB US”) in a manner that fully protects all depositors. The statement further noted that depositors will have access to all of their money starting today.

As a result of these actions, Pharming expects to have access to the US$26 million it has on deposit at SVB US, and to not bear any losses on these deposits.

Pharming continues to actively monitor the situation, including with respect to its US$19 million in deposits at Silicon Valley Bank UK Limited.