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 
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. 

Attached file