Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2021 | |
Document and Entity Information [Abstract] | |
Document Type | 6-K |
Entity Registrant Name | CALLIDITAS THERAPEUTICS AB |
Document Period End Date | Jun. 30, 2021 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q2 |
Entity Central Index Key | 0001795579 |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - SEK (kr) kr in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Condensed Consolidated Statements of Income | ||||
Net sales | kr 474 | kr 874 | ||
Research and development expenses | kr (75,020) | kr (165,097) | (102,492) | (241,371) |
Administrative and selling expenses | (84,372) | (143,151) | (36,806) | (141,724) |
Other operating income | 383 | 383 | 782 | 2,501 |
Other operating income/expenses | (390) | (2,315) | (846) | |
Operating loss | (159,398) | (310,179) | (138,888) | (379,720) |
Net financial income/(expenses) | (5,814) | 8,793 | 13,952 | (56,431) |
Loss before income tax | (165,212) | (301,386) | (124,936) | (436,151) |
Income tax expense | 2,140 | 11,445 | (105) | (360) |
Loss for the period | (163,071) | (289,940) | (125,041) | (436,511) |
Attributable to: | ||||
Equity holders of the Parent Company | (159,840) | (285,295) | kr (125,041) | (433,494) |
Non-controlling interests | kr (3,232) | kr (4,646) | kr (3,017) | |
Loss per share | ||||
Loss per share before and after dilution | kr (3.20) | kr (5.71) | kr (3.14) | kr (9.66) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - SEK (kr) kr in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Condensed Consolidated Statements of Comprehensive Income | |||||
Loss for the period | kr (163,071) | kr (61,326) | kr (289,940) | kr (125,041) | kr (436,511) |
Other comprehensive income/(loss) that may be reclassified to profit or loss in subsequent periods: | |||||
Exchange differences on translation of foreign operations | (4,151) | (49) | 2,515 | 2 | (9,352) |
Other comprehensive income/(loss) that may be reclassified to profit or loss in subsequent periods | (4,151) | (49) | 2,515 | 2 | (9,352) |
Other comprehensive income/(loss) that will not be reclassified to profit or loss in subsequent periods: | |||||
Remeasurement gain on defined benefit plans | 109 | 1,525 | 1,216 | ||
Other comprehensive income/(loss) that will not be reclassified to profit or loss in subsequent periods: | 109 | 1,525 | 1,216 | ||
Other comprehensive income/(loss) for the period | (4,042) | (49) | 4,040 | 2 | (8,137) |
Total comprehensive income/(loss) for the period | (167,114) | (61,375) | (285,901) | (125,039) | (444,648) |
Attributable to: | |||||
Equity holders of the Parent Company | (163,377) | kr (61,375) | (281,695) | (125,039) | (438,343) |
Non-controlling interests | kr (3,736) | kr (4,205) | kr 0 | kr (6,305) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Financial Position - SEK (kr) kr in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Non-current assets | |||
Intangible assets | kr 481,310 | kr 461,367 | kr 16,066 |
Equipment | 1,078 | 163 | 93 |
Right-of-use assets | 7,759 | 5,244 | 4,782 |
Non-current financial assets | 3,942 | 2,225 | 1,938 |
Deferred tax assets | 885 | 600 | 197 |
Total non-current assets | 494,973 | 469,599 | 23,076 |
Current assets | |||
Other current assets | 27,276 | 40,547 | 4,267 |
Cash | 709,306 | 996,304 | 1,459,569 |
Total current assets | 736,582 | 1,036,851 | 1,463,836 |
TOTAL ASSETS | 1,231,555 | 1,506,450 | 1,486,912 |
Equity | |||
Share capital | 1,998 | 1,998 | 1,918 |
Additional paid-in capital | 2,141,445 | 2,133,179 | 2,036,378 |
Retained earnings, including net loss for the period | (1,205,601) | (924,686) | (613,180) |
Equity attributable to equity holders of the Parent Company | 937,842 | 1,210,491 | 1,425,116 |
Non-controlling interests | 32,860 | 45,809 | 0 |
Total equity | 970,702 | 1,256,300 | 1,425,116 |
Non-current liabilities | |||
Provisions | 60,945 | 55,361 | 603 |
Pension Liabilities | 5,520 | 8,296 | |
Deferred tax liabilities | 68,849 | 79,996 | |
Other non-current liabilities | 3,478 | 878 | 1,671 |
Total non-current liabilities | 138,792 | 144,531 | 2,274 |
Current liabilities | |||
Accounts payable | 59,263 | 53,827 | 29,520 |
Other current liabilities | 8,991 | 10,406 | 5,161 |
Accrued expenses and deferred revenue | 53,806 | 41,386 | 24,841 |
Total current liabilities | 122,060 | 105,619 | 59,522 |
TOTAL EQUITY AND LIABILITIES | kr 1,231,555 | kr 1,506,450 | kr 1,486,912 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Equity kr in Thousands | SEK (kr) |
Opening balance equity attributable to equity holders of the Parent Company at Dec. 31, 2019 | kr 788,071 |
Loss for the period | (125,041) |
Other comprehensive income/(loss) | 2 |
Total comprehensive income/(loss) for the period attributable to equity holders of the Parent Company | (125,039) |
Transactions with owners: | |
New share issue | 827,999 |
Cost attributable to new share issue | (94,457) |
Exercise of warrants | 28,328 |
Share-based payments | 214 |
Purchase of non-controlling interests | 0 |
Total transactions with owners | 762,084 |
Closing balance equity attributable to equity holders of the Parent Company at Jun. 30, 2020 | 1,425,116 |
Opening balance equity attributable to non-controlling interests at Dec. 31, 2019 | 0 |
Transactions with owners: | |
Total comprehensive loss for the period | 0 |
Contribution from non-controlling interests | 0 |
Non-controlling interests from business combinations | 0 |
Purchase of non-controlling interests | 0 |
Closing balance equity attributable to non-controlling interests at Jun. 30, 2020 | 0 |
Equity at the end of period at Jun. 30, 2020 | 1,425,116 |
Opening balance equity attributable to equity holders of the Parent Company at Dec. 31, 2019 | 788,071 |
Loss for the period | (433,494) |
Other comprehensive income/(loss) | (4,849) |
Total comprehensive income/(loss) for the period attributable to equity holders of the Parent Company | (438,343) |
Transactions with owners: | |
New share issue | 891,388 |
Cost attributable to new share issue | (97,686) |
Exercise of warrants | 59,251 |
Share-based payments | 6,012 |
Purchase of non-controlling interests | 1,798 |
Total transactions with owners | 860,763 |
Closing balance equity attributable to equity holders of the Parent Company at Dec. 31, 2020 | 1,210,491 |
Opening balance equity attributable to non-controlling interests at Dec. 31, 2019 | 0 |
Transactions with owners: | |
Total comprehensive loss for the period | (6,305) |
Contribution from non-controlling interests | 0 |
Non-controlling interests from business combinations | 136,084 |
Purchase of non-controlling interests | (83,970) |
Closing balance equity attributable to non-controlling interests at Dec. 31, 2020 | 45,809 |
Equity at the end of period at Dec. 31, 2020 | 1,256,300 |
Loss for the period | (285,295) |
Other comprehensive income/(loss) | 3,599 |
Total comprehensive income/(loss) for the period attributable to equity holders of the Parent Company | (281,695) |
Transactions with owners: | |
New share issue | 0 |
Cost attributable to new share issue | (982) |
Exercise of warrants | 0 |
Share-based payments | 9,285 |
Purchase of non-controlling interests | 743 |
Total transactions with owners | 9,046 |
Closing balance equity attributable to equity holders of the Parent Company at Jun. 30, 2021 | 937,842 |
Transactions with owners: | |
Total comprehensive loss for the period | (4,205) |
Contribution from non-controlling interests | 2,282 |
Non-controlling interests from business combinations | 0 |
Purchase of non-controlling interests | (11,026) |
Closing balance equity attributable to non-controlling interests at Jun. 30, 2021 | 32,860 |
Equity at the end of period at Jun. 30, 2021 | kr 970,702 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - SEK (kr) kr in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Operating activities | |||||
Operating loss | kr (159,398) | kr (66,562) | kr (310,179) | kr (138,888) | kr (379,720) |
Adjustments for non-cash items | 10,217 | 1,104 | 15,224 | 1,929 | 15,465 |
Interest received | 1,912 | ||||
Interest paid | (55) | (78) | (209) | (261) | (393) |
Income taxes paid | (993) | (993) | (528) | ||
Cash flow used in operating activities before changes in working capital | (150,228) | (65,536) | (296,156) | (137,220) | (363,264) |
Cash flow from changes in working capital | |||||
Cash flow from/(used in) changes in working capital | (17,318) | 1,480 | (29,067) | (51,429) | (54,083) |
Cash flow used in operating activities | (132,910) | (67,016) | (267,089) | (85,791) | (309,181) |
Investing activities | |||||
Cash flow used in investing activities | (18,568) | (1) | (18,767) | (1) | (172,607) |
Cash flow used in investing activities | (18,568) | (1) | (18,767) | (1) | (172,607) |
Financing activities | |||||
New share issue | 828,000 | 828,000 | 891,388 | ||
Cost attributable to new share issue | (64,528) | (982) | (76,780) | (95,937) | |
Premiums from warrants issuance | 28,328 | 28,328 | 59,251 | ||
Purchase of non-controlling interests | (366) | (10,283) | (82,172) | ||
Repayment of loans | (351) | (627) | (1,361) | (1,852) | (3,972) |
Contribution from non-controlling interests | 2,282 | ||||
Cash flow from/(used in) financing activities | (717) | 791,173 | (10,344) | 777,696 | 768,558 |
Net increase /(decrease) in cash | (152,195) | 724,156 | (296,200) | 691,904 | 286,770 |
Cash at the beginning of the period | 867,346 | 728,574 | 996,304 | 753,540 | 753,540 |
Net foreign exchange gains/(loss) on cash | (5,845) | 6,839 | 9,202 | 14,125 | (44,006) |
Cash at the end of the period | kr 709,306 | kr 1,459,569 | kr 709,306 | kr 1,459,569 | kr 996,304 |
Description of Business
Description of Business | 6 Months Ended |
Jun. 30, 2021 | |
Description of Business | |
Description of Business | Note 1 Description of Business Calliditas Therapeutics AB (publ) (“Calliditas” or the “Parent Company”), with corporate registration number 556659-9766, and its subsidiaries (collectively, the “Group”) conduct development activities in pharmaceuticals. These interim condensed consolidated financial statements encompass the Group, domiciled in Stockholm, Sweden, and its subsidiaries for the six months ended June 30, 2021 and June 30, 2020. Calliditas is a Swedish public limited company registered in and with its registered office in Stockholm. The registered address of the corporate headquarters is Kungsbron 1, C8, Stockholm, Sweden. Calliditas is listed at Nasdaq Stockholm in the Mid Cap segment with ticker CALTX and, in the form of ADSs, on the Nasdaq Global Select Market in the United States with the ticker “CALT”. These interim condensed consolidated financial statements were approved by the Board of Directors (the “Board”) for publication on August 19, 2021. This report may include forward-looking statements. Actual outcomes may deviate from what has been stated. Internal factors such as successful management of research projects, and intellectual property rights may affect future results. There are also external conditions, (e.g. the economic climate, political changes, and competing research projects) that may affect the Group’s results. |
Accounting Policies
Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies | |
Accounting Policies | Note 2 Accounting Policies These interim condensed consolidated financial statements have been prepared in accordance with International Accounting Standard No. 34 (IAS 34), “Interim Financial Reporting”. The Parent Company applies the Swedish Financial Reporting Board recommendation RFR2, Accounting for legal entities. None of the new or amended standards and interpretations that became effective January 1, 2021, have had a significant impact on the Group’s financial reporting. Significant accounting principles can be found on pages 45-49 of the Annual Report for 2020. During 2020, Calliditas acquired a company (Genkyotex SA) that has defined benefit pension plans, which is recognized in the condensed consolidated statements of financial position under “Pension liabilities” and will be revalued due to actuarial changes. The ESMA (European Securities and Markets Authority) guidelines on alternative key performance ratios are applied, which means disclosure requirements regarding financial measures that are not defined in accordance with IFRS. For key ratios not defined by IFRS, see the Definitions and reconciliations of alternative performance measures on page 27. |
Risks and uncertainties in the
Risks and uncertainties in the Group and the Parent Company | 6 Months Ended |
Jun. 30, 2021 | |
Risks and uncertainties in the Group and the Parent Company | |
Risks and uncertainties in the Group and the Parent Company | Note 3 Risks and uncertainties in the Group and the Parent Company Operational risks Research and drug development up to approved registration is subject to considerable risk and is a capital-intensive process. The majority of all initiated projects will never reach market registration due to the technological risk such as the risk for insufficient efficacy, intolerable side effects or manufacturing problems. Competing pharmaceuticals can capture market share or reach the market faster, or if competing research projects achieve better product profiles, the future value of the product portfolio may be lower than expected. The operations may also be impacted negatively by regulatory decisions, such as lack of approvals and price changes. COVID-19 The COVID-19 virus has rapidly spread from an initial event and infections have been reported globally. Calliditas has clinical trial sites in the NefIgArd trial based in areas currently affected by this coronavirus. Calliditas has not yet experienced any major disturbances in the NefIgArd trial. The extent to which the coronavirus impacts the operations and the NefIgArd trial, or any planned trials for Nefecon or setanaxib, will depend on the type, degree and duration of the various restrictions put in place to contain the virus or treat those affected. This today varies in different geographies, and future developments cannot be predicted with reasonable assurance. The pandemic may negatively impact our trial as a result of disruptions, such as travel bans, quarantines, and inability of patients to access the trial sites and provide samples as well as interruptions in the supply chain, which could result in delays and impact on the data integrity of the trial. The impact of the coronavirus outbreak for Calliditas have been limited so far, but the continued spread of the coronavirus globally, may negatively impact our operations, including our trials. It could also negatively affect the operations of key governmental agencies, such as the FDA and EMA, which may delay the development of our product candidates, or could result in the inability of our suppliers to deliver components or raw materials on a timely basis, each of which in turn could have a negative impact on our business and results of operations. Financial risks Calliditas’ financial policy governing the management of financial risks has been designed by the Board of Directors and represents the framework of guidelines and rules in the form of risk mandated and limits for financial activities. The Group is primarily affected by foreign exchange risk, since the development costs for Nefecon and setanaxib are mainly paid in USD and EUR. Further, the Group carry cash in USD to meet future expected costs in USD in connection with a potential commercialization of Nefecon in the United States. Regarding the Group and the Parent Company’s financial risk management, the risks are essentially unchanged compared with the description in the Annual Report for 2020. For more information and full disclosure regarding the operational- and financial risks, reference is made to the annual report for 2020 and the annual report on form 20-F, filed with the SEC in April 2021. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Revenue from Contracts with Customers | Note 4 Revenue from Contracts with Customers The Group’s revenues during 2020 consisted of revenues for the delivery of study-related drugs within the framework of the out-licensing of Nefecon in connection with the agreement with Everest Medicines to Greater China and Singapore. Revenue for the provision of drug for conducting clinical trials was recognized at a point in time, which occurred when control over the drug was transferred to Everest Medicines. Calliditas completed all performance obligations within the agreement as of the delivery of study-related drugs to Everest Medicines for the year ended December 31, 2020. No revenue was recognized for the three months and six months ended June, 30, 2021. Set out below is the Group’s revenue from contracts with customers: Three Months Ended Six Months Ended Year Ended June 30, June 30, December 31, (SEK in thousands) 2021 2020 2021 2020 2020 Type of good or service Provision of drugs — — — 474 874 Total — — — 474 874 Geographical markets China, Hong Kong, Macau, Taiwan and Singapore — — — 474 874 Total — — — 474 874 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions | |
Related Party Transactions | Note 5 Related-Party Transactions During the reporting period, no significant related-party transactions have taken place. For information about incentive programs please see Note 10. |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2021 | |
Intangible Assets | |
Intangible Assets | Note 6 Intangible Assets June 30, December 31, (SEK in thousands) 2021 2020 2020 Cost at opening balance 461,367 16,066 16,066 Business Combinations — — 460,253 Acquisition license 16,066 — — Exchange difference on translation 3,877 — (14,952) Cost at closing balance 481,310 16,066 461,367 Amortization at closing balance — — — Net book value 481,310 16,066 461,367 Intangible assets consist of licenses and similar rights of SEK 433,646 thousand and goodwill of SEK 47,663 thousand. Business combinations: The acquisition of Genkyotex SA in 2020 resulted in the Group acquiring the rights to the NOX platform and the SIIL agreement, as well as goodwill. The net book value of the NOX platform amounts to SEK 373,314 thousand as of June 30, 2021. The estimated fair value of the NOX platform was determined using the discounted cash flow (DCF) method, adjusted for the likelihood of occurrence. The net book value of the SIIL agreement, which is an out-license agreement with Serum Institute of India (SIIL) for the use of a vaccine technology, amounts to SEK 28,201 thousand as of June 30, 2021. The estimated fair value of the SIIL agreement and extensions was determined using the discounted cash flow (DCF) method, adjusted for the likelihood of occurrence. Goodwill amounts to SEK 47,663 thousand as of June 30, 2021. |
Deferred Tax Liabilities
Deferred Tax Liabilities | 6 Months Ended |
Jun. 30, 2021 | |
Deferred Tax Liabilities | |
Deferred Tax Liabilities | Note 7 Deferred Tax Liabilities June 30, December 31, (SEK in thousands) 2021 2020 2020 Cost at opening balance 79,996 — — Business Combinations — — 79,996 Tax loss carried forward (11,445) — — Exchange difference on translation 298 — — Cost at closing balance 68,849 — 79,996 Deferred tax assets of SEK 24.5 million have been offset against deferred tax liabilities in the statement of financial position as of June 30, 2021 due to future temporary differences that such losses can be used to offset. |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Financial Instruments | |
Financial Instruments | Note 8 Financial Instruments The Groups’ financial assets comprise of long-term receivables, derivatives, other current receivables and cash, all of which, except derivatives, are recognized at amortized cost. Derivatives are recognized at fair value through profit or loss. No currency options or derivates existed as of June 30, 2021. Currency options amounted to SEK 105 thousand as of June 30, 2020. The Group’s financial liabilities comprise of accounts payable and other current liabilities, which are recognized at amortized cost. The carrying amount is an approximation of the fair value. |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2021 | |
Shareholders' Equity | |
Shareholders' Equity | Note 9 Shareholders’ Equity June 30, December 31, (SEK in thousands, except per share amounts and number of shares) 2021 2020 2020 Total registered shares at the beginning of period 49,941,584 38,707,638 38,707,638 New issue of shares during the period — 9,230,770 11,233,946 Total registered shares at the end of period 49,941,584 47,938,408 49,941,584 Share capital at the end of period 1,998 1,918 1,998 Equity attributable to equity holders of the Parent Company 937,842 1,425,116 1,210,491 Non-controlling interests 32,860 — 45,809 Equity at the end of period 970,702 1,425,116 1,256,300 Three Months Ended Six Months Ended Year Ended June 30, June 30, December 31, (SEK in thousands, except per share amounts and number of shares) 2021 2020 2021 2020 2020 Loss per share before and after dilution (3.20) (1.50) (5.71) (3.14) (9.66) Weighted-average number of shares outstanding for the period, before and after dilution 49,941,584 40,915,681 49,941,584 39,817,759 44,873,448 Reserves for translation from foreign operations amounted to SEK 2,515 thousand and SEK 2 thousand, which are included in equity as of June 30, 2021 and 2020, respectively. |
Incentive Programs
Incentive Programs | 6 Months Ended |
Jun. 30, 2021 | |
Incentive Programs | |
Incentive Programs | Note 10 Incentive Programs Warrant Program 2018/2022 The warrants in Warrant Program 2018/2022 may be exercised from January 1, 2022 until March 31, 2022 and each warrant will entitle the participant to subscribe for one new share in the Parent Company at a subscription price of SEK 74.30 per share. The warrants have, at the time of issue, been valued according to the Black & Scholes valuation model. Warrant Program 2019/2022 The warrants in the Warrant Program 2019/2022 can be exercised between October 1, 2022 and December 31, 2022, where each warrant gives the participant the right to subscribe for a new share in the Parent Company at a subscription price of SEK 74.50 per share. The warrants have, at the time of issue, been valued according to the Black & Scholes valuation model. Board LTIP 2019 This is a performance-based long-term incentive program for some members of Calliditas’ board. A total of 51,399 share awards were granted under the program during the second quarter of 2019. The share awards are subject to performance-based earnings, which is dependent on the development of Calliditas’ share price from the date of the 2019 Annual General Meeting (“AGM”) to June 1, 2022. Board LTIP 2020 This is a performance-based long-term incentive program for Calliditas Board members. A total of 31,371 share awards were granted under the program during the second quarter of 2020. The share rights are subject to performance-based earnings, which is dependent on the development of Calliditas’ share price from the date of the 2020 Annual General Meeting to July 1, 2023. Board LTIP 2021 This is a performance-based long-term incentive program for Calliditas Board members. A total of 26,968 share awards were granted under the program during the second quarter of 2021. The share rights are subject to performance-based earnings, which is dependent on the development of Calliditas’ share price from the date of the 2021 Annual General Meeting to July 1, 2024. ESOP 2020 In 2020, Calliditas implemented an option program for employees and key consultants in Calliditas. The options were allotted free of charge to participants of the program. The options have a three-year vesting period calculated from the allotment date, provided that, with customary exceptions, the participants remain as employees of, or continue to provide services to, Calliditas. Once the options are vested, they can be exercised within a one-year period. Each vested option entitles the holder to acquire one share in Calliditas at a predetermined price. The price per share is to be equivalent to 115% of the weighted average price that the company’s shares were traded for on Nasdaq Stockholm during the ten trading days preceding the allotment date. The options have, at the time of issue, been valued according to the Black & Scholes valuation model. ESOP 2021 In 2021, Calliditas implemented an option program for employees and key consultants in Calliditas. The options were allotted free of charge to participants of the program. The options have a three-year vesting period calculated from the allotment date, provided that, with customary exceptions, the participants remain as employees of, or continue to provide services to, Calliditas. Once the options are vested, they can be exercised within a one-year period. Each vested option entitles the holder to acquire one share in Calliditas at a predetermined price. The price per share is to be equivalent to 115% of the weighted average price that the company’s shares were traded for on Nasdaq Stockholm during the ten trading days preceding the allotment date. The options have, at the time of issue, been valued according to the Black & Scholes valuation model. Summary of Outstanding Incentive Programs Warrants Options Share Awards Total Outstanding as of Outstanding Outstanding Outstanding June 30, 2021 Incentive programs Warrant program 2018/2022 856,586 — — 856,586 Warrant program 2019/2022 422,500 — — 422,500 Board LTIP 2019 — — 51,399 51,399 Board LTIP 2020 — — 31,371 31,371 Board LTIP 2021 — — 26,968 26,968 ESOP 2020 — 1,485,000 — 1,485,000 ESOP 2021 — 510,000 — 510,000 Total outstanding as of June 30, 2021 1,279,086 1,995,000 109,738 3,383,824 Warrants Share Awards Total Outstanding as Outstanding Outstanding of June 30, 2020 Incentive program Warrant program 2017/2020 111,250 111,250 Warrant program 2018/2022 856,586 856,586 Warrant program 2019/2022 422,500 422,500 Board LTIP 2019 57,032 57,032 Board LTIP 2020 31,371 31,371 Total outstanding as of June 30, 2020 1,390,336 88,403 1,478,739 |
Accounting Policies (Policies)
Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies | |
Accounting policies followed in interim financial statements | These interim condensed consolidated financial statements have been prepared in accordance with International Accounting Standard No. 34 (IAS 34), “Interim Financial Reporting”. The Parent Company applies the Swedish Financial Reporting Board recommendation RFR2, Accounting for legal entities. None of the new or amended standards and interpretations that became effective January 1, 2021, have had a significant impact on the Group’s financial reporting. Significant accounting principles can be found on pages 45-49 of the Annual Report for 2020. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contracts with Customers | |
Schedule of revenue | Three Months Ended Six Months Ended Year Ended June 30, June 30, December 31, (SEK in thousands) 2021 2020 2021 2020 2020 Type of good or service Provision of drugs — — — 474 874 Total — — — 474 874 Geographical markets China, Hong Kong, Macau, Taiwan and Singapore — — — 474 874 Total — — — 474 874 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Intangible Assets | |
Schedule of intangible assets and impairment testing | June 30, December 31, (SEK in thousands) 2021 2020 2020 Cost at opening balance 461,367 16,066 16,066 Business Combinations — — 460,253 Acquisition license 16,066 — — Exchange difference on translation 3,877 — (14,952) Cost at closing balance 481,310 16,066 461,367 Amortization at closing balance — — — Net book value 481,310 16,066 461,367 |
Deferred Tax Liabilities (Table
Deferred Tax Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Deferred Tax Liabilities | |
Summary of change in deferred tax | June 30, December 31, (SEK in thousands) 2021 2020 2020 Cost at opening balance 79,996 — — Business Combinations — — 79,996 Tax loss carried forward (11,445) — — Exchange difference on translation 298 — — Cost at closing balance 68,849 — 79,996 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Shareholders' Equity | |
Schedule of Share capital and other contributed capital | June 30, December 31, (SEK in thousands, except per share amounts and number of shares) 2021 2020 2020 Total registered shares at the beginning of period 49,941,584 38,707,638 38,707,638 New issue of shares during the period — 9,230,770 11,233,946 Total registered shares at the end of period 49,941,584 47,938,408 49,941,584 Share capital at the end of period 1,998 1,918 1,998 Equity attributable to equity holders of the Parent Company 937,842 1,425,116 1,210,491 Non-controlling interests 32,860 — 45,809 Equity at the end of period 970,702 1,425,116 1,256,300 |
Schedule of Earnings per share | Three Months Ended Six Months Ended Year Ended June 30, June 30, December 31, (SEK in thousands, except per share amounts and number of shares) 2021 2020 2021 2020 2020 Loss per share before and after dilution (3.20) (1.50) (5.71) (3.14) (9.66) Weighted-average number of shares outstanding for the period, before and after dilution 49,941,584 40,915,681 49,941,584 39,817,759 44,873,448 |
Incentive Programs (Tables)
Incentive Programs (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Incentive Programs | |
Schedule of total cost of outstanding incentive programs | Warrants Options Share Awards Total Outstanding as of Outstanding Outstanding Outstanding June 30, 2021 Incentive programs Warrant program 2018/2022 856,586 — — 856,586 Warrant program 2019/2022 422,500 — — 422,500 Board LTIP 2019 — — 51,399 51,399 Board LTIP 2020 — — 31,371 31,371 Board LTIP 2021 — — 26,968 26,968 ESOP 2020 — 1,485,000 — 1,485,000 ESOP 2021 — 510,000 — 510,000 Total outstanding as of June 30, 2021 1,279,086 1,995,000 109,738 3,383,824 Warrants Share Awards Total Outstanding as Outstanding Outstanding of June 30, 2020 Incentive program Warrant program 2017/2020 111,250 111,250 Warrant program 2018/2022 856,586 856,586 Warrant program 2019/2022 422,500 422,500 Board LTIP 2019 57,032 57,032 Board LTIP 2020 31,371 31,371 Total outstanding as of June 30, 2020 1,390,336 88,403 1,478,739 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - SEK (kr) kr in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Revenue from Contracts with Customers | ||||
Net sales | kr 474 | kr 874 | ||
Revenue recognized | kr 0 | kr 0 | ||
China, Hong Kong, Macau, Taiwan and Singapore | ||||
Revenue from Contracts with Customers | ||||
Net sales | 474 | 874 | ||
Provision of drugs | ||||
Revenue from Contracts with Customers | ||||
Net sales | kr 474 | kr 874 |
Intangible Assets (Details)
Intangible Assets (Details) - SEK (kr) kr in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Intangible Assets | |||
Intangible assets and goodwill at beginning of period | kr 461,367 | kr 16,066 | kr 16,066 |
Business combinations | 0 | 460,253 | |
Acquisition license | 16,066 | ||
Exchange difference on translation | 3,877 | (14,952) | |
Intangible assets and goodwill at end of period | 481,310 | 16,066 | 461,367 |
Licenses | |||
Intangible Assets | |||
Intangible assets and goodwill at end of period | 433,646 | ||
Licenses and similar rights | |||
Intangible Assets | |||
Intangible assets and goodwill at end of period | 47,663 | ||
Goodwill | |||
Intangible Assets | |||
Intangible assets and goodwill at end of period | 47,663 | ||
Nox Platforms | |||
Intangible Assets | |||
Intangible assets and goodwill at end of period | 373,314 | ||
Vaccine Platforms | |||
Intangible Assets | |||
Intangible assets and goodwill at end of period | 28,201 | ||
Cost at closing balance | |||
Intangible Assets | |||
Intangible assets and goodwill at beginning of period | 461,367 | ||
Intangible assets and goodwill at end of period | kr 481,310 | kr 16,066 | kr 461,367 |
Deferred Tax Liabilities (Detai
Deferred Tax Liabilities (Details) kr in Millions | Jun. 30, 2021SEK (kr) |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Deferred Tax Liabilities | kr 24.5 |
Deferred Tax Liabilities - Chan
Deferred Tax Liabilities - Change in deferred tax (Details) - SEK (kr) kr in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Cost at Opening Balance | kr 79,996 | |
Business Combinations | kr 79,996 | |
Tax loss carried forward | (11,445) | |
Exchange difference on translation | 298 | |
Cost at Closing Balance | kr 68,849 | kr 79,996 |
Financial Instruments (Details)
Financial Instruments (Details) - SEK (kr) kr in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Currency options | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | kr 0 | |
Derivatives | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | kr 105 |
Shareholders' Equity - Share Ca
Shareholders' Equity - Share Capital and Other Contributed Capital (Details) - SEK (kr) kr in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Changes in equity [abstract] | ||||
Opening shareholders equity | kr 1,256,300 | |||
Total registered shares at the beginning of period | 49,941,584 | 38,707,638 | 38,707,638 | |
Share-based payment | kr 9,285 | kr 214 | kr 6,012 | |
New issue of shares during the period | 0 | 9,230,770 | 11,233,946 | |
Exercise of warrants | kr 0 | kr 28,328 | kr 59,251 | |
Total registered shares at the end of period | 49,941,584 | 47,938,408 | 49,941,584 | |
Share capital at the end of period | kr 1,998 | kr 1,918 | kr 1,998 | |
Equity attributable to equity holders of the Parent Company | 937,842 | 1,425,116 | 1,210,491 | kr 788,071 |
Non-controlling interests | 32,860 | 0 | 45,809 | kr 0 |
Equity at the end of period | kr 970,702 | kr 1,425,116 | kr 1,256,300 |
Shareholders' Equity - Earnings
Shareholders' Equity - Earnings Per Share (Details) - SEK (kr) kr / shares in Units, kr in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Shareholders' Equity | |||||
Loss per share before and after dilution | kr (3.20) | kr (1.50) | kr (5.71) | kr (3.14) | kr (9.66) |
Weighted-average number of shares outstanding for the period, before and after dilution | 49,941,584 | 40,915,681 | 49,941,584 | 39,817,759 | 44,873,448 |
Reserves for translation from foreign operations | kr (4,151) | kr (49) | kr 2,515 | kr 2 | kr (9,352) |
Incentive Programs (Details)
Incentive Programs (Details) | 6 Months Ended | |||
Jun. 30, 2021SEK (kr)$ / shares | Jun. 30, 2021SEK (kr) | Jun. 30, 2021EquityInstrumentsSEK (kr) | Jun. 30, 2020EquityInstruments | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Accumulated number of outstanding | kr | 51,399 | 51,399 | 51,399 | |
Allotted Warrants, end of year | kr | ||||
Warrants Program 2018/2022 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Subscription price per share | $ / shares | $ 74.30 | |||
Warrants Program 2019/2022 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Subscription price per share | $ / shares | $ 74.50 | |||
Warrants of Warrant Program 2017/2020 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Accumulated number of outstanding | 111,250 | |||
Boards LTIP 2019 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Accumulated number of outstanding | ||||
Allotted Warrants, end of year | 51,399 | |||
Board LTIP 2020 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Accumulated number of outstanding | 31,371 | 31,371 | 31,371 | |
Allotted Warrants, end of year | 31,371 | |||
Board LTIP 2021 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Accumulated number of outstanding | 26,968 | 26,968 | 26,968 | |
Allotted Warrants, end of year | 26,968 | |||
ESOP 2020 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Percentage of weighted average share price | 115.00% | |||
ESOP 2021 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Percentage of weighted average share price | 115.00% |
Incentive Programs (Details)_2
Incentive Programs (Details) | Jun. 30, 2021SEK (kr) | Jun. 30, 2021EquityInstruments | Jun. 30, 2020EquityInstruments |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Warrants outstanding | kr | 51,399 | ||
Number of other equity instruments outstanding in share-based payment arrangement | kr | 51,399 | ||
Number Of Other Equity Instruments Outstanding In Share based Payment Arrangement Total | 3,383,824 | 1,478,739 | |
Warrants | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Warrants outstanding | 1,279,086 | 1,390,336 | |
Number of other equity instruments outstanding in share-based payment arrangement | 1,279,086 | 1,390,336 | |
Warrants of Warrant Program 2017/2020 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Warrants outstanding | 111,250 | ||
Number of other equity instruments outstanding in share-based payment arrangement | 111,250 | ||
Number Of Other Equity Instruments Outstanding In Share based Payment Arrangement Total | 111,250 | ||
Warrants of Warrant Program 2018/2022 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Warrants outstanding | 856,586 | 856,586 | |
Number of other equity instruments outstanding in share-based payment arrangement | 856,586 | 856,586 | |
Number Of Other Equity Instruments Outstanding In Share based Payment Arrangement Total | 856,586 | 856,586 | |
Warrants of Warrant Program 2019/2022 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Warrants outstanding | 422,500 | 422,500 | |
Number of other equity instruments outstanding in share-based payment arrangement | 422,500 | 422,500 | |
Number Of Other Equity Instruments Outstanding In Share based Payment Arrangement Total | 422,500 | 422,500 | |
Share Awards | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Warrants outstanding | 109,738 | ||
Number of share options outstanding in share-based payment arrangement | 88,403 | ||
Number of other equity instruments outstanding in share-based payment arrangement | 109,738 | ||
Boards LTIP 2019 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Warrants outstanding | 51,399 | ||
Number of share options outstanding in share-based payment arrangement | 57,032 | ||
Number of other equity instruments outstanding in share-based payment arrangement | 51,399 | ||
Number Of Other Equity Instruments Outstanding In Share based Payment Arrangement Total | 51,399 | 57,032 | |
Board LTIP 2020 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Warrants outstanding | 31,371 | 31,371 | |
Number of share options outstanding in share-based payment arrangement | 31,371 | ||
Number of other equity instruments outstanding in share-based payment arrangement | 31,371 | 31,371 | |
Number Of Other Equity Instruments Outstanding In Share based Payment Arrangement Total | 31,371 | 31,371 | |
Board LTIP 2021 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Warrants outstanding | 26,968 | 26,968 | |
Number of other equity instruments outstanding in share-based payment arrangement | 26,968 | 26,968 | |
Number Of Other Equity Instruments Outstanding In Share based Payment Arrangement Total | 26,968 | ||
Options | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of share options outstanding in share-based payment arrangement | 1,995,000 | ||
ESOP 2020 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of share options outstanding in share-based payment arrangement | 1,485,000 | ||
Number Of Other Equity Instruments Outstanding In Share based Payment Arrangement Total | 1,485,000 | ||
ESOP 2021 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of share options outstanding in share-based payment arrangement | 510,000 | ||
Number Of Other Equity Instruments Outstanding In Share based Payment Arrangement Total | 510,000 |
Condensed Parent Company Statem
Condensed Parent Company Statements of Income - SEK (kr) kr in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Condensed Financial Statements, Captions [Line Items] | |||||
Net sales | kr 474 | kr 874 | |||
Research and development expenses | kr (75,020) | kr (48,386) | kr (165,097) | (102,492) | (241,371) |
Administrative and selling expenses | (84,372) | (18,797) | (143,151) | (36,806) | (141,724) |
Other operating income | 383 | 621 | 383 | 782 | 2,501 |
Operating loss | (159,398) | (66,562) | (310,179) | (138,888) | (379,720) |
Profit/(loss) from financial items | |||||
Net financial income and expenses | (5,814) | 5,303 | 8,793 | 13,952 | (56,431) |
Loss before income tax | (165,212) | (61,259) | (301,386) | (124,936) | (436,151) |
Income tax expense | 2,140 | (67) | 11,445 | (105) | (360) |
Loss for the period | (163,071) | (61,326) | (289,940) | (125,041) | (436,511) |
Parent Company | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net sales | 474 | 874 | |||
Research and development expenses | (59,223) | (48,386) | (131,373) | (102,492) | (227,027) |
Administrative and selling expenses | (79,829) | (19,126) | (134,382) | (37,346) | (128,896) |
Other operating income | 14,673 | 622 | 14,673 | 782 | 2,482 |
Other operating expenses | 784 | (453) | (845) | ||
Operating loss | (123,595) | (66,890) | (251,535) | (139,427) | (352,567) |
Profit/(loss) from financial items | |||||
Net financial income and expenses | 5,820 | (5,385) | (9,306) | (14,239) | 54,796 |
Loss before income tax | (129,415) | (61,505) | (242,229) | (125,188) | (407,363) |
Loss for the period | kr (129,415) | kr (61,505) | kr (242,229) | kr (125,188) | kr (407,363) |
Condensed Parent Company Stat_2
Condensed Parent Company Statements of Comprehensive Income - SEK (kr) kr in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Condensed Financial Statements, Captions [Line Items] | |||||
Loss for the period | kr (163,071) | kr (61,326) | kr (289,940) | kr (125,041) | kr (436,511) |
Other comprehensive income/(loss) | (4,042) | (49) | 4,040 | 2 | (8,137) |
Total comprehensive income/(loss) for the period | (167,114) | (61,375) | (285,901) | (125,039) | (444,648) |
Parent Company | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Loss for the period | (129,415) | (61,505) | (242,229) | (125,188) | (407,363) |
Other comprehensive income/(loss) | 0 | ||||
Total comprehensive income/(loss) for the period | kr (129,415) | kr (61,505) | kr (242,229) | kr (125,188) | kr (407,363) |
Condensed Parent Company Balanc
Condensed Parent Company Balance Sheet - SEK (kr) kr in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Non-Current Financial Assets | |||
Non-current financial assets. | kr 3,942 | kr 2,225 | kr 1,938 |
Total non-current assets | 494,973 | 469,599 | 23,076 |
Current assets | |||
Other current assets | 27,276 | 40,547 | 4,267 |
Cash | 709,306 | 996,304 | 1,459,569 |
Total current assets | 736,582 | 1,036,851 | 1,463,836 |
Restricted shareholders' equity | |||
Share capital | 1,998 | 1,998 | 1,918 |
Non-restricted shareholders' equity | |||
Retained earnings | (1,205,601) | (924,686) | (613,180) |
Total equity | 970,702 | 1,256,300 | 1,425,116 |
Non-current liabilities | |||
Other non-current liabilities | 3,478 | 878 | 1,671 |
Total non-current liabilities | 138,792 | 144,531 | 2,274 |
Current liabilities | |||
Accounts payable | 59,263 | 53,827 | 29,520 |
Other current liabilities | 8,991 | 10,406 | 5,161 |
Total current liabilities | 122,060 | 105,619 | 59,522 |
TOTAL EQUITY AND LIABILITIES | 1,231,555 | 1,506,450 | 1,486,912 |
Parent Company | |||
ASSETS | |||
Subscribed but unpaid capital | 21,879 | ||
Intangible Assets | |||
Intangible assets | 32,132 | 16,066 | 16,066 |
Tangible Assets | |||
Equipment | 69 | 80 | 92 |
Non-Current Financial Assets | |||
Non-current financial assets. | 369,493 | 298,683 | 3,723 |
Total non-current assets | 401,693 | 314,829 | 19,881 |
Current assets | |||
Other current assets | 26,646 | 25,488 | 4,842 |
Cash | 689,588 | 978,208 | 1,457,011 |
Total current assets | 716,233 | 1,003,696 | 1,461,853 |
TOTAL ASSETS | 1,117,926 | 1,318,525 | 1,503,613 |
Restricted shareholders' equity | |||
Share capital | 1,998 | 1,998 | 1,918 |
On-going issue of shares | 47 | ||
Statutory reserve | 3,092 | 3,092 | 3,092 |
Total Restricted shareholders' equity | 5,090 | 5,090 | 5,057 |
Non-restricted shareholders' equity | |||
Share premium reserve | 2,116,721 | 2,116,721 | 2,051,868 |
Retained earnings | (877,494) | (479,379) | (485,164) |
Net loss for the period | (242,229) | (407,363) | (125,188) |
Total Non-restricted shareholders' equity | 996,998 | 1,229,979 | 1,441,516 |
Total equity | 1,002,088 | 1,235,069 | 1,446,573 |
Non-current liabilities | |||
Provisions | 5,946 | 4,972 | 603 |
Other non-current liabilities | 105 | 105 | 105 |
Total non-current liabilities | 6,051 | 5,077 | 708 |
Current liabilities | |||
Accounts payable | 50,462 | 42,469 | 29,143 |
Other current liabilities | 13,636 | 5,123 | 3,089 |
Accrued expenses and deferred revenue | 45,690 | 30,787 | 24,100 |
Total current liabilities | 109,787 | 78,379 | 56,332 |
TOTAL EQUITY AND LIABILITIES | kr 1,117,926 | kr 1,318,525 | kr 1,503,613 |