Annual Report • Feb 8, 2024
Annual Report
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* Operational income includes exchange rate effects on foreign currency deposits to secure future outflows during the fourth quarter amounting to KSEK -9 387 (-10 451) and during the reporting period Jan- Dec amounting to KSEK -2 074 (33 000)
| 000´s | 2023 | 2022 | 2023 | 2022 |
|---|---|---|---|---|
| Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec | |
| Net Sales | - | - | - | - |
| Other income | - | 9 | 77 | 12 |
| Operating profit / loss | -45 652 | -40 757 | -134 617 | -65 808 |
| Result after tax | -40 891 | -40 116 | -123 068 | -65 451 |
| Total assets | 351 335 | 349 619 | 351 335 | 349 619 |
| Cash flow for the period | -28 757 | -22 040 | -4 704 | -83 911 |
| Cash flow per share for the period (SEK) | -2.13 | -1.96 | -0.38 | -7.47 |
| Cash | 329 064 | 335 840 | 329 064 | 335 840 |
| Earnings per share before and after dilution (SEK) | -3.04 | -3.57 | -9.95 | -5.83 |
| Equity per share (SEK) | 22.65 | 29.55 | 22.65 | 29.55 |
| Equity ratio (%) | 87% | 95% | 87% | 95% |
2023 was a very eventful year for IBT, as we pushed forward with the development of our clinical program IBP-9414 and achieved several milestones. During the year, we completed the final planned safety data review from the ongoing Phase III study. The fact that we now have no further protocolrelated analyses remaining, combined with the current recruitment at the time of writing being 96% of infants, means that we are truly entering the final stretch towards our goal. IBT's clinical team is doing an incredible job. IBT is conducting the largest study on premature infants ever, across ten countries during a pandemic. I want to thank everyone for their creative solutions and unwavering determination to complete the study. Now is the time to look ahead, towards the next steps in the development plan, and to prepare IBT for the launch of IBP-9414 on the market.
While the clinical team continues to drive recruitment forward, work is ongoing to 'clean' all the raw patient data from the infants who have completed the study. Additionally, efforts are underway to finalize the analysis plan that will provide us with definitive results regarding the safety and efficacy of IBP-9414 compared to placebo. I look forward with great confidence to the day we gather in a room to unveil the eagerly awaited results.
IBT is also planning its future after the results with developments in the following areas: the commercial, production-related, and regulatory aspects. The commercial team has strengthened over the past quarters with additional staff to develop Payer Access and Medical Affairs. Various activities are ongoing, including the work on naming IBP-9414 and conducting additional market research.
The production of IBP-9414 is in the process of validation, leading to the commercial product being manufactured in the summer of 2024. In the second quarter, we will also launch our logistics department to begin preparations for the commercial distribution of IBP-9414.
Furthermore, IBT will expand its internal regulatory department in Q2 of this year and has already appointed the head position. This is a necessity as there are numerous documents to be handled for IBT to obtain market approval in the USA and other key markets. For example, IBT's TMF (trial master file) must be complete, which in turn means collecting a large amount of information, including approximately a couple of thousand CVs from individuals involved in the IBP-9414 study.
We aim to complete recruitment in Q1/Q2 to obtain clinical results from the Phase III study by the later part of the summer. The next significant step for IBT will be to apply for market approval, starting in the United States with an expected application submission in Q4 2024 or no later than Q1 2025. Soon thereafter, we plan to apply in other important parts of the world, such as Europe.
Finally, I want to conclude by commenting on our early-stage projects. We have appointed Professor Thomas Schnitzer as Chief Scientific Officer, focusing on leading the three other projects in IBT's development portfolio. We are very pleased that Professor Schnitzer has joined. His expertise is a brilliant addition to IBT. Thomas is a professor at Northwestern University in Chicago and will start in his new role at IBT part-time.
IBP-1016, our project on Gastroschisis, is intentionally on hold right now as we do not have the capacity to conduct two clinical studies simultaneously.
Regarding IBP-1118 for the prevention of ROP (an eye disease that causes many prematurely born infants to go blind), are the current focus on pre-clinical (TOX and DMPK) activities.
IBP-1122, which combats antibiotic-resistant bacteria in a novel way, is led by a project manager working in Chicago together with Professor Schnitzer. In February 2024, the European Patent Office announced that the patent for IBP-1122 has also been approved in the EU. This means that IBT now has good exclusivity protection for a future product in both the USA and Europe.
Thanks again to all employees and everyone else who is committed to driving IBT forward.
Stockholm February 7, 2023
Staffan Strömberg, CEO
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).
IBT is a pharmaceutical company whose purpose is to develop and market drugs targeting diseases affecting prematurely born infants or caused by antibiotic-resistant bacteria.
IBT's main focus is on its drug candidate IBP-9414, whose development program is designed to demonstrate a reduced incidence of necrotizing enterocolitis (NEC) and whether prematurely born infants achieve improved sustained feeding tolerance (SFT) when treated with the active substance Lactobacillus reuteri, a bacterial strain naturally found in human breast milk. IBP-9414 is currently in an ongoing registration-enabling the pivotal Phase III study and is the company's most advanced development project.
The portfolio also includes drug candidates, IBP-1016, IBP-1118, and IBP-1122. IBP-1016 is for the treatment of gastroschisis, a life-threatening and rare condition where the child is born with externalized abdominal organs. IBP-1118 aims to prevent ROP (retinopathy of prematurity), a leading cause of blindness in premature infants, while IBP-1122 aims to eliminate vancomycin-resistant enterococci (VRE), which cause antibiotic-resistant hospital acquired infections.
By developing these drugs, IBT has the opportunity to address medical needs where no available treatments currently exist.
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 and is ongoing.
The first study was a multicenter, randomized, double blind, parallel-group, dose escalation placebo controlled 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 and demonstrated that IBP-9414 was safe and well 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 aims to demonstrate and document the effect of IBP-9414 compared to placebo with regard to two primary endpoints: prevention of NEC and improvement of sustained feeding tolerance (SFT) in preterm infants with birth weights of 1 500 grams or less. This study will also encompass safety evaluations.
Given the urgent need for an effective preventive treatment for NEC, IBT plans to utilize the accelerated procedures provided by the FDA and EMA to expedite the process of obtaining market authorization as quickly as possible.
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.
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).
The company´s equity and liquid funds are deemed sufficient for the implementation of the ongoing Phase III study, and the company´s operations until the application for market approval, which is expected to take place in 2024.
For further information on risks and uncertainties please refer to IBT's Annual Report 2022 and IBT's Rights Issue Prospectus dated June 13, 2023 on the Company's homepage www.ibtherapeutics.com.
Annual report 2023 March 25, 2024 Interim report January – March 2024 May 7, 2024, at 16:00 CET Interim report January – June 2024 August 28, 2024, 08:30 CET Interim report January – September 2024 November 14, 2024, 08:30 CET
The Annual General Meeting will be held May 8, 2024 at 16:00 – 18:00 CET in Stockholm
Staffan Strömberg, CEO
Maria Ekdahl, CFO
Infant Bacterial Therapeutics AB (Reg. no. 556873-8586) Bryggargatan 10 111 21 Stockholm, Sweden Telephone: +46 76 219 37 38 [email protected] www.ibtherapeutics.com
Amounts are reported in KSEK (SEK in thousands). Amounts in parenthesis refer to the period in the previous year unless stated otherwise.
Costs for the ongoing IBP-9414 clinical trial are reported net of exchange rate effects on foreign currency deposits. Exchange rate effects during the fourht quarter 2023 amounted to KSEK -9 387 (-10 451). (Note 1,2).
Operational costs amounted to KSEK 36 265 (30 315) prior to exchange rate effects on foreign currency deposits and after exchange rate effects to KSEK 45 652 (40 766).
Costs for the ongoing IBP-9414 clinical trial amounted to KSEK 28 604 (24 111) prior to exchange rate effects.
Personnel costs amounted to KSEK 5 063 (4 867).
Other external costs amounted to KSEK 2 598 (1 337).
Operational result amounted to KSEK -45 652 (-40 757) and result after financial items amounted to KSEK -40 891 (-40 116).
Result after tax amounted to KSEK -40 891 (-40 116)
Result per share prior to and after dilution amounted to SEK -3.04 (-3.57).
Cash flow for the period amounted to KSEK -28 757 (-22 040). Cash flow per share amounted to SEK -2.13 (-1.96).
Costs for the ongoing IBP-9414 clinical trial are reported net of exchange rate effects on foreign currency deposits. Exchange rate effects during the reporting period amounted to KSEK -2 074 (33 000). (Note 1, 2).
Operational costs amounted to KSEK 132 619 (98 819) prior exchange rate effects on foreign currency deposits, and after exchange rate effects to KSEK 134 693 (65 818).
Costs for the ongoing IBP-9414 clinical trial amounted to KSEK 106 450 (74 218) prior to exchange rate effects.
Personnel costs amounted to KSEK 17 779 (18 933).
Other external costs amounted to KSEK 8 390 (5 668).
Operational result amounted to KSEK -134 617 (-65 808) and the result after financial items amounted to KSEK -123 068 (-65 451).
Result after tax amounted to KSEK -123 068 (-65 451).
Result per share prior to and after dilution amounted to SEK -9.95 (-5.83).
Cash flow for the period amounted to KSEK -4 704 (-83 911). Cash flow per share amounted to SEK -0.38 (-7.47).
Prepaid expenses amounted to approximately KSEK 9 533 (1 716) and relates mainly to contractual prepayments to the company's CRO, rentals and insurance.
Accrued expenses amounted to approximately MSEK 15 334 (8 667) are mainly driven by researchand development cost, personnel, and consultant costs.
The company´s cash balance on December 31 , 2023, amounted to KSEK 329 064 compared to KSEK 335 840 on December 31, 2022.
The company´s shareholders equity on December 31, 2023, amounted to KSEK 305 154 compared to KSEK 331 705 on December 31, 2022. Shareholders equity per share on December 31, 2023, amounted to SEK 22.65 compared to 29.55 on December 31, 2022.
The company´s equity ratio on December 31, 2023, amounted to 87% compared to 95% on December 31, 2022.
Operational costs in total before exchange rate gains increased during the reporting period compared to the previous year. The biggest increase is in costs related to the ongoing clinical study, mainly due to increased costs for CMC and Clinical, which is due to a higher rate of patient recruitment than the previous year and preparations for the completion of the study. Personnel costs and other costs also increased slightly during the reporting period compared with the previous year.
On a rolling twelve-month period, the company had 8 (8) fulltime equivalent employees, The company had 8 (8) employees on the balance date.
During 2017 and 2018, IBT has carried out new issues amounting to approximately MSEK 528 after transaction costs. During June-July 2023, a rights issue was carried out amounting to approximately SEK 100 million before issue 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 2024.
IBT has accumulated operational losses since the company was established in 2012 and until the year-end of 2023 amounting to approximately MSEK 506 (371). 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.
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.
On January 1, 2023, the total number of shares amounted to 11,226,184 shares of which 377,736 class A-shares carried ten votes and 10,848,448 class B-shares carried one vote. After the rights issue that ended in July 2023, the total number of shares amounts to 13,471,420 of which 453,283 A shares with 10 votes and 13,018,137 B shares with 1 vote.
IBT´s class B share was listed on Nasdaq Stockholm on September 10, 2018.
IBT´s closing share price on December 31, 2023, amounted to SEK 90.00.
Analysts covering IBT:
SEB: Christopher W. Uhde, PhD, Carl Mellerby, Mattias Vadsten
| Class | Class | Share capital | Votes | |
|---|---|---|---|---|
| Name | A-shares | B-shares | % | % |
| ANNWALL & ROTHSCHILD INVESTMENT AB | 453,283 | 721,351 | 8.72 | 29.93 |
| SIX SIS AG W8IMY | 1 480,423 | 10.99 | 8.43 | |
| FJÄRDE AP-FONDEN | 1 344,000 | 9.98 | 7.66 | |
| NORTHERN TRUST COMPANY | 1 121,425 | 8.32 | 6.39 | |
| AMF AKTIEFOND | 601,902 | 4.47 | 3.43 | |
| TREDJE AP-FONDEN | 601,894 | 4.47 | 3.43 | |
| UNIONEN | 532,023 | 3.95 | 3.03 | |
| SEB AB, LONDON | 443,250 | 3.29 | 2.53 | |
| ÅLANDSBANKEN ABP | 409,104 | 3.04 | 2.33 | |
| DANGOOR, DAVID | 367,705 | 2.73 | 2.10 | |
| Total 10 largest shareholders | 453,283 | 7 623,077 | 59.96 | 69.26 |
| Other Shareholder | 5 395,060 | 40.04 | 30.74 | |
| Totalt | 453,283 | 13 018,137 | 100 | 100 |
NB: This is a translation of the Swedish interim report. If any discrepancies exist, the Swedish version shall prevail.
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 7, 2024
Chairman Director Director
Peter Rothschild Anthon Jahreskog Margareta Hagman
Eva Idén Kristina Sjöblom Nygren Staffan Strömberg Director Director CEO
This report has not been subject to review by the company´s auditor.
| SEK 000 | 2023 | 2022 | 2023 | 2022 | |||||
|---|---|---|---|---|---|---|---|---|---|
| Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec | ||||||
| Net Sales | - | - | - | - | |||||
| Other income | - | 9 | 77 | 12 | |||||
| Research-and development costs | -38 495 | -40 766 | -121 183 | -65 820 | |||||
| Administration cost | -7 157 | - | -13 511 | - | |||||
| Operating result | -45 652 | -40 757 | -134 617 | -65 808 | |||||
| Result from financial items | |||||||||
| Interest income and similar profit/loss items | 4 760 | 650 | 11 549 | 650 | |||||
| Interest expense and similar profit/loss items | - | -9 | - | -293 | |||||
| Result after financial items | -40 891 | -40 116 | -123 068 | -65 451 | |||||
| RESULT FOR THE PERIOD* | -40 891 | -40 116 | -123 068 | -65 451 | |||||
| *Result for the period equals total | |||||||||
| Result per share | |||||||||
| before and after dilution | -3.04 | -3.57 | -9.95 | -5.83 | |||||
| Number of shares at begining of period* | 13 471 420 | 11 226 184 | 11 226 184 | 11 226 184 | |||||
| Number of shares, weighted average** | 13 471 420 | 11 226 184 | 12 364 614 | 11 226 184 | |||||
| Number of shares at end of period*** | 13 471 420 | 11 226 184 | 13 471 420 | 11 226 184 | |||||
| * As of Jan 1, 2023, the distribution of issued shares was 377,736 of class A shares with voting rights of 10 and 10,848,448 of class B shares |
with a voting value of 1.
** Through a new share issue, the number of shares i was increased on July 4, 2023, with 75 547 shares of class A and 2 169 689 shares of class B.
*** As of December 31, 2023, the distribution of issued shares is 453,283 of class A shares with voting rights of 10 and 13,018,137
of class B shares with a voting value of 1.
| SEK 000 | Not | 12/31/23 | 12/31/22 |
|---|---|---|---|
| Assets | |||
| Non-current assets | |||
| Intangible non-current assets | |||
| Activated development costs | 9 702 | 10 518 | |
| Shares in subsidiary | 70 | 70 | |
| Total non-current assets | 9 772 | 10 588 | |
| Current assets | |||
| Current receivables | |||
| Other receivable | 2 966 | 1 474 | |
| Prepaid expenses and accrued income | 9 533 | 1 716 | |
| Total current assets | 12 499 | 3 191 | |
| Cash and cash equivalents | 2,3 | 329 064 | 335 840 |
| Total current assets | 341 563 | 339 031 | |
| TOTAL ASSETS | 351 335 | 349 619 | |
| Equity and Liabilities | |||
| Equity | |||
| Restricted equity | |||
| Share capital | 3 672 | 3 060 | |
| Unrestricted equity | |||
| Share premium reserve | 766 829 | 670 926 | |
| Accumulated losses | -342 280 | -276 829 | |
| Net loss for the year | -123 067 | -65 451 | |
| Total equity | 305 154 | 331 705 | |
| Liabilities | |||
| Current liabilities | |||
| Accounts payable | 30 067 | 8 746 | |
| Other current liabilities | 779 | 500 | |
| Accrued expenses and prepaid income | 15 334 | 8 667 | |
| Total current liabilities | 46 180 | 17 913 | |
| TOTAL EQUITY AND LIABILITIES | 351 334 | 349 619 |
| SEK 000 | Restricted equity | Unrestricted equity | |||
|---|---|---|---|---|---|
| Share capital | Share | Accumulated | Total | ||
| premium | losses inkl. | equty | |||
| reserve | loss for the | ||||
| period | |||||
| Opening equity on Jan 1, 2022 | 3 060 | 669 022 | -276 828 | 395 254 | |
| Result for the period | -65 451 | -65 451 | |||
| Total comprehensive income | -65 451 | -65 451 | |||
| Shareholder transactions | |||||
| Warrants | 1 904 | 1 904 | |||
| Closing equity on Dec 31, 2022 | 3 060 | 670 926 | -342 279 | 331 705 | |
| Opening equity on Jan 1, 2023 | 3 060 | 670 926 | -342 279 | 331 705 | |
| Result for the period | -123 068 | -123 068 | |||
| Total comprehensive incom | -123 068 | -123 068 | |||
| Shareholder transactions | |||||
| New Issue | 612 | 100 424 | 101 036 | ||
| Issuing cost | -5 030 | -5 030 | |||
| Warrants | 510 | 510 | |||
| Closing equity on Dec 31, 2023 | 3 672 | 766 829 | -465 347 | 305 154 |
| SEK 000 | 2023 | 2022 | 2023 | 2022 |
|---|---|---|---|---|
| Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec | |
| Operating activities | ||||
| Operating profit / loss | -45 652 | -40 757 | -134 617 | -65 808 |
| Interest income received | 4 760 | 650 | 11 549 | 650 |
| Paid interest cost | - | -9 | - | -293 |
| Adjustment for non - cash flow affecting items: | ||||
| depreciation produktion process | 204 | 204 | 816 | 816 |
| Value variance currency accounts | 9 387 | 10 451 | 2 074 | -33 000 |
| Cash flow from operating activities | -31 300 | -29 461 | -120 178 | -97 635 |
| before changes in working capital | ||||
| Cash flow fron changes in working capital | ||||
| Increase(-)/Decrease(+) in operating receivables | -2 967 | 14 048 | -9 308 | 7 151 |
| Increase(+)/Decrease(-) in operating liabilities | 5 511 | -6 627 | 28 267 | 4 689 |
| Cash flow from operating activities | -28 757 | -22 040 | -101 219 | -85 795 |
| Investment activities | ||||
| Shareholder contributions IBT Baby AB | - | - | - | -20 |
| Financing activities | ||||
| New issue | - | - | 101 036 | - |
| Issuing cost | - | - | -5 030 | - |
| Warrants | - | - | 510 | 1 904 |
| Cash flow from financing activities | 0 | 0 | 96 515 | 1 884 |
| Cash flow for the period | -28 757 | -22 040 | -4 704 | -83 911 |
| Unrealized exchange rate difference in cash | -9 387 | -10 451 | -2 074 | 33 000 |
| Cash and cash equivalents at the beginning of the period | 367 207 | 368 331 | 335 840 | 386 752 |
| CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD | 329 064 | 335 840 | 329 064 | 335 840 |
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 per IAS 34 are presented in Notes and in other sections in the interim report.
IBT has adopted the same accounting principles and calculation methods as those described in the 2022 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. The company's expenses are allocated to the functions Research and development and administration costs. The effects of changes in exchange rates are recognized in the company's financial statements at market value through the functions. (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.
Fair value of other receivables, cash, accounts payable and other liabilities are estimated to equal book value (accumulated cost) due to the short duration.
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, 2023 amounted to MSEK 329 (335.8) of which USD amounted to MSEK 112.8 (180.9) and EUR amounted to MSEK 25.8 (35.8).
IBT had on the balance sheet date, December 31, 2023, three outstanding warrant programs.
As below and as described in the 2022 annual report
| Warrant holders 2020/2024 |
Number allotted 2023-12-31 |
Number issued 2023-12-31 |
Number allotted 2022-12-31 |
Number issued 2022-12-31 |
|---|---|---|---|---|
| Staffan Strömberg, VD | 50 000 | 50 000 | 50 000 | 50 000 |
| Anders Kronström, COO | 40 000 | 40 000 | 40 000 | 40 000 |
| Other employees | 154 073 | 154 073 | 154 073 | 154 073 |
| Total | 244 073 | 244 073 | 244 073 | 244 073 |
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 is 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 1.0061 new class B share in the company at a subscription price per share amounting to SEK 128.77. On the balance sheet date, December 31, 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 2.03 percent of shares, and 1.56 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 average market price of the IBT share during the reporting period and therefore the options are not dilutive when calculating earnings per share. The total market price for the 272,000 allotted warrants during the forth quarter of 2023 amounts to KSEK 1 904, which is reported directly as shareholders equity in IBT.
| Warrant holders 2022/2025 |
Number allotted 2023-12-31 |
Number issued 2023-12-31 |
Number allotted 2022-12-31 |
Number issued 2022-12-31 |
|---|---|---|---|---|
| Staffan Strömberg, VD | 120 000 | 120 000 | 120 000 | 120 000 |
| Anders Kronström, COO | 75 000 | 75 000 | 75 000 | 75 000 |
| Robert Molander, CCO | 20 000 | 20 000 | 20 000 | 20 000 |
| Other employees | 57 000 | 57 000 | 57 000 | 57 000 |
| Total | 272 000 | 272 000 | 272 000 | 272 000 |
On May 8, 2023, 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 165 000.
In May 2023, 155 000 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, 2026, through September 30, 2026, for each warrant subscribe for 1.0061 new class B share in the company at a subscription price per share amounting to SEK 100.05. On the balance sheet date, December, 2023 a total of 155 000 warrants had been allotted. The remaining 10 000 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 in the company, the dilution as a result of the implemented incentive program, assuming that all allotted warrants are exercised for new subscription of B shares, will be approximately 1.16 percent of the shares and approximately 0.89 percent of the 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 options have no dividend rights. The subscription price per share exceeds the average market price of the IBT share during the reporting period and therefore the options are not dilutive when calculating earnings per share.
Total market price for the 155 000 allotted warrants during the fourth quarter 2023 amounts to KSEK 510, which is reported directly as shareholders equity in IBT.
| Warrant holders 2023/2026 |
Number allotted 2023-12-31 |
Number issued 2023-12-31 |
Number allotted 2022-12-31 |
Number allotted 2022-12-31 |
|---|---|---|---|---|
| Staffan Strömberg, VD | 50 000 | 50 000 | 0 | 0 |
| Anders Kronström, COO | 25 000 | 25 000 | 0 | 0 |
| Maria Ekdahl, CFO | 25 000 | 25 000 | 0 | 0 |
| Robert Molander, CCO | 20 000 | 20 000 | 0 | 0 |
| Övriga anställda | 35 000 | 35 000 | 0 | 0 |
| Totalt | 155 000 | 155 000 | 0 | 0 |
| Issued Warrants, Year |
Number allotted |
Strikeprice | Value per allotted warrant |
Volatilitet, % * % |
Risk free interest, |
Value per share, weighted average |
Expiry, year |
|---|---|---|---|---|---|---|---|
| 2020 (2020/2024) | 87 543 | 397,56 | 14,24 | 40 | -0,3 | 170 2024 | |
| 2020 (2020/2024) | 97 484 | 397,56 | 4,86 | 40 | -0,3 | 125 2024 | |
| 2021 (2020/2024) | 49 046 | 397,56 | 1,78 | 40 | -0,3 105 | 2024 | |
| 2021 (2020/2024) | 10 000 | 397,56 | 0,29 | 40 | -0,3 81 | 2024 | |
| 2022 (2022/2025) | 272 000 | 128,77 | 7 | 39 | 1,32 | 66,90 2025 | |
| 2023 (2023/2026) | 155 000 | 100,05 | 3,29 | 39 | 2,76 | 43,40 2026 | |
| Totalt | 671 073 | - | - | - | - | - | - |
*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.
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 312 per annum, and KSEK 400 annually as operational Chairman, and KSEK 20 for his work in the remuneration committee.
During the report period Mr Robert Molander has invoiced KSEK 2 400, as fees for his position as CCO at IBT.
Otherwise, there have been no material transactions with related parties.
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 2022.
| 2023 | 2022 | 2023 | 2022 | |
|---|---|---|---|---|
| Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec | |
| Cash flow per share | ||||
| Cash flow for the period, 000´s | -28 757 | -22 040 | -4 704 | -83 911 |
| Average number of shares | 13 471 420 | 11 226 185 | 12 364 614 | 11 226 186 |
| Cash flow per share (SEK) | -2.13 | -1.96 | -0.38 | -7.47 |
| Equity per share | ||||
| Equity, 000´s | 305 154 | 331 705 | 305 154 | 331 705 |
| Number of shares at end of period | 13 471 420 | 11 226 185 | 13 471 420 | 11 226 186 |
| Equity per share (SEK) | 22.65 | 29.55 | 22.65 | 29.55 |
| Equity ratio | ||||
| Equity, 000´s | 305 154 | 331 705 | 305 154 | 331 705 |
| Total equity and liabilities, 000´s | 351 334 | 349 619 | 351 334 | 349 619 |
| Equity ratio % | 87% | 95% | 87% | 95% |
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