Kvartalsrapport Q3 2024

Automatiskt nyckeltalsindex

Detta är sökträffar och textkontext, inte verifierade eller normaliserade redovisningsvärden.

Fulltext

===== SIDA 1 =====

Significant eventsFinancial overview
1INTERIM REPORT, Q3 2024
Strong start in Spain offset by soft German market development Selected Key Indicators
JULY-SEPTEMBER•Oncopeptides announces that the first patient has entered a new study evaluating the efficacy and safety of Pepaxti in German patients.•Oncopeptides announces that it has signed an exclusive license and supply agreement with SCBIO Inc., a Korean pharmaceutical company for the commercialization of Pepaxtiin South Korea.
O N C O P E P T I D E S  |  I N T E R I M  R E P O R T  J U L Y  - S E P T E M B E R  2 0 2 4  This publication is a translation of the original Swedish text. In the event of inconsistency or discrepancy between the Swedish version and this publication, the Swedish language version shall prevail.
JULY-SEPTEMBERNet sales amounted to SEK 8.5 (2.8) millionOperating profit amounted to SEK -61.3 (-37.3) millionProfit after tax amounted to SEK -60.2 (-40.5) millionEarnings per share, before and after dilution -0.29 (-0.45) SEKCash and cash equivalents at the end of the period amounted to SEK 250.0 (233.6) million2024 2023 2024 2023 2023(SEK thousand)Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-D ecNet sales 8 507 2 805 21  734 29 883 35 220whereof reversal of returns reserve USA - 229 - 24 274 24 330Operating profit -61  251 -37 297 -200 1 64 -1 72 467 -253 447Profit after tax -60 233 -40 543 -201  1 81 -1 67 900 -249 1 1 1Earnings per share before and after dilution (SEK)-0,29 -0,45 -1 ,33 -1 ,86 -2,76Cash flow from operating activities -1 30 484 -57 793 -1 89 072 -224 098 -279 493Cash at the end of the period 250 01 3 233 595 250 01 3 233 595 1 73 407

===== SIDA 2 =====

CEO-statement
2
Strong start in Spain offset by soft German market developmentSales in Q3 2024 were SEK 8.5 million, compared to SEK 2.8 million in Q3 2023. Excluding a SEK 1.1 million down payment from the South Korean license deal, European sales in Q3 were slightly lower than in Q2, which in turn showed a 60 percent increase over Q1, illustrating volatility in an early-stage launch. Germany remains our most important European market and accelerating sales there is our highest priority. According to our market intelligence, the German market for newly introduced late-stage multiple myeloma drugs has been generally slow during the third quarter. So far, during Q4 we have seen signs that the market in Germany is recovering. The strong initial interest we saw in Spain in Q2 has started to transform into sales. The swift uptake follows the solid clinical experience from Pepaxti in the country. Since Pepaxtifirst became available in the country until today, about 80 percent of Spanish regions have already been activated, a strong start paving the way for continued sales growth during the end of 2024 and beyond. 
We also remain on track to secure market access in Italy, the European market with the second largest potential for Oncopeptides. Outside of Europe, during the third quarter, we signed an exclusive licensing and supply agreement with South Korean pharma company SCBIO to commercialize Pepaxti, driven by demand from South Korean KOLs. We have now received a first milestone payment, the first ever for Oncopeptides and a testament to our ambition to build sales outside of Europe. It also illustrates Pepaxti’s ability to address a significant global unmet medical need in late-stage multiple myeloma.  We are fully committed to and focused on flawless execution on our European launch of Pepaxti, the core of our value creation. Following the slower than expected sales development in Q3, Oncopeptides continues to act by implementing an even stronger focus on our three largest markets and reducing our cost base elsewhere, without impairing our ability to market and sell Pepaxti in countries where we 
see near-term revenue potential. We continue to see great value in our pipeline and have invested in key activities ensuring progress. The management team and I believe that a strong momentum in Spain, positive progress in Italy and the positive clinical experience that is being built in Germany together with increased cost-consciousness will be key to ensuring Oncopeptides’ success. Stockholm, November 7, 2024Sofia HeigisCEO
In the third quarter, a promising start in Spain was offset by slower-than-expected growth in Germany due to a soft market and a slow-down in Greece, resulting in a mixed third quarter for Oncopeptides. To ensure growth in the short term with prudent cost management, we are increasing our focus on the three largest markets Germany, Italy and Spain. 
O N C O P E P T I D E S  |  I N T E R I M  R E P O R T  J U L Y  - S E P T E M B E R  2 0 2 4

===== SIDA 3 =====

Financial Overview
3
REVENUENet sales during the quarter were SEK 8.5 (2.8) million and for nine months SEK 21.7 (29.9) million. The turnover refers to Europe for the most part, with the exception of SEK 1.1 million, which refers to a first ever milestone payment from SCBIO in South Korea. The turnover for the full year 2023 includes the effects of reversals regarding previous years' excessively high reserved income regarding returns in connection with the withdrawal of Pepaxto in the USA with SEK 24.3 million, of which SEK 0.2 million in the third quarter. Excluding reversal of return reserve, turnover amounted to SEK 10.9 million for the full year 2023.GROSS PROFITThe gross profit for the quarter amounted to SEK 7.8 (4.7) million and for nine months to SEK 19.9 (31.7) million. The 2023 gross result was positively affected by the reversal of return reserves described above. Cost of goods sold showed a positive value of SEK 1.1 million for the full year 2023. In connection with the withdrawal of Pepaxto in the USA in 2021, a complete write-down of the inventory value was made. In connection with Pepaxtireceiving full approval in Europe, this write-down was partially reversed in 2023.OPERATING EXPENSESOperating expenses for the quarter, excluding cost of goods sold, amounted to SEK 69.1 (42.0) million and for nine months to SEK 220.0 (204.2) million.RESEARCH AND DEVELOPMENT EXPENSESResearch and development costs amounted to SEK 21.9 (6.3) million for the quarter and for nine months to SEK 78.0 (73.9) million. No clinical studies are currently ongoing, where the phase three study Ocean was completed during the third quarter of 2023. During the 
third quarter of 2023, refunds of SEK 43.0 million were also received regarding final settlements for completed studies, which positively affected costs.MARKETING AND SALES EXPENSESMarketing and sales costs amounted to SEK 29.8 (28.8) million for the quarter and for nine months to SEK 93.7 (84.9) million. The increased costs relate to ongoing commercialization activities in Europe.GENERAL AND ADMINISTRATIVE EXPENSES Administrative costs during the quarter amounted to SEK 18.4 (12.2) million and for nine months to SEK 52.7 (53.0) million.EXPENSES FOR SHARE BASED INCENTIVE PROGRAMS For the first nine months of the year, costs, including social security contributions, for share-related incentive programs amounted to SEK 6.6 (5.9) million. The cost does not affect cash flow in the period. See note 8.TAX AND EARNINGSProfit during the quarter amounted to SEK -60.2 (-40.5) million and for nine months to SEK -201.2 (-167.9) million. This corresponds to earnings per share for the quarter of SEK -0.29 (-0.45) and for nine months of SEK -1.33 (-1.86).CASH FLOW, INVESTMENTS AND  FINANCIAL POSITIONCash flow from operating activities amounted to SEK -130.4 (-57.8) million for the quarter and SEK -189.1 (-224.1) million for nine months. The quarter's cash flow is negatively affected by SEK 105 million regarding an internal sale of patents whose VAT was settled in the subsidiary in June and in the parent company in July. A corresponding positive effect of SEK 105 million occurred in 
the second quarter.The completed rights issue in May had a positive impact on financing activities of SEK 271.8 million. In the fourth quarter of 2022, an addendum was made to the loan agreement with the European Investment Bank (EIB). The agreement gives Oncopeptides access to a loan facility of up to EUR 30 million without collateral. The loan agreement is divided into three tranches, each with a term of 5 years, which become available if the company meets certain conditions. If the company utilizes the entire loan facility, the EIB will be entitled to warrants corresponding to 2.8% of outstanding shares after dilution, in addition to interest on the loan amount. During the second quarter of 2023, Oncopeptides utilized Tranche A of this loan facility, which provided the company with EUR 10 million in cash and cash equivalents. Prior to the payment of this tranche, warrants corresponding to 1.26% of outstanding shares after dilution were transferred to the EIB free of charge. The loan amount has increased the company's flexibility and is used to finance the ongoing commercialization in Europe as well as the development of the research portfolio. See note 6.Equity in the group amounted to SEK 135.7 (133.4) million at the end of the period.RIGHTS ISSUEWith regard to the completed rights issue, the outcome of this was announced on 6 May. The Rights Issue brought the Company approximately SEK 314 million before deductions for costs attributable to the Rights Issue. The rights issue comprised 120,586,169 new ordinary shares, of which 98,415,644 ordinary shares have been subscribed with the support of subscription rights, corresponding to approximately 82 percent of the offered ordinary shares. In addition, 
notifications have been received to subscribe for 14,909,424 ordinary shares without the support of subscription rights, corresponding to approximately 12 percent of the offered ordinary shares. Thus, guarantee commitments for 7,261,101 ordinary shares, corresponding to approximately 6 percent of the offered ordinary shares, will be used. The subscription price was SEK 2.60 per new ordinary share. Through the Rights Issue, the share capital increased by SEK 13,398,463.77, from SEK 10,511,120.09 to SEK 23,909,583.86, through a new issue of 120,586,169 new ordinary shares, which means that the total number of shares increases from 94,600,077 shares to 215,186,246 shares.EMPLOYEES At the end of the quarter, the number of employees amounted to 79 (64).PARENT COMPANY The operations of the parent company correspond in all essential respects with the operations of the group, which is why the comments for the group also apply to the parent company. During the period, a restructuring of the group's patent portfolio related to Pepaxti has begun, where the patents are successively sold from the parent company to the wholly owned subsidiary Oncopeptides Innovation AB. This sale has resulted in an additional income of SEK 500 million for the parent company for nine-month period. The valuation of the patents is carried out by an external party and the transaction has no impact on the group's financial position or results. All patents have been transferred to the subsidiary as of 30 June 2024.
ONCOPEPTIDES SHARE At the end of the period, the number of registered shares eligible for trading and votes in Oncopeptides amounted to 211,263,903.
O N C O P E P T I D E S  |  I N T E R I M  R E P O R T  J U L Y  - S E P T E M B E R  2 0 2 4

===== SIDA 4 =====

Signatures
4O N C O P E P T I D E S  |  I N T E R I M  R E P O R T  J U L Y  - S E P T E M B E R  2 0 2 4  
The Board and the CEO confirm that the interim report provides a true and fair reflection of the Group’s and the Parent Company’s operations, position and earnings and describes the material risks and uncertainty factors faced by the Parent Company and the companies within the Group.Stockholm, November 7, 2024Per Wold-Olsen Sofia HeigisChairman CEOJennifer JacksonBoard memberCecilia Daun-WennborgBoard memberPer SamuelssonBoard memberJarl Ulf JungneliusBoard memberBrian StuglikBoard member

===== SIDA 5 =====

Review report
5O N C O P E P T I D E S  I N T E R I M  R E P O R T  J A N U A R Y - S E P T E M B E R  2 0 2 3  
This is a translation from the Swedish originalOncopeptides AB (publ) corp.reg. no. 556596-6438.INTRODUCTIONWe have reviewed the condensed interim report for Oncopeptides AB as at September 30, 2023 and for the nine months period then ended. The Board of Directors and the Managing Director are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.SCOPE OF VIEWWe conducted our review in accordance with the International Standard on Review Engagements, ISRE 2410 Review of Interim Financial Statements Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
CONCLUSIONBased on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act regarding the Group, and in accordance with the Swedish Annual Accounts Act regarding the Parent Company.Stockholm, November 7, 2024 Öhrlings PricewaterhouseCoopers ABLars Kylberg and Sara WallinderAuthorized Public Accountants

===== SIDA 6 =====

Condensed consolidated statement of comprehensive income
6
Condensed consolidated statement of financial position
O N C O P E P T I D E S  |  I N T E R I M  R E P O R T  J U L Y  - S E P T E M B E R  2 0 2 4  
TSEK Note2024-09-30 2023-09-30 2023-12-31A ssetsTangible assets 29 065 1 5 290 34 626Financial assets 800 850 852T o tal no n-current assets 29 865 16 140 35 478C urrent assetsInventory 4 51 1 1  924 2 425Current receivables 34 821 43 31 8 27 068Other liquid funds - 72 454 -Cash 250 01 3 1 61  1 41 1 73 407T o tal current assets 289 345 278 837 202 900T o tal assets 319 209 294 977 238 378Equity and liabilitiesEquity 1 35 655 1 33 396 56 780T o tal equity 135 655 133 396 56 780Lo ng term liabilitiesLoans from credit institutions 6 1 1 7 1 60 1 07 979 1 06 487Other long term liabilities 20 1 1 9 1 1  844 30 1 78T o tal lo ng-term liabilities 137 279 119 823 136 665C urrent liabilitiesTrade payables 1 2 1 04 1 2 559 1 5 025Other curren liabilities 34 1 71 29 1 99 29 908T o tal current liabilities 46 275 41 758 44 933T o tal equity and liabilities 319 209 294 977 238 378
2024 2023 2024 2023 2023(SEK thousand) NotJul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-D ecNet sales 58 507                    2 805                21  734                  29 883             35 220                Cost of Goods Sold-701                       1  896                 -1  936                   1  860                 1  079                   Gro ss pro fit7 805           4 701         19 798         31 743       36 299        Research and development expenses-21  932 -6 274 -78 037 -73 877 -1 06 948M arketing and distribution expenses-29 828 -28 806 -93 730 -84 851 -1 1 9 601Administrative expenses-1 8 368 -1 2 1 81 -52 740 -52 997 -68 878Other operating income/expenses1  072 5 263 4 545 7 51 5 5 681T o tal o perat ing expense-69 057 -41 998 -219 962 -204 210 -289 746EB IT ; Operating pro fit/ lo ss-61 251 -37 297 -200 164 -172 467 -253 447Net financial items652 -3 1 34 -1  409 3 1 48 5 000EB T ; Earnings befo re taxes-60 600 -40 431 -201 573 -169 319 -248 447Income tax366 -1 1 2 391 1  41 9 -664N et pro fit-60 233 -40 543 -201 181 -167 900 -249 111Other co mprehensive inco meItems to be reclassified as profit or lossTranslation variances-8 -54 -1 77 -1 99 98Other co mprehensive inco me after tax-8-54-177 -199 98T o tal co mprehensive inco me attributable to  P arent C o mpany’ s shareho lders. -60 241 -40 597 -201 359 -168 099 -249 013Earnings per share before/after dilution (SEK)-0,29 -0,45 -1,33 -1,86 -2,76

===== SIDA 7 =====

Condensed consolidated statement of changes in equityCondensed consolidated statement of cash flow
7O N C O P E P T I D E S  |  I N T E R I M  R E P O R T  J U L Y  - S E P T E M B E R  2 0 2 4  
2024 2023 2024 2023 2023SEK ThousandJul-Sep Jul-Sep Jan-Sep Jan- Sep Jan-D ecOpening balance192 963 177 125 56 780 294 293 294 293Net profit-60 233 -40 543 -201  1 81 -1 67 900 -249 1 1 1Other comprehensive income-8 -54 -1 77 -1 99 98T o tal co mprehensive inco me-60 241 -40 597 -201 359 -168 099 -249 013T ransactio n with o wnersNew issue of shares0 24 31 3 483 24 24Repurchase of shares0 0 0 0 -24Cost related to share issue0 0 -41  639 0 0Share based compensation2 933 -3 1 64 8 391 7 1 70 1 1  500Exercised warrannts0 8 0 8 0T o tal transactio ns with o wners2 933 -3 132 280 234 7 202 11 500Ending balance135 656 133 396 135 655 133 396 56 7802024 2023 2024 2023 2023SEK ThousandJul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-D ecOperating activitiesOperating profit/loss -61  251 -37 297 -200 1 64 -1 72 467 -253 447Adjustment for non-cash items -3 1 00 -3 320 6 403 8 397 1 8 91 9Interest received 1 6 1  844 22 2 289 8 580Interest paid 4 -3 368 0 -3 61 0 -570Taxes paid 394 -1 32 251 683 1  654C ash-flo w fro m o perating activities befo re change in wo rking capital-63 937 -42 273 -193 488 -164 708 -224 864Change in working capital -66 547 -1 5 520 4 41 6 -59 390 -54 629C ash-flo w fro m o perating activities -130 484 -57 793 -189 072 -224 098 -279 493Cash-flow from investment activities -                    -1 1 5 0 -1 1 5 -1 1 6                    Cash-flow from financing activities -1  956 -2 324 265 874 1 1 2 472 1 08 61 3C ash-flo w fo r the perio d -132 440 -60 232 76 802 -111 741 -170 996Cash at the beginning of the period 383 277 293 767 1 73 407 344 51 5 344 51 5Change in cash -1 32 440 -60 233 76 803 -1 1 1  742 -1 70 996Effect of exchange rate changes on cash -823 61 -1 97 822 -1 1 1C ash at the end o f the perio d 250 013 233 595 250 013 233 595 173 407

===== SIDA 8 =====

Condensed Parent Company income statementCondensed Parent Company balance sheet
8
Condensed Parent Company statement of comprehensive income
O N C O P E P T I D E S  |  I N T E R I M  R E P O R T  J U L Y  - S E P T E M B E R  2 0 2 4  
2024 2023 2024 2023 2023(SEK thousand) NoteJul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-D ecNet sales 58 507 2 575 21  734 5 608 1 0 890Cost of Goods Sold-701 1  896 -1  936 1  860 1  079Gro ss pro fit7 805 4 471 19 798 7 468 11 969Research and development expenses-23 732 -6 31 4 -80 528 -73 985 -1 07 1 1 1M arketing and distribution expenses-33 925 -29 972 -95 896 -63 796 -1 00 289Administrative expenses-1 8 41 1 -1 2 21 7 -52 868 -53 075 -68 984Other operating income/expenses4 380 5 578 51 4 622 1 2 942 1 2 227T o tal o perating expense-71 688 -42 925 285 330 -177 914 -264 157EB IT ; Operating pro fit/ lo ss-63 883 -38 454 305 128 -170 446 -252 188Net financial items-21 2 -3 1 88 -21 6 3 285 5 224Earnings after net financial items-64 095 -41 642 304 913 -167 161 -246 964Group contribution-1 9 909 -1  340 -26 940 -5 872 -6 976EB T ; Earnings befo re taxes-84 004 -42 982 277 973 -173 033 -253 940Tax0 0 0 0 0N et pro fit-84 004 -42 982 277 973 -173 033 -253 9402024 2023 2024 2023 2023SEK thousandJul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-D ecEBT; Earnings before taxes-84 004 -42 982 277 973 -1 73 033 -253 940Other comprehensive income- - - - -N et pro fits -84 004 -42 982 277 973 -173 033 -253 940
SEK thousand Note2024-09-30 2023-09-30 2023-12-31A ssetsTangible assets 6 327 8 787 8 1 72Financial assets 501  245 1  1 79 1  297T o tal no n-current  assets 507 572 9 966 9 469C urrent assetsInventory 4 51 1 1  924 2 424Current receivables 1 38 554 67 772 51  1 31Other liquid funds - 72 454 -Cash 1 75 461 1 46 657 1 58 756T o tal current assets 318 526 288 807 212 311T o tal assets 826 098 298 773 221 780Equity and liabilitiesRestricted equity 34 1 1 8 20 720 20 720Non-restricted capital 601  047 1 1 6 059 39 449T o tal Equity 635 165 136 779 60 169Lo ng term liabilitiesLoans from credit institutions 6 1 1 7 1 60 1 07 979 1 06 487Long-term liabilities 5 828 1 1  844 1 0 509T o tal lo ng-term liabilities 122 988 119 823 116 996C urrent liabilitiesTrade payables 1 0 641 1 1  272 1 2 91 2Other current liabilities 57 303 30 899 31  703T o tal current liabilities 67 944 42 171 44 615T o tal equity and liabilities 826 098 298 773 221 780

===== SIDA 9 =====

NOTE 1 -GENERAL INFORMATIONThis interim report covers the Swedish parent company Oncopeptides AB (publ), registration number 556596-6438, as well as the wholly owned subsidiaries Oncopeptides Incentive AB, Oncopeptides Innovation AB (with the wholly owned subsidiary Oncopeptides Innovation 1 AB), Oncopeptides GmbH and Oncopeptides Inc, USA. The parent company is a public limited company based in Stockholm. The figures in brackets in the report refer to the corresponding period of the previous year. The interim report has been approved for publication on 7 November 2024.NOTE 2 -ACCOUNTING PRINCIPLESThe group’s interim report is prepared in accordance with IAS 34. The parent company applies the Swedish Financial Reporting Council's recommendation RFR 2. Oncopeptides applies, other than what appears below, the same accounting principles as in the most recent annual report. Significant accounting and valuation principles can be found on pages 45-50 of the annual report for 2023.During the second quarter of 2023, a credit from the EIB of EUR 10 million was taken out. As part of the transaction cost in addition to interest, 1,138,646 subscription rights were transferred to the EIB. The liability includes the subscription rights, which are valued on an ongoing basis at fair value in accordance with IFRS 9. The subscription rights have been valued in accordance with the market approach in IFRS 13. Transferred subscription rights are reported as Other long-term debt in the balance sheet in accordance with IAS 1.Otherwise, no new or changed standards have been introduced since 1 January 2024 that have had any significant impact on the company's financial reporting.Oncopeptides applies ESMA's (European Securities and Markets Authority) guidelines for alternative key figures.NOTE 3 -RISKS AND UNCERTAINTIESIn its operations, Oncopeptides is exposed to a number of risks. The company continuously evaluates known and predictable risks and acts to minimize the effect of these risks within the framework of the company's business strategy and safeguarding the company's long-term interests, including its sustainability. The company assesses that the risks described in the annual report for 2023 remain during the period.NOTE 4 -ESTIMATES AND CONSIDERATIONSThis report contains forward-looking statements. Actual results may differ from those stated. Internal factors such as successful management of research programs and intellectual property rights may affect future results. The interim report has been prepared with the assumption that the company has the ability to continue operations during the next 12-month period, in line with the going concern principle.
NOTE 5 -REVENUE RECOGNITIONThere has been no change in the principle of revenue recognition compared to the annual report 2023. Revenue is recognized at the transaction price for goods sold excluding value added tax, discounts and returns. Revenue is recognized at the time of delivery when Oncopeptides has fulfilled its performance commitment and control of the goods passes to the customer. The customers are defined as hospitals and/or clinics and retailers who sell the goods to the final user of the goods. As the final price is related to the discount that applies in the respective local market the parent company and the group report a liability for a calculated discount based on the frameworks for discounts that apply in each market. The provision for estimated discounts is reported under the heading Other short-term liabilities in the balance sheet.The reserve for drug returns related to the withdrawal of Pepaxto from the US market in 2021 is fully dissolved at the end of 2023, when the time to be able to return products according to agreement was passed in July 2023. It is assessed that there are no significant risks for returns related to the sale of goods in Europe during the period.NOTE 6 –LOANS FROM CREDIT INSTITUTIONSThe liability relate to a loan from EIB. It will not be amortized until the 16thof June 2028, when it will be fully repaid. The interest is accumulated and capitalized during the term and paid in connection to the repayment of the loan. The contractual interest rate is 7% for the full term. The effective interest rate is estimated to 10.8%, including arrangement costs and the initial market value of the transferred warrants allocated during the term of the loan.In connection to the signing of the agreement, an emission of 2 829 231 warrants was performed, whereof 1 138 646 warrants representing 1.26% of outstanding shares after dilution has been transferred to EIB without compensation. The remaining warrants are held by the company and may be transferred to EIB in connection to a possible utilization of the remaining tranches related to the loan agreement.EIB has the right to exercise the warrants and subscribe for shares at the quota value. The warrants may be exercised at any time for a period of 20 years, in full or in part, by the warrant holder.EIB has the right, under certain circumstances and in connection to the repayment of the loan, to demand that Oncopeptides acquire the warrants at fair value in a situation when it is not possible to transfer the warrants to a third party.NOTE 7 -RELATED PARTY TRANSACTIONSRemuneration to senior management has been paid in accordance with current policies. No other transactions with related parties, outside of the Oncopeptides Group, occurred during the period.
Notes to the consolidated and Parent Company financial statements
9O N C O P E P T I D E S  |  I N T E R I M  R E P O R T  J U L Y  - S E P T E M B E R  2 0 2 4  Group revenue2024 2023 2024 2023 2023SEK thousandJul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-D ecN et salesGoods7 376 2 576 20 603 5 609 1 0 890M ilestone South Korea1  1 31 - 1  1 31 - -Reversal of return reserve- 229 - 24 274 24 330T o tal net revenue8 507 2 805 21 734 29 883 35 220Geo graphical marketUSA- 229 - 24 274 24 330Europe7 376 2 576 20 603 5 609 1 0 890Asia1  1 31 - 1  1 31 - 0T o tal net revenue8 507 2 805 21 734 29 883 35 220
Parent company revenue2024 2023 2024 2023 2023SEK thousandJul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-D ecGoods 7 376 2 575 20 603 5 609 1 0 890M ilestone South Korea 1  1 31 - 1  1 31 - -T o tal net revenue 8 507 2 575 21 734 5 609 10 890Geo graphical marketEurope 7 376 2 575 20 603 5 609 1 0 890Asia 1  1 31 - 1  1 31 - -Summa 8 507 2 575 21 734 5 609 10 890

===== SIDA 10 =====

NOTE 8 -SHARE BASED INCENTIVE PROGRAMSThe purpose of share-based incentive programs is to promote the  company’s long-term interests by motivating and rewarding the company’s senior management, founders, and other co-workers in line  with the interest of the shareholders. Oncopeptides has currently ten programs that include the management team, certain Board members, founders and employees.Program•2017; ”Co-worker LTIP 2017” •2018; ”Co-worker LTIP 2018” •2019; ”Co-worker LTIP 2019”•2021; ”Co-worker LTIP 2021” and ”Board LTIP 2021”•2022; ”Co-worker LTIP 2022” and ”Board SHP 2022”•2023; ” Co-worker LTIP 2023”•2024; ” Co-worker LTIP 2024” and ”Board SHP 2024"Board SHP 2024" is a one-year incentive program that was adopted at the annual general meeting on May 31, 2024 and is based on share rights for the company's board members. The vesting period runs from the time the member is elected up to and including the earliest of the day before the 2025 annual general meeting or July 1, 2025. The share rights must be exercised no later than 90 days after the member leaves the board or no later than six years after the award. "Co-worker LTIP 2024" and is based on share rights for the company's employees. The share rights are earned after three years during the period from the date of allotment up to and including the third anniversary. In addition to this just-mentioned temporal condition, the Share Rights are subject to performance-based earnings based on the development of Oncopeptide's share price. For more information, see notice and minutes from the general meeting on 31 May 2024.  For more information on the programs see Note 27 in the Annual report 2023 as well as Agendas and Minutes from the relevant Annual General Meetings on the company's website www.oncopeptides.com.  At the end of the period, full utilization (including warrants for securing social security contributions but excluding warrants related to EIB), of •Options and share awards resolved by the AGM and awarded to named individuals corresponding to 10,109,772 shares, would result in a dilution of 4.6 percent.•Options and share awards resolved by the AGM and awarded to named individuals as well as those not yet awarded to individuals, corresponding to 17,704,225  shares, would result in a dilution of 7.7 percent.
NOTE 9 -SIGNIFICANT EVENTS AFTER THE PERIODNo significant events occurred after the end of the period other than as mentioned in the report.Notes
10O N C O P E P T I D E S  |  I N T E R I M  R E P O R T  J U L Y  - S E P T E M B E R  2 0 2 4

===== SIDA 11 =====

11
Telephone conference
Kontakt
Key performance measuresIn  this report, certain key  performance measures are presented, including measures that are not defined under IFRS,  •Research and development /  operating expenses, %, •Gross margin, TSEK, %.  The company believes  that these  measurements provides valuable additional information when evaluating the  company’s  economic  trends. These financial  performance  measures should not be viewed in isolation, nor be  considered in replacement of performance indicators  that are  prepared in accordance with  IFRS.  Further, such performance  measures,  as the company has  defined them, should not be  compared with other performance  measures with similar names used by other companies since definitions and calculation methods may vary between companies.  DatumRapport27 February 2025Year-end report 202428 April 2025Annual report 20248 May 2025Interim report  Q1 202521 August 2025Interim report  Q2 20255 November 2025Interim report  Q3 2025Oncopeptides ABVisiting address; Luntmakargatan 46, 111 37 StockholmDomicile: Luntmakargatan 46, 111 37 Stockholm, SwedenTelephone:+46 8 615 20 40E-mail: info@oncopeptides.comWebsite: oncopeptides.com
Financial Calendar
ThesaurusContact
European Medicines AgencyEuropeiska läkemedelsmyndighetenEMAThe European Medicines Agency‘s Committee for Medicinal Products for Human Use Europeiska läkemedelsmyndighetens kommitté för humanläkemedelCHMPO N C O P E P T I D E S  |  I N T E R I M  R E P O R T  J U L Y  - S E P T E M B E R  2 0 2 4  
The Interim report for the period and an operational  update  will  be presented by CEO Sofia Heigis and  members  of  Oncopeptides Leadership  team,  WednesdayNovember 7, 2024, at 10:00 (CET).   If you wish to participate via webcast, please use the link below. Through the webcast you can ask written questions.https://ir.financialhearings.com/oncopeptides-q3-report-2024If you wish to participate via telephone conference, please register on the link below. After registration you will be provided a phone numbers and a conference ID to access the conference. You can ask questions verbally via the telephone conference. https://conference.financialhearings.com/teleconference/?id=50048827
This information is information that Oncopeptides is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 08:00 CET on November 7, 2024.1) Defined by subtracting cost of goods sold from total sales. The key figure shows gross profitability of cost of goods sold in absolute numbers.2) Defined by dividing the sum of the company's gross profit by total sales. The key figure aims to clarify the relative profitability of goods sold.3) For more information, please see the notice to the Annual General Meeting 2022.4) Earnings per share before dilution are calculated by dividing earnings attributable to shareholders of the Parent Company by a weighted average number of outstanding shares during the period. There is no dilution effect driven by the employee stock option program, as earnings for the periods have been negative.5) Defined by dividing the research and development costs with total operating expenses. The key performance measure provides an indication of the proportion of expenses that are attributable to the company’s core business.
2024 2023 2024 2023 2023SEK, ThousandJul-Sep Jul-Sep Jan-S ep Jan-Sep Jan-D ecNet sales 8 507                          2 805                       21  734                     29 883                       35 220                    Gross profit1) 7 805                          4 701                        1 9 798                     31  743                        36 299                    Gross margin2) 92% 1 68% 91 % 1 06% 1 03%Registered common shares outstanding beginning of period21 1  263 903 90 368 660 90 439 627 90 368 660 90 368 660 end of period21 1  263 903 90 439 627 21 1  263 903 90 439 627 90 439 627C-shares for LTI programs3)3 922 343 4 1 60 450 3 922 343 4 1 60 450 4 1 60 450Registered shares; end of period including C-shares21 5 1 86 246 94 600 077 21 5 1 86 246 94 600 077 94 600 077Share capital at the end of period23 91 0 1 0 51 1 23 91 0 1 0 51 1 1 0 51 1Equity at the end of period1 35 655 1 33 396 1 35 655 1 33 396 56 780Earnings per share before/after dilution, kr4)-0,29 -0,45 -1 ,33 -1 ,86 -2,76Operating loss-61  251 -37 297 -200 1 64 -1 72 467 -253 447Research and development expenses-21  932 -6 274 -78 037 -73 877 -1 06 948R&D costs/operating expenses, %5)32% 1 5% 35% 36% 37%