Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended September 30, 2023 and 2022 |
3
| |||
Unaudited Condensed Consolidated Statements of Financial Position as of September 30, 2023 and December 31, 2022 | 4 | |||
Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity for the nine months ended September 30, 2023 and 2022 | 5 | |||
Notes to the Unaudited Condensed Consolidated Financial Statements | 7 | |||
1.
| Summary of significant accounting policies and other disclosures | 7 | ||
a)
| Reporting entity and the Group's structure | 7 | ||
b)
| Basis of preparation | 7 | ||
2.
| Revenues | 8 | ||
3.
| Cost of Sales | 9 | ||
4.
| Other income | 9 | ||
5.
| Net financial result | 10 | ||
6.
| Inventory | 10 | ||
7.
| Other assets | 11 | ||
8.
| Financial assets and financial liabilities | 11 | ||
9.
| Other liabilities | 12 | ||
10.
| Cash and cash equivalents | 12 | ||
11.
| Equity | 12 | ||
12.
| Share-based payments | 12 | ||
a)
| Equity settled share-based payment arrangements | 12 | ||
b)
| Share-based payment expense recognized | 13 | ||
c)
| Share options exercised | 13 | ||
13.
| Protective foundation | 14 |
For the three months
ended September 30,
|
For the nine months
ended September 30
| |||||||||||||||||||
Note
|
2023
(unaudited)
|
2022
(unaudited)
|
2023
(unaudited)
|
2022
(unaudited)
| ||||||||||||||||
(in €, except for share data)
| ||||||||||||||||||||
Revenues
|
2
|
60,803
|
-
|
60,803
|
-
| |||||||||||||||
Cost of Sales
|
3
|
(255,116
|
)
|
-
|
(255,116
|
)
|
-
| |||||||||||||
Gross profit
|
(194,313
|
)
|
-
|
(194,313
|
)
|
-
| ||||||||||||||
Sales and marketing expenses
|
(1,562,473
|
)
|
-
|
(1,838,524
|
)
|
-
| ||||||||||||||
Research and development expenses
|
(7,305,541
|
)
|
(7,537,350
|
)
|
(32,957,044
|
)
|
(29,190,231
|
)
| ||||||||||||
General and administrative expenses
|
(2,897,732
|
)
|
(3,087,285
|
)
|
(10,047,091
|
)
|
(11,821,694
|
)
| ||||||||||||
Other income
|
4
|
808,866
|
2,030,406
|
13,437,963
|
16,473,540
| |||||||||||||||
Other expenses
|
339
|
-
|
(2,851
|
)
|
(844
|
)
| ||||||||||||||
Operating Result
|
(11,150,854
|
)
|
(8,594,230
|
)
|
(31,601,861
|
)
|
(24,539,229
|
)
| ||||||||||||
Finance income
|
5
|
1,189,826
|
199,758
|
2,732,873
|
310,121
| |||||||||||||||
Finance expenses
|
5
|
(4,897
|
)
|
(6,845
|
)
|
(15,476
|
)
|
(39,376
|
)
| |||||||||||
Foreign exchange result
|
5
|
2,292,938
|
882,370
|
1,923,274
|
3,173,883
| |||||||||||||||
Other financial result
|
5
|
221,577
|
(402,724
|
)
|
223,818
|
(363,724
|
)
| |||||||||||||
Income Taxes
|
-
|
-
|
-
|
-
| ||||||||||||||||
Income (Loss) for the Period
|
(7,451,410
|
)
|
(7,921,671
|
)
|
(26,737,373
|
)
|
(21,458,325
|
)
| ||||||||||||
Other comprehensive income (loss) that may be reclassified to profit or loss in subsequent periods:
| ||||||||||||||||||||
Exchange differences on translation of foreign currency
|
73,574
|
4,317,134
|
56,459
|
10,035,949
| ||||||||||||||||
Total Comprehensive Income (Loss)
|
(7,377,836
|
)
|
(3,604,538
|
)
|
(26,680,914
|
)
|
(11,422,376
|
)
| ||||||||||||
Share Information (based on Income (Loss) for the Period)
| ||||||||||||||||||||
Weighted average number of shares outstanding
|
58,883,272
|
44,203,763
|
53,598,594
|
44,203,763
| ||||||||||||||||
Income (Loss) per share (basic/diluted)
|
(0.13
|
)
|
(0.18
|
)
|
(0.50
|
)
|
(0.49
|
)
|
Note
|
September 30, 2023
(unaudited)
|
December 31, 2022
| ||||||||||
(in €)
| ||||||||||||
ASSETS
| ||||||||||||
Non-current assets
| ||||||||||||
Property and equipment
|
298,344
|
328,920
| ||||||||||
Right-of-use assets
|
1,076,402
|
1,311,809
| ||||||||||
Intangible assets
|
66,734
|
138,905
| ||||||||||
Other assets
|
7
|
270,526
|
308,066
| |||||||||
Financial assets
|
8
|
237,564
|
2,900,902
| |||||||||
Total non-current assets
|
1,949,570
|
4,988,602
| ||||||||||
Current assets
| ||||||||||||
Inventories
|
6
|
1,639,490
|
-
| |||||||||
Current other assets
|
7
|
7,779,994
|
14,170,510
| |||||||||
Current tax assets
|
3,398,481
|
1,432,087
| ||||||||||
Financial assets from government grants
|
8
|
1,164,217
|
732,971
| |||||||||
Other financial assets
|
8
|
91,857,945
|
64,810,135
| |||||||||
Cash and cash equivalents
|
10
|
21,695,607
|
16,265,355
| |||||||||
Total current assets
|
127,535,734
|
97,411,058
| ||||||||||
TOTAL ASSETS
|
129,485,304
|
102,399,660
| ||||||||||
EQUITY AND LIABILITIES
| ||||||||||||
Equity
| ||||||||||||
Issued capital
|
11
|
7,065,993
|
5,364,452
| |||||||||
Share premium
|
334,211,338
|
282,552,633
| ||||||||||
Other capital reserves
|
39,597,055
|
36,635,564
| ||||||||||
Accumulated deficit
|
(270,197,663
|
)
|
(243,460,290
|
)
| ||||||||
Other components of equity
|
7,313,540
|
7,257,081
| ||||||||||
Total equity
|
117,990,262
|
88,349,440
| ||||||||||
Non-current liabilities
| ||||||||||||
Lease liabilities
|
8
|
771,814
|
987,307
| |||||||||
Other liabilities
|
36,877
|
36,877
| ||||||||||
Total non-current liabilities
|
808,691
|
1,024,184
| ||||||||||
Current liabilities
| ||||||||||||
Trade and other payables
|
8
|
5,999,200
|
4,987,538
| |||||||||
Liabilities from government grants
|
8
|
-
|
6,209,266
| |||||||||
Lease liabilities
|
8
|
354,151
|
369,376
| |||||||||
Employee benefits
|
1,285,355
|
1,312,248
| ||||||||||
Other liabilities
|
9
|
3,047,646
|
147,608
| |||||||||
Total current liabilities
|
10,686,351
|
13,026,036
| ||||||||||
Total Liabilities
|
11,495,042
|
14,050,220
| ||||||||||
TOTAL EQUITY AND LIABILITIES
|
129,485,304
|
102,399,660
|
(in €, except for share data)
|
Note
|
Shares
outstanding
|
Issued capital
|
Share
premium
|
Other capital
reserves
|
Accumulated
deficit
|
Other compo-
nents of equity
|
Total equity
| ||||||||||||||||||||||||
Balance as of January 1, 2023
|
44,703,763
|
5,364,452
|
282,552,633
|
36,635,564
|
(243,460,290
|
)
|
7,257,081
|
88,349,440
| ||||||||||||||||||||||||
Loss for the period
|
-
|
-
|
-
|
-
|
(26,737,373
|
)
|
-
|
(26,737,373
|
)
| |||||||||||||||||||||||
Exchange differences on
translation of foreign currency
|
-
|
-
|
-
|
-
|
-
|
56,459
|
56,459
| |||||||||||||||||||||||||
Total comprehensive loss
|
-
|
-
|
-
|
-
|
(26,737,373
|
)
|
56,459
|
(26,680,914
|
)
| |||||||||||||||||||||||
Issuance of common shares
|
10
|
14,059,252
|
1,687,110
|
54,796,819
|
-
|
-
|
-
|
56,483,929
| ||||||||||||||||||||||||
Transaction costs
|
10
|
-
|
-
|
(3,360,626
|
)
|
-
|
-
|
-
|
(3,360,626
|
)
| ||||||||||||||||||||||
Equity-settled share-based payments
|
11
|
-
|
-
|
-
|
2,961,491
|
-
|
-
|
2,961,491
| ||||||||||||||||||||||||
Share options exercised
|
11
|
120,257
|
14,431
|
222,512
|
-
|
-
|
-
|
236,943
| ||||||||||||||||||||||||
Balance as of September 30, 2023*
|
58,883,272
|
7,065,993
|
334,211,338
|
39,597,055
|
(270,197,663
|
)
|
7,313,540
|
117,990,262
| ||||||||||||||||||||||||
Balance as of January 1, 2022
|
44,203,763
|
5,304,452
|
280,310,744
|
30,591,209
|
(213,975,679
|
)
|
3,050,271
|
105,280,996
| ||||||||||||||||||||||||
Loss for the period
|
-
|
-
|
-
|
-
|
(21,458,325
|
)
|
-
|
(21,458,325
|
)
| |||||||||||||||||||||||
Exchange differences on
translation of foreign currency
|
-
|
-
|
-
|
-
|
-
|
10,035,949
|
10,035,949
| |||||||||||||||||||||||||
Total comprehensive loss
|
-
|
-
|
-
|
-
|
(21,458,325
|
)
|
10,035,949
|
(11,422,376
|
)
| |||||||||||||||||||||||
Equity-settled share-based payments
|
11
|
-
|
-
|
-
|
5,581,021
|
-
|
-
|
5,581,021
| ||||||||||||||||||||||||
Balance as of September 30, 2022*
|
44,203,763
|
5,304,452
|
280,310,744
|
36,172,229
|
(235,434,004
|
)
|
13,086,220
|
99,439,640
|
For the nine months ended September 30,
| ||||||||||||
Note
|
2023
(unaudited)
|
2022
(unaudited)
| ||||||||||
(in €)
| ||||||||||||
Operating activities
| ||||||||||||
Loss for the period
|
(26,737,373
|
)
|
(21,458,325
|
)
| ||||||||
Adjustments for:
| ||||||||||||
Depreciation & amortization of property and equipment, right-of-use assets and intangible assets
|
432,248
|
448,323
| ||||||||||
Net finance income
|
5
|
(4,864,488
|
)
|
(3,080,904
|
)
| |||||||
Share-based payment expense
|
11
|
2,961,491
|
5,581,021
| |||||||||
Net foreign exchange differences
|
5
|
(82,574
|
)
|
189,088
| ||||||||
Changes in:
| ||||||||||||
Financial assets from government grants
|
8
|
(431,246
|
)
|
(5,954,754
|
)
| |||||||
Other assets
|
4,468,239
|
3,087,177
| ||||||||||
Employee benefits
|
(26,893
|
)
|
(221,982
|
)
| ||||||||
Other liabilities
|
2,893,461
|
5,061
| ||||||||||
Liabilities from government grants received
|
8
|
(6,209,266
|
)
|
(6,849,415
|
)
| |||||||
Trade and other payables
|
1,011,662
|
(1,135,817
|
)
| |||||||||
Inventories
|
6
|
(1,639,490
|
)
|
-
| ||||||||
Interest received
|
5
|
1,302,391
|
903,647
| |||||||||
Interest paid
|
5
|
(15,773
|
)
|
(38,978
|
)
| |||||||
Net cash used in operating activities
|
(26,937,611
|
)
|
(28,525,857
|
)
| ||||||||
Investing activities
| ||||||||||||
Purchase of intangible assets, property and equipment
|
(45,942
|
)
|
(17,908
|
)
| ||||||||
Purchase of current financial assets
|
(91,590,134
|
)
|
(47,031,216
|
)
| ||||||||
Proceeds from the maturity of financial assets
|
71,113,455
|
64,600,049
| ||||||||||
Net cash from/(used in) investing activities
|
(20,522,621
|
)
|
17,550,925
| |||||||||
Financing activities
| ||||||||||||
Proceeds from issuance of common shares
|
10
|
56,483,929
|
-
| |||||||||
Transaction costs from issuance of common shares
|
10
|
(3,360,626
|
)
|
-
| ||||||||
Proceeds from exercise of share options
|
11
|
236,943
|
-
| |||||||||
Repayment of lease liabilities
|
(279,075
|
)
|
(273,092
|
)
| ||||||||
Net cash from/(used in) financing activities
|
53,081,170
|
(273,092
|
)
| |||||||||
Net increase/(decrease) in cash and cash equivalents
|
5,620,938
|
(11,248,024
|
)
| |||||||||
Effect of exchange rate changes on cash and cash equivalents
|
(190,686
|
)
|
2,976,033
| |||||||||
Cash and cash equivalents at beginning of period
|
16,265,355
|
26,249,995
| ||||||||||
Cash and cash equivalents at end of period
|
9
|
21,695,607
|
17,978,003
|
1. |
Summary of significant accounting policies and other disclosures
|
a) |
Reporting entity and the Group's structure
|
b) |
Basis of preparation
|
• |
IAS 2 Inventories
|
• |
IFRS 15 Revenue from contracts with customers
|
• |
IFRS 17 Insurance Contracts
|
• |
Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates
|
• |
Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction
|
• |
Amendments to IAS 1 and IFRS Practice Statement 2 - Disclosure of Accounting Policies -
|
• |
Amendments to IFRS 16 Leases: Leases on Sale and Leaseback
|
• |
Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants
|
• |
Amendments to IAS 21 Effects of Changes in Foreign Exchange Rates: Lack of exchangeability
|
2. |
Revenues
|
For the three months
ended September 30,
|
For the nine months
ended September 30
| |||||||||||||||
2023
(unaudited)
|
2022
(unaudited)
|
2023
(unaudited)
|
2022
(unaudited)
| |||||||||||||
(in €)
| ||||||||||||||||
Revenues
|
60,803
|
-
|
60,803
|
-
| ||||||||||||
Total
|
60,803
|
-
|
60,803
|
-
|
3. |
Cost of Sales
|
For the three months
ended June 30,
|
For the nine months
ended June 30
| |||||||||||||||
2023
(unaudited)
|
2022
(unaudited)
|
2023
(unaudited)
|
2022
(unaudited)
| |||||||||||||
(in €)
| ||||||||||||||||
Cost of Sales
|
(255,116
|
)
|
-
|
(255,116
|
)
|
-
| ||||||||||
Total
|
(255,116
|
)
|
-
|
(255,116
|
)
|
-
|
4. |
Other income
|
For the three months
ended September 30,
|
For the nine months
ended September 30
| |||||||||||||||
2023
(unaudited)
|
2022
(unaudited)
|
2023
(unaudited)
|
2022
(unaudited)
| |||||||||||||
(in €)
| ||||||||||||||||
Other income
| ||||||||||||||||
Income from government grants
|
772,604
|
2,019,684
|
13,382,393
|
16,435,051
| ||||||||||||
Other
|
36,262
|
10,722
|
55,570
|
38,489
| ||||||||||||
Total
|
808,866
|
2,030,406
|
13,437,963
|
16,473,540
|
5. |
Net financial result
|
For the three months
ended September 30,
|
For the nine months
ended September 30
| |||||||||||||||
2023
(unaudited)
|
2022
(unaudited)
|
2023
(unaudited)
|
2022
(unaudited)
| |||||||||||||
(in €)
| ||||||||||||||||
Interest income
|
1,189,826
|
199,758
|
2,732,873
|
310,121
| ||||||||||||
Interest expenses
|
(327
|
)
|
(878
|
)
|
(1,108
|
)
|
(22,980
|
)
| ||||||||
Interest on lease liabilities
|
(4,570
|
)
|
(5,967
|
)
|
(14,368
|
)
|
(16,396
|
)
| ||||||||
Finance Result
|
1,184,929
|
192,913
|
2,717,397
|
270,745
| ||||||||||||
Foreign exchange income
|
4,007,995
|
1,634,121
|
6,389,514
|
5,691,750
| ||||||||||||
Foreign exchange expense
|
(1,715,057
|
)
|
(751,751
|
)
|
(4,466,240
|
)
|
(2,517,867
|
)
| ||||||||
Foreign exchange result
|
2,292,938
|
882,370
|
1,923,274
|
3,173,883
| ||||||||||||
Other financial result
|
221,577
|
(402,724
|
)
|
223,818
|
(363,724
|
)
| ||||||||||
Net financial result
|
3,699,444
|
672,559
|
4,864,488
|
3,080,904
|
6. |
Inventory
|
As of
September 30, 2023
(unaudited)
|
As of
December 31, 2022
| |||||||
(in €)
| ||||||||
Raw material and supplies
|
1,115,243
|
-
| ||||||
Unfinished goods
|
261,124
|
-
| ||||||
Finished goods
|
263,123
|
-
| ||||||
Total
|
1,639,490
|
-
|
7. |
Other assets
|
As of
September 30, 2023
(unaudited)
|
As of
December 31, 2022
| |||||||
(in €)
| ||||||||
Non-current other assets
| ||||||||
Prepaid expenses
|
270,526
|
308,066
| ||||||
Total
|
270,526
|
308,066
| ||||||
Current other assets
| ||||||||
Prepayments on research & development projects
|
3,414,177
|
9,776,505
| ||||||
Prepayments on commercial production
|
3,636,868
|
-
| ||||||
Prepaid expenses
|
703,898
|
1,841,935
| ||||||
Others
|
25,052
|
2,552,071
| ||||||
Total
|
7,779,995
|
14,170,511
| ||||||
Total other assets
|
8,050,521
|
14,478,577
|
8. |
Financial assets and financial liabilities
|
As of
September 30, 2023
(unaudited)
|
As of
December 31, 2022
| |||||||
(in €)
| ||||||||
Financial assets at amortized cost
| ||||||||
Non-current financial assets
|
237,564
|
2,900,902
| ||||||
Financial assets from government grants
|
1,164,217
|
732,971
| ||||||
Other current financial assets
|
91,857,945
|
64,791,088
| ||||||
Financial liabilities at amortized cost
| ||||||||
Liabilities from government grants
|
-
|
6,209,266
| ||||||
Trade and other payables
|
5,999,200
|
4,987,538
|
9. |
Other liabilities
|
As of
September 30, 2023
(unaudited)
|
As of
December 31, 2022
| |||||||
(in €)
| ||||||||
Liabilities from commercial partner
|
2,875,722
|
-
| ||||||
Miscellaneous other liabilities
|
171,924
|
147,608
| ||||||
Total
|
3,047,646
|
147,608
|
10. |
Cash and cash equivalents
|
As of
September 30, 2023
(unaudited)
|
As of
December 31, 2022
| |||||||
(in €)
| ||||||||
Short-term deposits
| ||||||||
Deposits held in U.S. dollars
|
3,637,579
|
3,422
| ||||||
Deposits held in euros
|
4,450,000
|
-
| ||||||
Total
|
8,087,579
|
3,422
| ||||||
Cash at banks
| ||||||||
Cash held in U.S. dollars
|
10,030,927
|
8,645,014
| ||||||
Cash held in euros
|
3,577,101
|
7,616,918
| ||||||
Total
|
13,608,027
|
16,261,932
| ||||||
Total cash and cash equivalents
|
21,695,606
|
6,265,354
|
11. |
Equity
|
12. |
Share-based payments
|
a) |
Equity settled share-based payment arrangements
|
Number of share options
|
2023
|
2022
| ||||||
Outstanding as of January 1,
|
148,433
|
148,433
| ||||||
Exercised during the nine months ended September 30
|
-
|
-
| ||||||
Outstanding as of September 30,
|
148,433
|
148,433
| ||||||
thereof vested
|
148,433
|
148,433
|
Number of share options
|
2023
|
2022
| ||||||
Outstanding as of January 1,
|
888,632
|
888,632
| ||||||
Exercised during the nine months ended September 30
|
-
|
-
| ||||||
Outstanding as of September 30,
|
888,632
|
888,632
| ||||||
thereof vested
|
888,632
|
888,632
|
Number of share options
|
2023
|
2022
| ||||||
Total number of options outstanding as of January 1,
|
4,985,523
|
3,170,046
| ||||||
Granted during the nine months ended September 30,
|
1,735,750
|
1,561,666
| ||||||
Exercised during the nine months ended September 30,
|
(105,327
|
)
|
-
| |||||
Forfeited during the nine months ended September 30,
|
(26.000
|
)
|
(136,259
|
)
| ||||
Outstanding as of September 30,
|
6,589,946
|
4,595,453
| ||||||
thereof vested
|
5,170,321
|
3,762,203
|
Share options
granted 2023
|
Number
|
Fair
value
per
option
|
FX rate
as of grant date
|
Fair value
per
option
|
Share
price at
grant
date /
Exercise
price
|
Expected volatility
|
Expected
life
(midpoint
based)
|
Risk-free rate
(interpolated,
U.S. sovereign
strips
curve)
| ||||||||||||||||||||||||
January 24
|
1,454,250
|
$
|
2.11
|
0.9008
|
€
|
1.90
|
$
|
2.37
|
1.35
|
5.30
|
3.571
|
%
| ||||||||||||||||||||
January 24
|
52,500
|
$
|
2.13
|
0.9008
|
€
|
1.92
|
$
|
2.37
|
1.35
|
5.50
|
3.565
|
%
| ||||||||||||||||||||
May 31
|
60,500
|
$
|
3.61
|
0.9361
|
€
|
3.38
|
$
|
4.19
|
1.35
|
4.50
|
3.820
|
%
| ||||||||||||||||||||
July 7
July 7
|
57,000
100,000
|
$
|
3.59
$3.64
|
0.9184
0.9184
|
€
|
3.30
€3.34
|
$
|
3,89
$3,89
|
1.46
1.46
|
5.50
6.10
|
4.320%
4.286
|
%
| ||||||||||||||||||||
July 19
|
4,000
|
$
|
3.55
|
0.8911
|
€
|
3.16
|
$
|
3,99
|
1.46
|
5.50
|
4.320
|
%
| ||||||||||||||||||||
September 18
|
7,500
|
$
|
3.15
|
0.9378
|
€
|
2.95
|
$
|
3,54
|
1.46
|
5.50
|
4.320
|
%
| ||||||||||||||||||||
1,735,750
|
b) |
Share-based payment expense recognized
|
c) |
Share options exercised
|
13. |
Protective foundation
|
F-14
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Disclaimer
Inflarx NV published this content on 01 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 November 2023 12:05:59 UTC.