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Nanoform’s half year financial report January–June 2020: Positive momentum continues to build after successful IPO, near-term business target: “to acquire more new customers in 2020 than in 2019” achieved in July.

April–June 2020 in brief:

  • Revenue grew to EUR 191 thousand, up 28% sequentially from EUR 150 thousand in Q1/2020.
  • Both the gross margin and gross profit increased sequentially, from 68% and EUR 103 thousand in Q1/2020 to 83% and EUR 159 thousand in Q2/2020, respectively.
  • The operating loss was EUR -6.6 million, including EUR -3.1 million costs related to the IPO (operating loss was EUR -1.6 million in Q2/2019).
  • The loss for the period was EUR -6.8 million (EUR -1,7 million in Q2/2019).
  • Basic EPS was EUR -0.14 (EUR -0.04).
  • EUR 79.9 million (gross) was raised in the IPO.
  • The number of employees grew to 55 at the end of Q2/2020 (33).

January–June 2020 in brief:

  • Revenue was EUR 342 thousand, during H1/2019 there were no revenues. The revenues in H1/2020 stemmed from seven different customer projects.
  • Gross margin and profit came in at 77 % and EUR 262 thousand, respectively.
  • The operating loss and the loss for the period were EUR -11.0 million and EUR -11.3 million, respectively.
  • Basic EPS was EUR -0.23 (EUR -0.08).
  • Cash position was EUR 75.2 million on June 30, 2020.

Significant event during H1/2020:

  • Miguel Calado was appointed chairman of the Board of Directors at the AGM, April 7, 2020 after being the vice chairman for a year.
  • In April Nanoform was awarded Good Manufacturing Practices (GMP) status by the Finnish Medicines Agency, FIMEA.
  • In April the Company’s form was changed to a public limited liability company and share capital was increased to EUR 80 thousand.
  • On June 4, EUR 79.9 million (gross) was raised in a successful IPO on Nasdaq First North Premier Growth Markets in Finland and Sweden. The considerably oversubscribed offering attracted strong interest from Global, European, and Nordic investors. Trading started on June 4, 2020.
  • Late June a proof-of-concept contract was signed with a UK Respiratory Biotech company.
  • Late June Nanoform signed (employee contracts with) two experienced commercialization experts in the U.S.
  • During Q2/2020 one new non-GMP line was commissioned, taking our capacity to seven non-GMP lines and one GMP line on the small molecules side.
  • Nanoform appointed Peter Hänninen as General Counsel, starting September 1, 2020.

Significant events after H1/2020:

  • In July Nanoform’s near-term business target to acquire more new customers in 2020 than in 2019 was achieved, when Nanoform signed a contract with a West Coast US Biotech company.
  • On August 6, Nanoform’s Board issued a notice that an extraordinary general meeting (EGM) will convene on September 1, 2020 at 10 am Helsinki time to elect Cynthia Schwalm, a renowned biotechnology and pharmaceutical leader, with experience from top-tier global pharma organizations like J&J, Amgen, Ipsen and Eisai, to the board. Further details on Cynthia Schwalm and the EGM may be found at our web page

Nanoform’s CEO Prof. Edward Hæggström:

The first half of 2020 goes to the history books. The COVID-19 global outbreak that started in China in December 2019, hit Europe and the US hard during March 2020. More or less all global travel between countries was banned and all work that could be done remotely was done from home. Fortunately, our commercial team travelled extensively during 2019 and the beginning of 2020 and introduced our technology to many prospective customers, which made follow-up discussions, negotiations and even signing contracts possible virtually. I’m also pleased that we’ve been able to initiate discussions with entirely new leads during Q2/2020.

I’m very proud that during the first seven months of 2020 we have won more new customers than we did during the entire 2019. I’m confident that the strong commercial momentum will continue, as starting from September 1, we will have doubled the size of our global commercial team after hiring two experienced US-based business development professionals.

Having met our second short-term business target (the first one we met in April, when the Finnish Medicines Agency gave us GMP status) and having successfully listed Nanoform – here I want to take the opportunity to explicitly thank all investors for the faith you have placed in the Nanoform team, the response we got from you during our roadshow was remarkable and energizing – my focus is now on ensuring that Nanoform enters the next stage on its growth trajectory. By that I mean the world of GMP projects supplying material to clinical trials with the long-term vision to help a billion patients. Based on the work done so far I’m confident that we are on track towards achieving our third and fourth short-term business targets, namely starting our first GMP project before year end 2020 and first dosing of nanoformed Active Pharmaceutical Ingredients (API) in humans in 2021.

None of this can be done without our amazing employees and great partners! My sincere THANK YOU to you all for your continued dedication to Nanoform and for the inspiring and innovative work for which we are known. Our journey has only begun, let’s make the coming five years as exciting as the first five have been!

Company near-term business targets for 2020 and 2021 (unchanged):

  • to acquire more new customers in 2020 than in 2019 (achieved in July)
  • to start its first GMP project before year-end 2020
  • to deliver the first dosing of nanoformed APIs in humans in 2021

Company mid-term business targets 2025 (unchanged):

  • to nanoform at least 50 new APIs annually
  • to have in place 25 operating production lines of which 5 to 10 are expected to be GMP production lines
  • over 90 percent gross margin
  • approximately 200 employees
  • to be cash flow positive

Change in equity and outstanding shares during the reported period:

On June 30, 2020 Nanoform had 66,583,772 (37,006,319) shares. Each share entitles to one vote at the General Meeting of Shareholders. On June 30, 2020, the Group’s share capital was EUR 80,000 (EUR 2,500). On June 3, 2020, the Company has issued 20,289,856 and 2,898,551 new shares with directed share issues in connection with the listing. The holders of stock options program 1/2016 exercised their options to subscribe for 1,300,000 shares on April 22, 2020. On June 30, 2020 the Company’s total equity was EUR 69.47 million (EUR 12.18 million).

Nanoform Group’s key figures, Financial KPI’s:

EUR thousand                             4-6/2020  4-6/2019   1-6/2020  1-6/2019  1-12/2019

Revenue 191 342 49
Gross profit 159 -90 262 -145 -323
EBITDA -6,348 -1,488 -10,485 -2,488 -6,900
Operating loss -6,622 -1,579 -10,987 -2,663 -7,344
Loss for the period -6,758 -1,647 -11,345 -2,791 -7,554
Basic EPS (EUR) -0.14 -0.04 -0.23 -0.08 -0.19
Net debt -69,751 -7,958 -69,751 -7,958 -3,640
Net debt excluding lease liabilities -74,101 -9,748 -74,101 -9,748 -6,626
Investments in property, plant and equipment -514 -360 -838 -467 -1,804
Operative free cash flow -6,863 -1,848 -11,322 -2,955 -8,704
Cash and cash equivalents (end of period) 75,155 10,394 75,155 10,394 7,303

Nanoform Group’s key figures, Operational KPI’s:

EUR thousand                             4-6/2020   4-6/2019  1-6/2020  1-6/2019  1-12/2019

Number of new projects started during the period
Non-GMP 1 0 5 0 2
GMP 0 0 0 0 0
Number of lines (end of the period)
Non-GMP 7 4 7 0 4
GMP 1 0 1 0 0
Number of employees (end of the period) 55 33 55 33 43

Nanoform’s complete half year financial report January–June 2020 can also be found at:

Telephone conference for analysts, investors and media:

Nanoform H1/2020 Conference Call Friday August 28th 09:00 EEST (08:00 CEST)

Nanoform will hold a conference call in connection with the Q2/2020 report. Nanoform is represented by CEO Edward Hæggström, CFO Albert Hæggström, CCO Christian Jones, CBO Gonçalo Andrade and Director of Investor Relations Henri von Haartman.

Please call 5–10 minutes prior to the event for a prompt start. Participants Dial in (Access Code: 793554):

Finland (Local) 075 3252542

Denmark (Local) 89 87 50 45

Sweden 0200 123 717

Sweden (Local) 010 884 80 16

Denmark 80 82 00 35

Norway (Local) 815 03 308

United Kingdom 0800 640 6441

United Kingdom (Local) 020 3936 2999

Switzerland (Local) 022 518 90 26

US and all other locations +44 20 3936 2999

Viewing the presentation: (Access Code: 793554)

For further information, please contact:

Albert Hæggström, CFO / +358 29 370 0150

For investor relations queries, please contact:

Henri von Haartman, Director of Investor Relations / +46 7686 650 11

Certified Adviser: Danske Bank A/S, Finland Branch, +358 40 562 1806

About Nanoform

Nanoform is an innovative nanoparticle medicine enabling company. Nanoform works together with pharma and biotech partners globally to reduce attrition in clinical trials and enhance their molecules’ formulation performance through its nanoforming services. The Company’s patented and scalable Controlled Expansion of Supercritical Solutions (CESS®) technology produces nanoformed API particles as small as 10nm. This enables poorly soluble molecules in the pharmaceutical pipeline to progress into clinical development by increasing their rate of dissolution and by improving their bioavailability. Nanoform’s unique technology provides novel opportunities in many value-enhancing drug delivery applications.For more information please visit