AI Terminal
Q-Linea
Annual Report • Feb 28, 2025
3100_10-k_2025-02-28_b0c96134-fa64-40f6-a340-fef8d071144e.pdf
Annual Report
Open in ViewerOpens in native device viewer
Year-end report 1 January – 31 December 2024
Rights issue of SEK 225 million
Fourth quarter: 1 October – 31 December 2024
- Net sales amounted to SEK 0.2 million (0.1).
- The operating result totalled SEK -51.3 million (-55.4).
- The result for the period amounted to SEK -52.8 million (-54.2).
- Earnings per share before and after dilution amounted to SEK -0.45 (-0.46).
- Cash flow from operating activities totalled SEK -40.4 million (-48,2).
Full year: 1 January – 31 December 2024
- Net sales amounted to SEK 2.4 million (4.4).
- The operating result totalled SEK -213.6 million (-230.6).
- The result for the period amounted to SEK -216.9 million (-229.4).
- Earnings per share before and after dilution amounted to SEK -1.86 (-3.48).
- Cash flow from operating activities totalled SEK -182.5 million (-228.5).
- As of 31 December 2024, the Company had a total of SEK 25.7 million (81.9) in cash and cash equivalents.
Significant events
In the fourth quarter of 2024
- Q-linea announces changes in the management team and further expands the commercial team in the US.
- Large U.S. reference laboratory completes evaluation of the ASTar system and the first clinical evaluation of ASTar begins at a cancer center in the United States supported by National Cancer Institute (NCI).
- Two commercial evaluations in the UK are completed.
- The company receives a request for a contract from a prominent hospital in Milan and participates in a multi-center procurement in Italy.
- Q-linea resolves to carry out a rights issue of approximately SEK 225 million in January and enters into an agreement for a bridge loan facility of approximately SEK 40 million.
After the end of the period
- The first US customer signs a commercial contract and negotiations continue with the large reference laboratory.
- The Company carries out the rights issue, which was subscribed to 90.5 percent, corresponding to approximately SEK 204 million before transaction costs.
- Q-linea also carries out a directed share issue of approximately SEK 13 million to guarantors in connection with the completed rights issue. After completed issues (rights issue and directed issue), the number of shares will amount to 4,448,288,096.
- The Company wins the first tender in Belgium and receives a second contract in the US .
A platform for growth
2024 was a significant year for Q-linea following a general theme of transition from a development-oriented company to one focused on commercialising our flagship ASTar® platform.
Opening the key US market
Our most important development during the year was the commercial launch in the US market which represents over 50% of the global opportunity by value. Following FDA clearance in April we rapidly engaged with the top 300 hospitals and labs in the country to introduce ASTar. This targeted approach has yielded a sizeable pipeline of interested customers with a calendar of planned evaluations through early 2025.
Confirmation of NTAP funding (USD 97.50 per patient, available for Medicare patients in US hospitals) from the federal agency CMS, which is unique to ASTar, bolsters the economic proposition for ASTar which is already the leading technical solution for rapid antibiotic susceptibility test (AST) on the market. Early demand has been strong and Q-linea has steadily built up our commercial team in the US to meet the market.
Contracting timelines can be unpredictable, but we welcomed our first US commercial sale in early January, just nine months after FDA clearance.
Supporting evidence of clinical benefits
In our field, clinical impact is the ultimate determinant of value, and we were pleased to see a steady cadence of clinical evidence emerging from our co-sponsored trials in Italy, Belgium and the US which all mutually reinforced the core insight that ASTar can reduce time-to-result by 30 hours or more.
In particular, our investment in the four-site LIFETIMES health economics and outcomes research (HEOR) study is a pioneer in our field. We look forward to complementing the initial findings presented at AMCLI and ESCMID in 2024 with further insights on the economic benefits of ASTar emerging from the second phase in 2025. Q-linea has been an active thought leader in the rapid AST space with poster and podium presentations across the major global and regional conferences.
First clinical patients treated in Europe
The first commercial installation of ASTar was completed in Q1 2024 and has been generating clinical results for patients in Rome ever since. Two additional sites have since been added in Italy with more anticipated soon. Italy is the fastest-moving country in Europe owing to the high clinical burden of AMR and we anticipate other major European markets to follow as rapid AST demonstrates its clinical and economic impact.
Establishing the next avenues for growth
Our new agreements with partners in the Middle East and Eastern Europe have moved quickly and are already building up customer interest with expected results in 2025.
We also streamlined our development pipeline, concentrating resources into several high-impact projects for delivery in 2024 and early 2025. Q-linea will continue to be at the forefront of innovation in AST with new drugs and sample types under development and are informing our priorities based on the surge of customer input received on the back of our in-market engagements. The field remains highly dynamic, and we are pleased to see the positive response from customers to our current platform and planned innovation funnel.
Strengthening the organisation
Following the theme of transition, we conducted a successful cost-cutting program during the first part of the year which reduced development and overhead costs. A portion of the savings were reinvested into commercial capacity for a net cost reduction of approx. 40 MSEK annually.
Our leadership team has evolved considerably during the year, with Jonas Jarvius (CEO), Mats Gullberg (dep. CEO), Thomas Fritz (CCO), Tiziana di Martino (CMO) and Per Svahn (HR) leaving the executive group, Anders Ljunggren, Franco Pellegrini and Karl Sköld taking on expanded roles and myself joining the team.
Financing
We concluded the year with a well-subscribed rights issue which in combination with a directed issue raised approximately 216 MSEK in new equity before transaction costs. This provides us with resources needed to continue pressing our commercial advantage in the market. I would like to especially thank all the employees who left during 2024 who have made major contributions to Qlinea over the years. We have likewise welcomed new members of the team who join with fresh ideas and a shared yearning to bring ASTar to patients during 2025.
Uppsala, 27 February 2025, Stuart Gander, CEO
Financial performance in brief
Comments on the report
Figures in parentheses refer to the outcome for the corresponding period in the preceding year with respect to earnings and cash flow and to the closing balance in the preceding financial year with respect to the balance sheet. Unless otherwise stated, the amounts are presented in thousands of kronor (SEK thousand). All amounts presented have been rounded, which may mean that certain totals do not tally.
All of the figures in the comments below refer to the Group and not the Parent Company unless otherwise stated.
Future financing
Q-linea's first product, ASTar, is approved for sale in Europe and in the US following the FDA's approval of ASTar on April 26. However, the Company does not yet generate its own positive cash flow. Therefore, continuous work is being carried out on other financing alternatives. This work includes the company conducting discussions with potential partners regarding out-licensing of distribution and sales rights, negotiations with new and existing investors, financiers and lenders.
On November 5, the Company announced a rights issue of approximately SEK 225 million, which was guaranteed to approximately 81 percent or the equivalent of approximately SEK 183 million. The rights issue was completed during the month of January, where the outcome was 90.5 percent or approximately SEK 204 million before issue costs. In addition, the guarantors of the issue have decided to invest their guarantee fee instead of having it paid out, which means that the total outcome amounts to approximately SEK 216 million before issue costs. In addition to this first part, the issue includes a warrant component with a subscription period in May. This part is not guaranteed but entails a right for shareholders to subscribe for shares at a discounted price (30 percent discount on the average price during a period in the month of April). Upon full exercise and at a subscription price corresponding to the subscription price per share in the rights issue, the Company will receive an additional SEK 108 million before issue costs.
Q-linea's available cash and cash equivalents as of December 31, 2024 amounted to SEK 25.6 million. The liquidity contribution from the first part of the issue amounts to approximately SEK 143 million. This amount is obtained if you exclude from the gross amount of approximately SEK 216 million SEK 50 million regarding setoff of loans, estimated transaction costs of approximately SEK 10 million and approximately SEK 13 million regarding set-off of guarantee fees. From this SEK 143 million, two bridge loans totalling approximately SEK 50 million
will be repaid, i.e. approximately SEK 93 million will remain after these bridge loans have been repaid.
The Board of Directors assesses that cash and cash equivalents, together with the liquidity contribution from the first part of the rights issue of approximately SEK 93 million, do not cover the Company's needs to conduct the planned operations during the next 12 months. Should the second, unguaranteed, part of the rights issue provide SEK 80 million or more in liquidity contributions, the Board of Directors makes the assessment that this additional liquidity contribution covers the need to run the business for the next 12 months.
In light of the ongoing work on possible financing alternatives, the Board of Directors assesses that the prospects are good for financing Q-linea's operations.
If the work to obtain the necessary financing is not successful, it may affect the Group's ability to implement the current business plan and also constitute a significant uncertainty factor regarding the Group's continued operations.
Income, expenses and earnings
Net sales in the fourth quarter amounted to SEK 158 thousand (61), an increase of SEK 96 thousand compared to the corresponding period last year. For the full year, net sales amounted to SEK 2,362 thousand (4,440), a decrease of SEK 2,078 thousand. Sales consist of ASTar instruments and associated consumables.
Other operating income in the fourth quarter amounted to SEK 1,245 thousand (141) and for the full year to SEK 3,423 thousand (2,183), mainly relating to sales of customer-specific prototypes to external customers.
The change in inventories of work-in-progress, semi-finished products and finished goods amounted to SEK - 6,317 thousand (2,179) in the fourth quarter and SEK - 9,431 thousand (2,341) for the full year.
Costs for raw materials and consumables as well as merchandise amounted to SEK -1,285 thousand (-1,384) in the fourth quarter and for the full year to SEK -4,044 thousand (-5,786).
Sales margins will gradually improve as volumes increase and the product mix shifts towards consumables. The efficiency projects that are underway in the manufacturing department will also contribute to future margin improvements.
Other external costs in the fourth quarter amounted to: SEK -9,119 thousand (-13,033), a decrease of SEK 3,914 thousand. For the full year, costs amounted to SEK - 49,985 thousand (-64,083), a decrease of SEK 14,098 thousand. The changes are mainly explained by the fact that the number of consultants decreased during both
the quarter and the full year.
Personnel costs in the fourth quarter amounted to SEK -31,318 thousand (-38,728), a decrease of SEK 7,410 thousand compared to the same quarter last year. For the full year, personnel costs amounted to SEK -136,593 thousand (-150,643), a decrease of SEK 14,050 thousand. The reduction is explained by the fact that the number of employees has decreased in connection with the costcutting program announced on January 30, 2024.
Costs for depreciation and amortization of tangible and intangible fixed assets amounted to SEK -4,343 thousand (-4,390) for the fourth quarter and for the full year to SEK -17,763 thousand (-17,521).
Other operating expenses amounted to SEK -268 thousand (-295) in the fourth quarter and SEK -1,610 thousand (-1,519) for the full year, mainly related to foreign exchange losses.
Operating profit amounted to SEK -51,249 thousand (- 55,449) in the fourth quarter and to SEK -213,641 thousand (-230,587) for the full year. The improvement in earnings of SEK 16,946 thousand is mainly due to reduced personnel and consulting costs.
Profit from financial items amounted to SEK -1,547 thousand (1,226) in the fourth quarter and to SEK -3,230 thousand (1,221) for the full year.
Reported tax in the fourth quarter and for the full year amounted to SEK 0 thousand (0).
Result for the fourth quarter amounted to -52,796 (-54 222) and for the full year to SEK -216,871 thousand (- 229,366).
Financial position
At the end of the year, cash and cash equivalents amounted to SEK 25,664 thousand (81,895).
Financial non-current assets amounted to SEK 4,202 thousand (4,146) on the balance sheet date, an increase of SEK 56 thousand compared to the end of 2023.
The company's financial fixed assets mainly consist of shares in EMPE Diagnostics AB, which at the end of the quarter amounted to SEK 4,095 thousand (4,095). Q-linea AB's holding is 23,400 shares, which corresponds to 4.97% of the capital and votes.
At the end of the year, the Group's equity was SEK -27,456 thousand (189,636), the equity/assets ratio was negative (82) percent and the debt/equity ratio was -415 (-43) percent.
Cash flow and investments
Cash flow from operating activities amounted to SEK - 40,367 thousand (-48,190) in the fourth quarter and to SEK -182,495 thousand (-228,522) for the full year. The improvement during the quarter is mainly due to the development of working capital, while the improvement for the full year is mainly due to the improvement in
earnings.
Cash flow from investing activities in the fourth quarter amounted to SEK -82 thousand (77,264) and for the full year to SEK -5,043 thousand (-7,766), of which investments in property, plant and equipment amounted to SEK -82 thousand (-2,736) in the fourth quarter and SEK - 4,991 thousand (-7,766) for the full year. The positive cash flow last year came from divested short-term investments (see below).
In the fourth quarter, the Company divested SEK 0 (80,000) thousand in short-term investments. During the full year, the Company divested short-term investments totalling SEK 0 (80,000) thousand.
Cash flow from financing activities amounted to SEK 58,519 thousand (-1,899) in the fourth quarter and SEK 131,273 thousand (245,408) for the full year.
Financing
As of December 31 2024, the Company had access to cash and cash equivalents of SEK 25,664 thousand (81,895). In addition to these cash and cash equivalents, a guaranteed rights issue is underway, which is described in more detail on the previous page under the section Future financing.
Other information
Nomination Committee
Q-linea's Nomination Committee ahead of the 2025 Annual General Meeting has been appointed and comprises: Öystein Engebretsen, Chairman of the Nomination Committee (Investment AB Öresund), Erika Kjellberg Eriksson, Chairperson of Q-linea AB (Nexttobe AB) and Ulf Landegren (Landegren Gene Technology AB).
Employees
Q-linea had 94 (127) employees at year-end, 41 (53) of whom were women. The number of consultants at the end of the year was 4 (3), 1 (1) of whom were women.
Information about risks and uncertainties
Q-linea's management makes assumptions, assessments and estimates that impact the contents of the Company's financial statements. As stated in the Company's accounting policies, actual outcomes may differ from these assessments and estimates.
The goal of the Company's risk management is to identify, measure, control and limit the risks associated with its operations. Risks can be divided into financial risks and operational and business environment risks. Q-linea's operational and business environment risks mainly comprise risks related to research and development, production risks, clinical trials, market risks, risks associated with product approval and the dependence on key individuals. A detailed description of the Company's risk exposure and risk management is presented in the 2023 Annual Report..
Definition of performance measures
In this financial report, Q-linea presents certain alternative performance measures that are not defined in accordance with IFRS. These performance measures are generic and are often used for the purpose of analysing and comparing different companies. Accordingly, the Company believes that these alternative performance measures serve as an important supplement to enable readers to conduct a quick overview and assessment of Q-linea's financial situation.
These alternative performance measures are not to be considered independent and are not deemed to replace the performance measures calculated in accordance with IFRS. Moreover, such performance measures, as defined by Q-linea, are not to be compared with other performance measures with similar names used by other companies. This is because the above performance measures have not always been defined in the same way and because other companies may not calculate them in the same way as Q-linea.
The performance measures "Net sales", "Result for the period", "Earnings per share" and "Cash flow from operating activities" are defined in accordance with IFRS.
| Performance measure | Definition | Purpose |
|---|---|---|
| EBITDA | Operating result before depreciation/amortisation and impairment. |
This performance measure provides an overall view of profit for the operating activities. |
| Operating result (EBIT) |
Result before financial items according to the income statement. |
This earnings measurement is used for external comparisons. |
| Equity/assets ratio, % |
Equity in relation to total assets. | This performance measure shows the amount of the balance sheet that has been financed by equity and is used to measure the Company's financial position. |
| Debt/equity ratio | Net debt divided by recognised equity according to the balance sheet. Net debt is defined as total borrowing (comprising the items short-term borrowing and long-term borrowing in the balance sheet, including borrowing from owners; however, lease liabilities calculated according to IFRS 16 are not included in net debt) less cash and cash equivalents and short and long-term investments. |
This performance measure is a measure of capital strength and is used to determine the relationship between liabilities and equity. In the case of positive equity, a negative debt/equity ratio means that available cash and cash equivalents and short-term investments exceed total borrowing. |
| Equity per share before and after dilution |
Equity attributable to the Company's shareholders in relation to the number of shares outstanding, excluding treasury shares, at the end of the period. |
This performance measure shows the amount of the Company's equity that can be attributed to a share. |
Reconciliation of alternative performance measures
The following is a reconciliation of certain alternative performance measures showing the various performance measure components that make up the alternative performance measures. Treasury shares refers to the Company's own holding to ensure the delivery of performance shares. In the event that share options are exercised, shares will be primarily allotted from treasury shares and secondarily through a new issue.
The Company's holding of treasury shares has been excluded from the calculation of per-share performance measures.
EBITDA
| EBITDA | -46,905 | -51,059 | -195,878 | -213,066 |
|---|---|---|---|---|
| Depreciation, amortisation and impairment |
4,343 | 4,390 | 17,763 | 17,521 |
| Operating result (EBIT) | -51,249 | -55,449 | -213,641 | -230,587 |
| SEK thousand | 2024 Oct-Dec |
2023 Oct-Dec |
2024 Jan-Dec |
2023 Jan-Dec |
Equity/assets ratio
| SEK thousand (unless otherwise stated) | 31 Dec 2024 | 31 Dec 2023 |
|---|---|---|
| Total assets | 147,990 | 231,976 |
| Equity | -27,456 | 189,636 |
| Soliditet (%) | -19% | 82% |
Debt/equity ratio
| Debt/equity ratio (e/f) (%) | -415% | -43% |
|---|---|---|
| Equity (f) | -27,456 | 189,636 |
| Net debt (e=a+b+c+d) | 113,836 | -81,895 |
| - Less long-term investments (d) | - | - |
| - Less short-term investments (c) | - | - |
| - Less cash and cash equivalents (b) | -25,664 | -81,895 |
| Total borrowing (a) | 139,500 | - |
| Current liabilities to owners | 99,000 | - |
| Current liabilities to credit institutions | - | - |
| Long-term liabilities to owners | 40 500 | - |
| SEK thousand (unless otherwise stated) | 31 Dec 2024 | 31 Dec 2023 |
Equity per share
| Equity per share (a/(b-c)), SEK | -0.23 | 1.62 |
|---|---|---|
| - Less holding of treasury shares (c) | -328,472 | -328,472 |
| Total number of shares outstanding (b) | 117,166,372 | 117,166,372 |
| Equity (a) | -27,456 | 189,636 |
| SEK thousand (unless otherwise stated) | 31 Dec 2024 | 31 Dec 2023 |
Performance measures and other information
| SEK thousand (unless otherwise stated) | 2024 Oct-Dec |
2023 Oct-Dec |
2024 Jan-Dec |
2023 Jan-Dec |
|---|---|---|---|---|
| Earnings | ||||
| Net sales | 158 | 61 | 2,362 | 4,440 |
| EBITDA | -46,905 | -51,059 | -195,878 | -213,066 |
| Operating result (EBIT) | -51,249 | -55,449 | -213,641 | -230,587 |
| Result for the period | -52,796 | -54,222 | -216,871 | -229,366 |
| Per share | ||||
| Equity per share, SEK | -0.23 | 1.62 | -0.23 | 1.62 |
| Earnings per share before and after dilution, SEK | -0.45 | -0.46 | -1.86 | -3.48 |
| Total number of shares outstanding | 117,166,372 | 117,166,372 | 117,166,372 | 117,166,372 |
| - of which, treasury shares | -328,472 | -328,472 | -328,472 | -328,472 |
| Number of shares outstanding excl. treasury shares | 116,837,900 | 116,837,900 | 116,837,900 | 116,837,900 |
| Total average number of shares | 117,166,372 | 117,166,372 | 117,166,372 | 66,269,862 |
| - of which, average number of treasury shares | 328,472 | 328,472 | 328,472 | 328,472 |
| Average number of shares excl. treasury shares | 116,837,900 | 116,837,900 | 116,837,900 | 65,941,390 |
| Cash flow | ||||
| Cash flow from operating activities | -40,367 | -48,190 | -182,495 | -228,522 |
| Cash flow from investing activities | -82 | 77,264 | -5,043 | -7,766 |
| Cash flow from financing activities | 58,519 | -1,899 | 131,273 | 245,408 |
| SEK thousand (unless otherwise stated) |
31 Dec 2024 | 31 Dec 2023 |
|---|---|---|
| Financial position | ||
| Total assets | 147,990 | 231,976 |
| Cash and cash equivalents | 25,664 | 81,895 |
| Short-term and long-term investments | - | - |
| Equity | -27,456 | 189,636 |
| Equity/assets ratio, % | -19 | 82 |
| Debt/equity ratio, % | neg | neg |
The Board of Directors and the President hereby certify that this interim report provides a fair and true overview of the Company's operations, financial position and earnings and describes the material risks and uncertainties facing the Company.
Uppsala, 27 February 2025
| Stuart Gander | Erika Kjellberg Eriksson | Anders Ljunggren | ||
|---|---|---|---|---|
| CEO | Chairperson | Managing Director | ||
| Hans Johansson | Mario Gualano | Karin Fischer | ||
| Director | Director | Director | ||
| Finn Sander Albrechtsen Director |
Jonas Jarvius Director |
The report has been prepared in a Swedish original and an English translation. In the event of any discrepancies between the two, the Swedish version is to apply. This report has not been reviewed by the auditor of the Company.
Upcoming reporting dates
| 25 April 2025 | 2024 Annual Report | |
|---|---|---|
| 29 April 2025 | Interim report, Q1 | January to March 2025 |
| 26 June 2025 | 2025 Annual General Meeting | |
| 10 July 2025 | Interim report, Q2 | January to June 2025 |
| 30 October 2025 | Interim report, Q3 | January to September 2025 |
About the Company
Q-linea AB (publ)
| Corporate Registration Number: | 556729–0217 | |
|---|---|---|
| Registered office: | Uppsala | |
| Contact: | Dag Hammarskjölds väg 52 A, SE-752 37 Uppsala, Sweden Tel: +46 18 444 3610 |
www.qlinea.com E-mail: [email protected] |
For questions about the report, contact:
| Stuart Gander, CEO | Tel: +1 (857) 409 7463 | E-mail: [email protected] |
|---|---|---|
| Christer Samuelsson, CFO & IR | Tel: +46 70 600 1520 | E-mail: [email protected] |
This information is information that Q-linea 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 person set out above, on 28 February 2025 at 07:30 (CEST).
Presentation
Q-linea invites investors, analysts and the media to an audiocast and teleconference (in English) today, 28 February 2025, at 1:00 to 2:00 p.m. (CEST). CEO Stuart Gander and CFO Christer Samuelsson will present Q-linea, comment on the year-end report for 2024 financial year and respond to questions. To participate via webcast, please visit the following link:https://q-linea.events.inderes.com/q4-report-2024
There will be an opportunity to ask questions in writing at the webcast.
If you would like to ask questions verbally via conference call, please register at the following link: https://events.inderes.com/q-linea/q4-report-2024/dial-in
You will receive a telephone number and a meeting ID to log into the conference call after registering. There will be an opportunity to ask questions verbally during the conference call.
Consolidated statement of profit and loss
| Amounts in SEK thousand Note |
Note | 2024 Oct-Dec |
2023 Oct-Dec |
2024 Jan-Dec |
2023 Jan-Dec |
|---|---|---|---|---|---|
| Net sales | 158 | 61 | 2,362 | 4,440 | |
| Other operating income | 1,245 | 141 | 3,423 | 2,183 | |
| Changes in inventories of products in progress, semi-finished goods and finished goods |
-6,317 | 2,179 | -9,431 | 2,341 | |
| Raw materials and consumables, and goods for resale |
-1,285 | -1,384 | -4,044 | -5,786 | |
| Other external costs | -9,119 | -13,033 | -49,985 | -64,083 | |
| Personnel costs | -31,318 | -38,728 | -136,593 | -150,643 | |
| Depreciation/amortisation of tangible and intangible assets |
-4,343 | -4,390 | -17,763 | -17,521 | |
| Other operating expenses | -268 | -295 | -1,610 | -1,519 | |
| Operating result | -51,249 | -55,449 | -213,641 | -230,587 | |
| Financial income | 470 | 1,432 | 476 | 2,790 | |
| Financial expenses | -2,017 | -206 | -3,706 | -1,569 | |
| Result from financial items | -1,547 | 1,226 | -3,230 | 1,221 | |
| Result before tax | -52,796 | -54,222 | -216,871 | -229,366 | |
| Income tax | |||||
| Result for the period | -52,796 | -54,222 | -216,871 | -229,366 | |
| Result attributable to: | |||||
| Parent Company shareholders | 7 | - | -54,222 | - | -229,366 |
| Non-controlling interests | -52,796 - |
- | - | - | |
| Earnings per share before and after dilution | -0.45 | -0.82 | -1.86 | -3.48 |
Consolidated statement of comprehensive income
| Amounts in SEK thousand | 2024 Oct-Dec |
2023 Oct-Dec |
2024 Jan-Dec |
2023 Jan-Dec |
|---|---|---|---|---|
| Result for the period | -52,796 | -54,222 | -216,871 | -229,366 |
| Items that may be subsequently reversed in profit or loss |
- | - | - | - |
| Change in fair value of financial instruments | - | - | - | - |
| Translation differences | - | - | - | - |
| Total comprehensive income | 2,729 | -757 | 1,312 | -160 |
| Comprehensive income attributable to: | -50,067 | -54,979 | -215,559 | -229,526 |
| Parent Company shareholders | -50,067 | -54,979 | -215,559 | -229,526 |
|---|---|---|---|---|
| Non-controlling interests | - | - | - | - |
Consolidated statement of financial position
| Amounts in SEK thousand | Note | 31 Dec 2024 | 31 Dec 2023 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Tangible assets | 29,149 | 34,060 | |
| Right-of-use assets | 12,831 | 21,528 | |
| Goodwill | 4,889 | 4,889 | |
| Other intangible assets | 42 | 126 | |
| Financial assets | 6 | 4,202 | 4,146 |
| Total non-current assets | 51,113 | 64,749 | |
| Inventories | 5 | 33,191 | 46,527 |
| Accounts receivable | 627 | 60 | |
| Other receivables | 34,423 | 35,711 | |
| Prepaid expenses and accrued income | 2,972 | 3,034 | |
| Short-term investments | 6 | - | - |
| Cash and cash equivalents | 25,664 | 81,895 | |
| Total current assets | 96,877 | 167,227 | |
| TOTAL ASSETS | 147,990 | 231,976 |
Consolidated statement of financial position
| Amounts in SEK thousand | Note | 31 Dec 2024 | 31 Dec 2023 |
|---|---|---|---|
| EQUITY AND LIABILITIES | |||
| Equity attributable to Parent Company shareholders |
|||
| Share capital | 5,858 | 5,858 | |
| Reserves | 1,482,783 | -163 | |
| Other contributed capital | 1,312 | 1,483,364 | |
| Retained earnings, including result for the year |
-1,517,409 | -1,299,424 | |
| Total equity attributable to Parent Company shareholders |
-27,456 | 189,636 | |
| Equity attributable to non-controlling interest | - | - | |
| Total equity | -27,456 | 189,636 | |
| Liabilities | |||
| Non-current liabilities | |||
| Non-current lease liabilities | 5,568 | 12,905 | |
| Non-current loan from principal owners | 40,500 | - | |
| Total non-current liabilities | 46,068 | 12,905 | |
| Current liabilities | |||
| Loan from principal owner | 3 | 99,000 | - |
| Accounts payable | 3,702 | 5,305 | |
| Current lease liabilities | 6,137 | 7,659 | |
| Current tax liabilities | - | - | |
| Other liabilities | 3,063 | 6,805 | |
| Accrued expenses and deferred income | 17,476 | 9,665 | |
| Total current liabilities | 129,378 | 29,435 | |
| Total liabilities | 175,446 | 42,340 | |
| TOTAL EQUITY AND LIABILITIES | 147,990 | 231,976 |
Consolidated statement of changes in equity
| Equity attributable to Parent Company shareholders 1) | ||||||
|---|---|---|---|---|---|---|
| Amounts in SEK thousand | Note | Share capital | Other contrib uted capital |
Reserves | Retained earnings, including result for the year |
Total equity |
| Opening balance, 1 Jan2023 | 1,477 | 1,234,972 | -4 | -1,073,255 | 163,190 | |
| Result for the period | - | - | - | -229,366 | -229,366 | |
| Other comprehensive income | - | - | -742 | 582 | -160 | |
| Comprehensive income for the | 0 | 0 | -742 | -228,784 | -229,526 | |
| period New share issue |
4,381 | 258,504 | - | - | 262,885 | |
| Issue cost | - | -10,111 | - | - | -10,111 | |
| Share-based remuneration pro | 4 | - | - | - | 3,198 | 3,198 |
| grammes Transactions with shareholders |
4,381 | 248,393 | 0 | 3,198 | 255,972 | |
| Closing balance, 31 Dec 2023 | 5,858 | 1,483,364 | -745 | -1,298,842 | 189,636 | |
| Opening balance, 1 Jan 2024 | 5,858 | 1,483,364 | -745 | -1,298,842 | 189,636 | |
| Result for the period | - | - | - | -216,871 | -216,871 | |
| Other comprehensive income | - | - | 2,057 | -2,006 | 51 | |
| Comprehensive income for the pe | 0 | 0 | 2,057 | -218,877 | -216,820 | |
| riod New share issue |
- | - | - | - | 0 | |
| Issue costs | - | -582 | - | - | -582 | |
| Share-based remuneration pro | 4 | - | - | - | 309 | 309 |
| grammes Transactions with shareholders |
0 | -582 | 0 | 309 | ,-272 | |
| Closing balance, 31 Dec 2024 | 5,858 | 1,482,783 | 1,312 | -1,517,409 | -27,456 |
Eget kapital hänförligt till moderbolagets aktieägare 1)
1) Ägande utan bestämmande inflytande saknas.
Consolidated statement of cash flows
| Cash flow from operating activities Operating result -51,249 -55,449 -213,641 -230,587 Adjustments for non-cash items 3,994 4,609 17,956 20,879 Interest received 469 1,680 476 1,691 Interest paid -1,769 -191 -3,398 -1,562 Tax paid - - - - Cash flow from operating activities before changes in working capital -48,555 -49,350 -198,607 -209,580 Changes in working capital Change in inventories 5 6,634 -3,195 13,527 -4,265 Change in accounts receivable -356 1,173 -572 -61 Change in other current receivables -1,518 383 1,109 9,485 Change in other current liabilities 1,884 2,755 3,687 -7,874 Change in accounts payable 1,544 45 -1,639 -16,227 Changes in working capital 8,188 1,160 16,112 -18,941 Cash flow from operating activities -40,367 -48,190 -182,495 -228,521 Cash flow from investing activities Investments in tangible assets -82 -2,736 -4,991 -8,342 Sale of tangible assets - - - 575 Short-term investments - - - -80,000 Divestment of short-term investments - 80,000 - 80,000 Investments in financial assets 6 - - -52 - Divestment of financial assets 6 - - - - Cash flow from investing activities -82 77,264 -5,043, -7,766 Cash flow from financing activities New share issue - - - 262,885 Issuer cost -582 - -582 -10,111 Loans raised from principal owner 3 61,000 - 139,500 87,000 Repayment of lease liabilities -1,900 -1,899 -7,645 -7,367 Repayment of loans - - - -87,000 Cash flow from financing activities 58,519 -1,899 131,273 245,407 Cash flow for the period 18,069 27,175 -56,265 9,120 Cash and cash equivalents at the beginning of the period 7,451 54,945 81,895 72,878 Exchange rate difference in cash and cash equiva lents 144 -225 34 -103 Cash and cash equivalents at the end of the pe riod 25,664 81,895 25,664 81,895 |
Amounts in SEK thousand | Note | 2024 Oct-Dec |
2023 Oct-Dec |
2024 Jan-Dec |
2023 Jan-Dec |
|---|---|---|---|---|---|---|
Parent Company income statement
| Amounts in SEK thousand | Note | 2024 | 2023 | 2024 | 2023 |
|---|---|---|---|---|---|
| Oct-Dec | Oct-Dec | Jan-Dec | Jan - Dec | ||
| Net sales, external | 2 | 19 | 61 | 2,007 | 4,440 |
| Net sales, internal | 3,556 | 2,951 | 15,503 | 2,951 | |
| Other operating income | 1,245 | 141 | 3,423 | 2,183 | |
| Changes in inventories of products in progress, semi-finished goods and finished goods |
-8,366 | -642 | -19,376 | -480 | |
| Raw materials and consumables, and goods for | -1,285 | -1,384 | -4,038 | -5,786 | |
| resale Other external costs |
-11,729 | -14,450 | -53,065 | -70,191 | |
| Personnel costs | 4 | -23,217 | -34,444 | -109,230 | -142,352 |
| Depreciation/amortisation of tangible and | |||||
| intangible assets | -2,577 | -2,714 | -10,472 | -11,093 | |
| Other operating expenses | -251 | -292 | -1,488 | -1,516 | |
| Operating result | -42,605 | -50,772 | -176,737 | -221,844 | |
| Revenue from holdings of listed corporate | -14,414 | - | -14,414 | - | |
| bonds that are non-current assets Other interest income and similar profit items |
683 | 1,432 | 959 | 2,790 | |
| Interest expenses and similar loss items | -1,777 | - | -3,105 | -710 | |
| Result from financial items | -15,509 | 1,432 | -16,561 | 2,080 | |
| Result before tax | -58,113 | -49,340 | -193,297 | -219,764 | |
| , | , | ||||
| Tax on result for the period | - | - | - | - | |
| Result for the period | -58,113 | -49,340 | -193,297 | -219,764 | |
| , | , |
Parent Company statement of comprehensive income
| Amounts in SEK thousand | Note | 2024 Oct-Dec |
2023 Oct-Dec |
2024 Jan-Dec |
2023 Jan - Dec |
|---|---|---|---|---|---|
| Result for the period | -58,113 | -49,340 | -193,297 | -219,764 | |
| Other comprehensive income, net after tax | |||||
| Items that may be subsequently reversed in profit or loss |
- | - | - | - | |
| Changes in fair value of financial instruments | - | - | 70,000 | - | |
| Total comprehensive income | -58,113 | -49,340 | -123,297 | -219,764 |
,
Parent Company balance sheet
| Amounts in SEK thousand | Note | 31 Dec 2024 | 31 Dec 2023 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Intangible assets | |||
| Licences | - | - | |
| Technology and customer relationships | 42 | 126 | |
| Goodwill | 543 | 1,630 | |
| Total intangible assets | 585 | 1,756 | |
| Tangible assets | |||
| Equipment, tools, fixtures and fittings | 22,536 | 31,838 | |
| Total tangible assets | 22,536 | 31,838 | |
| Financial assets | |||
| Participations in Group companies | 101,873 | 12,966 | |
| Other securities held as non-current assets | 6 | 4,095 | 4,095 |
| Other non-current receivables | 52 | 51 | |
| Non-current receivables in Group companies | 11,695 | - | |
| Total financial assets | 117,715 | 17,112 | |
| Total non-current assets | 140,837 | 50,706 | |
| Current assets | |||
| Inventories | 5 | 28,806 | 46,225 |
| Current receivables | |||
| Accounts receivable | - | - | |
| Accounts receivable in Group companies | 481 | 60 | |
| Other receivables | 3,513 | 1,498 | |
| Other receivables in Group companies | 33,937 | 35,367 | |
| Prepaid expenses and accrued income | 3,740 | 4,299 | |
| Total current receivables | 41,672 | 41,224 | |
| Cash and bank balances | 20,553 | 79,712 | |
| Total current assets | 91,031 | 167,161 | |
| TOTAL ASSETS | 231,868 | 217,867 |
Parent Company balance sheet
| Amounts in SEK thousand | 31 Dec 2024 | 31 Dec 2023 |
|---|---|---|
| EQUITY AND LIABILITIES | ||
| Restricted equity | ||
| Share capital | 5,858 | 5,858 |
| Revaluation reserve | 70,000 | - |
| Total restricted equity | 75,858 | 5,858 |
| Unrestricted equity | ||
| Share premium reserve | 1,482,783 | 1,483,364 |
| Fair value reserve | - | - |
| Retained earnings | -1,291,076 | -1,071,622 |
| Result for the period | -193,297 | -219,764 |
| Total unrestricted equity | -1,591 | 191,979 |
| Total equity | 74,268 | 197,837 |
| Liabilities | ||
| Long-term liabilities | ||
| Borrowing from owners | -40,500 | - |
| Total long-term liabilities | -40,500 | |
| Current liabilities | ||
| Loan from principal owner 3 |
99,000 | - |
| Accounts payable | 3,023 | 4,509 |
| Accounts payable in Group companies | 28 | 253 |
| Current tax liabilities | - | - |
| Other liabilities | 2,562 | 6,356 |
| Liabilities to Group companies | 25 | - |
| Accrued expenses and deferred in | 12,462 | 8,912 |
| come | ||
| Total current liabilities | 117,101 | 20,030 |
| Total liabilities | 157,601 | 20,030 |
| TOTAL LIABILITIES AND EQUITY | 231,868 | 217,867 |
Parent Company statement of changes in equity
| Restricted | Unrestricted | ||||||
|---|---|---|---|---|---|---|---|
| Amounts in SEK thousand | Note | Share capital |
Revaluation reserve |
Share premium reserve |
Retained earnings |
Result for the period |
Total eq uity |
| Opening balance, 1 Jan 2023 | 1,477 | - | 1,234,972 | -805,316 | -269,503 | 161,630 | |
| Totalresultat | |||||||
| Result for the period | - | - | - | - | -219,764 | -219,764 | |
| Appropriation of profits in accordance with | |||||||
| AGM decision: - Carried forward to unrestricted equity |
- | - | - | -269,503 | 269,503 | 0 | |
| Total comprehensive income | 0 | 0 | 0 | -269,503 | 49,739 | -219,764 | |
| Transactions with shareholders | |||||||
| New share issue | 4,381 | - | 258,504 | - | - | 262,885 | |
| Issue costs | - | - | -10,111 | - | - | -10,111 | |
| Share-based remuneration programmes | 4 | - | - | - | 3,198, | - | 3,198 |
| Transactions with shareholders | 4,381 | 0 | 248,393 | 3,198 | 0 | 255,972 | |
| Closing balance, 31 Dec 2023 | 5,858 | 0 | 1,483,364 | -1,071,622 | -219,764 | 197,837 | |
| Opening balance, 1 Jan 2024 | 5,858 | 0 | 1,483,364 | -1,071,622 | -219,764 | 197,837 | |
| Comprehensive income | |||||||
| Result for the period | - | - | - | - | -193,297 | -193,297 | |
| Other comprehensive income | - | 70,000 | - | - | - | 70,000 | |
| Appropriation of profits in accordance with | |||||||
| AGM decision: - Carried forward to unrestricted equity |
- | - | - | -219,764 | 219,764 | 0 | |
| Total comprehensive income | 0 | 70,000 | 0 | -219,764 | 26,467 | -123,297 | |
| Transactions with shareholders | |||||||
| New share issue | - | - | - | - | - | 0 | |
| Issue costs | - | - | -582 | - | - | -582 | |
| Share-based remuneration programmes | 4 | - | - | - | 309 | - | 309 |
| Transactions with shareholders | 0 | 0 | -582 | 309 | 0 | -272 | |
| Closing balance, 31 Dec 2024 | 5,858 | 70,000 | 1,482,783 | -1,291,076 | -193,297 | 74,268 |
Accounting policies and notes
Note 1 Accounting policies
Q-linea has prepared consolidated financial statements in accordance with the IFRS issued by the International Accounting Standards Board (IASB) as adopted by the EU.
The accounting policies applied in this interim report are the same as the policies applied and described in the 2023 Annual Report. Nor have the significant estimates and judgements described in the aforementioned Annual Report changed significantly during the period.
Parent Company accounting policies
The Parent Company's financial statements have been prepared in accordance with the Swedish Annual Accounts Act (1995:1554) and the Swedish Financial Reporting Board's recommendation RFR 2, Accounting for Legal Entities. RFR 2 means that IFRS is applied with certain limitations.
According to RFR 2, a company, as a legal entity, can choose to apply IFRS 9 Financial Instruments, which Q-linea has chosen to do. This primarily means that certain financial instruments, which had previously been measured at cost, will now be measured at fair value.
Note 2 Specification of net sales
Net sales comprise sales of ASTar instruments and associated consumables, and are distributed by geographic markets as follows:
| SEK thousand | 2024 Oct-Dec |
2023 Oct-Dec |
2024 Jan-Dec |
2023 Jan-Dec |
|---|---|---|---|---|
| Sweden | - | - | - | 61 |
| UK | - | 60 | 462 | 1,522 |
| France | - | - | 183 | 2,857 |
| Finland | - | - | 1,343 | - |
| Belgium | 19 | - | 19 | - |
| Italy | 139 | - | 355 | - |
| Total net sales by geographic market | 158 | 60 | 2,362 | 4,440 |
Note 3 Related-party transactions
Related parties are defined as owners with a significant or controlling influence, senior executives in the Company, meaning directors and members of the management team, and their close family members. Disclosures concerning transactions between the Company and other related parties are presented below. Transactions with related parties are made on market terms. In addition to the groups mentioned above, Q-linea AB's subsidiaries Q-linea Inc., Q-linea S.r.l. and NexttoQ AB are also related parties.
During the fourth quarter, the Parent company made a capital contribution to Q-linea S.r.l, of EUR 250 thousand (400), which was recognized as SEK 2,874 thousand (4,253) in the Parent company, and a capital contribution to Q-linea Inc of USD 365 thousand (200), which was recognized as SEK 3 874 thousand (2 361) in the Parent company.
Of the loan facility from the Company´s principal owner Nexttobe that was resolved on at the 2024 Annual General Meeting, Q-linea AB had as of 31 December utilised SEK 99.5 million, whereof SEK 9 million plus interest shall be repaid in connection with the receipt of proceeds from the ongoing rights issue. The remaining loan of SEK 90.5 million will run until June 30, 2026 at the latest. Nexttobe had a subscription commitment of SEK 50 million in the ongoing rights issue, which will be offset against this loan. Q-linea and its principal owner, Nexttobe, are considered to be related parties, and as a result the rules in Chapter 16a of the Swedish Companies Act on related-party transactions have been taken into account.
Note 4 Share-based renumeration programs
The employee stock option program resolved at the Annual General Meeting on June 28, 2024 (LTIP 2024/27) is as of December 31 the only program outstanding. The program was allotted during the month of October in accordance with the decision of the Annual General Meeting. The effect on earnings during the fourth quarter and for 2024 as a whole amounts to SEK 309 thousand and consists of IFRS2 costs in full.
Note 5 Inventories
At the end of the fourth quarter 2024, the Company had an inventory of SEK 33 191 thousand (46 527).
| SEK thousand | 31 Dec 2024 | 31 Dec 2023 |
|---|---|---|
| Raw materials and consum ables |
5,932 | 8,531 |
| Goods for resale | 1,782 | 5,856 |
| Products in progress | 1,556 | 2,361 |
| Semi-finished goods | 22,409 | 27,353 |
| Finished goods | 1,511 | 2,426 |
| Total inventories | 33,191 | 46,527 |
Note 6 Financial instruments
Cash and cash equivalents not used in daily operations are invested in low-risk listed corporate bonds as well as in fixed-income funds that invest in low-risk interest-bearing securities and other interest-rate instruments.
Den 31 december 2024 innehades varken räntefonder eller obligationer.
Other securities held as non-current assets primarily comprise participations in EMPE Diagnostics AB amounting to SEK 4,095 thousand (4 095) at the end of the year. Q-linea AB´s holding comprises 23,400 shares, corresponding to 4,97% of the capital and votes.
Note 7 Earnings per share
Earnings per share are calculated by dividing the result for the period by a weighted average of the number of ordinary shares outstanding, excluding holdings of treasury shares, during the period:
| SEK thousand (unless otherwise stated) | 2024 Oct-Dec |
2023 Oct-Dec |
2024 Jan-Dec |
2023 Jan-Dec |
|---|---|---|---|---|
| -50 Result for the period |
986 -52,796 | -54,222 | -216,871 | -229,366 |
| 117 Weighted average number of shares outstanding |
||||
| 166 | 372 117,166,372 | 117,166,372 | 117,166,372 | 66,269,862 |
| -328 - Less average holding of treasury shares |
472 -328,472 | -328,472 | -328,472 | -328,472 |
| Earnings per share before and after dilution (SEK) |
-0,44 -0.45 | -0.46 | -1.84 | -3.48 |
Note 8 Risk management
The Company is exposed to various types of risks during the course of its operations. By creating an awareness of the risks associated with the operations, such risks can be limited, controlled and managed while allowing business opportunities to be utilised in order to increase the Company's earnings.
At the end of the fourth quarter, the Company had a credit risk reserve of SEK 0 (0) thousand.
Material risks associated with Q-linea's operations are presented in the Annual Report for the 1 January to 31 December 2023 financial year.
Note 9 Future financing
Q-linea's first product, ASTar, is approved for sale in Europe and in the US following the FDA's approval of ASTar on April 26. However, the Company does not yet generate its own positive cash flow. Therefore, continuous work is being carried out on other financing alternatives. This work includes the company conducting discussions with potential partners regarding out-licensing of distribution and sales rights, negotiations with new and existing investors, financiers and lenders.
On November 5, the Company announced a rights issue of approximately SEK 225 million, which was guaranteed to approximately 81 percent or the equivalent of approximately SEK 183 million. The rights issue was completed during the month of January, where the outcome was 90.5 percent or approximately SEK 204 million before issue costs. In addition, the guarantors of the issue have decided to invest their guarantee fee instead of having it paid out, which means that the total outcome amounts to approximately SEK 216 million before issue costs. In addition to this first part, the issue includes a warrant component with a subscription period in May. This part is not guaranteed but entails a right for shareholders to subscribe for shares at a discounted price (30 percent discount on the average price during a period in the month of April). Upon full exercise and at a subscription price corresponding to the subscription price per share in the rights issue, the Company will receive an additional SEK 102 million before issue costs.
Q-linea's available cash and cash equivalents as of December 31, 2024 amounted to SEK 25.6 million. The liquidity contribution from the first part of the issue amounts to approximately SEK 143 million. This amount is obtained if you exclude from the gross amount of approximately SEK 216 million SEK 50 million regarding set-off of loans, estimated transaction costs of approximately SEK 10 million and approximately SEK 13 million regarding set-off of guarantee fees. From this SEK 143 million, two bridge loans totalling approximately SEK 50 million will be repaid, i.e. approximately SEK 93 million will remain after these bridge loans have been repaid.
The Board of Directors assesses that cash and cash equivalents, together with the liquidity contribution from the first part of the rights issue of approximately SEK 93 million, do not cover the Company's needs to conduct the planned operations during the next 12 months. Should the second, unguaranteed, part of the rights issue provide SEK 80 million or more in liquidity contributions, the Board of Directors makes the assessment that this additional liquidity contribution covers the need to run the business for the next 12 months.
In light of the ongoing work on possible financing alternatives, the Board of Directors assesses that the prospects are good for financing Q-linea's operations.
If the work to obtain the necessary financing is not successful, it may affect the Group's ability to implement the current business plan and also constitute a significant uncertainty factor regarding the Group's continued operations.
Note 10 Significant events after the end of the period
The first US customer signs a commercial contract and negotiations continue with the large reference laboratory.
The Company carries out the rights issue, which was subscribed to 90.5 percent, corresponding to approximately SEK 204 million before transaction costs.
Q-linea also carries out a directed share issue of approximately SEK 13 million to guarantors in connection with the completed rights issue. After completed issues (rights issue and directed issue), the number of shares will amount to 4,448,288,096.
The Company wins the first tender in Belgium and receives a second contract in the US.
.