Quarterly Report • Aug 13, 2021
Quarterly Report
Open in ViewerOpens in native device viewer
More detailed information on the above events can be found on page 7.
• Xbrane Biopharma was officially certified as a Great Place to Work® by the Great Place to Work® Institute.
| 2021 | 2020 | 2021 | 2020 | 2020 | |
|---|---|---|---|---|---|
| Apr – Jun | Apr – Jun | Jan – Jun | Jan – Jun | Jan – Dec | |
| Revenue (SEK 000) | 2,486 | – | 2,486 | – | – |
| Research and development expenses (SEK 000) | –51,749 | –45,099 | –97,769 | –92,642 | –203,301 |
| R&D expenses as percentage of total costs | 83 | 77 | 83 | 81 | 83 |
| Operating profit/loss (SEK 000) | –58,413 | –53,197 | –109,823 | –104,825 | –225,257 |
| EBITDA (SEK 000) | –54,788 | –51,573 | –103,781 | –101,547 | –218,691 |
| Profit/loss for the period (SEK 000) | –59,168 | –53,397 | –110,435 | –105,231 | –226,026 |
| Cash and cash equivalents (SEK 000) | 129,332 | 232,506 | 129,332 | 232,506 | 243,139 |
| Equity ratio (%) | 39 | 44 | 39 | 44 | 56 |
| Number of shares at the end of period | 22,222,206 | 19,280,707 | 22,222,206 | 19,280,707 | 22,200,415 |
| Number of shares at the end of period after dilution | 22,222,206 | 19,280,707 | 22,222,206 | 19,280,707 | 22,200,415 |
| Average number of shares | 22,200,654 | 17,195,806 | 22,200,535 | 17,195,806 | 18,113,313 |
| Average number of shares after dilution | 22,200,654 | 17,195,806 | 22,200,535 | 17,195,806 | 18,113,313 |
| Earnings per share before dilution (SEK) | –2.67 | –3.11 | –4.97 | –6.12 | –12.48 |
| Earnings per share after dilution (SEK) | –2.67 | –3.11 | –4.97 | –6.12 | –12.48 |
| Number of employees on balance sheet date | 60 | 42 | 60 | 42 | 42 |
Xbrane Biopharma AB develops biological drugs based on a patented platform technology that provides significantly lower production costs compared to competing systems. Xbrane's leading product Xlucane™ is a biosimilar candidate to the original drug Lucentis® aimed at the market for ophthalmic VEGFa-inhibitors which amounts to around SEK 106bn1,2,3. Marketing authorization for Xlucane™ is expected for the second half of 2022. Xbrane has a further two biosimilar candidates in the pipeline aimed at a market where sales of the original product are worth SEK 80bn.
1) Novartis Annual Report 2020 (Lucentis® and Beovu®)
2) Roche Annual Report 2020 (Lucentis®)
3) Regeneron Annual Report 2020 (Eylea®)
The second quarter of 2021 was an eventful quarter for Xbrane. We received positive top-line data from the interim read-out of Xplore - the ongoing phase III study with Xlucane™ - and thus confirmed the timetable for submitting the marketing authorization application to the EMA (Europe) and FDA (USA) in the third and fourth quarters of 2021. We also carried out a directed share issue of SEK 380m, with strong support from our largest shareholders. This enables us to drive the business forward in line with our strategy.
During Q2, an interim read-out was carried out from the ongoing phase III study Xplore, aimed at demonstrating the equivalent efficacy and safety of Xlucane™ compared to Lucentis®. The interim read-out includes data from all patients with up to six months of treatment. We were pleased to note that Xlucane™ achieved the primary endpoint and showed equivalent efficacy measured in best corrected visual acuity (BCVA) at week eight compared with Lucentis®. Equivalence was shown when the two-sided 95% confidence interval around the difference in the improvement of BCVA at week eight between Xlucane™ and Lucentis® was within the predefined equivalence margin agreed with the EMA and FDA. Furthermore, no clinically meaningful differences between Xlucane™ and Lucentis® were observed in secondary measures at month six.
The marketing authorization application for Xlucane™ is largely complete and will be submitted to the EMA (Europe) in September. The application to the FDA (USA) is expected to be submitted during Q4, but the schedule will be confirmed in a meeting with the FDA later in August. The application will be supplemented with the full study report, including 12 months of treatment data from all patients, which is expected to be completed during Q1 2022.
The biosimilar market is one of the most rapidly expanding segments in the pharmaceutical industry with a number of important patents expiring in the coming decade. We have a unique opportunity with our patented platform technology, dedicated team and newly-established development lab, to become a world-leading developer of biosimilars. At our capital markets day in May, we announced that our plan is to start one new development program per year and generate a positive operating cash flow towards the end of 2023/ beginning of 2024 based on the expected income generated from Xlucane™.
Xbrane has many key milestones to deliver over the next 12-month period, mainly to:
Finally, I would like to say a big thank you to our employees and shareholders who have made it possible for Xbrane to take these important steps in its development. We are all very enthusiastic about Xbrane's journey towards becoming a world-leading biosimilar developer and with our unique patented platform technology, will develop cost-effective biosimilars for the benefit of patients around the world.
Thank you for your continued support,
Martin Åmark, CEO
Solna, August 12, 2021
Xlucane™ is a biosimilar candidate to ranibizumab (original drug Lucentis®), known as a VEGFa-inhibitor, and it is used to treat a number of serious eye diseases: wet age-related macular degeneration (AMD), diabetic macular edema (DME), diabetic retinopathy (DR) and retinal vein occlusion (RVO). The VEGFa inhibitors market saw sales of over SEK 106bn1,2,3 in 2020 and has grown by over 10% annually in recent years1,2,3, although a marginal decline was noted in 2020 due to Covid-19.
In April 2019, Xbrane initiated the pivotal phase III study Xplore, a randomized, double-blind multicenter study evaluating the efficacy, safety, pharmacokinetics and immunogenicity of Xlucane™ in patients with wAMD compared to Lucentis®. The primary endpoint in the study is a change in BCVA (Best Corrected Visual Acuity) at week eight. wAMD patients were randomized (1: 1) and receive monthly injections of Xlucane™ into the eye, or the reference product Lucentis® for one year. The study, which is being conducted in 15 countries at around 140 clinics, was fully recruited with 583 patients in November 2020, despite the ongoing Covid-19 pandemic. Xlucane™ showed positive phase III top-line data from a completed interim readout in June. Xbrane will, in agreement with the EMA and FDA, submit a marketing authorization application for Xlucane™ in Europe and the US on the basis of the interim read-out and will be supplemented later with full data from the study during the registration procedure.
Xbrane has a collaboration agreement with STADA GmbH for the development, sales and marketing of Xlucane™ in Europe and a number of markets in the Middle East and Asia-Pacific region. Last year, Xbrane and STADA signed an agreement with Bausch + Lomb, which will commercialize Xlucane™ in North America.
XcimzaneTM is a biosimilar candidate to certolizumab pegol (original drug Cimzia®), a so-called TNF-inhibitor particularly used in the treatment of rheumatoid arthritis, psoriasis and Crohn's disease. The TNF-inhibitor market saw sales of about SEK 240bn4 in 2018 and Cimzia® saw sales of SEK 19bn5 in 2020.The patent protection of Cimzia® is expected to expire in 2024 in the US and 2025 in Europe. XcimzaneTM is undergoing pre-clinical development and a cost-effective production process has been established. Then, upscaling and planning with a production partner will follow, after which the product can commence clinical trials.
XdivaneTM is a biosimilar candidate to nivolumab (original drug Opdivo®), a PD1-inhibitor for the treatment of different types of cancer with a turnover of around SEK 64bn in 20206 . Opdivo® is expected to lose its patent protection between 2026 and 2031, depending on the country. XdivaneTM is at the pre-clinical development stage, with a focus on developing a cost-effective production process and demonstrating a biochemical similarity to the original drug. Then, upscaling with a production partner will follow, after which the product can be taken into clinical trials.
XoncaneTM is a biosimilar candidate to pegaspargase (original drug Oncaspar®), used in the treatment of acute lymphocytic leukemia. In 2018, sales of Oncaspar® were around SEK 2bn7 . XoncaneTM is now undergoing pre-clinical development.
Xbrane has agreed on a non-binding letter of intent with New FaDem regarding the divestment of the subsidiary Primm Pharma. The purchase price will amount to €14.0m and must be paid upon signing and at various development and sales milestones. The parties intend to complete the transaction in 2021.
| Product | Original drug | Primary indication | Estimated sales of originator drug |
Patent expiry of original drug |
Development phase |
|---|---|---|---|---|---|
| XlucaneTM | Ranibizumab (Lucentis®) |
Wet age-related macular degeneration, diabetes-related eye damage and retinal vein occlusion. |
SEK 32bn1,2 | 2022 (Europe) 2020 (USA) |
Phase III |
| XcimzaneTM | Certolizumab pegol (Cimzia®) |
Rheumatoid arthritis, axial spondylarthrosis, psoriatic arthritis, psoriasis and Crohn's disease. |
SEK 19bn5 | 2024 (USA) 20259 (Europe) |
Pre-clinical phase |
| XdivaneTM | Nivolumab (Opdivo®) |
Melanoma, lung cancer, kidney cell cancer, head and neck cancer and bladder and urinary tract cancer. |
SEK 64bn6 | 2026–2031 depending on country |
Pre-clinical phase |
| XoncaneTM | Pegaspargase (Oncaspar®) |
Acute lymphocytic leukemia. | SEK 2bn7 | Expired | Pre-clinical phase |
| Spherotide | Triptorelin (Decapeptyl®) |
Prostate cancer, breast cancer, endometriosis and fibroids. |
SEK 4bn8 | Expired | Pre-clinical phase |
1) Novartis Annual report 2020
2) Roche Annual report 2020
3) Regeneron Annual report 2020
4) Research and markets Global Tumor Necrosis Factor (TNF) Inhibitors Market 2018–2026: A \$181.13 Billion Market Opportunity by 2026
5) UCB Annual report 2020
6) BMS Annual report 2020
7) Evaluate Pharma 2018 8) IQVIA 2018
9) Includes six months patent extension due to pediatric indication
As of June 30, 2021, Xbrane had around 6,100 shareholders. The number of outstanding shares totaled 22,222,206. The ten largest shareholders at the end of the period are shown in the table below1 .
| Number of | ||
|---|---|---|
| Name | shares | Ownership, % |
| Serendipity Group | 2,819,967 | 12.7 |
| Swedbank Robur Fonder | 2,156,022 | 9.7 |
| Bengt Göran Westman | 1,820,393 | 8.2 |
| STADA Arzneimittel AG | 1,570,989 | 7.1 |
| Futur Pension | 1,201,637 | 5.4 |
| TIN Fonder | 1,200,000 | 5.4 |
| Avanza Pension | 965,037 | 4.3 |
| Nordnet Pensionsförsäkring | 389,896 | 1.8 |
| Swedbank Försäkring | 355,362 | 1.6 |
| Paolo Sarmientos | 296,939 | 1.3 |
| Ten largest shareholders in total | 12,776,242 | 57.5 |
| Other Swedish shareholders | 7,567,578 | 34.0 |
| Other foreign shareholders | 1,878,386 | 8.5 |
| Total outstanding shareholders | 22,222,206 | 100.0 |
1) Modular Finance. Based on complete list of shareholders comprising directly registered and nominee registered shareholders.
The Group's net sales amounted to SEK 2.5m (0.0) and relates to license revenue to Xbrane's subsidiary Primm Pharma from the contractor ICI regarding sales of Spherotide. The cost of goods sold was SEK 2.5m (0.0), which consists of production costs.
Other operating income amounted to SEK 3.6m (5.3) and relates mainly to the licensing of the American and Canadian rights for Xlucane™ to Bausch + Lomb, which will accrue over two years. Other operating income also includes license income from non-core operations as well as exchange rate gains on operating receivables and liabilities.
Administrative expenses amounted to SEK -9.3m (-9.7).
Research and development costs amounted to SEK -51.7m (-45.1), of which SEK -50.0m (-43.8) relates to biosimilars, primarily Xlucane™ and SEK -1.6m (-1.3) relates to the long-acting injectable drug Spherotide. The majority of the R&D costs relates to the ongoing Xplore study for Xlucane™, the parallel regulatory work and the establishment of a production chain. The Xplore study was fully recruited at the end of 2020 and positive top-line data was announced at the interim read-out in June 2021, where Xlucane™ reached the primary endpoint.
Other operating expenses amounted to SEK -0.1m (-3.6) and consisted of exchange rate losses on operating receivables and liabilities. The operating loss amounted to SEK -58.4m (-53.2). The loss before tax was SEK -59.2m (-53.4). During the quarter, there was no taxable profit and thus no tax expense (0.0). The loss after tax for the quarter was SEK -59.2m (-53.4) and earnings per share was SEK -2.67 (-3.11).
Cash flow from operating activities amounted to SEK -104.9m (15.8). Changes in operating receivables and operating liabilities amounted to SEK -19.3m (14.0) and SEK -22.2m (48.5), respectively. Changes in working capital can vary greatly between the periods, mainly as a result of re-invoicing to STADA regarding the development work for Xlucane™ and costs for the clinical study Xplore.
The cash flow from investment activities amounted to SEK -5.2m (0.0) and consisted of investments in tangible fixed assets in R&D.
The cash flow from financing activities amounted to SEK -1.5m (135.3), and mainly related to amortization of leasing liabilities. The item also includes the payment of the new directed share issue for the outcome of the warrant program and LTIP of SEK 0.4m.
The Group's net sales amounted to SEK 2.5m (0.0) and relates to license revenue to Xbrane's subsidiary Primm Pharma from the contractor ICI regarding sales of Spherotide. The cost of goods sold was SEK 2.5m (0.0), which consists of production costs.
Other operating income amounted to SEK 7.7m (10.2) and relates mainly to the licensing of the American and Canadian rights for Xlucane™ to Bausch + Lomb, which will accrue over two years. Other operating income also includes license income from non-core operations as well as exchange rate gains on operating receivables and liabilities.
Administrative expenses amounted to SEK -18.1m (-16.8). The change relates to a planned expansion of the organization and non-recurring costs in connection with moving to new premises.
R&D costs amounted to SEK -97.8m (-92.6), of which SEK -95.2m (-89.2) relates to biosimilars and primarily Xlucane™ and SEK -2.5m (-3.4) relates to the long-acting injectable drug Spherotide. The majority of the R&D costs relates to the ongoing Xplore study for Xlucane™, the parallel regulatory work and the establishment of a production chain. The Xplore study was fully recruited at the end of 2020 and positive top-line data was announced at the interim read-out in June 2021, where Xlucane™ reached the primary end-point.
Other operating expenses amounted to SEK -1.6m (-5.6) and consist of exchange rate losses on operating receivables and liabilities. The operating loss was SEK -109.8m (-104.8). The loss before tax was SEK -110.4m (-105.2). During the first six months, there was no taxable profit and thus no tax expense (0.0). The loss after tax for the period was SEK -110.4m (-105.2) and earnings per share was SEK -4.97 (-6.12).
The cash flow from operating activities amounted to SEK -96.9m (-67.4). Changes in operating receivables and operating liabilities amounted to SEK 18.7m (35.2) and SEK -3.1m (68.7), respectively. Changes in working capital can vary greatly between periods, mainly as a result of re-invoicing to STADA regarding the development work for Xlucane™ and costs for the clinical study Xplore.
The cash flow from investment activities amounted to SEK -13.9m (0.1) and consisted of investments in tangible fixed assets in R&D.
The cash flow from financing activities amounted to SEK -2.7m (134.5), and mainly related to amortization of leasing liabilities. The item also includes the payment of the new directed share issue for the outcome of the warrant program and LTIP of SEK 0.4m.
On the balance sheet date, cash and cash equivalents amounted to SEK 129.3m (232.5).
The capital raise in June raised a total of SEK 380.3m before transaction costs and thus significantly strengthened the company's financial position. The effects in the balance sheet and cash flow will first be seen in the third quarter, July-September 2021, as the shares were registered and payment received in the beginning of July. Xbrane now posseses the necessary funds to develop the business according to the business plan for the coming 12 months.
During Q1 2021, a non-binding letter of intent was signed with New FaDem regarding the divestment of the subsidiary Primm Pharma. During Q2, the usual due diligence and negotiations continued. In the Q1 report, Primm Pharma's assets and liabilities were reclassified to "Assets held for sale" in the consolidated balance sheet. The reclassification created some
minor effects from a number of items in the balance sheet and the significant change that was shown related to the item "Goodwill" as described below. Other balance sheet items for the Group showed a minor effect from the reclassification, which is expected as Primm Pharma is a smaller part of the Group and its composition.
Goodwill amounted to SEK 0.0m (61.0) on the balance sheet date and the decrease compared with the previous year is entirely attributable to the reclassification to "Assets held for sale" described above.
Accounts receivable amounted to SEK 24.4m (21.2) and relate to receivables from our partner STADA
Prepaid expenses and accrued income amounted to SEK 76.8m (86.6), of which SEK 2.4m (38.7) relates to the purchase and pack-aging costs of reference medicines for the ongoing phase III study that are used on an ongoing basis, SEK 47.8m (34.3) relates to an advance payment to the CRO (Contract Research Organization) which performs the clinical study, and the remaining SEK 26.6m (13.6) relates to other prepaid expenses and accrued income.
Equity amounted to SEK 5.0m (4.3) on the balance sheet date. Other capital contributions amounted to SEK 775.7m (584.4) and during the period were affected by the private placement and by share-based payments to employees of SEK 1.5m (1.0). Total equity amounted to SEK 149.7m (191.3). The equity ratio was 39% (44).
Accounts payable amounted to SEK 21.4m (36.2). The reduction is partly due to naturally declining activities for Xlucane™, which is now entering a preparatory commercialization phase.
Accrued expenses and prepaid income amounted to SEK 158.4m (191.9) and primarily relates to advance payments of SEK 99.6m (130.6) from STADA for Xlucane™.
Since the cooperation agreement with STADA for Xlucane™ started in July 2018, Xbrane's net costs for the research and development of Xlucane™ have been reported in the results, i.e. 50% of the total cost of the project. With regard to the balance sheet, assets and liabilities attributable to the development of Xlucane™ are reported in their entirety, i.e. 100%, and then STADA's share of these, i.e. 50% is reported additionally as the receivable or liability arising between Xbrane and STADA.
This applies to both the Group and parent company. On the balance sheet date, Xbrane had a non-current non-interest-bearing liability to STADA amounting to SEK 0.0m (4.2) as well as deferred income from STADA amounting to SEK 99.6m (103.6).
Xbrane's core business, which is the development of biosimilars, is run by the parent company. As announced, the Group has begun the sale of the subsidiary Primm Pharma, which is expected to be completed during 2021. As a result, shares in subsidiaries have been written down by SEK 48.0m. As the parent company constitutes such a large part of the Group, an account in text format of the parent company's earnings, financial position and cash flow does not lead to any further information than that described in the report on the Group. Therefore, this is only presented in report format on pages 14–16.
Xbrane held a virtual capital markets day in May and announced its ambition of generating a positive operating cash flow monthly through the net income from Xlucane™ at the end of 2023/beginning of 2024 and to initiate one new development project per year. The biosimilar market is one of the most rapidly expanding segments in the pharmaceutical industry with a number of important patents expiring in the coming decade. The company's plan is to start one new development program per year and thereby build a broader portfolio of products that can come to market in 2025 and beyond.
In June, top-line data was obtained from an interim read-out of the ongoing Phase III equivalence study Xplore with the Lucentis® biosimilar candidate Xlucane™. Xlucane™ reached the primary endpoint and demonstrated equivalent efficacy with Lucentis® in terms of change of BCVA (Best Corrected Visual Acuity) at the eighth week of treatment. The company then confirmed the plan to submit the marketing authorization application to the European Medicines Agency (EMA) during Q3 2021 and to the US Food and Drug Administration (FDA) in Q4 2021 on the basis of the interim read-out.
Xplore is a randomized, double-blind multicenter study evaluating the efficacy, safety, pharmacokinetics and immunogenicity of Xlucane™ in patients with wAMD compared to Lucentis®. The primary measure of effectiveness in the study is a change in BCVA (Best Corrected Visual Acuity) at week eight. wAMD patients were randomized (1: 1) and received monthly injections into the eye of Xlucane™ or the reference product Lucentis® for one year. The study, which is being conducted in 15 countries at around 140 clinics, with 583 patients fully recruited by November 2020 despite the ongoing Covid-19 pandemic. Following the positive interim read-out, Xbrane will, as planned, submit a marketing authorization application to the EMA during the third quarter of 2021 and the submittance to the FDA is expected during the fourth quarter of 2021.
With the support of the authorization at the Annual General Meeting on May 6, 2021, Xbrane announced and implemented a directed new issue of SEK 380m at a subscription price of SEK 135 per share, at the end of June. Through this, the company has secured financing for the continued development of the biosimilar portfolio and marketing authorization of Xlucane™.
Xbrane Biopharma was officially certified as a Great Place to Work® by the Great Place to Work® Institute.
Risks and uncertainties are described on pages 26–28 of the Annual Report of 2020, which is available on the company's website, www.xbrane.com. At the time of publication of this interim report, these have not changed significantly.
Xbrane has adapted its operations to comply with local government health guidelines. The inauguration of the new premises on Campus Solna has made it possible for some company-critical physical meetings to be held, but the majority of the employees continue to work from home. The company continues to follow local health guidelines from authorities at the places where Xbrane's operates. Sick leave has been relatively low. The company has a strong cohesion and together has found effective working methods that make the company sustainable. Xbrane will continue to put the health and safety of staff, partners and patients first.
Xbrane's share capital at the end of the period was SEK 5.0m (4.3) divided into 22,222,206 shares (19,280,707). The quota value of all shares is SEK 0.224, and all the shares have equal rights to the company's assets and earnings. Since September 23, 2019, Xbrane's shares have been listed on the Nasdaq OMX main list under the XBRANE ticker. Xbrane had around 6,100 shareholders on the balance sheet date. The closing price of the share on the balance sheet date was SEK 147.60 generating a market capitalization of SEK 3,280m.
Xbrane is headquartered at Campus Solna, outside of Stockholm, Sweden, where the company also has a laboratory for the research and development of biosimilars. Xbrane has one wholly-owned subsidiary, Primm Pharma, located in Milan, Italy. As mentioned above, the sale of the subsidiary is ongoing. On the balance sheet date, the Group had 60 (42) employees, 55 (35) of whom were employed by the parent company and 5 (7) by the subsidiary.
The 2021 Annual General Meeting was held on May 6, 2021 in Baker McKenzie's premises at Vasagatan 7, Stockholm.
This interim report has not been subject to review by the company's auditor.
| Amounts in SEK thousand | Notes | 2021 Apr – Jun |
2020 Apr – Jun |
2021 Jan – Jun |
2020 Jan – Jun |
2020 Jan – Dec |
|---|---|---|---|---|---|---|
| Revenues | 2,3 | 2,486 | – | 2,486 | – | – |
| Cost of goods sold | –2,520 | – | –2,520 | – | – | |
| Gross profit | –34 | – | –34 | – | – | |
| Other income | 2,3 | 3,596 | 5,283 | 7,678 | 10,185 | 20,652 |
| Selling and distribution expenses | – | – | – | – | – | |
| Administrative expenses | –9,301 | –9,742 | –18,141 | –16,777 | –31,189 | |
| Research and development expenses | –51,749 | –45,099 | –97,769 | –92,642 | –203,301 | |
| Other expenses | –926 | –3,640 | –1,557 | –5,592 | –11,419 | |
| Operating profit/loss | 2 | –58,413 | –53,197 | –109,823 | –104,825 | –225,257 |
| Financial income | – | – | 506 | – | – | |
| Financial costs | –754 | –200 | –1,119 | –406 | –769 | |
| Net financial costs | 2 | –754 | –200 | –612 | –406 | –769 |
| Profit/loss before tax | –59,168 | –53,397 | –110,435 | –105,231 | –226,026 | |
| Income tax expense | – | – | – | – | – | |
| Profit/loss for the period | –59,168 | –53,397 | –110,435 | –105,231 | –226,026 | |
| Profit/loss attributable to: | ||||||
| – Owners of the Company | –59,168 | –53,397 | –110,435 | –105,231 | –226,026 | |
| – Non-controlling interests | – | – | – | – | – | |
| Total comprehensive income f or the period |
–59,168 | –53,397 | –110,435 | –105,231 | –226,026 | |
| Earnings per share – Basic earnings per share (SEK) |
–2.67 | –3.11 | –4.97 | –6.12 | –12.48 | |
| – Diluted earnings per share (SEK) | –2.67 | –3.11 | –4.97 | –6.12 | –12.48 | |
| Number of outstanding shares at the end of the reporting period |
||||||
| – Before dilution | 22,222,206 | 19,280,707 | 22,222,206 | 19,280,707 | 22,200,415 | |
| – After dilution | 22,222,206 | 19,280,707 | 22,222,206 | 19,280,707 | 22,200,415 | |
| Average number of outstanding shares | ||||||
| – Before dilution | 22,200,654 | 17,195,806 | 22,200,535 | 17,195,806 | 18,113,313 | |
| – After dilution | 22,200,654 | 17,195,806 | 22,200,535 | 17,195,806 | 18,113,313 |
| Amounts in SEK thousand | 2021 Apr – Jun |
2020 Apr – Jun |
2021 Jan – Jun |
2020 Jan – Jun |
2020 Jan – Dec |
|---|---|---|---|---|---|
| Total comprehensive income for the period | –59,168 | –53,397 | –110,435 | –105,231 | –226,026 |
| Other comprehensive income | |||||
| Items that have been transferred and can be transferred to profit/loss for the period |
|||||
| Reclassification of foreign currency translation differences |
–738 | –3,742 | 520 | 78 | –2,774 |
| Comprehensive income for the period | –738 | –3,742 | 520 | 78 | –2,774 |
| Total comprehensive profit/loss attributable to: | |||||
| – Owners of the Company | –56,906 | –57,139 | –109,915 | –105,153 | –228,801 |
| – Non-controlling interests | – | – | – | – | – |
| Total comprehensive income for the period | –59,906 | –57,139 | –109,915 | –105,153 | –228,801 |
| Amounts in SEK thousand | 06-30-2021 | 06-30-2020 | 12-31-2020 |
|---|---|---|---|
| ASSETS | |||
| Goodwill | – | 61,033 | 58,453 |
| Intangible assets | – | 4,669 | 4,083 |
| Property, plant and equipment | 17,736 | 9,235 | 8,166 |
| Right of use assets | 45,308 | 7,600 | 5,969 |
| Trade and other receivables | 12,680 | 9,019 | 12,610 |
| Non-current assets | 75,723 | 91,556 | 89,281 |
| Trade receivables | 24,413 | 21,210 | 51,384 |
| Other receivables | 7,180 | 5,692 | 6,981 |
| Prepaid expenses and accrued income | 76,826 | 86,559 | 72,978 |
| Cash and cash equivalents | 129,332 | 232,506 | 243,139 |
| Assets held for sale | 70,330 | – | – |
| Current assets | 308,081 | 345,968 | 374,482 |
| TOTAL ASSETS | 383,804 | 437,524 | 463,763 |
| EQUITY | |||
| Share capital | 4,982 | 4,322 | 4,977 |
| Share premium | 775,665 | 584,369 | 773,724 |
| Reserves | 4,465 | 6,797 | 3,945 |
| Retained earnings including the loss of the period | –635,373 | –404,142 | –524,938 |
| Equity attributable to owners of the Company | 149,739 | 191,347 | 257,708 |
| Non-controlling interests | – | – | – |
| Total equity | 149,739 | 191,347 | 257,708 |
| LIABILITIES | |||
| Leasing liability | 39,019 | 4,918 | 3,995 |
| Non-current non-interest-bearing liabilities | 4,050 | 4,192 | 8,257 |
| Provisions | – | 4,931 | 4,810 |
| Non-current liabilities | 43,069 | 14,042 | 17,062 |
| Trade and other payables | 21,370 | 36,167 | 29,546 |
| Other current liabilities | 1,314 | 1,107 | 1,328 |
| Leasing liability | 6,940 | 2,947 | 2,265 |
| Deferred income/revenue | 158,371 | 191,915 | 155,853 |
| Assets held for sale | 3,002 | – | – |
| Current liabilities | 190,996 | 232,136 | 188,993 |
| TOTAL LIABILITIES | 234,065 | 246,178 | 206,055 |
| TOTAL EQUITY AND LIABILITIES | 383,804 | 437,524 | 463,763 |
| Amounts in SEK thousand | 2021 Apr – Jun |
2020 Apr – Jun |
2021 Jan – Jun |
2020 Jan – Jun |
2020 Jan – Dec |
|---|---|---|---|---|---|
| Cash flow from operating activities | |||||
| Profit/loss before tax | –59,168 | –53,397 | –110,435 | –105,231 | –226,026 |
| Adjustments for items not included in cash flow | –4,246 | 6,738 | –2,160 | 4,267 | 6,247 |
| Paid income taxes | – | – | – | – | – |
| Total | –63,414 | –46,659 | –112,595 | –100,964 | –219,779 |
| Increase (–)/Decrease (+) of trade and other receivables |
–19,316 | 14,020 | 18,713 | –35,207 | –51,325 |
| Increase (+)/Decrease (–) of trade and other payables |
–22,152 | 48,486 | –3,054 | 68,740 | 32,697 |
| Cash flow from current operations | –104,882 | 15,847 | –96,936 | –67,431 | –238,407 |
| Cash flow from investing activities | |||||
| Acquisition of property, plant and equipment | –5,177 | –34 | –13,924 | –76 | –3,855 |
| Cash flow from investing activities | –5,177 | –34 | –13,924 | –76 | –3,855 |
| Cash flow from financing activities | |||||
| Proceeds from exercise of share options | – | 3 | – | 3 | 3 |
| New share issue | 425 | 146,444 | 425 | 146,444 | 346,444 |
| Transaction expense | – | –10,337 | – | –10,337 | –20,584 |
| Amortization of loan | – | – | – | –12 | –12 |
| Amortization of lease liability | –1,952 | –766 | –3,096 | –1,564 | –3,127 |
| Cash flow from financing activities | –1,527 | 135,344 | –2,671 | 134,534 | 322,724 |
| Cash flow for the period | –111,586 | 151,157 | –113,531 | 67,027 | 80,461 |
| Cash and cash equivalents in assets held for sale | –535 | – | –535 | – | – |
| Cash and cash equivalents at beginning of period | 240,141 | 84,471 | 243,139 | 164,197 | 164,197 |
| Exchange rate differences in cash and cash equivalents |
1,312 | –3,120 | 259 | 1,282 | –1,520 |
| Cash and cash equivalents at end of period | 129,332 | 232,506 | 129,332 | 232,506 | 243,139 |
| Amounts in SEK thousand | Share capital |
Share premium |
Translation reserve |
Retained earnings |
Total equity |
|---|---|---|---|---|---|
| Balance at January 1, 2021 | 4,997 | 773,724 | 3,945 | –524,938 | 257,708 |
| Total comprehensive income for the period | |||||
| Profit/loss for the period | – | – | – | –110,435 | –110,435 |
| Other comprehensive income for the period | – | – | 520 | – | 520 |
| Total comprehensive income for the period | – | – | 520 | –110,435 | –109,915 |
| Transactions with group shareholder | |||||
| New share issue | 1 | 479 | – | – | 480 |
| Issue expenses | – | –60 | – | – | –60 |
| Share savings program | 4 | 1,522 | – | – | 1,526 |
| Total contributions from and distributions to shareholders | 5 | 1,941 | – | – | 1,946 |
| Balance at June 30, 2021 | 4,982 | 775,665 | 4,465 | –635,373 | 149,739 |
| Share | Share | Translation | Retained | Total | |
| Amounts in SEK thousand | capital | premium | reserve | earnings | equity |
| Balance at January 1, 2020 | 3,456 | 448,089 | 6,719 | –273,941 | 184,323 |
| Recalculation* | – | – | – | –24,970 | –24,970 |
| Balance at January 1, 2020 after recalculation | 3,456 | 448,089 | 6,719 | –298,911 | 159,352 |
| Total comprehensive income for the period | |||||
| Profit/loss for the period | – | – | – | –105,231 | –105,231 |
| Other comprehensive income for the period | – | – | 78 | – | 78 |
| Total comprehensive income for the period | – | – | 78 | –105,231 | –105,153 |
| Transactions with group shareholder | |||||
| New share issue | 867 | 145,580 | – | – | 146,447 |
| Issue expenses | – | –10,337 | – | – | –10,337 |
| Share savings program | – | 1,037 | – | – | 1,037 |
| Total contributions from and distributions to shareholders | 867 | 136,280 | – | – | 137,147 |
| Balance at June 30, 2020 | 4,322 | 584,369 | 6,797 | –404,142 | 191,347 |
| Share | Share | Translation | Retained | Total | |
| Amounts in SEK thousand | capital | premium | reserve | earnings | equity |
| Balance at January 1, 2020 | 3,456 | 448,089 | 6,719 | –273,941 | 184,323 |
| Recalculation* | – | – | – | –24,970 | –24,970 |
| Balance at January 1, 2020 after recalculation | 3,456 | 448,089 | 6,719 | –298,911 | 159,352 |
| Total comprehensive income for the period | |||||
| Profit/loss for the period | – | – | – | –226,026 | –226,026 |
| Other comprehensive income for the period | – | – | –2,774 | – | –2,774 |
| Total comprehensive income for the period | – | – | –2,774 | –226,202 | –228,801 |
| Transactions with group shareholder | |||||
| New share issue | 1,519 | 344,926 | – | – | 346,444 |
| Issue expenses | – | –20,584 | – | – | –20,584 |
| Share savings program | 3 | 1,293 | – | – | 1,296 |
| Total contributions from and distributions to shareholders | 1,521 | 325,635 | – | – | 327,156 |
| Balance at December 31, 2020 | 4,997 | 773,724 | 3,945 | –524,938 | 257,708 |
*) This period has been recalculated due to restatement, see Year-end report 2020, Appendix 1 for the effects.
| Amounts in SEK thousand | 2021 Apr – Jun |
2020 Apr – Jun |
2021 Jan – Jun |
2020 Jan – Jun |
2020 Jan – Dec |
|---|---|---|---|---|---|
| Revenues | – | – | – | – | – |
| Cost of goods sold | – | – | – | – | – |
| Gross profit | – | – | – | – | – |
| Other income | 2,935 | 4,707 | 7,582 | 9,591 | 17,730 |
| Administrative expenses | –9,052 | –8,444 | –17,198 | –14,213 | –26,567 |
| Research and development expenses | –49,852 | –43,639 | –95,243 | –89,443 | –197,690 |
| Other expenses | –926 | –3,588 | –1,471 | –5,487 | –11,203 |
| Operating profit/loss | –56,896 | –50,964 | –106,330 | –99,552 | –217,730 |
| Financial items | |||||
| Financial income | – | – | 506 | 11 | 11 |
| Impairment loss on shares in subsidiary | –5,086 | – | –9,616 | – | –38,400 |
| Financial expenses | –50 | –79 | –121 | –149 | –296 |
| Net finance costs | –5,118 | –79 | –9,231 | –138 | –38,685 |
| Profit/loss before tax | –62,014 | –51,043 | –115,561 | –99,960 | –256,415 |
| Income tax expense | – | – | – | – | – |
| Total comprehensive income for the period | –62,014 | –51,043 | –115,561 | –99,690 | –256,415 |
| Amounts in SEK thousand | 2021 Apr – Jun |
2020 Apr – Jun |
2021 Jan – Jun |
2020 Jan – Jun |
2020 Jan – Dec |
|---|---|---|---|---|---|
| Profit/loss for the period | –62,014 | –51,043 | –115,561 | –99,690 | –256,415 |
| Other comprehensive income | – | – | – | – | – |
| Total comprehensive income for the period | –62,014 | –51,043 | –115,561 | –99,690 | –256,415 |
| Amounts in SEK thousand | 06-30-2021 | 06-30-2020 | 12-31-2020 |
|---|---|---|---|
| ASSETS | |||
| Fixed assets | |||
| Property, plant and equipment | 17,736 | 6,206 | 5,212 |
| Financial assets | |||
| Shares in group companies | 74,066 | 108,838 | 74,066 |
| Other non-current receivables | 12,680 | 9,019 | 12,610 |
| Total financial assets | 86,746 | 117,857 | 86,676 |
| Total non-current assets | 104,481 | 124,063 | 91,888 |
| Current assets | |||
| Current receivables | |||
| Trade receivables | 24,413 | 21,210 | 51,384 |
| Other receivables | 7,180 | 3,864 | 5,148 |
| Prepaid expenses and accrued income | 76,826 | 86,507 | 72,935 |
| Total current receivables | 108,418 | 111,580 | 129,467 |
| Cash and bank | 129,332 | 230,745 | 242,247 |
| Current assets | 237,750 | 342,325 | 371,715 |
| TOTAL ASSETS | 342,232 | 466,388 | 463,603 |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Restricted equity | |||
| Share capital | 4,982 | 4,322 | 4,977 |
| Unrestricted equity | |||
| Share premium | 776,351 | 585,055 | 774,410 |
| Retained earnings | –508,889 | –252,474 | –252,474 |
| Profit/loss for the period | –115,561 | –99,690 | –256,415 |
| Total equity | 156,883 | 237,214 | 270,498 |
| Non-current liabilities | |||
| Non-current interest-bearing liabilities | 4,050 | 4,192 | 8,257 |
| Non-current non-interest-bearing liabilities | 4,050 | 4,192 | 8,257 |
| Current liabilities | |||
| Liabilities to subsidiaries | 244 | 264 | 285 |
| Trade and other payables | 21,370 | 35,928 | 29,421 |
| Other current liabilities | 1,314 | 984 | 1,192 |
| Deferred income/revenue | 158,371 | 187,805 | 153,949 |
| Current liabilities | 181,299 | 224,982 | 184,847 |
| TOTAL LIABILITIES | 185,349 | 229,174 | 193,104 |
| TOTAL EQUITY AND LIABILITIES | 342,232 | 466,388 | 463,603 |
| Amounts in SEK thousand | 2021 Apr – Jun |
2020 Apr – Jun |
2021 Jan – Jun |
2020 Jan – Jun |
2020 Jan – Dec |
|---|---|---|---|---|---|
| Cash flows from operating activities | |||||
| Earnings before income and tax | –62,014 | –51,043 | –115,561 | –99,690 | –256,415 |
| Adjustments for items not included in cash flow | 4,541 | 3,653 | 7,491 | –176 | 39,601 |
| Paid income taxes | – | – | – | – | – |
| Total | –57,473 | –47,390 | –108,070 | –99,866 | –216,814 |
| Increase (–)/Decrease (+) of trade and other receivables |
–19,887 | 38,893 | 20,979 | –11,389 | –52,381 |
| Increase (+)/Decrease (–) of trade and other payables |
–21,958 | 25,833 | –2,765 | 47,591 | 36,709 |
| Cash flow from current operations | –99,319 | 17,336 | –89,856 | –63,664 | –232,486 |
| Cash flow from investing activities | |||||
| Investments in subsidiaries | –5,063 | –3,201 | –9,616 | –6,519 | –10,148 |
| Acquisition of property, plant and equipment | –5,413 | –34 | –14,160 | –76 | –3,503 |
| Cash flow from investing activities | –10,476 | –3,235 | –23,776 | –6,595 | –13,651 |
| Cash flow from financing activities | |||||
| Exercised share options by employees | – | 3 | – | 3 | 3 |
| New share issue | 425 | 146,444 | 425 | 146,444 | 346,444 |
| Transaction expense | – | –10,337 | – | –10,337 | –20,584 |
| Cash flow from financing activities | 425 | 136,110 | 425 | 136,110 | 325,863 |
| Cash flow for the period | –109,369 | 150,211 | –113,208 | 65,851 | 79,726 |
| Cash and cash equivalents at beginning of period | 239,244 | 83,701 | 242,247 | 163,601 | 163,601 |
| Exchange rate differences in cash and cash equivalents |
–543 | –3,166 | 292 | 1,294 | –1,079 |
| Cash and cash equivalents at end of period | 129,332 | 230,745 | 129,332 | 230,746 | 242,247 |
This interim report has been prepared in accordance with IAS 34, Interim Financial Reporting, as well as applicable regulations from the annual accounts act. The interim report for the parent company has been prepared according to the Annual Accounts Act, chapter 9, Interim Report. For the Group and the parent company the same accounting principles and calculation bases as the previous annual report has been applied with the exception of the additional applications principles for accounting for license revenues described below on the new license agreements which is different in nature to licensing agreements previously reported. Information according to IAS 34.16A is included in these financial statements and related notes as well in other parts of this interim report.
Assets are classified as held for sale if their value, within one year, will be recovered through sale and not through continued use in the business. At the time of reclassification, assets and liabilities are valued at the lower of fair value, after deduction of selling expenses and the carrying amount. The assets are no longer depreciated after reclassification. The profit is limited to an amount corresponding to previously made write-downs. Gains and losses reported on revaluation and divestment are reported in the profit for the period.
When an independent line of business or a significant activity within a geographical area is divested, it is classified as a discontinued operation. The sale, or the time when the business meets the criteria for being classified as held for sale, determines when the business is to be classified as a discontinued business. The profit/loss after tax from discontinued operations is reported as a separate item in the income statement.
Report of revenue, operating profit/loss and profit/loss before tax per segment.
| Amounts in SEK thousand |
2021 Apr – Jun |
2020 Apr – Jun |
2021 Jan – Jun |
2020 Jan – Jun |
2020 Jan – Dec |
|---|---|---|---|---|---|
| Other revenues per segment |
|||||
| Biosimilars | 2,691 | 1,697 | 5,333 | 1,697 | 6,787 |
| Long-acting injectable drugs |
2,486 | – | 2,486 | – | – |
| Unallocated revenue | 906 | 3,586 | 2,345 | 8,489 | 13,865 |
| Total | 6,083 | 5,283 | 10,165 | 10,185 | 20,652 |
| or loss per segment | |||||
|---|---|---|---|---|---|
| Biosimilars | –47,404 | –42,059 | –89,924 | –87,542 | –190,497 |
| Long-acting injectable drugs |
833 | –1,343 | –26 | –3,403 | –6,017 |
| Unallocated revenue | –11,842 | –9,795 | –19,873 | –13,880 | –28,743 |
| Operating profit/loss | –58,413 | –53,197 | –109,823 | –104,825 | –225,257 |
| –754 | –201 | –612 | –406 | –769 |
|---|---|---|---|---|
| –55 | –68 | 385 | –127 | –274 |
| –9 | –27 | –17 | –59 | –90 |
| –690 | –106 | –980 | –220 | –406 |
| Total | 3,625 | 1,624 | 6,042 | 3,278 | 6,566 |
|---|---|---|---|---|---|
| Unallocated revenue | 172 | 107 | 248 | 220 | 430 |
| Long-acting injectable drugs |
447 | 443 | 900 | 913 | 1,799 |
| Biosimilars | 3,006 | 1,074 | 4,894 | 2,144 | 4,337 |
| amortization and write downs |
NOTE 3 Distribution of income
| Apr – Jun 2021 | |||||||
|---|---|---|---|---|---|---|---|
| Amounts in SEK thousand |
Biosimilars | Long-acting injectable drugs |
Unallocated/ administration |
Group | |||
| Income per region | |||||||
| Middle East | – | – | – | – | |||
| Asia | – | – | – | – | |||
| Europe | – | 2,486 | 884 | 3,370 | |||
| United States | 2,691 | – | 22 | 2,712 | |||
| Total | 2,691 | 2,486 | 906 | 6,083 | |||
| Income per category | |||||||
| Pharmaceuticals | – | – | – | – | |||
| Milestone payments from partners |
2,691 | – | – | 2,691 | |||
| Services and other | – | 2,486 | 906 | 3,392 | |||
| Total | 2,691 | 2,486 | 906 | 6,083 |
| Apr – Jun 2020 | ||||||
|---|---|---|---|---|---|---|
| Long-acting | ||||||
| Amounts in | injectable | Unallocated/ | ||||
| SEK thousand | Biosimilars | drugs | administration | Group | ||
| Income per region | ||||||
| Middle East | – | – | – | – | ||
| Asia | – | – | – | – | ||
| Europe | – | – | 3,541 | 3,541 | ||
| United States | 1,697 | – | 45 | 1,742 | ||
| Total | 1,697 | – | 3,586 | 5,283 | ||
| Income per category | ||||||
| Pharmaceuticals | – | – | – | – | ||
| Milestone payments | ||||||
| from partners | 1,697 | – | – | 1,697 | ||
| Services and other | – | – | 3,586 | 3,586 | ||
| Total | 1,697 | – | 3,586 | 5,283 |
| Jan – Jun 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Amounts in SEK thousand |
Biosimilars | Long-acting injectable drugs |
Unallocated/ administration |
Group | ||||
| Income per region | ||||||||
| Middle East | – | – | – | – | ||||
| Asia | – | – | – | – | ||||
| Europe | – | 2,486 | 2,083 | 4,569 | ||||
| United States | 5,333 | – | 263 | 5,596 | ||||
| Total | 5,333 | 2,486 | 2,346 | 10,165 |
| Income per category | ||||
|---|---|---|---|---|
| Pharmaceuticals | – | – | – | – |
| Milestone payments from partners |
5,333 | – | – | 5,333 |
| Services and other | – | 2,486 | 2,346 | 4,832 |
| Total | 5,333 | 2,486 | 2,346 | 10,165 |
NOTE 3 Distribution of income cont.
| Jan – Jun 2020 | |||||||
|---|---|---|---|---|---|---|---|
| Amounts in SEK thousand |
Biosimilars | Long-acting injectable drugs |
Unallocated/ administration |
Group | |||
| Income per region | |||||||
| Middle East | – | – | – | – | |||
| Asia | – | – | – | – | |||
| Europe | – | – | 8,389 | 8,389 | |||
| United States | 1,697 | – | 99 | 1,796 | |||
| Total | 1,697 | – | 8,488 | 10,185 |
| Income per category | |||||||
|---|---|---|---|---|---|---|---|
| Pharmaceuticals | – | – | – | – | |||
| Milestone payments | |||||||
| from partners | 1,697 | – | – | 1,697 | |||
| Services and other | – | – | 8,488 | 8,488 | |||
| Total | 1,697 | – | 8,488 | 10,185 |
| Jan – Dec 2020 | ||||||
|---|---|---|---|---|---|---|
| Amounts in SEK thousand |
Biosimilars | Long-acting injectable drugs |
Unallocated/ administration |
Group | ||
| Income per region | ||||||
| Middle East | – | – | – | – | ||
| Asia | – | – | – | – | ||
| Europe | – | – | 13,693 | 13,693 | ||
| United States | 6,787 | – | 171 | 6,958 | ||
| Total | 6,787 | – | 13,865 | 20,652 | ||
| Income per category | ||||||
| Pharmaceuticals | – | – | – | – | ||
| Milestone payments from partners |
6,787 | – | – | 6,787 | ||
| Services and other | – | – | 13,865 | 13,865 | ||
| Total | 6,787 | – | 13,865 | 20,652 |
NOTE 4 Transactions with related parties
Since 2019, STADA Arnzeimittel AG has been a shareholder in Xbrane (see the list of owners on page 5). Transactions with STADA relate to shared costs for the collaboration agreement with Xlucane.
The below table shows the different valuation levels of the financial assets and liabilities that are reported at fair value in the consolidated balance sheet. For a description of how fair value has been calculated, see Note 25 in the 2020 Annual Report. All entries assessed at fair value are defined as being Level 2. The fair value of financial assets and liabilities to acquisition value or accrued acquisition value is estimated to correspond to book values in all material aspects.
The total value of the currency derivatives held shows a neutral value at the balance sheet date. During the first quarter, no transfers were made between the different valuation levels.
| 06-30-2021 | 06-30-2020 | 12-31-2020 | |
|---|---|---|---|
| Amounts in SEK thousand | Level 2 | Level 2 | Level 2 |
| Financial assets | |||
| Other current receivables | – | – | – |
| Whereof currency derivatives | – | – | – |
| Total financial assets | – | – | – |
| Financial liabilities | |||
| Other current payables | – | – | – |
| Whereof currency derivatives | – | – | – |
| Total financial liabilities | – | – | – |
The Board of Directors and the CEO hereby certify that this Interim report provides a true and fair view of the Parent Company and the Group's operations, position and results and describes significant risks and uncertainties faced by the Company and the companies that are part of the Group.
Stockholm, August 12, 2021
Anders Tullgren Chairman of the Board
Eva Nilsagård Board member
Peter Edman Board member
Mats Thorén Board member Karin Wingstrand Board member
Giorgio Chirivì Board member
Ivan Cohen-Tanugi Board member
Martin Åmark CEO
The Company presents certain financial measures in the interim report that are not defined in accordance with IFRS. The Company believes that these measures provide valuable supplementary information to investors and the Company's management as they enable evaluation of the Company's performance. Since not all companies calculate financial measurements in the same way, these are not always comparable to measurements used by other companies. These financial measures should therefore not be seen as replacement for measures that are defined in accordance with IFRS. The tables below show measurements that are not defined in accordance with IFRS.
The gross margin is calculated as gross result in relation to the net sales. The gross margin is net sales minus cost of goods sold.
| Amounts in SEK thousand | 2021 Apr – Jun |
2020 Apr – Jun |
2021 Jan – Jun |
2020 Jan – Jun |
2020 Jan – Dec |
|---|---|---|---|---|---|
| Gross profit | –34 | – | –34 | – | – |
| Net sales | 2,486 | – | 2,486 | – | – |
| Gross margin | –1 % | – | –1 % | – | – |
Shows the business's earning ability from current operations without regard to capital structure and tax situation and is intended to facilitate comparisons with other companies in the same industry.
| Amounts in SEK thousand | 2021 Apr – Jun |
2020 Apr – Jun |
2021 Jan – Jun |
2020 Jan – Jun |
2020 Jan – Dec |
|---|---|---|---|---|---|
| Operating profit or loss | –58,413 | –53,197 | –109,823 | –104,825 | –225,257 |
| Depreciation, amortization and write downs |
–3,625 | –1,624 | –6,042 | –3,278 | –6,566 |
| EBITDA | –54,788 | –51,573 | –103,781 | –101,547 | –218,691 |
The company's direct costs for research and development relate to personnel, materials and external services costs. Research an development expenses as a percentage of operating expenses show the proportion of operating expenses relating to research and development. This is calculated by dividing research and development expenses by total operating expenses. Total operating expenses comprise of selling and distribution expenses, administrative expenses, research and development expenses and other operating expenses.
| Amounts in SEK thousand | 2021 Apr – Jun |
2020 Apr – Jun |
2021 Jan – Jun |
2020 Jan – Jun |
2020 Jan – Dec |
|---|---|---|---|---|---|
| Research and development expenses |
–51,749 | –43,809 | –97,769 | –90,031 | –203,301 |
| Total operating expenses | –61,976 | –56,856 | –117,467 | –111,732 | –245,909 |
| R&D expenses as a percentage of operating expenses |
83 % | 77 % | 83 % | 81 % | 83% |
Equity ratio is the proportion of assets funded by equity to show the company's long-term ability to pay, i.e. equity through total assets.
| Amounts in SEK thousand | 06-30-2021 | 06-30-2020 | 12-31-2020 |
|---|---|---|---|
| Total equity | 149,739 | 191,347 | 257,708 |
| Total assets | 383,804 | 437,524 | 463,763 |
| Equity ratio | 39 % | 44 % | 56% |
For further information: Martin Åmark, CEO [email protected] +46 76-309 37 77
Anette Lindqvist CFO/IR [email protected] +46 76-325 60 90
www.xbrane.com
Financial calendar Interim report January–September 2021 October 29, 2021 Year-end report 2021 February 16, 2022 Annual General Meeting May 5, 2022
Xbrane Biopharma AB | Retzius väg 8, SE-171 65 Solna, Sweden | www.xbrane.com
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.