FINANCIAL OVERVIEW
FIRST QUARTER 2024*
• Revenue amounted to SEK 14.1 m (61.8).
• Other operating income was SEK 5.2 m (4.0).
• EBITDA amounted to SEK −76,0 m (−48.4).
• R&D costs amounted to SEK −87.6 m (−57.9), corresponding to 88 percent (76) of total operating costs.
• The loss for the period was SEK 97.4 m (−58.4).
• Earnings per share was SEK −0.3 (−0.10).
• Cash and cash equivalents at the end of the period amounted to SEK 269.8 m (118.7).
*Figures in parentheses refer to the corresponding period of the previous year.
SIGNIFICANT EVENTS DURING
THE FIRST QUARTER 2024**
• In January, a rights issue of units worth around SEK 343 m was announced, consisting of shares and warrants of series TO1. If the TO1 warrants are fully exercised, Xbrane will receive up to an additional SEK 78 m approximately. The rights issue was approved at an extraordinary general meeting on February 22, 2024. The final outcome of the rights issue showed that 29,325,411 units, corresponding to about 98.4 percent of the issue, were subscribed for, with and without the support of unit rights. Through the issue, proceeds of around SEK 337.2 m were added before deductions of issue costs. In addition, a directed offset issue of 33,402,483 shares was resolved to guarantors in the rights issue, with the same subscription price as in the rights issue. The shares were registered and funds received during March, which is why the effects in the balance sheet and cash flow are visible in the interim report for Q1, 2024.
SIGNIFICANT EVENTS
AFTER THE END OF THE QUARTER**
• In April, it was announced that the FDA (U.S. Food and Drug Administration) sent a CRL (Complete Response Letter) in response to Xbrane’s application for market approval for its ranibizumab biosimilar candidate (under the development name Xlucane) for the treatment of eye diseases.
• In May it was announced that Xbrane and STADA partner with Valorum Biologics to commercialize Ranibizumab biosimilar candidate in the US. The three partners are committed to bringing the ranibizumab biosimilar candidate to the US market as soon as possible, thereby fostering competition that can reduce costs and increase patient access to biological medicines for serious eye conditions. Valorum will pay a license fee of up to US$45 million, split on upfront, regulatory and sales related milestones, and royalties on net sales. The payments will be shared equally by STADA and Xbrane.
**See page 8 for more information
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