Kinarus Therapeutics Group Reports First Half 2023 Financial Results

Kinarus Therapeutics Holding AG / Key word(s): Half Year Results Kinarus Therapeutics Group Reports First Half 2023 Financial Results 30-Aug-2023 / 18:00 CET/CEST Release of an ad hoc announcement pursuant to Art. 53 LR The issuer is solely responsible for the content of this announcement. Ad hoc announcement pursuant to Art. 53 LR Basel, Switzerland, 30 August 2023. Kinarus Therapeutics Holding AG (SIX: KNRS) (“Kinarus”), a clinical-stage biopharmaceutical company developing novel therapeutics to treat viral, respiratory, and ophthalmic diseases, today published its unaudited first-half 2023 consolidated financial results for the period ending 30 June 2023. First-Half 2023Financial Results[1] Research and development expenses: Research and development expenses were TCHF 272 for the first half of 2023, as compared to TCHF 236 for the same period in 2022. The expenses were attributable to our Phase 2 clinical trial in ambulatory COVID-19 patients, production of drug products for the clinical studies, engagement of a clinical research organization to conduct the clinical trials, as well as expenses related to IP maintenance.   Payroll expenses: Payroll expenses were TCHF 487 for first half of 2023, as compared to TCHF 107 for the same period, primarily related to management and employees’ salaries.   General and administrative expenses: General and administrative expenses totalled TCHF 862 for the six months ended 30 June 2023, representing an increase of TCHF 446, compared to TCHF 416 for the six months ended 30 June 2022. The increase mainly driven by costs for intensified investor relation activity management and increased legal expenses, hiring of additional consultants, insurance costs related to D&O insurance coverage for members of board and management.   Net Loss: Net loss for the first half of 2023, was CHF 2,1 million, resulting in a loss per share of CHF 0.00172 per basic and diluted share. This compares with a net loss of TCHF 822 or CHF 0.0026 per basic and diluted share for the first half of 2022.     Cash Position: Cash and cash equivalents were THCF 150 as of 30 June 2023, compared to CHF 1.3 million as of 31 December 2022. Based upon our current cash resources, we estimate that our existing cash and cash equivalents and access to financing from CDIM will enable us, in light of the low operational expenses, to carefully select the best partners in the best indication and the best area for a collaboration. Several discussions with potential partners are ongoing.   [1] The interim condensed consolidated financial statements 2022 only include one month of profit and loss, due to timing of the reverse takeover of Perfect Holding Ltd by Kinarus, whereas the interim consolidated financial statements 2023 include six months of Kinarus.   Unaudited consolidated income statement (in TCHF) TCHF Notes  01.01.23 - 30.06.23   01.01.22 - 30.06.22          External research and development expenses                             (272)                           (236) Payroll expenses 6                           (487)                           (107) General and administrative expenses 7                           (862)                           (416) Loss before financial result, taxes and depreciation and amortization                        (1’621)                           (759) Depreciation of property, plant and equipment                                 (4)                               -   Amortization of intangible assets 12                           (319)                           (217) Impairment of intangible assets 12                           (143)                               -   Financial income 8                               -                              131 Financial expenses 8                               (2)                               (6) Exchange differences 8                               (3)                                1 Loss before taxes                          (2’092)                           (850) Income tax income                                41                              28 Loss for the period                          (2’051)                           (822)         Loss attributable to:       Owners of the parent company                          (2’051)                           (795) Minority interests                                 -                               (27)                            (2’051)                           (822)                 Loss per share       Basic and diluted loss per share (in CHF) 9                    (0.00172)                      (0.0026)                   Unaudited consolidated balance sheet (in TCHF) TCHF Notes 30 June 2023 31 December 2022         ASSETS               Cash and cash equivalents                              150                         1’342 Other current assets 10                            122                            294 Current assets                              272                         1’636         Property, plant and equipment 11                                6                              10 Intangible assets 12                       11’937                       12’400 Non-current assets                         11’943                       12’410 Total assets                         12’215                       14’046                 LIABILITIES AND EQUITY               Trade account payables 13                              70                            152 Other current liabilities 14                            517                         1’695 Current liabilities                              587                         1’847         Non-current borrowings (subordinated) 15                         3’000                         3’000 FOPH accrual 16                         1’064                         1’064 Deferred tax liabilities                           1’341                         1’382 Non-current liabilities                           5’405                         5’446 Total liabilities                           5’992                         7’293         Share capital 17.1                       12’794                       11’436 Share premium                         32’641                       32’478 Treasury shares 17.2                               (1)                               (1) Accumulated losses                        (39’211)                      (37’160) Total equity                           6’223                         6’753 Total liabilities and equity                         12’215                       14’046         Contacts Kinarus Therapeutics Holding AG Hochbergerstrasse 60C 4057 Basel, Switzerland [phone] [e-mail] Investors & Media Chris Maggos Cohesion Bureau [phone] [e-mail]     Legal disclaimer THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL NOR AN INTIMATION TO SUBMIT A PROPOSAL FOR THE ACQUISITION OF SECURITIES OF KINARUS THERAPEUTICS HOLDING AG. THIS PRESS RELEASE IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, INTO OR WITHIN ANY JURISDICTION WHERE IT IS UNLAWFUL TO BE DISTRIBUTED. End of Inside Information

1715349  30-Aug-2023 CET/CEST