Interim report January - September 2020
Despite the impact from Covid-19, the last patient was recruited in November to the ongoing registration based phase III study, Xplore.
Financial summary third quarter 2020
- Revenue amounted to SEK 0.0 M (0.0).
- Other operating income amounted to SEK 5.2 M (1.4).
- EBITDA was SEK -55.8 M (-35.6*).
- R&D expenses amounted to SEK 52.0 M (31.4*). representing 83% (80*) of total operating expenses.
- The loss for the period was SEK -57.7 M (-38.0*).
- Earnings per share was SEK -2.99(-2.63*).
- Cash and cash equivalents at the end of the period amounted to SEK 123.8 M (162.2).
Financial summary of first nine months 2020
- Revenue amounted to SEK 0.0 M (0.0).
- Other operating income amounted to SEK 15.4 M (4.4).
- EBITDA was SEK -157.4 M (-114.6*).
- R&D expenses amounted to SEK 144.7 M (101.3*) representing 81% (81) of total operating expenses.
- The loss for the period was SEK -163.0 M (-121,3*).
- Earnings per share was SEK -9.49(-12.42*).
Significant events during the third quarter 2020
- An Extraordinary General Meeting on September 22 authorized the Board to decide on an issue corresponding to 20% dilution.
- Margareta Hagman entered the position as CFO from 30 September.
Significant events after the end of the quarter
- As of the 11th of November, the last patient in the ongoing pivotal phase III trial XPLORE was recruited.
- Xbrane completed a directed share issue of approximately SEK 200 M. A number of Swedish and international institutional investors, including Swedbank Robur Fonder, TIN Fonder, Andra AP-fonden and Lancelot Asset Management have subscribed for shares in the directed share Issue.
This report is a translation of the Swedish version. When in doubt the Swedish version shall prevail. *This period has been recalculated due to restatement, see Appendix 1 for the effects.
Science for high quality biosimilars
FINANCIAL SUMMARY FOR THE GROUP
Financial summary for the Group
2020 | 2019 | 2020 | 2019 | 2019 | |
Amounts in SEK thousand | Q 3 | Q 3 | Q 1-3 | Q 1-3 | Full year |
Revenue | - | - | - | - | |
Research and development (R&D) | -52,025 | -31,354* | -144,666 | -101,318* | -137,665* |
R&D expenses as a percentage of operating expen- | |||||
ses | 83% | 80%* | 81% | 81%* | 79%* |
Operating loss | -57,514 | -37,731* | -162,339 | -120,249* | -186,572* |
EBITDA | -55,848 | -35,617* | -157,395 | -114,592* | -162,439* |
Loss for the period | -57,742 | -38,002* | -162,973 | -121,314* | -187,989* |
Cash and cash equivalents | 123,768 | 162,195 | 123,768 | 162,195 | 164,197 |
Equity ratio, % | 43% | 56%* | 43% | 56%* | 47%* |
Number of shares at end of period before dilution | 19,280,707 | 15,415,199 | 19,280,707 | 15,415,199 | 15,415,199 |
Number of shares at end of period after dilution | 19,280,707 | 15,415,199 | 19,280,707 | 15,415,199 | 15,415,199 |
Average number of shares before dilution | 19,280,707 | 14,468,999 | 17,177,891 | 9,766,913 | 11,190,591 |
Average number of shares after dilution | 19,280,707 | 14,468,999 | 17,177,891 | 9,766,913 | 11,190,591 |
Earnings per share before dilution (SEK) | -2.99 | -2.63* | -9.49 | -12.42* | -16.80* |
Earnings per share after dilution (SEK) | -2.99 | -2.63* | -9.49 | -12.42* | -16.80* |
* This period has been recalculated due to restatement, see Appendix 1 for the effects.
About Xbrane
Xbrane Biopharma AB develops biological drugs based on a platform technology that provides significantly lower production costs compared to competing systems.
Xbrane's leading product Xlucane, a Lucentis® biosimilar candidate, addresses the EUR 10.4b ophthalmic VEGFa inhibitor market. Xlucane is in phase III and marketing
authorization is expected in line with the patent expiration of Lucentis in 2022. Xbrane has additionally four biosim- ilars in its pipeline targeting EUR 8.7b in originator sales. Xbrane's head office is in Solna, just outside Stockholm.
Xbrane is listed on Nasdaq Stockholm under the ticker
XBRANE.
2 XBRANE BIOPHARMA
CEO'S LETTER
Martin Åmark, CEO
CEO's letter
Dear shareholders
Since the publication of the last interim report we have taken a number of important steps towards a launch in the near future, of our leading biosimilar candidate Xlucane. The Xplore study was fully recruited as of the 11th of November. This means that we will be able to submit our application for market approval according to plan in time to get approval in line with EU patent expiration of Lucentis. Xbrane also completed a directed share issue of approximately SEK 200 M and welcomed Andra AP-fonden and Lancelot Asset Management as new institutional investors.
The Xplore study is fully recruited and the Xlucane is on path to market approval in line with patent expiration of Lucentis in EU.
The last patient was recruited for the registration-based phase III study-Xplore in the middle of November. The study aims to demonstrate the equivalent efficacy and safety of Xlucane compared to Lucentis and includes a total of 580 patients globally with age-related macular de- generation. The patients undergo 12 months of treatment within the framework of the study and an interim read-out
will be made when the last patient has reached month 6 in the treatment schedule. We will, in agreement with both the EMA and the FDA, submit an application for market approval on the basis of the interim read-out. We thus expect to apply for market approval to both the EMA and the FDA in time to get approval in line with EU patent expiration of Lucentis.
Paradigm shift for biosimilars in the US
The use of biosimilars in the US has lagged behind Europe for a long time. According to recently published report from IQVIA1, we can now see a paradigm shift. At the last three launches, biosimilars for two original drugs have taken 40% volume share in the first 12 months on the market and in the third case 20% in the first 6 months. It is the fastest uptake of biosimilars in the US to date and echoes what we have seen in Europe in recent years.
The biosimilars have been priced at 11-25% under each original drug at these launches. According to the report, the total biosimilar market in the US is expected to grow to around USD 25 billion by 2024 and to realize USD 100 billion in savings over the period.
Source:
1) Biosimilars in the United States 2020-2024
3 XBRANE BIOPHARMA
CEO'S LETTER
Xbrane's financial position strengthened through a private placement of around SEK 200 M
During November, Xbrane completed a directed share issue of approximately SEK 200 M. We welcome new shareholders such as Andra AP-fonden and Lancelot Asset Management and thank existing shareholders who participated for their continued support and confidence in our business. This capital significantly strengthens our financial position and gives us capital to complete the application for Xlucane's market approval, secure production capacity and produce the launch volume for Xlucane, and start scaling up the production process for Xcimzane (Cimzia biosimilar) to a commercial scale before its clinical study.
Investor presentations
We continue to actively meet investors. During the third quarter, we presented Xbrane at the Pareto Healthcare conference, from which a video recording is available on our website. We will next present Xbrane at Redeye Life Science Day on November 26. I was also positiv that Xbrane's share from late November is included in the MSCI Global Micro Cap Index.
Important milestones for the next 12 months
Xbrane has many important milestones to deliver over the next 12 months which are summarized below:
- To present top-line data from Xplore
- To apply for market approval for Xlucane in Europe and the US
-
To license the rights for the sale and marketing of
Xlucane in Latin America, Japan and China.
We also have the ambition of establishing further partner- ships, primarily for Xcimzane and Xdivane, and to continue to strengthen our platform technology and its IP protection.
Finally, I would like to thank my employees who have made it possible for Xbrane to take these important steps in our development. We all feel great enthusiasm for Xbrane's journey towards becoming a leading global biosimilar developer and, with our unique patented production plat- form, to be able to develop cost-effective biosimilars for the world's patients.
Martin Åmark, CEO
4 XBRANE BIOPHARMA | 4 |
PRODUCT PORTFOLIO
Product portfolio
Sales originator drug, | Patent expire date | Phase of | |||
Product | Biosimilar to | Primary indication | 2019* (SEK billion) | for originator drug | development |
Xlucane | Ranibizumab | Wet age-related macular | 371,2 | 2022 (Europe) | Phase III |
(Lucentis®) | degeneration, diabetic | 2020 (US) | |||
related macular edema, | |||||
and retinal vein occlu- | |||||
sion. | |||||
Xcimzane | Certolizumab | Rheumatoid arthritis, | 183 | 2024 (US) | Pre-clinical phase |
pegol | axial spondylarthrosis, | 2025** (Europe) | |||
(Cimzia®) | psoriatic arthritis, psori- | ||||
asis and Crohn disease. | |||||
Xdivane | Nivolumab | Melanoma, lung cancer, | 684 | 2026-2031 | Pre-clinical phase |
(Opdivo®) | renal cell carcinoma, | Depending on | |||
head- and neck cancer, | country | ||||
bladder and urinary tract | |||||
cancer. | |||||
Xoncane | Pegaspargase | Acute lymphocytic | 25 | Expired | Pre-clinical phase |
(Oncaspar®) | leukemia. | ||||
Spherotide | Triptorelin | Prostate cancer, breast | 46 | Expired | Pre-clinical phase |
(Decapeptyl®) | cancer, endometriosis, | ||||
and myoma | |||||
Sources:
- Novartis Year-end report 2019
- Roche Year-end report 2019
- UCB Year-end report 2019
- BMS Year-end report 2019
- EvaluatePharma 2018
- IQVIA 2018
- If sales figures for the full year 2019 are not available, sales figures for 2018 have been used.
- Includes six months patent extension due to pediatric indication.
5 XBRANE BIOPHARMA
PRODUCTS
Xlucane
Xlucane is a biosimilar to ranibizumab (original drug Lu- centis®), a so-calledVEGFa-inhibitor, and it is used to treat a number of serious eye diseases: wet age-related macular degeneration (AMD), diabetic macular edema (DME), diabetic retinopathy (DR), as well as retinal vein occlusion (RVO). The market for VEGFa-inhibitors for ophthalmic use had sales of more than EUR 10 billion1,2,3 in 2019, and has grown by more than 10 percent in the past few years1,2,3.
A clinical registration-based phase III study, Xplore, is being conducted to demonstrate equivalence compared with Lucentis®. Xplore continues without any safety concerns raised. In November, the Xplore study was fully recruited. Xbrane will, in agreement with the EMA and FDA, apply for market approval for Xlucane in Europe and the US, based on six months of Xplore treatment data.
Xbrane has a co-development agreement with STADA for the development, sale and marketing of Xlucane, which means that STADA and Xbrane are sharing the development costs and future profits for Xlucane equally. During Q2 2020 the commercialization rights for the US and Cana- da were licensed to Bausch + Lomb.
Xcimzane
Xcimzane is a biosimilar to certolizumab pegol (original drug Cimzia®), a TNF inhibitor used in the treatment of rheumatoid arthritis and Crohn's disease in particular. The market for TNF inhibitors had a turnover of approximately SEK 240 billion in 20184 and Cimzia® sold for SEK 18 billion5 in 2019. Cimzia® patent protection is expected to expire in 2024 in the US and 2025 in Europe.
Xcimzane is now undergoing pre-clinical development with a focus on developing a cost-efficient production process and demonstrating biochemical similarity to the original drug. When this step is completed, upscaling along with a production partner will follow, after which the product can be taken into clinical trials.
Xdivane
Xdivane is a biosimilar to nivolumab (original drug Opdi- vo®), a PD1 inhibitor for the treatment of various cancers with a turnover of approximately SEK 68 billion in 20196. Opdivo® patent protection is expected to expire during 2026-2031, depending on the country.
Xdivane is undergoing pre-clinical development with a focus on developing a cost-efficient production process and demonstrating biochemical similarity to the original drug.
When this step is completed, upscaling with a production partner will follow, after which the product can be taken into clinical trials.
Xoncane
Xoncane is a biosimilar to pegaspargase (original drug Oncaspar®), used in treatment for Acute Lymphatic Leu- kemia. In 2018, Oncaspar® sold for about SEK 2 billion7. Xoncane is now undergoing pre-clinical development.
Spherotide
Spherotide is a long-acting formulation with the active substance triptorelin, which is mainly used for the treatment of prostate cancer, breast cancer, endometriosis and myoma. Triptorelin had annual sales of SEK 4 billion8 in 2018, and despite the fact that the patents expired several years ago, there are still no generics within long-acting formulations.
The product candidate is in the pre-clinical phase where the next step is to initiate a registrationbased phase III study in endometriosis patients as a basis for market approval in Europe and China.
In January 2020, Finchimica S.p.A., parent company of contract manufacturer International Chemical Industry S.p.A. (ICI), was declared bankrupt by the Milan court.
Primm Pharma is closely following the process and is taking appropriate measures to protect its interests in future production of Spherotide.
During the year, Xbrane started dialogues with stake- holders who showed interest in acquiring the subsidiary Primm Pharma, which develops Spherotide.
Source:
- Novartis Year-end report 2019
- Roche Year-end report 2019
- Regeneron Year-end report 2019
- Research and markets Global Tumor Necrosis Factor (TNF) Inhibitors Market 2018-2026: A $181.13 Billion Market Opportunity by 2026 UCB Year-end report 2019
- UCB Year-end report 2019
- BMS Year-end report 2019
- Evaluate Pharma
- IQVIA
6 XBRANE BIOPHARMA
SHAREHOLDERS
Shareholders
As per September 30, 2020, Xbrane had around 5,000 shareholders distributed over 19,280,707 shares. The ten largest shareholders by the end of this report's period are shown in the table below1.
Name | Number of shares | Ownership, % |
Serendipity Group | 2,819,967 | 14.6% |
Swedbank Robur Fonder | 1,882,402 | 9.8% |
Bengt Göran Westman | 1,658,903 | 8.6% |
STADA Arzneimittel AG | 1,570,989 | 8.1% |
TIN Fonder | 1,050,000 | 5.4% |
Avanza Pension | 721,903 | 3.7% |
Futur Pension | 571,763 | 3.0% |
Nordnet Pensionsförsäkring | 391,085 | 2.0% |
Swedbank Försäkring | 332,177 | 1.7% |
Paolo Sarmientos | 296,939 | 1.5% |
Ten largest shareholders in total | 11,296,128 | 58.6% |
Other Swedish shareholders | 6,350,365 | 32.9% |
Other foreign shareholders | 1,634,214 | 8.5% |
Total outstanding shares | 19,280,707 | 100.0% |
Source:
1) Modular Finance. Based on a complete list of shareholders including directly registered and nominee registered shareholders.
7 XBRANE BIOPHARMA
FINANCIAL OVERVIEW
Financial overview
Financial Overview
The Group's results for July - September 2020
(Figures in parentheses refer to the corresponding period last year)
During the third quarter, no sales took place (0.0), and thus no cost of goods sold was incurred (0.0).
Other operating income amounted to SEK 5.2 M (1.4) and relates mainly to income from the licensing of the American and Canadian rights for Xlucane to Bausch + Lomb and is accrued over two years. The remaining amount relates to license income from non-core operations, and exchange rate gains on receivables and liabilities of an operating nature.
Sales costs amounted to SEK 0.0 M (+0.1). The positive amount in 2019 refers to a reversal of a previous provision regarding a trade receivable. Administrative expenses amounted to SEK 7.1 M (7.0). The increase is explained due to a growing organization. The comparative period includes costs related to the listing change in September last year, which is why total administrative expenses increased only marginally.
Research and development costs amounted to SEK 52.0 M (31.4 *), of which SEK 50.5 M (27.5 *) relates to biosimilars and primarily Xlucane and SEK 1.5 M (3.8) relates to the long-acting injectable drug Spherotide. The largest part of the R&D costs relates to the ongoing Xplore study for Xlu- cane, the parallel regulatory work and the establishment of a production chain. The increase is because the Xluxane project is in a more intensive phase now than last year.
Other operating expenses amounted to SEK 3.6 M (0.9) and relate primarily to exchange rate losses on receivables and liabilities of an operating nature.
The operating loss was SEK -57.5 M (-37,7*).
The loss before tax was SEK -57.7 M (-38.0*). During the quarter, no taxable profit arose and thus no tax expense (0.0)
The loss after tax for the quarter was SEK -57.7 M (-38.0*) and earnings per share was SEK -2.99(-2.63*).
The Group's cash flow for July - September 2020
The cash flow from operating activities amounted to SEK -103.4 M (-83.9). Changes in operating receivables and operating liabilities amounted to SEK 17.3 M (-45.4) and SEK -61.1 M (-2.3*), respectively. The fluctations at the operating reciviables is mainly due to payment of the pre-
vious described license agreement with Bausch & Lomb. Further, changes in working capital can vary greatly between quarters, primarily as a result of advance payments from STADA regarding the develop ment work for Xlucane and costs for the clinical study. During the quarter, there were no prepayments from STADA and thus operating liabilities were reduced.
The cash flow from investment activities consisted of investments in tangible fixed assets that amounted to SEK -3.8 M (-0.2).
The cash flow from financing activities amounted to SEK -0.8 M (75.1). The previous year's cash flow included a rights issue of SEK 75.9 M after deductions for transaction costs.
The Group's earnings for January - September 2020
During the first nine months, no sales took place (0.0) and thus no cost of goods sold was reported (0.0).
Other operating income amounted to SEK 15.4 M (4.4) and relates mainly to income from the licensing of the Ameri- can and Canadian rights for Xlucane to Bausch + Lomb which is accrued over two years. The remaining amount relates to license income from non-core operations, and exchange rate gains on receivables and liabilities of an operating nature.
Sales costs amounted to SEK 0.0 M (0.3).
Administrative expenses amounted to SEK 23.9 M (18.1). The increase is explained due to a growing organization.
Research and development costs amounted to SEK 144.7 M (101.3*), of which SEK 139.7 M (91.5*) relates to biosim- ilars and primarily Xlucane and SEK 4.9 M (9.8) relates to the long-acting injectable drug Spherotide. The largest part of the R&D costs relates to the ongoing Xplore study for Xlucane, the parallel regulatory work and the establishment of a production chain. The increase is because the Xluxane project is in a more intensive phase now than last year.
Other operating expenses amounted to SEK 9.2 M (4.9) and relate primarily to exchange rate losses on receivables and liabilities of an operating nature.
The operating loss was SEK -162.3 M (-120.2*).
Net financial items amounted to SEK -0.6 M (-1.1) and relate to interest expenses for leasing agreements. The loss before tax was SEK -163.0 M (-121.3 *). During the period, no taxable profit arose and thus no tax expense (0.0).
* This period has been recalculated due to restatement, see Appendix 1 for the effects.
8 XBRANE BIOPHARMA
FINANCIAL OVERVIEW
The loss after tax SEK -163.0(-121.3 *) and earnings per share was SEK -9.49(-12.42 *).
The Group's cash flow January - September 2020
The cash flow from operating activities was SEK -170.8 M (-154.8). The change in operating receivables and operating liabilities was SEK -17.9 M (-75.1) and SEK 7.7 M (39.9*), respectively. The change in operating receivables and operating liabilities can vary greatly between the periods, primarily as a result of re-invoicing to STADA regarding the development work for Xlucane and costs for the clinical study.
The cash flow from investing activities amounted to SEK
-3.9 M (-1.0) and consisted of investments in tangible fixed assets.
The cash flow from financing activities amounted to SEK
133.7 M (216.9), of which SEK 146.4 M (252.5) relates to the issue proceeds, and SEK -10.3 M (-33.4) relates to transaction costs and repayment of leasing liabilities amounting to SEK -2.4 M (-2.0).
The Group's financial position and going concern
On the balance sheet day, the cash amounted to SEK
123.8 M (162.2). In November the Company completed a directed share issue of approximately SEK 200 M before transaction costs. This capital significantly strengthens the Company´s financial position and contributes with capital to complete the application for Xlucane's market approv- al, secure production capacity and produce the launch volume for Xlucane and start scaling up the production process for Xcimzane.
Besides the additional revenues that partnerships and transactions may bring in the near future, Xbrane is expected to need additional capital during the second half of 2021. In addition, it is estimated that further financing of the business will be needed until 2022, when the company is expected to generate sales revenue from Xlucane. The company continues to evaluate various financing alternatives together with its financial advisers and dialogues with investors.
Goodwill
Goodwill amounted to SEK 61.4 M (62.5) on the balance sheet date and the marginal fall compared with the previous year is due to exchange rate changes.
Inventories
When sales of Spherotide were put on hold, inventories were written down and thus amounted to SEK 0.0 (10.1) M. Impairment occurred in the fourth quarter last year.
Prepaid expenses and accrued income
Prepaid expenses and accrued income amounted to SEK
90.0 M (88.4), of which SEK 28.1 M (52.2) relates to the purchase and packaging costs of reference drugs for the ongoing Phase III study that will be used on an ongoing basis. SEK 51.5 M (27.4) refers to the advance payment to CRO (Contract Research Organization) conducting the clinical study and the remaining SEK 10.4 M (8.8) refers to other prepaid expenses and accrued income.
Changes in equity
Equity amounted to SEK 4.3 M (3.5) on the balance sheet date. Other capital contributions amounted to SEK 585.3 M (446.9) and during the first nine months was impacted by SEK 135,2 M from the new share issue after transaction costs and reserved share-related remuneration to employees of SEK 2.0 (0,9) M. Total equity amounted to SEK 135.0 M (227.5*).
The equity ratio was 43 percent (56*).
Accrued expenses and prepaid income
Accrued expenses and prepaid income amounted to SEK
147.2 M (139.6*) and primarily relate to advance payments from STADA for Xlucane of SEK 90.4 M (110.0*).
Impact of the joint development agreement with STADA on the results and balance sheet
Since the joint development agreement with STADA for
Xlucane was concluded in July 2018, Xbrane's net costs for the research and development attributable to the develop ment of Xlucane have been reported in the results, i.e.
50 percent of the total cost of the project. With regard to the balance sheet, assets and liabilities attributable to the development of Xlucane are reported in their entirety, i.e. 100 percent and then STADA's share of these, i.e. 50 per- cent, is reported as the receivable or liability arising between Xbrane and STADA. This applies to both the Group and parent company. On the closing date, Xbrane had a long- term non-interest-bearing liability to STADA amounting to SEK 4.2 M (4.3) relating to STADA's share of the long-term advance payment to CRO. In addition, accrued expenses and prepaid income from STADA amounted to SEK 90.4 M (110.0*).
Parent company
The core business of Xbrane, which is the development of biosimilars, is run by the parent company. As the parent company constitutes the major part of the Group, a statement in text format of the parent company's earnings, financial position and cash flow would provide no further information than described in the report. Hence, this is only presented in reporting format on pages 19-21.
* This period has been recalculated due to restatement, see Appendix 1 for the effects.
9 XBRANE BIOPHARMA
FINANCIAL OVERVIEW
Risks and uncertainties
Risks and uncertainties are described in the 2019 Annual Report on pages 27-29. The Annual Report is available on the company's website. At the time of publishing of this interim report, these have not been significantly changed except for the risks described below.
The 2019 Annual Report describes the risk that Xbrane and its partner STADA not succeeding in reaching agreements with third-party distributors for major markets, for example the US and LATAM. During 2020, this risk has changed as Xbrane and STADA have signed an agreement with Basuch + Lomb, which has obtained the rights to distribute Xlucane in the US and Canada.
Impact of the COVID-19 pandemic
The 2019 Annual Report describes the risk that the ongoing COVID-19 pandemic means an increased risk for delays in the Xplore study. This risk has now been reduced as the Xplore study has been fully recruited during November.
The Company also described a risk that the pandemic will make it more difficult to cover its capital needs in the nearest future as it has had a major impact on the economy and capital markets worldwide. This risk has been reduced as the Company has accomplished two new share issues during the 9 month period.
Furthermore, Xbrane has changed its working methods to be able to follow the local health guidelines from the authorities. This has led to cancelled travels, digital meetings and that most of the employees who are not working in the lab have been working from home. The company has continuously followed, and continue to follow, local health guidelines from the authorities in the places where it oper- ates. Those employees who need access to the lab have been offered a safe means of travel and scheduled work to comply with guidelines on social distancing. Absence due to illness has been relatively low. Together, the company has found effective ways of working and an even stronger cohesion that allows the company to be sustainable in this situation and continue to make the staff, partners and patients' health and safety as first priority.
Share information
Xbrane's share capital at the end of the period was SEK
4.3 M (3.5), divided into 19,280,707 shares (15,415,199). The quota value of all shares is SEK 0.224 and all shares have an equal right to a share in the company's assets and earnings. Xbrane's shares have been listed on Nasdaq OMX since September 23, 2019 and the number of share- holders in Xbrane on the balance sheet date was around 5,000. The share's closing price on the balance sheet date was SEK 82.8, resulting in a market capitalization of SEK 1,596 M.
Organization and employees
Xbrane is headquartered in Solna, outside Stockholm, Sweden, where the company also has a laboratory for the research and development of biosimilars. Xbrane has one wholly-owned subsidiary, Primm Pharma, located in Milan, Italy. On the balance sheet date, the Group had 41 (34) employees.
Important events during the third quarter
Extraordinary General Meeting (EGM)
An EGM was held on September 22, 2020, where the meeting resolved to amend the company's Articles of Association regarding, among other things, the limits of the share capital and an amendment to the provision on participation at the AGM due to an adjustment in the Swedish Companies Act. Furthermore, the EGM resolved to authorize the Board to decide on the issue of shares, convertibles and/or warrants on one or more occasions, until the next Annual General Meeting, with or without deviation from shareholders' preferential rights, corresponding to a maximum of 20 percent dilution.
New interim CFO
Margareta Hagman took up the position of interim CFO from September 30, until a new permanent CFO is appointed.
Important events after the end of the reporting period XPLORE study fully enrolled
At the 11th of November, the last patient in the ongoing pivotal phase III trial XPLORE was recruited.
Directed share issue carried out in November
Xbrane completed a directed share issue of approximately SEK 200 M. A number of Swedish and international institutional investors, including Swedbank Robur Fonder, TIN Fonder, Andra AP-fonden and Lancelot Asset Management have subscribed for shares in the directed share Issue.
Nomination committee
In accordance with the principles for the Nomination Committee adopted at the AGM on May 14, 2020, a Nomination Committee has been appointed. The Nomination Committee consists of Xbrane's Chairman of the Board Anders Tullgren and Saeid Esmaeilzadeh who represents the Serendipithy Group, the company's largest shareholder, Ulrik Grönvall, representing the company's second largest shareholder Swedbank Robur Fonder and Bengt Göran Westman, the company's third largest shareholder. To get in touch with the Nomination Committee, please send an email to valberedning@xbrane.com no later than January 15, 2021.
Auditor's review
This interim report has been subject to a review by the company's auditor.
10 XBRANE BIOPHARMA
FINANCIAL REPORTS
Consolidated income statement
2020 | 2019 | 2020 | 2019 | 2019 | ||
Amounts in SEK thousand | Notes | Q 3 | Q 3* | Q 1-3 | Q 1-3* | Full year* |
Revenues | 2 | - | - | - | - | - |
Cost of goods sold | - | - | - | - | -18,271 | |
Gross profit | - | - | - | - | -18,271 | |
Other income | 2 | 5,186 | 1,373 | 15,371 | 4,369 | 6,355 |
Selling and distribution expenses | 0 | 111 | 0 | -271 | -454 | |
Administrative expenses | -7,079 | -6,998 | -23,856 | -18,115 | -26,415 | |
Research and development expenses | -52,025 | -31,354 | -144,666 | -101,318 | -137,665 | |
Other expenses | -3,596 | -864 | -9,188 | -4,914 | -10,122 | |
Operating profit/loss | 2 | -57,514 | -37,731 | -162,339 | -120,249 | -186,572 |
Financial income | - | - | - | 52 | 51 | |
Financial costs | -228 | -272 | -634 | -1,116 | -1,468 | |
Net financial costs | 2 | -228 | -271 | -634 | -1,064 | -1,417 |
Profit/loss before tax | -57,742 | -38,002 | -162,973 | -121,314 | -187,989 | |
Income tax expense | - | - | - | - | - | |
Profit/loss for the period | -57,742 | -38,002 | -162,973 | -121,314 | -187,989 | |
Profit/loss attributable to: | ||||||
- Owners of the Company | -57,742 | -38,002 | -162,973 | -121,314 | -187,989 | |
- Non-controlling interests | - | - | - | - | - | |
Total comprehensive income for the period | -57,742 | -38,002 | -162,973 | -121,314 | -187,989 | |
Earnings per share | ||||||
- Basic earnings per share (SEK) | -2.99 | -2.63 | -9.49 | -12.42 | -16.80 | |
- Diluted earnings per share (SEK) | -2.99 | -2.63 | -9.49 | -12.42 | -16.80 | |
Number of outstanding shares at the end of the re- | ||||||
porting period | ||||||
- Before dilution | 19,280,707 | 15,415,199 | 19,280,707 | 15,415,199 | 15,415,199 | |
- After dilution | 19,280,707 | 15,415,199 | 19,280,707 | 15,415,199 | 15,415,199 | |
Average number of outstanding shares | ||||||
- Before dilution | 19,280,707 | 14,468,999 | 17,177,891 | 9,766,913 | 11,190,591 | |
- After dilution | 19,280,707 | 14,468,999 | 17,177,891 | 9,766,913 | 11,190,591 |
* This period has been recalculated due to restatement, see Appendix 1 for the effects.
11 XBRANE BIOPHARMA
FINANCIAL REPORTS
Consolidated income statement and other comprehensive income
2020 | 2019 | 2020 | 2019 | 2019 | |
Amounts in SEK thousand | Q 3 | Q 3* | Q 1-3 | Q 1-3* | Full year* |
Total comprehensive income for the period | -57,742 | -38,002 | -162,973 | -121,314 | -187,989 |
Other comprehensive income | |||||
Items that have been transferred and can be transferred to pro- | |||||
fit/loss for the period to profit/loss for the period | |||||
Reclassification of foreign currency translation differences | 398 | 1,382 | 476 | 3,815 | 1,171 |
Comprehensive income for the period | 398 | 1,382 | 476 | 3,815 | 1,171 |
Total comprehensive profit/loss attributable to: | |||||
- Owners of the Company | -57,345 | -36,620 | -162,498 | -117,499 | -186,818 |
- Non-controlling interests | - | - | - | - | - |
Total comprehensive income for the period | -57,345 | -36,620 | -162,498 | -117,499 | -186,818 |
*This period has been recalculated due to restatement, see Appendix 1 for the effects.
12 XBRANE BIOPHARMA
FINANCIAL REPORTS
Consolidated statement of financial | position | |||
Amounts in SEK thousand | 09-30-2020 | 09-30-2019* | 12-31-2019* | |
ASSETS | ||||
Goodwill | 61,386 | 62,479 | 60,760 | |
Intangible assets | 4,492 | 5,403 | 5,053 | |
Property, plant and equipment | 8,983 | 25,163 | 7,004 | |
Right of use assets | 6,800 | - | 9,204 | |
Trade and other receivables | 13,013 | 9,218 | 8,982 | |
Non-current assets | 94,673 | 102,263 | 91,003 | |
Inventories | - | 10,102 | - | |
Trade receivables | - | 38,180 | - | |
Other receivables | 7,658 | 5,293 | 5,889 | |
Prepaid expenses and accrued income | 89,985 | 88,376 | 77,850 | |
Cash and cash equivalents | 123,768 | 162,195 | 164,197 | |
Current assets | 221,411 | 304,147 | 247,937 | |
TOTAL ASSETS TOTAL ASSETS | 316,083 | 406,410 | 338,940 | |
EQUITY | ||||
Share capital | 4,322 | 3,456 | 3,456 | |
Share premium | 585,343 | 446,915 | 448,089 | |
Reserves | 7,194 | 9,363 | 6,719 | |
Retained earnings including the loss of the period | -461,885 | -232,235 | -298,912 | |
Equity attributable to owners of the Company | 134,976 | 227,499 | 159,352 | |
Non-controlling interests | - | - | - | |
Total equity | 134,976 | 227,499 | 159,352 | |
LIABILITIES | ||||
Leasing liability | 4,419 | 7,149 | 6,281 | |
Non-currentnon-interest-bearing liabilities | 4,216 | 4,291 | 4,173 | |
Provisions | 5,046 | 4,667 | 4,547 | |
Non-current liabilities | 13,681 | 16,107 | 15,001 | |
Current interest-bearing liabilities | - | 49 | 12 | |
Trade and other payables | 16,111 | 18,818 | 21,097 | |
Other current liabilities | 1,431 | 1,085 | 2,903 | |
Leasing liability | 2,665 | 3,235 | 3,144 | |
Deferred income/revenue | 147,219 | 139,617 | 137,431 | |
Current liabilities | 167,426 | 162,805 | 164,586 | |
TOTAL LIABILITIES | 181,108 | 178,911 | 179,588 | |
TOTAL EQUITY AND LIABILITIES | 316,083 | 406,410 | 338,940 | |
*This period has been recalculated due to restatement, see Appendix 1 for the effects.
13 XBRANE BIOPHARMA
FINANCIAL REPORTS
Consolidated cash flow statement
2020 | 2019 | 2020 | 2019 | 2019 | |
Amounts in SEK thousand | Q 3 | Q 3* | Q 1-3 | Q 1-3* | Full year* |
Cash flow from operating activities | |||||
Profit/loss before tax | -57,742 | -38,002 | -162,973 | -121,314 | -187,989 |
Adjustments for items not included in cash flow | -1,859 | 1,786 | 2,408 | 5,965 | 24,718 |
Paid income taxes | - | - | - | - | - |
Total | -59,602 | -36,217 | -160,566 | -115,349 | -163,271 |
Increase (-)/Decrease (+) of inventories | - | -21 | - | -4,242 | - |
Increase (-)/Decrease (+) of trade and other receivables | 17,296 | -45,378 | -17,911 | -75,144 | -28,286 |
Increase (+)/Decrease (-) of trade and other payables | -61,087 | -2,261 | 7,653 | 39,890 | 42,968 |
Cash flow from current operations | -103,393 | -83,877 | -170,824 | -154,845 | -148,589 |
Cash flow from investing activities | |||||
Acquisition of property, plant and equipment | -3,788 | -209 | -3,864 | -1,017 | -1,187 |
Cash flow from investing activities | -3,788 | -209 | -3,864 | -1,017 | -1,187 |
Cash flow from financing activities | |||||
Proceeds from exercise of share options | - | - | 3 | - | - |
New share issue | - | 91,131 | 146,444 | 252,457 | 252,457 |
Transaction expense | - | -15,199 | -10,337 | -33,430 | -33,430 |
Amortization of loan | - | -36 | -12 | -106 | -140 |
Amortization of lease liability | -786 | -846 | -2,350 | -2,037 | -2,846 |
Cash flow from financing activities | -786 | 75,050 | 133,748 | 216,884 | 216,041 |
Cash flow for the period | -107,967 | -9,036 | -40,940 | 61,022 | 66,265 |
Cash and cash equivalents at beginning of period | 232,506 | 171,410 | 164,197 | 100,972 | 100,972 |
Exchange rate differences in cash and cash equivalents | -771 | -178 | 510 | 202 | -3,039 |
Cash and cash equivalents at end of period | 123,768 | 162,195 | 123,768 | 162,195 | 164,197 |
*This period has been recalculated due to restatement, see Appendix 1 for the effects.
14 XBRANE BIOPHARMA
FINANCIAL REPORTS
Consolidated statement of changes in equity
Translation | Retained | ||||
Amounts in SEK thousand | Share capital | Share premium | reserve | earnings | Total equity |
Balance at January 1, 2020 | 3,456 | 448,089 | 6,719 | -273,941 | 184,323 |
Recalculation* | - | - | - | -24,970 | -24,970 |
Balance at January 1, 2020 after | |||||
recalculation | 3,456 | 448,089 | 6,719 | -298,911 | 159,352 |
Total comprehensive income | |||||
for the period | |||||
Profit/loss for the period | - | - | - | -162,973 | -162,973 |
Other comprehensive income | |||||
for the period | - | - | 476 | - | 476 |
Total comprehensive income | |||||
for the period | - | - | 476 | -162,973 | -162,498 |
Transactions with group share- | |||||
holder | |||||
New share issue | 864 | 135,243 | - | - | 136,107 |
- New share issue | 864 | 145,580 | - | - | 146,444 |
- Transaction expenses | - | -10,337 | - | - | -10,337 |
Share savings program | 3 | 2,011 | - | - | 2,014 |
Total contributions from and dist- | |||||
ributions to shareholders | 867 | 137,254 | - | - | 138,121 |
Balance at September 30, 2020 | 4,322 | 585,343 | 7,194 | -461,885 | 134,976 |
Translation | Retained | ||||
Amounts in SEK thousand | Share capital | Share premium | reserve | earnings | Total equity |
Balance at January 1, 2019 | 1,419 | 184,007 | 5,548 | -107,903 | 83,070 |
Recalculation* | -3,019 | -3,019 | |||
Balance at January 1, 2019 after | |||||
recalculation | 1,419 | 184,007 | 5,548 | -110,922 | 80,052 |
Total comprehensive income | |||||
for the period | |||||
Profit/loss for the period | - | - | - | -121,314 | -121,314 |
Other comprehensive income | |||||
for the period | - | - | 3,815 | 3,815 | |
Total comprehensive income | |||||
for the period | - | - | 3,815 | -121,314 | -117,499 |
Transactions with group share- | |||||
holder | |||||
New share issue | 2,037 | 261,990 | - | - | 264,027 |
- New share issue | 2,037 | 295,420 | - | - | 297,457 |
- Transaction expenses | - | -33,430 | - | - | -33,430 |
Share savings program | - | 918 | - | - | 918 |
Total contributions from and dist- | |||||
ributions to shareholders | 2,037 | 262,908 | - | - | 264,945 |
Balance at September 30, 2019 | 3,456 | 446,915 | 9,363 | -232,235 | 227,499 |
*This period has been recalculated due to restatement, see Appendix 1 for the effects.
15 XBRANE BIOPHARMA
FINANCIAL REPORTS
Consolidated statement of changes in equity, cont.
Translation | Retained | ||||
Amounts in SEK thousand | Share capital | Share premium | reserve | earnings | Total equity |
Balance at January 1, 2019 | 1,419 | 184,007 | 5,548 | -107,903 | 83,070 |
Recalculation* | -3,019 | -3,019 | |||
Balance at January 1, 2019 after | |||||
recalculation | 1,419 | 184,007 | 5,548 | -110,922 | 80,051 |
Total comprehensive income | |||||
for the period | - | - | - | - | - |
Profit/loss for the period | - | - | - | -187,989 | -187,989 |
Other comprehensive income | |||||
for the period | - | - | 1,171 | - | 1,171 |
Total comprehensive income | |||||
for the period | 1,171 | -187,989 | -186,818 | ||
Transactions with group share- | |||||
holder | |||||
New share issue | 2,037 | 261,990 | - | - | 264,027 |
- New share issue | 2,037 | 295,420 | - | - | 297,457 |
- Transaction expenses | - | -33,430 | - | - | -33,430 |
Share savings program | - | 2,092 | - | - | 2,092 |
Total contributions from and dist- | |||||
ributions to shareholders | 2,037 | 264,082 | - | - | 266,119 |
Balance at December 31, 2019 | 3,456 | 448,089 | 6,719 | -298,912 | 159,352 |
*This period has been recalculated due to restatement, see Appendix 1 for the effects.
16 XBRANE BIOPHARMA
FINANCIAL REPORTS
Income statement, Parent company
2020 | 2019 | 2020 | 2019 | 2019 | |
Amounts in SEK thousand | Q 3 | Q 3* | Q 1-3 | Q 1-3* | Full year* |
Revenues | - | - | - | - | - |
Cost of goods sold | - | - | - | - | - |
Gross profit | - | - | - | - | - |
Other income | 4,894 | 1,039 | 14,485 | 3,238 | 4,416 |
Administrative expenses | -6,139 | -5,945 | -20,352 | -14,632 | -21,595 |
Research and development expenses | -45,593 | -27,903 | -135,036 | -91,856 | -126,509 |
Other expenses | -3,539 | -860 | -9,026 | -4,886 | -10,090 |
Operating profit/loss | -50,377 | -33,668 | -149,929 | -108,135 | -153,777 |
Financial items | |||||
Financial income | - | - | 11 | - | 4 |
Financial expenses | -112 | -110 | -261 | -880 | -995 |
Net finance costs | -112 | -110 | -250 | -880 | -990 |
Profit/loss before tax | -50,489 | -33,778 | -150,179 | -109,015 | -154,767 |
Income tax expense | - | - | - | - | - |
Total comprehensive income for the period | -50,489 | -33,778 | -150,179 | -109,015 | -154,767 |
Parent company statement of comprehensive income
2020 | 2019 | 2020 | 2019 | 2019 | |
Amounts in SEK thousand | Q 3 | Q 3* | Q 1-3 | Q 1-3* | Full year* |
Profit/loss for the period | -50,489 | -33,778 | -150,179 | -109,015 | -154,767 |
Other comprehensive income | - | - | - | - | - |
Total comprehensive income for the period | -50,489 | -33,778 | -150,179 | -109,015 | -154,767 |
*This period has been recalculated due to restatement, see Appendix 1 for the effects.
17 XBRANE BIOPHARMA
FINANCIAL REPORTS
Balance Sheet, Parent company
Amounts in SEK thousand | 09-30-2020 | 09-30-2019* | 12-31-2019* |
ASSETS | |||
Fixed assets | |||
Non-current assets Property, plant and equipment | 5,729 | 3,995 | 3,697 |
Financial non-current assets | |||
Shares in group companies | 110,391 | 100,783 | 102,319 |
Other non-current receivables | 13,013 | 9,218 | 8,982 |
Total financial non-current assets | 123,404 | 110,001 | 111,301 |
Total non-current assets | 129,133 | 113,996 | 114,998 |
Current assets | |||
Current receivables | |||
Trade receivables | - | 38,180 | - |
Receivables from group companies | - | 83 | - |
Other receivables | 6,164 | 2,203 | 2,962 |
Prepaid expenses and accrued income | 89,895 | 88,344 | 77,752 |
Total current receivables | 96,059 | 128,810 | 80,714 |
Cash and bank | 122,326 | 159,386 | 163,601 |
Current assets | 218,385 | 288,196 | 244,315 |
TOTAL ASSETS | 347,518 | 402,192 | 359,313 |
EQUITY AND LIABILITIES | |||
Equity | |||
Restricted equity | |||
Share capital | 4,322 | 3,456 | 3,456 |
Unrestricted equity | |||
Share premium | 586,029 | 447,601 | 448,775 |
Retained earnings | -252,474 | -97,707 | -97,707 |
Profit/loss for the period | -150,179 | -109,015 | -154,767 |
Total equity | 187,699 | 244,334 | 199,757 |
Non-current liabilities | |||
Non-currentinterest-bearing liabilities | 4,216 | 4,291 | 4,173 |
Non-currentnon-interest-bearing liabilities | 4,216 | 4,291 | 4,173 |
Current liabilities | |||
Liabilities to subsidiaries | 349 | - | - |
Trade and other payables | 15,678 | 17,212 | 20,377 |
Other current liabilities | 1,292 | 958 | 2,708 |
Deferred income/revenue | 138,284 | 135,395 | 132,298 |
Current liabilities | 155,603 | 153,566 | 155,383 |
TOTAL LIABILITIES | 159,819 | 157,858 | 159,556 |
TOTAL EQUITY AND LIABILITIES | 347,518 | 402,192 | 359,313 |
*This period has been recalculated due to restatement, see Appendix 1 for the effects.
18 XBRANE BIOPHARMA
FINANCIAL REPORTS
Cash flow statement, Parent company
2020 | 2019 | 2020 | 2019 | 2019 | |
Amounts in SEK thousand | Q 3 | Q 3* | Q 1-3 | Q 1-3* | Full year* |
Cash flows from operating activities | |||||
Earnings before income and tax | -50,489 | -33,778 | -150,179 | -109,015 | -154,767 |
Adjustments for items not included in cash flow | -1,333 | 849 | -1,509 | 2,950 | 6,706 |
Paid income taxes | - | - | - | - | - |
Total | -51,822 | -32,929 | -151,688 | -106,065 | -148,061 |
Increase (-)/Decrease (+) of trade and other receivables | -7,987 | -48,424 | -19,376 | -94,348 | -46,015 |
Increase (+)/Decrease (-) of trade and other payables | -42,994 | -2,529 | 4,597 | 43,689 | 46,462 |
Cash flow from current operations | -102,803 | -83,882 | -166,467 | -156,723 | -147,614 |
Cash flow from investing activities | |||||
Investments in subsidiaries | -1,554 | - | -8,073 | - | -1,536 |
Acquisition of property, plant and equipment | -3,427 | -16 | -3,503 | -386 | -565 |
Cash flow from investing activities | -4,981 | -16 | -11,576 | -386 | -2,101 |
Cash flow from financing activities | |||||
Exercised share options by employees | - | - | 3 | - | - |
New share issue | - | 91,131 | 146,444 | 252,457 | 252,457 |
Transaction expense | - | -15,199 | -10,337 | -33,430 | -33,430 |
Amortization of loan | |||||
- | - | - | -3,042 | -3,042 | |
Cash flow from financing activities | - | 75,932 | 136,110 | 215,985 | 215,985 |
Cash flow for the period | -107,784 | -7,965 | -41,933 | 58,875 | 66,270 |
Cash and cash equivalents at beginning of period | 230,746 | 167,429 | 163,601 | 100,380 | 100,380 |
Exchange rate differences in cash and cash equivalents | -636 | -78 | 658 | 131 | -3,049 |
Cash and cash equivalents at end of period | 122,326 | 159,386 | 122,326 | 159,386 | 163,601 |
*This period has been recalculated due to restatement, see Appendix 1 for the effects.
19 XBRANE BIOPHARMA
NOTES
Notes
Note 1 Accounting principles
This interim report has been prepared in accordance with IAS 34, Interim Financial Reporting, as well as applicable regulations from the annual accounts act. The interim report for the Parent company has been prepared according to the Annual accounts act, chapter 9, Interim Report.For the Group and the Parent company the same accounting principles and calculation bases as the previous annual report has been applied with the exception of the additional applications principles for accounting for license revenues described below on the new license agreements which is different in nature to licensing agreements previously reported. Information according to IAS 34.16A is included in these financial statements and related notes as well in other parts of this interim report.
License revenue
License revenue refers to the out-licensing of the parent company's patented platform for protein production, as well as licensing rights for sales and marketing of the Group's products. License agreements that contain more than one distinct performance obligation are divided and revenue reported separately. Other performance obligation in the agreement are aggregated
into a common distinct performance obligation. When licensing the Group's intellectual property (IP) to a customer, a distinction is made between two types of licensing with associated distinct performance obligation that affect whether revenue is to be reported at a certain time or accrued over time:
- Right to access IP - the agreement requires, or the customer can reasonably expect, that the Group will take measures that significantly affect the rights the customer is entitled to, that these measures directly affect the customer and that the measures do not involve the transfer of goods/services to the customer when the measures are carried out. The perfor- mance obligation and thus the income is reported over time, usually linearly.
- Right to use IP - the customer only has the right to use the IP in its existing state at the time when the right was granted to the customer. The performance obligation is fulfilled initially, in time.
License agreements often include an initial payment as well as payments when certain milestones have been reached. Accounting for the initial payment depends on the type of licensing available under a) or b) above.
Note 2 Segment reporting | |||||
Report of revenue, operating profit/loss and profit/loss before tax per segment | |||||
2020 | 2019 | 2020 | 2019 | 2019 | |
Amounts in SEK thousand | Q 3 | Q 3* | Q 1-3 | Q 1-3* | Full year* |
Other revenues per segment | |||||
Biosimilars | 2,545 | - | 4,242 | - | - |
Long-acting injectable drugs | - | 467 | 0 | 1,324 | - |
Unallocated revenue | 2,640 | 906 | 11,129 | 3,044 | 6,355 |
Total | 5,186 | 1,373 | 15,371 | 4,369 | 6,355 |
Operating profit or loss per segment | |||||
Biosimilars | -47,952 | -27,534 | -135,494 | -91,486 | -125,675 |
Long-acting injectable drugs | -1,527 | -3,820 | -4,930 | -8,507 | -30,261 |
Unallocated revenue | -8,035 | -6,377 | -21,915 | -20,256 | -30,637 |
Operating profit/loss | -57,514 | -37,731 | -162,339 | -120,249 | -186,572 |
Net finance costs | |||||
Biosimilars | -97 | -221 | -317 | -221 | -354 |
Long-acting injectable drugs | -19 | 110 | -78 | 33 | -71 |
Unallocated revenue | -112 | -160 | -239 | -876 | -993 |
Total | -228 | -271 | -634 | -1,064 | -1,417 |
Profit/loss before tax | -57,742 | -38,002 | -162,973 | -121,313 | -187,989 |
Depreciation, amortization and write downs | |||||
Biosimilars | 1,087 | 1,044 | 3,231 | 2,523 | 3,624 |
Long-acting injectable drugs | 469 | 953 | 1,382 | 2,792 | 20,068** |
Unallocated revenue | 111 | 118 | 331 | 343 | 441 |
Total | 1,666 | 2,115 | 4,944 | 5,658 | 24,134 |
- This period has been recalculated due to restatement, see Appendix 1 for the effects.
- Whereof SEK 16,808 thousand relates to write down of inventory and production facilities for Spherotide.
20 XBRANE BIOPHARMA
NOTES
Note 3 Distribution of Income | ||||
Amounts in SEK thousand | Q3 2020 | |||
Long-acting | Unallocated/ | |||
Note 3 Distribution of Income | Biosimilars | injectable drugs | administration | Group |
Middle East | - | - | - | - |
Asia | - | - | - | - |
Europe | - | - | 2,621 | 2,621 |
United States | 2,545 | - | 19 | 2,565 |
Total | 2,545 | - | 2,640 | 5,186 |
Income per category | ||||
Pharmaceuticals | - | - | - | - |
Milestone payments from partners | 2,545 | - | - | 2,545 |
Services and other | - | - | 2,640 | 2,640 |
Total | 2,545 | - | 2,640 | 5,186 |
Amounts in SEK thousand | Q3 2019 | |||
Long-acting | Unallocated/ | |||
Income per region | Biosimilars | injectable drugs | administration | Group |
Middle East | - | - | - | - |
Asia | - | - | - | - |
Europe | - | 467 | 882 | 1,349 |
United States | - | - | 24 | 24 |
Total | - | 467 | 906 | 1,373 |
Income per category | ||||
Pharmaceuticals | - | - | - | - |
Milestone payments from partners | - | - | - | - |
Services and other | - | 467 | 906 | 1,373 |
Total | - | 467 | 906 | 1,373 |
21 XBRANE BIOPHARMA
NOTES
Note 3 Distribution of Income, cont. | ||||
Amounts in SEK thousand | Q1-3 2020 | |||
Long-acting | Unallocated/ | |||
Income per region | Biosimilars | injectable drugs | administration | Group |
Middle East | - | - | - | - |
Asia | - | - | - | - |
Europe | - | - | 11,010 | 11,010 |
United States | 4,242 | - | 118 | 4,360 |
Total | 4,242 | - | 11,129 | 15,371 |
Income per category | ||||
Pharmaceuticals | - | - | - | - |
Milestone payments from partners | 4,242 | - | - | 4,242 |
Services and other | - | - | 11,129 | 11,129 |
Total | 4,242 | - | 11,129 | 15,371 |
Amounts in SEK thousand | Q1-3 2019 | |||
Long-acting | Unallocated/ | |||
Income per region | Biosimilars | injectable drugs | administration | Group |
Middle East | - | - | - | - |
Asia | - | - | - | - |
Europe | - | 1,324 | 2,974 | 4,299 |
United States | - | - | 70 | 70 |
Total | - | 1,324 | 3,044 | 4,369 |
Income per category | ||||
Pharmaceuticals | - | - | - | - |
Milestone payments from partners | - | - | - | - |
Services and other | - | 1,324 | 3,044 | 4,369 |
Total | - | 1,324 | 3,044 | 4,369 |
22 XBRANE BIOPHARMA
NOTES
Note 3 Distribution of Income, cont. | ||||
Amounts in SEK thousand | Full year 2019 | |||
Long-acting | Unallocated/ | |||
Income per region | Biosimilars | injectable drugs | administration | Group |
Middle East | - | - | - | - |
Asia | - | - | -39 | -39 |
Europe | - | - | 6,132 | 6,132 |
United States | - | - | 262 | 262 |
Total | - | - | 6,355 | 6,355 |
Income per category | ||||
Pharmaceuticals | - | - | - | - |
Milestone payments from partners | - | - | - | - |
Services and other | - | - | 6,355 | 6,355 |
Summa | - | - | 6,355 | 6,355 |
23 XBRANE BIOPHARMA
NOTES
Not 4 Transactions with related parties
Since 2019, STADA Arnzeimittel AG has been a shareholder in Xbrane (see the list of owners on page 7). Transactions with STADA relate to shared costs for the collaboration agreement with Xlucane.
Note 5 Financial instruments
The below table shows the different valuation levels of the financial assets and liabilities that are reported at fair value in the consolidated balance sheet. For a description of how fair value has been calculated, see Note 26 in the 2019 Annual Report. All
During the second quarter a targeted issue was carried out and related parties participated on market conditions. The following related transaction was carried out:
- Serendipity Group participated in the issue and signed for 563,991 shares.
- Stada Arnzeimittel AG also participated in the issue and signed for 314,197 shares.
entries assessed at fair value are defined as being Level 2. The fair value of financial assets and liabilities to acquisition value or accrued acquisition value is estimated to correspond to book values in all material aspects.
Group | 09-30-2020 | 09-30-2019 | 12-31-2019 |
Amounts in SEK thousand | Level 2 | Level 2 | Level 2 |
Financial assetss | |||
Other current receivables fordringar | - | - | 24 |
Whereof currency deriatives | - | - | 24 |
Total financial assets | - | - | 24 |
Financial liabilities | |||
Other current payables | - | - | 1,729 |
Whereof currency deriatives | - | - | 1,729 |
Total financial liabilities | - | - | 1 729 |
24 XBRANE BIOPHARMA
ASSURANCE
Certification
The Board of Directors and the CEO hereby certify that this Interim report provides a true and fair view of the Parent Company and the Group's operations, position and results and describes significant risks and uncertainties faced by the Company and the companies that are part of the Group.
Stockholm November 13, 2020
Anders Tullgren
Chairman of the Board
Peter Edman
Board member
Karin Wingstrand
Board member
Giorgio Chirivì
Board member
Ivan Cohen-Tanugi
Board member
Eva Nilsagård Board member
Mats Thorén
Board member
Martin Åmark
CEO
25 XBRANE BIOPHARMA
FINAUDITNCIALREPORTS
Review report
To the Board of Directors of Xbrane Biopharma AB (publ) Corp. id. 556749-2375
Introduction
We have reviewed the condensed interim financial information (interim report) of Xbrane Biopharma AB (publ) as of 30 September 2020 and the nine-month period then ended. The Board of Directors and the Managing Director are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and other generally accepted auditing practices and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent Company in accordance with the Annual Accounts Act.
Uncertainty related to going concern
Without qualifying our opinion above, we bring to your attention the information on page 9 of the administration report which notes that the company will need additional financing and that the Company is assessing various financing options. This financing has not been finalized as of the date of this report. This condition indicates the existence of uncertainty as to the company's ability to continue as a going concern.
Stockholm den 13 november 2020
KPMG AB
Duane Swanson
Auktoriserad revisor
26 XBRANE BIOPHARMA
FINANCIAL REPORTS
Alternative performance measures
The Company presents certain 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 performance. Since not all companies calculate financial measurements in the same way, these are not always comparable to measurements used by other companies. These financial measures should therefore not be seen as replacement for measures that are defined in accordance with IFRS. The tables below show measurements that are not defined in accordance with IFRS.
EBITDA
Shows the business's earning ability from current operations without regard to capital structure and tax situation and is intended to facilitate comparisons with other companies in the same industry.
2020 | 2019 | 2020 | 2019 | 2019 | |
Amounts in SEK thousand | Q 3 | Q 3* | Q 1-3 | Q 1-3* | Full year* |
Operating profit or loss | -57,514 | -37,731 | -162,339 | -120,249 | -186,572 |
Depreciation, amortization and write downs | -1,666 | -2,114 | -4,944 | -5,658 | -24,134 |
EBITDA | -55,848 | -35,617 | -157,395 | -114,592 | -162,439 |
Research and development expenses as a percentage of operating expenses
The company's direct costs for research and development relate to personnel, materials and external services costs. Research an development expenses as a percentage of operating expenses show the proportion of operating expenses relating to research and development. This is calculated by dividing research and development expenses by total operating expenses. Total operating expenses comprise of selling and distribution expenses, administrative expenses, research and development expenses and other operating expenses.
2020 | 2019 | 2020 | 2019 | 2019 | |
Amounts in SEK thousand | Q 3 | Q 3* | Q 1-3 | Q 1-3* | Full year* |
Research and development expenses | -52,025 | -31,354 | -144,666 | -101,318 | -137,665 |
Total operating expenses | -62,700 | -39,104 | -177,710 | -124,618 | -174,657 |
R&D expenses as a percentage of operating expenses | 83% | 80% | 81% | 81% | 79% |
Equity ratio
Equity ratio is the proportion of assets funded by equity to show the company's long-term ability to pay, i.e. equity through total assets.
Amounts in SEK thousand | 09-30-2020 | 09-30-2019* | 12-31-2109* | |
Total equity | 134,976 | 227,499 | 159,352 | |
Total assets | 316,083 | 406,410 | 338,940 | |
Equity ratio | 43% | 56% | 47% |
*This period has been recalculated due to restatement, see Appendix 1 for the effects.
27 XBRANE BIOPHARMA
For further information: Martin Åmark, CEO/IR martin.amark@xbrane.com
Margareta Hagman, Interim CFO margareta.hagman@xbrane.com
- 46 76-309 37 77 www.xbrane.com
Financial calendar
Year-end report 2020 February 26, 2021 Annual report 2020 March 31, 2021
Interim report January-March 2021 May 6, 2021 Annual General Meeting 2021 May 6, 2021 Interim report January-June 2021 August 13, 2021
Interim report January-September 2021 October 29, 2021
Xbrane Biopharma AB | Banvaktsvägen 22, 171 48 Solna, Sverige | www.xbrane.com
FINANCIAL REPORTS
Appendix 1 Adjustment
Retroactive adjustment of revenue recognition of STADA's share of research and development costs
In 2018, Xbrane signed a cooperation agreement with STA- DA for Xlucane where both parties share costs equally for the development of Xlucane. Prior to the registration-based phase III study Xplore, the original drug Lucentis® was purchased for use in the study and for research and development purposes. The costs for Lucentis® will be charged to the results as it is used in the ongoing Xplore-studie. The recognition of STADA's share of the cost has been done too early, which has resulted in lower research and development expenses, due to the recognition of STADA's share, and advance payments from STADA, which are reported under accrued costs and prepaid income, have also been deducted too early. The correction is an adjustment of when in time the revenues are to be recognized. All advances from STADA are estimated to be recognized as revenues within twelve months.
In connection with the interim report for January-June 2020, a correction has been made for this, which runs from the third quarter of 2018 to the first quarter of 2020. The correction leads to an increase in research and development expenses for the last seven quarters, a reduction in equity and an increase in accrued income and prepaid expenses.
Advance payments from STADA will be recognized as revenue against research and development expenses for the remainder of the Xplore study and thus the advance will not be refunded to STADA.
The reports listed below are shown in following order to demonstrate the quantifiable effects:
- The consolidated income statement and report on com- prehensive income for Q1 2020, Q 1-4 2019 and full year 2019.
- The consolidated balance sheet on the balance sheet date for March 31, 2020, December 31, 2019, September 30, 2019, June 30, 2019, and March 31, 2019.
- The parent company's income statement for Q1 2020, Q 1-4 2019 and full year 2019.
- The parent company's balance sheet on the balance sheet date for March 31, 2020, December 31, 2019, Sep- tember 30, 2019, June 30, 2019, and March 31, 2019.
29 XBRANE BIOPHARMA
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Group - January-March 2020
Consolidated income statement | |||
After correction | Before correction | ||
Amounts in SEK thousand | Q1 2020 | Correction | Q1 2020 |
Research and development expenses | -47,543 | -2,947 | -44,597 |
Operating profit/loss | -51,628 | -2,947 | -48,681 |
Profit/loss before tax | -51,833 | -2,947 | -48,887 |
Total comprehensive income for the period | -51,833 | -2,947 | -48,887 |
Earnings per share | |||
- Basic earnings per share (SEK) | -3.36 | -0.19 | -3.17 |
- Diluted earnings per share (SEK) | -3.36 | -0.19 | -3.17 |
Consolidated income statement and other comprehensive income | |||
After correction | Before correction | ||
Amounts in SEK thousand | Q1 2020 | Correction | Q1 2020 |
Total comprehensive income for the period | -51,833 | -2,947 | -48,887 |
Other comprehensive income | 3,820 | - | 3,820 |
Total comprehensive income for the period | -48,013 | -2,947 | -45,067 |
Consolidated statement of financial position | |||
After correction | Before correction | ||
Amounts in SEK thousand | 03-31-2020 | Correction | 03-31-2020 |
TOTAL ASSETS | 311,354 | - | 311,354 |
Retained earnings | -350,744 | -27,917 | -322,827 |
Equity attributable to owners of the Company | 111,582 | -27,917 | 139,499 |
Deferred income/revenue | 136,641 | 27,917 | 108,724 |
Current liabilities | 184,675 | 27,917 | 156,758 |
Total liabilities | 199,773 | 27,917 | 171,856 |
TOTAL EQUITY AND LIABILITIES | 311,354 | - | 311,354 |
In the Group's cash flow for Q1 2020, profit before tax has decreased by SEK 2,947 thousand and changes in operating liabilities have increased by the corresponding amount. The total cash flow has thus not been affected.
30 XBRANE BIOPHARMA
FINANCIAL REPORTS
Group - January-December 2019
Consolidated income statement | |||
After correction | Before correction | ||
Amounts in SEK thousand | 2019 | Correction | 2019 |
Research and development expenses | -137,665 | -21,952 | -115,713 |
Operating profit/loss | -186,572 | -21,952 | -164,620 |
Profit/loss before tax | -187,989 | -21,952 | -166,037 |
Total comprehensive income for the period | -187,989 | -21,952 | -166,037 |
Earnings per share | |||
- Basic earnings per share (SEK) | -16,80 | -1,96 | -14,84 |
- Diluted earnings per share (SEK) | -16,80 | -1,96 | -14,84 |
Consolidated income statement and other comprehensive income | |||
After correction | Before correction | ||
Amounts in SEK thousand | 2019 | Correction | 2019 |
Total comprehensive income for the period | -187,989 | -21,952 | -166,037 |
Other comprehensive income | 1,171 | - | 1,171 |
Total comprehensive income for the period | -186,818 | -21,952 | -164,866 |
Consolidated statement of financial position | |||
After correction | Before correction | ||
Amounts in SEK thousand | 12-31-2019 | Correction | 12-31-2019 |
TOTAL ASSETS | 338,940 | - | 338,940 |
Retained earnings | -298,912 | -24,971 | -273,941 |
Equity attributable to owners of the Company | 159,352 | -24,971 | 184,323 |
Deferred income/revenue | 137,431 | 24,971 | 112,460 |
Current liabilities | 164,587 | 24,971 | 139,616 |
Total liabilities | 179,588 | 24,971 | 154,617 |
TOTAL EQUITY AND LIABILITIES | 338,940 | - | 338,940 |
In the Group's cash flow for the full year 2019, profit before tax has decreased by SEK 21,952 thousand and changes in operating liabilities have increased by the corresponding amount. The total cash flow has thus not been affected.
31 XBRANE BIOPHARMA
FINANCIAL REPORTS
Group - October-December 2019
Consolidated income statement | ||||
After correction | Before correction | |||
Amounts in SEK thousand | Q4 2019 | Correction | Q4 2019 | |
Research and development expenses | -36,347 | -10,749 | -25,598 | |
Operating profit/loss | -66,322 | -10,749 | -55,573 | |
Profit/loss before tax | -66,675 | -10,749 | -55,926 | |
Total comprehensive income for the period | -66,675 | -10,749 | -55,926 | |
Earnings per share | ||||
- Basic earnings per share (SEK) | -5.96 | -0.96 | -5.00 | |
- Diluted earnings per share (SEK) | -5.96 | -0.96 | -5.00 | |
Consolidated income statement and other comprehensive income | ||||
After correction | Before correction | |||
Amounts in SEK thousand | Q4 2019 | Correction | Q4 2019 | |
Total comprehensive income for the period | -66,675 | -10,749 | -55,926 | |
Other comprehensive income | -2,790 | -2,790 | ||
Total comprehensive income for the period | -69,465 | -10,749 | -58,716 | |
In the Group's cash flow for Q4 2019, profit before tax has decreased by SEK 10,749 thousand and changes in operating liabilities have increased by the corresponding amount. The total cash flow has thus not been affected.
32 XBRANE BIOPHARMA
FINANCIAL REPORTS
Group - January-September 2019
Consolidated income statement | ||||
After correction | Before correction | |||
Amounts in SEK thousand | Q1-3 2019 | Correction | Q1-3 2019 | |
Research and development expenses | -101,318 | -11,203 | -90,115 | |
Operating profit/loss | -120,249 | -11,203 | -109,046 | |
Profit/loss before tax | -121,314 | -11,203 | -110,111 | |
Total comprehensive income for the period | -121,314 | -11,203 | -110,111 | |
Earnings per share | ||||
- Basic earnings per share (SEK) | -12.42 | -1.15 | -11.27 | |
- Diluted earnings per share (SEK) | -12.42 | -1.15 | -11.27 | |
Consolidated income statement and other comprehensive income | ||||
After correction | Before correction | |||
Amounts in SEK thousand | Q1-3 2019 | Correction | Q1-3 2019 | |
Total comprehensive income for the period | -121,314 | -11,203 | -110,111 | |
Other comprehensive income | 3,815 | - | 3,815 | |
Total comprehensive income for the period | -117,499 | -11,203 | -106,296 | |
Consolidated statement of financial position | ||||
After correction | Before correction | |||
Amounts in SEK thousand | 09-30-2019 | Correction | 09-30-2019 | |
TOTAL ASSETS | 406,410 | - | 406,410 | |
Retained earnings | -232,235 | -14,221 | -218,014 | |
Equity attributable to owners of the Company | 227,499 | -14,221 | 241,720 | |
Deferred income/revenue | 139,617 | 14,221 | 125,396 | |
Current liabilities | 162,804 | 14,221 | 148,583 | |
Total liabilities | 178,911 | 14,221 | 164,690 | |
TOTAL EQUITY AND LIABILITIES | 406,410 | - | 406,410 | |
In the Group's cash flow for Q1-3 2019, profit before tax has decreased by SEK 11,203 thousand and changes in operating liabilities have increased by the corresponding amount. The total cash flow has thus not been affected.
33 XBRANE BIOPHARMA
FINANCIAL REPORTS
Group - July-September 2019
Consolidated income statement | ||||
After correction | Before correction | |||
Amounts in SEK thousand | Q3 2019 | Correction | Q3 2019 | |
Research and development expenses | -31,354 | -5,604 | -25,750 | |
Operating profit/loss | -37,731 | -5,604 | -32,127 | |
Profit/loss before tax | -38,002 | -5,604 | -32,398 | |
Total comprehensive income for the period | -38,002 | -5,604 | -32,398 | |
Earnings per share | ||||
- Basic earnings per share (SEK) | -2.63 | -0.39 | -2.24 | |
- Diluted earnings per share (SEK) | -2.63 | -0.39 | -2.24 | |
Consolidated income statement and other comprehensive income | ||||
After correction | Before correction | |||
Amounts in SEK thousand | Q3 2019 | Correction | Q3 2019 | |
Total comprehensive income for the period | -38,002 | -5,604 | -32,398 | |
Other comprehensive income | 1,382 | - | 1,382 | |
Total comprehensive income for the period | -36,620 | -5,604 | -31,016 | |
In the Group's cash flow for Q3 2019, profit before tax has decreased by SEK 5,604 thousand and changes in operating liabilities have increased by the corresponding amount. The total cash flow has thus not been affected.
34 XBRANE BIOPHARMA
FINANCIAL REPORTS
Group - January-June 2019
Consolidated income statement | ||||
After correction | Before correction | |||
Amounts in SEK thousand | Q1-2 2019 | Correction | Q1-2 2019 | |
Research and development expenses | -69,964 | -5,599 | -64,365 | |
Operating profit/loss | -82,518 | -5,599 | -76,919 | |
Profit/loss before tax | -83,311 | -5,599 | -77,712 | |
Total comprehensive income for the period | -83,311 | -5,599 | -77,712 | |
Earnings per share | ||||
- Basic earnings per share (SEK) | -9.90 | -0.67 | -9.24 | |
- Diluted earnings per share (SEK) | -9.90 | -0.67 | -9.24 | |
Consolidated income statement and other comprehensive income | ||||
After correction | Before correction | |||
Amounts in SEK thousand | Q1-2 2019 | Correction | Q1-2 2019 | |
Total comprehensive income for the period | -83,311 | -5,599 | -77,712 | |
Other comprehensive income | 2,433 | - | 2,433 | |
Total comprehensive income for the period | -80,878 | -5,599 | -75,279 | |
Consolidated statement of financial position | ||||
After correction | Before correction | |||
Amounts in SEK thousand | 06-30-2019 | Correction | 06-30-2019 | |
TOTAL ASSETS | 455,189 | - | 455,189 | |
Retained earnings | -194,232 | -8,617 | -185,615 | |
Equity attributable to owners of the Company | 279,075 | -8,617 | 287,692 | |
Deferred income/revenue | 123,788 | 8,617 | 115,171 | |
Current liabilities | 163,794 | 8,617 | 155,177 | |
Total liabilities | 176,114 | 8,617 | 167,497 | |
TOTAL EQUITY AND LIABILITIES | 455,189 | - | 455,189 | |
In the Group's cash flow for Q1-2 2019, profit before tax has decreased by SEK 5,599 thousand and changes in operating liabilities have increased by the corresponding amount. The total cash flow has thus not been affected.
35 XBRANE BIOPHARMA
FINANCIAL REPORTS
Group - April-June 2019
Consolidated income statement | |||
After correction | Before correction | ||
Amounts in SEK thousand | Q2 2019 | Correction | Q2 2019 |
Research and development expenses | -40,804 | -2,962 | -37,842 |
Operating profit/loss | -46,949 | -2,962 | -43,987 |
Profit/loss before tax | -47,361 | -2,962 | -44,399 |
Total comprehensive income for the period | -47,361 | -2,962 | -44,399 |
Earnings per share | |||
- Basic earnings per share (SEK) | -5.63 | -0.35 | -5.28 |
- Diluted earnings per share (SEK) | -5.63 | -0.35 | -5.28 |
Consolidated income statement and other comprehensive income | |||
After correction | Before correction | ||
Amounts in SEK thousand | Correction | ||
Q2 2019 | Q2 2019 | ||
Total comprehensive income for the period | -47,361 | -2,962 | -44,399 |
Other comprehensive income | 1,144 | - | 1,144 |
Total comprehensive income for the period | -46,217 | -2,962 | -43,255 |
In the Group's cash flow for Q2 2019, profit before tax has decreased by SEK 1,502 thousand and changes in operating liabilities have increased by the corresponding amount. The total cash flow has thus not been affected.
36 XBRANE BIOPHARMA
FINANCIAL REPORTS
Group - January-March 2019
Consolidated income statement | ||||
After correction | Before correction | |||
Amounts in SEK thousand | Q1 2019 | Correction | Q1 2019 | |
Research and development expenses | -29,160 | -2,637 | -26,523 | |
Operating profit/loss | -35,569 | -2,637 | -32,932 | |
Profit/loss before tax | -35,950 | -2,637 | -33,313 | |
Total comprehensive income for the period | -35,950 | -2,637 | -33,313 | |
Earnings per share | ||||
- Basic earnings per share (SEK) | -5.68 | -0.42 | -5.26 | |
- Diluted earnings per share (SEK) | -5.68 | -0.42 | -5.26 | |
Consolidated income statement and other comprehensive income | ||||
After correction | Before correction | |||
Amounts in SEK thousand | Q1 2019 | Correction | Q1 2019 | |
Total comprehensive income for the period | -35,950 | -2,637 | -33,313 | |
Other comprehensive income | 1,289 | - | 1,289 | |
Total comprehensive income for the period | -34,661 | -2,637 | -32,024 | |
Consolidated statement of financial position | ||||
After correction | Before correction | |||
Amounts in SEK thousand | 03-31-2019 | Correction | 03-31-2019 | |
TOTAL ASSETS | 294,165 | - | 294,165 | |
Retained earnings | -146,871 | -5,655 | -141,216 | |
Equity attributable to owners of the Company | 95,463 | -5,655 | 101,118 | |
Deferred income/revenue | 103,219 | 5,655 | 97,564 | |
Current liabilities | 142,597 | 5,655 | 136,942 | |
Total liabilities | 198,702 | 5,655 | 193,047 | |
TOTAL EQUITY AND LIABILITIES | 294,165 | - | 294,165 | |
In the Group's cash flow for Q1 2019, profit before tax has decreased by SEK 2,637 thousand and changes in operating liabilities have increased by the corresponding amount. The total cash flow has thus not been affected.
37 XBRANE BIOPHARMA
FINANCIAL REPORTS
Parent company - January-March 2020
Income statement, parent company | |||
After correction | Before correction | ||
Amounts in SEK thousand | Q1 2020 | Correction | Q1 2020 |
Research and development expenses | -45,804 | -2,947 | -42,857 |
Operating profit/loss | -48,588 | -2,947 | -45,641 |
Profit/loss before tax | -48,647 | -2,947 | -45,700 |
Total comprehensive income for the period | -48,647 | -2,947 | -45,700 |
The Parent Company has no transactions in other comprehensive income, which is why the profit for the year corresponds to the profit for the year above.
Balance sheet, Parent company | |||
After correction | Before correction | ||
Amounts in SEK thousand | 03-31-2020 | Correction | 03-31-2020 |
TOTAL ASSETS | 332,570 | - | 332,570 |
Retained earnings | -252,474 | -24,971 | -227,503 |
Profit/loss for the period | -48,647 | -2,947 | -45,700 |
Total equity | 151,353 | -27,917 | 179,270 |
Deferred income/revenue | 132,449 | 27,917 | 104,532 |
Current liabilities | 176,784 | 27,917 | 148,867 |
TOTAL LIABILITIES | 181,217 | 27,917 | 153,300 |
TOTAL EQUITY AND LIABILITIES | 332,570 | - | 332,570 |
In the parent company's cash flow for Q1 2020, profit before tax has decreased by SEK 2,947 thousand and changes in operating liabilities have increased by the corresponding amount. The total cash flow has thus not been affected.
38 XBRANE BIOPHARMA
FINANCIAL REPORTS
Parent company - January-December 2019
Income statement, parent company | |||
After correction | Before correction | ||
Amounts in SEK thousand | 2019 | Correction | 2019 |
Research and development expenses | -126,509 | -21,952 | -104,557 |
Operating profit/loss | -153,777 | -21,952 | -131,825 |
Profit/loss before tax | -154,767 | -21,952 | -132,815 |
Total comprehensive income for the period | -154,767 | -21,952 | -132,815 |
The Parent Company has no transactions in other comprehensive income, which is why the profit for the year corresponds to the profit for the year above.
Balance sheet, Parent company | |||
After correction | Before correction | ||
Amounts in SEK thousand | 12-31-2019 | Correction | 12-31-2019 |
TOTAL ASSETS | 359,313 | - | 359,313 |
Retained earnings | -97,707 | -3,019 | -94,688 |
Profit/loss for the period | -154,767 | -21,952 | -132,815 |
Total equity | 199,757 | -24,971 | 224,728 |
Deferred income/revenue | 132,298 | 24,971 | 107,327 |
Current liabilities | 155,383 | 24,971 | 130,412 |
TOTAL LIABILITIES | 159,556 | 24,971 | 134,585 |
TOTAL EQUITY AND LIABILITIES | 359,313 | - | 359,313 |
In the parent company's cash flow for full year 2019, profit before tax has decreased by SEK 21,952 thousand and changes in operating liabilities have increased by the corresponding amount. The total cash flow has thus not been affected.
Parent company - October-December 2019
Income statement, parent company | |||
After correction | Before correction | ||
Amounts in SEK thousand | Q4 2019 | Correction | Q4 2019 |
Research and development expenses | -34,653 | -10,749 | -23,904 |
Operating profit/loss | -45,642 | -10,749 | -34,893 |
Profit/loss before tax | -45,752 | -10,749 | -35,003 |
Total comprehensive income for the period | -45,752 | -10,749 | -35,003 |
The Parent Company has no transactions in other comprehensive income, which is why the profit for the year corresponds to the profit for the year above.
In the Parent company's cash flow for Q4 2019, profit before tax has decreased by SEK 10,749 thousand and changes in operating liabilities have increased by the corresponding amount. The total cash flow has thus not been affected.
39 XBRANE BIOPHARMA
FINANCIAL REPORTS
Parent company - January-September 2019
Income statement, parent company | |||
After correction | Before correction | ||
Amounts in SEK thousand | Q1 -3 2019 | Correction | Q1-3 2019 |
Research and development expenses | -91,856 | -11,203 | -80,653 |
Operating profit/loss | -108,135 | -11,203 | -96,932 |
Profit/loss before tax | -109,015 | -11,203 | -97,812 |
Total comprehensive income for the period | -109,015 | -11,203 | -97,812 |
The Parent Company has no transactions in other comprehensive income, which is why the profit for the year corresponds to the profit for the year above.
Balance sheet, Parent company | |||
After correction | Before correction | ||
Amounts in SEK thousand | 09-30-2019 | Correction | 09-30-2019 |
TOTAL ASSETS | 402,192 | - | 402,192 |
Retained earnings | -97,707 | -3,019 | -94,688 |
Profit/loss for the period | -109,015 | -11,203 | -97,812 |
Total equity | 244,336 | -14,221 | 258,557 |
Deferred income/revenue | 135,395 | 14,221 | 121,174 |
Current liabilities | 153,565 | 14,221 | 139,344 |
TOTAL LIABILITIES | 157,856 | 14,221 | 143,635 |
TOTAL EQUITY AND LIABILITIES | 402,192 | - | 402,192 |
In the parent company's cash flow for Q1-3 2019, profit before tax has decreased by SEK 11,203 thousand and changes in operating liabilities have increased by the corresponding amount. The total cash flow has thus not been affected.
Parent company - July-December 2019
Income statement, parent company | |||
After correction | Before correction | ||
Amounts in SEK thousand | Q3 2019 | Correction | Q3 2019 |
Research and development expenses | -27,903 | -5,604 | -22,299 |
Operating profit/loss | -33,668 | -5,604 | -28,064 |
Profit/loss before tax | -33,778 | -5,604 | -28,174 |
Total comprehensive income for the period | -33,778 | -5,604 | -28,174 |
The Parent Company has no transactions in other comprehensive income, which is why the profit for the year corresponds to the profit for the year above.
In the Parent company's cash flow for Q3 2019, profit before tax has decreased by SEK 5,604 thousand and changes in operating liabilities have increased by the corresponding amount. The total cash flow has thus not been affected.
40 XBRANE BIOPHARMA
FINANCIAL REPORTS
Parent company - January-June 2019
Income statement, parent company | |||
After correction | Before correction | ||
Amounts in SEK thousand | Q1-2 2019 | Correction | Q1-2 2019 |
Research and development expenses | -63,953 | -5,599 | -58,354 |
Operating profit/loss | -74,467 | -5,599 | -68,868 |
Profit/loss before tax | -75,237 | -5,599 | -69,638 |
Total comprehensive income for the period | -75,237 | -5,599 | -69,638 |
The Parent Company has no transactions in other comprehensive income, which is why the profit for the year corresponds to the profit for the year above.
Balance sheet, Parent company | |||
After correction | Before correction | ||
Amounts in SEK thousand | 06-30-2019 | Correction | 06-30-2019 |
TOTAL ASSETS | 453,394 | - | 453,394 |
Retained earnings | -97,707 | -3,019 | -94,688 |
Profit/loss for the period | -75,237 | -5,599 | -69,638 |
Total equity | 293,068 | -8,617 | 301,686 |
Deferred income/revenue | 119,472 | 8,617 | 110,854 |
Current liabilities | 156,104 | 8,617 | 147,486 |
TOTAL LIABILITIES | 160,328 | 8,617 | 151,709 |
TOTAL EQUITY AND LIABILITIES | 453,394 | - | 453,394 |
In the Parent company's cash flow for Q1-2 2019, profit before tax has decreased by SEK 5,599 thousand and changes in operating liabilities have increased by the corresponding amount. The total cash flow has thus not been affected.
Parent company - April-June 2019
Income statement, parent company | |||
After correction | Before correction | ||
Amounts in SEK thousand | Q2 2019 | Correction | Q2 2019 |
Research and development expenses | -38,234 | -2,962 | -35,272 |
Operating profit/loss | -43,367 | -2,962 | -40,405 |
Profit/loss before tax | -43,724 | -2,962 | -40,762 |
Total comprehensive income for the period | -43,724 | -2,962 | -40,762 |
In the Parent company's cash flow for Q2 2019, profit before tax has decreased by SEK 2,962 thousand and changes in operating liabilities have increased by the corresponding amount. The total cash flow has thus not been affected.
41 XBRANE BIOPHARMA
FINANCIAL REPORTS
Parent company - January-March 2019
Income statement, parent company | |||
After correction | Before correction | ||
Amounts in SEK thousand | Q1 2019 | Correction | Q1 2019 |
Research and development expenses | -25,719 | -2,637 | -23,082 |
Operating profit/loss | -31,107 | -2,637 | -28,470 |
Profit/loss before tax | -31,521 | -2,637 | -28,884 |
Total comprehensive income for the period | -31,521 | -2,637 | -28,884 |
The Parent Company has no transactions in other comprehensive income, which is why the profit for the year corresponds to the profit for the year above.
Balance sheet, Parent company | |||
After correction | Before correction | ||
Amounts in SEK thousand | 03-31-2019 | Correction | 03-31-2019 |
TOTAL ASSETS | 291,620 | - | 291,620 |
Retained earnings | -97,707 | -3,019 | -94,688 |
Profit/loss for the period | -31,521 | -2,637 | -28,884 |
Total equity | 106,957 | -5,655 | 112,612 |
Deferred income/revenue | 99,962 | 5,655 | 94,307 |
Current liabilities | 135,545 | 5,655 | 129,890 |
TOTAL LIABILITIES | 184,663 | 5,655 | 179,008 |
TOTAL EQUITY AND LIABILITIES | 291,620 | - | 291,620 |
In the Parent company's cash flow for Q1 2019, profit before tax has decreased by SEK 2,637 thousand and changes in operating liabilities have increased by the corresponding amount. The total cash flow has thus not been affected.
42 XBRANE BIOPHARMA
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Xbrane Biopharma AB published this content on 13 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 November 2020 08:24:03 UTC