Quarterly Report • May 17, 2018
Quarterly Report
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| SEK M | Jan-Mar | Full-year | |
|---|---|---|---|
| 2018 | 2017 | 2017 | |
| Net sales | 4.8 | 4.7 | 20.2 |
| Operating loss | -8.5 | -14.6 | *-102.5 |
| Loss after tax | -10.2 | -15.8 | *-108,8 |
| Loss per share (SEK) | -0.11 | -0.16 | -1.12 |
| Cash and cash equivalents (at close of the period) |
12.8 | 62.7 | 25.2 |
* of which write down of property SEK 50 M
| Helén Tuvesson, CEO | Active Biotech AB |
|---|---|
| Tel: +46 (0)46-19 21 56 | (Corp. Reg. No. 556223-9227) |
| Box 724, SE-220 07 Lund | |
| Hans Kolam, CFO | Tel: +46 (0)46-19 20 00 |
| Tel: +46 (0)46 19 20 44 |
The report is also available at https://www.activebiotech.com/en.
The patent application for tasquinimod for the treatment of multiple myeloma was approved in the US at the beginning of the year. A patent had already been granted in Europe which means that we have now secured patent protection in the core markets for tasquinimod for treatment of multiple myeloma until 2035. We are continuing preclinical activities in the project to support the clinical development in multiple myeloma in parallel with discussions with potential project partners.
In the SILC project, an additional patent from one of the patent families was granted in the US. We also continued our work to establish proof of concept for S100A9 as a target molecule in cancer.
At the Annual Meeting of the American Association for Cancer Research (AACR) in Chicago in April, our partner NeoTX presented preclinical data that suggests that ANYARA can enhance the efficacy of PD-1 inhibitors in various cancer models. This is important data that shows that ANYARA, through its tumor-targeted mode of action, can potentially increase the clinical benefit of immunoactivating PD-1 treatment. Preparations for a clinical study of ANYARA combined with a PD-1 inhibitor are ongoing and the study is scheduled to commence in late autumn 2018.
At the end of April, the results from the ARPEGGIO study of laquinimod in primary progressive MS were presented at the Annual Meeting of the American Academy of Neurology (AAN) in Los Angeles. As previously communicated, the study did not meet the primary endpoint as defined by percent brain volume change (PBVC) from baseline to week 48. However, MRI data shows a significant change in new T2 lesions with laquinimod treatment, which suggests that laquinimod also has an effect on inflammation in the CNS in patents with primary progressive MS. The results in the ARPEGGIO study did not support continued development of laquinimod in PPMS.
The new share issue approved at the beginning of the quarter was oversubscribed and has now been completed, thereby given us the possibility to achieve the results from ongoing clinical trials, finalizing partner discussions and ensuring value growth in the projects.
Active Biotech's project portfolio primarily includes projects for the development of drugs for the treatment of neurodegenerative diseases and cancer.
| PROJECT | PRIMARY INDICATION | DISCOVERY PHASE PRECLINICAL DEV. CLINICAL PHASE 1 CLINICAL PHASE 2 CLINICAL PHASE 3 | PARTNER | |
|---|---|---|---|---|
| RRMS (Allegro/ Bravo/Concerto) |
||||
| PPMS (Arpeggio) | ||||
| Laquinimod | Huntington's disease | |||
| (Legato-HD) | ||||
| Solid tumors | ||||
| ANYARA | NeaT | |||
| Combination with anti-PD1 |
||||
| PROJECT | PRIMARY INDICATION | DISCOVERY PHASE PRECLINICAL DEV. CLINICAL PHASE 1 CLINICAL PHASE 2 CLINICAL PHASE 3 | ||
|---|---|---|---|---|
| Tasquinimod | Prostate cancer | |||
| . | Multiple Myeloma . |
--------------------------------------- |
. | |
| Paquinimod Systemic Sclerosis | ||||
| SILC | Oncology |
Laquinimod is a once-daily oral, investigational, CNS-active immunomodulator with a novel mechanism of action being developed for the treatment of relapsing-remitting MS (RRMS), primary progressive MS (PPMS) and Huntington's disease (HD). Active Biotech has an agreement with Teva Pharmaceutical Industries Ltd since 2004 covering the development and commercialization of laquinimod.
The global clinical development program evaluating laquinimod in RRMS includes two previously completed Phase III studies, ALLEGRO and BRAVO and the Phase III trial, CONCERTO, evaluating laquinimod in 2,199 patients. Initial results from the CONCERTO trial were communicated in May 2017 and the primary endpoint of time to three-month confirmed disability progression (CDP), as measured by the Expanded Disability Status Scale (EDSS), was not met, nor after six and nine months treatment. However, other study results showed that the secondary endpoints were achieved. Change in brain volume – an indicator of disability progression over time – showed a 40-percent reduction compared to baseline, versus placebo at month 15 (p < 0.0001). Time to first relapse was extended (p = 0.0001). Annualized relapse rate showed a 25-percent risk reduction (p=0.0001). The number of gadolinium-enhancing T1 lesions at month 15 demonstrated a 30-percent reduction (p=0.004). The excellent clinical safety profile of laquinimod 0.6 mg daily, which has been previously studied with over 12,000 patient-years of exposure, was confirmed in the CONCERTO trial. Based on the results of CONCERTO, Teva, as previously announced, does not intend to continue the development of laquinimod in RRMS. Complete data will be published in a scientific journal.
In April 2015, the first patient was enrolled in the ARPEGGIO study, a randomized placebo-controlled Phase II trial evaluating laquinimod in PPMS. The primary endpoint of the study is brain atrophy, defined as the percentage of brain volume change as measured by MRI. Results from the study were communicated at the beginning of December and the primary endpoint, brain atrophy, as defined by percent brain volume change (PBVC) from baseline to week 48, was not met after daily oral doses of 0.6 mg laquinimod. The secondary endpoint of time to confirmed disability progression was also not met. There was, however, a reduction in new T2 lesions observed in patients treated with laquinimod 0.6 mg, suggesting an effect on inflammation of CNS even in patients with PPMS. The clinical safety profile of laquinimod 0.6 mg daily in PPMS patients resembled the safety profile demonstrated in relapsing remitting MS patients. The most common adverse events reported by patients treated with laquinimod 0.6 mg daily were nasopharyngities, headache, upper respiratory tract infection and back pain.
Development of laquinimod in Huntington's disease, a rare neurodegenerative disease, has also been initiated. Laquinimod has been granted Orphan Drug Designation for this indication by the FDA. The clinical Phase II LEGATO-HD clinical study is ongoing and will evaluate daily doses of laquinimod as a potential treatment for patients with Huntington's disease. The primary endpoint for LEGATO-HD is change from baseline in the Unified Huntington's Disease Rating Scale-Total Motor Scale (UHDRS-TMS) after 12 months of treatment versus placebo. Results from the study are expected during the second half of 2018.
TEVA presented data from the Phase II study of laquinimod in primary progressive MS, the ARPEGGIO study, at the AAN Annual Meeting in Los Angeles
ANYARA is a TTS (Tumor Targeting Superantigen) compound that increases the immune system's capacity to recognize tumors. Active Biotech has an agreement with NeoTX Therapeutics Ltd since 2016 covering the development and commercialization of ANYARA.
Clinically, the development of ANYARA has mainly focused on cancer forms with a high medical need. Positive data was reported from Phase I studies relating to lung cancer, renal cell cancer and pancreatic cancer, where ANYARA was studied both as a single agent (monotherapy) and in combination with an established tumor therapy – docetaxel (Taxotere®) – in patients with advanced cancer. The results showed that ANYARA was well tolerated both as monotherapy and in combination with docetaxel, and increased the immune system's capability to recognize
tumors. A Phase II/III trial of ANYARA in combination with interferon alpha in renal cell cancer demonstrated a favorable safety profile, but did not achieve its primary endpoint to show a prolonged overall survival (OS) in the intention to treat (ITT) population. Additional effects have been shown in preclinical tumor models when combining ANYARA and a checkpoint inhibitor.
The forthcoming clinical trial will be carried out in combination with an immunostimulating PD-1 inhibitor, a combination strategy in line with ANYARA's mode of action and supported by preclinical data.
NeoTX presented new preclinical data for ANYARA at the AACR Annual Meeting in Chicago in April
Tasquinimod is an orally active immunomodulatory substance that affects the tumor's ability to grow and spread.
Tasquinimod was primarily developed for the treatment of prostate cancer and has completed Phase I-III clinical trials. The results from the 10TASQ10 Phase III trial with tasquinimod in prostate cancer showed that treatment with tasquinimod reduced the risk of radiographic cancer progression or death compared to placebo in patients with metastatic castration resistant prostate cancer who have not received chemotherapy. However, the treatment with tasquinimod did not extend overall survival and development in prostate cancer was discontinued. Tasquinimod has a unique mode of action and demonstrates highly favorable results in preclinical models for multiple myeloma, a rare form of blood cancer with a high medical need. A patent providing for the treatment of this cancer form with tasquinimod was granted in Europe in January 2017, giving tasquinimod patent protection until 2035. In the first quarter, the patent application was also approved for tasquinimod for the treatment of multiple myeloma in the US. Tasquinimod has Orphan Drug Status for the treatment of multiple myeloma in the US (2017).
Active Biotech is seeking a collaboration partner with the right expertise for the further development of tasquinimod within this indication.
Paquinimod is a quinoline compound developed primarily for the treatment of systemic sclerosis, a rare disease of the connective tissue with an extensive medical need. Paquinimod has been granted orphan medicinal product status in the EU (2011) and Orphan Drug Status in the US (2014).
A clinical Phase I program to establish clinical dose, tolerability and pharmacokinetics has been carried out with paquinimod in healthy subjects and patients. An exploratory clinical study in patients with systemic sclerosis has been concluded and the results demonstrated a favorable safety profile and effects on disease-related biomarkers in line with paquinimod's mode of action. The next step in clinical development is to confirm these effects in a controlled Phase II trial to subsequently perform a pivotal study in this patient group.
Active Biotech is seeking a collaboration partner for the further development of paquinimod.
Active Biotech is seeking a collaboration partner for the further development of paquinimod. Events during the first quarter Out-licensing activities are continuing
SILC (S100A9 Inhibition by Low molecular weight Compounds) is a preclinical immuno-oncology project focused on S100A9 as the target molecule for the treatment of cancer. S100A9 is expressed in the tumor microenvironment and is involved in the development of cancer through recruitment and activation of specific immune cells that drive the development of cancer. Small substances that block the function of S100A9 represent a new therapeutic alternative to help the body's own immune system fight cancer. Chemical libraries of substances have been screened for binding to the target molecule and lead substances with good properties for further development have been identified. Three international patent applications have been filed for the purpose of obtaining patent protection for three, chemically unrelated substance groups. To date, patents have been granted for two patent families in Europe and the US.
Active Biotech is seeking a collaboration partner for the further development of the project.
Events during the first quarter
Other events after the end of period
The rights issue carried out in April 2018 encompassing 48,412,160 shares to existing owners was oversubscribed by about 30 percent and generated approximately SEK 46.9 M in proceeds for the company after issue expenses. As the issue was oversubscribed, the free of charge issue guarantee of SEK 10 M pledged by Peter Thelin was thus not utilized. The issue was registered with the Swedish Companies Registration Office on May 3, 2018.
Net sales amounted to SEK 4.8 million (4.7), of which rental revenues were SEK 4.1 million (3.6) and service revenues were SEK 0.7 M (1.1).
The operation's research and administration expenses amounted to SEK 13.4 M (19.3), of which research expenses totaled SEK 10.5 M (15.2), equivalent to a 31-percent reduction in expenses. During the reporting period, the company's research operations solely comprised activities aimed at supporting projects and patents for previously out-licensed projects, and activities to improve the conditions for identifying partners for the tasquinimod, paquinimod and SILC projects. The out-licensed projects, laquinimod, ANYARA and RhuDex, are financed in full by the relevant partners.
The operating loss for the period amounted to SEK 8.5 M (loss: 14.6). The year-on-year improvement in earnings is attributable in full to cost reductions carried out in operations.
Administration expenses amounted to SEK 2.9 M (4.1), the net financial expense for the period to SEK 1.7 M (expense: 1.8) and the loss after tax to SEK 10.2 M (loss: 15.8).
Cash and cash equivalents at the end of the period amounted to SEK 12.8 M, compared with SEK 25.2 M at the end of 2017.
Cash flow for the period was a negative SEK 12.4 million (neg: 15.0), of which cash flow from operating activities accounted for a negative SEK 10.5 million (neg: 13.4). Cash flow from financing activities was a negative SEK 1.8 M (neg: 1.6).
Investments in tangible fixed assets amounted to SEK 0.0 M (0.0).
Net sales for the period amounted to SEK 6.2 M (6.2) and operating expenses to SEK 16.0 M (24.2). The Parent Company's operating loss for the period was SEK 9.7 M (loss: 18.1). Net financial expense amounted to SEK 0.0 M (0.0) and the loss after financial items was SEK 9.7 M (loss: 18.1). Cash and cash equivalents including short-term investments totaled SEK 11.5 M at the end of the period, compared with SEK 21.2 M on January 1, 2018.
Consolidated shareholders' equity at the end of the period amounted to SEK 67.1 M, compared with SEK 77.7 M at year-end 2017.
The number of shares outstanding at the end of the period totaled 96,824,320. At the end of the period, the equity/assets ratio for the Group was 23.1 percent, compared with 25.6 percent at year-end 2017. The corresponding figures for the Parent Company, Active Biotech AB, were 74.8 percent and 78.8 percent, respectively.
The average number of employees during the reporting period was 17 (17), of which the number of employees in the research and development organization accounted for 8 (8). At the end of the period, the Group had 17 employees.
The Annual General Meeting will be held on May 17, 2018 at 5:00 p.m. at the company's premises at Scheelevägen 22, Lund, Sweden.
Active Biotech's 2017 Annual Report is available at the company's website www.activebiotech.com.
The Board of Directors proposes that no dividend be paid for the 2017 fiscal year.
The partnership agreements with Teva and NeoTX continue to have a decisive impact on the company's future revenues and financial position. Teva is financing a Phase II study of laquinimod in Huntington's disease with the results of this expected in the second half of 2018. Furthermore, NeoTX is expected to initiate the clinical development of ANYARA in combination with an immunostimulating PD-1 inhibitor in the second half of 2018.
At the end of March 2018, the company had a total of SEK 12.8 M in cash and cash equivalents, in addition to approximately SEK 46,9 M in proceeds was generated in the rights issue carried out in April. The sales process for the company's property in Lund is ongoing but has not yet been finalized.
A research company such as Active Biotech is characterized by a high operational and financial risk, since the projects in which the company is involved are at the clinical phase, where a number of factors have an impact on the likelihood of commercial success. In brief, the operation is associated with risks related to such factors as pharmaceutical development, competition, advances in technology, patents, regulatory requirements, capital requirements, currencies and interest rates. A detailed account of these risks and uncertainties is presented in the Directors' Report in the 2017 Annual Report. The Group's operations are primarily conducted in the Parent Company, which is why risks and uncertainties refer to both the Group and the Parent Company.
| Consolidated profit and loss | Jan-Mar | Full Year | |
|---|---|---|---|
| SEK M | 2018 | 2017 | 2017 |
| Net sales | 4,8 | 4,7 | 20,2 |
| Administrative expenses | -2,9 | -4,1 | -20,2 |
| Research and development costs | -10,5 | -15,2 | -49,4 |
| Other operating expenses | – | – | -53,3 |
| Operating profit/loss | -8,5 | -14,6 | -102,5 |
| Net financial items | -1,7 | -1,8 | -7,4 |
| Profit/loss before tax | -10,2 | -16,4 | -109,9 |
| Tax | – | 0,6 | 1,1 |
| Net profit/loss for the period | -10,2 | -15,8 | -108,8 |
| Comprehensive profit/loss attributable to: | |||
| Parent Company shareholders | -10,2 | -15,8 | -108,8 |
| Non-controlling interest | – | – | – |
| Net profit/loss for the period | -10,2 | -15,8 | -108,8 |
| Comprehensive profit/loss per share before dilution (SEK) | -0,11 | -0,16 | -1,12 |
| Comprehensive profit/loss per share after dilution (SEK) | -0,11 | -0,16 | -1,12 |
| Statement of profit and loss and consolidated comprehensive income | Jan-Mar | ||||
|---|---|---|---|---|---|
| SEK M | 2018 | 2017 | 2017 | ||
| Net profit/loss for the period | -10,2 | -15,8 | -108,8 | ||
| Other comprehensive income | |||||
| Items that can not be reclassified into profit or loss | |||||
| Change in revaluation reserve | – | 1,8 | 3,6 | ||
| Taxes attributable to other comprehensive income | – | -0,4 | -0,8 | ||
| Total comprehensive profit/loss for the period | -10,2 | -14,4 | -106,0 | ||
| Total other comprehensive profit/loss for the period attributable to: | |||||
| Parent Company shareholders | -10,2 | -14,4 | -106,0 | ||
| Non-controlling interest | – | – | – | ||
| Total comprehensive profit/loss for the period | -10,2 | -14,4 | -106,0 | ||
| Depreciation/amortization included in the amount of | 0,2 | 2,8 | 6,1 | ||
| Investments in tangible fixed assets | – | – | – | ||
| Weighted number of outstanding common shares before dilution (000s) | 96 824 | 96 824 | 96 824 | ||
| Weighted number of outstanding common shares after dilution (000s) | 96 824 | 96 824 | 96 824 | ||
| Number of shares at close of the period (000s) | 96 824 | 96 824 | 96 824 |
| Consolidated statement of financial position | Mar 31 | ||
|---|---|---|---|
| SEK M | 2018 | 2017 | 2017 |
| Tangible fixed assets -0,2 |
-0,3 1,6 |
327,7 | 1,7 |
| Long-term receivables – |
– 0,0 |
0,0 | 0,0 |
| Total fixed assets | 1,6 | 327,7 | 1,7 |
| Current receivables -0,1 |
0,2 5,1 |
7,3 | 5,2 |
| Assets held for sale 0,0 |
0,0 271,8 |
– | 271,8 |
| Cash and cash equivalents -12,4 |
-15,0 12,8 |
62,7 | 25,2 |
| Total current assets | 289,6 | 70,0 | 302,1 |
| Total assets | 291,2 | 397,7 | 303,8 |
| Shareholders equity -10,6 |
-13,9 67,1 |
168,7 | 77,7 |
| Long-term liabilities -0,1 |
1,7 0,2 |
208,6 | 0,3 |
| Current liabilities -2,0 |
-3,0 223,9 |
20,4 | 225,8 |
| Total shareholders equity and liabilities | 291,2 | 397,7 | 303,8 |
| Consolidated statement of changes in shareholders equity | Mar 31 | Dec 31 | |
|---|---|---|---|
| SEK M | 2018 | 2017 | 2017 |
| Opening balance | 77,7 | 182,6 | 182,6 |
| Loss for the period | -10,2 | -15,8 | -108,8 |
| Other comprehensive income for the period | – | 1,4 | 2,8 |
| Comprehensive profit/loss for the period | -10,2 | -14,4 | -106,0 |
| Transfer from revaluation reserve | – | 0,6 | 1,1 |
| New share issue | -0,3 | – | – |
| Balance at close of period | 67,1 | 168,7 | 77,7 |
| Condensed consolidated cash-flow statement | Jan-Mar | Full Year | |
|---|---|---|---|
| SEK M | 2018 | 2017 | |
| Loss after financial items | -10,2 | -16,4 | -109,9 |
| Adjustment for non-cash items, etc. | 0,2 | 2,8 | 56,6 |
| Cash flow from operating activities before changes in working capital | -10,1 | -13,6 | -53,3 |
| Changes in working capital | -0,4 | 0,2 | 6,9 |
| Cash flow from operating activities | -10,5 | -13,4 | -46,4 |
| New share issue | -0,3 | – | – |
| Loans raised/amortization of loan liabilities | -1,5 | -1,6 | -6,1 |
| Cash flow from financing activities | -1,8 | -1,6 | -6,1 |
| Cash flow for the period | -12,4 | -15,0 | -52,5 |
| Opening cash and cash equivalents | 25,2 | 77,7 | 77,7 |
| Closing cash and cash equivalents | 12,8 | 62,7 | 25,2 |
| Mar 31 | ||||
|---|---|---|---|---|
| Key figures | 2018 | 2017 | 2017 | |
| Shareholders equity, SEK M | 67,1 | 168,7 | 77,7 | |
| Equity per share, SEK | 0,69 | 1,74 | 0,80 | |
| Equity/assets ratio in the Parent Company | 74,8% | 91,8% | 78,8% | |
| Equity/assets ratio in the Group | 23,1% | 42,4% | 25,6% | |
| Average number of annual employees | 17 | 17 | 17 |
The equity/assets ratio and equity per share are presented since these are performance measures that Active Biotech considers relevant for investors who wish to assess the company´s capacity to meets its financial commitments. The equity/assets ratio is calculated by dividing recognized shareholders´equity by recognizes total assets. Equity per share is calculated by dividing recognized shareholders´equity by the number of shares.
| Consolidated profit and loss | 2014 | 2015 | 2016 | 2017 | 2018 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SEK M | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 |
| Net Sales | 2,1 | 2,7 | 2,6 | 2,9 | 2,9 | 3,2 | 5,2 | 5,0 | 3,9 | 3,9 | 4,1 | 7,1 | 4,7 | 5,1 | 5,1 | 5,4 | 4,8 |
| Administration expenses | -4,5 | -5,3 | -3,7 | -3,5 | -5,3 | -4,7 | -3,8 | -4,2 | -4,4 | -4,1 | -3,5 | -3,9 | -4,1 | -10,2 | -2,5 | -3,3 | -2,9 |
| Research and development costs | -56,9 | -55,3 | -54,6 | -55,1 | -55,0 | -68,7 | -23,6 | -29,0 | -15,6 | -14,3 | -11,7 | -16,7 | -15,2 | -14,6 | -9,1 | -10,4 | -10,5 |
| Other operating expenses | – | – | – | – | – | – | – | – | – | – | – | – | – | -3,3 | – | -50,0 | – |
| Operating profit/loss | -59,2 | -57,9 | -55,7 | -55,6 | -57,4 | -70,1 | -22,2 | -28,2 | -16,1 | -14,5 | -11,1 | -13,5 | -14,6 | -23,1 | -6,5 | -58,4 | -8,5 |
| Net financial items | -1,5 | -0,3 | -1,5 | -1,9 | -1,1 | -1,8 | -1,8 | -2,1 | -1,3 | -1,6 | -1,9 | -1,9 | -1,8 | -1,8 | -1,9 | -1,8 | -1,7 |
| Profit/loss before tax | -60,8 | -58,2 | -57,2 | -57,6 | -58,5 | -71,9 | -23,9 | -30,3 | -17,4 | -16,1 | -13,0 | -15,4 | -16,4 | -24,9 | -8,4 | -60,1 | -10,2 |
| Tax | 0,6 | 0,6 | 0,6 | 0,6 | 0,6 | 0,6 | 0,6 | -10,4 | 0,6 | 0,6 | 0,6 | 0,6 | 0,6 | 0,6 | – | – | – |
| Net profit/loss for the period | -60,2 | -57,7 | -56,6 | -57,0 | -58,0 | -71,4 | -23,4 | -40,8 | -16,8 | -15,5 | -12,4 | -14,8 | -15,8 | -24,4 | -8,4 | -60,1 | -10,2 |
| Active Biotech Parent Company - Income Statement, condensed | Jan-Mar | |||
|---|---|---|---|---|
| SEK M | 2018 | 2017 | 2017 | |
| Net Sales | 6,2 | 6,2 | 23,4 | |
| Administration expenses | -3,0 | -8,2 | -36,6 | |
| Research and development costs | -13,0 | -16,0 | -57,1 | |
| Other operating expenses | – | – | -56,3 | |
| Operating profit/loss | -9,7 | -18,1 | -126,6 | |
| Profit/loss from financial items: | ||||
| Interest income and similar income-statement items | 0,0 | 0,0 | 0,0 | |
| Interest expense and similar income-statement items | 0,0 | 0,0 | -0,2 | |
| Profit/loss after financial items | -9,7 | -18,1 | -126,8 | |
| Tax | – | – | – | |
| Net profit/loss for the period | -9,7 | -18,1 | -126,8 | |
| Statement of comprehensive income parent company | ||||
| Net profit/loss for the period | -9,7 | -18,1 | -126,8 | |
| Other comprehensive income | – | – | – | |
| Total comprehensive profit/loss for the period | -9,7 | -18,1 | -126,8 |
| Active Biotech Parent Company - Balance sheet, condensed Mar 31 |
Dec 31 | ||
|---|---|---|---|
| SEK M | 2018 | 2017 | 2017 |
| Goodwill | – -4,0 – |
60,6 | – |
| Tangible fixed assets | – ####### – |
0,5 | – |
| Financial fixed assets | – – 40,5 |
40,6 | 40,5 |
| Total fixed assets | 40,5 | 101,6 | 40,5 |
| Current receivables | -0,3 1,9 5,1 |
16,8 | 5,4 |
| Short-term investments -10,0 |
-20,0 9,7 |
48,7 | 19,7 |
| Cash and bank balances | 0,4 4,5 1,8 |
9,0 | 1,5 |
| Total current assets | 16,7 | 74,5 | 26,5 |
| Total assets | 57,2 | 176,0 | 67,0 |
| Sareholders equity -10,0 |
-18,1 42,8 |
161,5 | 52,8 |
| Current liabilities | 0,1 0,5 14,4 |
14,6 | 14,2 |
| Total equity and liabilities | 57,2 | 176,0 | 67,0 |
Any errors in additions are attributable to rounding of figures.
The interim report of the Group has been prepared in accordance with IAS 34 Interim Financial Reporting and applicable parts of the Annual Accounts Act. The interim report of the Parent Company has been prepared in accordance with Chapter 9 of the Annual Accounts Act. For the Group and the Parent Company, the same accounting policies and accounting estimates and assumptions were applied in this interim report as were used in the preparation of the most recent annual report.
The company's property is classified as "Assets held for sale." The implication of this is that its carrying amount will be recovered primarily through its sale and not through its use. An asset is classified as held for sale if it is available for immediate sale in its current condition and based on customary conditions, and it is highly likely that a sale will be completed. The property is recognized on a separate line under current assets in the statement of financial position. Upon initial classification as an asset held for sale, the property was recognized at fair value with deductions for selling expenses. Subsequent changes in value, both gains and losses, are recognized in profit or loss.
| Mar 31, 2018 | Dec 31, 2017 | |
|---|---|---|
| SEK M | Level 2 | Level 2 |
| Short-term investments | 9,7 | 19,7 |
The fair value of financial assets and liabilities essentially corresponds to the carrying amount in the balance sheet. For more information, refer to Note 17 in the 2017 Annual Report. No significant changes have occurred in relation to the measurement made at December 31, 2017.
This financial report includes statements that are forward-looking and actual results may differ materially from those anticipated. In addition to the factors discussed, other factors that can affect results are developments in research programs, including clinical trials, the impact of competing research programs, the effect of economic conditions, the effectiveness of the company's intellectual patent protection, obstacles due to technological development, exchange-rate and interest-rate fluctuations, and political risks.
Interim reports 2018: August 9 and November 15, 2018 Year-end report 2018: February 14, 2019 Annual General Meeting 2018: May 17, 2018
The reports will be available from these dates at http://www.activebiotech.com/en.
Active Biotech AB (publ)
Helén Tuvesson President and CEO
This interim report is unaudited.
Active Biotech AB (publ) (NASDAQ Stockholm: ACTI) is a biotechnology company with focus on neurodegenerative/inflammatory diseases and cancer. Laquinimod, an orally administered small molecule with unique immunomodulatory properties is in development for neurodegenerative diseases in partnership with Teva Pharmaceutical Industries Ltd. ANYARA, an immunotherapy, in development for cancer indications in partnership with NeoTX Therapeutics Ltd. Furthermore, commercial activities are conducted for the tasquinimod, paquinimod and SILC projects. Please visithttp://www.activebiotech.com/en for more information.
Active Biotech is obligated to make public the information contained in this report pursuant to the EU Market Abuse Regulation. This information was provided to the media, through the agency of the contact person set out above, for publication on May 17, 2018, at 16:00 p.m. CET.
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