0001104659-21-108247 | 6-K | XBRL Viewer | Calliditas Therapeutics AB

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2021
Document and Entity Information [Abstract]
Document Type	6-K
Entity Registrant Name	CALLIDITAS THERAPEUTICS AB
Document Period End Date	Jun. 30, 2021
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001795579
Amendment Flag	false

Condensed Consolidated Statements of Income - SEK (kr) kr in Thousands	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Condensed Consolidated Statements of Income
Net sales			kr 474	kr 874
Research and development expenses	kr (75,020)	kr (165,097)	(102,492)	(241,371)
Administrative and selling expenses	(84,372)	(143,151)	(36,806)	(141,724)
Other operating income	383	383	782	2,501
Other operating income/expenses	(390)	(2,315)	(846)
Operating loss	(159,398)	(310,179)	(138,888)	(379,720)
Net financial income/(expenses)	(5,814)	8,793	13,952	(56,431)
Loss before income tax	(165,212)	(301,386)	(124,936)	(436,151)
Income tax expense	2,140	11,445	(105)	(360)
Loss for the period	(163,071)	(289,940)	(125,041)	(436,511)
Attributable to:
Equity holders of the Parent Company	(159,840)	(285,295)	kr (125,041)	(433,494)
Non-controlling interests	kr (3,232)	kr (4,646)		kr (3,017)
Loss per share
Loss per share before and after dilution	kr (3.20)	kr (5.71)	kr (3.14)	kr (9.66)

Condensed Consolidated Statements of Comprehensive Income - SEK (kr) kr in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Condensed Consolidated Statements of Comprehensive Income
Loss for the period	kr (163,071)	kr (61,326)	kr (289,940)	kr (125,041)	kr (436,511)
Other comprehensive income/(loss) that may be reclassified to profit or loss in subsequent periods:
Exchange differences on translation of foreign operations	(4,151)	(49)	2,515	2	(9,352)
Other comprehensive income/(loss) that may be reclassified to profit or loss in subsequent periods	(4,151)	(49)	2,515	2	(9,352)
Other comprehensive income/(loss) that will not be reclassified to profit or loss in subsequent periods:
Remeasurement gain on defined benefit plans	109		1,525		1,216
Other comprehensive income/(loss) that will not be reclassified to profit or loss in subsequent periods:	109		1,525		1,216
Other comprehensive income/(loss) for the period	(4,042)	(49)	4,040	2	(8,137)
Total comprehensive income/(loss) for the period	(167,114)	(61,375)	(285,901)	(125,039)	(444,648)
Attributable to:
Equity holders of the Parent Company	(163,377)	kr (61,375)	(281,695)	(125,039)	(438,343)
Non-controlling interests	kr (3,736)		kr (4,205)	kr 0	kr (6,305)

Condensed Consolidated Statements of Financial Position - SEK (kr) kr in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020
Non-current assets
Intangible assets	kr 481,310	kr 461,367	kr 16,066
Equipment	1,078	163	93
Right-of-use assets	7,759	5,244	4,782
Non-current financial assets	3,942	2,225	1,938
Deferred tax assets	885	600	197
Total non-current assets	494,973	469,599	23,076
Current assets
Other current assets	27,276	40,547	4,267
Cash	709,306	996,304	1,459,569
Total current assets	736,582	1,036,851	1,463,836
TOTAL ASSETS	1,231,555	1,506,450	1,486,912
Equity
Share capital	1,998	1,998	1,918
Additional paid-in capital	2,141,445	2,133,179	2,036,378
Retained earnings, including net loss for the period	(1,205,601)	(924,686)	(613,180)
Equity attributable to equity holders of the Parent Company	937,842	1,210,491	1,425,116
Non-controlling interests	32,860	45,809	0
Total equity	970,702	1,256,300	1,425,116
Non-current liabilities
Provisions	60,945	55,361	603
Pension Liabilities	5,520	8,296
Deferred tax liabilities	68,849	79,996
Other non-current liabilities	3,478	878	1,671
Total non-current liabilities	138,792	144,531	2,274
Current liabilities
Accounts payable	59,263	53,827	29,520
Other current liabilities	8,991	10,406	5,161
Accrued expenses and deferred revenue	53,806	41,386	24,841
Total current liabilities	122,060	105,619	59,522
TOTAL EQUITY AND LIABILITIES	kr 1,231,555	kr 1,506,450	kr 1,486,912

Condensed Consolidated Statements of Changes in Equity kr in Thousands	SEK (kr)
Opening balance equity attributable to equity holders of the Parent Company at Dec. 31, 2019	kr 788,071
Loss for the period	(125,041)
Other comprehensive income/(loss)	2
Total comprehensive income/(loss) for the period attributable to equity holders of the Parent Company	(125,039)
Transactions with owners:
New share issue	827,999
Cost attributable to new share issue	(94,457)
Exercise of warrants	28,328
Share-based payments	214
Purchase of non-controlling interests	0
Total transactions with owners	762,084
Closing balance equity attributable to equity holders of the Parent Company at Jun. 30, 2020	1,425,116
Opening balance equity attributable to non-controlling interests at Dec. 31, 2019	0
Transactions with owners:
Total comprehensive loss for the period	0
Contribution from non-controlling interests	0
Non-controlling interests from business combinations	0
Purchase of non-controlling interests	0
Closing balance equity attributable to non-controlling interests at Jun. 30, 2020	0
Equity at the end of period at Jun. 30, 2020	1,425,116
Opening balance equity attributable to equity holders of the Parent Company at Dec. 31, 2019	788,071
Loss for the period	(433,494)
Other comprehensive income/(loss)	(4,849)
Total comprehensive income/(loss) for the period attributable to equity holders of the Parent Company	(438,343)
Transactions with owners:
New share issue	891,388
Cost attributable to new share issue	(97,686)
Exercise of warrants	59,251
Share-based payments	6,012
Purchase of non-controlling interests	1,798
Total transactions with owners	860,763
Closing balance equity attributable to equity holders of the Parent Company at Dec. 31, 2020	1,210,491
Opening balance equity attributable to non-controlling interests at Dec. 31, 2019	0
Transactions with owners:
Total comprehensive loss for the period	(6,305)
Contribution from non-controlling interests	0
Non-controlling interests from business combinations	136,084
Purchase of non-controlling interests	(83,970)
Closing balance equity attributable to non-controlling interests at Dec. 31, 2020	45,809
Equity at the end of period at Dec. 31, 2020	1,256,300
Loss for the period	(285,295)
Other comprehensive income/(loss)	3,599
Total comprehensive income/(loss) for the period attributable to equity holders of the Parent Company	(281,695)
Transactions with owners:
New share issue	0
Cost attributable to new share issue	(982)
Exercise of warrants	0
Share-based payments	9,285
Purchase of non-controlling interests	743
Total transactions with owners	9,046
Closing balance equity attributable to equity holders of the Parent Company at Jun. 30, 2021	937,842
Transactions with owners:
Total comprehensive loss for the period	(4,205)
Contribution from non-controlling interests	2,282
Non-controlling interests from business combinations	0
Purchase of non-controlling interests	(11,026)
Closing balance equity attributable to non-controlling interests at Jun. 30, 2021	32,860
Equity at the end of period at Jun. 30, 2021	kr 970,702

Condensed Consolidated Statements of Cash Flows - SEK (kr) kr in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Operating activities
Operating loss	kr (159,398)	kr (66,562)	kr (310,179)	kr (138,888)	kr (379,720)
Adjustments for non-cash items	10,217	1,104	15,224	1,929	15,465
Interest received					1,912
Interest paid	(55)	(78)	(209)	(261)	(393)
Income taxes paid	(993)		(993)		(528)
Cash flow used in operating activities before changes in working capital	(150,228)	(65,536)	(296,156)	(137,220)	(363,264)
Cash flow from changes in working capital
Cash flow from/(used in) changes in working capital	(17,318)	1,480	(29,067)	(51,429)	(54,083)
Cash flow used in operating activities	(132,910)	(67,016)	(267,089)	(85,791)	(309,181)
Investing activities
Cash flow used in investing activities	(18,568)	(1)	(18,767)	(1)	(172,607)
Cash flow used in investing activities	(18,568)	(1)	(18,767)	(1)	(172,607)
Financing activities
New share issue		828,000		828,000	891,388
Cost attributable to new share issue		(64,528)	(982)	(76,780)	(95,937)
Premiums from warrants issuance		28,328		28,328	59,251
Purchase of non-controlling interests	(366)		(10,283)		(82,172)
Repayment of loans	(351)	(627)	(1,361)	(1,852)	(3,972)
Contribution from non-controlling interests			2,282
Cash flow from/(used in) financing activities	(717)	791,173	(10,344)	777,696	768,558
Net increase /(decrease) in cash	(152,195)	724,156	(296,200)	691,904	286,770
Cash at the beginning of the period	867,346	728,574	996,304	753,540	753,540
Net foreign exchange gains/(loss) on cash	(5,845)	6,839	9,202	14,125	(44,006)
Cash at the end of the period	kr 709,306	kr 1,459,569	kr 709,306	kr 1,459,569	kr 996,304

Description of Business

6 Months Ended

Jun. 30, 2021

Description of Business

Description of Business

Note 1 Description of Business

Calliditas Therapeutics AB (publ) (“Calliditas” or the “Parent Company”), with corporate registration number 556659-9766, and its subsidiaries (collectively, the “Group”) conduct development activities in pharmaceuticals. These interim condensed consolidated financial statements encompass the Group, domiciled in Stockholm, Sweden, and its subsidiaries for the six months ended June 30, 2021 and June 30, 2020.

Calliditas is a Swedish public limited company registered in and with its registered office in Stockholm. The registered address of the corporate headquarters is Kungsbron 1, C8, Stockholm, Sweden. Calliditas is listed at Nasdaq Stockholm in the Mid Cap segment with ticker CALTX and, in the form of ADSs, on the Nasdaq Global Select Market in the United States with the ticker “CALT”.

These interim condensed consolidated financial statements were approved by the Board of Directors (the “Board”) for publication on August 19, 2021.

This report may include forward-looking statements. Actual outcomes may deviate from what has been stated. Internal factors such as successful management of research projects, and intellectual property rights may affect future results. There are also external conditions, (e.g. the economic climate, political changes, and competing research projects) that may affect the Group’s results.

Accounting Policies

6 Months Ended

Jun. 30, 2021

Accounting Policies

Accounting Policies

Note 2 Accounting Policies

These interim condensed consolidated financial statements have been prepared in accordance with International Accounting Standard No. 34 (IAS 34), “Interim Financial Reporting”. The Parent Company applies the Swedish Financial Reporting Board recommendation RFR2, Accounting for legal entities. None of the new or amended standards and interpretations that became effective January 1, 2021, have had a significant impact on the Group’s financial reporting. Significant accounting principles can be found on pages 45-49 of the Annual Report for 2020.

During 2020, Calliditas acquired a company (Genkyotex SA) that has defined benefit pension plans, which is recognized in the condensed consolidated statements of financial position under “Pension liabilities” and will be revalued due to actuarial changes.

The ESMA (European Securities and Markets Authority) guidelines on alternative key performance ratios are applied, which means disclosure requirements regarding financial measures that are not defined in accordance with IFRS. For key ratios not defined by IFRS, see the Definitions and reconciliations of alternative performance measures on page 27.

Risks and uncertainties in the Group and the Parent Company

6 Months Ended

Jun. 30, 2021

Risks and uncertainties in the Group and the Parent Company

Risks and uncertainties in the Group and the Parent Company

Note 3 Risks and uncertainties in the Group and the Parent Company

Operational risks

Research and drug development up to approved registration is subject to considerable risk and is a capital-intensive process. The majority of all initiated projects will never reach market registration due to the technological risk such as the risk for insufficient efficacy, intolerable side effects or manufacturing problems. Competing pharmaceuticals can capture market share or reach the market faster, or if competing research projects achieve better product profiles, the future value of the product portfolio may be lower than expected. The operations may also be impacted negatively by regulatory decisions, such as lack of approvals and price changes.

COVID-19

The COVID-19 virus has rapidly spread from an initial event and infections have been reported globally. Calliditas has clinical trial sites in the NefIgArd trial based in areas currently affected by this coronavirus. Calliditas has not yet experienced any major disturbances in the NefIgArd trial. The extent to which the coronavirus impacts the operations and the NefIgArd trial, or any planned trials for Nefecon or setanaxib, will depend on the type, degree and duration of the various restrictions put in place to contain the virus or treat those affected. This today varies in different geographies, and future developments cannot be predicted with reasonable assurance.

The pandemic may negatively impact our trial as a result of disruptions, such as travel bans, quarantines, and inability of patients to access the trial sites and provide samples as well as interruptions in the supply chain, which could result in delays and impact on the data integrity of the trial.

The impact of the coronavirus outbreak for Calliditas have been limited so far, but the continued spread of the coronavirus globally, may negatively impact our operations, including our trials. It could also negatively affect the operations of key governmental agencies, such as the FDA and EMA, which may delay the development of our product candidates, or could result in the inability of our suppliers to deliver components or raw materials on a timely basis, each of which in turn could have a negative impact on our business and results of operations.

Financial risks

Calliditas’ financial policy governing the management of financial risks has been designed by the Board of Directors and represents the framework of guidelines and rules in the form of risk mandated and limits for financial activities.

The Group is primarily affected by foreign exchange risk, since the development costs for Nefecon and setanaxib are mainly paid in USD and EUR. Further, the Group carry cash in USD to meet future expected costs in USD in connection with a potential commercialization of Nefecon in the United States. Regarding the Group and the Parent Company’s financial risk management, the risks are essentially unchanged compared with the description in the Annual Report for 2020.

For more information and full disclosure regarding the operational- and financial risks, reference is made to the annual report for 2020 and the annual report on form 20-F, filed with the SEC in April 2021.

Revenue from Contracts with Customers

6 Months Ended

Jun. 30, 2021

Disclosure of disaggregation of revenue from contracts with customers [line items]

Revenue from Contracts with Customers

Note 4 Revenue from Contracts with Customers

The Group’s revenues during 2020 consisted of revenues for the delivery of study-related drugs within the framework of the out-licensing of Nefecon in connection with the agreement with Everest Medicines to Greater China and Singapore.

Revenue for the provision of drug for conducting clinical trials was recognized at a point in time, which occurred when control over the drug was transferred to Everest Medicines. Calliditas completed all performance obligations within the agreement as of the delivery of study-related drugs to Everest Medicines for the year ended December 31, 2020.

No revenue was recognized for the three months and six months ended June, 30, 2021.

Set out below is the Group’s revenue from contracts with customers:


	Three Months Ended		Six Months Ended		Year Ended
	June 30,		June 30,		December 31,
(SEK in thousands)	2021	2020	2021	2020	2020
Type of good or service
Provision of drugs	—	—	—	474	874
Total	—	—	—	474	874

Geographical markets
China, Hong Kong, Macau, Taiwan and Singapore	—	—	—	474	874
Total	—	—	—	474	874

Related Party Transactions

6 Months Ended

Jun. 30, 2021

Related Party Transactions

Related Party Transactions

Note 5 Related-Party Transactions

During the reporting period, no significant related-party transactions have taken place. For information about incentive programs please see Note 10.

Intangible Assets

6 Months Ended

Jun. 30, 2021

Intangible Assets

Intangible Assets

Note 6 Intangible Assets


	June 30,		December 31,
(SEK in thousands)	2021	2020	2020
Cost at opening balance	461,367	16,066	16,066
Business Combinations	—	—	460,253
Acquisition license	16,066	—	—
Exchange difference on translation	3,877	—	(14,952)
Cost at closing balance	481,310	16,066	461,367

Amortization at closing balance	—	—	—

Net book value	481,310	16,066	461,367

Intangible assets consist of licenses and similar rights of SEK 433,646 thousand and goodwill of SEK 47,663 thousand.

Business combinations:

The acquisition of Genkyotex SA in 2020 resulted in the Group acquiring the rights to the NOX platform and the SIIL agreement, as well as goodwill.

The net book value of the NOX platform amounts to SEK 373,314 thousand as of June 30, 2021. The estimated fair value of the NOX platform was determined using the discounted cash flow (DCF) method, adjusted for the likelihood of occurrence.

The net book value of the SIIL agreement, which is an out-license agreement with Serum Institute of India (SIIL) for the use of a vaccine technology, amounts to SEK 28,201 thousand as of June 30, 2021. The estimated fair value of the SIIL agreement and extensions was determined using the discounted cash flow (DCF) method, adjusted for the likelihood of occurrence.

Goodwill amounts to SEK 47,663 thousand as of June 30, 2021.

Deferred Tax Liabilities

6 Months Ended

Jun. 30, 2021

Deferred Tax Liabilities

Deferred Tax Liabilities

Note 7 Deferred Tax Liabilities


	June 30,		December 31,
(SEK in thousands)	2021	2020	2020
Cost at opening balance	79,996	—	—
Business Combinations	—	—	79,996
Tax loss carried forward	(11,445)	—	—
Exchange difference on translation	298	—	—
Cost at closing balance	68,849	—	79,996

Deferred tax assets of SEK 24.5 million have been offset against deferred tax liabilities in the statement of financial position as of June 30, 2021 due to future temporary differences that such losses can be used to offset.

Financial Instruments

6 Months Ended

Jun. 30, 2021

Financial Instruments

Financial Instruments

Note 8 Financial Instruments

The Groups’ financial assets comprise of long-term receivables, derivatives, other current receivables and cash, all of which, except derivatives, are recognized at amortized cost. Derivatives are recognized at fair value through profit or loss. No currency options or derivates existed as of June 30, 2021. Currency options amounted to SEK 105 thousand as of June 30, 2020. The Group’s financial liabilities comprise of accounts payable and other current liabilities, which are recognized at amortized cost. The carrying amount is an approximation of the fair value.

Shareholders' Equity

6 Months Ended

Jun. 30, 2021

Shareholders' Equity

Shareholders' Equity

Note 9 Shareholders’ Equity


	June 30,		December 31,
(SEK in thousands, except per share amounts and number of shares)	2021	2020	2020

Total registered shares at the beginning of period	49,941,584	38,707,638	38,707,638
New issue of shares during the period	—	9,230,770	11,233,946
Total registered shares at the end of period	49,941,584	47,938,408	49,941,584

Share capital at the end of period	1,998	1,918	1,998

Equity attributable to equity holders of the Parent Company	937,842	1,425,116	1,210,491
Non-controlling interests	32,860	—	45,809
Equity at the end of period	970,702	1,425,116	1,256,300


	Three Months Ended		Six Months Ended		Year Ended
	June 30,		June 30,		December 31,
(SEK in thousands, except per share amounts and number of shares)	2021	2020	2021	2020	2020

Loss per share before and after dilution	(3.20)	(1.50)	(5.71)	(3.14)	(9.66)
Weighted-average number of shares outstanding for the period, before and after dilution	49,941,584	40,915,681	49,941,584	39,817,759	44,873,448

Reserves for translation from foreign operations amounted to SEK 2,515 thousand and SEK 2 thousand, which are included in equity as of June 30, 2021 and 2020, respectively.

Incentive Programs

6 Months Ended

Jun. 30, 2021

Incentive Programs

Incentive Programs

Note 10 Incentive Programs

Warrant Program 2018/2022

The warrants in Warrant Program 2018/2022 may be exercised from January 1, 2022 until March 31, 2022 and each warrant will entitle the participant to subscribe for one new share in the Parent Company at a subscription price of SEK 74.30 per share. The warrants have, at the time of issue, been valued according to the Black & Scholes valuation model.

Warrant Program 2019/2022

The warrants in the Warrant Program 2019/2022 can be exercised between October 1, 2022 and December 31, 2022, where each warrant gives the participant the right to subscribe for a new share in the Parent Company at a subscription price of SEK 74.50 per share. The warrants have, at the time of issue, been valued according to the Black & Scholes valuation model.

Board LTIP 2019

This is a performance-based long-term incentive program for some members of Calliditas’ board. A total of 51,399 share awards were granted under the program during the second quarter of 2019. The share awards are subject to performance-based earnings, which is dependent on the development of Calliditas’ share price from the date of the 2019 Annual General Meeting (“AGM”) to June 1, 2022.

Board LTIP 2020

This is a performance-based long-term incentive program for Calliditas Board members. A total of 31,371 share awards were granted under the program during the second quarter of 2020. The share rights are subject to performance-based earnings, which is dependent on the development of Calliditas’ share price from the date of the 2020 Annual General Meeting to July 1, 2023.

Board LTIP 2021

This is a performance-based long-term incentive program for Calliditas Board members. A total of 26,968 share awards were granted under the program during the second quarter of 2021. The share rights are subject to performance-based earnings, which is dependent on the development of Calliditas’ share price from the date of the 2021 Annual General Meeting to July 1, 2024.

ESOP 2020

In 2020, Calliditas implemented an option program for employees and key consultants in Calliditas. The options were allotted free of charge to participants of the program. The options have a three-year vesting period calculated from the allotment date, provided that, with customary exceptions, the participants remain as employees of, or continue to provide services to, Calliditas. Once the options are vested, they can be exercised within a one-year period. Each vested option entitles the holder to acquire one share in Calliditas at a predetermined price. The price per share is to be equivalent to 115% of the weighted average price that the company’s shares were traded for on Nasdaq Stockholm during the ten trading days preceding the allotment date. The options have, at the time of issue, been valued according to the Black & Scholes valuation model.

ESOP 2021

In 2021, Calliditas implemented an option program for employees and key consultants in Calliditas. The options were allotted free of charge to participants of the program. The options have a three-year vesting period calculated from the allotment date, provided that, with customary exceptions, the participants remain as employees of, or continue to provide services to, Calliditas. Once the options are vested, they can be exercised within a one-year period. Each vested option entitles the holder to acquire one share in Calliditas at a predetermined price. The price per share is to be equivalent to 115% of the weighted average price that the company’s shares were traded for on Nasdaq Stockholm during the ten trading days preceding the allotment date. The options have, at the time of issue, been valued according to the Black & Scholes valuation model.

Summary of Outstanding Incentive Programs


	Warrants	Options	Share Awards	Total Outstanding as of
	Outstanding	Outstanding	Outstanding	June 30, 2021
Incentive programs
Warrant program 2018/2022	856,586	—	—	856,586
Warrant program 2019/2022	422,500	—	—	422,500
Board LTIP 2019	—	—	51,399	51,399
Board LTIP 2020	—	—	31,371	31,371
Board LTIP 2021	—	—	26,968	26,968
ESOP 2020	—	1,485,000	—	1,485,000
ESOP 2021	—	510,000	—	510,000
Total outstanding as of June 30, 2021	1,279,086	1,995,000	109,738	3,383,824


	Warrants	Share Awards	Total Outstanding as
	Outstanding	Outstanding	of June 30, 2020
Incentive program
Warrant program 2017/2020	111,250		111,250
Warrant program 2018/2022	856,586		856,586
Warrant program 2019/2022	422,500		422,500
Board LTIP 2019		57,032	57,032
Board LTIP 2020		31,371	31,371
Total outstanding as of June 30, 2020	1,390,336	88,403	1,478,739

Accounting Policies (Policies)	6 Months Ended
Accounting Policies (Policies)	Jun. 30, 2021
Accounting Policies
Accounting policies followed in interim financial statements	These interim condensed consolidated financial statements have been prepared in accordance with International Accounting Standard No. 34 (IAS 34), “Interim Financial Reporting”. The Parent Company applies the Swedish Financial Reporting Board recommendation RFR2, Accounting for legal entities. None of the new or amended standards and interpretations that became effective January 1, 2021, have had a significant impact on the Group’s financial reporting. Significant accounting principles can be found on pages 45-49 of the Annual Report for 2020.

Revenue from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2021

Revenue from Contracts with Customers

Schedule of revenue


	Three Months Ended		Six Months Ended		Year Ended
	June 30,		June 30,		December 31,
(SEK in thousands)	2021	2020	2021	2020	2020
Type of good or service
Provision of drugs	—	—	—	474	874
Total	—	—	—	474	874

Geographical markets
China, Hong Kong, Macau, Taiwan and Singapore	—	—	—	474	874
Total	—	—	—	474	874

Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2021

Intangible Assets

Schedule of intangible assets and impairment testing


	June 30,		December 31,
(SEK in thousands)	2021	2020	2020
Cost at opening balance	461,367	16,066	16,066
Business Combinations	—	—	460,253
Acquisition license	16,066	—	—
Exchange difference on translation	3,877	—	(14,952)
Cost at closing balance	481,310	16,066	461,367

Amortization at closing balance	—	—	—

Net book value	481,310	16,066	461,367

Deferred Tax Liabilities (Tables)

6 Months Ended

Jun. 30, 2021

Deferred Tax Liabilities

Summary of change in deferred tax


	June 30,		December 31,
(SEK in thousands)	2021	2020	2020
Cost at opening balance	79,996	—	—
Business Combinations	—	—	79,996
Tax loss carried forward	(11,445)	—	—
Exchange difference on translation	298	—	—
Cost at closing balance	68,849	—	79,996

Shareholders' Equity (Tables)

6 Months Ended

Jun. 30, 2021

Shareholders' Equity

Schedule of Share capital and other contributed capital


	June 30,		December 31,
(SEK in thousands, except per share amounts and number of shares)	2021	2020	2020

Total registered shares at the beginning of period	49,941,584	38,707,638	38,707,638
New issue of shares during the period	—	9,230,770	11,233,946
Total registered shares at the end of period	49,941,584	47,938,408	49,941,584

Share capital at the end of period	1,998	1,918	1,998

Equity attributable to equity holders of the Parent Company	937,842	1,425,116	1,210,491
Non-controlling interests	32,860	—	45,809
Equity at the end of period	970,702	1,425,116	1,256,300

Schedule of Earnings per share


	Three Months Ended		Six Months Ended		Year Ended
	June 30,		June 30,		December 31,
(SEK in thousands, except per share amounts and number of shares)	2021	2020	2021	2020	2020

Loss per share before and after dilution	(3.20)	(1.50)	(5.71)	(3.14)	(9.66)
Weighted-average number of shares outstanding for the period, before and after dilution	49,941,584	40,915,681	49,941,584	39,817,759	44,873,448

Incentive Programs (Tables)

6 Months Ended

Jun. 30, 2021

Incentive Programs

Schedule of total cost of outstanding incentive programs


	Warrants	Options	Share Awards	Total Outstanding as of
	Outstanding	Outstanding	Outstanding	June 30, 2021
Incentive programs
Warrant program 2018/2022	856,586	—	—	856,586
Warrant program 2019/2022	422,500	—	—	422,500
Board LTIP 2019	—	—	51,399	51,399
Board LTIP 2020	—	—	31,371	31,371
Board LTIP 2021	—	—	26,968	26,968
ESOP 2020	—	1,485,000	—	1,485,000
ESOP 2021	—	510,000	—	510,000
Total outstanding as of June 30, 2021	1,279,086	1,995,000	109,738	3,383,824


	Warrants	Share Awards	Total Outstanding as
	Outstanding	Outstanding	of June 30, 2020
Incentive program
Warrant program 2017/2020	111,250		111,250
Warrant program 2018/2022	856,586		856,586
Warrant program 2019/2022	422,500		422,500
Board LTIP 2019		57,032	57,032
Board LTIP 2020		31,371	31,371
Total outstanding as of June 30, 2020	1,390,336	88,403	1,478,739

Revenue from Contracts with Customers (Details) - SEK (kr) kr in Thousands	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Revenue from Contracts with Customers
Net sales			kr 474	kr 874
Revenue recognized	kr 0	kr 0
China, Hong Kong, Macau, Taiwan and Singapore
Revenue from Contracts with Customers
Net sales			474	874
Provision of drugs
Revenue from Contracts with Customers
Net sales			kr 474	kr 874

Intangible Assets (Details) - SEK (kr) kr in Thousands	6 Months Ended		12 Months Ended
Intangible Assets (Details) - SEK (kr) kr in Thousands	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Intangible Assets
Intangible assets and goodwill at beginning of period	kr 461,367	kr 16,066	kr 16,066
Business combinations		0	460,253
Acquisition license	16,066
Exchange difference on translation	3,877		(14,952)
Intangible assets and goodwill at end of period	481,310	16,066	461,367
Licenses
Intangible Assets
Intangible assets and goodwill at end of period	433,646
Licenses and similar rights
Intangible Assets
Intangible assets and goodwill at end of period	47,663
Goodwill
Intangible Assets
Intangible assets and goodwill at end of period	47,663
Nox Platforms
Intangible Assets
Intangible assets and goodwill at end of period	373,314
Vaccine Platforms
Intangible Assets
Intangible assets and goodwill at end of period	28,201
Cost at closing balance
Intangible Assets
Intangible assets and goodwill at beginning of period	461,367
Intangible assets and goodwill at end of period	kr 481,310	kr 16,066	kr 461,367

Deferred Tax Liabilities (Details) kr in Millions	Jun. 30, 2021 SEK (kr)
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred Tax Liabilities	kr 24.5

Deferred Tax Liabilities - Change in deferred tax (Details) - SEK (kr) kr in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Reconciliation of changes in deferred tax liability (asset) [abstract]
Cost at Opening Balance	kr 79,996
Business Combinations		kr 79,996
Tax loss carried forward	(11,445)
Exchange difference on translation	298
Cost at Closing Balance	kr 68,849	kr 79,996

Financial Instruments (Details) - SEK (kr) kr in Thousands	Jun. 30, 2021	Jun. 30, 2020
Currency options
Disclosure of detailed information about financial instruments [line items]
Financial assets	kr 0
Derivatives
Disclosure of detailed information about financial instruments [line items]
Financial assets		kr 105

Shareholders' Equity - Share Capital and Other Contributed Capital (Details) - SEK (kr) kr in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Changes in equity [abstract]
Opening shareholders equity	kr 1,256,300
Total registered shares at the beginning of period	49,941,584	38,707,638	38,707,638
Share-based payment	kr 9,285	kr 214	kr 6,012
New issue of shares during the period	0	9,230,770	11,233,946
Exercise of warrants	kr 0	kr 28,328	kr 59,251
Total registered shares at the end of period	49,941,584	47,938,408	49,941,584
Share capital at the end of period	kr 1,998	kr 1,918	kr 1,998
Equity attributable to equity holders of the Parent Company	937,842	1,425,116	1,210,491	kr 788,071
Non-controlling interests	32,860	0	45,809	kr 0
Equity at the end of period	kr 970,702	kr 1,425,116	kr 1,256,300

- Definition

The amount of residual interest in the assets of the entity after deducting all its liabilities.

+ References + Details

Shareholders' Equity - Earnings Per Share (Details) - SEK (kr) kr / shares in Units, kr in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Shareholders' Equity
Loss per share before and after dilution	kr (3.20)	kr (1.50)	kr (5.71)	kr (3.14)	kr (9.66)
Weighted-average number of shares outstanding for the period, before and after dilution	49,941,584	40,915,681	49,941,584	39,817,759	44,873,448
Reserves for translation from foreign operations	kr (4,151)	kr (49)	kr 2,515	kr 2	kr (9,352)

Incentive Programs (Details)	6 Months Ended
Incentive Programs (Details)	Jun. 30, 2021 SEK (kr) EquityInstruments	Jun. 30, 2021 SEK (kr)	Jun. 30, 2021 SEK (kr) $ / shares	Jun. 30, 2020 EquityInstruments
Disclosure of terms and conditions of share-based payment arrangement [line items]
Accumulated number of outstanding \| kr	51,399	51,399	51,399
Allotted Warrants, end of year \| kr
Warrants Program 2018/2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Subscription price per share \| $ / shares			$ 74.30
Warrants Program 2019/2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Subscription price per share \| $ / shares			$ 74.50
Warrants of Warrant Program 2017/2020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Accumulated number of outstanding				111,250
Boards LTIP 2019
Disclosure of terms and conditions of share-based payment arrangement [line items]
Accumulated number of outstanding
Allotted Warrants, end of year	51,399
Board LTIP 2020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Accumulated number of outstanding	31,371	31,371	31,371
Allotted Warrants, end of year	31,371
Board LTIP 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Accumulated number of outstanding	26,968	26,968	26,968
Allotted Warrants, end of year	26,968
ESOP 2020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Percentage of weighted average share price		115.00%
ESOP 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Percentage of weighted average share price		115.00%

Incentive Programs (Details)	Jun. 30, 2021 SEK (kr)	Jun. 30, 2021 EquityInstruments	Jun. 30, 2020 EquityInstruments
Disclosure of terms and conditions of share-based payment arrangement [line items]
Warrants outstanding \| kr	51,399
Number of other equity instruments outstanding in share-based payment arrangement \| kr	51,399
Number Of Other Equity Instruments Outstanding In Share based Payment Arrangement Total		3,383,824	1,478,739
Warrants
Disclosure of terms and conditions of share-based payment arrangement [line items]
Warrants outstanding		1,279,086	1,390,336
Number of other equity instruments outstanding in share-based payment arrangement		1,279,086	1,390,336
Warrants of Warrant Program 2017/2020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Warrants outstanding			111,250
Number of other equity instruments outstanding in share-based payment arrangement			111,250
Number Of Other Equity Instruments Outstanding In Share based Payment Arrangement Total			111,250
Warrants of Warrant Program 2018/2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Warrants outstanding		856,586	856,586
Number of other equity instruments outstanding in share-based payment arrangement		856,586	856,586
Number Of Other Equity Instruments Outstanding In Share based Payment Arrangement Total		856,586	856,586
Warrants of Warrant Program 2019/2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Warrants outstanding		422,500	422,500
Number of other equity instruments outstanding in share-based payment arrangement		422,500	422,500
Number Of Other Equity Instruments Outstanding In Share based Payment Arrangement Total		422,500	422,500
Share Awards
Disclosure of terms and conditions of share-based payment arrangement [line items]
Warrants outstanding		109,738
Number of share options outstanding in share-based payment arrangement			88,403
Number of other equity instruments outstanding in share-based payment arrangement		109,738
Boards LTIP 2019
Disclosure of terms and conditions of share-based payment arrangement [line items]
Warrants outstanding		51,399
Number of share options outstanding in share-based payment arrangement			57,032
Number of other equity instruments outstanding in share-based payment arrangement		51,399
Number Of Other Equity Instruments Outstanding In Share based Payment Arrangement Total		51,399	57,032
Board LTIP 2020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Warrants outstanding	31,371	31,371
Number of share options outstanding in share-based payment arrangement			31,371
Number of other equity instruments outstanding in share-based payment arrangement	31,371	31,371
Number Of Other Equity Instruments Outstanding In Share based Payment Arrangement Total		31,371	31,371
Board LTIP 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Warrants outstanding	26,968	26,968
Number of other equity instruments outstanding in share-based payment arrangement	26,968	26,968
Number Of Other Equity Instruments Outstanding In Share based Payment Arrangement Total		26,968
Options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of share options outstanding in share-based payment arrangement		1,995,000
ESOP 2020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of share options outstanding in share-based payment arrangement		1,485,000
Number Of Other Equity Instruments Outstanding In Share based Payment Arrangement Total		1,485,000
ESOP 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of share options outstanding in share-based payment arrangement		510,000
Number Of Other Equity Instruments Outstanding In Share based Payment Arrangement Total		510,000

Condensed Parent Company Statements of Income - SEK (kr) kr in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Condensed Financial Statements, Captions [Line Items]
Net sales				kr 474	kr 874
Research and development expenses	kr (75,020)	kr (48,386)	kr (165,097)	(102,492)	(241,371)
Administrative and selling expenses	(84,372)	(18,797)	(143,151)	(36,806)	(141,724)
Other operating income	383	621	383	782	2,501
Operating loss	(159,398)	(66,562)	(310,179)	(138,888)	(379,720)
Profit/(loss) from financial items
Net financial income and expenses	(5,814)	5,303	8,793	13,952	(56,431)
Loss before income tax	(165,212)	(61,259)	(301,386)	(124,936)	(436,151)
Income tax expense	2,140	(67)	11,445	(105)	(360)
Loss for the period	(163,071)	(61,326)	(289,940)	(125,041)	(436,511)
Parent Company
Condensed Financial Statements, Captions [Line Items]
Net sales				474	874
Research and development expenses	(59,223)	(48,386)	(131,373)	(102,492)	(227,027)
Administrative and selling expenses	(79,829)	(19,126)	(134,382)	(37,346)	(128,896)
Other operating income	14,673	622	14,673	782	2,482
Other operating expenses	784		(453)	(845)
Operating loss	(123,595)	(66,890)	(251,535)	(139,427)	(352,567)
Profit/(loss) from financial items
Net financial income and expenses	5,820	(5,385)	(9,306)	(14,239)	54,796
Loss before income tax	(129,415)	(61,505)	(242,229)	(125,188)	(407,363)
Loss for the period	kr (129,415)	kr (61,505)	kr (242,229)	kr (125,188)	kr (407,363)

Condensed Parent Company Statements of Comprehensive Income - SEK (kr) kr in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Condensed Financial Statements, Captions [Line Items]
Loss for the period	kr (163,071)	kr (61,326)	kr (289,940)	kr (125,041)	kr (436,511)
Other comprehensive income/(loss)	(4,042)	(49)	4,040	2	(8,137)
Total comprehensive income/(loss) for the period	(167,114)	(61,375)	(285,901)	(125,039)	(444,648)
Parent Company
Condensed Financial Statements, Captions [Line Items]
Loss for the period	(129,415)	(61,505)	(242,229)	(125,188)	(407,363)
Other comprehensive income/(loss)	0
Total comprehensive income/(loss) for the period	kr (129,415)	kr (61,505)	kr (242,229)	kr (125,188)	kr (407,363)

- Definition

The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.

+ References + Details

- Definition

The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

+ References

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-URIDate 2020-01-01

+ Details

Condensed Parent Company Balance Sheet - SEK (kr) kr in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020
Non-Current Financial Assets
Non-current financial assets.	kr 3,942	kr 2,225	kr 1,938
Total non-current assets	494,973	469,599	23,076
Current assets
Other current assets	27,276	40,547	4,267
Cash	709,306	996,304	1,459,569
Total current assets	736,582	1,036,851	1,463,836
Restricted shareholders' equity
Share capital	1,998	1,998	1,918
Non-restricted shareholders' equity
Retained earnings	(1,205,601)	(924,686)	(613,180)
Total equity	970,702	1,256,300	1,425,116
Non-current liabilities
Other non-current liabilities	3,478	878	1,671
Total non-current liabilities	138,792	144,531	2,274
Current liabilities
Accounts payable	59,263	53,827	29,520
Other current liabilities	8,991	10,406	5,161
Total current liabilities	122,060	105,619	59,522
TOTAL EQUITY AND LIABILITIES	1,231,555	1,506,450	1,486,912
Parent Company
ASSETS
Subscribed but unpaid capital			21,879
Intangible Assets
Intangible assets	32,132	16,066	16,066
Tangible Assets
Equipment	69	80	92
Non-Current Financial Assets
Non-current financial assets.	369,493	298,683	3,723
Total non-current assets	401,693	314,829	19,881
Current assets
Other current assets	26,646	25,488	4,842
Cash	689,588	978,208	1,457,011
Total current assets	716,233	1,003,696	1,461,853
TOTAL ASSETS	1,117,926	1,318,525	1,503,613
Restricted shareholders' equity
Share capital	1,998	1,998	1,918
On-going issue of shares			47
Statutory reserve	3,092	3,092	3,092
Total Restricted shareholders' equity	5,090	5,090	5,057
Non-restricted shareholders' equity
Share premium reserve	2,116,721	2,116,721	2,051,868
Retained earnings	(877,494)	(479,379)	(485,164)
Net loss for the period	(242,229)	(407,363)	(125,188)
Total Non-restricted shareholders' equity	996,998	1,229,979	1,441,516
Total equity	1,002,088	1,235,069	1,446,573
Non-current liabilities
Provisions	5,946	4,972	603
Other non-current liabilities	105	105	105
Total non-current liabilities	6,051	5,077	708
Current liabilities
Accounts payable	50,462	42,469	29,143
Other current liabilities	13,636	5,123	3,089
Accrued expenses and deferred revenue	45,690	30,787	24,100
Total current liabilities	109,787	78,379	56,332
TOTAL EQUITY AND LIABILITIES	kr 1,117,926	kr 1,318,525	kr 1,503,613