Infant Bacterial Therapeutics

Quarterly Report • Feb 11, 2020

Infant Bacterial Therapeutics AB (publ)

Year-end report January 1-December 31, 2019

• Net sales 0 KSEK (0)
• Operating loss -27 428 KSEK* (-23 837)
• Earnings per share before and after dilution -2.45 SEK (-2.15)

Fourth quarter (Oct-Dec) 2019 Reporting period (Jan-Dec) 2019

• Net sales 0 KSEK (0)
• Operating loss -47 200 KSEK* (-39 417)
• Earnings per share before and after dilution -4.13 SEK (-3.76)

* Operational income for the fourth quarter includes exchange rate loss on foreign currency deposits for purpose of securing future outflows amounting to -8 154 (1 442) KSEK. Operational income for the reporting period includes exchange rate gains on foreign currency deposits amounting to 4 319 (12 009) KSEK.

Significant events during the fourth quarter (Oct-Dec) 2019

• Lilian Wikström Ph.D. resigned from the Board of Directors of IBT due to the risk of conflict of interest that has arisen in her role as CEO of KI Innovations AB

Significant events during the reporting period (Jan-Dec) 2019

• IBT signed its first distribution agreement on March 5, 2019, for its product IBP-9414, with MegaPharm Ltd. for the Israeli market and the Palestinian Authority's territories. The agreement gives MegaPharm exclusive rights to market and sell the product, if and when the product receives market approval in Israel and Palestine. IBT's share will, after an initial shorter period, account for 70% of revenues. IBT plans to open clinical trial centers for the pivotal phase III trial in the country. MegaPharm is already participating in this work as it is essential to engage "key opinion leaders" in the marketing of the product
• On May 19, 2019, it was announced that IBT had responded satisfactorily to the comments that the FDA had regarding the study design. As a consequence of the FDA's comments, an evaluation of the effects of IBP-9414 on the digestive system of premature infants in the forthcoming phase III study is now planned, as a serious medical problem for premature infants is that they cannot take up nourishment in an adequate way. The prior focus was solely prevention of NEC (necrotizing enterocolitis) that, in itself, is a terrible intestinal disease affecting premature infants and too often leads to fatal outcomes. Including another indication means having multiple independent endpoints which may increase the chances of success in the study and thus the market potential
• IBT's IND (Investigational New Drug) application was approved in the USA and the clinical study has also been approved in the UK, France, Hungary and Spain
• IBT announced on July 4, 2019 that the first patient had been recruited in the company's pivotal clinical phase III study, The Connection Study

Significant events after the reporting period

• IBT's clinical study application was approved in Israel at the end of January 2020
• No other significant events have occurred after the reporting period

Selected financial data

ooo's	2019	2018	2019	2018
	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
Net sales	-	-	-	-
Operating profit/loss	-27 428	-23 837	-47 200	-39 417
Result after tax, SEK	-27 535	-24 143	-46 320	-40 607
Total assets	518 273	563 371	518 273	563 371
Cash flow for the period (SEK)	-8 546	-27 322	-51 301	381 544
Cash flow per share for the period (SEK)	-0.76	-2.43	-4.57	35.36
Cash	495 188	542 170	495 188	542 170
Earnings per share before and after dilution (SEK)	-2.45	-2.15	-4.13	-3.76
Equity per share (SEK)	45.46	49.59	45.46	49.59
Equity ratio (%)	98%	99%	98%	99%

IBT in brief

Infant Bacterial Therapeutics AB ("IBT") is a public company domiciled in Stockholm. The company's Class B shares are listed on Nasdaq Stockholm, Mid-cap (IBT B).

Infant Bacterial Therapeutics AB (publ) is a pharmaceutical company with a product in clinical stage 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, for the prevention of necrotizing enterocolitis ("NEC") and improvement of so called feeding tolerance 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. By developing these drugs, IBT has the potential to fulfill unmet needs for diseases where there are currently no prevention or treatment therapies available.

Message from the CEO

IBT's ongoing clinical phase III study with IBP-9414 has, as of the date of this year-end report, conducted patient recruitment for more than seven months. We have, as previously communicated, the approval to conduct the study in France, Spain, the U.K., Hungary and the U.S. At the end of January 2020 our phase III study with IBP-9414 was also approved in Israel. This means that the regulatory process regarding trial approval may be concluded as we have received approval in every country we plan to conduct the study.

IBT expected the recruitment rate in the phase III study to approximate the rate noted during our concluded phase II study, and as previously communicated in the most recent financial report, we were not satisfied with the rate of recruitment. There have been a number of practical reasons, including misunderstandings regarding interpretation of an exclusion criteria, which precluded doctors from including patients in the study. This was addressed during the autumn.

We have focused our work on improving the recruitment rate in the study and IBT has visited nearly all open centers. We are now able to conclude that we can achieve similar recruitment rate as we achieved during the phase II study at centers which have initiated recruitment.

As of the date of this report 51 of a total of 100 planned centers have been contracted and we are working intensively to initiate more. Since the previous interim report we have further strengthened our clinical department at IBT in order to ensure that the "best practice" is spread from the top recruiting centers to others.

During January 2020, IBT strengthened its organization by recruiting a senior clinical project manager and a senior CMC ("Chemistry, Manufacturing and Controls") specialist in order to satisfy the long-term supply for the market as well as the study material for the ongoing study.

The study is double blinded which means that we are not able to make observations regarding efficacy in our pharmaceutical candidate yet. However, we can observe important factors relevant for conducting the study. Firstly, we note that the relevant infants are recruited to the study which means that the infants meet the specific inclusion criteria. Secondly, we note that systems managing side effects, patient allocation and independent assessment of X-rays of NEC are conducted as planned. This means that the study is operationally progressing as expected.

Our ongoing study is randomized, double blinded and placebo controlled to assess safety and efficacy of IBP-9414 for prevention of of necrotizing enterocolitis ("NEC"), and also includes other important clinical effect parameters in feeding premature infants comprising so called feeding tolerance, thus comprising multiple endpoints. Hopefully the results from the study will show that our product will both reduce the risk that infants develop NEC, and additionally, that infants will be able to absorb nutrition better.

I also wish to state that IBT's liquidity is adequate to conduct the ongoing clinical phase III study in spite of the fact that the initial recruitment rate of the study did not meet our expectation. IBT's qualified team is working in a dedicated and focused manner with all vital details which are so important in order to reach our recruitment goals.

Stockholm, February 11, 2020

Staffan Strömberg, Chief Executive Officer

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. This study will also include safety evaluation.

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.

Currency risk is the risk that the value of assets and liabilities fluctuate due to changes in exchange rates. Should the SEK depreciate versus the specific currency, it could have a significant impact on the Company's financial position and results. The currencies against which IBT has the greatest exposure are USD and EUR.

The company has entered into currency hedging (see Note 2 and 3).

IBT has during 2017 and 2018 generated approximately SEK 528m after transaction costs by new share issues. The capital generated 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 2018 and IBT's Rights Issue Prospectus dated January 10, 2018 on the Company's homepage http://www.ibtherapeutics.com/ .

Related party transactions

Compensation 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 200 KSEK per annum, and 400 KSEK annually as operational Chairman.

During the reporting period, bonus costs for Management have been charged to income in total amounting to 889 KSEK of which refer to Mr. Anders Kronström 500 KSEK, Mr. Staffan Strömberg 239 KSEK and Mr. Eamonn Connolly 150 KSEK based on achieved milestones related to initiation of the company's pivotal phase III study. The company has entered into commitments to management related to the achievement of future milestones which on the balance sheet date in total amounted to 2 575 KSEK.

No other significant related party transactions have occurred.

Corporate events

At the annual general meeting held on May 6, 2019, board members Margareta Hagman, Lilian Henningson Wikström, Eva Idén, Anthon Jahreskog, Kristina Sjöblom Nygren and Peter Rothschild (chairman) were re-elected and board member Anders Ekblom resigned.

Lilian Wikström Ph.D. has during November resigned from the Board of Directors of IBT due to the risk of conflict of interest that has arisen in her role as CEO of KI Innovations AB.

Financial calendar

Annual report 2019	Week 14, 2020
Interim statement January-March 2020	May 11, 2020
Annual general meeting, Stockholm	May 11, 2020
Interim statement January-June 2020	August 14, 2020
Interim statement January-September 2020	November 5, 2020

The annual general meeting for IBT will be held on May 11th 2020 at 15.00 at Citykonferensen Ingenjörshuset, Malmskillnadsgatan 46, Stockholm. The last date to request that a matter be put before the annual general meeting is April 1, 2020.

Contact persons

Staffan Strömberg, CEO

Daniel Mackey, CFO

Contact information

Infant Bacterial Therapeutics AB (Reg. no. 556873-8586) Bryggargatan 10 111 21 Stockholm, Sweden Telephone: +46 70 670 1226 info@ibtherapeutics.com www.ibtherapeutics.com

Publication

This information is such that IBT AB (publ) is required to publish in accordance with the financial securities law.

The Report was submitted for publication, by the CEO, at 08.00 CET on February 11, 2020.

Financial development – fourth quarter (Oct-Dec) 2019

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

Costs

Costs for the planned clinical IBP-9414 clinical trial are reported net of exchange rate effects on foreign currency deposits. Exchange rate losses during the fourth quarter amounted to -8 154 (1 442) KSEK (Note 2).

Operational costs amounted to 19 274 (25 279) KSEK prior to exchange rate gains on foreign currency deposits amounting to -8 154 (1 442) KSEK, and after exchange rate gains to 27 428 (23 837) KSEK. Costs for the ongoing IBP-9414 clinical trial amounted to 13 384 (19 232) KSEK prior to exchange rate losses amounted to 21 538 (17 790) KSEK after exchange rate gains.

Personnel costs amounted to 4 808 (4 423) KSEK.

Other external costs amounted to 1 082 (1 624) KSEK.

Result and financial position

Operational result amounted to -27 428 (23 837) KSEK and result after financial items amounted to -27 535 (-24 143) KSEK. Result after tax amounted to -27 535 (-24 143) KSEK.

Result per share amounted to -2.45 (-2.15) SEK.

Cash flow for the period amounted to -8 546 (-27 322) KSEK. Cash flow per share amounted to -0.76 (-2.43) SEK.

Financial development – reporting period (Jan-Dec) 2019

Costs

Costs for the planned clinical IBP-9414 clinical trial are reported net of exchange rate effects on foreign currency deposits. Exchange rate gains during the reporting period amounted to 4 319 (12 009) KSEK (Note 2).

Operational costs amounted to 51 519 (51 426) KSEK prior to exchange rate gains on currency deposits amounting to 4 319 (12 009) KSEK, and after exchange rate gains to 47 200 (39 417) KSEK. Costs for the ongoing IBP-9414 clinical trial amounted to 30 885 (28 747) KSEK prior to exchange rate gains and amounted to 26 566 (16 738) KSEK after exchange rate gains.

Personnel costs amounted to 16 770 (13 342) KSEK of which bonus amounted to 889 (340) KSEK.

Other external costs amounted to 3 864 (9 337) KSEK. Other external costs during the reporting period were lower than during the same period in the previous year which then incurred costs relating to the listing change to Nasdaq Stockholm in the amount of approximately SEK 2.0m and business development costs amounting to approximately SEK 1.6m.

Prepaid expenses amounted to approximately SEK 9.4m (0.3). The increase refers to contractual milestone payments paid to the company's CRO regarding unfulfilled obligations and are reported as receivable in the balance sheet.

Accrued expenses amounted to approximately SEK 6.4m (2.4). The increase refers to research and development costs.

Result and financial position

Operational result amounted to -47 200 (-39 417) KSEK and result after financial items amounted to -46 320 (-40 607) KSEK. Result after tax amounted to -46 320 (-40 607) KSEK. Result per share amounted to -4.13 (-3.76) SEK.

Cash flow for the period amounted to -51 301 (381 544) KSEK. Cash flow per share amounted to -4.57 (35.36) SEK. Cash flow during the comparative period included a new share issue amounting to 428 953 KSEK. Cash flow during the comparative period less the new share issue amounted to -4.39 KSEK.

The Company's cash balance on December 31, 2019, amounted to 495 188 KSEK compared to 542 170 KSEK on December 31, 2018.

The Company's shareholder's equity on December 31, 2019, amounted to 510 397 KSEK compared to 556 717 KSEK on December 31, 2018. Shareholder's equity per share on December 31, 2019 amounted to 45.46 compared to 49.59 SEK on December 31, 2018.

The Company's equity ratio on December 31, 2019 amounted to 98% compared to 99% on December 31, 2018.

Operational costs increased during the reporting period compared to the previous year as the company's clinical phase II trial was concluded during the first half of 2018, and that the ongoing clinical phase III was initiated during the reporting period.

Costs for the ongoing IBP-9414 clinical trial are reported net including exchange rate gains on foreign currency deposits during the reporting period amounting to 4 319 (12 009) KSEK (Note 2).

Other external costs during the reporting period were lower than during the same period in the previous year which then incurred costs relating to the listing change to Nasdaq Stockholm in the amount of approximately SEK 2.0m and business development costs amounting to approximately SEK 1.6m.

Personnel costs have increased during the reporting period in comparison to the equivalent period during the prior year due to staff recruitment required for conducting the clinical Phase III trial. The company had 9(8) full time equivalent emplyees. The company had 11 employees on the balance sheet date.

IBT has during November 2017 and 2018 generated approximately SEK 528m after transaction costs in new share issues. Capital thus generated is deemed sufficient to conduct the planned phase III clinical study, as well as to fund the company´s activities until application for market approval.

Tax position

IBT has accumulated operational losses since the company was established in 2012 and until year-end of 2019 amounting to approximately SEK 188m. 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.

Shares

On January 1, 2019, and December 31, 2019, respectively, the total number of shares amounted to 11 226 184 shares of which 377 736 class A-shares carrying ten votes and 10 848448 class B-shares carrying one vote.

IBT's class B share was listed on Nasdaq Stockholm, Mid Cap, on September 10, 2018.

IBT's closing share price on December 31, 2019 amounted to 143 SEK.

Analysts covering IBT:

SEB, Stockholm Chardan Capital Markets, New York, NY

Ownership December 31, 2019

Name	Series A shares	Series B shares	Share capital %	Voting rights %
ANNWALL & ROTHSCHILD INVESTMENTS AB	377 736	410 478	7.02	28.63
FJÄRDE AP FONDEN		- 1 111 111	9.90	7.60
ÖHMAN BANK S.A.		- 1 098 452	9.78	7.51
SWEDBANK ROBUR NY TEKNIK BTI	-	579 172	5.16	3.96
TREDJE AP-FONDEN	-	510 000	4.54	3.49
AMF AKTIEFOND SMÅBOLAG	-	501 585	4.47	3.43
UNIONEN	-	447 196	3.98	3.06
SKANDINAVISKA ENSKILDA BANKEN AB, W8IMY	-	311 350	2.77	2.13
CBNY-NORGES BANK	-	317 300	2.60	2.00
DANGOOR, DAVID	-	290 144	2.58	1.98
HANDELSBANKEN SVENSKA, SMABOLAGSFOND	-	263 781	2.35	1.80
ANDRA AP-FONDEN	-	263 500	2.35	1.80
BANQUE PICTET & CIE SA, W8IMY	-	252 582	2.25	1.73
SWEDBANK ROBUR MICROCAP	-	250 000	2.23	1.71
RBC INVESTOR SERVICES BANK S.A	-	228 883	2.04	1.56
ÅLANDSBANKEN I ÄGARES STÄLLE	-	228 730	2.04	1.56
NORDNET PENSIONSFÖRSÄKRING AB	-	209 797	1.87	1.43
HANDELSBANKEN MICROCAP SVERIGE	-	199 601	1.78	1.36
FÖRSÄKRINGSAKTIEBOLAGET, AVANZA PENSION	-	187 763	1.67	1.28
CATELLA SMÅBOLAGSFOND	-	160 000	1.43	1.09
Sub-total	377 736	7 821 425	72.81	79.11
Other shareholders		- 3 027 023	27.19	20.89
Total		377 736 10 848 448	100	100

Source: Euroclear Sweden

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

The Board of Directors propose that no dividend be paid for fiscal year 2019.

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 11, 2020

Peter Rothschild Chairman

Anthon Jahreskog Director

Margareta Hagman Director

Kristina Sjöblom Nygren Director

Eva Idén Director

Staffan Strömberg CEO

Income statement

SEK 000	2019	2018	2019	2018
	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
Net sales	-	-	-	-
Research and development costs	-27 428	-23 837	-47 200	-39 417
Operating loss	-27 428	-23 837	-47 200	-39 417
Result from financial items
Interest income and similar profit/loss items	27	158	1 605	327
Interest expense and similar profit/loss items	-134	-464	-725	-1 517
Result after financial items	-27 535	-24 143	-46 320	-40 607
Result for the period*	-27 535	-24 143	-46 320	-40 607

* Result for the period equals total comprehensive income

Result per share

SEK
Result per share, before and after dilution*	-2.45	-2.15	-4.13	-3.76
Number of shares, weighted average*	11 226 184	11 226 184	11 226 184	10 788 914
Number of shares at end of period **	11 226 184	11 226 184	11 226 184	11 226 184

* No dilution effects exist

**On September 30, 2019, allocation of emitted shares amounted to 377 736 class A-shares carrying 10 votes per share and 10 848 448 class B-shares carrying 1 vote per share

Balance sheet

SEK 000	Note	2019-12-31	2018-12-31
ASSETS
Non-current assets
Intangible non-current assets
Activated development costs		12 966	13 782
Shares in subsidiary		50	50
Total non-current assets		13 016	13 832
Current assets
Current receivables
Other receivables	2	713	7 114
Prepaid expenses and accrued income 9 356			255
Total current assets		10 069	7 369
Cash and cash equivalents	3	495 188	542 170
Total current assets		505 257	549 539
TOTAL ASSETS		518 273	563 371
EQUITY AND LIABILITIES
Equity
Restricted equity
Share capital		3 060	3 060
Unrestricted equity
Share premium reserve		667 167	667 167
Accumulated losses		-113 510	-72 903
Net loss for the year		-46 320	-40 607
Total equity		510 397	556 717
Liabilities
Current liabilities
Accounts payable		943	3 507
Other current liabilities		512	752
Accrued expenses and prepaid income 6 421			2 395
Total current liabilities		7 876	6 654
TOTAL EQUITY AND LIABILITIES		518 273	563 371

Statement of changes in equity

SEK 000	Restricted equity		Unrestricted equity
	Share capital	Share premium reserve	Accumulated losses incl. loss for the period	Total equity
Opening equity on Jan 1, 2018	1 800	239 474	-72 903	168 371
Net loss for the year			-40 607	-40 607
Total comprehensive income			-40 607	-40 607
Shareholder transactions
Share issue	1 260	437 882		439 142
Share issue costs		-10 189		-10 189
Closing equity on Dec 31, 2018	3 060	667 167	-113 510	556 717
Opening equity on Jan 1, 2019	3 060	667 167	-113 510	556 717
Net loss for the year			-46 320	-46 320
Total comprehensive income				-46 320 -46 320
Closing equity on Dec 31, 2019	3 060	667 167	-159 830	510 397

Statement of cash flows

SEK 000	2019	2018	2019	2018
	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
Operating activities
Operating profit/loss	-27 428	-23 837	-47 200	-39 417
Interest income received	27	158	1 605	327
Paid interest costs	-134	-464	-725	-1 517
Adjustment for non - cash flow affecting items:
Depreciation production process	204	204	816	816
Value variance currency forward contracts	8 154	-913	-4 319	-8 752
Cash flow from operating activities before changes in working capital	-19 177	-24 852	-49 823	-48 543
Cash flow from changes in working capital
Increase (-)/Decrease (+) in operating receivables	10 172	-164	-2 700	1 133
Increase (+)/Decrease (-) in operating liabilities	459	-2 306	1 222	1
Cash flow from operating activities	-8 546	-27 322	-51 301	-47 409
Financing activities
Share issue	-	-	-	439 142
Share issue costs	-	-	-	-10 189
Cash flow from financing activities	0	0	0	428 953
Cash flow for the period	-8 546	-27 322	-51 301	381 544
Unrealized exchange rate difference in cash	-8 154	2 706	4 319	2 352
Cash and cash equivalents at the beginning of the period	511 888	566 786	542 170	158 274
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD	495 188	542 170	495 188	542 170

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 2018 annual report.

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

IBT entered into foreign exchange forward contracts during the second quarter 2018. Effects of these hedges are reported in the company's financial statements at market value in the income statements item research-and development costs from the second quarter 2018 (Note 2).

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 in the income statement. Income effects are reported in the income statement item research-and development costs.

All purchased forward contracts amounting to USD 13.5m on April 18, 2018, had expired as of June 30, 2019.

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 December 31, 2019, amounted to SEK 495.2m (542.2m) of which USD amounted to SEK 122.0m (64.5m) and EUR amounted to SEK 62.6m (0.8m).

Liquidity in SEK has been charged with Deposit Fees. Deposits of USD and SEK on fixed term time deposits generate interest income reported under other financial income and expenses.

Deduction of certain key figures

	2019	2018	2019	2018
	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
Cash flow per share
Cash flow for the period, 000's	-8 546	-27 322	-51 301	381 544
Average number of shares	11 226 184	11 226 184	11 226 184	10 788 914
Cash flow per share (SEK)	-0.76	-2.43	-4.57	35.36
Equity per share
Equity, 000's	510 397	556 717	510 397	556 717
Number of shares at end of period	11 226 184	11 226 184	11 226 184	11 226 184
Equity per share (SEK)	45.46	49.59	45.46	49.59
Equity ratio
Equity, 000's	510 397	556 717	510 397	556 717
Total equity and liabilities, 000's	518 273	563 371	518 273	563 371
Equity ratio %	98%	99%	98%	99%