YEAR-END REPORT Q4 2023: 1 JANUARY –
Significant events during the Quarter
- Collaboration agreement with
University of Copenhagen
OnDecember 4th , the company announced that it had signed a Collaboration Agreement for a joint project with theDepartment of Pharmacy ,University of Copenhagen (UCPH), on the engineering of inhalable solid dosage forms of mRNA vaccines which will include in-vivo studies of mRNA/LNP materials formulated and dried using Ziccum’s unique LaminarPace. - Certified Adviser
OnNovember 30th ,Ziccum announced it had changed Certified Adviser fromErik Penser Bank AB toCarnegie Investment Bank AB (publ). - Agreement with US Biomanufacturing corporation
OnNovember 7th ,Ziccum announced it had signed a Material Transfer and Evaluation Agreement for a Vaccine Evaluation project with one of the most important technology-focused Biomanufacturing corporations in the US. The project is funded and will focus on evaluating the potential for new dry, thermostable forms of an advanced viral vaccine, using Ziccum’s unique formulation and drying technology LaminarPace. - Validated data confirming mRNA activity in-vitro
OnOctober 23rd ,Ziccum announced it had received data from external contract research (CRO) partnerTruly Labs , confirming high activity levels in mRNA/LNP materials dried by LaminarPace, after continued internal confirmations. The in-vitro data validate the ability of Ziccum’s LaminarPace technology to transform delicate mRNA/LNP solution into stable, bioactive dry powder with excellent in-vitro characteristics.
Significant events after the Quarter
- Successful outcomes of LaminarPace Feasibility study with Biotech partner
OnJanuary 10th , the company announced that, together with itsBiotech Corporation collaboration partner, it has reviewed the outcomes of the LaminarPace Feasibility study of mRNA/LNP materials under the agreement signed onMay 9th, 2023 . The study was very successful, and both parties confirmed consistent, positive readouts in the Study’s major parameters.
The assessment concluded that the resulting dry powder material demonstrated excellent mRNA activity when reconstituted and tested in in-vitro cell studies. The assessment also concluded that the LaminarPace treatment resulted in well-preserved mRNA content in LNP particles with adequate encapsulation efficiency. Furthermore, the treatment resulted in well-preserved lipid nanoparticles with good particle size and preserved size distribution. Finally, the partner assessment confirmed the consistentZiccum findings, that LaminarPace-treated material can be reconstituted (dissolved back into liquid) very quickly and smoothly, with no foaming, precipitation, or other practical issues. - Financing secured through directed share issue and rights issue
OnJanuary 22nd , the company announced that it has carried out a directed share issue of 622,371 shares of approximatelySEK 4.2 million to the American professional investor Global Corporate Finance (GCF). The subscription price in the Private Placement was set atSEK 6.80 per share through arm's length negotiations between the Company and GCF and corresponds to a 7.36 per cent discount to the Company's volume weighted average price on Nasdaq First North Growth Market during the last five trading days.
The Directed New Share Issue is part of a long-term financing arrangement with GCF under whichZiccum has the unilateral right to call for additional investments from GCF, in exchange for newly issued shares, totalling approximatelySEK 28 million over the next thirty months.
The Board of Directors ofZiccum has also, based on the existing authorisation from the Annual General Meeting, decided to carry out a rights issue of units of a maximum ofSEK 10.4 million . The subscription price per Unit in the Rights Issue amounts toSEK 6.80 and each Unit consists of one share and one free warrant of series TO5, which means that the subscription price per share in the Rights Issue corresponds to the subscription price per share in the Directed New Share Issue.
The Directed New Share Issue and the Rights Issue are carried out in combination to effectively secure working capital for continued intensive business and technical development. Considering the Directed New Share Issue, and provided that the Rights Issue is fully subscribed,Ziccum will receive initial proceeds totalling approximatelySEK 13.5 million , after deduction of issue costs totalling approximatelySEK 1 million .
Furthermore, the company has revenue-generating evaluation agreements in place, which are estimated to bring inSEK 5 million during Q1 2024. The company was granted a Eurostars grant and expected payments from this during 2024 will beSEK 872 thousand . The Board and company management are assessing options for further soft funding opportunities on an ongoing basis.
* Volume-Weighted Average Price, VWAP, is calculated by totalling the SEK traded for every transaction (price multiplied by the volume) and then dividing by the total shares traded.
CEO statement
Taking
2023 has been an amazing year, taking
Now we are looking forward to further milestones, getting readouts from partnered studies and further data points for our technology during 2024 - already starting in January with a very exciting partner readout, where all mRNA/LNP data were perfectly confirmed – as well as taking LaminarPace to optimal performance.
It is a privilege to take this unique technology forward, seeing the potential to greatly improve so many aspects of current vaccine management, as well as enabling entirely new treatments for unmet patient needs.
Executing on partnered projects and striking a third deal with a world-leader
The Biotech mRNA feasibility study was successfully completed during fourth quarter, with excellent, close collaborative efforts, and the outcome was rapidly assessed by our partner. As presented on
The
On top of these two collaborations, we announced a third agreement signed in fourth quarter, and we have a pipeline of serious dialogues with Pharma and Biotech corporations discussing LaminarPace applications.
Delivering on a high value, high level business model to demanding partners
Considering how LaminarPace technology was rather new to the industry and that all aspects of a high value licensing model had to be established, it is highly satisfying how we could sign agreements already during 2023 with the best possible partners. These large players, leading the race towards new vaccines and highly innovative RNA treatments, are offered interesting collaborations from numerous companies, regularly, so it is significant for
One still needs to be aware of the risk of bureaucracy, delays, and strategic reassessments due to the nature of these large organizations. There are no guarantees that these first partnered studies will immediately proceed to next stages, but
The licensing business model offers the highest possible value for
Continued mRNA/LNP data generation
The
Taking LaminarPace forward, developing unique components for our technology
In the fourth quarter, we were delighted to welcome our new Chief Operating Officer, the engineering manager
The successful technology development is made possible thanks to strong team efforts, combining our
An exciting 2024 lies ahead
We have exciting times ahead, with continued execution on our partnership studies as well as taking interesting business dialogues and the technology optimization forward. Efficiently securing additional funding, both having a strong new investor on-board and allowing our existing shareholders to take part in a well-supported rights issue, together with income from industrial partners, will make it possible to keep up the high-paced development, deliver on all-important partnerships, generate further data and make the most of our unique technology.
Let me thank the
October - December in brief
- Operating income:
SEK 1,575 (0) thousand. - Result for the quarter:
SEK -7,692 (-8,021) thousand. - Earnings per share:
SEK -0.56 (-0.58). - Cash flow for the quarter:
SEK -6,796 (-6,642) thousand. - Cash at the end of the reporting period:
SEK 2,994 (22,951) thousand.
January - December in brief
- Operating income:
SEK 6,318 (17) thousand. - Result:
SEK -21,412 (-28,788) thousand. - Earnings per share:
SEK -1.55 (-2,09). - Cash flow:
SEK -19,957 (10,678) thousand. - Cash at the end of the year:
SEK 2,994 (22,951) thousand.
Financial summary | Q4 | Q4 | Jan-Dec | Jan-Dec |
KSEK | 2023 | 2022 | 2023 | 2022 |
Operating income | 1,575 | - | 6,318 | 17 |
Operating result | -7,662 | -8,067 | -21,560 | -28,955 |
Result | -7,692 | -8,021 | -21,412 | -28,788 |
Balance sheet total | 14,972 | 33,285 | 14,972 | 33,285 |
Cash flow | -6,796 | -6,642 | -19,956 | 10,678 |
Cash and cash equivalents | 2,994 | 22,951 | 2,994 | 22,951 |
Equity ratio % | 57 | 88 | 57 | 88 |
Per share data (SEK) | ||||
Number of shares | 13,806,142 | 13,806,142 | 13,806,142 | 13,806,142 |
Result per share before and after dilution* | -0.56 | -0.58 | -1.55 | -2.09 |
Cash flow per share | -0.49 | -0.48 | -1.45 | 0.78 |
Equity per share | 0.62 | 2.12 | 0.62 | 2.12 |
Link to report: https://ziccum.com/investors/financial-reports/
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