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"value": "Note 1: Material Accounting Policies Agilyx
ASA
is a
Norwegian company
, located in Oslo,
Norway
Group.
The Agilyx Group headquarters are located in
Portsmouth, New Hampshire and Tigard, Oregon (USA).
Agilyx ASA was incorporated on November
22, 2019 as a shelf
The Agilyx Group has developed comprehensive systems, proven technologies and a unique chemistry knowledge base to give post-use plas\ue001cs new purpose. We have the proprietary technology for iden\ue001fying, managing and preprocessing waste into feedstock. Our integrated solu\ue001ons can take waste polymers and produce discrete monomers that can be fully recycled back into virgin-equivalent products. Agilyx is commi\ue002ed to using innova\ue001ve technology for good and helping solve the immense global problem of plas\ue001c waste.
These \ufb01nancial statements have been prepared in accordance with IFRS Accoun\ue001ng Standards as issued by the Interna\ue001onal Accoun\ue001ng Standards Board as adopted by the European Union (collec\ue001vely IFRS Accoun\ue001ng Standards).
The US Dollar is the presenta\ue001on currency of the Agilyx Group. All foreign opera\ue001ons use local currency as their func\ue001onal currency.
The consolidated \ufb01nancial statements have been prepared on a historical cost basis, except for warrants, which have been measured at fair value (see Note 14).
The parent accounts are separate \ufb01nancial statements prepared in accordance with IFRS Accoun\ue001ng Standards.
The consolidated \ufb01nancial statements of the Agilyx Group for the \ufb01scal year 2024 were approved by the Board of Directors on April 23, 2025.
PRINCIPLES OF CONSOLIDATION The consolidated \ufb01nancial statements include the accounts of Agilyx ASA and its subsidiaries Agilyx Corpora\ue001on, Agilyx GmbH and Agilyx ApS. The cost price of shares and partnership units are eliminated against the equity in the underlying companies. Agilyx Corpora\ue001on held a 50% interest in Regenyx LLP, which has been accounted for under the equity method, un\ue001l it was dissolved in December 2024. In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. Agilyx Corpora\ue001on now holds a 50% interest in Cyclyx Interna\ue001onal, LLC accounted for under the equity method. See Note 23 for more informa\ue001on. I. SUBSIDIARIES Subsidiaries are en\ue001\ue001es controlled by Agilyx Group. Control is achieved when Agilyx Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to a\ufb00ect those returns through its power over the investee. Speci\ufb01cally, Agilyx Group controls an investee if, and only if, it has: \u2022 Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee \u2022 Exposure, or rights, to variable returns from its involvement with the investee \u2022 The ability to use its power over the investee to affect its returns Generally, there is a presump\ue001on that a majority of vo\ue001ng rights results in control. To support this presump\ue001on and when Agilyx Group has less than a majority of the vo\ue001ng or similar rights of an investee, Agilyx Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: \u2022 The contractual arrangement(s) with the other vote holders of the investee \u2022 Rights arising from other contractual arrangements \u2022 Agilyx Group\u2019s voting rights and potential voting rights Agilyx Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolida\ue001on of a subsidiary begins when Agilyx Group obtains control over the subsidiary and ceases when Agilyx Group loses control of the subsidiary. The \ufb01nancial statements of subsidiaries are included in the consolidated \ufb01nancial statements from the date on which control commences un\ue001l
the date on which control ceases. All intra-group assets and liabili\ue001es, equity, income, expenses and cash \ufb02ows rela\ue001ng to transac\ue001ons between members of Agilyx Group are eliminated in full on consolida\ue001on.
III. LOSS OF CONTROL When Agilyx Group loses control over a subsidiary, it derecognizes the assets and liabili\ue001es of the subsidiary, and any NCI and other components of equity. Any resul\ue001ng gain or loss is recognized in pro\ufb01t or loss. Any interest retained in the former subsidiary is measured at fair value when the control is lost. See Note 23 for addi\ue001onal commentary on the loss of control of Cyclyx during 2023.
IV. INVESTMENTS IN ASSOCIATES Associates are those en\ue001\ue001es where Agilyx Group has signi\ufb01cant in\ufb02uence (but not control or joint control) over the \ufb01nancial and opera\ue001ng policy decisions of balance sheet at cost, including transac\ue001on costs. Subsequently, interests in associates are accounted for using the equity method, where Agilyx Group\u2019s share of post-acquisi\ue001on, post-tax pro\ufb01ts and losses and other comprehensive income is recognized in the consolidated statement of pro\ufb01t and loss (except for losses in excess of the carrying amount of Agilyx Group\u2019s interest in associate, unless there is an obliga\ue001on to make good those losses). Pro\ufb01ts and losses arising on transac\ue001ons between Agilyx Group and its associates are recognized only to the extent of unrelated investors\u2019 interests in the associate. The investor\u2019s share in the associate\u2019s pro\ufb01ts and losses resul\ue001ng from these transac\ue001ons is eliminated against the carrying value of the associate. Any premium paid for an associate above the fair value of Agilyx Group\u2019s share of the iden\ue001\ufb01able assets, liabili\ue001es and con\ue001ngent liabili\ue001es acquired is capitalized and included in the carrying amount of the associate. Where there is objec\ue001ve evidence that the investment in an associate has been impaired the carrying amount of the investment is tested for impairment in the same way as other non-\ufb01nancial assets.
DISCONTINUED OPERATIONS A discon\ue001nued opera\ue001on is a component of Agilyx Group\u2019s business that has been disposed of by sale or other means (including loss of control), and that represents one of the following: \u2022 a separate major line of business, \u2022 a geographical area of operations, or \u2022 is a subsidiary acquired exclusively with a view to resale. Discon\ue001nued opera\ue001ons are presented in the consolidated income statement as a single line which comprises the post-tax pro\ufb01t or loss of the discon\ue001nued opera\ue001on along with the post- tax gain or loss recognized on the re-measurement to fair value less costs to sell or on disposal of the assets or disposal groups cons\ue001tu\ue001ng discon\ue001nued opera\ue001ons. When an opera\ue001on is classi\ufb01ed as a discon\ue001nued opera\ue001on, the compara\ue001ve income statement is re-presented as if the opera\ue001on had been discon\ue001nued from the start of the compara\ue001ve year.
REVENUE Performance Obliga\ue001ons and \ue001ming of revenue recogni\ue001on Agilyx Group\u2019s revenues can be divided into three main streams, as analyzed numerically in Note 3: PROJECT DEVELOPMENT Revenues related to project developments are recognized over the contract period using percentage of comple\ue001on as the method for measuring the revenue. This is because the projects created have no alterna\ue001ve use for Agilyx Group and the contracts require payment to be received for the \ue001me and e\ufb00ort
spent by the group on progressing the contracts in the event of the customer canceling the contract prior to comple\ue001on for any reason other than the group\u2019s failure to perform its obliga\ue001ons under the contract. On par\ue001ally complete design contracts, Agilyx Group recognizes revenue based on stage of comple\ue001on of the project which is es\ue001mated by comparing the number of hours actually spent on the project with the total number of hours expected to complete the project (i.e. an input based method). This is considered a faithful depic\ue001on of the transfer of services as the contracts are ini\ue001ally priced on the basis of an\ue001cipated hours to complete the projects and therefore also represents the amount to which the group would be en\ue001tled based on its performance to date. LICENSE, MEMBERSHIP AND ROYALTY FEES License revenues are recognized when the license is delivered and the rights are transferred to the buyer. The rights relate to Agilyx Group\u2019s patented conversion technology which helps customers to take feedstock and turn it into a product. Once the rights are transferred to the buyer, Agilyx Group usually has a present right to payment and retains none of the signi\ufb01cant risks and rewards of the goods in ques\ue001on. SALES OF GOODS Revenues from the sale of goods are recognized at the point in \ue001me of the delivery, when control of the goods and risk of ownership has transferred to the customer. There is limited judgement needed in iden\ue001fying the point control passes: once physical delivery of the products to the agreed loca\ue001on has occurred, the Agilyx Group no longer has physical possession, usually will have a present right to payment and retains none of the signi\ufb01cant risks and rewards of the goods in ques\ue001on. DETERMINING THE TRANSACTION PRICE Agilyx Group\u2019s revenue is derived from \ufb01xed price contracts and therefore the amount of revenue to be earned from each contract is determined by reference to those \ufb01xed prices. There are no revenue contracts with signi\ufb01cant \ufb01nancing components. ALLOCATING AMOUNTS TO PERFORMANCE OBLIGATIONS For sales contracts there is a \ufb01xed unit price for each product sold. Therefore, there is no judgement involved in alloca\ue001ng the contract price to each unit ordered. Where a customer orders more than one product line, Agilyx Group is able to determine the split of the total contract price between each product line by reference to each product\u2019s standalone selling prices (all product lines are capable of being, and are, sold separately). Agilyx Group\u2019s contracts are for the delivery of goods within the next 12 months for which the prac\ue001cal expedient in paragraph 121(a) of IFRS 15 applies, related to the presenta\ue001on of remaining performance obliga\ue001ons.
RESEARCH AND DEVELOPMENT EXPENSES Expenditure on internally developed product or technology is capitalized if it can be demonstrated that: \u2022 It is technically feasible to develop the product for it to be sold \u2022 Adequate resources are available to complete the development \u2022 There is an intention to complete and sell the product \u2022 The Group is able to sell the product \u2022 Sale of the product will generate future economic benefits, and \u2022 Expenditure on the project can be measured reliably. Capitalized development costs are amor\ue001zed over the periods Agilyx Group expects to bene\ufb01t from selling the products developed. No projects have met this criteria for any of the periods presented. Development expenditure not sa\ue001sfying the above criteria and expenditure on the research phase of internal projects are recognized in the consolidated income statement as incurred.
INCOME TAX CURRENT INCOME TAX Current income tax assets and liabili\ue001es are measured at the amount expected to be recovered from or paid to the taxa\ue001on authori\ue001es. The tax rates and tax laws used to compute the amount are those that are enacted or substan\ue001vely enacted at the repor\ue001ng date in the countries where the Agilyx Group operates and generates taxable income. DEFERRED TAXATION Deferred tax assets and liabili\ue001es are recognized where the carrying amount of an asset or liability in the consolidated balance sheet di\ufb00ers from its tax base, except for di\ufb00erences arising on: \u2022 The initial recognition of goodwill \u2022 The initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction affects neither accounting or taxable profit, and
\u2022 Investments in subsidiaries and joint arrangements where Agilyx Group is able to control the timing of the reversal of the difference and it is probable that the difference will not reverse in the foreseeable future. Recogni\ue001on of deferred tax assets is restricted to those instances where it is probable that taxable pro\ufb01t will be available against which the di\ufb00erence can be u\ue001lized. The amount of the asset or liability is determined using tax rates that have been enacted or substan\ue001vely enacted by the repor\ue001ng date and are expected to apply when the deferred tax liabili\ue001es/(assets) are se\ue002led/(recovered). Deferred tax assets and liabili\ue001es are o\ufb00set when Agilyx Group has a legally enforceable right to o\ufb00set current tax assets and liabili\ue001es and the deferred tax assets and liabili\ue001es relate to taxes levied by the same tax authority on either: \u2022 The same taxable group company, or \u2022 Different group entities which intend either to settle current tax assets and liabilities on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax assets or liabilities are expected to be settled or recovered.
STOCK-BASED COMPENSATION The Company accounts for stock-based compensa\ue001on in accordance with IFRS 2 \u2013 Share-based payment. The grant-date fair value of equity-se\ue002led share-based payment arrangements granted to employees is generally recognized as an expense, with a corresponding increase in equity, over the ves\ue001ng period of the awards, using the accelerated method. The amount recognized as an expense, commences on the \ufb01rst of the month following the date of the grant and is adjusted to re\ufb02ect the number of awards for which the related service condi\ue001ons are expected to be met, such that the amount ul\ue001mately recognized is based on the number of awards that meet the related service condi\ue001ons at the ves\ue001ng date.
FOREIGN CURRENCY TRANSLATION Certain transac\ue001ons of the Company and its subsidiaries are denominated in currencies other than their func\ue001onal currency. Foreign currency exchange gains and losses generated from the se\ue002lement and remeasurement of these transac\ue001ons are recognized in earnings and presented within \u201cOther \ufb01nancial income\u201d in the Company\u2019s Income Statement.
CLASSIFICATION OF ASSETS AND LIABILITIES Assets intended for permanent ownership or use in the business are classi\ufb01ed as non-current assets. Other assets are classi\ufb01ed as current assets. Receivables due within one year are classi\ufb01ed as current assets. The classi\ufb01ca\ue001on of current and non-current liabili\ue001es is based on the contractual terms of the underlying agreements. FINANCIAL INSTRUMENTS FINANCIAL ASSETS Agilyx Group categorizes all of its \ufb01nancial assets as amor\ue001zed cost, due to the nature and purpose of the assets. These assets arise principally from the provision of goods and services to customers (e.g. accounts receivables), but also incorporate other types of \ufb01nancial assets where the objec\ue001ve is to hold these assets in order to collect contractual cash \ufb02ows and the contractual cash \ufb02ows are solely payments of principal and interest (principally cash and cash equivalents). They are ini\ue001ally recognized at fair value plus transac\ue001on costs that are directly a\ue002ributable to their acquisi\ue001on or issue, and are subsequently carried at amor\ue001zed cost using the e\ufb00ec\ue001ve interest rate method, less provision for impairment, as required. Impairment provisions for current and non-current trade receivables are recognized based on the simpli\ufb01ed approach within IFRS 9 see note 10 for further commentary on the applica\ue001on of this. Agilyx Group\u2019s \ufb01nancial assets measured at amor\ue001zed cost comprise accounts receivables, restricted cash and cash and cash equivalents in the consolidated balance sheet.
FINANCIAL LIABILITIES Agilyx Group classi\ufb01es its \ufb01nancial liabili\ue001es into one of two categories, depending on the purpose for which the liability was acquired.
FAIR VALUE THROUGH PROFIT OR LOSS This category comprises warrants and subscrip\ue001on rights which are deriva\ue001ve \ufb01nancial instruments. They are carried in the consolidated balance sheet at fair value with changes in fair value recognized in the consolidated pro\ufb01t and loss. Other than these deriva\ue001ve \ufb01nancial instruments, the Group does not have any liabili\ue001es held for trading nor has it designated any \ufb01nancial liabili\ue001es as being at fair value through pro\ufb01t or loss.
OTHER FINANCIAL LIABILITIES \u2013 MEASURED AT AMORTIZED COST Other \ufb01nancial liabili\ue001es include bond payable, accounts payable, payables to Group companies and lease liabili\ue001es. These are ini\ue001ally recognized at fair value net of any transac\ue001on costs directly a\ue002ributable to the issue of the instrument.
Any interest bearing liabili\ue001es are subsequently measured at amor\ue001zed cost using the e\ufb00ec\ue001ve interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the consolidated statement of \ufb01nancial posi\ue001on. Accounts payables and other short-term monetary liabili\ue001es, are ini\ue001ally recognized at fair value and subsequently carried at amor\ue001zed cost using the e\ufb00ec\ue001ve interest method.
INTANGIBLE ASSETS Intangible assets that are acquired separately are recognized at historical cost. Intangible assets acquired in a business combina\ue001on are recognized at historical cost when the criteria for balance sheet recogni\ue001on have been met. Intangible assets with a limited economic life are amor\ue001zed on a systema\ue001c basis, based on the useful economic life as described in Note 6. Intangible assets are wri\ue002en down to the recoverable amount if the expected economic bene\ufb01ts do not exceed the carrying amount and any remaining development costs.
PROPERTY, PLANT AND EQUIPMENT Fixed assets are recorded in the balance sheet at acquisi\ue001on cost, less accumulated deprecia\ue001on and any impairment losses. Deprecia\ue001on is made from the \ue001me assets are put into regular opera\ue001ons and is calculated on straight line basis over the es\ue001mated economic asset life\ue001me. Deprecia\ue001on rates are set out in Note 7. This period\u2019s deprecia\ue001on is charged to this year\u2019s opera\ue001ng expenses in the income statement.
SUBSIDIARIES Investments in subsidiaries are valued at cost in the separate \ufb01nancial statements. The investments are valued at cost less any impairment losses. Impairment losses are reversed if the reason for the impairment loss disappears in a later period.
LEASES IDENTIFYING LEASES Agilyx Group accounts for a contract, or a por\ue001on of a contract, as a lease when it conveys the right to use an asset for a period of \ue001me in exchange for considera\ue001on. Leases are those contracts that sa\ue001sfy the following criteria: (a) There is an iden\ue001\ufb01ed asset; (b) Agilyx Group obtains substan\ue001ally all the economic bene\ufb01ts from use of the asset; and (c) Agilyx Group has the right to direct use of the asset. Agilyx Group considers whether the supplier has substan\ue001ve subs\ue001tu\ue001on rights. If the supplier does have those rights, the contract is not iden\ue001\ufb01ed as giving rise to a lease. In determining whether Agilyx Group obtains substan\ue001ally all the economic bene\ufb01ts from use of the asset, Agilyx Group considers only the economic bene\ufb01ts that arise use of the asset, not those incidental to legal ownership or other poten\ue001al bene\ufb01ts. In determining whether Agilyx Group has the right to direct use of the asset, Agilyx Group considers whether it directs how and for what purpose the asset is used throughout the period of use. If there are no signi\ufb01cant decisions to be made because they are pre-determined due to the nature of the asset, Agilyx Group considers whether it was involved in the design of the asset in a way that predetermines how and for what purpose the asset will be used throughout the period of use. If the contract or por\ue001on of a contract does not sa\ue001sfy these criteria, the Group applies other applicable IFRSs rather than IFRS 16. INITIAL MEASUREMENT All leases are accounted for by recognizing a right-of-use asset and a lease liability except for: \u2022 Leases of low value assets; and \u2022 Leases with a duration of 12 months or less. Lease liabili\ue001es are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate determined by reference to the rate inherent in the lease unless (as is typically the case) this is not readily determinable, in which case the group\u2019s incremental borrowing rate on commencement of the lease is used. The incremental borrowing rate is determined with reference to the current external borrowing rates of Agilyx Group, adjusted so as to arrive at the rate of interest that Agilyx Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. Variable lease payments are only included in the measurement of the lease liability if they depend on an index or rate. On ini\ue001al recogni\ue001on, the carrying value of the lease liability also includes: \u2022 amounts expected to be payable under any residual value guarantee; \u2022 the exercise price of any purchase option granted in favor of the group if it is reasonable certain to assess that option; \u2022 any penalties payable for terminating the lease, if the term of the lease has been estimated on the basis of termination option being exercised. Right of use assets are ini\ue001ally measured at the amount of the lease liability, reduced for any lease incen\ue001ves received, and increased for:
\u2022 lease payments made at or before commencement of the lease; \u2022 initial direct costs incurred; and \u2022 the amount of any provision recognized where the group is contractually required to dismantle, remove or restore the leased asset. SUBSEQUENT MEASUREMENT Subsequent to ini\ue001al measurement lease liabili\ue001es increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right- of-use assets are amor\ue001zed on a straight-line basis over the remaining term of the lease or over the remaining economic life of the asset if, rarely, this is judged to be shorter than the lease term.
IMPAIRMENT OF NON-FINANCIAL ASSETS Agilyx Group non-\ufb01nancial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is wri\ue002en down accordingly. See Note 9, for speci\ufb01c analysis performed on the investment in Regenyx. Where it is not possible to es\ue001mate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately iden\ue001\ufb01able cash \ufb02ows; its cash genera\ue001ng units (\u2018CGUs\u2019). Impairment charges are included in pro\ufb01t or loss, except to the extent they reverse gains previously recognized in other comprehensive income.
RECEIVABLES Trade receivables and other receivables are recognized at amor\ue001zed cost, less any provision for expected credit losses of receivables. See Note 10 for further informa\ue001on on how Agilyx Group applies the simpli\ufb01ed model for expected credit losses, as permi\ue002ed by IFRS 9.
CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash, bank deposits and other monetary instruments with a maturity of less than three months at the date of purchase.
RESTRICTED CASH Restricted cash represents cash proceeds from the bond, which are held in an escrow account. The cash is restricted for capital contribu\ue001ons to Cyclyx, as the en\ue001ty builds its second circularity center (see Note 19 for further informa\ue001on). The cash is expected to be contributed to Cyclyx during 2025 and 2026.
INVENTORIES Inventories are ini\ue001ally recognized at cost, and subsequently at the lower of cost and net realizable value. Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present loca\ue001on and condi\ue001on. First in \ufb01rst out is used to determine the cost of ordinarily interchangeable items.
INDEPENDENT SUBSCRIPTION RIGHTS \u2013 DERIVATIVE LIABILITY Agilyx has granted warrants in connec\ue001on with various debt and equity issuances that were exercisable into ordinary shares. In connec\ue001on to the share exchange that was completed January 7, 2020, these warrants were replaced with subscrip\ue001on rights where Agilyx ASA issued 36,925 (3,692,500 a\ufb05er share split 1:100) subscrip\ue001on rights exercisable by no\ue001ce to the Board of Directors. Upon exercise, a cash contribu\ue001on of $100 ($1 a\ufb05er share split) shall be paid for the warrants under the 2017 plan in Agilyx Corpora\ue001on, and $0.01 (0.00 a\ufb05er share split) for all other warrants. The subscrip\ue001on rights were issued by an extraordinary general mee\ue001ng held August 27, 2020. The warrant agreements include a cashless exercise op\ue001on, which introduces variability into the number of shares that could be issued. The instruments therefore fails the \ufb01xed for \ufb01xed requirement in IAS 32 and is classi\ufb01ed as a deriva\ue001ve liability. The instruments meets the de\ufb01ni\ue001on of a deriva\ue001ve because their values change in response to a speci\ufb01ed \ufb01nancial instrument price (Agilyx Group stock price), they required no ini\ue001al net investment and they will be se\ue002led at a future date. Such deriva\ue001ve \ufb01nancial instruments are ini\ue001ally recognized at fair value on the date on which a deriva\ue001ve contract is entered into and are subsequently remeasured at fair value. See Note 14 for addi\ue001onal informa\ue001on on these instruments and the valua\ue001on approach.
CASH FLOW The cash \ufb02ow statement is prepared according to the indirect method.
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS The prepara\ue001on of audited consolidated \ufb01nancial statements in conformity with IFRS Accoun\ue001ng Standards require management to make certain es\ue001mates and judgements about the future that a\ufb00ect the applica\ue001on of Agilyx Group\u2019s accoun\ue001ng policies and the reported amounts of assets, liabili\ue001es, incomes and expenses. Es\ue001mates and judgements are con\ue001nually evaluated based on historical experience and other factors, including expecta\ue001ons of future events that are believed to be reasonable under the circumstances. Although the Company regularly assesses these es\ue001mates, actual results could di\ufb00er from those es\ue001mates. Changes in es\ue001mates are recorded in the period in which they occur and become known. I. JUDGMENTS: \u2022 Equity accounting: whether the Agilyx Group has significant influence over equity accounted investees (Notes 9 and 17); \u2022 Consolidation: Whether the Agilyx Group has control over an investee, and whether control has been lost (Notes 17 and
II. ESTIMATES: \u2022 Estimating the amounts due for the initial funding period provision related to the Regenyx investment (Note 9); \u2022 Assumptions and estimates related to the impairment of the investment in Regenyx, including future cash flows (Note 9); \u2022 Recording accounts receivable, and consideration of any potential allowance for expected credit losses (Note 10); \u2022 Useful lives a\ue002ributed to property plant and equipment and intangible assets (Notes 6 and 7); \u2022 Revenue recognized in accordance with the stage of comple\ue001on method (see accoun\ue001ng policy above and Note 3); \u2022 Stock-based compensa\ue001on expense (Note 15); \u2022 Warrant and stock subscrip\ue001on rights, valua\ue001on assump\ue001ons (Note 14); \u2022 Assump\ue001ons and es\ue001mates related to the fair value of the Agilyx Group\u2019s interest in Cyclyx following the loss of control (Notes 17 and 23); \u2022 Assump\ue001ons related to the ini\ue001al recogni\ue001on of leases and the subsequent accoun\ue001ng for these agreements, including incremental borrowing rates and determina\ue001on of lease term applied when compu\ue001ng lease liabili\ue001es (see Leases accoun\ue001ng policy above and Note 8). \u2022 Assump\ue001on related to the fair value of Cyclyx on the date that Agilyx lost control \u2013 this is the ini\ue001al basis for the carrying amount of the equity method investment in Cyclyx, e\ufb00ec\ue001ve a\ufb05er October 25, 2023.
FAIR VALUE MEASUREMENT Warrant and stock subscrip\ue001on rights and the stock compensa\ue001on expenses, all require measurement at, and/or disclosure of, fair value. The fair value measurement of Agilyx Group\u2019s \ufb01nancial and non- \ufb01nancial assets and liabili\ue001es u\ue001lizes market observable inputs and data as far as possible. Inputs used in determining fair value measurements are categorized into di\ufb00erent levels based on how observable the inputs used in the valua\ue001on technique u\ue001lized are (the \u2018fair value hierarchy\u2019): \u2022 Level 1: Quoted prices in active markets for identical items (unadjusted) \u2022 Level 2: Observable direct or indirect inputs other than Level 1 inputs \u2022 Level 3: Unobservable inputs (i.e. not derived from market data). The classi\ufb01ca\ue001on of an item into the above levels is based on the lowest level of the inputs used that has a signi\ufb01cant e\ufb00ect on the fair value measurement of the item. Transfers of items between levels are recognized in the period they occur. Please refer to the applicable notes as referenced above, for addi\ue001onal informa\ue001on on the fair value measurements applied within these \ufb01nancial statements.
NEW STANDARDS INTERPRETATIONS AND AMENDMENTS ADOPTED JANUARY 1, 2024 The following amendments are e\ufb00ec\ue001ve for the period beginning January 1, 2024: \u2022 Supplier Finance Arrangements (Amendments to IAS 7 & IFRS 7); \u2022 Lease Liability in a Sale and Leaseback (Amendments to IFRS 16); \u2022 Classification of Liabilities as Current or Non-Current (Amendments to IAS 1); and \u2022 Non-current Liabilities with Covenants (Amendments to IAS 1). These amendments had no impact on the year-end \ufb01nancial statements of Agilyx Group.
NEW STANDARDS INTERPRETATIONS AND AMENDMENTS NOT YET EFFECTIVE There are a number of standards, amendments to standards, and interpreta\ue001ons which have been issued by the IASB that are e\ufb00ec\ue001ve in future accoun\ue001ng periods that Agilyx Group has decided not to adopt early. The following amendments are e\ufb00ec\ue001ve for the period beginning January 1, 2025: \u2022 IAS 21, The Effects of Changes in Foreign Exchange Rates (Amendment \u2013 Lack of Exchangeability). The following amendments are e\ufb00ec\ue001ve for the period beginning January 1, 2026: \u2022 Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 Financial Instruments and IFRS 7); and \u2022 Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7) The following amendments are e\ufb00ec\ue001ve for the period beginning January 1, 2027: \u2022 IFRS 18 Presentation and Disclosure in Financial Statements; and \u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures Agilyx Group is currently assessing the impact of these new accoun\ue001ng standards and amendments. Except for IFRS 18, Agilyx Group does not expect any other standards issued by the IASB, but not yet e\ufb00ec\ue001ve, to have a material impact on Agilyx Group. IFRS 18 Presenta\ue001on and Disclosure in Financial Statements, which was issued by the IASB in April 2024, supersedes IAS 1 and will result in major consequen\ue001al amendments to IFRS Accoun\ue001ng Standards including IAS 8 Basis of Prepara\ue001on of Financial Statements (renamed from Accoun\ue001ng Policies, Changes in Accoun\ue001ng Es\ue001mates and Errors). Even though IFRS 18 will not have any e\ufb00ect on the recogni\ue001on and measurement of items in the consolidated \ufb01nancial statements, it is expected to have a signi\ufb01cant e\ufb00ect on the presenta\ue001on and disclosure of certain items. These changes include categoriza\ue001on and sub-totals in the statement of pro\ufb01t or loss, aggrega\ue001on/ disaggrega\ue001on and labelling of informa\ue001on, and disclosure of management-de\ufb01ned performance measures.
Note 2: Segment information The Agilyx Group comprises two reportable segments which account for 100% of the Agilyx Group\u2019s revenues: a) Agilyx \u2013 This segment licenses its patented conversion technology and sells its patented equipment to industry players, whether they are exis\ue001ng strategic companies or newer entrepreneurial enterprises, to help them take feedstock and turn it into a product. We provide our partners with valuable know-how and robust technology that allows them to become part of the circular economy. Assets are located in both New Hampshire and Oregon, USA. b) Cyclyx \u2013 This segment is focused on sourcing the appropriate feedstock for the conversion technology used by the customer. Cyclyx is posi\ue001oned as an industry-wide solu\ue001on, serving the global market, and is agnos\ue001c as to the underlying conversion technology. Cyclyx\u00b4s primary ini\ue001al assets are located in Texas. FACTORS THAT MANAGEMENT USED TO IDENTIFY THE REPORTABLE SEGMENTS Both of these segments meet the quan\ue001ta\ue001ve thresholds to be a reportable segment. Management has concluded that these segments should be reported separately on the basis that: \u2022 Both segments are separate legal entities (see also Note 17), that offer differing products and services. \u2022 They are managed separately and each have their own Chief Executive Officer and board of directors. \u2022 They are managed separately because each business requires different technology and marketing strategies. \u2022 Both prepare discrete financial information for the board and Chief Operating Decision Makers (CODM) to use in making decisions about resource allocation and assess performance. \u2022 The Chief Operating Decision Maker of the consolidated Agilyx Group, is the Chief Executive Officer, Ranjeet Bhatia. He is on the board of both segments and therefore reviews the results of the operating segments and uses that information to make decisions which affect the resources allocated to each segment individually, as well as on a consolidated basis. MEASUREMENT OF OPERATING SEGMENT PROFIT OR LOSS, ASSETS AND LIABILITIES Segmental performance is measured in accordance with IFRS Accoun\ue001ng Standards. Opera\ue001ng segments are presented using the management approach, where the informa\ue001on presented is on the same basis as the internal reports provided to the CODM. The segmental \ufb01nancial informa\ue001on below includes the full annual results of the associate, Cyclyx, which con\ue001nues to be a reportable opera\ue001ng segment as de\ufb01ned within IFRS 8, despite the loss of control in 2023 as explained in Note 23. In order to reconcile the totals below to the \ufb01nancial statements, certain adjustments have been included in the table to re\ufb02ect the fact that Cyclyx is no longer consolidated. Segment assets exclude tax assets and assets used primarily for corporate purposes. Segment liabili\ue001es exclude tax, de\ufb01ned bene\ufb01t and warranty related liabili\ue001es. Loans and borrowings are not allocated as these are deemed to serve a group func\ue001on.
Measurement of Operating Segment Profit or Loss, Assets, and Liabilities 2023 2024 Cyclyx Agilyx Adjustments to remove Cyclyx Total Cyclyx Agilyx Adjustments to remove Cyclyx Total Profit and loss Revenues from external customers 10,297,592 5,894,701 (10,297,592) 5,894,701 11,234,108 1,009,813 (11,234,108) 1,009,813 Depreciation and amortization 1,786,908 643,465 (1,786,908) 643,465 1,034,487 776,566 (1,034,487) 776,566 Segment loss (9,273,199) (15,760,424) 9,273,199 (15,760,424) (19,778,219) (10,463,050) 19,778,219 (10,463,050) Impairment of investment in Regenyx (2,023,078) (49,382) Write-down of Regenyx receivable - (664,400) Share of loss of equity accounted associates (1,973,061) (8,769,502) Fair value gain (loss) on warrant agreements 3,009,983 (1,798,901) Interest expense (207,663) (72,897) Other financial expense, net (202,349) (221,340) Group net loss before tax and discontinued operations (17,156,592) (22,039,472)
Balance sheet Non-current asset additions 34,023,291 8,005,440 (34,023,291) 8,005,440 42,041,636 45,925 (42,041,636) 45,925 Reportable segment assets 76,502,783 17,298,046 (76,502,783) 17,298,046 197,243,585 66,049,131 (197,243,585) 66,049,131 Investment in associate - 113,002,939 - 113,002,939 - 126,733,436 - 126,733,437 Total group assets 130,300,985 192,782,568 Reportable segment liabilities 6,411,760 3,048,402 (6,411,760) 3,048,402 38,558,567 47,887,796 47,887,796 Derivative financial liabilities 3,293,206 5,092,107 Total group liabilities 6,341,608 52,979,903 Cash flow Net cash from operations (10,024,906) (13,643,205) 10,024,906 (13,643,205) (5,968,354) (9,969,025) 5,968,354 (9,969,025) Net cash from investments (8,399,868) (11,675,663) 8,399,868 (11,675,663) (40,215,492) (22,595,307) 40,215,492 (22,595,307) Net cash from financing 74,925,039 20,175,181 (74,925,039) 20,175,181 105,619,746 42,172,633 (105,619,746) 42,172,633 Revenue by geography \u2013 Revenue by geography is included in Note 3. The Cyclyx segment revenue is primarily derived from the US. Non-current assets by geography \u2013 All non-current assets reside in the US.
The Group has the following major customers, which each accounted for at least 10% of revenues in 2024 or 2023: Major Customers 2023 2024 Segment Customer A 8,439,553 9,904,066 Cyclyx Customer B 4,920,455 994,813 Agilyx Customer C 637,951 - Agilyx
",
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"entity": "scheme:5493000E25PBC2PXV881",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"reg-ix-330": {
"value": "Agilyx
ASA
is a
Norwegian company
, located in Oslo,
Norway
Group.
The Agilyx Group headquarters are located in
Portsmouth, New Hampshire and Tigard, Oregon (USA).
Agilyx ASA was incorporated on November
22, 2019 as a shelf
The Agilyx Group has developed comprehensive systems, proven technologies and a unique chemistry knowledge base to give post-use plas\ue001cs new purpose. We have the proprietary technology for iden\ue001fying, managing and preprocessing waste into feedstock. Our integrated solu\ue001ons can take waste polymers and produce discrete monomers that can be fully recycled back into virgin-equivalent products. Agilyx is commi\ue002ed to using innova\ue001ve technology for good and helping solve the immense global problem of plas\ue001c waste.
These \ufb01nancial statements have been prepared in accordance with IFRS Accoun\ue001ng Standards as issued by the Interna\ue001onal Accoun\ue001ng Standards Board as adopted by the European Union (collec\ue001vely IFRS Accoun\ue001ng Standards).
The US Dollar is the presenta\ue001on currency of the Agilyx Group. All foreign opera\ue001ons use local currency as their func\ue001onal currency.
The consolidated \ufb01nancial statements have been prepared on a historical cost basis, except for warrants, which have been measured at fair value (see Note 14).
These \ufb01nancial statements have been prepared in accordance with IFRS Accoun\ue001ng Standards as issued by the Interna\ue001onal Accoun\ue001ng Standards Board as adopted by the European Union (collec\ue001vely IFRS Accoun\ue001ng Standards).
",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-341": {
"value": "The US Dollar is the presenta\ue001on currency of the Agilyx Group. All foreign opera\ue001ons use local currency as their func\ue001onal currency.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-342": {
"value": "The consolidated \ufb01nancial statements have been prepared on a historical cost basis, except for warrants, which have been measured at fair value (see Note 14).
The parent accounts are separate \ufb01nancial statements prepared in accordance with IFRS Accoun\ue001ng Standards.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-343": {
"value": "The consolidated \ufb01nancial statements of the Agilyx Group for the \ufb01scal year 2024 were approved by the Board of Directors on April 23, 2025.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-344": {
"value": "PRINCIPLES OF CONSOLIDATION The consolidated \ufb01nancial statements include the accounts of Agilyx ASA and its subsidiaries Agilyx Corpora\ue001on, Agilyx GmbH and Agilyx ApS. The cost price of shares and partnership units are eliminated against the equity in the underlying companies. Agilyx Corpora\ue001on held a 50% interest in Regenyx LLP, which has been accounted for under the equity method, un\ue001l it was dissolved in December 2024. In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. Agilyx Corpora\ue001on now holds a 50% interest in Cyclyx Interna\ue001onal, LLC accounted for under the equity method. See Note 23 for more informa\ue001on. I. SUBSIDIARIES Subsidiaries are en\ue001\ue001es controlled by Agilyx Group. Control is achieved when Agilyx Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to a\ufb00ect those returns through its power over the investee. Speci\ufb01cally, Agilyx Group controls an investee if, and only if, it has: \u2022 Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee \u2022 Exposure, or rights, to variable returns from its involvement with the investee \u2022 The ability to use its power over the investee to affect its returns Generally, there is a presump\ue001on that a majority of vo\ue001ng rights results in control. To support this presump\ue001on and when Agilyx Group has less than a majority of the vo\ue001ng or similar rights of an investee, Agilyx Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: \u2022 The contractual arrangement(s) with the other vote holders of the investee \u2022 Rights arising from other contractual arrangements \u2022 Agilyx Group\u2019s voting rights and potential voting rights Agilyx Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolida\ue001on of a subsidiary begins when Agilyx Group obtains control over the subsidiary and ceases when Agilyx Group loses control of the subsidiary. The \ufb01nancial statements of subsidiaries are included in the consolidated \ufb01nancial statements from the date on which control commences un\ue001l
the date on which control ceases. All intra-group assets and liabili\ue001es, equity, income, expenses and cash \ufb02ows rela\ue001ng to transac\ue001ons between members of Agilyx Group are eliminated in full on consolida\ue001on.
III. LOSS OF CONTROL When Agilyx Group loses control over a subsidiary, it derecognizes the assets and liabili\ue001es of the subsidiary, and any NCI and other components of equity. Any resul\ue001ng gain or loss is recognized in pro\ufb01t or loss. Any interest retained in the former subsidiary is measured at fair value when the control is lost. See Note 23 for addi\ue001onal commentary on the loss of control of Cyclyx during 2023.
IV. INVESTMENTS IN ASSOCIATES Associates are those en\ue001\ue001es where Agilyx Group has signi\ufb01cant in\ufb02uence (but not control or joint control) over the \ufb01nancial and opera\ue001ng policy decisions of balance sheet at cost, including transac\ue001on costs. Subsequently, interests in associates are accounted for using the equity method, where Agilyx Group\u2019s share of post-acquisi\ue001on, post-tax pro\ufb01ts and losses and other comprehensive income is recognized in the consolidated statement of pro\ufb01t and loss (except for losses in excess of the carrying amount of Agilyx Group\u2019s interest in associate, unless there is an obliga\ue001on to make good those losses). Pro\ufb01ts and losses arising on transac\ue001ons between Agilyx Group and its associates are recognized only to the extent of unrelated investors\u2019 interests in the associate. The investor\u2019s share in the associate\u2019s pro\ufb01ts and losses resul\ue001ng from these transac\ue001ons is eliminated against the carrying value of the associate. Any premium paid for an associate above the fair value of Agilyx Group\u2019s share of the iden\ue001\ufb01able assets, liabili\ue001es and con\ue001ngent liabili\ue001es acquired is capitalized and included in the carrying amount of the associate. Where there is objec\ue001ve evidence that the investment in an associate has been impaired the carrying amount of the investment is tested for impairment in the same way as other non-\ufb01nancial assets.
PRINCIPLES OF CONSOLIDATION The consolidated \ufb01nancial statements include the accounts of Agilyx ASA and its subsidiaries Agilyx Corpora\ue001on, Agilyx GmbH and Agilyx ApS. The cost price of shares and partnership units are eliminated against the equity in the underlying companies. Agilyx Corpora\ue001on held a 50% interest in Regenyx LLP, which has been accounted for under the equity method, un\ue001l it was dissolved in December 2024. In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. Agilyx Corpora\ue001on now holds a 50% interest in Cyclyx Interna\ue001onal, LLC accounted for under the equity method. See Note 23 for more informa\ue001on. I. SUBSIDIARIES Subsidiaries are en\ue001\ue001es controlled by Agilyx Group. Control is achieved when Agilyx Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to a\ufb00ect those returns through its power over the investee. Speci\ufb01cally, Agilyx Group controls an investee if, and only if, it has: \u2022 Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee \u2022 Exposure, or rights, to variable returns from its involvement with the investee \u2022 The ability to use its power over the investee to affect its returns Generally, there is a presump\ue001on that a majority of vo\ue001ng rights results in control. To support this presump\ue001on and when Agilyx Group has less than a majority of the vo\ue001ng or similar rights of an investee, Agilyx Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: \u2022 The contractual arrangement(s) with the other vote holders of the investee \u2022 Rights arising from other contractual arrangements \u2022 Agilyx Group\u2019s voting rights and potential voting rights Agilyx Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolida\ue001on of a subsidiary begins when Agilyx Group obtains control over the subsidiary and ceases when Agilyx Group loses control of the subsidiary. The \ufb01nancial statements of subsidiaries are included in the consolidated \ufb01nancial statements from the date on which control commences un\ue001l
the date on which control ceases. All intra-group assets and liabili\ue001es, equity, income, expenses and cash \ufb02ows rela\ue001ng to transac\ue001ons between members of Agilyx Group are eliminated in full on consolida\ue001on.
III. LOSS OF CONTROL When Agilyx Group loses control over a subsidiary, it derecognizes the assets and liabili\ue001es of the subsidiary, and any NCI and other components of equity. Any resul\ue001ng gain or loss is recognized in pro\ufb01t or loss. Any interest retained in the former subsidiary is measured at fair value when the control is lost. See Note 23 for addi\ue001onal commentary on the loss of control of Cyclyx during 2023.
IV. INVESTMENTS IN ASSOCIATES Associates are those en\ue001\ue001es where Agilyx Group has signi\ufb01cant in\ufb02uence (but not control or joint control) over the \ufb01nancial and opera\ue001ng policy decisions of balance sheet at cost, including transac\ue001on costs. Subsequently, interests in associates are accounted for using the equity method, where Agilyx Group\u2019s share of post-acquisi\ue001on, post-tax pro\ufb01ts and losses and other comprehensive income is recognized in the consolidated statement of pro\ufb01t and loss (except for losses in excess of the carrying amount of Agilyx Group\u2019s interest in associate, unless there is an obliga\ue001on to make good those losses). Pro\ufb01ts and losses arising on transac\ue001ons between Agilyx Group and its associates are recognized only to the extent of unrelated investors\u2019 interests in the associate. The investor\u2019s share in the associate\u2019s pro\ufb01ts and losses resul\ue001ng from these transac\ue001ons is eliminated against the carrying value of the associate. Any premium paid for an associate above the fair value of Agilyx Group\u2019s share of the iden\ue001\ufb01able assets, liabili\ue001es and con\ue001ngent liabili\ue001es acquired is capitalized and included in the carrying amount of the associate. Where there is objec\ue001ve evidence that the investment in an associate has been impaired the carrying amount of the investment is tested for impairment in the same way as other non-\ufb01nancial assets.
SUBSIDIARIES Investments in subsidiaries are valued at cost in the separate \ufb01nancial statements. The investments are valued at cost less any impairment losses. Impairment losses are reversed if the reason for the impairment loss disappears in a later period.
Note 9: Investment in Regenyx Agilyx holds a 50% interest in Regenyx. Regenyx was formed in April 2019 and shares its opera\ue001on space with Agilyx and Cyclyx in Tigard, OR. Despite holding a 50% interest, Agilyx has assessed that it does not have control or joint control of Regenyx. This is driven by the other 50% shareholder controlling the purchases and sales of Regenyx, via various mechanisms within the opera\ue001ng agreements. Agilyx does have the power to par\ue001cipate in the \ufb01nancial and opera\ue001ng policy decisions of the investee, via its board posi\ue001on. Agilyx has therefore determined that it has signi\ufb01cant in\ufb02uence over Regenyx and its investment is therefore measured using the equity method as an investment in associate. In the period between April 2021 and April 2024 under certain condi\ue001ons Agilyx is subject to a contractual obliga\ue001on to purchase all of AmSty\u2019s equity investment in Regenyx at the op\ue001on of AmSty (\u201cput op\ue001on\u201d). The purchase price is based on the fair market value of the membership units held by AmSty at the date of exercise. The strike price of the op\ue001on is fair value. Hence, the value of considera\ue001on due upon exercise of the op\ue001on and the asset acquired (shares), would be equal and therefore no value has been a\ue002ributed to this put op\ue001on. No events occurred that ini\ue001ated the purchase of AmSty\u2019s investment in Regenyx. In February 2024, the Company announced a decision had been made to close the plant and wind down opera\ue001ons. IMPAIRMENT OF INVESTMENT Agilyx Group is split into two CGU's for impairment analysis purposes, Agilyx and Cyclyx, which is in alignment with the segments disclosed in Note 2. Regenyx is part of the Agilyx reportable segment. Furthermore, the investment in Regenyx is separately assessed for impairment because it is able to generate cash\ufb02ows that are largely independent of the cash in\ufb02ows from other assets or groups of assets. For the investment in Regenyx, objec\ue001ve evidence of impairment was noted, in accordance with the criteria in IAS 28, due to forecasted nega\ue001ve cash \ufb02ows being generated by the en\ue001ty, which would require capital contribu\ue001ons from Agilyx and AmSty in order to support its con\ue001nued opera\ue001on. Due to the projected nega\ue001ve cash \ufb02ows and the unique nature of the underlying plant, it was determined that the recoverable amount was zero under both the value in use and fair value less cost to sell methodology therefore the investment in Regenyx has been fully impaired at January 1, 2021. As can be seen in the tables below, subsequent capital investments by Agilyx, led to impairments for both balance sheet periods presented on the basis that the recoverable amount using the value in use and fair value less cost to sell methodologies would lead to a fully wri\ue002en o\ufb00 investment. As of December 31, 2024, the Regenyx opera\ue001on has been dissolved.
Calculation of balance sheet value of investment in Regenyx Balance sheet value December 31, 2022 - Investment during 2022 \u2013 above initial estimated cash outflow 2,032,078 Impairment charge \u2013 fully impair balance (2,032,078) Balance sheet value December 31, 2023 - Investment during 2023 \u2013 above initial estimated cash outflow 49,382 Impairment charge \u2013 fully impair balance (49,382) Balance sheet value December 31, 2024 - Summarized financial information of Regenyx As at December 31 2023 2024 Current assets 554,479 102,586 Non-current assets 3,299,323 - Current liabilities 1,936,676 102,586 Net assets (100%) 1,917,126 - Period ended December 31 2023 2024 Revenues 1,140,347 585,073 Total and other comprehensive loss (4,805,079) (4,556,928) Note 17: Shares in subsidiaries, associates and related party transactions Agilyx ASA has the following shares in subsidiaries as of December 31: Shares in Subsidiaries, Associates, and Related Party Transactions Subsidiary Office Share Voting rights Equity Book value \u2013 2023 Book value \u2013 2024 Agilyx Corp Portland, OR, USA 100% 100% - 71,275,511 104,133,142 Agilyx GmbH* Zurich, Switzerland 100% 100% - 163,005 163,005 Agilyx ApS* Stuckenbergs, Denmark 100% 100% - - - 71,438,516 104,296,147 RELATED PARTY TRANSACTIONS Group level \u2013 During 2024, Cyclyx had $9.7M of product sales to ExxonMobil (2023 $8.5M), a minority holder in Cyclyx. Related Party Transactions Related party receivable included in Note 10: 2023 2024 ExxonMobil 18,759 18,759 Regenyx, LLC 194,536 94,310 Cyclyx International, LLC 286,224 247,147 Related Party Transactions Specific parent related costs included: 2023 2024 Management charges from Agilyx GmbH 499,647 - Parent level \u2013 At December 31, 2024 the parent company, Agilyx ASA, has an intercompany payable of $5,328,875 to Agilyx Corp (December 31, 2023: $2,999,433) and $1,661,933 payable to Agilyx GmbH (December 31, 2023: $1,739,000) net of an intercompany receivable of $483,132 to Agilyx Corp (December 31, 2023: $408,346). These inter-group payables represent operating and management costs incurred and or paid at the subsidiary and subsequently recharged to the parent.
*In liquidation Agilyx Corp \u2014 Agilyx Corp was formed in 2004 in Oregon, United States of America. Agilyx Corp became a subsidiary of Agilyx AS by way of a share inversion that took place on January, 2020. The share inversion effectively converted all the shares of Agilyx Corp into shares of Agilyx ASA. Agilyx GmbH \u2014 Agilyx GmbH was formed in August, 2020 in Zurich, Switzerland. The subsidiary was created to provide additional reach into European markets. Cyclyx International, LLC \u2014 Cyclyx International, LLC is a partnership officially formed in the state of Delaware, United States of America on December, 2020. Since inception, Agilyx Group has owned 75% of the entity, with 25% owned by ExxonMobil Chemical Corporation (\u201cEMCC\u201d). The Partnership was formed to develop low cost pathways to recycle plastics. EMCC contributed operational funds of $8,000,000 while Agilyx Corp contributed technology and know-how that was not revalued due to consolidation within the group accounts. EMCC's cash contribution was recognized 75% to the equity holders of the parent and 25% to the non-controlling interest. In October 2023, Agilyx Group lost control of Cyclyx International, LLC (see Note 23 for more information). Following the loss of control, the Agilyx Group retained a significant influence in Cyclyx International, LLC and therefore began to equity-account for this investee as an associate from the date control was lost. The following tables summarize the financial information of Cyclyx International, LLC as included in its own financial statements prepared in accordance with IFRS Accounting Standards, adjusted for fair value adjustments at acquisition. The table also reconciles the summarized financial information to the carrying amount of the Group's interest in Cyclyx International, LLC. Additional information regarding the Cyclyx operation can be seen in Note 2.
Financial Summary (2023) As at December 31 2023 Ownership interest Associate (50%) Current assets 70,364,979 Non-current assets 156,956,776 Current liabilities 10,117,825 Non-current liabilities 24,617,068 Net assets (100%) 192,586,862 Group's share of net assets 96,293,431 50% of notional goodwill on the loss of control transaction 52,060,508 50% of non-dilutive equity contributions from members (35,351,000) Carrying value at 12/31/23 113,002,939 For the period ended December 31 2023 Revenue 10,297,592 Total comprehensive loss (100%) (9,092,647) Total comprehensive loss attributable to NCI before loss of control (25%) (1,351,394) Total comprehensive loss attributable to equity holders of the parent before loss of control (75%) (3,924,656) Group's equity accounted share of result following loss of control (50%) (1,973,061) Group's share of total comprehensive loss (5,897,717) Financial Summary (2024) As at December 31 2024 Ownership interest Associate (50%) Current assets 126,949,190 Non-current assets 70,294,395 Current liabilities 17,183,677 Non-current liabilities 21,919,744 Net assets (100%) 158,140,164 Group's share of net assets 79,070,082 Carrying value at 12/31/23 113,002,939 Cash investments 22,500,000 Group's share of total comprehensive loss (8,769,502)
Carrying value at 12/31/24 126,733,437 For the period ended December 31 2024 Revenue 11,234,108 Total comprehensive loss (100%) (17,539,003) Group's share of total comprehensive loss (8,769,502) i. Loss of control of Cyclyx In October 2023, the Agilyx Group's ownership interest in Cyclyx was diluted from 75% down to 50%. As part of the transaction, a Second Amended and Restated Limited Liability Company Agreement (the \u201c\u201c Cycylx Operating Agreement\u201d\u201d) was entered into by the three investors, Agilyx, Equistar and EMCC. Amongst other things, the Cycylx Operating Agreement implemented a super majority rule which requires agreement from greater than 75% of unit holders in order for a number of decisions which affect the relevant activities of Cyclyx. Therefore, as a result of the reduced ownership interest and the execution of the Cycylx Operating Agreement, Agilyx lost control of Cyclyx effective October 25, 2023. Subsequent to the loss of control, Cyclyx continues to meet the criteria to be disclosed as a reportable segment as outlined in Note 2. As part of the transaction, Agilyx contributed internally generated Intellectual Property to Cyclyx to facilitate the development of the first in a planned series of Cyclyx Circularity Centers. The gain upon contribution of that Intellectual Property is included within the Gain on loss of control calculation below. The gain/(loss) on loss of control of subsidiary was determined as follows, in accordance with IFRS 10 and is presented as part of the results of discontinued operations, as expanded upon within this note: Loss of Control of Cyclyx 2023 Cash consideration received for sale of equity units 5,024,000 Less: cash consideration paid as a capital contribution to Cyclyx (750,000) Add: carrying amount of NCI at the date of loss of control 595,246 Add: fair value of investment in associate retained 114,976,000 Add: gain on previously unrecognized intellectual property contributed to Cyclyx 124,200,000 Less: net assets disposed of: (125,830,984) Cash and cash equivalents (5,921,145) Accounts receivable (3,725,925) Inventory (3,017,975) Prepaid expenses and other current assets (233,111) Property, plant and equipment (8,030,959) Right of use asset (224,413) Intangible assets (124,200,000) Lease liability 254,306 Accounts payable 15,510,720 Accrued expenses and other current liabilities 402,212 Contract liability 3,355,307 Gain on loss of control of subsidiary 118,214,262
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"value": "PRINCIPLES OF CONSOLIDATION The consolidated \ufb01nancial statements include the accounts of Agilyx ASA and its subsidiaries Agilyx Corpora\ue001on, Agilyx GmbH and Agilyx ApS. The cost price of shares and partnership units are eliminated against the equity in the underlying companies. Agilyx Corpora\ue001on held a 50% interest in Regenyx LLP, which has been accounted for under the equity method, un\ue001l it was dissolved in December 2024. In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. Agilyx Corpora\ue001on now holds a 50% interest in Cyclyx Interna\ue001onal, LLC accounted for under the equity method. See Note 23 for more informa\ue001on. I. SUBSIDIARIES Subsidiaries are en\ue001\ue001es controlled by Agilyx Group. Control is achieved when Agilyx Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to a\ufb00ect those returns through its power over the investee. Speci\ufb01cally, Agilyx Group controls an investee if, and only if, it has: \u2022 Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee \u2022 Exposure, or rights, to variable returns from its involvement with the investee \u2022 The ability to use its power over the investee to affect its returns Generally, there is a presump\ue001on that a majority of vo\ue001ng rights results in control. To support this presump\ue001on and when Agilyx Group has less than a majority of the vo\ue001ng or similar rights of an investee, Agilyx Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: \u2022 The contractual arrangement(s) with the other vote holders of the investee \u2022 Rights arising from other contractual arrangements \u2022 Agilyx Group\u2019s voting rights and potential voting rights Agilyx Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolida\ue001on of a subsidiary begins when Agilyx Group obtains control over the subsidiary and ceases when Agilyx Group loses control of the subsidiary. The \ufb01nancial statements of subsidiaries are included in the consolidated \ufb01nancial statements from the date on which control commences un\ue001l
the date on which control ceases. All intra-group assets and liabili\ue001es, equity, income, expenses and cash \ufb02ows rela\ue001ng to transac\ue001ons between members of Agilyx Group are eliminated in full on consolida\ue001on.
IV. INVESTMENTS IN ASSOCIATES Associates are those en\ue001\ue001es where Agilyx Group has signi\ufb01cant in\ufb02uence (but not control or joint control) over the \ufb01nancial and opera\ue001ng policy decisions of balance sheet at cost, including transac\ue001on costs. Subsequently, interests in associates are accounted for using the equity method, where Agilyx Group\u2019s share of post-acquisi\ue001on, post-tax pro\ufb01ts and losses and other comprehensive income is recognized in the consolidated statement of pro\ufb01t and loss (except for losses in excess of the carrying amount of Agilyx Group\u2019s interest in associate, unless there is an obliga\ue001on to make good those losses). Pro\ufb01ts and losses arising on transac\ue001ons between Agilyx Group and its associates are recognized only to the extent of unrelated investors\u2019 interests in the associate. The investor\u2019s share in the associate\u2019s pro\ufb01ts and losses resul\ue001ng from these transac\ue001ons is eliminated against the carrying value of the associate. Any premium paid for an associate above the fair value of Agilyx Group\u2019s share of the iden\ue001\ufb01able assets, liabili\ue001es and con\ue001ngent liabili\ue001es acquired is capitalized and included in the carrying amount of the associate. Where there is objec\ue001ve evidence that the investment in an associate has been impaired the carrying amount of the investment is tested for impairment in the same way as other non-\ufb01nancial assets.
Note 9: Investment in Regenyx Agilyx holds a 50% interest in Regenyx. Regenyx was formed in April 2019 and shares its opera\ue001on space with Agilyx and Cyclyx in Tigard, OR. Despite holding a 50% interest, Agilyx has assessed that it does not have control or joint control of Regenyx. This is driven by the other 50% shareholder controlling the purchases and sales of Regenyx, via various mechanisms within the opera\ue001ng agreements. Agilyx does have the power to par\ue001cipate in the \ufb01nancial and opera\ue001ng policy decisions of the investee, via its board posi\ue001on. Agilyx has therefore determined that it has signi\ufb01cant in\ufb02uence over Regenyx and its investment is therefore measured using the equity method as an investment in associate. In the period between April 2021 and April 2024 under certain condi\ue001ons Agilyx is subject to a contractual obliga\ue001on to purchase all of AmSty\u2019s equity investment in Regenyx at the op\ue001on of AmSty (\u201cput op\ue001on\u201d). The purchase price is based on the fair market value of the membership units held by AmSty at the date of exercise. The strike price of the op\ue001on is fair value. Hence, the value of considera\ue001on due upon exercise of the op\ue001on and the asset acquired (shares), would be equal and therefore no value has been a\ue002ributed to this put op\ue001on. No events occurred that ini\ue001ated the purchase of AmSty\u2019s investment in Regenyx. In February 2024, the Company announced a decision had been made to close the plant and wind down opera\ue001ons. IMPAIRMENT OF INVESTMENT Agilyx Group is split into two CGU's for impairment analysis purposes, Agilyx and Cyclyx, which is in alignment with the segments disclosed in Note 2. Regenyx is part of the Agilyx reportable segment. Furthermore, the investment in Regenyx is separately assessed for impairment because it is able to generate cash\ufb02ows that are largely independent of the cash in\ufb02ows from other assets or groups of assets. For the investment in Regenyx, objec\ue001ve evidence of impairment was noted, in accordance with the criteria in IAS 28, due to forecasted nega\ue001ve cash \ufb02ows being generated by the en\ue001ty, which would require capital contribu\ue001ons from Agilyx and AmSty in order to support its con\ue001nued opera\ue001on. Due to the projected nega\ue001ve cash \ufb02ows and the unique nature of the underlying plant, it was determined that the recoverable amount was zero under both the value in use and fair value less cost to sell methodology therefore the investment in Regenyx has been fully impaired at January 1, 2021. As can be seen in the tables below, subsequent capital investments by Agilyx, led to impairments for both balance sheet periods presented on the basis that the recoverable amount using the value in use and fair value less cost to sell methodologies would lead to a fully wri\ue002en o\ufb00 investment. As of December 31, 2024, the Regenyx opera\ue001on has been dissolved.
Calculation of balance sheet value of investment in Regenyx Balance sheet value December 31, 2022 - Investment during 2022 \u2013 above initial estimated cash outflow 2,032,078 Impairment charge \u2013 fully impair balance (2,032,078) Balance sheet value December 31, 2023 - Investment during 2023 \u2013 above initial estimated cash outflow 49,382 Impairment charge \u2013 fully impair balance (49,382) Balance sheet value December 31, 2024 - Summarized financial information of Regenyx As at December 31 2023 2024 Current assets 554,479 102,586 Non-current assets 3,299,323 - Current liabilities 1,936,676 102,586 Net assets (100%) 1,917,126 - Period ended December 31 2023 2024 Revenues 1,140,347 585,073 Total and other comprehensive loss (4,805,079) (4,556,928) ",
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"reg-ix-346": {
"value": "PRINCIPLES OF CONSOLIDATION The consolidated \ufb01nancial statements include the accounts of Agilyx ASA and its subsidiaries Agilyx Corpora\ue001on, Agilyx GmbH and Agilyx ApS. The cost price of shares and partnership units are eliminated against the equity in the underlying companies. Agilyx Corpora\ue001on held a 50% interest in Regenyx LLP, which has been accounted for under the equity method, un\ue001l it was dissolved in December 2024. In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. Agilyx Corpora\ue001on now holds a 50% interest in Cyclyx Interna\ue001onal, LLC accounted for under the equity method. See Note 23 for more informa\ue001on. I. SUBSIDIARIES Subsidiaries are en\ue001\ue001es controlled by Agilyx Group. Control is achieved when Agilyx Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to a\ufb00ect those returns through its power over the investee. Speci\ufb01cally, Agilyx Group controls an investee if, and only if, it has: \u2022 Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee \u2022 Exposure, or rights, to variable returns from its involvement with the investee \u2022 The ability to use its power over the investee to affect its returns Generally, there is a presump\ue001on that a majority of vo\ue001ng rights results in control. To support this presump\ue001on and when Agilyx Group has less than a majority of the vo\ue001ng or similar rights of an investee, Agilyx Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: \u2022 The contractual arrangement(s) with the other vote holders of the investee \u2022 Rights arising from other contractual arrangements \u2022 Agilyx Group\u2019s voting rights and potential voting rights Agilyx Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolida\ue001on of a subsidiary begins when Agilyx Group obtains control over the subsidiary and ceases when Agilyx Group loses control of the subsidiary. The \ufb01nancial statements of subsidiaries are included in the consolidated \ufb01nancial statements from the date on which control commences un\ue001l
the date on which control ceases. All intra-group assets and liabili\ue001es, equity, income, expenses and cash \ufb02ows rela\ue001ng to transac\ue001ons between members of Agilyx Group are eliminated in full on consolida\ue001on.
III. LOSS OF CONTROL When Agilyx Group loses control over a subsidiary, it derecognizes the assets and liabili\ue001es of the subsidiary, and any NCI and other components of equity. Any resul\ue001ng gain or loss is recognized in pro\ufb01t or loss. Any interest retained in the former subsidiary is measured at fair value when the control is lost. See Note 23 for addi\ue001onal commentary on the loss of control of Cyclyx during 2023.
SUBSIDIARIES Investments in subsidiaries are valued at cost in the separate \ufb01nancial statements. The investments are valued at cost less any impairment losses. Impairment losses are reversed if the reason for the impairment loss disappears in a later period.
Note 17: Shares in subsidiaries, associates and related party transactions Agilyx ASA has the following shares in subsidiaries as of December 31: Shares in Subsidiaries, Associates, and Related Party Transactions Subsidiary Office Share Voting rights Equity Book value \u2013 2023 Book value \u2013 2024 Agilyx Corp Portland, OR, USA 100% 100% - 71,275,511 104,133,142 Agilyx GmbH* Zurich, Switzerland 100% 100% - 163,005 163,005 Agilyx ApS* Stuckenbergs, Denmark 100% 100% - - - 71,438,516 104,296,147 RELATED PARTY TRANSACTIONS Group level \u2013 During 2024, Cyclyx had $9.7M of product sales to ExxonMobil (2023 $8.5M), a minority holder in Cyclyx. Related Party Transactions Related party receivable included in Note 10: 2023 2024 ExxonMobil 18,759 18,759 Regenyx, LLC 194,536 94,310 Cyclyx International, LLC 286,224 247,147 Related Party Transactions Specific parent related costs included: 2023 2024 Management charges from Agilyx GmbH 499,647 - Parent level \u2013 At December 31, 2024 the parent company, Agilyx ASA, has an intercompany payable of $5,328,875 to Agilyx Corp (December 31, 2023: $2,999,433) and $1,661,933 payable to Agilyx GmbH (December 31, 2023: $1,739,000) net of an intercompany receivable of $483,132 to Agilyx Corp (December 31, 2023: $408,346). These inter-group payables represent operating and management costs incurred and or paid at the subsidiary and subsequently recharged to the parent.
*In liquidation Agilyx Corp \u2014 Agilyx Corp was formed in 2004 in Oregon, United States of America. Agilyx Corp became a subsidiary of Agilyx AS by way of a share inversion that took place on January, 2020. The share inversion effectively converted all the shares of Agilyx Corp into shares of Agilyx ASA. Agilyx GmbH \u2014 Agilyx GmbH was formed in August, 2020 in Zurich, Switzerland. The subsidiary was created to provide additional reach into European markets. Cyclyx International, LLC \u2014 Cyclyx International, LLC is a partnership officially formed in the state of Delaware, United States of America on December, 2020. Since inception, Agilyx Group has owned 75% of the entity, with 25% owned by ExxonMobil Chemical Corporation (\u201cEMCC\u201d). The Partnership was formed to develop low cost pathways to recycle plastics. EMCC contributed operational funds of $8,000,000 while Agilyx Corp contributed technology and know-how that was not revalued due to consolidation within the group accounts. EMCC's cash contribution was recognized 75% to the equity holders of the parent and 25% to the non-controlling interest. In October 2023, Agilyx Group lost control of Cyclyx International, LLC (see Note 23 for more information). Following the loss of control, the Agilyx Group retained a significant influence in Cyclyx International, LLC and therefore began to equity-account for this investee as an associate from the date control was lost. The following tables summarize the financial information of Cyclyx International, LLC as included in its own financial statements prepared in accordance with IFRS Accounting Standards, adjusted for fair value adjustments at acquisition. The table also reconciles the summarized financial information to the carrying amount of the Group's interest in Cyclyx International, LLC. Additional information regarding the Cyclyx operation can be seen in Note 2.
Financial Summary (2023) As at December 31 2023 Ownership interest Associate (50%) Current assets 70,364,979 Non-current assets 156,956,776 Current liabilities 10,117,825 Non-current liabilities 24,617,068 Net assets (100%) 192,586,862 Group's share of net assets 96,293,431 50% of notional goodwill on the loss of control transaction 52,060,508 50% of non-dilutive equity contributions from members (35,351,000) Carrying value at 12/31/23 113,002,939 For the period ended December 31 2023 Revenue 10,297,592 Total comprehensive loss (100%) (9,092,647) Total comprehensive loss attributable to NCI before loss of control (25%) (1,351,394) Total comprehensive loss attributable to equity holders of the parent before loss of control (75%) (3,924,656) Group's equity accounted share of result following loss of control (50%) (1,973,061) Group's share of total comprehensive loss (5,897,717) Financial Summary (2024) As at December 31 2024 Ownership interest Associate (50%) Current assets 126,949,190 Non-current assets 70,294,395 Current liabilities 17,183,677 Non-current liabilities 21,919,744 Net assets (100%) 158,140,164 Group's share of net assets 79,070,082 Carrying value at 12/31/23 113,002,939 Cash investments 22,500,000 Group's share of total comprehensive loss (8,769,502)
Carrying value at 12/31/24 126,733,437 For the period ended December 31 2024 Revenue 11,234,108 Total comprehensive loss (100%) (17,539,003) Group's share of total comprehensive loss (8,769,502) i. Loss of control of Cyclyx In October 2023, the Agilyx Group's ownership interest in Cyclyx was diluted from 75% down to 50%. As part of the transaction, a Second Amended and Restated Limited Liability Company Agreement (the \u201c\u201c Cycylx Operating Agreement\u201d\u201d) was entered into by the three investors, Agilyx, Equistar and EMCC. Amongst other things, the Cycylx Operating Agreement implemented a super majority rule which requires agreement from greater than 75% of unit holders in order for a number of decisions which affect the relevant activities of Cyclyx. Therefore, as a result of the reduced ownership interest and the execution of the Cycylx Operating Agreement, Agilyx lost control of Cyclyx effective October 25, 2023. Subsequent to the loss of control, Cyclyx continues to meet the criteria to be disclosed as a reportable segment as outlined in Note 2. As part of the transaction, Agilyx contributed internally generated Intellectual Property to Cyclyx to facilitate the development of the first in a planned series of Cyclyx Circularity Centers. The gain upon contribution of that Intellectual Property is included within the Gain on loss of control calculation below. The gain/(loss) on loss of control of subsidiary was determined as follows, in accordance with IFRS 10 and is presented as part of the results of discontinued operations, as expanded upon within this note: Loss of Control of Cyclyx 2023 Cash consideration received for sale of equity units 5,024,000 Less: cash consideration paid as a capital contribution to Cyclyx (750,000) Add: carrying amount of NCI at the date of loss of control 595,246 Add: fair value of investment in associate retained 114,976,000 Add: gain on previously unrecognized intellectual property contributed to Cyclyx 124,200,000 Less: net assets disposed of: (125,830,984) Cash and cash equivalents (5,921,145) Accounts receivable (3,725,925) Inventory (3,017,975) Prepaid expenses and other current assets (233,111) Property, plant and equipment (8,030,959) Right of use asset (224,413) Intangible assets (124,200,000) Lease liability 254,306 Accounts payable 15,510,720 Accrued expenses and other current liabilities 402,212 Contract liability 3,355,307 Gain on loss of control of subsidiary 118,214,262
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"value": "PRINCIPLES OF CONSOLIDATION The consolidated \ufb01nancial statements include the accounts of Agilyx ASA and its subsidiaries Agilyx Corpora\ue001on, Agilyx GmbH and Agilyx ApS. The cost price of shares and partnership units are eliminated against the equity in the underlying companies. Agilyx Corpora\ue001on held a 50% interest in Regenyx LLP, which has been accounted for under the equity method, un\ue001l it was dissolved in December 2024. In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. Agilyx Corpora\ue001on now holds a 50% interest in Cyclyx Interna\ue001onal, LLC accounted for under the equity method. See Note 23 for more informa\ue001on. I. SUBSIDIARIES Subsidiaries are en\ue001\ue001es controlled by Agilyx Group. Control is achieved when Agilyx Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to a\ufb00ect those returns through its power over the investee. Speci\ufb01cally, Agilyx Group controls an investee if, and only if, it has: \u2022 Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee \u2022 Exposure, or rights, to variable returns from its involvement with the investee \u2022 The ability to use its power over the investee to affect its returns Generally, there is a presump\ue001on that a majority of vo\ue001ng rights results in control. To support this presump\ue001on and when Agilyx Group has less than a majority of the vo\ue001ng or similar rights of an investee, Agilyx Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: \u2022 The contractual arrangement(s) with the other vote holders of the investee \u2022 Rights arising from other contractual arrangements \u2022 Agilyx Group\u2019s voting rights and potential voting rights Agilyx Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolida\ue001on of a subsidiary begins when Agilyx Group obtains control over the subsidiary and ceases when Agilyx Group loses control of the subsidiary. The \ufb01nancial statements of subsidiaries are included in the consolidated \ufb01nancial statements from the date on which control commences un\ue001l
the date on which control ceases. All intra-group assets and liabili\ue001es, equity, income, expenses and cash \ufb02ows rela\ue001ng to transac\ue001ons between members of Agilyx Group are eliminated in full on consolida\ue001on.
IV. INVESTMENTS IN ASSOCIATES Associates are those en\ue001\ue001es where Agilyx Group has signi\ufb01cant in\ufb02uence (but not control or joint control) over the \ufb01nancial and opera\ue001ng policy decisions of balance sheet at cost, including transac\ue001on costs. Subsequently, interests in associates are accounted for using the equity method, where Agilyx Group\u2019s share of post-acquisi\ue001on, post-tax pro\ufb01ts and losses and other comprehensive income is recognized in the consolidated statement of pro\ufb01t and loss (except for losses in excess of the carrying amount of Agilyx Group\u2019s interest in associate, unless there is an obliga\ue001on to make good those losses). Pro\ufb01ts and losses arising on transac\ue001ons between Agilyx Group and its associates are recognized only to the extent of unrelated investors\u2019 interests in the associate. The investor\u2019s share in the associate\u2019s pro\ufb01ts and losses resul\ue001ng from these transac\ue001ons is eliminated against the carrying value of the associate. Any premium paid for an associate above the fair value of Agilyx Group\u2019s share of the iden\ue001\ufb01able assets, liabili\ue001es and con\ue001ngent liabili\ue001es acquired is capitalized and included in the carrying amount of the associate. Where there is objec\ue001ve evidence that the investment in an associate has been impaired the carrying amount of the investment is tested for impairment in the same way as other non-\ufb01nancial assets.
Note 9: Investment in Regenyx Agilyx holds a 50% interest in Regenyx. Regenyx was formed in April 2019 and shares its opera\ue001on space with Agilyx and Cyclyx in Tigard, OR. Despite holding a 50% interest, Agilyx has assessed that it does not have control or joint control of Regenyx. This is driven by the other 50% shareholder controlling the purchases and sales of Regenyx, via various mechanisms within the opera\ue001ng agreements. Agilyx does have the power to par\ue001cipate in the \ufb01nancial and opera\ue001ng policy decisions of the investee, via its board posi\ue001on. Agilyx has therefore determined that it has signi\ufb01cant in\ufb02uence over Regenyx and its investment is therefore measured using the equity method as an investment in associate. In the period between April 2021 and April 2024 under certain condi\ue001ons Agilyx is subject to a contractual obliga\ue001on to purchase all of AmSty\u2019s equity investment in Regenyx at the op\ue001on of AmSty (\u201cput op\ue001on\u201d). The purchase price is based on the fair market value of the membership units held by AmSty at the date of exercise. The strike price of the op\ue001on is fair value. Hence, the value of considera\ue001on due upon exercise of the op\ue001on and the asset acquired (shares), would be equal and therefore no value has been a\ue002ributed to this put op\ue001on. No events occurred that ini\ue001ated the purchase of AmSty\u2019s investment in Regenyx. In February 2024, the Company announced a decision had been made to close the plant and wind down opera\ue001ons. IMPAIRMENT OF INVESTMENT Agilyx Group is split into two CGU's for impairment analysis purposes, Agilyx and Cyclyx, which is in alignment with the segments disclosed in Note 2. Regenyx is part of the Agilyx reportable segment. Furthermore, the investment in Regenyx is separately assessed for impairment because it is able to generate cash\ufb02ows that are largely independent of the cash in\ufb02ows from other assets or groups of assets. For the investment in Regenyx, objec\ue001ve evidence of impairment was noted, in accordance with the criteria in IAS 28, due to forecasted nega\ue001ve cash \ufb02ows being generated by the en\ue001ty, which would require capital contribu\ue001ons from Agilyx and AmSty in order to support its con\ue001nued opera\ue001on. Due to the projected nega\ue001ve cash \ufb02ows and the unique nature of the underlying plant, it was determined that the recoverable amount was zero under both the value in use and fair value less cost to sell methodology therefore the investment in Regenyx has been fully impaired at January 1, 2021. As can be seen in the tables below, subsequent capital investments by Agilyx, led to impairments for both balance sheet periods presented on the basis that the recoverable amount using the value in use and fair value less cost to sell methodologies would lead to a fully wri\ue002en o\ufb00 investment. As of December 31, 2024, the Regenyx opera\ue001on has been dissolved.
Calculation of balance sheet value of investment in Regenyx Balance sheet value December 31, 2022 - Investment during 2022 \u2013 above initial estimated cash outflow 2,032,078 Impairment charge \u2013 fully impair balance (2,032,078) Balance sheet value December 31, 2023 - Investment during 2023 \u2013 above initial estimated cash outflow 49,382 Impairment charge \u2013 fully impair balance (49,382) Balance sheet value December 31, 2024 - Summarized financial information of Regenyx As at December 31 2023 2024 Current assets 554,479 102,586 Non-current assets 3,299,323 - Current liabilities 1,936,676 102,586 Net assets (100%) 1,917,126 - Period ended December 31 2023 2024 Revenues 1,140,347 585,073 Total and other comprehensive loss (4,805,079) (4,556,928) ",
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"reg-ix-349": {
"value": "I. SUBSIDIARIES Subsidiaries are en\ue001\ue001es controlled by Agilyx Group. Control is achieved when Agilyx Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to a\ufb00ect those returns through its power over the investee. Speci\ufb01cally, Agilyx Group controls an investee if, and only if, it has: \u2022 Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee \u2022 Exposure, or rights, to variable returns from its involvement with the investee \u2022 The ability to use its power over the investee to affect its returns Generally, there is a presump\ue001on that a majority of vo\ue001ng rights results in control. To support this presump\ue001on and when Agilyx Group has less than a majority of the vo\ue001ng or similar rights of an investee, Agilyx Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: \u2022 The contractual arrangement(s) with the other vote holders of the investee \u2022 Rights arising from other contractual arrangements \u2022 Agilyx Group\u2019s voting rights and potential voting rights Agilyx Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolida\ue001on of a subsidiary begins when Agilyx Group obtains control over the subsidiary and ceases when Agilyx Group loses control of the subsidiary. The \ufb01nancial statements of subsidiaries are included in the consolidated \ufb01nancial statements from the date on which control commences un\ue001l
the date on which control ceases. All intra-group assets and liabili\ue001es, equity, income, expenses and cash \ufb02ows rela\ue001ng to transac\ue001ons between members of Agilyx Group are eliminated in full on consolida\ue001on.
III. LOSS OF CONTROL When Agilyx Group loses control over a subsidiary, it derecognizes the assets and liabili\ue001es of the subsidiary, and any NCI and other components of equity. Any resul\ue001ng gain or loss is recognized in pro\ufb01t or loss. Any interest retained in the former subsidiary is measured at fair value when the control is lost. See Note 23 for addi\ue001onal commentary on the loss of control of Cyclyx during 2023.
SUBSIDIARIES Investments in subsidiaries are valued at cost in the separate \ufb01nancial statements. The investments are valued at cost less any impairment losses. Impairment losses are reversed if the reason for the impairment loss disappears in a later period.
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"reg-ix-415": {
"value": "III. LOSS OF CONTROL When Agilyx Group loses control over a subsidiary, it derecognizes the assets and liabili\ue001es of the subsidiary, and any NCI and other components of equity. Any resul\ue001ng gain or loss is recognized in pro\ufb01t or loss. Any interest retained in the former subsidiary is measured at fair value when the control is lost. See Note 23 for addi\ue001onal commentary on the loss of control of Cyclyx during 2023.
Cyclyx International, LLC \u2014 Cyclyx International, LLC is a partnership officially formed in the state of Delaware, United States of America on December, 2020. Since inception, Agilyx Group has owned 75% of the entity, with 25% owned by ExxonMobil Chemical Corporation (\u201cEMCC\u201d). The Partnership was formed to develop low cost pathways to recycle plastics. EMCC contributed operational funds of $8,000,000 while Agilyx Corp contributed technology and know-how that was not revalued due to consolidation within the group accounts. EMCC's cash contribution was recognized 75% to the equity holders of the parent and 25% to the non-controlling interest. In October 2023, Agilyx Group lost control of Cyclyx International, LLC (see Note 23 for more information). Following the loss of control, the Agilyx Group retained a significant influence in Cyclyx International, LLC and therefore began to equity-account for this investee as an associate from the date control was lost. The following tables summarize the financial information of Cyclyx International, LLC as included in its own financial statements prepared in accordance with IFRS Accounting Standards, adjusted for fair value adjustments at acquisition. The table also reconciles the summarized financial information to the carrying amount of the Group's interest in Cyclyx International, LLC. Additional information regarding the Cyclyx operation can be seen in Note 2.
Carrying value at 12/31/23 113,002,939 For the period ended December 31 2023 Revenue 10,297,592 Total comprehensive loss (100%) (9,092,647) Total comprehensive loss attributable to NCI before loss of control (25%) (1,351,394) Total comprehensive loss attributable to equity holders of the parent before loss of control (75%) (3,924,656) Group's equity accounted share of result following loss of control (50%) (1,973,061) Group's share of total comprehensive loss (5,897,717) Financial Summary (2024) As at December 31 2024 Ownership interest Associate (50%) Current assets 126,949,190 Non-current assets 70,294,395 Current liabilities 17,183,677 Non-current liabilities 21,919,744 Net assets (100%) 158,140,164 Group's share of net assets 79,070,082 Carrying value at 12/31/23 113,002,939 Cash investments 22,500,000 Group's share of total comprehensive loss (8,769,502)
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"value": "III. LOSS OF CONTROL When Agilyx Group loses control over a subsidiary, it derecognizes the assets and liabili\ue001es of the subsidiary, and any NCI and other components of equity. Any resul\ue001ng gain or loss is recognized in pro\ufb01t or loss. Any interest retained in the former subsidiary is measured at fair value when the control is lost. See Note 23 for addi\ue001onal commentary on the loss of control of Cyclyx during 2023.
IV. INVESTMENTS IN ASSOCIATES Associates are those en\ue001\ue001es where Agilyx Group has signi\ufb01cant in\ufb02uence (but not control or joint control) over the \ufb01nancial and opera\ue001ng policy decisions of balance sheet at cost, including transac\ue001on costs. Subsequently, interests in associates are accounted for using the equity method, where Agilyx Group\u2019s share of post-acquisi\ue001on, post-tax pro\ufb01ts and losses and other comprehensive income is recognized in the consolidated statement of pro\ufb01t and loss (except for losses in excess of the carrying amount of Agilyx Group\u2019s interest in associate, unless there is an obliga\ue001on to make good those losses). Pro\ufb01ts and losses arising on transac\ue001ons between Agilyx Group and its associates are recognized only to the extent of unrelated investors\u2019 interests in the associate. The investor\u2019s share in the associate\u2019s pro\ufb01ts and losses resul\ue001ng from these transac\ue001ons is eliminated against the carrying value of the associate. Any premium paid for an associate above the fair value of Agilyx Group\u2019s share of the iden\ue001\ufb01able assets, liabili\ue001es and con\ue001ngent liabili\ue001es acquired is capitalized and included in the carrying amount of the associate. Where there is objec\ue001ve evidence that the investment in an associate has been impaired the carrying amount of the investment is tested for impairment in the same way as other non-\ufb01nancial assets.
",
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"value": "IV. INVESTMENTS IN ASSOCIATES Associates are those en\ue001\ue001es where Agilyx Group has signi\ufb01cant in\ufb02uence (but not control or joint control) over the \ufb01nancial and opera\ue001ng policy decisions of balance sheet at cost, including transac\ue001on costs. Subsequently, interests in associates are accounted for using the equity method, where Agilyx Group\u2019s share of post-acquisi\ue001on, post-tax pro\ufb01ts and losses and other comprehensive income is recognized in the consolidated statement of pro\ufb01t and loss (except for losses in excess of the carrying amount of Agilyx Group\u2019s interest in associate, unless there is an obliga\ue001on to make good those losses). Pro\ufb01ts and losses arising on transac\ue001ons between Agilyx Group and its associates are recognized only to the extent of unrelated investors\u2019 interests in the associate. The investor\u2019s share in the associate\u2019s pro\ufb01ts and losses resul\ue001ng from these transac\ue001ons is eliminated against the carrying value of the associate. Any premium paid for an associate above the fair value of Agilyx Group\u2019s share of the iden\ue001\ufb01able assets, liabili\ue001es and con\ue001ngent liabili\ue001es acquired is capitalized and included in the carrying amount of the associate. Where there is objec\ue001ve evidence that the investment in an associate has been impaired the carrying amount of the investment is tested for impairment in the same way as other non-\ufb01nancial assets.
",
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"mtpnn48": {
"value": "DISCONTINUED OPERATIONS A discon\ue001nued opera\ue001on is a component of Agilyx Group\u2019s business that has been disposed of by sale or other means (including loss of control), and that represents one of the following: \u2022 a separate major line of business, \u2022 a geographical area of operations, or \u2022 is a subsidiary acquired exclusively with a view to resale. Discon\ue001nued opera\ue001ons are presented in the consolidated income statement as a single line which comprises the post-tax pro\ufb01t or loss of the discon\ue001nued opera\ue001on along with the post- tax gain or loss recognized on the re-measurement to fair value less costs to sell or on disposal of the assets or disposal groups cons\ue001tu\ue001ng discon\ue001nued opera\ue001ons. When an opera\ue001on is classi\ufb01ed as a discon\ue001nued opera\ue001on, the compara\ue001ve income statement is re-presented as if the opera\ue001on had been discon\ue001nued from the start of the compara\ue001ve year.
Note 23: Loss of control of Cyclyx and discontinued operations i. Loss of control of Cyclyx In October 2023, the Agilyx Group's ownership interest in Cyclyx was diluted from 75% down to 50%. As part of the transaction, a Second Amended and Restated Limited Liability Company Agreement (the \u201c\u201c Cycylx Operating Agreement\u201d\u201d) was entered into by the three investors, Agilyx, Equistar and EMCC. Amongst other things, the Cycylx Operating Agreement implemented a super majority rule which requires agreement from greater than 75% of unit holders in order for a number of decisions which affect the relevant activities of Cyclyx. Therefore, as a result of the reduced ownership interest and the execution of the Cycylx Operating Agreement, Agilyx lost control of Cyclyx effective October 25, 2023. Subsequent to the loss of control, Cyclyx continues to meet the criteria to be disclosed as a reportable segment as outlined in Note 2. As part of the transaction, Agilyx contributed internally generated Intellectual Property to Cyclyx to facilitate the development of the first in a planned series of Cyclyx Circularity Centers. The gain upon contribution of that Intellectual Property is included within the Gain on loss of control calculation below. The gain/(loss) on loss of control of subsidiary was determined as follows, in accordance with IFRS 10 and is presented as part of the results of discontinued operations, as expanded upon within this note: Loss of Control of Cyclyx 2023 Cash consideration received for sale of equity units 5,024,000 Less: cash consideration paid as a capital contribution to Cyclyx (750,000) Add: carrying amount of NCI at the date of loss of control 595,246 Add: fair value of investment in associate retained 114,976,000 Add: gain on previously unrecognized intellectual property contributed to Cyclyx 124,200,000 Less: net assets disposed of: (125,830,984) Cash and cash equivalents (5,921,145) Accounts receivable (3,725,925) Inventory (3,017,975) Prepaid expenses and other current assets (233,111) Property, plant and equipment (8,030,959) Right of use asset (224,413) Intangible assets (124,200,000) Lease liability 254,306 Accounts payable 15,510,720 Accrued expenses and other current liabilities 402,212 Contract liability 3,355,307 Gain on loss of control of subsidiary 118,214,262
ii. Cyclyx loss of control \u2013 discontinued operations presentation Upon loss of control, the Cyclyx entity which represents a separate major line of business, met the criteria for classification as a discontinued operation. The results of its operations for the year prior to loss of control have been presented as a single line in the Consolidated Income Statement. The comparable Consolidated Income Statement has been re-presented to show the discontinued operation separately from continuing operations. The post-tax loss from discontinued operations as presented on the consolidated Income Statement was determined as follows:
Results of Cyclyx (Discontinued Operations) For the period ended December 31 2023 Revenue 6,772,574 Expenses other than finance costs (11,679,514) Finance costs (28,136) Gain on loss of control of subsidiary 118,214,262 Profit (loss) from discontinued operation, net of tax 113,279,186 Profit (loss) from Cyclyx (discontinued operation) attributable to: Equity holders of the parent 114,512,955 Non-controlling interest (1,233,769) 113,279,186 Earnings per share \u2013 from Cyclyx (discontinued operations) Earnings per share, basic 1.32 Cash flows \u2013 from (used in) Cyclyx (discontinued operations) Net cash from (used in) operating activities (10,024,906) Net cash from (used in) investing activities (8,399,868) Net cash from (used in) financing activities 74,925,039 Net cash from (used in) discontinued operations 56,500,265
",
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},
"mtpnn10": {
"value": "DISCONTINUED OPERATIONS A discon\ue001nued opera\ue001on is a component of Agilyx Group\u2019s business that has been disposed of by sale or other means (including loss of control), and that represents one of the following: \u2022 a separate major line of business, \u2022 a geographical area of operations, or \u2022 is a subsidiary acquired exclusively with a view to resale. Discon\ue001nued opera\ue001ons are presented in the consolidated income statement as a single line which comprises the post-tax pro\ufb01t or loss of the discon\ue001nued opera\ue001on along with the post- tax gain or loss recognized on the re-measurement to fair value less costs to sell or on disposal of the assets or disposal groups cons\ue001tu\ue001ng discon\ue001nued opera\ue001ons. When an opera\ue001on is classi\ufb01ed as a discon\ue001nued opera\ue001on, the compara\ue001ve income statement is re-presented as if the opera\ue001on had been discon\ue001nued from the start of the compara\ue001ve year.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-427": {
"value": "DISCONTINUED OPERATIONS A discon\ue001nued opera\ue001on is a component of Agilyx Group\u2019s business that has been disposed of by sale or other means (including loss of control), and that represents one of the following: \u2022 a separate major line of business, \u2022 a geographical area of operations, or \u2022 is a subsidiary acquired exclusively with a view to resale. Discon\ue001nued opera\ue001ons are presented in the consolidated income statement as a single line which comprises the post-tax pro\ufb01t or loss of the discon\ue001nued opera\ue001on along with the post- tax gain or loss recognized on the re-measurement to fair value less costs to sell or on disposal of the assets or disposal groups cons\ue001tu\ue001ng discon\ue001nued opera\ue001ons. When an opera\ue001on is classi\ufb01ed as a discon\ue001nued opera\ue001on, the compara\ue001ve income statement is re-presented as if the opera\ue001on had been discon\ue001nued from the start of the compara\ue001ve year.
Note 23: Loss of control of Cyclyx and discontinued operations i. Loss of control of Cyclyx In October 2023, the Agilyx Group's ownership interest in Cyclyx was diluted from 75% down to 50%. As part of the transaction, a Second Amended and Restated Limited Liability Company Agreement (the \u201c\u201c Cycylx Operating Agreement\u201d\u201d) was entered into by the three investors, Agilyx, Equistar and EMCC. Amongst other things, the Cycylx Operating Agreement implemented a super majority rule which requires agreement from greater than 75% of unit holders in order for a number of decisions which affect the relevant activities of Cyclyx. Therefore, as a result of the reduced ownership interest and the execution of the Cycylx Operating Agreement, Agilyx lost control of Cyclyx effective October 25, 2023. Subsequent to the loss of control, Cyclyx continues to meet the criteria to be disclosed as a reportable segment as outlined in Note 2. As part of the transaction, Agilyx contributed internally generated Intellectual Property to Cyclyx to facilitate the development of the first in a planned series of Cyclyx Circularity Centers. The gain upon contribution of that Intellectual Property is included within the Gain on loss of control calculation below. The gain/(loss) on loss of control of subsidiary was determined as follows, in accordance with IFRS 10 and is presented as part of the results of discontinued operations, as expanded upon within this note: Loss of Control of Cyclyx 2023 Cash consideration received for sale of equity units 5,024,000 Less: cash consideration paid as a capital contribution to Cyclyx (750,000) Add: carrying amount of NCI at the date of loss of control 595,246 Add: fair value of investment in associate retained 114,976,000 Add: gain on previously unrecognized intellectual property contributed to Cyclyx 124,200,000 Less: net assets disposed of: (125,830,984) Cash and cash equivalents (5,921,145) Accounts receivable (3,725,925) Inventory (3,017,975) Prepaid expenses and other current assets (233,111) Property, plant and equipment (8,030,959) Right of use asset (224,413) Intangible assets (124,200,000) Lease liability 254,306 Accounts payable 15,510,720 Accrued expenses and other current liabilities 402,212 Contract liability 3,355,307 Gain on loss of control of subsidiary 118,214,262
ii. Cyclyx loss of control \u2013 discontinued operations presentation Upon loss of control, the Cyclyx entity which represents a separate major line of business, met the criteria for classification as a discontinued operation. The results of its operations for the year prior to loss of control have been presented as a single line in the Consolidated Income Statement. The comparable Consolidated Income Statement has been re-presented to show the discontinued operation separately from continuing operations. The post-tax loss from discontinued operations as presented on the consolidated Income Statement was determined as follows:
Results of Cyclyx (Discontinued Operations) For the period ended December 31 2023 Revenue 6,772,574 Expenses other than finance costs (11,679,514) Finance costs (28,136) Gain on loss of control of subsidiary 118,214,262 Profit (loss) from discontinued operation, net of tax 113,279,186 Profit (loss) from Cyclyx (discontinued operation) attributable to: Equity holders of the parent 114,512,955 Non-controlling interest (1,233,769) 113,279,186 Earnings per share \u2013 from Cyclyx (discontinued operations) Earnings per share, basic 1.32 Cash flows \u2013 from (used in) Cyclyx (discontinued operations) Net cash from (used in) operating activities (10,024,906) Net cash from (used in) investing activities (8,399,868) Net cash from (used in) financing activities 74,925,039 Net cash from (used in) discontinued operations 56,500,265
",
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"concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-352": {
"value": "DISCONTINUED OPERATIONS A discon\ue001nued opera\ue001on is a component of Agilyx Group\u2019s business that has been disposed of by sale or other means (including loss of control), and that represents one of the following: \u2022 a separate major line of business, \u2022 a geographical area of operations, or \u2022 is a subsidiary acquired exclusively with a view to resale. Discon\ue001nued opera\ue001ons are presented in the consolidated income statement as a single line which comprises the post-tax pro\ufb01t or loss of the discon\ue001nued opera\ue001on along with the post- tax gain or loss recognized on the re-measurement to fair value less costs to sell or on disposal of the assets or disposal groups cons\ue001tu\ue001ng discon\ue001nued opera\ue001ons. When an opera\ue001on is classi\ufb01ed as a discon\ue001nued opera\ue001on, the compara\ue001ve income statement is re-presented as if the opera\ue001on had been discon\ue001nued from the start of the compara\ue001ve year.
",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"mtpnn11": {
"value": "REVENUE Performance Obliga\ue001ons and \ue001ming of revenue recogni\ue001on Agilyx Group\u2019s revenues can be divided into three main streams, as analyzed numerically in Note 3: PROJECT DEVELOPMENT Revenues related to project developments are recognized over the contract period using percentage of comple\ue001on as the method for measuring the revenue. This is because the projects created have no alterna\ue001ve use for Agilyx Group and the contracts require payment to be received for the \ue001me and e\ufb00ort
spent by the group on progressing the contracts in the event of the customer canceling the contract prior to comple\ue001on for any reason other than the group\u2019s failure to perform its obliga\ue001ons under the contract. On par\ue001ally complete design contracts, Agilyx Group recognizes revenue based on stage of comple\ue001on of the project which is es\ue001mated by comparing the number of hours actually spent on the project with the total number of hours expected to complete the project (i.e. an input based method). This is considered a faithful depic\ue001on of the transfer of services as the contracts are ini\ue001ally priced on the basis of an\ue001cipated hours to complete the projects and therefore also represents the amount to which the group would be en\ue001tled based on its performance to date. LICENSE, MEMBERSHIP AND ROYALTY FEES License revenues are recognized when the license is delivered and the rights are transferred to the buyer. The rights relate to Agilyx Group\u2019s patented conversion technology which helps customers to take feedstock and turn it into a product. Once the rights are transferred to the buyer, Agilyx Group usually has a present right to payment and retains none of the signi\ufb01cant risks and rewards of the goods in ques\ue001on. SALES OF GOODS Revenues from the sale of goods are recognized at the point in \ue001me of the delivery, when control of the goods and risk of ownership has transferred to the customer. There is limited judgement needed in iden\ue001fying the point control passes: once physical delivery of the products to the agreed loca\ue001on has occurred, the Agilyx Group no longer has physical possession, usually will have a present right to payment and retains none of the signi\ufb01cant risks and rewards of the goods in ques\ue001on. DETERMINING THE TRANSACTION PRICE Agilyx Group\u2019s revenue is derived from \ufb01xed price contracts and therefore the amount of revenue to be earned from each contract is determined by reference to those \ufb01xed prices. There are no revenue contracts with signi\ufb01cant \ufb01nancing components. ALLOCATING AMOUNTS TO PERFORMANCE OBLIGATIONS For sales contracts there is a \ufb01xed unit price for each product sold. Therefore, there is no judgement involved in alloca\ue001ng the contract price to each unit ordered. Where a customer orders more than one product line, Agilyx Group is able to determine the split of the total contract price between each product line by reference to each product\u2019s standalone selling prices (all product lines are capable of being, and are, sold separately). Agilyx Group\u2019s contracts are for the delivery of goods within the next 12 months for which the prac\ue001cal expedient in paragraph 121(a) of IFRS 15 applies, related to the presenta\ue001on of remaining performance obliga\ue001ons.
The Group has the following major customers, which each accounted for at least 10% of revenues in 2024 or 2023: Major Customers 2023 2024 Segment Customer A 8,439,553 9,904,066 Cyclyx Customer B 4,920,455 994,813 Agilyx Customer C 637,951 - Agilyx
Note 3: Geographical distribution of revenues
Geographical Distribution of Revenues Group Location/category 2023 2024 Europe 674,551 - USA 206,195 15,000 APAC 5,013,955 994,813 Total sales by customers location 5,894,701 1,009,813 Product category Project development 518,626 105,297 Services 630,223 872,749 License, membership and royalty fees 206,203 - Sale of goods 4,539,649 31,767 Total sales by category 5,894,701 1,009,813
No sales was recognized in the parent company, Agilyx ASA, in 2023 and 2024. Note 20: Contract liability The Company\u2019s Contract liability balances at December 31, 2023 and 2024 was $0 and $170,268, respectively. These balances represents billings in excess of revenue recognized on project related activities that are recognized on a percent complete basis and product shipments billed in advance. The Company has classified this amount as current as it expects to recognize the revenues over the next twelve months. An accounting roll forward for the periods presented are as follows: Contract Liability Balance as of January 1, 2023 5,945,535 Billings deferred 10,077,047 Revenue recognized (12,667,275) Cyclyx deconsolidation (3,355,307) Ending balance as of December 31, 2023 - Billings deferred 1,172,030 Revenue recognized (1,001,762) Ending balance as of December 31, 2024 170,268
In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. As a result the labilities attributable to Cyclyx have been removed from the above reconciliation. See Note 23 for more information.
",
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"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-353": {
"value": "REVENUE Performance Obliga\ue001ons and \ue001ming of revenue recogni\ue001on Agilyx Group\u2019s revenues can be divided into three main streams, as analyzed numerically in Note 3: PROJECT DEVELOPMENT Revenues related to project developments are recognized over the contract period using percentage of comple\ue001on as the method for measuring the revenue. This is because the projects created have no alterna\ue001ve use for Agilyx Group and the contracts require payment to be received for the \ue001me and e\ufb00ort
spent by the group on progressing the contracts in the event of the customer canceling the contract prior to comple\ue001on for any reason other than the group\u2019s failure to perform its obliga\ue001ons under the contract. On par\ue001ally complete design contracts, Agilyx Group recognizes revenue based on stage of comple\ue001on of the project which is es\ue001mated by comparing the number of hours actually spent on the project with the total number of hours expected to complete the project (i.e. an input based method). This is considered a faithful depic\ue001on of the transfer of services as the contracts are ini\ue001ally priced on the basis of an\ue001cipated hours to complete the projects and therefore also represents the amount to which the group would be en\ue001tled based on its performance to date. LICENSE, MEMBERSHIP AND ROYALTY FEES License revenues are recognized when the license is delivered and the rights are transferred to the buyer. The rights relate to Agilyx Group\u2019s patented conversion technology which helps customers to take feedstock and turn it into a product. Once the rights are transferred to the buyer, Agilyx Group usually has a present right to payment and retains none of the signi\ufb01cant risks and rewards of the goods in ques\ue001on. SALES OF GOODS Revenues from the sale of goods are recognized at the point in \ue001me of the delivery, when control of the goods and risk of ownership has transferred to the customer. There is limited judgement needed in iden\ue001fying the point control passes: once physical delivery of the products to the agreed loca\ue001on has occurred, the Agilyx Group no longer has physical possession, usually will have a present right to payment and retains none of the signi\ufb01cant risks and rewards of the goods in ques\ue001on. DETERMINING THE TRANSACTION PRICE Agilyx Group\u2019s revenue is derived from \ufb01xed price contracts and therefore the amount of revenue to be earned from each contract is determined by reference to those \ufb01xed prices. There are no revenue contracts with signi\ufb01cant \ufb01nancing components. ALLOCATING AMOUNTS TO PERFORMANCE OBLIGATIONS For sales contracts there is a \ufb01xed unit price for each product sold. Therefore, there is no judgement involved in alloca\ue001ng the contract price to each unit ordered. Where a customer orders more than one product line, Agilyx Group is able to determine the split of the total contract price between each product line by reference to each product\u2019s standalone selling prices (all product lines are capable of being, and are, sold separately). Agilyx Group\u2019s contracts are for the delivery of goods within the next 12 months for which the prac\ue001cal expedient in paragraph 121(a) of IFRS 15 applies, related to the presenta\ue001on of remaining performance obliga\ue001ons.
The Group has the following major customers, which each accounted for at least 10% of revenues in 2024 or 2023: Major Customers 2023 2024 Segment Customer A 8,439,553 9,904,066 Cyclyx Customer B 4,920,455 994,813 Agilyx Customer C 637,951 - Agilyx
Note 3: Geographical distribution of revenues
Geographical Distribution of Revenues Group Location/category 2023 2024 Europe 674,551 - USA 206,195 15,000 APAC 5,013,955 994,813 Total sales by customers location 5,894,701 1,009,813 Product category Project development 518,626 105,297 Services 630,223 872,749 License, membership and royalty fees 206,203 - Sale of goods 4,539,649 31,767 Total sales by category 5,894,701 1,009,813
No sales was recognized in the parent company, Agilyx ASA, in 2023 and 2024. Note 20: Contract liability The Company\u2019s Contract liability balances at December 31, 2023 and 2024 was $0 and $170,268, respectively. These balances represents billings in excess of revenue recognized on project related activities that are recognized on a percent complete basis and product shipments billed in advance. The Company has classified this amount as current as it expects to recognize the revenues over the next twelve months. An accounting roll forward for the periods presented are as follows: Contract Liability Balance as of January 1, 2023 5,945,535 Billings deferred 10,077,047 Revenue recognized (12,667,275) Cyclyx deconsolidation (3,355,307) Ending balance as of December 31, 2023 - Billings deferred 1,172,030 Revenue recognized (1,001,762) Ending balance as of December 31, 2024 170,268
In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. As a result the labilities attributable to Cyclyx have been removed from the above reconciliation. See Note 23 for more information.
",
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"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-354": {
"value": "REVENUE Performance Obliga\ue001ons and \ue001ming of revenue recogni\ue001on Agilyx Group\u2019s revenues can be divided into three main streams, as analyzed numerically in Note 3: PROJECT DEVELOPMENT Revenues related to project developments are recognized over the contract period using percentage of comple\ue001on as the method for measuring the revenue. This is because the projects created have no alterna\ue001ve use for Agilyx Group and the contracts require payment to be received for the \ue001me and e\ufb00ort
spent by the group on progressing the contracts in the event of the customer canceling the contract prior to comple\ue001on for any reason other than the group\u2019s failure to perform its obliga\ue001ons under the contract. On par\ue001ally complete design contracts, Agilyx Group recognizes revenue based on stage of comple\ue001on of the project which is es\ue001mated by comparing the number of hours actually spent on the project with the total number of hours expected to complete the project (i.e. an input based method). This is considered a faithful depic\ue001on of the transfer of services as the contracts are ini\ue001ally priced on the basis of an\ue001cipated hours to complete the projects and therefore also represents the amount to which the group would be en\ue001tled based on its performance to date. LICENSE, MEMBERSHIP AND ROYALTY FEES License revenues are recognized when the license is delivered and the rights are transferred to the buyer. The rights relate to Agilyx Group\u2019s patented conversion technology which helps customers to take feedstock and turn it into a product. Once the rights are transferred to the buyer, Agilyx Group usually has a present right to payment and retains none of the signi\ufb01cant risks and rewards of the goods in ques\ue001on. SALES OF GOODS Revenues from the sale of goods are recognized at the point in \ue001me of the delivery, when control of the goods and risk of ownership has transferred to the customer. There is limited judgement needed in iden\ue001fying the point control passes: once physical delivery of the products to the agreed loca\ue001on has occurred, the Agilyx Group no longer has physical possession, usually will have a present right to payment and retains none of the signi\ufb01cant risks and rewards of the goods in ques\ue001on. DETERMINING THE TRANSACTION PRICE Agilyx Group\u2019s revenue is derived from \ufb01xed price contracts and therefore the amount of revenue to be earned from each contract is determined by reference to those \ufb01xed prices. There are no revenue contracts with signi\ufb01cant \ufb01nancing components. ALLOCATING AMOUNTS TO PERFORMANCE OBLIGATIONS For sales contracts there is a \ufb01xed unit price for each product sold. Therefore, there is no judgement involved in alloca\ue001ng the contract price to each unit ordered. Where a customer orders more than one product line, Agilyx Group is able to determine the split of the total contract price between each product line by reference to each product\u2019s standalone selling prices (all product lines are capable of being, and are, sold separately). Agilyx Group\u2019s contracts are for the delivery of goods within the next 12 months for which the prac\ue001cal expedient in paragraph 121(a) of IFRS 15 applies, related to the presenta\ue001on of remaining performance obliga\ue001ons.
RESEARCH AND DEVELOPMENT EXPENSES Expenditure on internally developed product or technology is capitalized if it can be demonstrated that: \u2022 It is technically feasible to develop the product for it to be sold \u2022 Adequate resources are available to complete the development \u2022 There is an intention to complete and sell the product \u2022 The Group is able to sell the product \u2022 Sale of the product will generate future economic benefits, and \u2022 Expenditure on the project can be measured reliably. Capitalized development costs are amor\ue001zed over the periods Agilyx Group expects to bene\ufb01t from selling the products developed. No projects have met this criteria for any of the periods presented. Development expenditure not sa\ue001sfying the above criteria and expenditure on the research phase of internal projects are recognized in the consolidated income statement as incurred.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-355": {
"value": "RESEARCH AND DEVELOPMENT EXPENSES Expenditure on internally developed product or technology is capitalized if it can be demonstrated that: \u2022 It is technically feasible to develop the product for it to be sold \u2022 Adequate resources are available to complete the development \u2022 There is an intention to complete and sell the product \u2022 The Group is able to sell the product \u2022 Sale of the product will generate future economic benefits, and \u2022 Expenditure on the project can be measured reliably. Capitalized development costs are amor\ue001zed over the periods Agilyx Group expects to bene\ufb01t from selling the products developed. No projects have met this criteria for any of the periods presented. Development expenditure not sa\ue001sfying the above criteria and expenditure on the research phase of internal projects are recognized in the consolidated income statement as incurred.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-416": {
"value": "INCOME TAX CURRENT INCOME TAX Current income tax assets and liabili\ue001es are measured at the amount expected to be recovered from or paid to the taxa\ue001on authori\ue001es. The tax rates and tax laws used to compute the amount are those that are enacted or substan\ue001vely enacted at the repor\ue001ng date in the countries where the Agilyx Group operates and generates taxable income. DEFERRED TAXATION Deferred tax assets and liabili\ue001es are recognized where the carrying amount of an asset or liability in the consolidated balance sheet di\ufb00ers from its tax base, except for di\ufb00erences arising on: \u2022 The initial recognition of goodwill \u2022 The initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction affects neither accounting or taxable profit, and
\u2022 Investments in subsidiaries and joint arrangements where Agilyx Group is able to control the timing of the reversal of the difference and it is probable that the difference will not reverse in the foreseeable future. Recogni\ue001on of deferred tax assets is restricted to those instances where it is probable that taxable pro\ufb01t will be available against which the di\ufb00erence can be u\ue001lized. The amount of the asset or liability is determined using tax rates that have been enacted or substan\ue001vely enacted by the repor\ue001ng date and are expected to apply when the deferred tax liabili\ue001es/(assets) are se\ue002led/(recovered). Deferred tax assets and liabili\ue001es are o\ufb00set when Agilyx Group has a legally enforceable right to o\ufb00set current tax assets and liabili\ue001es and the deferred tax assets and liabili\ue001es relate to taxes levied by the same tax authority on either: \u2022 The same taxable group company, or \u2022 Different group entities which intend either to settle current tax assets and liabilities on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax assets or liabilities are expected to be settled or recovered.
Note 18: Income taxes Components of the income tax expense There was no provision for income taxes recorded at both the group and parent level for the years ended December 31, 2023 and 2024, respectively. Realization of deferred tax assets is dependent upon future earnings, if any, the timing and amount of which are uncertain. Unrecognized net deferred tax assets totaled $67.2 million (2023: $60.0 million) and in Norway $3.4 million (2023: $1.5 million). As of December 31, 2024, net operating loss for federal income tax purposes in US of approximately $208.9 million, portions of which will begin expire in 2030. Total state net operating loss carryforward in US of approximately $163.2 million, which will begin to expire in 2031. Agilyx Corp also has federal credits for approximately $2.5 million, which will begin to expire in 2030 and state research credits of approximately $0.7 million whose expiration date is not determined. Utilization of some of the federal and state net operating loss and credit carryforwards are subject to annual limitations due to the \u201cchange of ownership\u201d provisions of the Internal Revenue Code of 1986 and similar state provisions. The annual limitations may result in the expiration of net operating losses and credits before utilization. Such an analysis will be prepared before the utilization of the net operating losses and credits. Loss carried forward in Norway as of December 31, 2024, of approximately $15.4 million has no expiration date. Income Taxes Group Parent 2023 2024 2023 2024 Basis for income tax expense 96,122,594 (22,039,472) 1,156,607 (3,251,488) Discontinued operation (113,279,186) - - - Basis for income tax expense \u2013 from continuing operations Result before taxes (17,156,592) (22,039,472) 1,156,607 (3,251,488) Issue costs shares - - - - State benefit 16,485 1,450 - - Foreign expense - - - - Permanent differences (3,585,520) (4,996,159) (2,880,108) (1,798,848) Changes in temporary differences 399,468 4,540,676 - - Basis for payable taxes in the income statement \u2013 from continuing operations (20,326,159) (22,493,505) (1,723,501) (5,050,336) Deferred tax asset Loss carried forward 53,674,151 59,766,442 1,541,794 3,377,623 Research & other credits 3,271,123 3,266,491 - - Capitalized R&D 1,414,255 2,259,173 - - Other intangibles 693 73,766 - - Stock based compensation 301,184 323,153 - - Unrealized gain/loss 728,864 1,207,012 - - Lease liability 57,551 187,727 - - Investment in partnership 726,300 340,804 - - Total deferred tax assets 60,173,428 67,424,568 1,541,794 3,377,623 Deferred tax liabilities Fixed assets (56,413) (37,848) - - Prepayments (39,581) (9,012) - - Right of use assets (54,815) (211,134) - - Investment in partnership - - - - Total deferred tax liabilities (150,116) (257,994) - - Net deferred tax assets 60,023,312 67,166,574 1,541,794 3,377,623 Recognized deferred tax assets - - - - Statutory tax rate 21% 21% 22% 22% Tax rate 0% 0% 0% 0%
INCOME TAX CURRENT INCOME TAX Current income tax assets and liabili\ue001es are measured at the amount expected to be recovered from or paid to the taxa\ue001on authori\ue001es. The tax rates and tax laws used to compute the amount are those that are enacted or substan\ue001vely enacted at the repor\ue001ng date in the countries where the Agilyx Group operates and generates taxable income. DEFERRED TAXATION Deferred tax assets and liabili\ue001es are recognized where the carrying amount of an asset or liability in the consolidated balance sheet di\ufb00ers from its tax base, except for di\ufb00erences arising on: \u2022 The initial recognition of goodwill \u2022 The initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction affects neither accounting or taxable profit, and
\u2022 Investments in subsidiaries and joint arrangements where Agilyx Group is able to control the timing of the reversal of the difference and it is probable that the difference will not reverse in the foreseeable future. Recogni\ue001on of deferred tax assets is restricted to those instances where it is probable that taxable pro\ufb01t will be available against which the di\ufb00erence can be u\ue001lized. The amount of the asset or liability is determined using tax rates that have been enacted or substan\ue001vely enacted by the repor\ue001ng date and are expected to apply when the deferred tax liabili\ue001es/(assets) are se\ue002led/(recovered). Deferred tax assets and liabili\ue001es are o\ufb00set when Agilyx Group has a legally enforceable right to o\ufb00set current tax assets and liabili\ue001es and the deferred tax assets and liabili\ue001es relate to taxes levied by the same tax authority on either: \u2022 The same taxable group company, or \u2022 Different group entities which intend either to settle current tax assets and liabilities on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax assets or liabilities are expected to be settled or recovered.
DEFERRED TAXATION Deferred tax assets and liabili\ue001es are recognized where the carrying amount of an asset or liability in the consolidated balance sheet di\ufb00ers from its tax base, except for di\ufb00erences arising on: \u2022 The initial recognition of goodwill \u2022 The initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction affects neither accounting or taxable profit, and
\u2022 Investments in subsidiaries and joint arrangements where Agilyx Group is able to control the timing of the reversal of the difference and it is probable that the difference will not reverse in the foreseeable future. Recogni\ue001on of deferred tax assets is restricted to those instances where it is probable that taxable pro\ufb01t will be available against which the di\ufb00erence can be u\ue001lized. The amount of the asset or liability is determined using tax rates that have been enacted or substan\ue001vely enacted by the repor\ue001ng date and are expected to apply when the deferred tax liabili\ue001es/(assets) are se\ue002led/(recovered). Deferred tax assets and liabili\ue001es are o\ufb00set when Agilyx Group has a legally enforceable right to o\ufb00set current tax assets and liabili\ue001es and the deferred tax assets and liabili\ue001es relate to taxes levied by the same tax authority on either: \u2022 The same taxable group company, or \u2022 Different group entities which intend either to settle current tax assets and liabilities on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax assets or liabilities are expected to be settled or recovered.
Note 18: Income taxes Components of the income tax expense There was no provision for income taxes recorded at both the group and parent level for the years ended December 31, 2023 and 2024, respectively. Realization of deferred tax assets is dependent upon future earnings, if any, the timing and amount of which are uncertain. Unrecognized net deferred tax assets totaled $67.2 million (2023: $60.0 million) and in Norway $3.4 million (2023: $1.5 million). As of December 31, 2024, net operating loss for federal income tax purposes in US of approximately $208.9 million, portions of which will begin expire in 2030. Total state net operating loss carryforward in US of approximately $163.2 million, which will begin to expire in 2031. Agilyx Corp also has federal credits for approximately $2.5 million, which will begin to expire in 2030 and state research credits of approximately $0.7 million whose expiration date is not determined. Utilization of some of the federal and state net operating loss and credit carryforwards are subject to annual limitations due to the \u201cchange of ownership\u201d provisions of the Internal Revenue Code of 1986 and similar state provisions. The annual limitations may result in the expiration of net operating losses and credits before utilization. Such an analysis will be prepared before the utilization of the net operating losses and credits. Loss carried forward in Norway as of December 31, 2024, of approximately $15.4 million has no expiration date. Income Taxes Group Parent 2023 2024 2023 2024 Basis for income tax expense 96,122,594 (22,039,472) 1,156,607 (3,251,488) Discontinued operation (113,279,186) - - - Basis for income tax expense \u2013 from continuing operations Result before taxes (17,156,592) (22,039,472) 1,156,607 (3,251,488) Issue costs shares - - - - State benefit 16,485 1,450 - - Foreign expense - - - - Permanent differences (3,585,520) (4,996,159) (2,880,108) (1,798,848) Changes in temporary differences 399,468 4,540,676 - - Basis for payable taxes in the income statement \u2013 from continuing operations (20,326,159) (22,493,505) (1,723,501) (5,050,336) Deferred tax asset Loss carried forward 53,674,151 59,766,442 1,541,794 3,377,623 Research & other credits 3,271,123 3,266,491 - - Capitalized R&D 1,414,255 2,259,173 - - Other intangibles 693 73,766 - - Stock based compensation 301,184 323,153 - - Unrealized gain/loss 728,864 1,207,012 - - Lease liability 57,551 187,727 - - Investment in partnership 726,300 340,804 - - Total deferred tax assets 60,173,428 67,424,568 1,541,794 3,377,623 Deferred tax liabilities Fixed assets (56,413) (37,848) - - Prepayments (39,581) (9,012) - - Right of use assets (54,815) (211,134) - - Investment in partnership - - - - Total deferred tax liabilities (150,116) (257,994) - - Net deferred tax assets 60,023,312 67,166,574 1,541,794 3,377,623 Recognized deferred tax assets - - - - Statutory tax rate 21% 21% 22% 22% Tax rate 0% 0% 0% 0%
",
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"reg-ix-357": {
"value": "DEFERRED TAXATION Deferred tax assets and liabili\ue001es are recognized where the carrying amount of an asset or liability in the consolidated balance sheet di\ufb00ers from its tax base, except for di\ufb00erences arising on: \u2022 The initial recognition of goodwill \u2022 The initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction affects neither accounting or taxable profit, and
\u2022 Investments in subsidiaries and joint arrangements where Agilyx Group is able to control the timing of the reversal of the difference and it is probable that the difference will not reverse in the foreseeable future. Recogni\ue001on of deferred tax assets is restricted to those instances where it is probable that taxable pro\ufb01t will be available against which the di\ufb00erence can be u\ue001lized. The amount of the asset or liability is determined using tax rates that have been enacted or substan\ue001vely enacted by the repor\ue001ng date and are expected to apply when the deferred tax liabili\ue001es/(assets) are se\ue002led/(recovered). Deferred tax assets and liabili\ue001es are o\ufb00set when Agilyx Group has a legally enforceable right to o\ufb00set current tax assets and liabili\ue001es and the deferred tax assets and liabili\ue001es relate to taxes levied by the same tax authority on either: \u2022 The same taxable group company, or \u2022 Different group entities which intend either to settle current tax assets and liabilities on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax assets or liabilities are expected to be settled or recovered.
",
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"reg-ix-411": {
"value": "STOCK-BASED COMPENSATION The Company accounts for stock-based compensa\ue001on in accordance with IFRS 2 \u2013 Share-based payment. The grant-date fair value of equity-se\ue002led share-based payment arrangements granted to employees is generally recognized as an expense, with a corresponding increase in equity, over the ves\ue001ng period of the awards, using the accelerated method. The amount recognized as an expense, commences on the \ufb01rst of the month following the date of the grant and is adjusted to re\ufb02ect the number of awards for which the related service condi\ue001ons are expected to be met, such that the amount ul\ue001mately recognized is based on the number of awards that meet the related service condi\ue001ons at the ves\ue001ng date.
Note 15: Stock Option Plan Stock Options Stock Option Activity Number of shares Weighted average exercise price Weighted average contractual term (years) Aggregate intrinsic value Balance at January 1, 2023 12,289,216 $1.40 7.71 26,343,495 Shares authorized Options granted 140,000 3.41 Options exercised (631,249) 0.19 Options forfeited/expired (1,104,814) 1.92 Balance at December 31, 2023 10,693,153 $1.47 6.76 12,367,651 Shares authorized Options granted 1,320,000 2.95 Options exercised - - Options forfeited/expired (681,054) 2.98 Balance at December 31, 2024 11,332,099 $1.55 6.28 12,338,168 Options vested and expected to vest at December 31, 2024 11,332,099 $1.55 6.28 12,358,168 Options exercisable 9,594,555 $1.32 5.71 11,615,946 Equity Shares All employees Key management personnel 2023 2024 2023 2024 Equity-settled Option pricing model used Black-Scholes Black-Scholes Black-Scholes Black-Scholes Share price at grant date (weighted average) $1.13 $2.93 $1.20 $2.93 Exercise price (weighted average) $3.41 $2.95 $3.47 $2.95 Contractual life (weighted average) 10.99 11 11 11 Expected volatility (weighted average) 53% 33% 59% 33% Expected dividend growth rate 0% 0% 0% 0% Risk free interest rate (weighted average) 3.08% 3.21% 3.10% 3.21% The following information is relevant in the determination of the fair value of options granted during the year under the equity share based remuneration schemes operated by the Group. The 2020 plan became effective as of 4 June 2020. Prior to this date Agilyx Corp had implemented a 2009 Stock Incentive plan. The 2009 plan was considered null and void after the effective date of the 2020 plan, and the options were replaced with new options in the new plan. The result was a modification of the options granted to each relevant counterparty which resulted in accelerated vesting. The result was beneficial (i.e. a higher fair value) to the employees since the service conditions were shortened for each counterparty. The total value of the modified grants was $216,535. Management calculated the total compensation cost for each new tranche and will be recognizing the new compensation cost straight-lined over the new vesting periods. The plan has two vesting periods with the first of 4 years, with 25% vesting after 1 year & monthly vesting evenly thereafter and the second with 3 years, vesting 20%, 30% and 50% annually, respectively. All options are equity settled. Estimated volatility is calculated based on the historical volatility of similar entities whose share prices are publicly traded. The total number of shares that may be issued under this plan are 21,750,000 shares. If an option expires, terminates or is canceled, the unissued shares subject to that option shall again be available under the Plan. The options outstanding have a range of exercise prices from $0.06 to $3.89
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"reg-ix-358": {
"value": "STOCK-BASED COMPENSATION The Company accounts for stock-based compensa\ue001on in accordance with IFRS 2 \u2013 Share-based payment. The grant-date fair value of equity-se\ue002led share-based payment arrangements granted to employees is generally recognized as an expense, with a corresponding increase in equity, over the ves\ue001ng period of the awards, using the accelerated method. The amount recognized as an expense, commences on the \ufb01rst of the month following the date of the grant and is adjusted to re\ufb02ect the number of awards for which the related service condi\ue001ons are expected to be met, such that the amount ul\ue001mately recognized is based on the number of awards that meet the related service condi\ue001ons at the ves\ue001ng date.
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"mtpnn17": {
"value": "FOREIGN CURRENCY TRANSLATION Certain transac\ue001ons of the Company and its subsidiaries are denominated in currencies other than their func\ue001onal currency. Foreign currency exchange gains and losses generated from the se\ue002lement and remeasurement of these transac\ue001ons are recognized in earnings and presented within \u201cOther \ufb01nancial income\u201d in the Company\u2019s Income Statement.
",
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"reg-ix-359": {
"value": "FOREIGN CURRENCY TRANSLATION Certain transac\ue001ons of the Company and its subsidiaries are denominated in currencies other than their func\ue001onal currency. Foreign currency exchange gains and losses generated from the se\ue002lement and remeasurement of these transac\ue001ons are recognized in earnings and presented within \u201cOther \ufb01nancial income\u201d in the Company\u2019s Income Statement.
",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"reg-ix-422": {
"value": "FINANCIAL INSTRUMENTS FINANCIAL ASSETS Agilyx Group categorizes all of its \ufb01nancial assets as amor\ue001zed cost, due to the nature and purpose of the assets. These assets arise principally from the provision of goods and services to customers (e.g. accounts receivables), but also incorporate other types of \ufb01nancial assets where the objec\ue001ve is to hold these assets in order to collect contractual cash \ufb02ows and the contractual cash \ufb02ows are solely payments of principal and interest (principally cash and cash equivalents). They are ini\ue001ally recognized at fair value plus transac\ue001on costs that are directly a\ue002ributable to their acquisi\ue001on or issue, and are subsequently carried at amor\ue001zed cost using the e\ufb00ec\ue001ve interest rate method, less provision for impairment, as required. Impairment provisions for current and non-current trade receivables are recognized based on the simpli\ufb01ed approach within IFRS 9 see note 10 for further commentary on the applica\ue001on of this. Agilyx Group\u2019s \ufb01nancial assets measured at amor\ue001zed cost comprise accounts receivables, restricted cash and cash and cash equivalents in the consolidated balance sheet.
FINANCIAL LIABILITIES Agilyx Group classi\ufb01es its \ufb01nancial liabili\ue001es into one of two categories, depending on the purpose for which the liability was acquired.
FAIR VALUE THROUGH PROFIT OR LOSS This category comprises warrants and subscrip\ue001on rights which are deriva\ue001ve \ufb01nancial instruments. They are carried in the consolidated balance sheet at fair value with changes in fair value recognized in the consolidated pro\ufb01t and loss. Other than these deriva\ue001ve \ufb01nancial instruments, the Group does not have any liabili\ue001es held for trading nor has it designated any \ufb01nancial liabili\ue001es as being at fair value through pro\ufb01t or loss.
OTHER FINANCIAL LIABILITIES \u2013 MEASURED AT AMORTIZED COST Other \ufb01nancial liabili\ue001es include bond payable, accounts payable, payables to Group companies and lease liabili\ue001es. These are ini\ue001ally recognized at fair value net of any transac\ue001on costs directly a\ue002ributable to the issue of the instrument.
Any interest bearing liabili\ue001es are subsequently measured at amor\ue001zed cost using the e\ufb00ec\ue001ve interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the consolidated statement of \ufb01nancial posi\ue001on. Accounts payables and other short-term monetary liabili\ue001es, are ini\ue001ally recognized at fair value and subsequently carried at amor\ue001zed cost using the e\ufb00ec\ue001ve interest method.
IMPAIRMENT OF NON-FINANCIAL ASSETS Agilyx Group non-\ufb01nancial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is wri\ue002en down accordingly. See Note 9, for speci\ufb01c analysis performed on the investment in Regenyx. Where it is not possible to es\ue001mate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately iden\ue001\ufb01able cash \ufb02ows; its cash genera\ue001ng units (\u2018CGUs\u2019). Impairment charges are included in pro\ufb01t or loss, except to the extent they reverse gains previously recognized in other comprehensive income.
RECEIVABLES Trade receivables and other receivables are recognized at amor\ue001zed cost, less any provision for expected credit losses of receivables. See Note 10 for further informa\ue001on on how Agilyx Group applies the simpli\ufb01ed model for expected credit losses, as permi\ue002ed by IFRS 9.
INDEPENDENT SUBSCRIPTION RIGHTS \u2013 DERIVATIVE LIABILITY Agilyx has granted warrants in connec\ue001on with various debt and equity issuances that were exercisable into ordinary shares. In connec\ue001on to the share exchange that was completed January 7, 2020, these warrants were replaced with subscrip\ue001on rights where Agilyx ASA issued 36,925 (3,692,500 a\ufb05er share split 1:100) subscrip\ue001on rights exercisable by no\ue001ce to the Board of Directors. Upon exercise, a cash contribu\ue001on of $100 ($1 a\ufb05er share split) shall be paid for the warrants under the 2017 plan in Agilyx Corpora\ue001on, and $0.01 (0.00 a\ufb05er share split) for all other warrants. The subscrip\ue001on rights were issued by an extraordinary general mee\ue001ng held August 27, 2020. The warrant agreements include a cashless exercise op\ue001on, which introduces variability into the number of shares that could be issued. The instruments therefore fails the \ufb01xed for \ufb01xed requirement in IAS 32 and is classi\ufb01ed as a deriva\ue001ve liability. The instruments meets the de\ufb01ni\ue001on of a deriva\ue001ve because their values change in response to a speci\ufb01ed \ufb01nancial instrument price (Agilyx Group stock price), they required no ini\ue001al net investment and they will be se\ue002led at a future date. Such deriva\ue001ve \ufb01nancial instruments are ini\ue001ally recognized at fair value on the date on which a deriva\ue001ve contract is entered into and are subsequently remeasured at fair value. See Note 14 for addi\ue001onal informa\ue001on on these instruments and the valua\ue001on approach.
In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. As a result, the assets attributable to Cyclyx have been removed from the above reconciliation. See Note 23 for more information.
IMPAIRMENT OF INVESTMENT Agilyx Group is split into two CGU's for impairment analysis purposes, Agilyx and Cyclyx, which is in alignment with the segments disclosed in Note 2. Regenyx is part of the Agilyx reportable segment. Furthermore, the investment in Regenyx is separately assessed for impairment because it is able to generate cash\ufb02ows that are largely independent of the cash in\ufb02ows from other assets or groups of assets. For the investment in Regenyx, objec\ue001ve evidence of impairment was noted, in accordance with the criteria in IAS 28, due to forecasted nega\ue001ve cash \ufb02ows being generated by the en\ue001ty, which would require capital contribu\ue001ons from Agilyx and AmSty in order to support its con\ue001nued opera\ue001on. Due to the projected nega\ue001ve cash \ufb02ows and the unique nature of the underlying plant, it was determined that the recoverable amount was zero under both the value in use and fair value less cost to sell methodology therefore the investment in Regenyx has been fully impaired at January 1, 2021. As can be seen in the tables below, subsequent capital investments by Agilyx, led to impairments for both balance sheet periods presented on the basis that the recoverable amount using the value in use and fair value less cost to sell methodologies would lead to a fully wri\ue002en o\ufb00 investment. As of December 31, 2024, the Regenyx opera\ue001on has been dissolved.
Agilyx applies the IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss provision for all accounts receivables. To measure expected credit losses on a collective basis, accounts receivables are grouped based on similar credit risk and aging. The expected loss rates are based on Agilyx' s historical credit losses experienced over the period since adoption of IFRS. Historically, Agilyx does not have issues with collectability of its receivable balances. Due to this historical experience and the procedures which are applied to new customers, no allowance for expected credit losses has been booked. Given this context, the impact of any forward looking factors is not expected to adjust the conclusion that no allowance is required. The aging of the accounts receivable balances are displayed below. As of the issuance of this report, all but approximately $50k has been subsequently collected. Group 2023 2024 Non-overdue amounts - - 0-30 days past due - - 31-60 days past due - 5,781 60-90 days past due 260,741 12,666 Over 90 days past due 328,137 571,930 588,878 590,377
Note 11: Inventory Inventory Group Inventories consist of the following: 2023 2024 Raw materials - - Finished goods - 4,811 Total inventories - 4,811 In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. As a result the assets attributable to Cyclyx, are not included in the 2023 balances above. See Note 23 for more information. There are no inventories carried by the parent.
In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. As a result the assets attributable to Cyclyx, are not included in the 2023 balances above. See Note 23 for more information
.
WARRANTS AND SUBSCRIPTION RIGHTS Number of ordinary shares Exercise price per share \u2013 USD Expiration Ordinary share warrants converted to subscription rights 2,322,100 1.00 2025 Group and parent December 31, 2023 Group and parent December 31, 2024 Warrant liabilities 3,293,206 5,092,107 Group and parent December 31, 2023 Group and parent December 31, 2024 Expected term 7-Aug-25 7-Aug-25 Equity volatility 35 35 Risk free rate 4.45% 4.16% Equity value at expiration \u2013 5% Equity value at expiration + 5% At December 31, 2023 (164,661) 164,660 At December 31, 2024 (254,605) 254,606
Reconciliation Warrant liability At January 1, 2023 6,303,189 Gain on warrant value \u2013 presented as fair value through profit and loss (3,009,983) At December 31, 2023 3,293,206 Loss on warrant value \u2013 presented as fair value through profit and loss 1,798,901 At December 31, 2024 5,092,107 Note 14: Warrants The Company has granted warrants in connection with various debt and equity issuances. The following table reflects the total of outstanding warrants as of December 31, 2024 that are exercisable into ordinary shares: The ordinary share warrants and subscription rights are the only financial instruments measured at fair value through the profit and loss. This treatment is required for the Warrants because the terms of the Warrant include a cash less exercise option, which triggers derivative treatment in accordance with IFRS 9. This is because their values change in response to a specified financial instrument price (Agilyx Group stock price), they required no initial net investment and they will be settled at a future date. All ordinary share warrants and subscription rights are measured using level 3 inputs on the fair value hierarchy. There were no transfers between the levels of the fair value hierarchy during any of the years presented. The valuation of the Warrant liability was performed using the Black Scholes Model, the following inputs were significant in the computation of fair values at each reporting date: During 2022, the Board of Directors authorized an extension on all warrants now having an expiration date of August 7, 2025. As the outstanding warrants for Agilyx are well in the money as of the December 31, 2023, and 2024 reporting dates, the valuations performed determined that the preponderance of the amount, for each of the respective dates, was intrinsic value in nature. Hence there was very little time value associated with the estimate of value calculated. As a result of this relationship, the change in the value of the instruments is going to be more closely correlated with the change in the underlying equity price as opposed to a change in volatility. This determination was corroborated with the sensitivity calculations completed. During 2023 and 2024, no warrants were exercised. The sensitivity analysis of a reasonably possible change in one significant unobservable input, being the underlying equity value, holding other inputs constant would be:
The reconciliation of the opening and closing fair value balance of level 3 financial instruments is provided below (this is applicable for both the Group and Parent only financial statements): Note 19: Bonds payable On November 11, 2024, Agilyx ASA entered into a $50 million senior secured green bond issue with a tenor of 3 years. The bond carries a fixed quarterly coupon at a rate of 13.5% per annum and will mature on November 29, 2027. The fair value of the bond at initial measurement was $49 million, representing a 2% discount which will be amortized over the term of the bond under the effective interest method. In connection with the bond issuance, directly attributable transaction costs of $4,134,420 were capitalized to the balance of the bond, and are being amortized over the term of the bond under the effective interest method. As of December 31, 2024, the balance on the bond was $45,002,264, with an accrued coupon payment of $562,500. The carrying value of the bond approximates fair value. The bond is subject to certain covenants which, if not met, would result in the bond becoming repayable on demand. The first covenant is that the company's liquidity shall not, at any time, be less than $6,750,000. The second covenant is that the ratio of Market Capitalization to Net Interest- Bearing Debt at any time shall not be less than 3.00:1. The Company is to comply with these covenants at all times, and such compliance to be measured on June 30 and December 31 each year. As at December 31, 2024, the Company was in compliance with both covenants. In accordance with the terms of the bond agreement, the proceeds from the bond are held in an escrow account which had a balance of $40,188,255 as of December 31, 2024 and is classified as restricted cash on the Statement of Financial Position. The bond is secured by (i) a pledge on the escrow account, (ii) a guarantee from Agilyx, (iii) a pledge over all shares issued in Agilyx, (iv) a pledge over all LLC membership interests in Cyclyx owned by Agilyx, (v) a first priority assignment of any intercompany loans granted to or by Agilyx, (vi) first priority charges over the bank accounts of Agilyx, (vii) assignment over all insurances of each Obligor, and (viii) security over the IP portfolio.
Bond for Year Ending December 31
Group Parent 2025 (6,750,000) (6,750,000) 2025 (6,750,000) (6,750,000) 2025 (56,750,000) (56,750,000) (70,250,000) (70,250,000)
Note 21: Financial Instruments \u2013 Risk Management Agilyx Group is exposed through its operations to the following financial risks: \u2022 Credit risk \u2022 Liquidity risk In common with all other businesses, Agilyx Group is exposed to risks that arise from its use of financial instruments. This note describes Agilyx Group's objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements. There have been no substantive changes in the Group's exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note. (i) Principal financial instruments, by category The principal financial instruments used by Agilyx Group are listed in the table below, all of which are measured at amortized cost, plus the Warrant/Subscription rights, which are measured at fair value through the profit and loss: (ii) Financial instruments not measured at fair value Financial instruments not measured at fair value includes all the instruments listed in the table above (except the warrants). Due to the short term nature of Accounts receivable, Accounts payable and the Payable to Group Companies, amounts, the amortized cost is considered to approximate fair value. The Bond payable and Lease liabilities both carry market rates of interest, for these amounts the amortized cost is also considered to approximate fair value, measured using level 1 of the fair value hierarchy. (iii) Financial instruments measured at fair value The only financial instruments measured at fair value through profit and loss are the Warrants and Subscription rights, described in more detail in Note 14. (iv) General objectives, policies and processes The Board has overall responsibility for the determination of Agilyx Group's risk management objectives and policies and, while retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the Agilyx Group finance function. The Board receives monthly reports from the CFO and Corporate Controller through which it reviews the effectiveness of the processes put in place and the appropriateness of the objectives and policies it sets. Principal Financial Instruments Group \u2013 as at Parent \u2013 as at December 31, 2023 December 31, 2024 December 31, 2023 December 31, 2024 Accounts receivable 588,878 590,377 - - Cash and cash equivalents 8,527,632 18,135,934 5,958,889 17,227,016 Total financial assets 9,116,510 18,726,311 5,958,889 17,227,016 Accounts payable 1,830,507 207,796 403 376 Payable to group companies - - 4,330,087 6,507,676 Lease liabilities 292,958 822,283 - - Financial liabilities at amortized cost 2,123,465 1,030,079 4,330,490 6,508,052 Warrant liability 3,293,206 5,092,107 3,293,206 5,092,107 Total financial liabilities 5,416,671 6,122,186 7,623,696 11,600,159
Credit risk Credit risk is the risk of financial loss to Agilyx Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Agilyx Group is mainly exposed to credit risk from credit sales. It is Group policy, implemented locally, to assess the credit risk of new customers before entering contracts. Such credit ratings are taken into account by local business practices. As noted in Note 1, historically Agilyx does not have issues with collectability of its receivable balances. Due to this historical experience and the procedures which are applied to new customers, no allowance for expected credit losses has been booked. Credit risk also arises from cash and cash equivalents and deposits with banks and financial institutions. Agilyx Group only deals with highly reputable banks and financial institutions. At times, Agilyx Group does hold funds with certain banks that are beyond federally insured levels, however, management regularly monitor the banking relationships to minimize any risk that may arise in this respect.
Liquidity risk Liquidity risk arises from Agilyx Group's management of working capital and the finance charges and principal repayments on its debt instruments. It is the risk that Agilyx Group will encounter difficulty in meeting its financial obligations as they fall due. The current policy is to ensure that it will always have sufficient cash to allow it to meet its liabilities when they become due. To achieve this aim, it seeks to maintain cash balances (or agreed facilities) to meet expected requirements for a period of at least 45 days. The Group also seeks to reduce liquidity risk by fixing interest rates (and hence cash flows) on its long-term borrowings. Note that since all long-term borrowings are at fixed rates, management do not consider there to be a significant interest rate risk. The Board regularly receives cash flow projections as well as information regarding cash balances. At the end of the financial year, these projections indicated that the Group expected to have sufficient liquid resources to meet its obligations under all reasonably expected circumstances. The budgets are set by management and agreed by the Board in advance, enabling the Agilyx Group's cash requirements to be anticipated. The following table sets out the contractual maturities (representing undiscounted contractual cash-flows) of financial liabilities:
The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Group\u2019s competitiveness and flexibility. Further details regarding these policies are set out below: See note 8 for undiscounted contractual cash flow information in relation to the lease liabilities. Contractural Maturities (Group \u2013 As At) Group \u2013 as at As at December, 31 2023 Due between 0-12 months Due between 1-2 years Due after 2 years or more Total Accounts payable 1,830,507 - - 1,830,507 Payable to group companies - - - - 1,830,507 - - 1,830,507 As at December, 31 2024 Accounts payable 207,796 - - 207,796 Payable to group companies - - - - 207,796 - - 207,796 Contractural Maturities (Parent \u2013 As At) Parent \u2013 as at As at December, 31 2023 Due between 0-12 months Due between 1-2 years Due after 2 years or more Total Accounts payable 403 - - 403 Payable to Group Companies 4,330,087 - - 4,330,087 4,330,490 - - 4,330,490 As at December, 31 2024 Accounts payable 376 - - 376 Payable to Group Companies 6,507,676 - - 6,507,676
Agilyx Group's managed capital includes equity and debt. The objectives for Agilyx Group when maintaining capital are: \u2022 to safeguard the entity's ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders, and \u2022 to provide an adequate return to shareholders by pricing products and services commensurately with the level of risk. Agilyx Group sets the amount of capital it requires in proportion to risk. The Group manages its capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Group may return capital to shareholders, issue new shares, or sell assets to reduce debt. Due to recent market uncertainty, the Group's strategy is to preserve a strong cash base and
ensure compliance with any covenants attached to the bank and borrowing facilit
ies.
FINANCIAL INSTRUMENTS FINANCIAL ASSETS Agilyx Group categorizes all of its \ufb01nancial assets as amor\ue001zed cost, due to the nature and purpose of the assets. These assets arise principally from the provision of goods and services to customers (e.g. accounts receivables), but also incorporate other types of \ufb01nancial assets where the objec\ue001ve is to hold these assets in order to collect contractual cash \ufb02ows and the contractual cash \ufb02ows are solely payments of principal and interest (principally cash and cash equivalents). They are ini\ue001ally recognized at fair value plus transac\ue001on costs that are directly a\ue002ributable to their acquisi\ue001on or issue, and are subsequently carried at amor\ue001zed cost using the e\ufb00ec\ue001ve interest rate method, less provision for impairment, as required. Impairment provisions for current and non-current trade receivables are recognized based on the simpli\ufb01ed approach within IFRS 9 see note 10 for further commentary on the applica\ue001on of this. Agilyx Group\u2019s \ufb01nancial assets measured at amor\ue001zed cost comprise accounts receivables, restricted cash and cash and cash equivalents in the consolidated balance sheet.
FINANCIAL LIABILITIES Agilyx Group classi\ufb01es its \ufb01nancial liabili\ue001es into one of two categories, depending on the purpose for which the liability was acquired.
FAIR VALUE THROUGH PROFIT OR LOSS This category comprises warrants and subscrip\ue001on rights which are deriva\ue001ve \ufb01nancial instruments. They are carried in the consolidated balance sheet at fair value with changes in fair value recognized in the consolidated pro\ufb01t and loss. Other than these deriva\ue001ve \ufb01nancial instruments, the Group does not have any liabili\ue001es held for trading nor has it designated any \ufb01nancial liabili\ue001es as being at fair value through pro\ufb01t or loss.
OTHER FINANCIAL LIABILITIES \u2013 MEASURED AT AMORTIZED COST Other \ufb01nancial liabili\ue001es include bond payable, accounts payable, payables to Group companies and lease liabili\ue001es. These are ini\ue001ally recognized at fair value net of any transac\ue001on costs directly a\ue002ributable to the issue of the instrument.
Any interest bearing liabili\ue001es are subsequently measured at amor\ue001zed cost using the e\ufb00ec\ue001ve interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the consolidated statement of \ufb01nancial posi\ue001on. Accounts payables and other short-term monetary liabili\ue001es, are ini\ue001ally recognized at fair value and subsequently carried at amor\ue001zed cost using the e\ufb00ec\ue001ve interest method.
IMPAIRMENT OF NON-FINANCIAL ASSETS Agilyx Group non-\ufb01nancial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is wri\ue002en down accordingly. See Note 9, for speci\ufb01c analysis performed on the investment in Regenyx. Where it is not possible to es\ue001mate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately iden\ue001\ufb01able cash \ufb02ows; its cash genera\ue001ng units (\u2018CGUs\u2019). Impairment charges are included in pro\ufb01t or loss, except to the extent they reverse gains previously recognized in other comprehensive income.
RECEIVABLES Trade receivables and other receivables are recognized at amor\ue001zed cost, less any provision for expected credit losses of receivables. See Note 10 for further informa\ue001on on how Agilyx Group applies the simpli\ufb01ed model for expected credit losses, as permi\ue002ed by IFRS 9.
INDEPENDENT SUBSCRIPTION RIGHTS \u2013 DERIVATIVE LIABILITY Agilyx has granted warrants in connec\ue001on with various debt and equity issuances that were exercisable into ordinary shares. In connec\ue001on to the share exchange that was completed January 7, 2020, these warrants were replaced with subscrip\ue001on rights where Agilyx ASA issued 36,925 (3,692,500 a\ufb05er share split 1:100) subscrip\ue001on rights exercisable by no\ue001ce to the Board of Directors. Upon exercise, a cash contribu\ue001on of $100 ($1 a\ufb05er share split) shall be paid for the warrants under the 2017 plan in Agilyx Corpora\ue001on, and $0.01 (0.00 a\ufb05er share split) for all other warrants. The subscrip\ue001on rights were issued by an extraordinary general mee\ue001ng held August 27, 2020. The warrant agreements include a cashless exercise op\ue001on, which introduces variability into the number of shares that could be issued. The instruments therefore fails the \ufb01xed for \ufb01xed requirement in IAS 32 and is classi\ufb01ed as a deriva\ue001ve liability. The instruments meets the de\ufb01ni\ue001on of a deriva\ue001ve because their values change in response to a speci\ufb01ed \ufb01nancial instrument price (Agilyx Group stock price), they required no ini\ue001al net investment and they will be se\ue002led at a future date. Such deriva\ue001ve \ufb01nancial instruments are ini\ue001ally recognized at fair value on the date on which a deriva\ue001ve contract is entered into and are subsequently remeasured at fair value. See Note 14 for addi\ue001onal informa\ue001on on these instruments and the valua\ue001on approach.
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"reg-ix-361": {
"value": "FINANCIAL ASSETS Agilyx Group categorizes all of its \ufb01nancial assets as amor\ue001zed cost, due to the nature and purpose of the assets. These assets arise principally from the provision of goods and services to customers (e.g. accounts receivables), but also incorporate other types of \ufb01nancial assets where the objec\ue001ve is to hold these assets in order to collect contractual cash \ufb02ows and the contractual cash \ufb02ows are solely payments of principal and interest (principally cash and cash equivalents). They are ini\ue001ally recognized at fair value plus transac\ue001on costs that are directly a\ue002ributable to their acquisi\ue001on or issue, and are subsequently carried at amor\ue001zed cost using the e\ufb00ec\ue001ve interest rate method, less provision for impairment, as required. Impairment provisions for current and non-current trade receivables are recognized based on the simpli\ufb01ed approach within IFRS 9 see note 10 for further commentary on the applica\ue001on of this. Agilyx Group\u2019s \ufb01nancial assets measured at amor\ue001zed cost comprise accounts receivables, restricted cash and cash and cash equivalents in the consolidated balance sheet.
IMPAIRMENT OF NON-FINANCIAL ASSETS Agilyx Group non-\ufb01nancial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is wri\ue002en down accordingly. See Note 9, for speci\ufb01c analysis performed on the investment in Regenyx. Where it is not possible to es\ue001mate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately iden\ue001\ufb01able cash \ufb02ows; its cash genera\ue001ng units (\u2018CGUs\u2019). Impairment charges are included in pro\ufb01t or loss, except to the extent they reverse gains previously recognized in other comprehensive income.
RECEIVABLES Trade receivables and other receivables are recognized at amor\ue001zed cost, less any provision for expected credit losses of receivables. See Note 10 for further informa\ue001on on how Agilyx Group applies the simpli\ufb01ed model for expected credit losses, as permi\ue002ed by IFRS 9.
FINANCIAL LIABILITIES Agilyx Group classi\ufb01es its \ufb01nancial liabili\ue001es into one of two categories, depending on the purpose for which the liability was acquired.
OTHER FINANCIAL LIABILITIES \u2013 MEASURED AT AMORTIZED COST Other \ufb01nancial liabili\ue001es include bond payable, accounts payable, payables to Group companies and lease liabili\ue001es. These are ini\ue001ally recognized at fair value net of any transac\ue001on costs directly a\ue002ributable to the issue of the instrument.
Any interest bearing liabili\ue001es are subsequently measured at amor\ue001zed cost using the e\ufb00ec\ue001ve interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the consolidated statement of \ufb01nancial posi\ue001on. Accounts payables and other short-term monetary liabili\ue001es, are ini\ue001ally recognized at fair value and subsequently carried at amor\ue001zed cost using the e\ufb00ec\ue001ve interest method.
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"reg-ix-407": {
"value": "FAIR VALUE THROUGH PROFIT OR LOSS This category comprises warrants and subscrip\ue001on rights which are deriva\ue001ve \ufb01nancial instruments. They are carried in the consolidated balance sheet at fair value with changes in fair value recognized in the consolidated pro\ufb01t and loss. Other than these deriva\ue001ve \ufb01nancial instruments, the Group does not have any liabili\ue001es held for trading nor has it designated any \ufb01nancial liabili\ue001es as being at fair value through pro\ufb01t or loss.
WARRANTS AND SUBSCRIPTION RIGHTS Number of ordinary shares Exercise price per share \u2013 USD Expiration Ordinary share warrants converted to subscription rights 2,322,100 1.00 2025 Group and parent December 31, 2023 Group and parent December 31, 2024 Warrant liabilities 3,293,206 5,092,107 Group and parent December 31, 2023 Group and parent December 31, 2024 Expected term 7-Aug-25 7-Aug-25 Equity volatility 35 35 Risk free rate 4.45% 4.16% Equity value at expiration \u2013 5% Equity value at expiration + 5% At December 31, 2023 (164,661) 164,660 At December 31, 2024 (254,605) 254,606
Reconciliation Warrant liability At January 1, 2023 6,303,189 Gain on warrant value \u2013 presented as fair value through profit and loss (3,009,983) At December 31, 2023 3,293,206 Loss on warrant value \u2013 presented as fair value through profit and loss 1,798,901 At December 31, 2024 5,092,107 Note 14: Warrants The Company has granted warrants in connection with various debt and equity issuances. The following table reflects the total of outstanding warrants as of December 31, 2024 that are exercisable into ordinary shares: The ordinary share warrants and subscription rights are the only financial instruments measured at fair value through the profit and loss. This treatment is required for the Warrants because the terms of the Warrant include a cash less exercise option, which triggers derivative treatment in accordance with IFRS 9. This is because their values change in response to a specified financial instrument price (Agilyx Group stock price), they required no initial net investment and they will be settled at a future date. All ordinary share warrants and subscription rights are measured using level 3 inputs on the fair value hierarchy. There were no transfers between the levels of the fair value hierarchy during any of the years presented. The valuation of the Warrant liability was performed using the Black Scholes Model, the following inputs were significant in the computation of fair values at each reporting date: During 2022, the Board of Directors authorized an extension on all warrants now having an expiration date of August 7, 2025. As the outstanding warrants for Agilyx are well in the money as of the December 31, 2023, and 2024 reporting dates, the valuations performed determined that the preponderance of the amount, for each of the respective dates, was intrinsic value in nature. Hence there was very little time value associated with the estimate of value calculated. As a result of this relationship, the change in the value of the instruments is going to be more closely correlated with the change in the underlying equity price as opposed to a change in volatility. This determination was corroborated with the sensitivity calculations completed. During 2023 and 2024, no warrants were exercised. The sensitivity analysis of a reasonably possible change in one significant unobservable input, being the underlying equity value, holding other inputs constant would be:
The reconciliation of the opening and closing fair value balance of level 3 financial instruments is provided below (this is applicable for both the Group and Parent only financial statements): The following table sets out the contractual maturities (representing undiscounted contractual cash-flows) of financial liabilities:
See note 8 for undiscounted contractual cash flow information in relation to the lease liabilities. Contractural Maturities (Group \u2013 As At) Group \u2013 as at As at December, 31 2023 Due between 0-12 months Due between 1-2 years Due after 2 years or more Total Accounts payable 1,830,507 - - 1,830,507 Payable to group companies - - - - 1,830,507 - - 1,830,507 As at December, 31 2024 Accounts payable 207,796 - - 207,796 Payable to group companies - - - - 207,796 - - 207,796 Contractural Maturities (Parent \u2013 As At) Parent \u2013 as at As at December, 31 2023 Due between 0-12 months Due between 1-2 years Due after 2 years or more Total Accounts payable 403 - - 403 Payable to Group Companies 4,330,087 - - 4,330,087 4,330,490 - - 4,330,490 As at December, 31 2024 Accounts payable 376 - - 376 Payable to Group Companies 6,507,676 - - 6,507,676
FAIR VALUE THROUGH PROFIT OR LOSS This category comprises warrants and subscrip\ue001on rights which are deriva\ue001ve \ufb01nancial instruments. They are carried in the consolidated balance sheet at fair value with changes in fair value recognized in the consolidated pro\ufb01t and loss. Other than these deriva\ue001ve \ufb01nancial instruments, the Group does not have any liabili\ue001es held for trading nor has it designated any \ufb01nancial liabili\ue001es as being at fair value through pro\ufb01t or loss.
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"value": "OTHER FINANCIAL LIABILITIES \u2013 MEASURED AT AMORTIZED COST Other \ufb01nancial liabili\ue001es include bond payable, accounts payable, payables to Group companies and lease liabili\ue001es. These are ini\ue001ally recognized at fair value net of any transac\ue001on costs directly a\ue002ributable to the issue of the instrument.
Any interest bearing liabili\ue001es are subsequently measured at amor\ue001zed cost using the e\ufb00ec\ue001ve interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the consolidated statement of \ufb01nancial posi\ue001on. Accounts payables and other short-term monetary liabili\ue001es, are ini\ue001ally recognized at fair value and subsequently carried at amor\ue001zed cost using the e\ufb00ec\ue001ve interest method.
OTHER FINANCIAL LIABILITIES \u2013 MEASURED AT AMORTIZED COST Other \ufb01nancial liabili\ue001es include bond payable, accounts payable, payables to Group companies and lease liabili\ue001es. These are ini\ue001ally recognized at fair value net of any transac\ue001on costs directly a\ue002ributable to the issue of the instrument.
Any interest bearing liabili\ue001es are subsequently measured at amor\ue001zed cost using the e\ufb00ec\ue001ve interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the consolidated statement of \ufb01nancial posi\ue001on. Accounts payables and other short-term monetary liabili\ue001es, are ini\ue001ally recognized at fair value and subsequently carried at amor\ue001zed cost using the e\ufb00ec\ue001ve interest method.
OTHER FINANCIAL LIABILITIES \u2013 MEASURED AT AMORTIZED COST Other \ufb01nancial liabili\ue001es include bond payable, accounts payable, payables to Group companies and lease liabili\ue001es. These are ini\ue001ally recognized at fair value net of any transac\ue001on costs directly a\ue002ributable to the issue of the instrument.
Any interest bearing liabili\ue001es are subsequently measured at amor\ue001zed cost using the e\ufb00ec\ue001ve interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the consolidated statement of \ufb01nancial posi\ue001on. Accounts payables and other short-term monetary liabili\ue001es, are ini\ue001ally recognized at fair value and subsequently carried at amor\ue001zed cost using the e\ufb00ec\ue001ve interest method.
Note 19: Bonds payable On November 11, 2024, Agilyx ASA entered into a $50 million senior secured green bond issue with a tenor of 3 years. The bond carries a fixed quarterly coupon at a rate of 13.5% per annum and will mature on November 29, 2027. The fair value of the bond at initial measurement was $49 million, representing a 2% discount which will be amortized over the term of the bond under the effective interest method. In connection with the bond issuance, directly attributable transaction costs of $4,134,420 were capitalized to the balance of the bond, and are being amortized over the term of the bond under the effective interest method. As of December 31, 2024, the balance on the bond was $45,002,264, with an accrued coupon payment of $562,500. The carrying value of the bond approximates fair value. The bond is subject to certain covenants which, if not met, would result in the bond becoming repayable on demand. The first covenant is that the company's liquidity shall not, at any time, be less than $6,750,000. The second covenant is that the ratio of Market Capitalization to Net Interest- Bearing Debt at any time shall not be less than 3.00:1. The Company is to comply with these covenants at all times, and such compliance to be measured on June 30 and December 31 each year. As at December 31, 2024, the Company was in compliance with both covenants. In accordance with the terms of the bond agreement, the proceeds from the bond are held in an escrow account which had a balance of $40,188,255 as of December 31, 2024 and is classified as restricted cash on the Statement of Financial Position. The bond is secured by (i) a pledge on the escrow account, (ii) a guarantee from Agilyx, (iii) a pledge over all shares issued in Agilyx, (iv) a pledge over all LLC membership interests in Cyclyx owned by Agilyx, (v) a first priority assignment of any intercompany loans granted to or by Agilyx, (vi) first priority charges over the bank accounts of Agilyx, (vii) assignment over all insurances of each Obligor, and (viii) security over the IP portfolio.
Bond for Year Ending December 31
Group Parent 2025 (6,750,000) (6,750,000) 2025 (6,750,000) (6,750,000) 2025 (56,750,000) (56,750,000) (70,250,000) (70,250,000)
The following table sets out the contractual maturities (representing undiscounted contractual cash-flows) of financial liabilities:
See note 8 for undiscounted contractual cash flow information in relation to the lease liabilities. Contractural Maturities (Group \u2013 As At) Group \u2013 as at As at December, 31 2023 Due between 0-12 months Due between 1-2 years Due after 2 years or more Total Accounts payable 1,830,507 - - 1,830,507 Payable to group companies - - - - 1,830,507 - - 1,830,507 As at December, 31 2024 Accounts payable 207,796 - - 207,796 Payable to group companies - - - - 207,796 - - 207,796 Contractural Maturities (Parent \u2013 As At) Parent \u2013 as at As at December, 31 2023 Due between 0-12 months Due between 1-2 years Due after 2 years or more Total Accounts payable 403 - - 403 Payable to Group Companies 4,330,087 - - 4,330,087 4,330,490 - - 4,330,490 As at December, 31 2024 Accounts payable 376 - - 376 Payable to Group Companies 6,507,676 - - 6,507,676
OTHER FINANCIAL LIABILITIES \u2013 MEASURED AT AMORTIZED COST Other \ufb01nancial liabili\ue001es include bond payable, accounts payable, payables to Group companies and lease liabili\ue001es. These are ini\ue001ally recognized at fair value net of any transac\ue001on costs directly a\ue002ributable to the issue of the instrument.
Any interest bearing liabili\ue001es are subsequently measured at amor\ue001zed cost using the e\ufb00ec\ue001ve interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the consolidated statement of \ufb01nancial posi\ue001on. Accounts payables and other short-term monetary liabili\ue001es, are ini\ue001ally recognized at fair value and subsequently carried at amor\ue001zed cost using the e\ufb00ec\ue001ve interest method.
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"mtpnn44": {
"value": "INTANGIBLE ASSETS Intangible assets that are acquired separately are recognized at historical cost. Intangible assets acquired in a business combina\ue001on are recognized at historical cost when the criteria for balance sheet recogni\ue001on have been met. Intangible assets with a limited economic life are amor\ue001zed on a systema\ue001c basis, based on the useful economic life as described in Note 6. Intangible assets are wri\ue002en down to the recoverable amount if the expected economic bene\ufb01ts do not exceed the carrying amount and any remaining development costs.
Note 6: Intangible Assets Intangible Assets Intangible assets include the following contracts Licensed technology Exclusivity license Total (i) Cost Balance at January 1, 2023 3,575,000 1,188,378 4,763,378 Additions - - - Balance at December 31, 2023 3,575,000 1,188,378 4,763,378 Impairment charges - (1,188,378) (1,188,378) Balance at December 31, 2024 3,575,000 - 3,575,000 (ii) Accumulated amortization Balance at January 1, 2023 543,698 217,250 760,948 Amortization charge 178,750 237,000 415,750 Balance at December 31, 2023 722,448 454,250 1,176,698 Amortization charge 178,750 118,500 297,250 Impairment charge - (572,750) (572,750) Balance at December 31, 2024 901,198 - 901,198 (iii) Net book value Balance at December 31, 2023 2,852,552 734,128 3,586,680 Balance at December 31, 2024 2,673,802 - 2,673,802 Economic life 20 4 In December 2019, the Company entered into an agreement to purchase technology under a license contract. The purchase price of the technology was $3,575,000, and it is being amortized on a straight-line basis over the estimated life of the technology through December 2039. Amortization expense under the license agreement totaled $178,750 for the years ended 2023 and 2024. In December 2019, the Company entered into a Technology Transfer and License Agreement with another vendor to develop customized artificial intelligence models (\u201cAI Models\u201d) and products relating to feedstock management and operating assets optimization. Licenses for the models have been granted for 15 years with the first 4 years of exclusivity. Amortization of the contract will start when the deliveries under the contract is completed and in service. Amortization expense under the license agreement totaled $237,000 and $118,500 for the years ended 2023 and 2024, respectively. During June, management deemed this license agreement impaired given its unlikely use going forward and wrote off the residual balances. All amortization is charged through General and administrative expenses.
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"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-396": {
"value": "INTANGIBLE ASSETS Intangible assets that are acquired separately are recognized at historical cost. Intangible assets acquired in a business combina\ue001on are recognized at historical cost when the criteria for balance sheet recogni\ue001on have been met. Intangible assets with a limited economic life are amor\ue001zed on a systema\ue001c basis, based on the useful economic life as described in Note 6. Intangible assets are wri\ue002en down to the recoverable amount if the expected economic bene\ufb01ts do not exceed the carrying amount and any remaining development costs.
Note 6: Intangible Assets Intangible Assets Intangible assets include the following contracts Licensed technology Exclusivity license Total (i) Cost Balance at January 1, 2023 3,575,000 1,188,378 4,763,378 Additions - - - Balance at December 31, 2023 3,575,000 1,188,378 4,763,378 Impairment charges - (1,188,378) (1,188,378) Balance at December 31, 2024 3,575,000 - 3,575,000 (ii) Accumulated amortization Balance at January 1, 2023 543,698 217,250 760,948 Amortization charge 178,750 237,000 415,750 Balance at December 31, 2023 722,448 454,250 1,176,698 Amortization charge 178,750 118,500 297,250 Impairment charge - (572,750) (572,750) Balance at December 31, 2024 901,198 - 901,198 (iii) Net book value Balance at December 31, 2023 2,852,552 734,128 3,586,680 Balance at December 31, 2024 2,673,802 - 2,673,802 Economic life 20 4 In December 2019, the Company entered into an agreement to purchase technology under a license contract. The purchase price of the technology was $3,575,000, and it is being amortized on a straight-line basis over the estimated life of the technology through December 2039. Amortization expense under the license agreement totaled $178,750 for the years ended 2023 and 2024. In December 2019, the Company entered into a Technology Transfer and License Agreement with another vendor to develop customized artificial intelligence models (\u201cAI Models\u201d) and products relating to feedstock management and operating assets optimization. Licenses for the models have been granted for 15 years with the first 4 years of exclusivity. Amortization of the contract will start when the deliveries under the contract is completed and in service. Amortization expense under the license agreement totaled $237,000 and $118,500 for the years ended 2023 and 2024, respectively. During June, management deemed this license agreement impaired given its unlikely use going forward and wrote off the residual balances. All amortization is charged through General and administrative expenses.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"mtpnn25": {
"value": "INTANGIBLE ASSETS Intangible assets that are acquired separately are recognized at historical cost. Intangible assets acquired in a business combina\ue001on are recognized at historical cost when the criteria for balance sheet recogni\ue001on have been met. Intangible assets with a limited economic life are amor\ue001zed on a systema\ue001c basis, based on the useful economic life as described in Note 6. Intangible assets are wri\ue002en down to the recoverable amount if the expected economic bene\ufb01ts do not exceed the carrying amount and any remaining development costs.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-366": {
"value": "INTANGIBLE ASSETS Intangible assets that are acquired separately are recognized at historical cost. Intangible assets acquired in a business combina\ue001on are recognized at historical cost when the criteria for balance sheet recogni\ue001on have been met. Intangible assets with a limited economic life are amor\ue001zed on a systema\ue001c basis, based on the useful economic life as described in Note 6. Intangible assets are wri\ue002en down to the recoverable amount if the expected economic bene\ufb01ts do not exceed the carrying amount and any remaining development costs.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-397": {
"value": "PROPERTY, PLANT AND EQUIPMENT Fixed assets are recorded in the balance sheet at acquisi\ue001on cost, less accumulated deprecia\ue001on and any impairment losses. Deprecia\ue001on is made from the \ue001me assets are put into regular opera\ue001ons and is calculated on straight line basis over the es\ue001mated economic asset life\ue001me. Deprecia\ue001on rates are set out in Note 7. This period\u2019s deprecia\ue001on is charged to this year\u2019s opera\ue001ng expenses in the income statement.
Note 7: Property, plant and equipment Costs Property, plant and equipment Leasehold improvements Machinery and equipment Total At cost January 1, 2023 1,102,342 1,127,337 2,229,679 Additions 7,767,784 237,656 8,005,440 Deconsolidation due to loss of control of subsidiary (7,953,544) (193,731) (8,147,275) At cost December 31, 2023 916,582 1,171,262 2,087,844 Additions 29,078 16,847 45,925 Impairment charge (311,910) - (311,910) At cost December 31, 2024 633,750 1,188,109 1,821,859 Depreciation Accumulated depreciation January 1, 2023 249,320 360,371 609,691 Depreciation for the year 46,761 211,489 258,250 Deconsolidation due to loss of control of subsidiary (30,960) (85,356) (116,316) Accumulated depreciation December 31, 2023 265,121 486,504 751,625 Depreciation for the year 45,904 172,759 218,663 Accumulated depreciation December 31, 2024 311,025 659,263 970,288 Net book value December 31, 2023 651,461 684,758 1,336,219 Net book value December 31, 2024 322,725 528,846 851,571 Economic life Contract period 3-20 years Machinery and equipment include computers, furniture, fixtures and other equipment. Leasehold improvements relates to the lease of facilities in the U.S. which expires in 2029. All tangible assets are depreciated on a straight line basis over the expected useful life. In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. As a result, the assets attributable to Cyclyx have been removed from the above reconciliation. See Note 23 for more information.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-367": {
"value": "PROPERTY, PLANT AND EQUIPMENT Fixed assets are recorded in the balance sheet at acquisi\ue001on cost, less accumulated deprecia\ue001on and any impairment losses. Deprecia\ue001on is made from the \ue001me assets are put into regular opera\ue001ons and is calculated on straight line basis over the es\ue001mated economic asset life\ue001me. Deprecia\ue001on rates are set out in Note 7. This period\u2019s deprecia\ue001on is charged to this year\u2019s opera\ue001ng expenses in the income statement.
PROPERTY, PLANT AND EQUIPMENT Fixed assets are recorded in the balance sheet at acquisi\ue001on cost, less accumulated deprecia\ue001on and any impairment losses. Deprecia\ue001on is made from the \ue001me assets are put into regular opera\ue001ons and is calculated on straight line basis over the es\ue001mated economic asset life\ue001me. Deprecia\ue001on rates are set out in Note 7. This period\u2019s deprecia\ue001on is charged to this year\u2019s opera\ue001ng expenses in the income statement.
Note 6: Intangible Assets Intangible Assets Intangible assets include the following contracts Licensed technology Exclusivity license Total (i) Cost Balance at January 1, 2023 3,575,000 1,188,378 4,763,378 Additions - - - Balance at December 31, 2023 3,575,000 1,188,378 4,763,378 Impairment charges - (1,188,378) (1,188,378) Balance at December 31, 2024 3,575,000 - 3,575,000 (ii) Accumulated amortization Balance at January 1, 2023 543,698 217,250 760,948 Amortization charge 178,750 237,000 415,750 Balance at December 31, 2023 722,448 454,250 1,176,698 Amortization charge 178,750 118,500 297,250 Impairment charge - (572,750) (572,750) Balance at December 31, 2024 901,198 - 901,198 (iii) Net book value Balance at December 31, 2023 2,852,552 734,128 3,586,680 Balance at December 31, 2024 2,673,802 - 2,673,802 Economic life 20 4 In December 2019, the Company entered into an agreement to purchase technology under a license contract. The purchase price of the technology was $3,575,000, and it is being amortized on a straight-line basis over the estimated life of the technology through December 2039. Amortization expense under the license agreement totaled $178,750 for the years ended 2023 and 2024. In December 2019, the Company entered into a Technology Transfer and License Agreement with another vendor to develop customized artificial intelligence models (\u201cAI Models\u201d) and products relating to feedstock management and operating assets optimization. Licenses for the models have been granted for 15 years with the first 4 years of exclusivity. Amortization of the contract will start when the deliveries under the contract is completed and in service. Amortization expense under the license agreement totaled $237,000 and $118,500 for the years ended 2023 and 2024, respectively. During June, management deemed this license agreement impaired given its unlikely use going forward and wrote off the residual balances. All amortization is charged through General and administrative expenses.
Note 7: Property, plant and equipment Costs Property, plant and equipment Leasehold improvements Machinery and equipment Total At cost January 1, 2023 1,102,342 1,127,337 2,229,679 Additions 7,767,784 237,656 8,005,440 Deconsolidation due to loss of control of subsidiary (7,953,544) (193,731) (8,147,275) At cost December 31, 2023 916,582 1,171,262 2,087,844 Additions 29,078 16,847 45,925 Impairment charge (311,910) - (311,910) At cost December 31, 2024 633,750 1,188,109 1,821,859 Depreciation Accumulated depreciation January 1, 2023 249,320 360,371 609,691 Depreciation for the year 46,761 211,489 258,250 Deconsolidation due to loss of control of subsidiary (30,960) (85,356) (116,316) Accumulated depreciation December 31, 2023 265,121 486,504 751,625 Depreciation for the year 45,904 172,759 218,663 Accumulated depreciation December 31, 2024 311,025 659,263 970,288 Net book value December 31, 2023 651,461 684,758 1,336,219 Net book value December 31, 2024 322,725 528,846 851,571 Economic life Contract period 3-20 years Machinery and equipment include computers, furniture, fixtures and other equipment. Leasehold improvements relates to the lease of facilities in the U.S. which expires in 2029. All tangible assets are depreciated on a straight line basis over the expected useful life. In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. As a result, the assets attributable to Cyclyx have been removed from the above reconciliation. See Note 23 for more information.
Note 8: Right of use assets and lease liabilities Agilyx Group has one property lease in the scope of IFRS 16: This contract does not have variable lease payments. The property contract includes an extension option, which Agilyx Group management believes is likely to be exercised, thus only the initial lease term has been included. In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. As a result the assets and liabilities attributable to Cyclyx have been removed from the below reconciliation. See Note 23 for more information. Right of Use Assets Right of use assets Property Computer equipment Total At January 1, 2023 664,429 44,419 708,848 Additions 69,679 - 69,679 Amortization (248,920) (21,083) (270,003) Deconsolidation due to loss of control of subsidiary (224,413) - (224,413) Disposal/termination of old lease - - - At December 31, 2023 260,775 23,336 284,111 Additions 1,016,358 - 1,016,358 Amortization (243,570) (17,083) (260,653) Disposal/termination of old lease (115,007) - (115,007) At December 31, 2024 918,556 6,253 924,809 Lease liability Lease liabilities at January 1, 2023 694,801 37,229 732,030 Additions 69,679 - 69,679 Lease payments (285,687) (19,789) (305,476) Interest expense 49,305 1,726 51,031 Deconsolidation due to loss of control of subsidiary (254,306) - (254,306) Disposal/termination of old lease - - - Lease liabilities at December 31, 2023 273,792 19,166 292,958 Additions 867,526 - 867,526 Lease payments (233,320) (19,789) (253,109) Interest expense 32,629 623 33,252 Disposal/termination of old lease (118,344) - (118,344) Lease liabilities at December 31, 2024 822,283 - 822,283 Useful Economic life 3-7 years 5 years
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-368": {
"value": "PROPERTY, PLANT AND EQUIPMENT Fixed assets are recorded in the balance sheet at acquisi\ue001on cost, less accumulated deprecia\ue001on and any impairment losses. Deprecia\ue001on is made from the \ue001me assets are put into regular opera\ue001ons and is calculated on straight line basis over the es\ue001mated economic asset life\ue001me. Deprecia\ue001on rates are set out in Note 7. This period\u2019s deprecia\ue001on is charged to this year\u2019s opera\ue001ng expenses in the income statement.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-400": {
"value": "LEASES IDENTIFYING LEASES Agilyx Group accounts for a contract, or a por\ue001on of a contract, as a lease when it conveys the right to use an asset for a period of \ue001me in exchange for considera\ue001on. Leases are those contracts that sa\ue001sfy the following criteria: (a) There is an iden\ue001\ufb01ed asset; (b) Agilyx Group obtains substan\ue001ally all the economic bene\ufb01ts from use of the asset; and (c) Agilyx Group has the right to direct use of the asset. Agilyx Group considers whether the supplier has substan\ue001ve subs\ue001tu\ue001on rights. If the supplier does have those rights, the contract is not iden\ue001\ufb01ed as giving rise to a lease. In determining whether Agilyx Group obtains substan\ue001ally all the economic bene\ufb01ts from use of the asset, Agilyx Group considers only the economic bene\ufb01ts that arise use of the asset, not those incidental to legal ownership or other poten\ue001al bene\ufb01ts. In determining whether Agilyx Group has the right to direct use of the asset, Agilyx Group considers whether it directs how and for what purpose the asset is used throughout the period of use. If there are no signi\ufb01cant decisions to be made because they are pre-determined due to the nature of the asset, Agilyx Group considers whether it was involved in the design of the asset in a way that predetermines how and for what purpose the asset will be used throughout the period of use. If the contract or por\ue001on of a contract does not sa\ue001sfy these criteria, the Group applies other applicable IFRSs rather than IFRS 16. INITIAL MEASUREMENT All leases are accounted for by recognizing a right-of-use asset and a lease liability except for: \u2022 Leases of low value assets; and \u2022 Leases with a duration of 12 months or less. Lease liabili\ue001es are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate determined by reference to the rate inherent in the lease unless (as is typically the case) this is not readily determinable, in which case the group\u2019s incremental borrowing rate on commencement of the lease is used. The incremental borrowing rate is determined with reference to the current external borrowing rates of Agilyx Group, adjusted so as to arrive at the rate of interest that Agilyx Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. Variable lease payments are only included in the measurement of the lease liability if they depend on an index or rate. On ini\ue001al recogni\ue001on, the carrying value of the lease liability also includes: \u2022 amounts expected to be payable under any residual value guarantee; \u2022 the exercise price of any purchase option granted in favor of the group if it is reasonable certain to assess that option; \u2022 any penalties payable for terminating the lease, if the term of the lease has been estimated on the basis of termination option being exercised. Right of use assets are ini\ue001ally measured at the amount of the lease liability, reduced for any lease incen\ue001ves received, and increased for:
\u2022 lease payments made at or before commencement of the lease; \u2022 initial direct costs incurred; and \u2022 the amount of any provision recognized where the group is contractually required to dismantle, remove or restore the leased asset. SUBSEQUENT MEASUREMENT Subsequent to ini\ue001al measurement lease liabili\ue001es increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right- of-use assets are amor\ue001zed on a straight-line basis over the remaining term of the lease or over the remaining economic life of the asset if, rarely, this is judged to be shorter than the lease term.
Note 8: Right of use assets and lease liabilities Agilyx Group has one property lease in the scope of IFRS 16: This contract does not have variable lease payments. The property contract includes an extension option, which Agilyx Group management believes is likely to be exercised, thus only the initial lease term has been included. In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. As a result the assets and liabilities attributable to Cyclyx have been removed from the below reconciliation. See Note 23 for more information. Right of Use Assets Right of use assets Property Computer equipment Total At January 1, 2023 664,429 44,419 708,848 Additions 69,679 - 69,679 Amortization (248,920) (21,083) (270,003) Deconsolidation due to loss of control of subsidiary (224,413) - (224,413) Disposal/termination of old lease - - - At December 31, 2023 260,775 23,336 284,111 Additions 1,016,358 - 1,016,358 Amortization (243,570) (17,083) (260,653) Disposal/termination of old lease (115,007) - (115,007) At December 31, 2024 918,556 6,253 924,809 Lease liability Lease liabilities at January 1, 2023 694,801 37,229 732,030 Additions 69,679 - 69,679 Lease payments (285,687) (19,789) (305,476) Interest expense 49,305 1,726 51,031 Deconsolidation due to loss of control of subsidiary (254,306) - (254,306) Disposal/termination of old lease - - - Lease liabilities at December 31, 2023 273,792 19,166 292,958 Additions 867,526 - 867,526 Lease payments (233,320) (19,789) (253,109) Interest expense 32,629 623 33,252 Disposal/termination of old lease (118,344) - (118,344) Lease liabilities at December 31, 2024 822,283 - 822,283 Useful Economic life 3-7 years 5 years
The following is a presentation of the undiscounted committed cash flows related to the remaining lease liabilities: 0-12 months Between 1-2 years Between 2-5 years 5+ years Total As at December 31, 2023 195,847 103,495 103,495 - 402,837 As at December 31, 2024 206,418 193,632 404,868 193,610 998,528 LEASES IDENTIFYING LEASES Agilyx Group accounts for a contract, or a por\ue001on of a contract, as a lease when it conveys the right to use an asset for a period of \ue001me in exchange for considera\ue001on. Leases are those contracts that sa\ue001sfy the following criteria: (a) There is an iden\ue001\ufb01ed asset; (b) Agilyx Group obtains substan\ue001ally all the economic bene\ufb01ts from use of the asset; and (c) Agilyx Group has the right to direct use of the asset. Agilyx Group considers whether the supplier has substan\ue001ve subs\ue001tu\ue001on rights. If the supplier does have those rights, the contract is not iden\ue001\ufb01ed as giving rise to a lease. In determining whether Agilyx Group obtains substan\ue001ally all the economic bene\ufb01ts from use of the asset, Agilyx Group considers only the economic bene\ufb01ts that arise use of the asset, not those incidental to legal ownership or other poten\ue001al bene\ufb01ts. In determining whether Agilyx Group has the right to direct use of the asset, Agilyx Group considers whether it directs how and for what purpose the asset is used throughout the period of use. If there are no signi\ufb01cant decisions to be made because they are pre-determined due to the nature of the asset, Agilyx Group considers whether it was involved in the design of the asset in a way that predetermines how and for what purpose the asset will be used throughout the period of use. If the contract or por\ue001on of a contract does not sa\ue001sfy these criteria, the Group applies other applicable IFRSs rather than IFRS 16. INITIAL MEASUREMENT All leases are accounted for by recognizing a right-of-use asset and a lease liability except for: \u2022 Leases of low value assets; and \u2022 Leases with a duration of 12 months or less. Lease liabili\ue001es are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate determined by reference to the rate inherent in the lease unless (as is typically the case) this is not readily determinable, in which case the group\u2019s incremental borrowing rate on commencement of the lease is used. The incremental borrowing rate is determined with reference to the current external borrowing rates of Agilyx Group, adjusted so as to arrive at the rate of interest that Agilyx Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. Variable lease payments are only included in the measurement of the lease liability if they depend on an index or rate. On ini\ue001al recogni\ue001on, the carrying value of the lease liability also includes: \u2022 amounts expected to be payable under any residual value guarantee; \u2022 the exercise price of any purchase option granted in favor of the group if it is reasonable certain to assess that option; \u2022 any penalties payable for terminating the lease, if the term of the lease has been estimated on the basis of termination option being exercised. Right of use assets are ini\ue001ally measured at the amount of the lease liability, reduced for any lease incen\ue001ves received, and increased for:
\u2022 lease payments made at or before commencement of the lease; \u2022 initial direct costs incurred; and \u2022 the amount of any provision recognized where the group is contractually required to dismantle, remove or restore the leased asset. SUBSEQUENT MEASUREMENT Subsequent to ini\ue001al measurement lease liabili\ue001es increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right- of-use assets are amor\ue001zed on a straight-line basis over the remaining term of the lease or over the remaining economic life of the asset if, rarely, this is judged to be shorter than the lease term.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-398": {
"value": "IMPAIRMENT OF NON-FINANCIAL ASSETS Agilyx Group non-\ufb01nancial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is wri\ue002en down accordingly. See Note 9, for speci\ufb01c analysis performed on the investment in Regenyx. Where it is not possible to es\ue001mate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately iden\ue001\ufb01able cash \ufb02ows; its cash genera\ue001ng units (\u2018CGUs\u2019). Impairment charges are included in pro\ufb01t or loss, except to the extent they reverse gains previously recognized in other comprehensive income.
RECEIVABLES Trade receivables and other receivables are recognized at amor\ue001zed cost, less any provision for expected credit losses of receivables. See Note 10 for further informa\ue001on on how Agilyx Group applies the simpli\ufb01ed model for expected credit losses, as permi\ue002ed by IFRS 9.
In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. As a result, the assets attributable to Cyclyx have been removed from the above reconciliation. See Note 23 for more information.
IMPAIRMENT OF INVESTMENT Agilyx Group is split into two CGU's for impairment analysis purposes, Agilyx and Cyclyx, which is in alignment with the segments disclosed in Note 2. Regenyx is part of the Agilyx reportable segment. Furthermore, the investment in Regenyx is separately assessed for impairment because it is able to generate cash\ufb02ows that are largely independent of the cash in\ufb02ows from other assets or groups of assets. For the investment in Regenyx, objec\ue001ve evidence of impairment was noted, in accordance with the criteria in IAS 28, due to forecasted nega\ue001ve cash \ufb02ows being generated by the en\ue001ty, which would require capital contribu\ue001ons from Agilyx and AmSty in order to support its con\ue001nued opera\ue001on. Due to the projected nega\ue001ve cash \ufb02ows and the unique nature of the underlying plant, it was determined that the recoverable amount was zero under both the value in use and fair value less cost to sell methodology therefore the investment in Regenyx has been fully impaired at January 1, 2021. As can be seen in the tables below, subsequent capital investments by Agilyx, led to impairments for both balance sheet periods presented on the basis that the recoverable amount using the value in use and fair value less cost to sell methodologies would lead to a fully wri\ue002en o\ufb00 investment. As of December 31, 2024, the Regenyx opera\ue001on has been dissolved.
Agilyx applies the IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss provision for all accounts receivables. To measure expected credit losses on a collective basis, accounts receivables are grouped based on similar credit risk and aging. The expected loss rates are based on Agilyx' s historical credit losses experienced over the period since adoption of IFRS. Historically, Agilyx does not have issues with collectability of its receivable balances. Due to this historical experience and the procedures which are applied to new customers, no allowance for expected credit losses has been booked. Given this context, the impact of any forward looking factors is not expected to adjust the conclusion that no allowance is required. The aging of the accounts receivable balances are displayed below. As of the issuance of this report, all but approximately $50k has been subsequently collected. Group 2023 2024 Non-overdue amounts - - 0-30 days past due - - 31-60 days past due - 5,781 60-90 days past due 260,741 12,666 Over 90 days past due 328,137 571,930 588,878 590,377
Note 11: Inventory Inventory Group Inventories consist of the following: 2023 2024 Raw materials - - Finished goods - 4,811 Total inventories - 4,811 In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. As a result the assets attributable to Cyclyx, are not included in the 2023 balances above. See Note 23 for more information. There are no inventories carried by the parent.
In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. As a result the assets attributable to Cyclyx, are not included in the 2023 balances above. See Note 23 for more information
.
Credit risk Credit risk is the risk of financial loss to Agilyx Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Agilyx Group is mainly exposed to credit risk from credit sales. It is Group policy, implemented locally, to assess the credit risk of new customers before entering contracts. Such credit ratings are taken into account by local business practices. As noted in Note 1, historically Agilyx does not have issues with collectability of its receivable balances. Due to this historical experience and the procedures which are applied to new customers, no allowance for expected credit losses has been booked. Credit risk also arises from cash and cash equivalents and deposits with banks and financial institutions. Agilyx Group only deals with highly reputable banks and financial institutions. At times, Agilyx Group does hold funds with certain banks that are beyond federally insured levels, however, management regularly monitor the banking relationships to minimize any risk that may arise in this respect.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-401": {
"value": "IMPAIRMENT OF NON-FINANCIAL ASSETS Agilyx Group non-\ufb01nancial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is wri\ue002en down accordingly. See Note 9, for speci\ufb01c analysis performed on the investment in Regenyx. Where it is not possible to es\ue001mate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately iden\ue001\ufb01able cash \ufb02ows; its cash genera\ue001ng units (\u2018CGUs\u2019). Impairment charges are included in pro\ufb01t or loss, except to the extent they reverse gains previously recognized in other comprehensive income.
RECEIVABLES Trade receivables and other receivables are recognized at amor\ue001zed cost, less any provision for expected credit losses of receivables. See Note 10 for further informa\ue001on on how Agilyx Group applies the simpli\ufb01ed model for expected credit losses, as permi\ue002ed by IFRS 9.
IMPAIRMENT OF INVESTMENT Agilyx Group is split into two CGU's for impairment analysis purposes, Agilyx and Cyclyx, which is in alignment with the segments disclosed in Note 2. Regenyx is part of the Agilyx reportable segment. Furthermore, the investment in Regenyx is separately assessed for impairment because it is able to generate cash\ufb02ows that are largely independent of the cash in\ufb02ows from other assets or groups of assets. For the investment in Regenyx, objec\ue001ve evidence of impairment was noted, in accordance with the criteria in IAS 28, due to forecasted nega\ue001ve cash \ufb02ows being generated by the en\ue001ty, which would require capital contribu\ue001ons from Agilyx and AmSty in order to support its con\ue001nued opera\ue001on. Due to the projected nega\ue001ve cash \ufb02ows and the unique nature of the underlying plant, it was determined that the recoverable amount was zero under both the value in use and fair value less cost to sell methodology therefore the investment in Regenyx has been fully impaired at January 1, 2021. As can be seen in the tables below, subsequent capital investments by Agilyx, led to impairments for both balance sheet periods presented on the basis that the recoverable amount using the value in use and fair value less cost to sell methodologies would lead to a fully wri\ue002en o\ufb00 investment. As of December 31, 2024, the Regenyx opera\ue001on has been dissolved.
Agilyx applies the IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss provision for all accounts receivables. To measure expected credit losses on a collective basis, accounts receivables are grouped based on similar credit risk and aging. The expected loss rates are based on Agilyx' s historical credit losses experienced over the period since adoption of IFRS. Historically, Agilyx does not have issues with collectability of its receivable balances. Due to this historical experience and the procedures which are applied to new customers, no allowance for expected credit losses has been booked. Given this context, the impact of any forward looking factors is not expected to adjust the conclusion that no allowance is required. The aging of the accounts receivable balances are displayed below. As of the issuance of this report, all but approximately $50k has been subsequently collected. Group 2023 2024 Non-overdue amounts - - 0-30 days past due - - 31-60 days past due - 5,781 60-90 days past due 260,741 12,666 Over 90 days past due 328,137 571,930 588,878 590,377
Note 11: Inventory Inventory Group Inventories consist of the following: 2023 2024 Raw materials - - Finished goods - 4,811 Total inventories - 4,811 In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. As a result the assets attributable to Cyclyx, are not included in the 2023 balances above. See Note 23 for more information. There are no inventories carried by the parent.
In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. As a result the assets attributable to Cyclyx, are not included in the 2023 balances above. See Note 23 for more information
.
IMPAIRMENT OF NON-FINANCIAL ASSETS Agilyx Group non-\ufb01nancial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is wri\ue002en down accordingly. See Note 9, for speci\ufb01c analysis performed on the investment in Regenyx. Where it is not possible to es\ue001mate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately iden\ue001\ufb01able cash \ufb02ows; its cash genera\ue001ng units (\u2018CGUs\u2019). Impairment charges are included in pro\ufb01t or loss, except to the extent they reverse gains previously recognized in other comprehensive income.
RECEIVABLES Trade receivables and other receivables are recognized at amor\ue001zed cost, less any provision for expected credit losses of receivables. See Note 10 for further informa\ue001on on how Agilyx Group applies the simpli\ufb01ed model for expected credit losses, as permi\ue002ed by IFRS 9.
IMPAIRMENT OF NON-FINANCIAL ASSETS Agilyx Group non-\ufb01nancial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is wri\ue002en down accordingly. See Note 9, for speci\ufb01c analysis performed on the investment in Regenyx. Where it is not possible to es\ue001mate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately iden\ue001\ufb01able cash \ufb02ows; its cash genera\ue001ng units (\u2018CGUs\u2019). Impairment charges are included in pro\ufb01t or loss, except to the extent they reverse gains previously recognized in other comprehensive income.
RECEIVABLES Trade receivables and other receivables are recognized at amor\ue001zed cost, less any provision for expected credit losses of receivables. See Note 10 for further informa\ue001on on how Agilyx Group applies the simpli\ufb01ed model for expected credit losses, as permi\ue002ed by IFRS 9.
IMPAIRMENT OF NON-FINANCIAL ASSETS Agilyx Group non-\ufb01nancial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is wri\ue002en down accordingly. See Note 9, for speci\ufb01c analysis performed on the investment in Regenyx. Where it is not possible to es\ue001mate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately iden\ue001\ufb01able cash \ufb02ows; its cash genera\ue001ng units (\u2018CGUs\u2019). Impairment charges are included in pro\ufb01t or loss, except to the extent they reverse gains previously recognized in other comprehensive income.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-371": {
"value": "IMPAIRMENT OF NON-FINANCIAL ASSETS Agilyx Group non-\ufb01nancial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is wri\ue002en down accordingly. See Note 9, for speci\ufb01c analysis performed on the investment in Regenyx. Where it is not possible to es\ue001mate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately iden\ue001\ufb01able cash \ufb02ows; its cash genera\ue001ng units (\u2018CGUs\u2019). Impairment charges are included in pro\ufb01t or loss, except to the extent they reverse gains previously recognized in other comprehensive income.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-399": {
"value": "RECEIVABLES Trade receivables and other receivables are recognized at amor\ue001zed cost, less any provision for expected credit losses of receivables. See Note 10 for further informa\ue001on on how Agilyx Group applies the simpli\ufb01ed model for expected credit losses, as permi\ue002ed by IFRS 9.
In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. As a result, the assets attributable to Cyclyx have been removed from the above reconciliation. See Note 23 for more information.
Note 10: Accounts receivable Accounts receivable Group Parent Receivables 2023 2024 2023 2024 Trade accounts receivable 89,359 230,161 - - Related party receivables 499,519 360,216 - - Total accounts receivable 588,878 590,377 - - The carrying amount of accounts receivable is measured at amortized cost, which approximates fair value. Agilyx applies the IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss provision for all accounts receivables. To measure expected credit losses on a collective basis, accounts receivables are grouped based on similar credit risk and aging. The expected loss rates are based on Agilyx' s historical credit losses experienced over the period since adoption of IFRS. Historically, Agilyx does not have issues with collectability of its receivable balances. Due to this historical experience and the procedures which are applied to new customers, no allowance for expected credit losses has been booked. Given this context, the impact of any forward looking factors is not expected to adjust the conclusion that no allowance is required. The aging of the accounts receivable balances are displayed below. As of the issuance of this report, all but approximately $50k has been subsequently collected. Group 2023 2024 Non-overdue amounts - - 0-30 days past due - - 31-60 days past due - 5,781 60-90 days past due 260,741 12,666 Over 90 days past due 328,137 571,930 588,878 590,377
Note 11: Inventory Inventory Group Inventories consist of the following: 2023 2024 Raw materials - - Finished goods - 4,811 Total inventories - 4,811 In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. As a result the assets attributable to Cyclyx, are not included in the 2023 balances above. See Note 23 for more information. There are no inventories carried by the parent.
In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. As a result the assets attributable to Cyclyx, are not included in the 2023 balances above. See Note 23 for more information
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-372": {
"value": "RECEIVABLES Trade receivables and other receivables are recognized at amor\ue001zed cost, less any provision for expected credit losses of receivables. See Note 10 for further informa\ue001on on how Agilyx Group applies the simpli\ufb01ed model for expected credit losses, as permi\ue002ed by IFRS 9.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"mtpnn34": {
"value": "CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash, bank deposits and other monetary instruments with a maturity of less than three months at the date of purchase.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-373": {
"value": "CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash, bank deposits and other monetary instruments with a maturity of less than three months at the date of purchase.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-421": {
"value": "RESTRICTED CASH Restricted cash represents cash proceeds from the bond, which are held in an escrow account. The cash is restricted for capital contribu\ue001ons to Cyclyx, as the en\ue001ty builds its second circularity center (see Note 19 for further informa\ue001on). The cash is expected to be contributed to Cyclyx during 2025 and 2026.
Note 19: Bonds payable On November 11, 2024, Agilyx ASA entered into a $50 million senior secured green bond issue with a tenor of 3 years. The bond carries a fixed quarterly coupon at a rate of 13.5% per annum and will mature on November 29, 2027. The fair value of the bond at initial measurement was $49 million, representing a 2% discount which will be amortized over the term of the bond under the effective interest method. In connection with the bond issuance, directly attributable transaction costs of $4,134,420 were capitalized to the balance of the bond, and are being amortized over the term of the bond under the effective interest method. As of December 31, 2024, the balance on the bond was $45,002,264, with an accrued coupon payment of $562,500. The carrying value of the bond approximates fair value. The bond is subject to certain covenants which, if not met, would result in the bond becoming repayable on demand. The first covenant is that the company's liquidity shall not, at any time, be less than $6,750,000. The second covenant is that the ratio of Market Capitalization to Net Interest- Bearing Debt at any time shall not be less than 3.00:1. The Company is to comply with these covenants at all times, and such compliance to be measured on June 30 and December 31 each year. As at December 31, 2024, the Company was in compliance with both covenants. In accordance with the terms of the bond agreement, the proceeds from the bond are held in an escrow account which had a balance of $40,188,255 as of December 31, 2024 and is classified as restricted cash on the Statement of Financial Position. The bond is secured by (i) a pledge on the escrow account, (ii) a guarantee from Agilyx, (iii) a pledge over all shares issued in Agilyx, (iv) a pledge over all LLC membership interests in Cyclyx owned by Agilyx, (v) a first priority assignment of any intercompany loans granted to or by Agilyx, (vi) first priority charges over the bank accounts of Agilyx, (vii) assignment over all insurances of each Obligor, and (viii) security over the IP portfolio.
Bond for Year Ending December 31
Group Parent 2025 (6,750,000) (6,750,000) 2025 (6,750,000) (6,750,000) 2025 (56,750,000) (56,750,000) (70,250,000) (70,250,000)
RESTRICTED CASH Restricted cash represents cash proceeds from the bond, which are held in an escrow account. The cash is restricted for capital contribu\ue001ons to Cyclyx, as the en\ue001ty builds its second circularity center (see Note 19 for further informa\ue001on). The cash is expected to be contributed to Cyclyx during 2025 and 2026.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-402": {
"value": "INVENTORIES Inventories are ini\ue001ally recognized at cost, and subsequently at the lower of cost and net realizable value. Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present loca\ue001on and condi\ue001on. First in \ufb01rst out is used to determine the cost of ordinarily interchangeable items.
Note 11: Inventory Inventory Group Inventories consist of the following: 2023 2024 Raw materials - - Finished goods - 4,811 Total inventories - 4,811 In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. As a result the assets attributable to Cyclyx, are not included in the 2023 balances above. See Note 23 for more information. There are no inventories carried by the parent.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-375": {
"value": "INVENTORIES Inventories are ini\ue001ally recognized at cost, and subsequently at the lower of cost and net realizable value. Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present loca\ue001on and condi\ue001on. First in \ufb01rst out is used to determine the cost of ordinarily interchangeable items.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-376": {
"value": "INDEPENDENT SUBSCRIPTION RIGHTS \u2013 DERIVATIVE LIABILITY Agilyx has granted warrants in connec\ue001on with various debt and equity issuances that were exercisable into ordinary shares. In connec\ue001on to the share exchange that was completed January 7, 2020, these warrants were replaced with subscrip\ue001on rights where Agilyx ASA issued 36,925 (3,692,500 a\ufb05er share split 1:100) subscrip\ue001on rights exercisable by no\ue001ce to the Board of Directors. Upon exercise, a cash contribu\ue001on of $100 ($1 a\ufb05er share split) shall be paid for the warrants under the 2017 plan in Agilyx Corpora\ue001on, and $0.01 (0.00 a\ufb05er share split) for all other warrants. The subscrip\ue001on rights were issued by an extraordinary general mee\ue001ng held August 27, 2020. The warrant agreements include a cashless exercise op\ue001on, which introduces variability into the number of shares that could be issued. The instruments therefore fails the \ufb01xed for \ufb01xed requirement in IAS 32 and is classi\ufb01ed as a deriva\ue001ve liability. The instruments meets the de\ufb01ni\ue001on of a deriva\ue001ve because their values change in response to a speci\ufb01ed \ufb01nancial instrument price (Agilyx Group stock price), they required no ini\ue001al net investment and they will be se\ue002led at a future date. Such deriva\ue001ve \ufb01nancial instruments are ini\ue001ally recognized at fair value on the date on which a deriva\ue001ve contract is entered into and are subsequently remeasured at fair value. See Note 14 for addi\ue001onal informa\ue001on on these instruments and the valua\ue001on approach.
INDEPENDENT SUBSCRIPTION RIGHTS \u2013 DERIVATIVE LIABILITY Agilyx has granted warrants in connec\ue001on with various debt and equity issuances that were exercisable into ordinary shares. In connec\ue001on to the share exchange that was completed January 7, 2020, these warrants were replaced with subscrip\ue001on rights where Agilyx ASA issued 36,925 (3,692,500 a\ufb05er share split 1:100) subscrip\ue001on rights exercisable by no\ue001ce to the Board of Directors. Upon exercise, a cash contribu\ue001on of $100 ($1 a\ufb05er share split) shall be paid for the warrants under the 2017 plan in Agilyx Corpora\ue001on, and $0.01 (0.00 a\ufb05er share split) for all other warrants. The subscrip\ue001on rights were issued by an extraordinary general mee\ue001ng held August 27, 2020. The warrant agreements include a cashless exercise op\ue001on, which introduces variability into the number of shares that could be issued. The instruments therefore fails the \ufb01xed for \ufb01xed requirement in IAS 32 and is classi\ufb01ed as a deriva\ue001ve liability. The instruments meets the de\ufb01ni\ue001on of a deriva\ue001ve because their values change in response to a speci\ufb01ed \ufb01nancial instrument price (Agilyx Group stock price), they required no ini\ue001al net investment and they will be se\ue002led at a future date. Such deriva\ue001ve \ufb01nancial instruments are ini\ue001ally recognized at fair value on the date on which a deriva\ue001ve contract is entered into and are subsequently remeasured at fair value. See Note 14 for addi\ue001onal informa\ue001on on these instruments and the valua\ue001on approach.
WARRANTS AND SUBSCRIPTION RIGHTS Number of ordinary shares Exercise price per share \u2013 USD Expiration Ordinary share warrants converted to subscription rights 2,322,100 1.00 2025 Group and parent December 31, 2023 Group and parent December 31, 2024 Warrant liabilities 3,293,206 5,092,107 Group and parent December 31, 2023 Group and parent December 31, 2024 Expected term 7-Aug-25 7-Aug-25 Equity volatility 35 35 Risk free rate 4.45% 4.16% Equity value at expiration \u2013 5% Equity value at expiration + 5% At December 31, 2023 (164,661) 164,660 At December 31, 2024 (254,605) 254,606
Reconciliation Warrant liability At January 1, 2023 6,303,189 Gain on warrant value \u2013 presented as fair value through profit and loss (3,009,983) At December 31, 2023 3,293,206 Loss on warrant value \u2013 presented as fair value through profit and loss 1,798,901 At December 31, 2024 5,092,107 Note 14: Warrants The Company has granted warrants in connection with various debt and equity issuances. The following table reflects the total of outstanding warrants as of December 31, 2024 that are exercisable into ordinary shares: The ordinary share warrants and subscription rights are the only financial instruments measured at fair value through the profit and loss. This treatment is required for the Warrants because the terms of the Warrant include a cash less exercise option, which triggers derivative treatment in accordance with IFRS 9. This is because their values change in response to a specified financial instrument price (Agilyx Group stock price), they required no initial net investment and they will be settled at a future date. All ordinary share warrants and subscription rights are measured using level 3 inputs on the fair value hierarchy. There were no transfers between the levels of the fair value hierarchy during any of the years presented. The valuation of the Warrant liability was performed using the Black Scholes Model, the following inputs were significant in the computation of fair values at each reporting date: During 2022, the Board of Directors authorized an extension on all warrants now having an expiration date of August 7, 2025. As the outstanding warrants for Agilyx are well in the money as of the December 31, 2023, and 2024 reporting dates, the valuations performed determined that the preponderance of the amount, for each of the respective dates, was intrinsic value in nature. Hence there was very little time value associated with the estimate of value calculated. As a result of this relationship, the change in the value of the instruments is going to be more closely correlated with the change in the underlying equity price as opposed to a change in volatility. This determination was corroborated with the sensitivity calculations completed. During 2023 and 2024, no warrants were exercised. The sensitivity analysis of a reasonably possible change in one significant unobservable input, being the underlying equity value, holding other inputs constant would be:
The reconciliation of the opening and closing fair value balance of level 3 financial instruments is provided below (this is applicable for both the Group and Parent only financial statements): The following table sets out the contractual maturities (representing undiscounted contractual cash-flows) of financial liabilities:
See note 8 for undiscounted contractual cash flow information in relation to the lease liabilities. Contractural Maturities (Group \u2013 As At) Group \u2013 as at As at December, 31 2023 Due between 0-12 months Due between 1-2 years Due after 2 years or more Total Accounts payable 1,830,507 - - 1,830,507 Payable to group companies - - - - 1,830,507 - - 1,830,507 As at December, 31 2024 Accounts payable 207,796 - - 207,796 Payable to group companies - - - - 207,796 - - 207,796 Contractural Maturities (Parent \u2013 As At) Parent \u2013 as at As at December, 31 2023 Due between 0-12 months Due between 1-2 years Due after 2 years or more Total Accounts payable 403 - - 403 Payable to Group Companies 4,330,087 - - 4,330,087 4,330,490 - - 4,330,490 As at December, 31 2024 Accounts payable 376 - - 376 Payable to Group Companies 6,507,676 - - 6,507,676
INDEPENDENT SUBSCRIPTION RIGHTS \u2013 DERIVATIVE LIABILITY Agilyx has granted warrants in connec\ue001on with various debt and equity issuances that were exercisable into ordinary shares. In connec\ue001on to the share exchange that was completed January 7, 2020, these warrants were replaced with subscrip\ue001on rights where Agilyx ASA issued 36,925 (3,692,500 a\ufb05er share split 1:100) subscrip\ue001on rights exercisable by no\ue001ce to the Board of Directors. Upon exercise, a cash contribu\ue001on of $100 ($1 a\ufb05er share split) shall be paid for the warrants under the 2017 plan in Agilyx Corpora\ue001on, and $0.01 (0.00 a\ufb05er share split) for all other warrants. The subscrip\ue001on rights were issued by an extraordinary general mee\ue001ng held August 27, 2020. The warrant agreements include a cashless exercise op\ue001on, which introduces variability into the number of shares that could be issued. The instruments therefore fails the \ufb01xed for \ufb01xed requirement in IAS 32 and is classi\ufb01ed as a deriva\ue001ve liability. The instruments meets the de\ufb01ni\ue001on of a deriva\ue001ve because their values change in response to a speci\ufb01ed \ufb01nancial instrument price (Agilyx Group stock price), they required no ini\ue001al net investment and they will be se\ue002led at a future date. Such deriva\ue001ve \ufb01nancial instruments are ini\ue001ally recognized at fair value on the date on which a deriva\ue001ve contract is entered into and are subsequently remeasured at fair value. See Note 14 for addi\ue001onal informa\ue001on on these instruments and the valua\ue001on approach.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-377": {
"value": "INDEPENDENT SUBSCRIPTION RIGHTS \u2013 DERIVATIVE LIABILITY Agilyx has granted warrants in connec\ue001on with various debt and equity issuances that were exercisable into ordinary shares. In connec\ue001on to the share exchange that was completed January 7, 2020, these warrants were replaced with subscrip\ue001on rights where Agilyx ASA issued 36,925 (3,692,500 a\ufb05er share split 1:100) subscrip\ue001on rights exercisable by no\ue001ce to the Board of Directors. Upon exercise, a cash contribu\ue001on of $100 ($1 a\ufb05er share split) shall be paid for the warrants under the 2017 plan in Agilyx Corpora\ue001on, and $0.01 (0.00 a\ufb05er share split) for all other warrants. The subscrip\ue001on rights were issued by an extraordinary general mee\ue001ng held August 27, 2020. The warrant agreements include a cashless exercise op\ue001on, which introduces variability into the number of shares that could be issued. The instruments therefore fails the \ufb01xed for \ufb01xed requirement in IAS 32 and is classi\ufb01ed as a deriva\ue001ve liability. The instruments meets the de\ufb01ni\ue001on of a deriva\ue001ve because their values change in response to a speci\ufb01ed \ufb01nancial instrument price (Agilyx Group stock price), they required no ini\ue001al net investment and they will be se\ue002led at a future date. Such deriva\ue001ve \ufb01nancial instruments are ini\ue001ally recognized at fair value on the date on which a deriva\ue001ve contract is entered into and are subsequently remeasured at fair value. See Note 14 for addi\ue001onal informa\ue001on on these instruments and the valua\ue001on approach.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-384": {
"value": "CASH FLOW The cash \ufb02ow statement is prepared according to the indirect method.
)
47,887,796 Derivative financial liabilities 3,293,206 5,092,107 Total group liabilities 6,341,608 52,979,903 Cash flow Net cash from operations (10,024,906) (13,643,205) 10,024,906 (13,643,205) (5,968,354) (9,969,025) 5,968,354 (9,969,025) Net cash from investments (8,399,868) (11,675,663) 8,399,868 (11,675,663) (40,215,492) (22,595,307) 40,215,492 (22,595,307) Net cash from financing 74,925,039 20,175,181 (74,925,039) 20,175,181 105,619,746 42,172,633 (105,619,746) 42,172,633 Revenue by geography \u2013 Revenue by geography is included in Note 3. The Cyclyx segment revenue is primarily derived from the US. Non-current assets by geography \u2013 All non-current assets reside in the US.
",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"reg-ix-378": {
"value": "CASH FLOW The cash \ufb02ow statement is prepared according to the indirect method.
",
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},
"reg-ix-410": {
"value": "I. JUDGMENTS: \u2022 Equity accounting: whether the Agilyx Group has significant influence over equity accounted investees (Notes 9 and 17); \u2022 Consolidation: Whether the Agilyx Group has control over an investee, and whether control has been lost (Notes 17 and
23)
II. ESTIMATES: \u2022 Estimating the amounts due for the initial funding period provision related to the Regenyx investment (Note 9); \u2022 Assumptions and estimates related to the impairment of the investment in Regenyx, including future cash flows (Note 9); \u2022 Recording accounts receivable, and consideration of any potential allowance for expected credit losses (Note 10); \u2022 Useful lives a\ue002ributed to property plant and equipment and intangible assets (Notes 6 and 7); \u2022 Revenue recognized in accordance with the stage of comple\ue001on method (see accoun\ue001ng policy above and Note 3); \u2022 Stock-based compensa\ue001on expense (Note 15); \u2022 Warrant and stock subscrip\ue001on rights, valua\ue001on assump\ue001ons (Note 14); \u2022 Assump\ue001ons and es\ue001mates related to the fair value of the Agilyx Group\u2019s interest in Cyclyx following the loss of control (Notes 17 and 23); \u2022 Assump\ue001ons related to the ini\ue001al recogni\ue001on of leases and the subsequent accoun\ue001ng for these agreements, including incremental borrowing rates and determina\ue001on of lease term applied when compu\ue001ng lease liabili\ue001es (see Leases accoun\ue001ng policy above and Note 8). \u2022 Assump\ue001on related to the fair value of Cyclyx on the date that Agilyx lost control \u2013 this is the ini\ue001al basis for the carrying amount of the equity method investment in Cyclyx, e\ufb00ec\ue001ve a\ufb05er October 25, 2023.
Group and parent December 31, 2023 Group and parent December 31, 2024 Expected term 7-Aug-25 7-Aug-25 Equity volatility 35 35 Risk free rate 4.45% 4.16% Equity value at expiration \u2013 5% Equity value at expiration + 5% At December 31, 2023 (164,661) 164,660 At December 31, 2024 (254,605) 254,606
The valuation of the Warrant liability was performed using the Black Scholes Model, the following inputs were significant in the computation of fair values at each reporting date: During 2022, the Board of Directors authorized an extension on all warrants now having an expiration date of August 7, 2025. As the outstanding warrants for Agilyx are well in the money as of the December 31, 2023, and 2024 reporting dates, the valuations performed determined that the preponderance of the amount, for each of the respective dates, was intrinsic value in nature. Hence there was very little time value associated with the estimate of value calculated. As a result of this relationship, the change in the value of the instruments is going to be more closely correlated with the change in the underlying equity price as opposed to a change in volatility. This determination was corroborated with the sensitivity calculations completed. During 2023 and 2024, no warrants were exercised. The sensitivity analysis of a reasonably possible change in one significant unobservable input, being the underlying equity value, holding other inputs constant would be:
",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"reg-ix-379": {
"value": "I. JUDGMENTS: \u2022 Equity accounting: whether the Agilyx Group has significant influence over equity accounted investees (Notes 9 and 17); \u2022 Consolidation: Whether the Agilyx Group has control over an investee, and whether control has been lost (Notes 17 and 23)II. ESTIMATES: \u2022 Estimating the amounts due for the initial funding period provision related to the Regenyx investment (Note 9); \u2022 Assumptions and estimates related to the impairment of the investment in Regenyx, including future cash flows (Note 9); \u2022 Recording accounts receivable, and consideration of any potential allowance for expected credit losses (Note 10); \u2022 Useful lives a\ue002ributed to property plant and equipment and intangible assets (Notes 6 and 7); \u2022 Revenue recognized in accordance with the stage of comple\ue001on method (see accoun\ue001ng policy above and Note 3); \u2022 Stock-based compensa\ue001on expense (Note 15); \u2022 Warrant and stock subscrip\ue001on rights, valua\ue001on assump\ue001ons (Note 14); \u2022 Assump\ue001ons and es\ue001mates related to the fair value of the Agilyx Group\u2019s interest in Cyclyx following the loss of control (Notes 17 and 23); \u2022 Assump\ue001ons related to the ini\ue001al recogni\ue001on of leases and the subsequent accoun\ue001ng for these agreements, including incremental borrowing rates and determina\ue001on of lease term applied when compu\ue001ng lease liabili\ue001es (see Leases accoun\ue001ng policy above and Note 8). \u2022 Assump\ue001on related to the fair value of Cyclyx on the date that Agilyx lost control \u2013 this is the ini\ue001al basis for the carrying amount of the equity method investment in Cyclyx, e\ufb00ec\ue001ve a\ufb05er October 25, 2023. ",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"reg-ix-409": {
"value": "FAIR VALUE MEASUREMENT Warrant and stock subscrip\ue001on rights and the stock compensa\ue001on expenses, all require measurement at, and/or disclosure of, fair value. The fair value measurement of Agilyx Group\u2019s \ufb01nancial and non- \ufb01nancial assets and liabili\ue001es u\ue001lizes market observable inputs and data as far as possible. Inputs used in determining fair value measurements are categorized into di\ufb00erent levels based on how observable the inputs used in the valua\ue001on technique u\ue001lized are (the \u2018fair value hierarchy\u2019): \u2022 Level 1: Quoted prices in active markets for identical items (unadjusted) \u2022 Level 2: Observable direct or indirect inputs other than Level 1 inputs \u2022 Level 3: Unobservable inputs (i.e. not derived from market data). The classi\ufb01ca\ue001on of an item into the above levels is based on the lowest level of the inputs used that has a signi\ufb01cant e\ufb00ect on the fair value measurement of the item. Transfers of items between levels are recognized in the period they occur. Please refer to the applicable notes as referenced above, for addi\ue001onal informa\ue001on on the fair value measurements applied within these \ufb01nancial statements.
WARRANTS AND SUBSCRIPTION RIGHTS Number of ordinary shares Exercise price per share \u2013 USD Expiration Ordinary share warrants converted to subscription rights 2,322,100 1.00 2025 Group and parent December 31, 2023 Group and parent December 31, 2024 Warrant liabilities 3,293,206 5,092,107 Group and parent December 31, 2023 Group and parent December 31, 2024 Expected term 7-Aug-25 7-Aug-25 Equity volatility 35 35 Risk free rate 4.45% 4.16% Equity value at expiration \u2013 5% Equity value at expiration + 5% At December 31, 2023 (164,661) 164,660 At December 31, 2024 (254,605) 254,606
Reconciliation Warrant liability At January 1, 2023 6,303,189 Gain on warrant value \u2013 presented as fair value through profit and loss (3,009,983) At December 31, 2023 3,293,206 Loss on warrant value \u2013 presented as fair value through profit and loss 1,798,901 At December 31, 2024 5,092,107 Note 14: Warrants The Company has granted warrants in connection with various debt and equity issuances. The following table reflects the total of outstanding warrants as of December 31, 2024 that are exercisable into ordinary shares: The ordinary share warrants and subscription rights are the only financial instruments measured at fair value through the profit and loss. This treatment is required for the Warrants because the terms of the Warrant include a cash less exercise option, which triggers derivative treatment in accordance with IFRS 9. This is because their values change in response to a specified financial instrument price (Agilyx Group stock price), they required no initial net investment and they will be settled at a future date. All ordinary share warrants and subscription rights are measured using level 3 inputs on the fair value hierarchy. There were no transfers between the levels of the fair value hierarchy during any of the years presented. The valuation of the Warrant liability was performed using the Black Scholes Model, the following inputs were significant in the computation of fair values at each reporting date: During 2022, the Board of Directors authorized an extension on all warrants now having an expiration date of August 7, 2025. As the outstanding warrants for Agilyx are well in the money as of the December 31, 2023, and 2024 reporting dates, the valuations performed determined that the preponderance of the amount, for each of the respective dates, was intrinsic value in nature. Hence there was very little time value associated with the estimate of value calculated. As a result of this relationship, the change in the value of the instruments is going to be more closely correlated with the change in the underlying equity price as opposed to a change in volatility. This determination was corroborated with the sensitivity calculations completed. During 2023 and 2024, no warrants were exercised. The sensitivity analysis of a reasonably possible change in one significant unobservable input, being the underlying equity value, holding other inputs constant would be:
The reconciliation of the opening and closing fair value balance of level 3 financial instruments is provided below (this is applicable for both the Group and Parent only financial statements): FAIR VALUE MEASUREMENT Warrant and stock subscrip\ue001on rights and the stock compensa\ue001on expenses, all require measurement at, and/or disclosure of, fair value. The fair value measurement of Agilyx Group\u2019s \ufb01nancial and non- \ufb01nancial assets and liabili\ue001es u\ue001lizes market observable inputs and data as far as possible. Inputs used in determining fair value measurements are categorized into di\ufb00erent levels based on how observable the inputs used in the valua\ue001on technique u\ue001lized are (the \u2018fair value hierarchy\u2019): \u2022 Level 1: Quoted prices in active markets for identical items (unadjusted) \u2022 Level 2: Observable direct or indirect inputs other than Level 1 inputs \u2022 Level 3: Unobservable inputs (i.e. not derived from market data). The classi\ufb01ca\ue001on of an item into the above levels is based on the lowest level of the inputs used that has a signi\ufb01cant e\ufb00ect on the fair value measurement of the item. Transfers of items between levels are recognized in the period they occur. Please refer to the applicable notes as referenced above, for addi\ue001onal informa\ue001on on the fair value measurements applied within these \ufb01nancial statements.
",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"mtpnn42": {
"value": "NEW STANDARDS INTERPRETATIONS AND AMENDMENTS ADOPTED JANUARY 1, 2024 The following amendments are e\ufb00ec\ue001ve for the period beginning January 1, 2024: \u2022 Supplier Finance Arrangements (Amendments to IAS 7 & IFRS 7); \u2022 Lease Liability in a Sale and Leaseback (Amendments to IFRS 16); \u2022 Classification of Liabilities as Current or Non-Current (Amendments to IAS 1); and \u2022 Non-current Liabilities with Covenants (Amendments to IAS 1). These amendments had no impact on the year-end \ufb01nancial statements of Agilyx Group.
NEW STANDARDS INTERPRETATIONS AND AMENDMENTS NOT YET EFFECTIVE There are a number of standards, amendments to standards, and interpreta\ue001ons which have been issued by the IASB that are e\ufb00ec\ue001ve in future accoun\ue001ng periods that Agilyx Group has decided not to adopt early. The following amendments are e\ufb00ec\ue001ve for the period beginning January 1, 2025: \u2022 IAS 21, The Effects of Changes in Foreign Exchange Rates (Amendment \u2013 Lack of Exchangeability). The following amendments are e\ufb00ec\ue001ve for the period beginning January 1, 2026: \u2022 Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 Financial Instruments and IFRS 7); and \u2022 Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7) The following amendments are e\ufb00ec\ue001ve for the period beginning January 1, 2027: \u2022 IFRS 18 Presentation and Disclosure in Financial Statements; and \u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures Agilyx Group is currently assessing the impact of these new accoun\ue001ng standards and amendments. Except for IFRS 18, Agilyx Group does not expect any other standards issued by the IASB, but not yet e\ufb00ec\ue001ve, to have a material impact on Agilyx Group. IFRS 18 Presenta\ue001on and Disclosure in Financial Statements, which was issued by the IASB in April 2024, supersedes IAS 1 and will result in major consequen\ue001al amendments to IFRS Accoun\ue001ng Standards including IAS 8 Basis of Prepara\ue001on of Financial Statements (renamed from Accoun\ue001ng Policies, Changes in Accoun\ue001ng Es\ue001mates and Errors). Even though IFRS 18 will not have any e\ufb00ect on the recogni\ue001on and measurement of items in the consolidated \ufb01nancial statements, it is expected to have a signi\ufb01cant e\ufb00ect on the presenta\ue001on and disclosure of certain items. These changes include categoriza\ue001on and sub-totals in the statement of pro\ufb01t or loss, aggrega\ue001on/ disaggrega\ue001on and labelling of informa\ue001on, and disclosure of management-de\ufb01ned performance measures.
NEW STANDARDS INTERPRETATIONS AND AMENDMENTS ADOPTED JANUARY 1, 2024 The following amendments are e\ufb00ec\ue001ve for the period beginning January 1, 2024: \u2022 Supplier Finance Arrangements (Amendments to IAS 7 & IFRS 7); \u2022 Lease Liability in a Sale and Leaseback (Amendments to IFRS 16); \u2022 Classification of Liabilities as Current or Non-Current (Amendments to IAS 1); and \u2022 Non-current Liabilities with Covenants (Amendments to IAS 1). These amendments had no impact on the year-end \ufb01nancial statements of Agilyx Group.
NEW STANDARDS INTERPRETATIONS AND AMENDMENTS NOT YET EFFECTIVE There are a number of standards, amendments to standards, and interpreta\ue001ons which have been issued by the IASB that are e\ufb00ec\ue001ve in future accoun\ue001ng periods that Agilyx Group has decided not to adopt early. The following amendments are e\ufb00ec\ue001ve for the period beginning January 1, 2025: \u2022 IAS 21, The Effects of Changes in Foreign Exchange Rates (Amendment \u2013 Lack of Exchangeability). The following amendments are e\ufb00ec\ue001ve for the period beginning January 1, 2026: \u2022 Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 Financial Instruments and IFRS 7); and \u2022 Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7) The following amendments are e\ufb00ec\ue001ve for the period beginning January 1, 2027: \u2022 IFRS 18 Presentation and Disclosure in Financial Statements; and \u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures Agilyx Group is currently assessing the impact of these new accoun\ue001ng standards and amendments. Except for IFRS 18, Agilyx Group does not expect any other standards issued by the IASB, but not yet e\ufb00ec\ue001ve, to have a material impact on Agilyx Group. IFRS 18 Presenta\ue001on and Disclosure in Financial Statements, which was issued by the IASB in April 2024, supersedes IAS 1 and will result in major consequen\ue001al amendments to IFRS Accoun\ue001ng Standards including IAS 8 Basis of Prepara\ue001on of Financial Statements (renamed from Accoun\ue001ng Policies, Changes in Accoun\ue001ng Es\ue001mates and Errors). Even though IFRS 18 will not have any e\ufb00ect on the recogni\ue001on and measurement of items in the consolidated \ufb01nancial statements, it is expected to have a signi\ufb01cant e\ufb00ect on the presenta\ue001on and disclosure of certain items. These changes include categoriza\ue001on and sub-totals in the statement of pro\ufb01t or loss, aggrega\ue001on/ disaggrega\ue001on and labelling of informa\ue001on, and disclosure of management-de\ufb01ned performance measures.
Note 2: Segment information The Agilyx Group comprises two reportable segments which account for 100% of the Agilyx Group\u2019s revenues: a) Agilyx \u2013 This segment licenses its patented conversion technology and sells its patented equipment to industry players, whether they are exis\ue001ng strategic companies or newer entrepreneurial enterprises, to help them take feedstock and turn it into a product. We provide our partners with valuable know-how and robust technology that allows them to become part of the circular economy. Assets are located in both New Hampshire and Oregon, USA. b) Cyclyx \u2013 This segment is focused on sourcing the appropriate feedstock for the conversion technology used by the customer. Cyclyx is posi\ue001oned as an industry-wide solu\ue001on, serving the global market, and is agnos\ue001c as to the underlying conversion technology. Cyclyx\u00b4s primary ini\ue001al assets are located in Texas. FACTORS THAT MANAGEMENT USED TO IDENTIFY THE REPORTABLE SEGMENTS Both of these segments meet the quan\ue001ta\ue001ve thresholds to be a reportable segment. Management has concluded that these segments should be reported separately on the basis that: \u2022 Both segments are separate legal entities (see also Note 17), that offer differing products and services. \u2022 They are managed separately and each have their own Chief Executive Officer and board of directors. \u2022 They are managed separately because each business requires different technology and marketing strategies. \u2022 Both prepare discrete financial information for the board and Chief Operating Decision Makers (CODM) to use in making decisions about resource allocation and assess performance. \u2022 The Chief Operating Decision Maker of the consolidated Agilyx Group, is the Chief Executive Officer, Ranjeet Bhatia. He is on the board of both segments and therefore reviews the results of the operating segments and uses that information to make decisions which affect the resources allocated to each segment individually, as well as on a consolidated basis. MEASUREMENT OF OPERATING SEGMENT PROFIT OR LOSS, ASSETS AND LIABILITIES Segmental performance is measured in accordance with IFRS Accoun\ue001ng Standards. Opera\ue001ng segments are presented using the management approach, where the informa\ue001on presented is on the same basis as the internal reports provided to the CODM. The segmental \ufb01nancial informa\ue001on below includes the full annual results of the associate, Cyclyx, which con\ue001nues to be a reportable opera\ue001ng segment as de\ufb01ned within IFRS 8, despite the loss of control in 2023 as explained in Note 23. In order to reconcile the totals below to the \ufb01nancial statements, certain adjustments have been included in the table to re\ufb02ect the fact that Cyclyx is no longer consolidated. Segment assets exclude tax assets and assets used primarily for corporate purposes. Segment liabili\ue001es exclude tax, de\ufb01ned bene\ufb01t and warranty related liabili\ue001es. Loans and borrowings are not allocated as these are deemed to serve a group func\ue001on.
Measurement of Operating Segment Profit or Loss, Assets, and Liabilities 2023 2024 Cyclyx Agilyx Adjustments to remove Cyclyx Total Cyclyx Agilyx Adjustments to remove Cyclyx Total Profit and loss Revenues from external customers 10,297,592 5,894,701 (10,297,592) 5,894,701 11,234,108 1,009,813 (11,234,108) 1,009,813 Depreciation and amortization 1,786,908 643,465 (1,786,908) 643,465 1,034,487 776,566 (1,034,487) 776,566 Segment loss (9,273,199) (15,760,424) 9,273,199 (15,760,424) (19,778,219) (10,463,050) 19,778,219 (10,463,050) Impairment of investment in Regenyx (2,023,078) (49,382) Write-down of Regenyx receivable - (664,400) Share of loss of equity accounted associates (1,973,061) (8,769,502) Fair value gain (loss) on warrant agreements 3,009,983 (1,798,901) Interest expense (207,663) (72,897) Other financial expense, net (202,349) (221,340) Group net loss before tax and discontinued operations (17,156,592) (22,039,472)
Balance sheet Non-current asset additions 34,023,291 8,005,440 (34,023,291) 8,005,440 42,041,636 45,925 (42,041,636) 45,925 Reportable segment assets 76,502,783 17,298,046 (76,502,783) 17,298,046 197,243,585 66,049,131 (197,243,585) 66,049,131 Investment in associate - 113,002,939 - 113,002,939 - 126,733,436 - 126,733,437 Total group assets 130,300,985 192,782,568 Reportable segment liabilities 6,411,760 3,048,402 (6,411,760) 3,048,402 38,558,567 47,887,796 47,887,796 Derivative financial liabilities 3,293,206 5,092,107 Total group liabilities 6,341,608 52,979,903 Cash flow Net cash from operations (10,024,906) (13,643,205) 10,024,906 (13,643,205) (5,968,354) (9,969,025) 5,968,354 (9,969,025) Net cash from investments (8,399,868) (11,675,663) 8,399,868 (11,675,663) (40,215,492) (22,595,307) 40,215,492 (22,595,307) Net cash from financing 74,925,039 20,175,181 (74,925,039) 20,175,181 105,619,746 42,172,633 (105,619,746) 42,172,633 Revenue by geography \u2013 Revenue by geography is included in Note 3. The Cyclyx segment revenue is primarily derived from the US. Non-current assets by geography \u2013 All non-current assets reside in the US.
The Group has the following major customers, which each accounted for at least 10% of revenues in 2024 or 2023: Major Customers 2023 2024 Segment Customer A 8,439,553 9,904,066 Cyclyx Customer B 4,920,455 994,813 Agilyx Customer C 637,951 - Agilyx
Note 3: Geographical distribution of revenues
Geographical Distribution of Revenues Group Location/category 2023 2024 Europe 674,551 - USA 206,195 15,000 APAC 5,013,955 994,813 Total sales by customers location 5,894,701 1,009,813 Product category Project development 518,626 105,297 Services 630,223 872,749 License, membership and royalty fees 206,203 - Sale of goods 4,539,649 31,767 Total sales by category 5,894,701 1,009,813
No sales was recognized in the parent company, Agilyx ASA, in 2023 and 2024. 2023 2024 Cyclyx Agilyx Adjustments to remove Cyclyx Total Cyclyx Agilyx Adjustments to remove Cyclyx Total Profit and loss Revenues from external customers 10,297,592 5,894,701 (10,297,592) 5,894,701 11,234,108 1,009,813 (11,234,108) 1,009,813 Depreciation and amortization 1,786,908 643,465 (1,786,908) 643,465 1,034,487 776,566 (1,034,487) 776,566 Segment loss (9,273,199) (15,760,424) 9,273,199 (15,760,424) (19,778,219) (10,463,050) 19,778,219 (10,463,050) Impairment of investment in Regenyx (2,023,078) (49,382) Write-down of Regenyx receivable - (664,400) Share of loss of equity accounted associates (1,973,061) (8,769,502) Fair value gain (loss) on warrant agreements 3,009,983 (1,798,901) Interest expense (207,663) (72,897) Other financial expense, net (202,349) (221,340) Group net loss before tax and discontinued operations (17,156,592) (22,039,472)
",
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"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-385": {
"value": "The Group has the following major customers, which each accounted for at least 10% of revenues in 2024 or 2023: Major Customers 2023 2024 Segment Customer A 8,439,553 9,904,066 Cyclyx Customer B 4,920,455 994,813 Agilyx Customer C 637,951 - Agilyx
",
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"entity": "scheme:5493000E25PBC2PXV881",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-386": {
"value": "Note 4: Operating expenses by nature Agilyx presents the operating expenses by function in the profit and loss statement. Below is the total operating expenses presented by nature. The parent company's operating expenses included fees related to its function as parent. Operating Expenses by Nature Group Parent Operating expenses classified by nature 2023 2024 2023 2024 Raw materials and consumables 14,523 80,364 - - Salaries and related costs (Note 5) 9,652,153 5,623,708 342,179 459,781 Depreciation and amortization 944,003 1,148,624 - - Professional fees 9,122,832 2,972,844 1,367,416 852,046 Insurance 511,730 401,227 - - Office expenses 1,044,346 1,036,607 - - Travel 220,695 208,579 - - Other operating expenses 144,843 910 26,278 29,846 Total expenses 21,655,125 11,472,863 1,735,873 1,341,673
Note 4: Operating expenses by nature Agilyx presents the operating expenses by function in the profit and loss statement. Below is the total operating expenses presented by nature. The parent company's operating expenses included fees related to its function as parent. Operating Expenses by Nature Group Parent Operating expenses classified by nature 2023 2024 2023 2024 Raw materials and consumables 14,523 80,364 - - Salaries and related costs (Note 5) 9,652,153 5,623,708 342,179 459,781 Depreciation and amortization 944,003 1,148,624 - - Professional fees 9,122,832 2,972,844 1,367,416 852,046 Insurance 511,730 401,227 - - Office expenses 1,044,346 1,036,607 - - Travel 220,695 208,579 - - Other operating expenses 144,843 910 26,278 29,846 Total expenses 21,655,125 11,472,863 1,735,873 1,341,673
",
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"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-388": {
"value": "Geographical Distribution of Revenues Group Location/category 2023 2024 Europe 674,551 - USA 206,195 15,000 APAC 5,013,955 994,813 Total sales by customers location 5,894,701 1,009,813 Product category Project development 518,626 105,297 Services 630,223 872,749 License, membership and royalty fees 206,203 - Sale of goods 4,539,649 31,767 Total sales by category 5,894,701 1,009,813
No sales was recognized in the parent company, Agilyx ASA, in 2023 and 2024. Product category Project development 518,626 105,297 Services 630,223 872,749 License, membership and royalty fees 206,203 - Sale of goods 4,539,649 31,767 Total sales by category 5,894,701 1,009,813
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProductsAndServicesExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-390": {
"value": "Salary and Social Costs Group Parent 2023 2024 2023 2024 Salaries 6,193,606 4,567,992 347,398 391,135 Social security and payroll tax costs 1,408,692 424,192 13,491 47,343 Equity-settled share based compensation (Note 15) 840,794 (17,369) - - Pension costs 167,339 11,938 (18,710) 21,303 Benefits and other expenses 1,041,722 636,955 - - Total salaries 9,652,153 5,623,708 342,179 459,781 Number of average full time employees 66 50 1 2 Parent related salaries and benefits are cross-charged to Agilyx Corp as those costs are deemed to benefit those operations. Agilyx ASA is required to provide an occupational pension scheme pursuant to the Act relating to Mandatory Occupational Pensions. The company's pension scheme complies with the requirements under that law. Agilyx GmbH, Switzerland has a mandatory pension arrangement for all employees through a state run system. The arrangements is defined as contribution plan. Agilyx has no pension arrangements in any of its other entities. This is in line with the corresponding local legislation of it's operations. For 2023 and 2024 there were: a) No employer contributions paid to defined benefit pension plans for Senior Officers and Members of the Executive Board; and b) No loans or security given to Senior Officers and Members of the Executive Board, by the Company.
Senior Officers and Members of the Executive Board Remuneration \u2013 2024 Salary Other short-term benefits Pensions Share based compensation Total Ranjeet Bhatia, Group CEO 150,000 - - - 150,000 Bertrand Laroche, CFO 122,500 6,570 1,875 61,415 192,360 Chris Faulkner, CTO 263,528 62,404 6,976 74,793 407,701 Jessica Fletcher, VP of Engineering 207,000 40,251 6,696 26,847 280,794 Alex de Geofroy, VP of Information Technology 214,240 55,011 5,399 17,334 291,984 Russell Main, CEO and CFO (former)* 179,695 59,380 1,925 (23,089) 217,911 Mark Barranco, SVP Engineering & Education* 184,762 144,009 5,543 (29,566) 304,748 Louise Byrant, SVP Investor Relations* 45,539 76,783 8,865 (44,273) 86,914 Marie Conrad, VP Business Development* 81,731 30,831 3,255 (12,175) 103,642 Carsten Larsen, CCO* 75,346 121,900 21,619 (264,531) (45,666) Stephen Hamlet, VP of Human Resources* 128,934 122,791 4,786 (16,686) 239,825 2,230,213
Senior Officers and Members of the Executive Board Remuneration \u2013 2023 Salary Other short-term benefits Pensions Share based compensation Total Timothy Stedman, Group CEO 455,079 208,898 41,673 (92,222) 613,428 Chris Faulkner, CTO 255,852 45,549 6,759 59,864 368,024 Russell Main, CFO 278,100 160,135 9,024 41,281 488,540 Mark Barranco, SVP Engineering & Education 283,662 41,242 8,461 84,799 418,164 Louise Byrant, SVP Investor Relations 236,894 65,281 30,837 56,723 389,735 Isabel Charlotte Hacker, General Council 346,132 125,264 36,246 (51,108) 456,534 Carsten Larsen, CCO 319,155 54,714 31,600 182,350 587,819 Stephen Hamlet, VP of Human Resources 197,950 39,760 6,502 22,285 266,497 Kate Ringier, VP Communications & Government Affairs 206,917 61,688 22,935 (34,255) 257,285 3,846,026 The CEO at the time received his salary from Agilyx GmbH, Switzerland, and had a severance agreement whereby he would receive 100% pay for 6 months for termination by the Company without cause.
",
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},
"reg-ix-391": {
"value": "Salary and Social Costs Group Parent 2023 2024 2023 2024 Salaries 6,193,606 4,567,992 347,398 391,135 Social security and payroll tax costs 1,408,692 424,192 13,491 47,343 Equity-settled share based compensation (Note 15) 840,794 (17,369) - - Pension costs 167,339 11,938 (18,710) 21,303 Benefits and other expenses 1,041,722 636,955 - - Total salaries 9,652,153 5,623,708 342,179 459,781 Number of average full time employees 66 50 1 2 Parent related salaries and benefits are cross-charged to Agilyx Corp as those costs are deemed to benefit those operations. Agilyx ASA is required to provide an occupational pension scheme pursuant to the Act relating to Mandatory Occupational Pensions. The company's pension scheme complies with the requirements under that law. Agilyx GmbH, Switzerland has a mandatory pension arrangement for all employees through a state run system. The arrangements is defined as contribution plan. Agilyx has no pension arrangements in any of its other entities. This is in line with the corresponding local legislation of it's operations. For 2023 and 2024 there were: a) No employer contributions paid to defined benefit pension plans for Senior Officers and Members of the Executive Board; and b) No loans or security given to Senior Officers and Members of the Executive Board, by the Company.
",
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"reg-ix-393": {
"value": "Senior Officers and Members of the Executive Board Remuneration \u2013 2024 Salary Other short-term benefits Pensions Share based compensation Total Ranjeet Bhatia, Group CEO 150,000 - - - 150,000 Bertrand Laroche, CFO 122,500 6,570 1,875 61,415 192,360 Chris Faulkner, CTO 263,528 62,404 6,976 74,793 407,701 Jessica Fletcher, VP of Engineering 207,000 40,251 6,696 26,847 280,794 Alex de Geofroy, VP of Information Technology 214,240 55,011 5,399 17,334 291,984 Russell Main, CEO and CFO (former)* 179,695 59,380 1,925 (23,089) 217,911 Mark Barranco, SVP Engineering & Education* 184,762 144,009 5,543 (29,566) 304,748 Louise Byrant, SVP Investor Relations* 45,539 76,783 8,865 (44,273) 86,914 Marie Conrad, VP Business Development* 81,731 30,831 3,255 (12,175) 103,642 Carsten Larsen, CCO* 75,346 121,900 21,619 (264,531) (45,666) Stephen Hamlet, VP of Human Resources* 128,934 122,791 4,786 (16,686) 239,825 2,230,213
Senior Officers and Members of the Executive Board Remuneration \u2013 2023 Salary Other short-term benefits Pensions Share based compensation Total Timothy Stedman, Group CEO 455,079 208,898 41,673 (92,222) 613,428 Chris Faulkner, CTO 255,852 45,549 6,759 59,864 368,024 Russell Main, CFO 278,100 160,135 9,024 41,281 488,540 Mark Barranco, SVP Engineering & Education 283,662 41,242 8,461 84,799 418,164 Louise Byrant, SVP Investor Relations 236,894 65,281 30,837 56,723 389,735 Isabel Charlotte Hacker, General Council 346,132 125,264 36,246 (51,108) 456,534 Carsten Larsen, CCO 319,155 54,714 31,600 182,350 587,819 Stephen Hamlet, VP of Human Resources 197,950 39,760 6,502 22,285 266,497 Kate Ringier, VP Communications & Government Affairs 206,917 61,688 22,935 (34,255) 257,285 3,846,026 The CEO at the time received his salary from Agilyx GmbH, Switzerland, and had a severance agreement whereby he would receive 100% pay for 6 months for termination by the Company without cause.
Shares and Options Held by the CEO and Members of the Board of Direc
tors
RELATED PARTY TRANSACTIONS Group level \u2013 During 2024, Cyclyx had $9.7M of product sales to ExxonMobil (2023 $8.5M), a minority holder in Cyclyx. Related Party Transactions Related party receivable included in Note 10: 2023 2024 ExxonMobil 18,759 18,759 Regenyx, LLC 194,536 94,310 Cyclyx International, LLC 286,224 247,147 Related Party Transactions Specific parent related costs included: 2023 2024 Management charges from Agilyx GmbH 499,647 - Parent level \u2013 At December 31, 2024 the parent company, Agilyx ASA, has an intercompany payable of $5,328,875 to Agilyx Corp (December 31, 2023: $2,999,433) and $1,661,933 payable to Agilyx GmbH (December 31, 2023: $1,739,000) net of an intercompany receivable of $483,132 to Agilyx Corp (December 31, 2023: $408,346). These inter-group payables represent operating and management costs incurred and or paid at the subsidiary and subsequently recharged to the parent.
Agilyx Corp \u2014 Agilyx Corp was formed in 2004 in Oregon, United States of America. Agilyx Corp became a subsidiary of Agilyx AS by way of a share inversion that took place on January, 2020. The share inversion effectively converted all the shares of Agilyx Corp into shares of Agilyx ASA. Agilyx GmbH \u2014 Agilyx GmbH was formed in August, 2020 in Zurich, Switzerland. The subsidiary was created to provide additional reach into European markets. Cyclyx International, LLC \u2014 Cyclyx International, LLC is a partnership officially formed in the state of Delaware, United States of America on December, 2020. Since inception, Agilyx Group has owned 75% of the entity, with 25% owned by ExxonMobil Chemical Corporation (\u201cEMCC\u201d). The Partnership was formed to develop low cost pathways to recycle plastics. EMCC contributed operational funds of $8,000,000 while Agilyx Corp contributed technology and know-how that was not revalued due to consolidation within the group accounts. EMCC's cash contribution was recognized 75% to the equity holders of the parent and 25% to the non-controlling interest. In October 2023, Agilyx Group lost control of Cyclyx International, LLC (see Note 23 for more information). Following the loss of control, the Agilyx Group retained a significant influence in Cyclyx International, LLC and therefore began to equity-account for this investee as an associate from the date control was lost. The following tables summarize the financial information of Cyclyx International, LLC as included in its own financial statements prepared in accordance with IFRS Accounting Standards, adjusted for fair value adjustments at acquisition. The table also reconciles the summarized financial information to the carrying amount of the Group's interest in Cyclyx International, LLC. Additional information regarding the Cyclyx operation can be seen in Note 2.
Financial Summary (2023) As at December 31 2023 Ownership interest Associate (50%) Current assets 70,364,979 Non-current assets 156,956,776 Current liabilities 10,117,825 Non-current liabilities 24,617,068 Net assets (100%) 192,586,862 Group's share of net assets 96,293,431 50% of notional goodwill on the loss of control transaction 52,060,508 50% of non-dilutive equity contributions from members (35,351,000) Carrying value at 12/31/23 113,002,939 For the period ended December 31 2023 Revenue 10,297,592 Total comprehensive loss (100%) (9,092,647) Total comprehensive loss attributable to NCI before loss of control (25%) (1,351,394) Total comprehensive loss attributable to equity holders of the parent before loss of control (75%) (3,924,656) Group's equity accounted share of result following loss of control (50%) (1,973,061) Group's share of total comprehensive loss (5,897,717) Financial Summary (2024) As at December 31 2024 Ownership interest Associate (50%) Current assets 126,949,190 Non-current assets 70,294,395 Current liabilities 17,183,677 Non-current liabilities 21,919,744 Net assets (100%) 158,140,164 Group's share of net assets 79,070,082 Carrying value at 12/31/23 113,002,939 Cash investments 22,500,000 Group's share of total comprehensive loss (8,769,502)
Carrying value at 12/31/24 126,733,437 For the period ended December 31 2024 Revenue 11,234,108 Total comprehensive loss (100%) (17,539,003) Group's share of total comprehensive loss (8,769,502) ",
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},
"reg-ix-392": {
"value": "Senior Officers and Members of the Executive Board Remuneration \u2013 2024 Salary Other short-term benefits Pensions Share based compensation Total Ranjeet Bhatia, Group CEO 150,000 - - - 150,000 Bertrand Laroche, CFO 122,500 6,570 1,875 61,415 192,360 Chris Faulkner, CTO 263,528 62,404 6,976 74,793 407,701 Jessica Fletcher, VP of Engineering 207,000 40,251 6,696 26,847 280,794 Alex de Geofroy, VP of Information Technology 214,240 55,011 5,399 17,334 291,984 Russell Main, CEO and CFO (former)* 179,695 59,380 1,925 (23,089) 217,911 Mark Barranco, SVP Engineering & Education* 184,762 144,009 5,543 (29,566) 304,748 Louise Byrant, SVP Investor Relations* 45,539 76,783 8,865 (44,273) 86,914 Marie Conrad, VP Business Development* 81,731 30,831 3,255 (12,175) 103,642 Carsten Larsen, CCO* 75,346 121,900 21,619 (264,531) (45,666) Stephen Hamlet, VP of Human Resources* 128,934 122,791 4,786 (16,686) 239,825 2,230,213
*Terminated in 2024
Senior Officers and Members of the Executive Board Remuneration \u2013 2023 Salary Other short-term benefits Pensions Share based compensation Total Timothy Stedman, Group CEO 455,079 208,898 41,673 (92,222) 613,428 Chris Faulkner, CTO 255,852 45,549 6,759 59,864 368,024 Russell Main, CFO 278,100 160,135 9,024 41,281 488,540 Mark Barranco, SVP Engineering & Education 283,662 41,242 8,461 84,799 418,164 Louise Byrant, SVP Investor Relations 236,894 65,281 30,837 56,723 389,735 Isabel Charlotte Hacker, General Council 346,132 125,264 36,246 (51,108) 456,534 Carsten Larsen, CCO 319,155 54,714 31,600 182,350 587,819 Stephen Hamlet, VP of Human Resources 197,950 39,760 6,502 22,285 266,497 Kate Ringier, VP Communications & Government Affairs 206,917 61,688 22,935 (34,255) 257,285 3,846,026 The CEO at the time received his salary from Agilyx GmbH, Switzerland, and had a severance agreement whereby he would receive 100% pay for 6 months for termination by the Company without cause.
Shares and Options Held by the CEO and Members of the Board of Direc
tors
price of $2.19
",
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},
"reg-ix-394": {
"value": "Remuneration to Auditor Group Parent 2023 2024 2023 2024 Audit fees 123,384 139,139 58,484 83,164 Confirmation services 9,413 2,649 5,113 2,174 Tax services 3,000 - - - Other non-audit services 25,800 - - - Total fees 161,597 141,788 63,597 85,338 Audit fees to the parent auditor include VAT.
",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"reg-ix-403": {
"value": "Note 12: Accounts payable
Accounts Payable Group Parent 2023 2024 2023 2024 Accounts payable 1,830,507 207,796 403 376 Related party payables - - - - Total accounts payable 1,830,507 207,796 403 376 In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. As a result the liabilities attributable to Cyclyx, are not included in the 2023 balances above. See Note 23 for more information.
The following table sets out the contractual maturities (representing undiscounted contractual cash-flows) of financial liabilities:
See note 8 for undiscounted contractual cash flow information in relation to the lease liabilities. Contractural Maturities (Group \u2013 As At) Group \u2013 as at As at December, 31 2023 Due between 0-12 months Due between 1-2 years Due after 2 years or more Total Accounts payable 1,830,507 - - 1,830,507 Payable to group companies - - - - 1,830,507 - - 1,830,507 As at December, 31 2024 Accounts payable 207,796 - - 207,796 Payable to group companies - - - - 207,796 - - 207,796 Contractural Maturities (Parent \u2013 As At) Parent \u2013 as at As at December, 31 2023 Due between 0-12 months Due between 1-2 years Due after 2 years or more Total Accounts payable 403 - - 403 Payable to Group Companies 4,330,087 - - 4,330,087 4,330,490 - - 4,330,490 As at December, 31 2024 Accounts payable 376 - - 376 Payable to Group Companies 6,507,676 - - 6,507,676
Note 13: Accrued expenses and other current liabilities
Accrued expenses and other current liabilities Group Parent 2023 2024 2023 2024 Payroll and related accruals 924,937 1,001,298 78,413 210,281 Products and services - 683,887 683,887 Total accrued expenses and other current liabilities 924,937 1,685,185 78,413 894,168 In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. As a result the liabilities attributable to Cyclyx, are not included in the 2023 balances above. See Note 23 for more information.
Note 13: Accrued expenses and other current liabilities
Accrued expenses and other current liabilities Group Parent 2023 2024 2023 2024 Payroll and related accruals 924,937 1,001,298 78,413 210,281 Products and services - 683,887 683,887 Total accrued expenses and other current liabilities 924,937 1,685,185 78,413 894,168 In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. As a result the liabilities attributable to Cyclyx, are not included in the 2023 balances above. See Note 23 for more information.
",
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"reg-ix-404": {
"value": "Note 13: Accrued expenses and other current liabilities
Accrued expenses and other current liabilities Group Parent 2023 2024 2023 2024 Payroll and related accruals 924,937 1,001,298 78,413 210,281 Products and services - 683,887 683,887 Total accrued expenses and other current liabilities 924,937 1,685,185 78,413 894,168 In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. As a result the liabilities attributable to Cyclyx, are not included in the 2023 balances above. See Note 23 for more information.
WARRANTS AND SUBSCRIPTION RIGHTS Number of ordinary shares Exercise price per share \u2013 USD Expiration Ordinary share warrants converted to subscription rights 2,322,100 1.00 2025 Group and parent December 31, 2023 Group and parent December 31, 2024 Warrant liabilities 3,293,206 5,092,107 Group and parent December 31, 2023 Group and parent December 31, 2024 Expected term 7-Aug-25 7-Aug-25 Equity volatility 35 35 Risk free rate 4.45% 4.16% Equity value at expiration \u2013 5% Equity value at expiration + 5% At December 31, 2023 (164,661) 164,660 At December 31, 2024 (254,605) 254,606
Reconciliation Warrant liability At January 1, 2023 6,303,189 Gain on warrant value \u2013 presented as fair value through profit and loss (3,009,983) At December 31, 2023 3,293,206 Loss on warrant value \u2013 presented as fair value through profit and loss 1,798,901 At December 31, 2024 5,092,107 Note 14: Warrants The Company has granted warrants in connection with various debt and equity issuances. The following table reflects the total of outstanding warrants as of December 31, 2024 that are exercisable into ordinary shares: The ordinary share warrants and subscription rights are the only financial instruments measured at fair value through the profit and loss. This treatment is required for the Warrants because the terms of the Warrant include a cash less exercise option, which triggers derivative treatment in accordance with IFRS 9. This is because their values change in response to a specified financial instrument price (Agilyx Group stock price), they required no initial net investment and they will be settled at a future date. All ordinary share warrants and subscription rights are measured using level 3 inputs on the fair value hierarchy. There were no transfers between the levels of the fair value hierarchy during any of the years presented. The valuation of the Warrant liability was performed using the Black Scholes Model, the following inputs were significant in the computation of fair values at each reporting date: During 2022, the Board of Directors authorized an extension on all warrants now having an expiration date of August 7, 2025. As the outstanding warrants for Agilyx are well in the money as of the December 31, 2023, and 2024 reporting dates, the valuations performed determined that the preponderance of the amount, for each of the respective dates, was intrinsic value in nature. Hence there was very little time value associated with the estimate of value calculated. As a result of this relationship, the change in the value of the instruments is going to be more closely correlated with the change in the underlying equity price as opposed to a change in volatility. This determination was corroborated with the sensitivity calculations completed. During 2023 and 2024, no warrants were exercised. The sensitivity analysis of a reasonably possible change in one significant unobservable input, being the underlying equity value, holding other inputs constant would be:
The reconciliation of the opening and closing fair value balance of level 3 financial instruments is provided below (this is applicable for both the Group and Parent only financial statements): 2024 Shareholders 2024 Saffron Hill Ventures 2 LP 42,562,365 38.8 % Morgan Stanley & Co. Int. Plc. 21,507,304 19.6 % UBS Switzerland AG 8,784,386 8.0 % Skandinaviska Enskilda Banken AB 8,248,686 7.5 % Six Sis AG 6,115,796 5.6 % Merrill Lynch 4,642,713 4.2 % J.P. Morgan SE 3,442,358 3.1 % Citibank 2,822,735 2.6 % Clearstream Banking S.A. 2,451,527 2.2 % MP Pension PK 1,802,678 1.6 % Goldman Sachs International 1,655,837 1.5 % UFI Capital AS 1,243,595 1.1 % Others 4,406,227 4.0 % Total 109,686,207 100.0 % 2023 Shareholders 2023 Saffron Hill Ventures 2 LP 39,762,365 41.6 % Morgan Stanley & Co. Int. Plc. 15,495,607 16.2 % Six Sis AG 5,856,701 6.1 % Citibank 4,352,366 4.5 % Merrill Lynch 4,269,815 4.5 % Clearstream Banking S.A. 3,789,140 4.0 % Skandinaviska Enskilda Banken AB 2,364,493 2.5 % BNP Paribas Securities Services 2,229,236 2.3 % The Bank of New York Mellon SA/NV 1,619,618 1.7 % MP Pension PK 1,435,709 1.5 % SEB CMU/SECFIN Pooled Account 1,216,224 1.3 % J.P. Morgan SE 1,202,031 1.3 % UFI AS 1,073,700 1.1 % Sundt AS 1,067,186 1.1 % UFI Capital AS 1,031,685 1.1 % Others 8,920,331 9.3 % Total 95,686,207 100.0 %
Note 16: Shareholders Ordinary shares include 109,686,207 shares at par value NOK 0.02, all issued and fully paid
. Shareholders as of December 31 and shares held by the CEO and board members Ordinary shares include 95,686,207 shares at par value NOK 0.02, all issued and fully paid. As at January 1, 2023 there were 84,529,958 Ordinary Shares. Within the statement of changes in equity the share capital column provides a reconciliation of the par value of the Ordinary shares during 2023 and 2024. The tables above present the year end balances in total, the movements can be computed using the share capital column and adjusting for the NOK exchange rate at the relevant transaction dates. There are no special rights or restrictions with regards the Ordinary shares, each is entitled to one vote and a proportional share any remaining assets in the event of a liquidation. The total number of authorized shares was 122,737,300 and 145,624,500 at December 31, 2023 and December 31, 2024, respectively. The difference between the authorized number of shares and those that are fully issued and paid relates to shares reserved by Agilyx Group to be issued under Stock Option contracts.
The following describes the nature and purpose of each reserve within equity: Shareholders Reserve Description and purpose Share premium Amount subscribed for share capital in excess of nominal value, in the post inversion period Additional paid in capital Pre inversion amounts related to the exercise of stock options and post inversion transactions related to stock options and warrants.
Shares and Options Held by the CEO and Members of the Board of Direc
tors
2024 Shareholders 2024 Saffron Hill Ventures 2 LP 42,562,365 38.8 % Morgan Stanley & Co. Int. Plc. 21,507,304 19.6 % UBS Switzerland AG 8,784,386 8.0 % Skandinaviska Enskilda Banken AB 8,248,686 7.5 % Six Sis AG 6,115,796 5.6 % Merrill Lynch 4,642,713 4.2 % J.P. Morgan SE 3,442,358 3.1 % Citibank 2,822,735 2.6 % Clearstream Banking S.A. 2,451,527 2.2 % MP Pension PK 1,802,678 1.6 % Goldman Sachs International 1,655,837 1.5 % UFI Capital AS 1,243,595 1.1 % Others 4,406,227 4.0 % Total 109,686,207 100.0 % 2023 Shareholders 2023 Saffron Hill Ventures 2 LP 39,762,365 41.6 % Morgan Stanley & Co. Int. Plc. 15,495,607 16.2 % Six Sis AG 5,856,701 6.1 % Citibank 4,352,366 4.5 % Merrill Lynch 4,269,815 4.5 % Clearstream Banking S.A. 3,789,140 4.0 % Skandinaviska Enskilda Banken AB 2,364,493 2.5 % BNP Paribas Securities Services 2,229,236 2.3 % The Bank of New York Mellon SA/NV 1,619,618 1.7 % MP Pension PK 1,435,709 1.5 % SEB CMU/SECFIN Pooled Account 1,216,224 1.3 % J.P. Morgan SE 1,202,031 1.3 % UFI AS 1,073,700 1.1 % Sundt AS 1,067,186 1.1 % UFI Capital AS 1,031,685 1.1 % Others 8,920,331 9.3 % Total 95,686,207 100.0 %
Ordinary shares include 109,686,207 shares at par value NOK 0.02, all issued and fully paid
Shareholders as of December 31 and shares held by the CEO and board members Ordinary shares include 95,686,207 shares at par value NOK 0.02, all issued and fully paid. As at January 1, 2023 there were 84,529,958 Ordinary Shares. Within the statement of changes in equity the share capital column provides a reconciliation of the par value of the Ordinary shares during 2023 and 2024. The tables above present the year end balances in total, the movements can be computed using the share capital column and adjusting for the NOK exchange rate at the relevant transaction dates. There are no special rights or restrictions with regards the Ordinary shares, each is entitled to one vote and a proportional share any remaining assets in the event of a liquidation. The total number of authorized shares was 122,737,300 and 145,624,500 at December 31, 2023 and December 31, 2024, respectively. The difference between the authorized number of shares and those that are fully issued and paid relates to shares reserved by Agilyx Group to be issued under Stock Option contracts.
The following describes the nature and purpose of each reserve within equity: Shareholders Reserve Description and purpose Share premium Amount subscribed for share capital in excess of nominal value, in the post inversion period Additional paid in capital Pre inversion amounts related to the exercise of stock options and post inversion transactions related to stock options and warrants.
Shares and Options Held by the CEO and Members of the Board of Direc
tors
The following describes the nature and purpose of each reserve within equity: Shareholders Reserve Description and purpose Share premium Amount subscribed for share capital in excess of nominal value, in the post inversion period Additional paid in capital Pre inversion amounts related to the exercise of stock options and post inversion transactions related to stock options and warrants.
Shares and Options Held by the CEO and Members of the Board of Direc
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},
"reg-ix-417": {
"value": "Note 18: Income taxes Components of the income tax expense There was no provision for income taxes recorded at both the group and parent level for the years ended December 31, 2023 and 2024, respectively. Realization of deferred tax assets is dependent upon future earnings, if any, the timing and amount of which are uncertain. Unrecognized net deferred tax assets totaled $67.2 million (2023: $60.0 million) and in Norway $3.4 million (2023: $1.5 million). As of December 31, 2024, net operating loss for federal income tax purposes in US of approximately $208.9 million, portions of which will begin expire in 2030. Total state net operating loss carryforward in US of approximately $163.2 million, which will begin to expire in 2031. Agilyx Corp also has federal credits for approximately $2.5 million, which will begin to expire in 2030 and state research credits of approximately $0.7 million whose expiration date is not determined. Utilization of some of the federal and state net operating loss and credit carryforwards are subject to annual limitations due to the \u201cchange of ownership\u201d provisions of the Internal Revenue Code of 1986 and similar state provisions. The annual limitations may result in the expiration of net operating losses and credits before utilization. Such an analysis will be prepared before the utilization of the net operating losses and credits. Loss carried forward in Norway as of December 31, 2024, of approximately $15.4 million has no expiration date. Income Taxes Group Parent 2023 2024 2023 2024 Basis for income tax expense 96,122,594 (22,039,472) 1,156,607 (3,251,488) Discontinued operation (113,279,186) - - - Basis for income tax expense \u2013 from continuing operations Result before taxes (17,156,592) (22,039,472) 1,156,607 (3,251,488) Issue costs shares - - - - State benefit 16,485 1,450 - - Foreign expense - - - - Permanent differences (3,585,520) (4,996,159) (2,880,108) (1,798,848) Changes in temporary differences 399,468 4,540,676 - - Basis for payable taxes in the income statement \u2013 from continuing operations (20,326,159) (22,493,505) (1,723,501) (5,050,336) Deferred tax asset Loss carried forward 53,674,151 59,766,442 1,541,794 3,377,623 Research & other credits 3,271,123 3,266,491 - - Capitalized R&D 1,414,255 2,259,173 - - Other intangibles 693 73,766 - - Stock based compensation 301,184 323,153 - - Unrealized gain/loss 728,864 1,207,012 - - Lease liability 57,551 187,727 - - Investment in partnership 726,300 340,804 - - Total deferred tax assets 60,173,428 67,424,568 1,541,794 3,377,623 Deferred tax liabilities Fixed assets (56,413) (37,848) - - Prepayments (39,581) (9,012) - - Right of use assets (54,815) (211,134) - - Investment in partnership - - - - Total deferred tax liabilities (150,116) (257,994) - - Net deferred tax assets 60,023,312 67,166,574 1,541,794 3,377,623 Recognized deferred tax assets - - - - Statutory tax rate 21% 21% 22% 22% Tax rate 0% 0% 0% 0%
Note 19: Bonds payable On November 11, 2024, Agilyx ASA entered into a $50 million senior secured green bond issue with a tenor of 3 years. The bond carries a fixed quarterly coupon at a rate of 13.5% per annum and will mature on November 29, 2027. The fair value of the bond at initial measurement was $49 million, representing a 2% discount which will be amortized over the term of the bond under the effective interest method. In connection with the bond issuance, directly attributable transaction costs of $4,134,420 were capitalized to the balance of the bond, and are being amortized over the term of the bond under the effective interest method. As of December 31, 2024, the balance on the bond was $45,002,264, with an accrued coupon payment of $562,500. The carrying value of the bond approximates fair value. The bond is subject to certain covenants which, if not met, would result in the bond becoming repayable on demand. The first covenant is that the company's liquidity shall not, at any time, be less than $6,750,000. The second covenant is that the ratio of Market Capitalization to Net Interest- Bearing Debt at any time shall not be less than 3.00:1. The Company is to comply with these covenants at all times, and such compliance to be measured on June 30 and December 31 each year. As at December 31, 2024, the Company was in compliance with both covenants. In accordance with the terms of the bond agreement, the proceeds from the bond are held in an escrow account which had a balance of $40,188,255 as of December 31, 2024 and is classified as restricted cash on the Statement of Financial Position. The bond is secured by (i) a pledge on the escrow account, (ii) a guarantee from Agilyx, (iii) a pledge over all shares issued in Agilyx, (iv) a pledge over all LLC membership interests in Cyclyx owned by Agilyx, (v) a first priority assignment of any intercompany loans granted to or by Agilyx, (vi) first priority charges over the bank accounts of Agilyx, (vii) assignment over all insurances of each Obligor, and (viii) security over the IP portfolio.
Bond for Year Ending December 31
Group Parent 2025 (6,750,000) (6,750,000) 2025 (6,750,000) (6,750,000) 2025 (56,750,000) (56,750,000) (70,250,000) (70,250,000)
Note 21: Financial Instruments \u2013 Risk Management Agilyx Group is exposed through its operations to the following financial risks: \u2022 Credit risk \u2022 Liquidity risk In common with all other businesses, Agilyx Group is exposed to risks that arise from its use of financial instruments. This note describes Agilyx Group's objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements. There have been no substantive changes in the Group's exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note. (i) Principal financial instruments, by category The principal financial instruments used by Agilyx Group are listed in the table below, all of which are measured at amortized cost, plus the Warrant/Subscription rights, which are measured at fair value through the profit and loss: (ii) Financial instruments not measured at fair value Financial instruments not measured at fair value includes all the instruments listed in the table above (except the warrants). Due to the short term nature of Accounts receivable, Accounts payable and the Payable to Group Companies, amounts, the amortized cost is considered to approximate fair value. The Bond payable and Lease liabilities both carry market rates of interest, for these amounts the amortized cost is also considered to approximate fair value, measured using level 1 of the fair value hierarchy. (iii) Financial instruments measured at fair value The only financial instruments measured at fair value through profit and loss are the Warrants and Subscription rights, described in more detail in Note 14. (iv) General objectives, policies and processes The Board has overall responsibility for the determination of Agilyx Group's risk management objectives and policies and, while retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the Agilyx Group finance function. The Board receives monthly reports from the CFO and Corporate Controller through which it reviews the effectiveness of the processes put in place and the appropriateness of the objectives and policies it sets. Principal Financial Instruments Group \u2013 as at Parent \u2013 as at December 31, 2023 December 31, 2024 December 31, 2023 December 31, 2024 Accounts receivable 588,878 590,377 - - Cash and cash equivalents 8,527,632 18,135,934 5,958,889 17,227,016 Total financial assets 9,116,510 18,726,311 5,958,889 17,227,016 Accounts payable 1,830,507 207,796 403 376 Payable to group companies - - 4,330,087 6,507,676 Lease liabilities 292,958 822,283 - - Financial liabilities at amortized cost 2,123,465 1,030,079 4,330,490 6,508,052 Warrant liability 3,293,206 5,092,107 3,293,206 5,092,107 Total financial liabilities 5,416,671 6,122,186 7,623,696 11,600,159
Credit risk Credit risk is the risk of financial loss to Agilyx Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Agilyx Group is mainly exposed to credit risk from credit sales. It is Group policy, implemented locally, to assess the credit risk of new customers before entering contracts. Such credit ratings are taken into account by local business practices. As noted in Note 1, historically Agilyx does not have issues with collectability of its receivable balances. Due to this historical experience and the procedures which are applied to new customers, no allowance for expected credit losses has been booked. Credit risk also arises from cash and cash equivalents and deposits with banks and financial institutions. Agilyx Group only deals with highly reputable banks and financial institutions. At times, Agilyx Group does hold funds with certain banks that are beyond federally insured levels, however, management regularly monitor the banking relationships to minimize any risk that may arise in this respect.
Liquidity risk Liquidity risk arises from Agilyx Group's management of working capital and the finance charges and principal repayments on its debt instruments. It is the risk that Agilyx Group will encounter difficulty in meeting its financial obligations as they fall due. The current policy is to ensure that it will always have sufficient cash to allow it to meet its liabilities when they become due. To achieve this aim, it seeks to maintain cash balances (or agreed facilities) to meet expected requirements for a period of at least 45 days. The Group also seeks to reduce liquidity risk by fixing interest rates (and hence cash flows) on its long-term borrowings. Note that since all long-term borrowings are at fixed rates, management do not consider there to be a significant interest rate risk. The Board regularly receives cash flow projections as well as information regarding cash balances. At the end of the financial year, these projections indicated that the Group expected to have sufficient liquid resources to meet its obligations under all reasonably expected circumstances. The budgets are set by management and agreed by the Board in advance, enabling the Agilyx Group's cash requirements to be anticipated. The following table sets out the contractual maturities (representing undiscounted contractual cash-flows) of financial liabilities:
The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Group\u2019s competitiveness and flexibility. Further details regarding these policies are set out below: See note 8 for undiscounted contractual cash flow information in relation to the lease liabilities. Contractural Maturities (Group \u2013 As At) Group \u2013 as at As at December, 31 2023 Due between 0-12 months Due between 1-2 years Due after 2 years or more Total Accounts payable 1,830,507 - - 1,830,507 Payable to group companies - - - - 1,830,507 - - 1,830,507 As at December, 31 2024 Accounts payable 207,796 - - 207,796 Payable to group companies - - - - 207,796 - - 207,796 Contractural Maturities (Parent \u2013 As At) Parent \u2013 as at As at December, 31 2023 Due between 0-12 months Due between 1-2 years Due after 2 years or more Total Accounts payable 403 - - 403 Payable to Group Companies 4,330,087 - - 4,330,087 4,330,490 - - 4,330,490 As at December, 31 2024 Accounts payable 376 - - 376 Payable to Group Companies 6,507,676 - - 6,507,676
Agilyx Group's managed capital includes equity and debt. The objectives for Agilyx Group when maintaining capital are: \u2022 to safeguard the entity's ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders, and \u2022 to provide an adequate return to shareholders by pricing products and services commensurately with the level of risk. Agilyx Group sets the amount of capital it requires in proportion to risk. The Group manages its capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Group may return capital to shareholders, issue new shares, or sell assets to reduce debt. Due to recent market uncertainty, the Group's strategy is to preserve a strong cash base and
ensure compliance with any covenants attached to the bank and borrowing facilit
ies.
Liquidity risk Liquidity risk arises from Agilyx Group's management of working capital and the finance charges and principal repayments on its debt instruments. It is the risk that Agilyx Group will encounter difficulty in meeting its financial obligations as they fall due. The current policy is to ensure that it will always have sufficient cash to allow it to meet its liabilities when they become due. To achieve this aim, it seeks to maintain cash balances (or agreed facilities) to meet expected requirements for a period of at least 45 days. The Group also seeks to reduce liquidity risk by fixing interest rates (and hence cash flows) on its long-term borrowings. Note that since all long-term borrowings are at fixed rates, management do not consider there to be a significant interest rate risk. The Board regularly receives cash flow projections as well as information regarding cash balances. At the end of the financial year, these projections indicated that the Group expected to have sufficient liquid resources to meet its obligations under all reasonably expected circumstances. The budgets are set by management and agreed by the Board in advance, enabling the Agilyx Group's cash requirements to be anticipated. The following table sets out the contractual maturities (representing undiscounted contractual cash-flows) of financial liabilities:
Note 21 Cont.
See note 8 for undiscounted contractual cash flow information in relation to the lease liabilities. Contractural Maturities (Group \u2013 As At) Group \u2013 as at As at December, 31 2023 Due between 0-12 months Due between 1-2 years Due after 2 years or more Total Accounts payable 1,830,507 - - 1,830,507 Payable to group companies - - - - 1,830,507 - - 1,830,507 As at December, 31 2024 Accounts payable 207,796 - - 207,796 Payable to group companies - - - - 207,796 - - 207,796 Contractural Maturities (Parent \u2013 As At) Parent \u2013 as at As at December, 31 2023 Due between 0-12 months Due between 1-2 years Due after 2 years or more Total Accounts payable 403 - - 403 Payable to Group Companies 4,330,087 - - 4,330,087 4,330,490 - - 4,330,490 As at December, 31 2024 Accounts payable 376 - - 376 Payable to Group Companies 6,507,676 - - 6,507,676
",
"dimensions": {
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"entity": "scheme:5493000E25PBC2PXV881",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-425": {
"value": "Capital disclosures Agilyx Group's managed capital includes equity and debt. The objectives for Agilyx Group when maintaining capital are: \u2022 to safeguard the entity's ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders, and \u2022 to provide an adequate return to shareholders by pricing products and services commensurately with the level of risk. Agilyx Group sets the amount of capital it requires in proportion to risk. The Group manages its capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Group may return capital to shareholders, issue new shares, or sell assets to reduce debt. Due to recent market uncertainty, the Group's strategy is to preserve a strong cash base and
ensure compliance with any covenants attached to the bank and borrowing facilit
",
"dimensions": {
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"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-426": {
"value": "Note 22: Earnings per share Net Loss Per Share \u2013 Net earnings per share is computed under the provisions of IAS 33, Earnings Per Share. Basic earnings per share is computed by dividing net earnings or loss by the weighted average number of common shares outstanding during the period. The following table sets forth the reconciliation of the numerator and denominator used in the computation of basic net earnings or loss per common share for the years ended December 31, 2024 and 2023: Since Agilyx Group incurred an operating loss from continuing operations in both periods, the outstanding warrants and stock options would have an anti-dilutive impact on the Earnings per Share calculation, therefore the Diluted Earnings per Share is equal to the Basic Earnings per share. Earnings Per Share Years Ended December 31 2023 2024 Continuing operations Discontinued operations Total Numerator Profit (loss) for the period attributable to common stockholders ($17,038,967) $ 114,512,955 $97,473,988 ($22,039,472) Denominator Weighted average shares outstanding \u2013 basic & diluted 87,075,194 87,075,194 87,075,194 100,742,879 Earnings per share Net earnings (loss) per common share \u2013 basic & diluted ($0.20) $1.32 $1.12 ($0.22)
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-428": {
"value": "Note 24: Subsequent events The Company has no material subsequent events after the balance sheet date.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
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}