Interim Report BioPorto, first six months of 202
3
1
August 1, 2023
Announcement no. 14
BioPorto Announces Interim Results for the First Six Months of 2023
COPENHAGEN, Denmark and BOSTON, MA, USA, August 1, 2023, (GLOBE NEWSWIRE) -- BioPorto A/S (BioPorto)
(CPH:BIOPOR) today announced
interim financial results for the first six months of 2023 and business progress
for the second quarter of 2023.
Recent Highlights
• For the six months ending June 30, 2023:
o Total revenue of DKK 15.8 million / USD 2.3 million, a 5% increase over the prior year
o Adjusted EBITDA of DKK (31.5) million / USD (4.6) million
o Cash and cash equivalents of DKK 85.4 million / USD 12.5 million as of June 30, 2023 (DKK 107.9
million / USD 15.1 million as of June 30, 2022)
• For the second quarter ending June 30, 2023:
o Total revenue of DKK 7.7 million / USD 1.1 million, a 9% decrease over the prior year
o Adjusted EBITDA of DKK (16.3) million / USD (2.4) million
• Submitted response to US Food and Drug Administration’s (FDA) Additional Information letter
• Raised DKK 41.4 million / USD 6.0 million net proceeds in a rights offering with pre-emptive rights for
existing shareholders
Tony Pare, BioPorto’s Chief Executive Officer, said: “During the second quarter of 2023, we submitted our
response to the FDA, closed a successful rights offering to extend our capital reserves, and continued executing
our strategic priorities to gain regulatory approval in the United States, grow revenues in European and other
markets that accept CE Mark, and expand the total addressable market for NGAL tests. With our latest financial
results, we remain on track to achieve our goals for the year.”
Guidance for 2023 Maintained
Based on the progress and results obtained in the first six months of 2023, BioPorto maintains its financial
guidance for 2023, as most recently described in its Annual Report 2022 of:
• Revenue of approximately DKK 30 to 33 million, and
• Adjusted EBITDA loss of approximately DKK (60) to (65) million.
Conference Call and Webcast
The Company’s management team will host an online investor presentation on August 1, 2023, at 14:00 Central
European Time / 8:00 Eastern Time, via HC Andersen Capital. Investors interested in attending the webcast may
register at: https://hca.videosync.fi/2023-08-01-bioporto/register
A separate analyst call will be held on August 1, 2023, at 16:00 Central European Time / 10:00 Eastern Time,
with details as follows:
Denmark landline: +45 8025 2164
Denmark mobile: +45 8025 1917
International: +1 201 689 8562
US: +1 877 407 0789
Conference ID: 13739662
Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1622721&tp_key=cd08b83f12
Investor Relations Contacts
Tim Eriksen, EU Investor Relations, Zenith Advisory, +45 4529 0000, investor@bioporto.com
Ashley Robinson, US Investor Relations, LifeSci Advisors, +1 617 430 7577, arr@lifesciadvisors.com
About BioPorto
BioPorto is an in vitro diagnostics company focused on saving lives and improving the quality of life with
actionable biomarkers – tools designed to help clinicians make changes in patient management. The Company
uses its expertise in antibodies and assay development, as well as its platform for assay development, to create
a pipeline of novel and compelling products that focus on conditions where there is significant unmet medical
need, and where the Company’s tests can help improve clinical and economic outcomes for patients, providers,
and the healthcare ecosystem.
The Company’s flagship product is The NGAL Test
TM
, which has been designed to aid in the risk assessment of
Acute Kidney Injury (AKI), a common clinical syndrome that can have severe consequences, including significant
morbidity and mortality if not identified and treated early. With the aid of The NGAL Test, physicians can
identify patients potentially at risk of AKI more rapidly than is possible with current standard of care
measurements, enabling earlier intervention and more tailored patient management strategies. The NGAL Test
is CE marked and registered in a number of countries worldwide.
BioPorto has facilities in Copenhagen, Denmark and Boston, MA, USA. The shares of BioPorto A/S are listed on
the Nasdaq Copenhagen stock exchange. For more information visit www.bioporto.com
.
Forward-looking statement disclaimer
Certain statements in this news release are not historical facts and may be forward-looking statements.
Forward-looking statements include statements regarding the intent, belief or current expectations with respect
to the Company’s expectations, intentions and projections regarding its future performance including the
Company’s Guidance for 2023; currency exchange rate fluctuations; anticipated events or trends and other
matters that are not historical facts, including with respect to the potential FDA marketing authorization,
implementation of manufacturing and quality systems, commercialization of NGAL tests, and the development
of future products and new indications; concerns that may arise from additional data, analysis or results
obtained during clinical trials; and, the Company’s ability to successfully market both new and existing products.
These forward-looking statements, which may use words such as “aim”, “anticipate”, “believe”, “intend”,
“estimate”, “expect” and words of similar meaning, include all matters that are not historical facts. These
forward-looking statements involve risks, and uncertainties that could cause the actual results of operations,
financial condition, liquidity, dividend policy and the development of the industry in which the Company’s
business operates to differ materially from the impression created by the forward-looking statements. These
statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties
and other factors that could cause actual results to differ materially from those expressed or implied by such
forward-looking statements. Given these risks and uncertainties, prospective investors are cautioned not to
place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of
such statements and, except as required by applicable law, the Company undertakes no obligation to update or
revise publicly any forward-looking statements, whether as a result of new information, future events or
otherwise. Factors that may impact BioPorto’s success are more fully disclosed in BioPorto’s periodic financial
filings with the Danish Financial Supervisory Authority, including its Annual Report for 2022 and Interim Reports,
particularly under the heading “Risk Factors”.
NOTE – DKK/USD exchange rates used within “Recent Highlights”, above:
• Balance sheet measures: June 30, 2022 = 7.1620 and June 30, 2023 = 6.8539.
• Income statement measures for six months ended: June 30, 2022 = 6.7864 and June 30, 2023 = 6.9097.
• Income statement measures for the second quarter ended: June 30, 2022 = 6.9061 and June 30, 2023 =
6.8696.
Interim Report BioPorto, first six months of 202
2
3
2023
2022
2023
2022
2022
Apr 1 - Jun 30
Apr 1 - Jun 30
Jan 1 - Jun 30
Jan 1 – Jun 30
Jan 1 - Dec 31
DKK million (except where noted)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Revenue
7.7
8.5
15.8
15.0
29.0
Gross profit
5.0
6.1
10.3
10.0
19.0
Sales and marketing costs
4.5
5.1
10.4
9.1
21.2
Research and development costs
8.8
9.8
14.9
17.8
34.9
Administrative costs
9.5
11.3
19.8
21.4
41.8
Lease impairment
-
-
-
-
2.6
Restructuring costs
3.0
-
3.0
-
-
Loss before financial items (EBIT)
(20.9)
(20.1)
(37.8)
(38.4)
(81.5)
Financial items, net
(0.1)
0.8
(0.4)
0.7
(0.0)
Loss before tax
(21.0)
(19.4)
(38.2)
(37.7)
(81.5)
Net loss
(19.6)
(17.1)
(35.7)
(34.1)
(75.9)
Comprehensive loss
(19.5)
(17.8)
(35.6)
(34.9)
(76.0)
Adjusted EBITDA
(16.3)
(17.1)
(31.5)
(32.4)
(67.3)
Non-current assets
5.8
16.2
7.2
Cash and cash equivalents
85.4
107.9
81.8
Current assets
106.3
130.7
101.4
Total assets
112.1
146.9
108.6
Equity
81.1
107.9
70.2
Non-current liabilities
5.6
9.4
7.4
Current liabilities
25.4
29.6
31.0
Total equity and liabilities
112.1
146,9
108.6
Cash flows from operating activities
(39.3)
(28.7)
(52.5)
Cash flows from investing activities
(0.0)
(0.5)
(0.5)
Of which investment in property, plant, and
equipment
0.0
(0.1)
(0.4)
Cash flows from financing activities
42.7
91.4
88.7
Net cash flows
3.5
62.1
35.7
Revenue growth
-9%
29%
5%
23%
19%
Gross profit percentage
64%
71%
65%
67%
66%
Equity ratio (solvency)
72%
73%
72%
73%
65%
Average number of employees
32
34
36
33
32
Number of shares at the end of the period (1,000)
379,670
334,693
379,670
334,693
334,693
Loss per share (EPS), DKK
(0.06)
(0.05)
(0.11)
(0.11)
(0.24)
Net asset value per share, period-end, DKK
0.21
0.32
0.21
0.32
0.21
Share price, period-end, DKK
1.22
1.91
1.22
1.22
2.32
Note: Loss per share (EPS) is calculated in accordance with IAS 33 “Earning per share”. Other financial ratios have been calculated in accordance with the
guidelines from the Danish Society of Financial Analysts and 2022 BioPorto Annual Report.
Reconciliation of Adjusted EBITDA
Loss before financial items (EBIT)
(20.9)
(20.1)
(37.8)
(38.4)
(81.5)
Depreciation and amortization
0.7
1.1
1.4
2.2
4.0
Share-based compensation expenses
0.9
1.9
2.0
3.8
7.6
Lease Impairment
-
-
-
-
2.6
Restructuring costs
3.0
-
3.0
-
-
Adjusted EBITDA
(16.3)
(17.1)
(31.5)
(32.4)
(67.3)
Consolidated Financial Highlights
Non-IFRS Financial Measure
In the Interim Report, BioPorto discloses a financial measure of the Group’s financial performance that reflects adjustments to the most directly
comparable measures calculated and presented in accordance with IFRS. This non-IFRS financial measure may not be defined and calculated
by other companies in the same manner and may thus not be comparable.
The non-IFRS financial measure presented in the Interim Report is Adjusted earnings before interest, taxes, depreciation, and amortization
(Adjusted EBITDA).
Adjusted EBITDA is an alternative measure of performance utilized by management, investors, and investment analysts to evaluate and analyze
the Company’s results. Adjusted EBITDA excludes non-cash share-based compensation and non-recurring costs (e.g., restructuring charges,
merger and acquisition integration costs), if any.
We believe that earnings exclusive of non-cash and non-recurring costs is a key indication of
how a company is progressing from period to period and that the non-IFRS financial measure Adjusted EBITDA is useful to investors, lenders,
and other creditors because such information enables them to better understand earnings exclusive of non-cash and non-recurring costs from
period to period. However, we also believe that Adjusted EBITDA data has limitations, particularly as non-cash and non-recurring costs could
significantly impact our performance. We therefore limit our use of Adjusted EBITDA and do not evaluate our results and performance without
considering both non-IFRS Adjusted EBITDA on the one hand and net income or loss on the other. We caution the readers of this report to
follow a similar approach by considering data on Adjusted EBITDA only in addition to, and not as a substitute for or superior to, net income or
loss in accordance with IFRS.
Interim Report BioPorto, first six months of 202
2
5
Strong revenue growth from NGAL test sales drives
total revenue increase
Revenue totaled DKK 15.8 million in the first six months of 2023, a 5%
increase over the prior year period, reflecting 33% sales growth of
NGAL tests, offset by an 18% sales decline of Antibodies. In the
second quarter of 2023, revenue from NGAL tests grew 37% and
Antibodies decreased 43%, respectively over the prior year. Results
for the second quarter of 2023 were somewhat bolstered by a 114%
increase in sales of ELISA kits, which represent 4% of total revenues.
Advancing the FDA’s NGAL test review
In June 2023, BioPorto submitted its response to the FDA’s Additional
Information request in support of the FDA’s ongoing review. Dialog
with the FDA has resumed, and the Company is prepared to answer
any additional inquiries they may have. The NGAL Test was previously
granted Breakthrough Device designation by the FDA, and therefore
the De Novo application has received expedited review and prompt
responses to company inquiries.
Focusing on sales of The NGAL Test in Europe
The NGAL test is already available for both pediatric and adult use in
Europe and elsewhere with a CE mark registration, and during the
second quarter the Company executed its plan to strengthen its
global sales channels by training its current distribution partners and
recruiting others.
Managing Capital
BioPorto has taken proactive measures to run lean by reducing staff
to those essential to our immediate 2023 objectives, conserve capital,
and plan expenditures carefully and critically. Investments are focused
on the Company’s strategic priorities, together with preparing
materials to expand to the total addressable market for NGAL tests.
As part of implementing its strategic priorities, BioPorto has
historically sought financing, most recently in a rights offering (the
“Offering”) with pre-emptive rights for existing shareholders that was
executed in June 2023, whereby the Company raised gross proceeds
of DKK 43.0 million. As a result, BioPorto’s share capital increased by
DKK 42,977,456. Accordingly, the nominal value of the Company’s
total share capital amounts to 379,670,461 divided into 379,670,461
shares each carrying 1 voting right, corresponding to a total of
379,670,461 voting rights cf. section 32 of the Danish Capital Markets
Act. Based on the size of the Offering and in accordance with
exemptions available under Prospectus Regulation (EU) 2017/1129,
no prospectus or other offering circular was published in connection
with the Offering. The Company’s articles of association were updated
to reflect the capital increase. The Company assessed its liquidity and
capital resources and concluded that they are adequate to fund
operations considering a twelve-month period from the date of this
Interim Report, cf. Note 1.
In addition, the Company implemented a reduction in force during
the second quarter of 2023 to better align the Company’s resources
with its strategic priorities. This action corresponded with a DKK 3.0
million restructuring charge during the quarter.
Management Review
This financial review is based on the Group’s consolidated financial
information as of and for the three and six months ended June 30, 2023,
with comparative results as of and for the three and six months ended
June 30, 2022 in brackets.
Revenue
Revenue was DKK 7.7 million (DKK 8.5 million) in the second quarter of 2023
and DKK 15.8 million (DKK 15.0 million) in the first half of 2023.
NGAL test sales totaled DKK 4.6 million (DKK 3.3 million) in the second
quarter of 2023 and DKK 9.4 million (DKK 7.1 million) in the first half of
2023.
Antibody sales totaled DKK 2.9 million (DKK 5.0 million) in the second
quarter of 2023 and DKK 5.7 (DKK 6.9 million) in the first half of 2023.
Figure 1. Revenue by quarter (DKK
million)
Figure
2. NGAL test product revenue by quarter (DKK
million)
Gross Profit
Gross profit for the second quarter of 2023 was DKK 5.0 million (DKK 6.1
million), reflecting a combination of DKK 0.8 million lower revenues and a
700 bps reduction in gross profit percentage over the prior year period.
Gross profit for the first half of 2023 totaled DKK 10.3 million (DKK 10.0
million), reflecting DKK 0.8 million favorable sales volume, offset by 150 bps
reduction in gross profit percentage over the prior year period.
Sales and Marketing Costs
Sales and marketing costs totaled DKK 4.5 million (DKK 5.1 million) in the
second quarter of 2023, reflecting the effects of the reduction in force that
was implemented during the quarter and lower outside services costs.
For the first half of 2023, sales and marketing costs totaled DKK 10.4 million
(DKK 9.1 million), reflecting the timing of AKI-related conferences.
Research and Development Costs
Research and development costs in the second quarter of 2023 totaled DKK
8.8 million (DKK 9.8 million), with the decrease principally reflecting
reduction in force and lower clinical study costs.
For the first half of 2023, research and development costs totaled DKK 14.9
million (DKK 17.8 million), with the decrease principally reflecting reduction
in force and lower clinical study costs.
Administrative Costs
Administrative costs in the second quarter of 2023 totaled DKK 9.5 million
(DKK 11.3 million), with the decrease principally reflecting lower
professional fees and non-cash equity compensation costs compared to the
prior period.
For the first half of 2023, administrative costs totaled DKK 19.8 million (DKK
21.4 million), with the decrease principally reflecting lower professional
fees and non-cash equity compensation costs compared to the prior period.
Restructuring Costs
During the second quarter of 2023, the Company implemented a reduction
in force to better align the Company’s resources with its strategic priorities.
This action corresponded with a DKK 3.0 million restructuring charge during
the quarter.
Financials Items, net
Financial income and expenses reflect interest income/expense and
currency transaction gains/losses. Financial items, net for the second
quarter of 2023 was an expense of DKK 0.1 million (income of DKK 0.8
million), and an expense of DKK 0.4 million (income of DKK 0.7 million).
Tax Benefit
The tax benefit is primarily related to tax credits held by its Danish entities
associated with the Company’s investment in research and development.
In the second quarter of 2023, a DKK 1.3 million tax benefit (DKK 2.3
benefit) was recognized. For the first half of 2023, a DKK 2.5 million tax
benefit (DKK 3.5 million) was recognized.
EBIT/Adjusted EBITDA
For the second quarter of 2023, Earnings before interest and taxes (EBIT)
was a loss of DKK 20.9 million (DKK 20.1 million), and adjusted EBITDA was
a loss of DKK 16.3 million (DKK 17.1 million), reflecting the mix of variances
described above.
5,6
6,6
5,3
6,8
6,5
8,5
5,3
8,7
8.0
7,7
0
2
4
6
8
10
Q1 Q2 Q3 Q4
2021 2022 2023
2,1
3,7
2,6
3,73,7
3,3
2,7
5,2
4.8
4,6
0
1
2
3
4
5
6
Q1 Q2 Q3 Q4
2021 2022 2023
Financial Review
Interim Report BioPorto, first six months of 202
2
7
For the first half of 2023, EBIT was a loss of DKK 37.8 million (DKK 38.4
million) reflecting favorable revenue and cost reduction and offset by
restructuring charge related to a reduction in force of DKK 3.0 million.
Adjusted EBITDA was a loss of DKK 31.5 million (loss of DKK 32.4 million).
Cash and Cash equivalents
As of June 30, 2023, BioPorto’s cash position was DKK 85.4 million (DKK
107.9 million) and deposited at major national Danish, Nordic, and US
banks.
The Company continually evaluates its liquidity requirements, capital needs
and availability of capital resources based on its operating needs and
planned initiatives. The Company assessed its liquidity and capital
resources and concluded that they are adequate to fund operations
considering a twelve-month period from the date of this Interim Report,
independent of the timing and potential marketing authorization of NGAL
tests by the FDA in the US. The Company’s assessment as to the adequacy
of liquidity relies inter alia on assumptions and significant judgements (in
addition to those matters discussed cf. Note 2) applied in the Company's
budgets and forecasts as well as customary sensitivities, existing capital
resources and assumptions concerning the timing, costs and resources
required to undertake the Company’s strategic priorities and tactical
decisions, including the timing and potential marketing authorization of
NGAL tests by the FDA in the US, commercialization activities for NGAL tests
under CE Mark and Antibodies in Europe, supply chain management, and
ongoing R&D, all of which under current circumstances remain difficult to
predict.
Net working capital
Net working capital (i.e., current assets minus current liabilities) as of
June 30, 2023 totaled DKK 80.9 million (DKK 101.1 million).
Cash Flow Statement
Cash used in operating activities during the first six months of 2023 totaled
DKK 39.3 million (DKK 28.7 million), which reflected the payment of clinical
trial invoices that were received in late December 2022 and DKK 1.8 million
of the restructuring costs as described above.
Cash used in investing activities was less than DKK 0.1 million (DKK 0.5
million). Cash from financing activities was DKK 42.7 million (DKK 91.4
million), reflecting DKK 41.4 million of net proceeds from the rights offering
completed during the second quarter of 2023 and DKK 3.2 million proceeds
from the exercise of warrants, net of DKK 1.8 million of routine lease
payments.
Net cash flow for the first six months of 2023 was a source of DKK 3.5 million
(source of DKK 62.1 million). Net cash flows for the first six months of 2022
reflected DKK 93.0 million net proceeds from a rights offering completed
during the second quarter of 2022.
Significant risks and uncertainties
BioPorto faces a number of risks and uncertainties, including those
common for the biotech/medical device industry. These relate to clinical
and regulatory, operations, research and development, manufacturing,
commercial, and financial activities. The Company’s De Novo submission of
required clinical and analytical data to support the use of NGAL in pediatrics
remains under review by the FDA. The quality or sufficiency of the clinical
or analytical data could be insufficient to support the study’s endpoints and
require the Company to obtain additional data; and, such activities, if
possible, would require additional cost and time.
A variety of factors and events, including the ongoing COVID-19 pandemic
and the war in Ukraine, have resulted in delays and other challenges in
global supply chains. To manufacture its products, the Company is
dependent on the supply of raw materials and key components from
suppliers, some of which are single source suppliers. Delays in the
manufacture, delivery, or quality of these components, or delays in the
Company’s execution of its commercialization strategy, including hiring
personnel and continuing to prepare manufacturing and quality systems,
could affect the Company’s ability to deliver products to its customers,
which could cause the Company’s results, prospects, and financial
performance to be negatively impacted.
I
n addition to the other information set forth in this report, you should
carefully consider the factors discussed in the sections captioned “Risk
management” in BioPorto’s 2022 Annual Report and its Interim Reports,
which factors could materially affect the Group’s business, financial
condition, and/or future results. The risks described in those sections and
in this report are not the only risks BioPorto faces. Additional risks and
uncertainties not currently known to management or the Group or that the
Group currently deems to be immaterial also may have a material adverse
effect on the Group’s business, future opportunities, financial condition,
and/or operating results.
Guidance for 2023 maintained
Based on the progress and results obtained in the first six months of 2023,
BioPorto maintains its financial guidance for 2023, as most recently
described in its Annual Report 2022 of:
• Revenue of approximately DKK 30 to 33 million, and
• Adjusted EBITDA loss of approximately DKK (60) to (65) million.
Forward-looking safe harbor statements
This interim report contains forward-looking statements that involve risks,
uncertainties, and other factors, many of which are outside of BioPorto’s
control, that could cause actual results to differ materially from the results
or expectations discussed in the forward-looking statements. Forward-
looking statements include statements concerning the Group’s plans,
objectives, goals, future events, performance and/or other information
that is not historical information. All such forward-looking statements are
expressly qualified by these cautionary statements and any other
cautionary statements which may accompany the forward-looking
statements. The Company undertakes no obligation to publicly update or
revise forward-looking statements to reflect subsequent events or
circumstances after the date made.
For Further Information
Tim Eriksen, EU Investor Relations, Zenith Advisory, +45 4529 0000,
investor@bioporto.com
Ashley Robinson, US Investor Relations, LifeSci Advisors, +1 617 430 7577,
arr@lifesciadvisors.com
www.bioporto.com
8
Interim report
BioPorto, first six months of 2023
T
he Board of Directors and Executive Management today reviewed and approved the Interim Report of the BioPorto Group for the period January 1 to
June 30, 2023.
T
he Interim Report, which is unaudited and has not been reviewed by the Company’s auditors, is presented in accordance with IAS 34 “Interim Financial
Reporting” as adopted by the EU and additional Danish disclosure requirements for interim reports of listed companies.
I
n our opinion, the interim report gives a true and fair view of the Group’s financial position as of June 30, 2023, and the results of the Group’s operations
and cash flows for the period January 1 to June 30, 2023.
In our opinion the management review includes a fair review of the development and performance of the business, the results for the period and the
Group’s financial position in general and describes changes in principal risks and uncertainties that have occurred relative to what was disclosed in the
consolidated Annual Report for 2022.
H
ellerup, August 1, 2023
Executive Management:
_
__________________________ ___________________________
Board of Directors:
_
__________________________ ___________________________ __________________________
_
__________________________ ___________________________ ___________________________
Statement by the Board of Directors and
Management
Interim Report BioPorto, first six months of 202
3
9
Condensed Consolidated Statements of Profit or Loss
2023
2022
2023
2022
2022
Apr 1 - Jun 30
Apr 1 - Jun 30
Jan 1 - Jun 30
Jan 1 - Jun 30
Jan 1 - Dec 31
DKK thousand
Note
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Revenue 3 7,748 8,506 15,789 15,008 28,969
Production costs
Gross profit 4,965 6,052 10,273 9,998 19,042
Sales and marketing costs 4,508 5,090 10,418 9,134 21,219
Research and development costs
Administrative costs 9,543 11,273 19,843 21,372 41,829
Lease impairment - - - - 2,583
Restructuring costs 10 2,967 - 2,967 - -
Loss before financial items (EBIT) (20,855 ) (20,137 ) (37,805 ) (38,355 ) (81,527 )
Financial income 35 979 57 1,164 1,185
Financial expenses
Loss before tax (20,966 ) (19,384 ) (38,167 ) (37,666 ) (81,547 )
Income tax benefit, net 5 1,317 2,293 2,458 3,545 5,624
Net loss
(19,649 ) (17,091 ) (35,709 ) (34,121 ) (75,923 )
DKK
DKK
DKK
DKK
DKK
Loss per share (EPS & DEPS) 6 (0.06 0.05 0.11 0.11 0.24
Condensed Consolidated Statements of Comprehensive Loss
2023
2022
2023
2022
2022
Apr 1 - Jun 30
Apr 1 - Jun 30
Jan 1 - Jun 30
Jan 1 - Jun 30
Jan 1 - Dec 31
DKK thousand
Note
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Net loss (19,649 ) (17,091 ) (35,709 ) (34,121 ) (75,923 )
Other comprehensive loss:
Amounts which will be reclassified
to the income statement:
Exchange rate adjustments of
investments in subsidiaries
Other comprehensive loss
Comprehensive loss (19,524 ) (17,800 ) (35,597 ) (34,880 ) (76,038 )
Interim Financial Statements
10
Interim report
BioPorto, first six months of 2023
Condensed Consolidated Balance Sheets
Assets
2023
2022
2022
Jun 30
Jun 30
Dec 31
DKK thousand
Note
(Unaudited)
(Unaudited)
Non-current assets
Property, plant and equipment and intangible assets
Rights and software 612 921 766
Property, plant and equipment
Right-of-use assets 2,091 11,419 2,927
Total property, plant and equipment and intangible assets 3,948 14,339 5,279
Financial assets
Deposits 1,884 1,855 1,933
Total financial assets
Total non-current assets 5,832 16,194 7,212
Current assets
Inventories, net 1,755 2,225 2,558
Trade receivables, net 7, 9
Tax receivable 5 8,968 9,797 6,444
Other receivables 7, 9 786 1,106 1,769
Prepayments 7 1,939 1,572 1,555
Cash and cash equivalents 9 85,374 107,862 81,792
Assets held-for-sale 4,408 - 4,481
Total current assets 106,252 130,684 101,428
Total assets 112,084 146,878 108,640
Interim Report BioPorto, first six months of 202
3
11
Equity and Liabilities
2023
2022
2022
Jun 30
Jun 30
Dec 31
DKK thousand
Note
(Unaudited)
(Unaudited)
Equity
Share capital 8 379,670 334,693 334,693
Treasury shares 8
Exchange-rate adjustments (122 ) (878 ) (234 )
Retained earnings (298,492 ) (225,898 ) (264,238 )
Total equity 81,056 107,917 70,221
Liabilities
Non-current liabilities
Lease liabilities 9 5,635 9,256 7,448
Other non-current liabilities 9
Total non-current liabilities 5,635 9,393 7,448
Current liabilities
Current portion of non-current liabilities 9 3,320 3,233 3,197
Trade payables 9
Taxes payable 78 - 80
Other accrued liabilities 10 16,253 20,327 17,237
Total current liabilities 25,393 29,568 30,971
Total liabilities 31,028 38,961 38,419
Total equity and liabilities 112,084 146,878 108,640
12
Interim report
BioPorto, first six months of 2023
Condensed Consolidated Statement of Changes in Equity (Unaudited)
Amounts in DKK thousand
Shares in thousand
Common Stock
Treasury Stock
Shares
Amount
Shares
Amount
Accumulated
Deficit
AOCI
Total
Balance at December 31, 2022
(264,238 )
(234 )
Comprehensive loss
(13 )
(13 )
Transactions with owners:
Share-based compensation
Net loss
(16,060 )
(16,060 )
Balance at March 31, 2023
(279,233 )
(247 )
Comprehensive loss
Closure of dormant subsidiary
(104 )
(104 )
Transactions with owners:
Exercise of warrants
Issuance of stock, net
(1,587 )
Share-based compensation
Net loss
(19,649 )
(19,649 )
Balance at June 30, 2023
(298,492 )
(122 )
Interim Report BioPorto, first six months of 202
3
13
Amounts in DKK thousand
Shares in thousand
Common Stock
Treasury Stock
Shares
Amount
Shares
Amount
Accumulated
Deficit
AOCI
Total
Balance at December 31, 2021
-
(221,671 )
(119 )
Comprehensive loss
(50 )
(50 )
Transactions with owners:
Issuance of stock, net
Share-based compensation
Net loss
(17,030 )
(17,030 )
Balance at March 31, 2022
(210,617 )
(169 )
Comprehensive loss
(709 )
(709 )
Transaction with owners
Equity issuance costs
(83 )
(83 )
Share-based compensation
Net loss
(17,091 )
(17,091 )
Balance at June 30, 2022
(225,898 )
(878 )
14
Interim report
BioPorto, first six months of 2023
Condensed Consolidated Statements of Cash Flows
2023
2022
2022
Jan 1 - Jun 30
Jan 1 - Jun 30
Jan 1 - Dec 31
DKK thousand
Note
(Unaudited)
(Unaudited)
Loss before financial items (37,805 ) (38,355 ) (81,527 )
Adjustments:
Depreciation and amortization 1,364 2,163 3,966
Share-based compensation expenses
Lease impairment - - 2,583
Restructuring non-cash 2,967 - -
Other non-cash items 117 - (945 )
Changes in assets and liabilities:
Inventories 706 493 434
Trade receivables
(213 ) (1,116 ) 5,019
Trade payables (4,715 ) 1,748 6,197
Other operating assets and liabilities, net (1,430 ) 2,856 (1,051 )
Restructuring cash items (1,849 ) - -
Cash flows from operations (38,892 ) (28,409 ) (57,768 )
Financial income, received 57 392 1,401
Financial expenses, paid
(419 ) (725 ) (1,618 )
Tax refund, net - - 5,500
Cash flows from operating activities (39,254 ) (28,742 ) (52,485 )
Purchase of property, plant and equipment - (407 ) (407 )
Purchase of rights and software
Purchase of financial assets (31 ) (31 ) (32 )
Cash flows from investing activities (31 ) (503 ) (503 )
Proceeds from rights issue 42,977 100,408 100,408
Cost related to issue of new shares
(1,587 ) (7,377 ) (7,671 )
Proceeds from warrant programs exercised 3,180 - -
Repayments of non-current liabilities - (164 ) (301 )
Repayments of lease obligation (1,841 ) (1,513 ) (3,737 )
Cash flows from financing activities 42,729 91,354 88,699
Net cash flows for the period 3,443 62,109 35,711
Cash and cash equivalents at beginning of period
Effect of exchange rate changes on cash
Cash and cash equivalents end of period 85,374 107,862 81,792
Interim Report BioPorto, first six months of 202
3
15
Notes to Interim Condensed
Consolidated Financial Statements
(Unaudited)
16
Interim report
BioPorto, first six months of 2023
Interim Report BioPorto, first six months of 202
3
17
18
Interim report
BioPorto, first six months of 2023
Interim Report BioPorto, first six months of 202
3
19
20
Interim report
BioPorto, first six months of 2023
Interim Report BioPorto, first six months of 202
3
21
BioPorto is an in vitro diagnostics company focused on saving lives and improving
the quality of life with actionable biomarkers – tools designed to help clinicians
make changes in patient management. The Company uses its expertise in
antibodies and assay development, as well as its platform for assay
development, to create a pipeline of novel and compelling products that focus
on conditions where there is significant unmet medical need, and where the
Company’s tests can help improve clinical and economic outcomes for patients,
providers, and the healthcare ecosystem.
The Company’s flagship product, The NGAL Test
TM
, is designed to aid in the risk
assessment of Acute Kidney Injury (AKI), a common clinical syndrome that can
have severe consequences, including significant morbidity and mortality if not
identified and treated early. With the aid of The NGAL Test, physicians can
identify patients potentially at risk of AKI more rapidly than is possible with
current standard of care measurements, enabling earlier intervention and more
tailored patient management strategies.
www.bioporto.com
CVR DK-17500317