Calliditas Therapeutics AB (CALT) 6-K13 Aug 242024 Q2 Interim Report January – June 2024Financial data

Company Profile

Document and Entity Information

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2024
Document and Entity Information [Abstract]
Document Type	6-K
Entity Registrant Name	Calliditas Therapeutics AB
Entity Central Index Key	0001795579
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Document Period End Date	Jun. 30, 2024
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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Condensed Consolidated Statements of Income
Net sales	kr 559,780	kr 269,384	kr 855,261	kr 460,735	kr 1,206,888
Cost of sales	(53,448)	(14,214)	(67,460)	(23,242)	(60,463)
Gross income	506,332	255,169	787,801	437,493	1,146,425
Research and development expenses	(120,715)	(88,986)	(271,328)	(215,639)	(502,223)
Marketing and selling expenses	(252,985)	(191,472)	(493,132)	(358,696)	(727,740)
Administrative expenses	(166,831)	(77,151)	(268,849)	(149,698)	(332,991)
Other operating income/(expenses), net	2,696	27,267	10,179	31,294	43,473
Operating income (loss)	(31,503)	(75,172)	(235,329)	(255,246)	(373,055)
Net financial income/(expenses)	(11,158)	4,512	(54,656)	(23,433)	(83,962)
Income (loss) before income tax	(42,661)	(70,660)	(289,985)	(278,679)	(457,017)
Income tax	(4,817)	(21,274)	(3,653)	(780)	(9,168)
Net income (loss) for the period	(47,478)	(91,934)	(293,638)	(279,459)	(466,185)
Attributable to:
Equity holders of the Parent Company	kr (47,478)	kr (91,934)	kr (293,638)	kr (279,459)	kr (466,185)
Loss per share
Before dilution to ordinary equity holders of the Parent Company	kr (0.88)	kr (1.71)	kr (5.47)	kr (5.21)	kr (8.69)
After dilution to ordinary equity holders of the Parent Company	kr (0.88)	kr (1.71)	kr (5.47)	kr (5.21)	kr (8.69)

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Condensed Consolidated Statements of Comprehensive Income
Net income (loss) for the period	kr (47,478)	kr (91,934)	kr (293,638)	kr (279,459)	kr (466,185)
Other comprehensive income (loss) that may be reclassified to income or loss in subsequent periods:
Exchange differences on translation of foreign operations	482	(4,040)	16,833	(2,881)	(14,538)
Other comprehensive income (loss) that may be reclassified to income or loss in subsequent periods	482	(4,040)	16,833	(2,881)	(14,538)
Other comprehensive income (loss) that will not be reclassified to income or loss in subsequent periods:
Remeasurement gain (loss) on defined benefit plans	(336)	(556)	(324)	(1,218)	(3,071)
Other comprehensive income (loss) that will not be reclassified to income or loss in subsequent periods	(336)	(556)	(324)	(1,218)	(3,071)
Other comprehensive income (loss) for the period	146	(4,596)	16,509	(4,099)	(17,609)
Total comprehensive income (loss) for the period	(47,332)	(96,530)	(277,129)	(283,558)	(483,794)
Attributable to:
Equity holders of the Parent Company	kr (47,332)	kr (96,530)	kr (277,129)	kr (283,558)	kr (483,794)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Financial Position - SEK (kr) kr in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Non-current assets
Intangible assets	kr 423,864	kr 430,754	kr 466,083
Goodwill	47,807	48,584	48,945
Equipment	16,685	16,053	9,222
Right-of-use assets	42,671	38,186	32,271
Non-current financial assets	27,207	24,201	16,617
Deferred tax assets	34,507	26,315	22,423
Total non-current assets	592,741	584,093	595,560
Current assets
Inventories	40,164	20,428	17,697
Current receivables	222,586	196,666	146,365
Prepaid expenses and accrued income	94,436	84,324	83,343
Cash	797,278	973,733	866,181
Total current assets	1,154,464	1,275,152	1,113,587
TOTAL ASSETS	1,747,205	1,859,245	1,709,147
Equity
Equity attributable to equity holders of the Parent Company	106,789	334,806	504,367
Total equity	106,789	334,806	504,367
Non-current liabilities
Provisions	87,794	36,116	15,146
Contingent consideration	58,477	56,561	69,290
Deferred tax liabilities	36,698	41,641	41,950
Non-current interest-bearing liabilities	982,487	939,508	759,052
Lease liabilities	25,785	27,088	20,512
Other non-current liabilities	19,397	16,381	8,521
Total non-current liabilities	1,210,638	1,117,295	914,471
Current liabilities
Accounts payable	151,015	100,564	72,037
Other current liabilities	26,619	25,953	30,742
Accrued expenses and deferred revenue	252,144	280,627	187,531
Total current liabilities	429,778	407,144	290,309
TOTAL EQUITY AND LIABILITIES	kr 1,747,205	kr 1,859,245	kr 1,709,147

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, 2022	kr 766,264
Condensed Consolidated Statements of Changes in Equity
Loss for the period	(279,459)
Other comprehensive income/(loss)	(4,099)
Total comprehensive income/(loss) for the period attributable to equity holders of the Parent Company	(283,558)
Transactions with owners:
Share-based payments	21,661
Total transactions with owners	21,661
Closing balance equity attributable to equity holders of the Parent Company at Jun. 30, 2023	504,367
Closing balance equity at Jun. 30, 2023	504,367
Opening balance equity attributable to equity holders of the Parent Company at Dec. 31, 2022	766,264
Condensed Consolidated Statements of Changes in Equity
Loss for the period	(466,185)
Other comprehensive income/(loss)	(17,609)
Total comprehensive income/(loss) for the period attributable to equity holders of the Parent Company	(483,794)
Transactions with owners:
Share-based payments	52,337
Total transactions with owners	52,337
Closing balance equity attributable to equity holders of the Parent Company at Dec. 31, 2023	334,806
Closing balance equity at Dec. 31, 2023	334,806
Condensed Consolidated Statements of Changes in Equity
Loss for the period	(293,638)
Other comprehensive income/(loss)	16,509
Total comprehensive income/(loss) for the period attributable to equity holders of the Parent Company	(277,129)
Transactions with owners:
New share issue	14
Share-based payments	49,098
Total transactions with owners	49,112
Closing balance equity attributable to equity holders of the Parent Company at Jun. 30, 2024	106,789
Closing balance equity at Jun. 30, 2024	kr 106,789

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Operating activities
Operating loss	kr (31,503)	kr (75,172)	kr (235,329)	kr (255,246)	kr (373,055)
Adjustment for non-cash-items	95,770	(7,266)	112,029	19,876	102,478
Interest received	3,280	724	5,796	732	32,905
Interest paid	(24,749)	(17,915)	(51,283)	(33,376)	(94,497)
Income taxes paid	(17,435)	(13,839)	(17,679)	(15,175)	(22,747)
Cash flow from (used in) operating activities before changes in working capital	25,363	(113,468)	(186,466)	(283,189)	(354,915)
Cash flow from changes in working capital
Cash flow from (used in) changes in working capital	(32,406)	(49,564)	(18,782)	(111,782)	(79,740)
Cash flow from (used in) operating activities	(7,043)	(163,031)	(205,248)	(394,971)	(434,655)
Investing activities
Cash flow from (used in) investing activities	(102)	(1,060)	(3,960)	(3,973)	(13,745)
Financing activities
New share issue	14		14
New borrowings					962,889
Costs attributable to new loans					(26,625)
Repayment of borrowing					(724,479)
Repayment of lease liabilities	(4,060)	(3,015)	(9,527)	(5,984)	(12,134)
Cash flow from financing activities	(4,046)	(3,015)	(9,513)	(5,984)	199,650
Net increase (decrease) in cash	(11,191)	(167,107)	(218,721)	(404,928)	(248,750)
Cash at the beginning of the period	810,317	1,013,600	973,733	1,249,094	1,249,094
Net foreign exchange gains (loss) in cash	(1,848)	19,688	42,266	22,015	(26,611)
Cash at the end of the period	kr 797,278	kr 866,181	kr 797,278	kr 866,181	kr 973,733

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Statement Line items
Net sales	kr 559,780	kr 269,384	kr 855,261	kr 460,735	kr 1,206,888
Cost of sales	(53,448)	(14,214)	(67,460)	(23,242)	(60,463)
Gross income	506,332	255,169	787,801	437,493	1,146,425
Research and development expenses	(120,715)	(88,986)	(271,328)	(215,639)	(502,223)
Marketing and selling expenses	(252,985)	(191,472)	(493,132)	(358,696)	(727,740)
Administrative expenses	(166,831)	(77,151)	(268,849)	(149,698)	(332,991)
Other operating income/(expenses), net	2,696	27,267	10,179	31,294	43,473
Operating income (loss)	(31,503)	(75,172)	(235,329)	(255,246)	(373,055)
Profit/(loss) from financial items
Net financial income/(expenses)	(11,158)	4,512	(54,656)	(23,433)	(83,962)
Income (loss) before income tax	(42,661)	(70,660)	(289,985)	(278,679)	(457,017)
Income tax	(4,817)	(21,274)	(3,653)	(780)	(9,168)
Net income (loss) for the period	(47,478)	(91,934)	(293,638)	(279,459)	(466,185)
Parent Company
Statement Line items
Net sales	413,071	105,617	551,270	273,987	805,551
Cost of sales	(53,361)	(14,199)	(67,337)	(23,211)	(60,399)
Gross income	359,710	91,419	483,933	250,776	745,151
Research and development expenses	(102,227)	(77,820)	(239,871)	(196,609)	(456,970)
Marketing and selling expenses	(133,395)	(107,068)	(243,065)	(195,739)	(402,436)
Administrative expenses	(151,660)	(61,848)	(235,820)	(121,033)	(273,359)
Other operating income/(expenses), net	32,797	37,229	66,083	97,882	219,818
Operating income (loss)	5,225	(118,088)	(168,740)	(164,723)	(167,796)
Profit/(loss) from financial items
Net financial income/(expenses)	(13,639)	(3,984)	(3,236)	(22,318)	(105,722)
Income (loss) before income tax	(8,414)	(122,072)	(171,976)	(187,041)	(273,518)
Net income (loss) for the period	kr (8,414)	kr (122,072)	kr (171,976)	kr (187,041)	kr (273,518)

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Statement Line items
Loss for the period	kr (47,478)	kr (91,934)	kr (293,638)	kr (279,459)	kr (466,185)
Other comprehensive income (loss)	146	(4,596)	16,509	(4,099)	(17,609)
Total comprehensive income (loss) for the period	(47,332)	(96,530)	(277,129)	(283,558)	(483,794)
Parent Company
Statement Line items
Loss for the period	(8,414)	(122,072)	(171,976)	(187,041)	(273,518)
Total comprehensive income (loss) for the period	kr (8,414)	kr (122,072)	kr (171,976)	kr (187,041)	kr (273,518)

Condensed Parent Company Balanc

Condensed Parent Company Balance Sheet - SEK (kr) kr in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Intangible Assets
Intangible assets	kr 423,864	kr 430,754	kr 466,083
Non-Current Financial Assets
Non-current financial assets	27,207	24,201	16,617
Total non-current assets	592,741	584,093	595,560
Current assets
Inventories	40,164	20,428	17,697
Current receivables	222,586	196,666	146,365
Prepaid expenses and accrued income	94,436	84,324	83,343
Cash	797,278	973,733	866,181
Total current assets	1,154,464	1,275,152	1,113,587
TOTAL ASSETS	1,747,205	1,859,245	1,709,147
Shareholders' equity
Total equity	106,789	334,806	504,367
Non-current liabilities
Non-current interest-bearing liabilities	982,487	939,508	759,052
Other non-current liabilities	19,397	16,381	8,521
Total non-current liabilities	1,210,638	1,117,295	914,471
Current liabilities
Accounts payable	151,015	100,564	72,037
Other current liabilities	26,619	25,953	30,742
Total current liabilities	429,778	407,144	290,309
TOTAL EQUITY AND LIABILITIES	1,747,205	1,859,245	1,709,147
Parent Company
Intangible Assets
Intangible assets			32,132
Tangible Assets
Equipment	2,062	342	455
Non-Current Financial Assets
Non-current financial assets	1,223,814	1,125,186	1,049,716
Total non-current assets	1,225,876	1,125,528	1,082,303
Current assets
Inventories	40,164	20,428	17,697
Current receivables	449,745	223,700	71,974
Prepaid expenses and accrued income	73,160	67,603	64,648
Cash	469,114	817,871	754,802
Total current assets	1,032,183	1,129,602	909,121
TOTAL ASSETS	2,258,059	2,255,130	1,991,423
Shareholders' equity
Total restricted equity	5,489	5,475	5,475
Total non-restricted equity	781,421	904,299	960,101
Total equity	786,910	909,774	965,577
Non-current liabilities
Provisions	63,648	25,924	10,685
Non-current interest-bearing liabilities	982,487	939,508	759,052
Other non-current liabilities	19,501	16,486	8,626
Total non-current liabilities	1,065,636	981,918	778,363
Current liabilities
Accounts payable	112,497	62,562	31,210
Other current liabilities	153,318	113,685	119,076
Accrued expenses and deferred revenue	139,698	187,191	97,197
Total current liabilities	405,513	363,438	247,483
TOTAL EQUITY AND LIABILITIES	kr 2,258,059	kr 2,255,130	kr 1,991,423

Description of Business

Description of Business	6 Months Ended
Description of Business	Jun. 30, 2024
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”) conducts commercial and 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, 2024 and 2023. 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, D5, 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 13, 2024. 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. Public offer by Asahi Kasei Corporation A public cash offer is made by Asahi Kasei Corporation, to acquire all shares in Calliditas for SEK 208 in cash per Share. The offer includes also a concurrent offer by the Asahi Kasei Corporation to acquire all American Depositary Shares, each representing two Shares in Calliditas, for SEK 416 in cash per ADS, which will be conducted pursuant to the securities rules of the United States. The total value of the offer corresponds to SEK 11,164 million. The acceptance period of the offer was set to July 18, 2024 and expire on or around August 30, 2024, subject to any extensions. For more information, see pressrelease published on Calliditas website May 28, 2024 08:30 CET.

Accounting Policies

Accounting Policies	6 Months Ended
Accounting Policies	Jun. 30, 2024
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. The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Annual Report for 2023. None of the new or amended standards and interpretations that became effective January 1, 2024, have had a significant impact on the Group’s financial reporting. Significant accounting policies can be found in the Annual Report 2023, from pages 45 and onwards including disclosures at respective note. 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 31.

Risks and Uncertainties in the

Risks and Uncertainties in the Group and the Parent Company	6 Months Ended
Risks and Uncertainties in the Group and the Parent Company	Jun. 30, 2024
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 and marketing 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 risks, such as a failure to demonstrate efficacy or a favorable risk/benefit profile, 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. Calliditas has a commercialized product, which has received full approval in the US under the brand name TARPEYO and in the EU under the brand name Kinpeygo. The product has also received conditional marketing authorization in the UK under the brand name Kinpeygo, and in China under the brand name Nefecon, and are dependent on renewal of the conditional marketing authorizations. There is a risk that commercialization will not go according to plan or that the uptake of prescribing physicians will be worse than planned or that the drug will not have sufficient effect, or show unwanted side effects, which may affect the sales negatively. The impact on the financial statements is described in the Financial overview. 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 holds account receivables in USD and EUR and cash in USD and EUR to meet future expected costs in USD and EUR in connection with commercialization of TARPEYO in the US and the clinical development programs. 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 2023. For more information and full disclosure regarding the operational and financial risks, reference is made to the Annual Report for 2023 and the Annual Report on Form 20-F, filed with the SEC in April 2024.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	6 Months Ended
Revenue from Contracts with Customers	Jun. 30, 2024
Revenue from Contracts with Customers
Revenue from Contracts with Customers	Note 4 - Revenue from Contracts with Customers Three Months Ended Six Months Ended Year Ended June 30, June 30, December 31, (SEK in thousands) 2024 2023 2024 2023 2023 Type of goods or services Product sales 520,907 260,632 803,437 447,571 1,087,418 Outlicensing of product — — — — 82,712 Royalty income 38,873 8,752 51,824 13,164 36,758 Total 559,780 269,384 855,261 460,735 1,206,888 Geographical markets USA 493,356 259,238 771,632 444,931 1,075,829 Europe 18,836 10,146 35,697 15,804 39,614 Asia 47,588 — 47,932 — 91,445 Total 559,780 269,384 855,261 460,735 1,206,888 Net sales for the periods primarily originate from net sales of TARPEYO in the US, which amounted to SEK 493.4 million and SEK 259.2 million for the three months ended June 30, 2024 and 2023. For the six month ended June 30, 2024 and 2023, net sales of TARPEYO amounted to SEK 771.6 million and SEK 444.9 million, respectively. Royalty income from our partnerships amounted to SEK 38.9 million and SEK 8.8 million for the second quarter of 2024 and 2023. For the six months ended June 30, 2024 and 2023, royalty income amounted to SEK 51.8 million and SEK 13.2 million, respectively. For the second quarter and the six months ended June 30, 2024 and 2023, no milestones were recognized. For 2023, outlicensing of product consisted of milestone fees from Everest Medicines. The total liability for expected returns and rebates amounts to SEK 48.1 million and SEK 46.1 million as of June 30, 2024 and 2023, respectively, which are recognized in other current liabilities.

Related-Party Transactions

Related-Party Transactions	6 Months Ended
Related-Party Transactions	Jun. 30, 2024
Related-Party Transactions
Related-Party Transactions	Note 5 - Related-Party Transactions During the reporting period, no significant related-party transactions have occurred. For information about incentive programs please see Note 9.

Financial Instruments

Financial Instruments	6 Months Ended
Financial Instruments	Jun. 30, 2024
Financial Instruments
Financial Instruments	Note 6 - Financial Instruments The Group’s financial assets comprise of non-current financial assets, current receivables and cash, which are recognized at amortized cost. The Group’s financial liabilities comprise of contingent consideration, non-current interest-bearing liabilities, other non-current liabilities, lease liabilities, accounts payable, other current liabilities, and accrued expenses, all of which except contingent consideration, are recognized at amortized cost. The carrying amount is an approximation of the fair value. Contingent consideration is recognized at fair value, measured at Level 3 of the IFRS value hierarchy. The fair value of the contingent consideration has been estimated in accordance with the present value method and the probability has been taken into account if and when the various milestones will occur. The calculations are based on a discount rate of 13.4 percent. The most significant input affecting the valuation of the contingent consideration is the Group’s estimate of the probability of the milestones being reached. Calliditas holds a credit agreement that contains customary affirmative and negative covenants for a senior secured loan, such as minimum cash liquidity and minimum product revenue. The fair value for the loan at the end of the period amounts to SEK 1,005.8 million.

Treasury Shares

Treasury Shares	6 Months Ended
Treasury Shares	Jun. 30, 2024
Treasury Shares.
Treasury Shares	Note 7 – Treasury Shares As of June 30, 2024, Calliditas had 5,908,018 ordinary shares held as treasury shares by the Parent Company. At the Annual General Meeting 2024, authorization was given that Calliditas can transfer (sale) these ordinary shares with the purpose to finance an acquisition of operations, to procure capital to finance the development of projects, repayment of loans or to commercialize Calliditas’ products. No transfer (sell) of treasury shares have occurred as of June 30, 2024. The total number of issued shares as of June 30, 2024, is disclosed in Note 8.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
Shareholders' Equity	Jun. 30, 2024
Shareholders' Equity
Shareholders' Equity	Note 8 - Shareholders’ Equity June 30, December 31, (SEK in thousands, except per share amounts and number of shares) 2024 2023 2023 Total registered shares at the beginning of the period 59,580,087 59,580,087 59,580,087 Issuance of shares during the period 338,496 — — Total registered and subscribed but not registered shares at the end of the period 59,918,583 59,580,087 59,580,087 Shares Ordinary shares 59,918,583 59,157,587 59,580,087 Total 59,918,583 59,157,587 59,580,087 - of which shares are held by Calliditas 5,908,018 5,908,018 5,908,018 Total registered and subscribed but not registered shares at the end of the period, net of shares held by Calliditas 54,010,565 53,249,569 53,672,069 Share capital at the end of the period 2,397 2,383 2,383 Equity attributable to equity holders of the Parent Company 106,789 504,367 334,806 Total equity at the end of the period 106,789 504,367 334,806 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) 2024 2023 2024 2023 2023 Loss per share before and after dilution, SEK (0.88) (1.71) (5.47) (5.21) (8.69) Weighted-average number of ordinary shares outstanding for the period, before and after dilution 53,686,948 53,672,069 53,679,550 53,672,069 53,672,069 Reserves for translation from foreign operations amounted to SEK 11.6 million and SEK 6.4 million which are included in retained earnings in equity as of June 30, 2024 and 2023, respectively.

Incentive Programs

Incentive Programs	6 Months Ended
Incentive Programs	Jun. 30, 2024
Incentive Programs
Incentive Programs	Note 9 - Incentive Programs June 30, 2024 June 30, 2023 Options Share Awards Total Options Share Awards Total Outstanding Outstanding Outstanding Outstanding Outstanding Outstanding Incentive Programs Board LTIP 2021 — 22,882 22,882 — 22,882 22,882 Board LTIP 2022 — 37,136 37,136 — 37,136 37,136 Board LTIP 2023 — 40,957 40,957 — 40,957 40,957 ESOP 2020 535,166 — 535,166 1,364,730 — 1,364,730 ESOP 2021 1,386,163 — 1,386,163 1,468,500 — 1,468,500 ESOP 2022 1,814,166 — 1,814,166 1,961,000 — 1,961,000 ESOP 2023 1,865,000 — 1,865,000 — — — Total Outstanding 5,600,495 100,975 5,701,470 4,794,230 100,975 4,895,205 Board LTIP 2021: This is a performance-based long-term incentive program for Calliditas Board members. The share awards are subject to performance-based earnings, which are dependent on the development of Calliditas’ share price from the date of the 2021 Annual General Meeting to July 1, 2024. Board LTIP 2022: This is a performance-based long-term incentive program for Calliditas Board members. The share awards are subject to performance-based earnings, which are dependent on the development of Calliditas’ share price from the date of the 2022 Annual General Meeting to July 1, 2025. Board LTIP 2023: This is a performance-based long-term incentive program for Calliditas Board members. The share awards are subject to performance - based earnings, which are dependent on the development of Calliditas’ share price from the date of the 2023 Annual General Meeting to July 1, 2026. ESOP Programs Calliditas implements option programs for employees and key consultants in Calliditas. The options are granted free of charge to participants of the program. The options have a three-year vesting period calculated from the grant 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 grant date. The options have, at the time of each issue, been valued according to the Black -

Accounting Policies (Policies)

Accounting Policies (Policies)	6 Months Ended
Accounting Policies (Policies)	Jun. 30, 2024
Accounting Policies
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. The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Annual Report for 2023. None of the new or amended standards and interpretations that became effective January 1, 2024, have had a significant impact on the Group’s financial reporting. Significant accounting policies can be found in the Annual Report 2023, from pages 45 and onwards including disclosures at respective note. 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 31.

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	6 Months Ended
Revenue from Contracts with Customers (Tables)	Jun. 30, 2024
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) 2024 2023 2024 2023 2023 Type of goods or services Product sales 520,907 260,632 803,437 447,571 1,087,418 Outlicensing of product — — — — 82,712 Royalty income 38,873 8,752 51,824 13,164 36,758 Total 559,780 269,384 855,261 460,735 1,206,888 Geographical markets USA 493,356 259,238 771,632 444,931 1,075,829 Europe 18,836 10,146 35,697 15,804 39,614 Asia 47,588 — 47,932 — 91,445 Total 559,780 269,384 855,261 460,735 1,206,888

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
Shareholders' Equity (Tables)	Jun. 30, 2024
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) 2024 2023 2023 Total registered shares at the beginning of the period 59,580,087 59,580,087 59,580,087 Issuance of shares during the period 338,496 — — Total registered and subscribed but not registered shares at the end of the period 59,918,583 59,580,087 59,580,087 Shares Ordinary shares 59,918,583 59,157,587 59,580,087 Total 59,918,583 59,157,587 59,580,087 - of which shares are held by Calliditas 5,908,018 5,908,018 5,908,018 Total registered and subscribed but not registered shares at the end of the period, net of shares held by Calliditas 54,010,565 53,249,569 53,672,069 Share capital at the end of the period 2,397 2,383 2,383 Equity attributable to equity holders of the Parent Company 106,789 504,367 334,806 Total equity at the end of the period 106,789 504,367 334,806
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) 2024 2023 2024 2023 2023 Loss per share before and after dilution, SEK (0.88) (1.71) (5.47) (5.21) (8.69) Weighted-average number of ordinary shares outstanding for the period, before and after dilution 53,686,948 53,672,069 53,679,550 53,672,069 53,672,069

Incentive Programs (Tables)

Incentive Programs (Tables)	6 Months Ended
Incentive Programs (Tables)	Jun. 30, 2024
Incentive Programs
Schedule of total cost of outstanding incentive programs	June 30, 2024 June 30, 2023 Options Share Awards Total Options Share Awards Total Outstanding Outstanding Outstanding Outstanding Outstanding Outstanding Incentive Programs Board LTIP 2021 — 22,882 22,882 — 22,882 22,882 Board LTIP 2022 — 37,136 37,136 — 37,136 37,136 Board LTIP 2023 — 40,957 40,957 — 40,957 40,957 ESOP 2020 535,166 — 535,166 1,364,730 — 1,364,730 ESOP 2021 1,386,163 — 1,386,163 1,468,500 — 1,468,500 ESOP 2022 1,814,166 — 1,814,166 1,961,000 — 1,961,000 ESOP 2023 1,865,000 — 1,865,000 — — — Total Outstanding 5,600,495 100,975 5,701,470 4,794,230 100,975 4,895,205

Description of Business (Detail

Description of Business (Details) kr / shares in Units, kr in Thousands	Jun. 30, 2024 SEK (kr) kr / shares
Description of Business
Public cash offer price per share	kr 208
Number of shares represented by depositary receipt	2
Total value of public cash \| kr	kr 11,164
ADR
Description of Business
Public cash offer price per share	kr 416

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Operating segments and revenue from Contracts with Customers
Net sales	kr 559,780	kr 269,384	kr 855,261	kr 460,735	kr 1,206,888
Total	48,100	46,100	48,100	46,100
United States
Operating segments and revenue from Contracts with Customers
Net sales	493,356	259,238	771,632	444,931	1,075,829
Europe
Operating segments and revenue from Contracts with Customers
Net sales	18,836	10,146	35,697	15,804	39,614
Asia
Operating segments and revenue from Contracts with Customers
Net sales	47,588		47,932		91,445
Product sales
Operating segments and revenue from Contracts with Customers
Net sales	520,907	260,632	803,437	447,571	1,087,418
TARPEYO \| United States
Operating segments and revenue from Contracts with Customers
Net sales	493,400	259,200	771,600	444,900
Outlicensing of product
Operating segments and revenue from Contracts with Customers
Net sales	0	0	0	0	82,712
Royalty income
Operating segments and revenue from Contracts with Customers
Net sales	kr 38,873	kr 8,752	kr 51,824	kr 13,164	kr 36,758

Financial Instruments (Details)

Financial Instruments (Details) kr in Millions	Jun. 30, 2024 SEK (kr)
Contingent Consideration \| Discount rate
Financial Instruments
Discount rate	0.134
Term loan
Financial Instruments
Fair value of loan	kr 1,005.8

Treasury Shares (Details)

Treasury Shares (Details) kr in Thousands	6 Months Ended
Treasury Shares (Details) kr in Thousands	Jun. 30, 2024 SEK (kr) shares
Ordinary shares
Treasury Shares
Number of ordinary shares held as treasury shares \| shares	5,908,018
Treasury shares
Treasury Shares
Transfer (sale) of treasury shares \| kr	kr 0

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, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Changes in equity
Total registered shares at the beginning of period	59,580,087	59,580,087	59,580,087
Issuance of shares during the period	338,496	0	0
Total registered and subscribed but not registered shares at the end of the year	59,918,583	59,580,087	59,580,087
Shares
Ordinary shares	59,918,583	59,157,587	59,580,087
Total	59,918,583	59,157,587	59,580,087
of which shares are held by Calliditas	5,908,018	5,908,018	5,908,018
Total registered and subscribed but not registered shares at the end of the year, net of shares held by Calliditas	54,010,565	53,249,569	53,672,069
Share Capital
Share capital at the end of period	kr 2,397	kr 2,383	kr 2,383
Equity attributable to equity holders of the Parent Company	106,789	504,367	334,806	kr 766,264
Total equity	kr 106,789	kr 504,367	kr 334,806

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Loss per share before and after dilution	kr (0.88)	kr (1.71)	kr (5.47)	kr (5.21)	kr (8.69)
Weighted-average number of shares outstanding for the period, before and after dilution	53,686,948	53,672,069	53,679,550	53,672,069	53,672,069
Reserves for translation from foreign operations	kr 482	kr (4,040)	kr 16,833	kr (2,881)	kr (14,538)
Retained Earnings Including Net Loss for the Year
Reserves for translation from foreign operations			kr 11,600	kr 6,400

Incentive Programs - (Details)

Incentive Programs - (Details)	6 Months Ended
Incentive Programs - (Details)	Jun. 30, 2024 EquityInstruments D	Jun. 30, 2023 EquityInstruments
Disclosure of terms and conditions of share-based payment arrangement [line items]
Total Outstanding	5,701,470	4,895,205
Share Awards
Disclosure of terms and conditions of share-based payment arrangement [line items]
Accumulated number of outstanding	100,975	100,975
Share Awards Outstanding	100,975	100,975
Board LTIP 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Accumulated number of outstanding	22,882	22,882
Share Awards Outstanding	22,882	22,882
Total Outstanding	22,882	22,882
Board LTIP 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Accumulated number of outstanding	37,136	37,136
Share Awards Outstanding	37,136	37,136
Total Outstanding	37,136	37,136
Board LTIP 2023
Disclosure of terms and conditions of share-based payment arrangement [line items]
Accumulated number of outstanding	40,957	40,957
Share Awards Outstanding	40,957	40,957
Total Outstanding	40,957	40,957
ESOP 2020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Options Outstanding	535,166	1,364,730
Total Outstanding	535,166	1,364,730
ESOP 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period	3 years
Trading days \| D	10
Percentage of weighted average share price	115%
Options Outstanding	1,386,163	1,468,500
Total Outstanding	1,386,163	1,468,500
ESOP 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Options Outstanding	1,814,166	1,961,000
Total Outstanding	1,814,166	1,961,000
ESOP 2023
Disclosure of terms and conditions of share-based payment arrangement [line items]
Options Outstanding	1,865,000
Total Outstanding	1,865,000
Options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Options Outstanding	5,600,495	4,794,230