Infant Bacterial Therapeutics

Annual / Quarterly Financial Statement • Feb 10, 2023

Interim report January 1-December 31, 2022

Fourth quarter (Oct-Dec) 2022

• Net sales KSEK 0 (0)
• Operating income KSEK -40 757* (-16 093)
• Earnings per share before and after dilution SEK -3.57 (-1.44)

Reporting period (Jan-Dec) 2022

• Net sales KSEK 0 (0)
• Operating income KSEK -65 808* (-44 578)
• Earnings per share before and after dilution SEK -5.83 (-4.01)

* Operational income includes exchange rate effects on foreign currency deposits for the purpose of securing future outflows during the third quarter amounting to KSEK -10 451 (-5 296) and during the reporting period amounting to KSEK 33 000 (18 846)

Significant events during the fourth quarter (Oct-Dec)

● The British Journal of Gastroenterology published in October an article based on IBT's "Connection Study" demonstrating that SFT is linked to serious disease progression including sepsis and bronchopulmonary dysplasia.

Significant events during the reporting period (Jan-Dec)

• On January 10, IBT announced that the Australian Patent Office has granted a patent entitled: "A method of activating lactic acid bacteria".
• On January 19, IBT announced that The Connection Study continues after the Data Monitoring Committee (DMC) had completed its pre-scheduled safety analysis without any concerns. At the same time a futility analysis was performed. Based on DMC recommendations and futility outcome, IBT is continuing the recruitment to the study as planned.
• On September 23, the FDA approved IBT's request for a new orphan drug designation for ROP (retinopathy of prematurity).

Significant events after the reporting period

• The British Journal of Gastroenterology published in January new results that validate "Sustained Feeding Tolerance" (SFT) as a relevant primary endpoint in "The Connection Study".
• On January 12, IBT announced it secured a probiotic drug platform that can prevent antibiotic-resistant hospital acquired infections.

Selected financial data

ooo's	2022	2021	2022	2021
	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
Net sales	-	-	-	-
Other income	9	-	12	94
Operating profit/loss	-40 757	-16 093	-65 808	-44 578
Result after tax	-40 116	-16 218	-65 451	-44 991
Total assets	349 619	408 478	349 619	408 478
Cash flow for the period	-22 040	-8 904	-83 911	-55 532
Cash flow per share for the period (SEK)	-1,96	-0,79	-7,47	-4,95
Cash	335 840	386 752	335 840	386 752
Earnings per share before and after dilution (SEK)	-3,57	-1,44	-5,83	-4,01
Equity per share (SEK)	29,55	35,21	29,55	35,21
Equity ratio (%)	95%	97%	95%	97%

Message from the CEO

The speed of recruitment of preterm infants into our large phase 3 study significantly increased in the final three months of 2022 compared to the corresponding period in previous years. In the last 12 months, we succeeded in stabilizing recruitment at around 50 babies per month. In the first half of 2023, IBT will evaluate an additional 12 neonatal intensive care clinics across the EU and the US for participation in the study to further accelerate the study rate. According to the study protocol, aligned with medical authorities, the study is to be expanded to an additional patient group when the recruitment has reached 1400 infants. This group includes larger premature infants with a birth weight of 1000-1500 grams. With this patient inclusion expansion, we expect the recruitment rate in the current year to exceed the 2022 rate. As of today, we have taken in 1345 (62%) of the planned total number of babies. If average 2023 recruitment increases to about 60 babies per month, it is reasonable to assume recruitment to be completed towards the end of the year.

We are now preparing for the conclusion of the challenging IBP-9414 development program initiated back in 2013. IBT's focus is now and moving forward aimed at preparing us, our product and market for the paradigm shift in the care of the premature baby that we anticipate our product will bring about. A recent example of preparing the market is that IBT already at this stage have been able to demonstrate, via analysis of blinded data, that our second primary endpoint (SFT) is validated. These results have been presented in the form of scientific publications in medical journals as well as presentations at several neonatal intensive care conferences during the fall of 2022. Please refer to our website for further details including the medical value proposition that these publications highlight which is at the core of our large phase 3 study. The published results also summarize clinical complications among the infants, which we continuously review via adverse events reporting, and that both the frequency and type of complications are in line with the expected outcome.

We today consider it established that the time to SFT (sustained feeding tolerance, a primary endpoint in the study) is a measure of how sick a child is. In summary, we see a statically established connection between this time and several serious disease states, of which sepsis, the need for antibiotics and growth are some examples. We will continue to publish and communicate scientific observations from the ongoing study in 2023. In addition, IBT is preparing for a commercial launch, which concretely means that IBT develops strategies across several commercial areas, including Market Access and Reimbursement, concurrently as market research will be carried out so that the product IBP-9414 can be launched in harmony with the dynamics of the market.

In terms of pre-launch preparations, negotiations are ongoing to ensure large-scale product availability of IBP-9414. I'm pleased to announce that we have secured, in late 2022, access to scaled up production sufficient in terms of capacity for several years after launch. In 2023, we expect to produce IBP-9414 across multiple locations, which is always preferable from a supply-chain perspective. Discussions are also ongoing with potential distribution partners, which I will get back to once finalized. We are considering what is best for IBT in the long term.

While we maintain our focus on IBP-9414, it is our intention to build on the unique knowledge that the development of this product has given us. IBP-1118, our project to prevent ROP (retinopathy of prematurity in prematurely born babies), has started. The aim is to generate a development plan to enable discussions with relevant pharmaceutical authorities, following the previously completed and successful IBP-9414 process.

First, we must understand what the regulatory requirements look like to obtain a market approval and establish early on that the product that the authorities want us to develop meets a medical and market need. IBP-1118 has thus not been allocated any significant resources because IBT's assets are earmarked to finish the drug development of IBP-9414. IBT has secured a license agreement, IBP-1122 for the prevention of antibiotic resistant bacteria. Work on the projects IBP-1122 (treatment against antibiotic-resistant bacteria) and IBP-1016 (gastroschisis) has also begun, with a similar focus on primarily developing a development plan.

In conclusion, I would like to take the opportunity to thank all the employees and experts around the world who with great commitment help us get closer to our vision through the development of probiotic drugs, especially with IBP-9414 which can play a very big role for the premature babies.

Stockholm, February 10, 2023

Staffan Strömberg CEO

IBT in brief

Infant Bacterial Therapeutics AB ("IBT") is a public company domiciled in Stockholm. The company's Class B shares are since September 10, 2018, listed on Nasdaq Stockholm (IBT B).

Infant Bacterial Therapeutics AB (publ) ("IBT") is a pharmaceutical company with a product in clinical phase III with a vision to develop drugs influencing the infant microbiome, and thereby prevent or treat rare diseases affecting infants.

IBT is currently developing the drug candidate IBP-9414. The ambition for IBP-9414 is to become the world's first approved probiotical drug with the goal to prevent life threatening diseases in premature infants including NEC and sepsis by conducting sound stomach-and bowel development in premature infants. IBP-9414 contains the active compound Lactobacillus reuteri, which is a human bacterial strain naturally present in breast milk.

The product portfolio also includes another project, IBP-1016, for the treatment of gastroschisis, a severe and rare disease affecting infants, IBP-1118 to prevent ROP (retinopathy of prematurity), a growing and serious condition that often leads to blindness among prematurely born babies and IBP-1122 for the prevention of antibiotic resistant hospital acquired infections. By developing these drugs, IBT has the potential to fulfill unmet needs for diseases where there are currently no prevention or treatment therapies available.

Description of IBT's development project IBP-9414

The development plan for IBP-9414 is to conduct a clinical program consisting of two clinical trials, the completed safety and tolerability study, followed by the ongoing pivotal phase III study, "The Connection Study". The safety and tolerability study was concluded as planned during the fourth quarter of 2017. The following pivotal phase III study, The Connection Study, was initiated on July 4, 2019.

The first study was a multicenter, randomized, double blind, parallel-group, dose escalation placebocontrolled study to investigate the safety and tolerability of IBP-9414 administered in preterm infants. This study included 120 preterm infants (prior to gestation week 32 with birth-weight ranging from 500 to 2 000 grams) randomized for treatment with IBP-9414 or placebo. The initial dose of the product was administered within 48 hours after birth and continued daily for a 14-day period and evaluated at intervals for up to six months post administration. The primary goal of this study was to evaluate safety and tolerability. The study was completed according to plan in the fourth quarter 2017 demonstrated that IBP-9414 was safe and tolerated by premature infants with birth-weight ranging from 500 to 2 000 grams, that they were well exposed to the study medicine, and that there were no indications of cross contamination of IBP-9414 in the preterm infants treated with placebo.

The ongoing pivotal phase III study will be designed to show and document the effect of IBP-9414 compared to placebo for the prevention of NEC and improvement of so-called feeding tolerance in premature infants with birth weights of 1 500g or less.

Risks and uncertainties

The value of the Company is largely dependent on success in the Company's development of IBP-9414, the successful completion of clinical trials and the grant of marketing authorization by the US Food and Drug Administration ("FDA") and/or the European Medicines Agency ("EMA"). IBT has not yet concluded any clinical development of any pharmaceutical and there is a risk that IBP-9414 will not demonstrate the required effect. If the development on IBP-9414 is unsuccessful, IBT may try to focus on other projects but there is a risk that such projects will not be successful.

Financial risk management

A predominant share of IBT's development costs are commitments in foreign currencies. The currencies against which IBT has the greatest exposure are USD and EUR.

Currency risk is the risk that the value of assets and liabilities fluctuate due to changes in exchange rates. Should the SEK increase or depreciate versus the specific currency, it could have a significant impact on the Company's financial position and results. The company has deposits in foreign currencies and an increase in the SEK generates a negative currency effect (see Notes 1, 2 and 3).

Capital is deemed sufficient to conduct the planned pivotal phase III clinical study, and operational costs until application for market approval.

For further information on risks and uncertainties please refer to IBT's Annual Report 2021 and IBT's Rights Issue Prospectus dated January 10, 2018 on the Company's homepage www.ibtherapeutics.com.

Financial calendar

Annual report 2022	March 22, 2023
Interim report January – March 2023	May 8, 2023
Annual General Meeting	May 8, 2023
Interim report January – June 2023	August 25, 2023
Interim report January – September 2023	November 10, 2023

The Annual General Meeting will be held May 8, 2023 at 3.00pm in Stockholm

Contact persons

Staffan Strömberg, CEO Maria Ekdahl, CFO

Contact information

Infant Bacterial Therapeutics AB (Reg. no. 556873-8586) Bryggargatan 10 111 21 Stockholm, Sweden Telephone: +46 76 219 37 38 info@ibtherapeutics.com www.ibtherapeutics.com

Publication

The Report was submitted for publication, by the CEO, at 08.00 on February 10, 2023.

Financial development - fourth quarter (Oct – Dec) 2022

Amounts are reported in KSEK (SEK in thousands). Amounts in parenthesis refer to the period in the previous year unless stated otherwise.

Costs

Costs for the ongoing IBP-9414 clinical trial are reported net of exchange rate effects on foreign currency deposits. Exchange rate effects during the fourth quarter amounted to KSEK -10 451 (5 296). (Note 1,2).

Operational costs amounted to KSEK 30 315 (21 239) prior to exchange rate effects on foreign currency deposits, and after exchange rate effects to KSEK 40 766 (16 093).

Costs for the ongoing IBP-9414 clinical trial amounted to KSEK 24 111 (15 557) prior to exchange rate effects.

Personnel costs amounted to KSEK 4 867 (4 612).

Other external costs amounted to KSEK 1 337 (1 220).

Result and financial position

Operational result amounted to KSEK -40 757 (-16 093) and result after financial items amounted to KSEK -40 116 (-16 218).

Result after tax amounted to KSEK -40 116 ( -16 218)

Result per share prior and after dilution amounted to SEK -3.57 (-1.44).

Cash flow for the period amounted to KSEK -22 040 (-8 904). Cash flow per share amounted to SEK - 1.96 (-0.79)

Financial development – reporting period (Jan - Dec) 2022

Costs

Costs for the ongoing IBP-9414 clinical trial are reported net of exchange rate effects on foreign currency deposits. Exchange rate effects during the third quarter amounted to KSEK 33 000 (18 846). (Note 1, 2).

Operational costs amounted to KSEK 98 819 (63 518) prior exchange rate effects on foreign currency deposits, and after exchange rate effects to KSEK 65 818 (44 672).

Costs for the ongoing IBP-9414 clinical trial amounted to KSEK 74 218 (42 196) prior to exchange rate effects.

Personnel costs amounted to KSEK 18 933 (15 789).

Other external costs amounted to KSEK 5 668 (5 533).

Result and financial position

Operational result amounted to KSEK -65 808 (-44 578) and result after financial items amounted to KSEK -65 451 (-44 991).

Result after tax amounted to KSEK -65 451 (-44 991).

Result per share prior and after dilution amounted to SEK -5.83 (-4.01).

Cash flow for the period amounted to KSEK -83 911 (-55 532). Cash flow per share amounted to SEK

-7.47 (-4.95).

Prepaid expenses amounted to approximately KSEK 1 716 (9 140) and mainly refer to rentals and insurance.

Accrued expenses amounted to approximately MSEK 8 667 (7 648) are mainly driven by research-, development and personnel and consultant costs.

The company´s cash balance on December 31, 2022, amounted to 335 840 compared to KSEK 386 752 on December 31, 2021.

The company´s sharholder´s equity on December 31, 2022, amounted to KSEK 331 705 compared to KSEK 395 254 on December 31, 2021. Shareholder´s equity per share on December 31, 2022 amounted to SEK 29.55 compared to 35.21 on December 31, 2021.

The company´s equity ratio on December 31, 2022 amounted to 95% compared to 97% on December 31, 2021.

Operational costs in total prior to exchange rate gains increased during the reporting period compared to the previous year.

Costs for the ongoing clinical study increased regarding production of clinical trial material, trial insurance coverage, patient recruitment and dosing in the ongoing phase III study which was initiated in 2019.

Personnel costs have increased during the reporting period compared to the same period last year due to bonuses related to the introduction of a new share-based incentive scheme. Bonus payments amounted to approximately SEK 3.9 million.

On a rolling twelve-month period, the company had 7 (8) fulltime equivalent employees, The company had 8 (8) employees on the balance sheet date.

Other external costs are at the same level as the corresponding period last year.

During 2017 and 2018, IBT has carried out new issues amounting to approximately MSEK 528 after transaction costs. The capital is considered sufficient for the ongoing Phase III study and the company's operations until the application for marketing approval, which is expected to take place in the first half of 2024.

Tax position

IBT has accumulated operational losses since the company was established in 2012 and until yearend of 2022 amounting to approximately MSEK 371 (305). Deferred tax receivables are reported when it is likely that future taxable income will be available against which the temporary differences may be utilized. The company has not reported any temporary tax receivables in its statement of financial position.

Macroeconomic situation

The general macroeconomic situation regarding inflation and cost increases contributes to some uncertainty and it cannot be excluded that IBT will be affected by this in the future. So far, IBT has countered cost increases by buying USD and EUR in the past when the exchange rate was more favorable.

Shares

On January 1, 2022, and December 31, 2022, respectively, the total number of shares amounted to 11,226,184 shares of which 377,736 class A-shares carrying ten votes and 10,848,448 class B-shares carrying one vote.

IBT´s class B share was listed on Nasdaq Stockholm on September 10, 2018.

IBT´s closing share price on December 31, 2022 amounted to SEK 50.

Analysts covering IBT:

SEB : Christopher W. Uhde, PhD, Carl Mellerby, Mattias Vadsten

Ownership December 31, 2022

	Class A	Class B	Share capital	Votes
Namn	shares	shares	%	%
ANNWALL & ROTHSCHILD INVESTMENT AB	377,736	510,478	8.09	29.31
SIX SIS AG W8IMY		1,194,861	10.64	8.17
FJÄRDE AP-FONDEN		1,120,000	9.98	7.66
SWEDBANK ROBUR		540,000	4.81	3.69
AMF AKTIEFOND		501,585	4.47	3.43
TREDJE AP-FONDEN		501,579	4.47	3.43
SKANDINAVISKA ENSKILDA BANKEN		347,673	3.10	2.38
ÅLANDSBANKEN ABP		331,390	2.95	2.27
UNIONEN		322,196	2.87	2.20
DANGOOR, DAVID		306,421	2.73	2.10
Total10 largest shareholders	377,736	5,676,183	53.04	64.64
Other shareholders		5,172,265	46.97	35.36
Total	377,736	10,848,448	100	100

Source: Euroclear Sweden

Nb: This is a translation of the Swedish interim report. If any discrepancies exist, the Swedish version shall prevail.

Board's assurance

The Board of Directors and CEO hereby certify that this report gives a true and fair presentation of the Company´s operations, financial position and result of operations, and describes material risks and uncertainties facing the Company.

Stockholm, February 10, 2023

Peter Rothschild Anthon Jahreskog Margareta Hagman Chairman Director Director

Eva Idén Kristina Sjöblom Nygren Staffan Strömberg Director Director CEO

This report has not been subject to review by the company´s auditor.

Income statement

SEK 000	2022	2021	2022	2021
	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
Net Sales	-	-	-	-
Other Income	9	-	12	94
Research- and
development costs	-40 766	-16 093	-65 820	-44 672
Operating result	-40 757	-16 093	-65 808	-44 578
Result from financial items
Interest income and similar profit / loss items	650	-	650	-
Interest expense and similar profit / loss items	-9	-125	-293	-413
Result after financial items	-40 116	-16 218	-65 451	-44 991
Result for the period*	-40 116	-16 218	-65 451	-44 991
* Result for the period equals total
Result per share
before and after dilution*	-3.57	-1.44	-5.83	-4.01
Number of shares, weighted average*	11 226 184	11 126 184	11 226 184	11 226 184
Number of shares at end of period**	11 226 184	11 126 184	11 226 184	11 226 184
* No dilution effects exist
**On December 31, 2022, allocation of emitted shares amounted to 377,736 A-shares carrying
10 votes per share and 10,848,448 B-Shares carring 1 vote per share

Balance sheet

SEK 000	Note	12/31/22	12/31/21
ASSETS
Non-current assets
Intangible non-current assets
Activated developtment costs		10 518	11 334
Shares in subsidiary		70	50
Total non-current assets		10 588	11 384
Current assets
Current receivables
Accounts receivable		-	-
Other receivables		1 474	1 202
Prepaid expenses and accrued income		1 716	9 140
Total Current assets		3 191	10 342
Cash and cash equivalents	2,3	335 840	386 752
Total Current assets		339 031	397 094
TOTAL ASSETS		349 619	408 478
EQUITY AND LIABILITIES
Equity
Restricted equity
Share capital		3 060	3 060
Unrestricted equity
Share premium reserve		670 926	669 022
Accumulated losses		-276 829	-231 837
Net loss for the year		-65 451	-44 991
Total equity		331 705	395 254
Liabilities
Current liabilities
Accounts payable		8 746	4 797
Other current liabilities		500	779
Accrued expenses and prepaid income		8 667	7 648
Total current liabilities		17 913	13 224
TOTAL EQUITY AND LIABILITIES		349 619	408 478

Statement of changes in equity

SEK 000	Restricted equity	Unrestricted equity
	Share capital	Share premiium reserve	Accumulate d losses incl. Loss for the	Total equity
Opening equity on Jan 1, 2021	3 060	668 931	-231 837	440 154
Net income for the period			-44 991	-44 991
Total comprehensive income			-44 991	-44 991
Shareholder transactions
Warrants		91		91
Closing equity on Dec 31, 2021	3 060	669 022	-276 828	395 254
Opening equity on Jan 1, 2022	3 060	669 022	-276 828	395 254
Net income for the period			-65 451	-65 451
Total comprehensive income			-65 451	-65 451
Sharholder transactions				0
Warrents		1 904		1 904
Closing equity Dec 31, 2022	3 060	670 926	-342 279	331 705

Statement of cash flow

SEK 000	2022	2021	2022	2021
	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
Operating activities
Operating profit / loss	-40 757	-16 093	-65 808	-44 578
Interest income received	650	-	650	-
Paid interest costs	-9	-125	-293	-413
Adjusment for non - cash flow affecting items:
Depreciation production process	204	204	816	816
Value variance currency accounts	10 451	-5 296	-33 000	-18 846
Cash flow from operating activities before
changes in working capital	-29 461	-21 310	-97 635	-63 021
Cash flow from changes in working capital
Increase (-) / Decrease (+) in operating receivables	14 048	9 162	7 151	4 338
Increase (-) / Decrease (+) in operating liabilities	-6 627	3 244	4 689	3 060
Cash flow from operating activities	-22 040	-8 904	-85 795	-55 623
Financing activities Nyemission
Shareholder contribution IBT Baby AB	-	-	-20	-
Warrents	-	-	1 904	91
Cash flow from financing activities	0	0	1 884	91
Cash flow for the period	-22 040	-8 904	-83 911	-55 532
Unrealized exchange rate difference in cash	-10 451	5 296	33 000	18 846
Cash and cash equivalents at the beginning of the period	368 331	390 360	386 752	423 438
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD	335 840	386 752	335 840	386 752

Note 1 Accounting principles

The interim report has been prepared in accordance with IAS 34 interim reporting, and the Annual Accounts act, Årsredovisningslagen. The company´s reporting has been prepared in accordance with the Annual Accounts act, Årsredovisningslagen and as stipulated by RFR 2 Reporting for legal entities. Disclosures in accordance with IAS 34 are presented in Notes as well as in other sections in the interim report.

IBT has adopted the same accounting principles and calculation methods as those described in the 2021 annual report. New principles are not expected to impact the company´s financial reports.

IBT has no transaction to report under other comprehensive income and thus presents information thereon under the income statement.

IBT has deposits in foreign currencies. Effects of foreign currency exchange rates are reported in the company´s financial statements at market value in the income statements item research-and development costs (Notes 2 and 3)

Amounts are reported in KSEK (SEK in thousands). Amounts in parenthesis refer to the same period in the previous year unless stated otherwise.

Note 2 Financial instruments

Fair value of other receivables, cash, accounts payable and other liabilities are estimated to equal book value (accumulated cost) due to the short duration.

Financial assets and liabilities valued at fair value hierarchy 1 in the income statement. Income effects are reported in the income statement item research-and development costs.

Note 3 Liquidity

The company´s liquidity consists solely of cash deposits held at Danske Bank and SEB. Total liquidity on the balance sheet date on December 31, 2022 amounted to MSEK 335.8 (386.8) of which USD amounted to MSEK 180.9 (200.4) and EUR amounted to MSEK 35.8 (45.2).

Note 4 Share based incentive programs

IBT had on the balance sheet date, December 31 2022, two outstanding warrant programs.

Warrants 2017/2022

The warrants have expired during the second quarter 2022 with no subscriptions as the strike price was in excess of the current market share price.

Warrants 2020/2024

As below and as described in the 2021 annual report

Warrant holders	2020/2024	Number allotted 2022-12-31	Number issued 2022-12-31	Number allotted 2021-12-31	Number allotted 2021-12-31
Staffan Strömberg , CEO		50 000	50 000	50 000	50 000
Anders Kronström		40 000	40 000	40 000	40 000
Other employees		154 073	154 073	144 073	154 073
Total		244 073	244 073	234 073	244 073

Warrants 2022/2025

On May 4, 2022, the Annual General Meeting decided on an incentive program by designated issue of warrants to the subsidiary IBT Baby AB. The maximum number of warrants to be issued are 305 400.

In June, 2022, 272 000 warrants were allotted at market terms at a price determined by calculating the market price at the time of issue using the Black & Scholes method of valuation.

The holder of warrants may during the period from June 1, 2025 through September 30, 2025, for each warrant subscribe for one point one (1) new class B share in the company at a subscription price per share amounting to SEK 129,56. On the balance sheet date, June 30, 2022 a total of 272 000 warrants had been allotted. The remaining 32 500 warrants have not been issued.

The warrants are subject to first right of refusal stipulating that the warrants shall be sold back to IBT Baby AB should the employee, from the date of signing, terminate employment within one year by 100%, within two years by 75 %, within three years by 50 %, and after three years the holder may keep the warrants.

Based on the existing number of shares the dilution resulting from the adopted incentive program, provided that all warrants are utilized for subscription of class B-shares, amounts to approximately 2.37 percent of shares, and 1.83 percent of votes.

The warrants carry no dividend rights. The warrants are issued at market value and have thus, have not resulted in any benefits which require accruals for social costs in the parent company. The subscription price per share exceeds the market price of IBT´s share on the balance sheet date which means that the warrants do not cause any dilution when calculating result per share.

Total market price for the 272 000 allotted warrants during the second quarter 2022 amounts to KSEK 1 904, which is reported directly as shareholders equity in IBT.

Warrant holders	2022/2025	Number allotted 2022-12-31	Number issued 2022-12-31	Number allotted 2021-12-31	Number allotted 2021-12-31
Staffan Strömberg , CEO		120 000	120 000	0	0
Anders Kronström		75 000	75 000	0	0
Robert Molander		20 000	20 000
Other employees		57 000	57 000	0	0
Total		272 000	272 000	0	0

IBT´s two outstanding warrant programs in summary:

Issued warrants, year	Number allotted	Stike price	Value per allotted warrant	Volatility ಕ್ಕೋ	Risk free interest, %	Value per share, weighted average	Expiry Year
2020 ( 2020/2024)	87 543	400	14.24	40	-0.3	170	2024
2020(2020/2024)	97 484	400	4,86	40	-0.3	125	2024
2021 (2020/2024)	49 046	400	1,78	40	-0.3	105	2024
2021 (2020/2024)	10 000	400	0,29	40	-0.3	81	2024
2022 (2022/2025)	272000	129,56	7,00	40	1,32	66,9	2025
Total	516 073

*Expected future volatility is ascertained by comparison of historical average and median values for comparable listed companies in the same sector as IBT based on analysis in S&P Capital IQ.

Note 5 Related party transactions

Compensations to the Board of directors are paid in accordance with the annual general meeting. The Chairman of the Board, Mr Peter Rothschild, receives Board fees amounting to KSEK 300 per annum, and KSEK 400 annually as operational Chairman.

Mr Robert Molander has invoiced consultancy fees up to the month of April, KEK 915 mainly related to the commercialisation of IBP-9414. From May, Robert Molander has invoiced KSEK 1,893 as fees for his position as CCO at IBT. During the period, Eva Idén has invoiced KSEK 15, for consultancy fees, related to help with the sustainability report and policies.

Otherwise, there have been no material transactions with related parties.

Note 6 Alternative key figures

The company presents some 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 presentation. Since not all companies calculate financial measures in the same way, these are not always comparable to measures used by other companies. These financial measures should therefore not be seen as a substitute for measures defined in accordance with IFRS. The key ratios below are not defined in accordance with IFRS unless otherwise stated.

For definitions and other reasons, refer to the Annual Report 2021.

Deduction of certain key figurer

	2022	2021	2022	2021
	Oct - Dec	Oct - Dec	Jan - Dec	Jan - Dec
Cash flow per share
Cash flow for the period, 000's	-22 040	-8 904	-83 911	-55 532
Average number of shares	11 226 184	11 226 184		11 226 184 11 226 184
Cash flow per share (SEK)	-1,96	-0,79	-7,47	-4,95
Equity per share
Equity, 000's	331 705	395 254	331 705	395 254
Number of shares at end of period	11 226 184	11 226 184		11 226 184 11 226 184
Equity per share (SEK)	29,55	35,21	29,55	35,21
Equity ratio
Equity, 000's	331 705	395 254	331 705	395 254
Total equity and liabilities, 000's	349 619	408 478	349 619	408 478
Equity ratio %	95%	97%	95%	97%