Interim report 1 January – 30 September 2018
Interim report 1 January-30 September 2018
THIRD QUARTER (JULY-SEPTEMBER 2018)
- Net turnover amounted to KSEK 0 (0)
- Operating loss totalled KSEK -7,268 (-6,075)
- Loss for the period totalled KSEK -7,318 (-6,068)
- Cash flow from operating activities was KSEK -6,860 (-7,510)
- Loss per share before dilution was SEK -0.35 (-0.31). Loss per share after dilution was SEK -0.25 (-0.18)
PERIOD (JANUARY-SEPTEMBER 2018)
- Net turnover amounted to KSEK 0 (0)
- Operating loss totalled KSEK -23,065 (-14,010)
- Loss for the period totalled KSEK -22,828 (-14,007)
- Cash flow from operating activities was KSEK -9,961 (-11,657)
- Loss per share before dilution was SEK -1.10 (-0.95). Loss per share after dilution was SEK -0.68 (-0.72)
SIGNIFICANT EVENTS IN THE THIRD QUARTER
- In August, the Board decided to add a third therapeutic area to Idogen’s project portfolio – autoimmune diseases, IDO AID.
- In September, Idogen’s IDO 8 was granted orphan drug designation in the US.
SIGNIFICANT EVENTS DURING THE PERIOD
- In January, the EU paid the first portion of the Horizon 2020 research funding, an amount of MEUR 1.2. Additional funding of MEUR 1.7 will be paid out over the next 24 months.
- In April, Idogen announced that the company had postponed the planned start of the Phase I/IIa clinical trial of the IDO 8 project until early 2020 and initiated an expanded optimisation process. Accordingly, the planned start of the first clinical trial in the IDO T project was also postponed until the end of 2020 at the earliest.
- Idogen strengthened its research organisation in the second quarter with the appointment of Hanne Risager Romedahl as new Chief Scientific Officer. Hanne took up her position on 7 May and replaces Anette Sundstedt who has remained with the company in the role of scientific expert.
SIGNIFICANT EVENTS AFTER THE END OF THE PERIOD
- The Board of Idogen will convene an Extraordinary General Meeting on November 5 to resolve on a rights issue. The rights issue will raise MSEK 60.6 and is guaranteed to 80 %. Idogen will receive net between MSEK 37.5 and 48.5 after new issue costs.
- The Board has decided to apply for listing on Nasdaq First North with the aim of being listed on First North Premier as soon as the terms are met.
- No other significant events occurred after the end of the period that affected the results or financial position.
CONDENSED EARNINGS AND CASH FLOW
| (Amounts in KSEK unless otherwise stated) | 2018 | 2017 | 2018 | 2017 | 2017 |
| 3 months | 3 months | 6 months | 6 months | 12 months | |
| Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Jan-Dec | |
| Net sales | 0 | 0 | 0 | 0 | 0 |
| Operating expenses | -7,268 | -6,075 | -23,065 | -14,010 | -21,299 |
| Operating loss | -7,268 | -6,075 | -23,065 | -14,010 | -21,299 |
| Loss for the period after net financial items | -7,318 | -6,068 | -22,828 | -14 007 | -21,322 |
| Average number of shares | 20,781,790 | 19,476,485 | 20,779,833 | 14,667,123 | 16,207,516 |
| Average number of warrants | 8,555,883 | 14,507,802 | 12,880,835 | 4,889,076 | 7,969,864 |
| Loss per share before dilution (SEK) | -0.35 | -0.31 | -1.10 | -0.95 | -1.32 |
| Loss per share after dilution (SEK) | -0.35 | -0.31 | -1.10 | -0.95 | -1.32 |
| Cash flow from operating activities | -6,860 | -7,510 | -9,961 | -11,657 | -19,906 |
KEY FIGURES |
|||||
| Working capital | 8,532 | 43,836 | 8,532 | 43,836 | 33,894 |
| Acid-test ratio (%) | 151 | 981 | 151 | 981 | 895 |
| Equity/assets ratio (%) | 51 | 90 | 51 | 90 | 90 |
| Loss per share before dilution | -0.35 | -0.31 | -1.10 | -0.95 | -1.32 |
| Average number of shares | 20,781,790 | 19,476,485 | 20,779,833 | 14,667,123 | 16,207,516 |
Definitions of Key Figures
Working capital
Total current assets (including cash and cash equivalents) less current liabilities.
Acid-test ratio
Total current assets (including cash and cash equivalents) relative to current liabilities.
Equity/assets ratio
Shareholders’ equity in relation to balance sheet total.
Earnings per share before dilution
Profit after tax divided by the average number of shares for the period.
Average number of shares
The average number of shares on the day when the new issue is registered.
This is an English version of the original Swedish report communicated by Idogen AB. In case of interpretation issues or possible differences between the different versions, the Swedish version shall apply. This information is such that Idogen AB is obligated to publish under the EU Market Abuse Regulation (MAR) and the Swedish Securities Market Act. The information was submitted for publication, through the agency of the contact person set out above, on October 23 2018.
For additional information, please contact:
Lars Hedbys, CEO Idogen AB
Tel: +46 (0)46-275 63 30
E-mail: lars.hedbys@idogen.com
Idogen (Spotlight Stock Market: IDOGEN) develops tolerogenic cell therapies to prevent the patient’s immune system from attacking biological agents, transplanted organs or the body’s own cells or tissue. Idogen’s most advanced product candidate IDO 8 is designed for patients with severe haemophilia A who have developed anti-drug antibodies against their critical treatment with coagulation factor VIII (factor VIII). The company´s second project IDO T is developed to prevent kidney transplant rejection. In a third project, IDO AID, Idogen focuses on the treatment of autoimmune diseases. The treatment is based on the patient's own cells and is expected to have a favorable safety profile and long-lasting effect. The fact that a short treatment has the potential to yield a long-lasting effect is another great advantage. For more information, visit www.idogen.com
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