Nanoform Interim Report January - September 2021

HELSINKI, Nov. 25, 2021 /PRNewswire/ -- The strong momentum continues: all near-term business targets for 2021 achieved, rapid customer project intake accelerating, commercial team in Europe expanded, more line capacity added, ISMS certificate received, and a new near-term business target introduced: "Biologics pilot line for GMP in 2022". 

7-9/2021 key financials:

- Revenue came in at EUR 0.48 million, up 198 % compared with EUR 0.16 million in 7-9/2020.

- The gross profit more than quadrupled to EUR 0.42 million as the gross margin jumped to 88% (EUR 0.10 million, 63% in 7-9/2020).

- EBITDA came in at EUR -4.62 million (EUR -3.49 million).

- The operating loss was EUR -5.11 million (EUR -3.81 million).

- The loss for the period was EUR -4.51 million (EUR -4.16 million).

- Basic EPS was EUR -0.06 (EUR -0.06).

- The number of employees grew to 116 at the end of the review period (68).

- Cash position was EUR 82.4 million on September 30, 2021 (EUR 66.6 million).

1-9/2021 key financials:

- Revenue EUR 1.30 million, growth + 159%, stemming from 18 different customer projects (EUR 0.50 million, 9 customer projects in 1-9/2020).

- The gross profit more than tripled to EUR 1.18 million as the gross margin jumped to 91% (EUR 0.36 million, 72% in 1-9/2020).

- EBITDA came in at EUR -12.90 million (EUR -13.97 million).

- The operating loss improved to EUR -14.31 million (EUR -14.79 million).

- The loss for the period improved to EUR -14.12 million (EUR -15.50 million).

- Basic EPS was EUR -0.21 (EUR -0.29).

- EUR 40 million (gross) was raised in a new share issue in March.

(Numbers in brackets refer to the corresponding last year reporting period, unless otherwise mentioned.)

Significant events during 1-9/2021

- Early January, a new near-term business target was announced: "At least 12 new non-GMP and at least one GMP customer project in 2021".

- In January, Nanoform announced positive interim results from its clinical study. The interim results suggested that a nanoformed oral piroxicam tablet achieved significantly faster absorption when compared to the reference tablet from the originator Pfizer.

- In February, Nanoform and Herantis Pharma Plc signed a Biologics Proof of Concept Agreement aiming to enhance nasal drug delivery to the brain of Herantis' CDNF therapies for Parkinson's disease using Nanoform's proprietary biological nanoparticle technology. As a result, Nanoform achieved its near-term business target of "First Biologics PoC project signed in 2021".